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Canada’s Baytex Energy (NYSE:BTE) is near a deal to acquire U.S. oil and gas producer Ranger Oil (NASDAQ:ROCC) for ~$2.5B including debt, in a deal that could be announced as soon as tomorrow, Reuters reported late Monday.
Baytex (BTE) reportedly would pay a mix of cash and stock to buy Ranger (ROCC) at a small premium to its current $1.8B market cap and assume Ranger’s debt, which totaled $603M as of September 30.
The deal would significantly boost Baytex’s (BTE) presence in Texas’ Eagle Ford shale basin, which currently comprises ~30% of its total production.
Reuters reported in November that Ranger (ROCC) was considering a sale.
Baytex Energy (BTE) last week reported Q4 adjusted earnings of C$0.64/share, with production rising 7.5% Y/Y to 86,864 boe/day.
