Canada's Baytex Energy to buy Ranger Oil for $2.5 bln (updated)

Baytex Energy

28/02/2023 12:13

(Adds details on the deal)
       Feb 28 (Reuters) - Baytex Energy Corp  BTE.TO  said on Tuesday that it
would buy U.S. peer Ranger Oil Corp  ROCC.O  for $2.5 billion including debt, as
the Canadian company looks to boost its presence in South Texas' Eagle Ford
shale basin. 
        The Eagle Ford has seen rising deal activity in recent months. Its
proximity to other major energy hubs, including the U.S. Gulf coast, makes it an
attractive location. The basin is home to a number of smaller producers, which
makes it easier for them to be absorbed by strategic players.
    After the deal closure, expected in the second quarter of 2023, the combined
entity will be led by Eric Greager, the chief executive of Baytex.

 (Reporting by Sourasis Bose in Bengaluru; Editing by Sriraj Kalluvila and
Shailesh Kuber)
 ((Sourasis.Bose@thomsonreuters.com;))