Baytex's Ranger Oil acquisition makes it more 'defensive to low prices': CEO
BNN Bloomberg
Following Baytex Energy Corp. closing of its acquisition of Ranger Oil Corp., the company’s top executive said the combined entity will perform better than either of them alone.
On Tuesday, Baytex Energy said it closed a deal to acquire U.S.-based Ranger Oil Corp. in a $2.9 billion transaction that was initially announced in February. The company stated the deal will increase Baytex’s portfolio of oil-producing land by 162,000 net acres. This includes 741 net undrilled locations that will have an inventory life spanning between 12 and 15 years.
“This combined company is far better combined than either company could have been standalone,” Eric Greager, the president and chief executive officer of Baytex Energy, said in an interview with BNN Bloomberg Thursday.
According to Baytex, the deal will grow its presence within the Eagle Ford shale region of Texas, as well as increase its exposure to U.S. Gulf Coast pricing.
