(Source: MacroEcon/Shutterstock.com)
Calgary, Alberta-based Baytex Energy Corp. has finalized the sale of its Kerrobert thermal asset in southwest Saskatchewan to an undisclosed buyer, generating net proceeds of approximately US$42 million, Baytex said Dec. 20.
Baytex said the non-core asset’s production is approximately 2,000 bbl/d of heavy oil, according to the company’s release.
Proceeds from the sale will be used to reduce the company’s outstanding debt.
Following the transaction, Baytex has updated its 2025 production guidance to 148,000 boe/d to 152,000 boe/d, down from the previous range of 150,000 boe/d to 154,000 boe/d, the company said.
Recommended Reading
Twenty Years Ago, Range Jumpstarted the Marcellus Boom
2024-11-06 - Range Resources launched the Appalachia shale rush, and rising domestic power and LNG demand can trigger it to boom again.
Utica Oil E&P Infinity Natural Resources’ IPO Gains 7 More Bankers
2024-11-27 - Infinity Natural Resources’ IPO is expected to provide a first-look at the public market’s valuation of the Utica oil play.
Exxon Mobil to Cut Almost 400 Jobs in Wake of Pioneer Acquisition
2024-11-14 - A regulatory filing shows more than 90% of layoffs are at Pioneer’s former headquarters in Irving, Texas with the rest being workers in Midland.
After BKV’s IPO, Is Market Open to More Public SMID Caps?
2024-10-03 - The market for new E&P and energy IPOs has been tepid since the COVID-19 pandemic. But investor appetite is growing for new small- and mid-sized energy IPOs, says Citigroup Managing Director Dylan Tornay.
Oilfield Services Firm Flowco Files IPO Paperwork
2024-12-09 - Oilfield services provider Flowco filed paperwork for an IPO, one of several energy-focused players seeking to test the public markets.
Comments
Add new comment
This conversation is moderated according to Hart Energy community rules. Please read the rules before joining the discussion. If you’re experiencing any technical problems, please contact our customer care team.