Baytex Closes $2.2 Billion Acquisition of Eagle Ford’s Ranger Oil

Baytex Energy closed its $2.2 billion acquisition of Ranger Oil Corp., adding scale to the Canadian operator’s position in the Eagle Ford Shale.

Baytex’s cash-and-stock acquisition of Eagle Ford pure-play Ranger Oil adds 162,000 net acres and 741 undrilled locations in the crude oil window of the Eagle Ford—complementing the company’s existing non-operated position in the Karnes Trough.

The acquisition is expected to contribute to growing overall production from around 88,000 boe/d in the first half of 2023 to between 153,000 and 157,000 boe/d (84% oil and NGL) during the second half of the year, Baytex said in a June 20 news release. The company also provided plans on capex, debt reduction and dividend payments tied to the closing of the deal.