Calgary, Alberta–(Newsfile Corp. – June 20, 2023) – Baytex Energy Corp. (TSX: BTE) (NYSE: BTE) (“Baytex”) announces the closing of its acquisition (the “Merger”) of Ranger Oil Corporation (“Ranger”).
“We are excited to close the Ranger acquisition, which materially increases our scale in the Eagle Ford while building quality operating capability in a premier basin. We have emerged from this transaction as a well-capitalized and diversified North American exploration and production company with a portfolio of high-quality oil weighted assets in Western Canada and the Eagle Ford shale in Texas. The transaction enhances our inventory and creates a more resilient and sustainable business with an attractive free cash flow profile. With our strong financial position we intend to increase our direct shareholder returns to 50% of free cash flow and introduce a dividend,” commented Eric T. Greager, President and Chief Executive Officer.
H2/2023 Outlook
- Target average production of 153,000 to 157,000 boe/d (84% oil and NGLs)
- Execute an exploration and development program of $595 to $635 million
- Onstream 34 net wells in the Eagle Ford and 90 net wells in Canada
- Return 50% of free cash flow(1) to shareholders through share buybacks and a dividend
- Introduce a quarterly dividend(2) of $0.0225 per share ($0.09 per share annualized)
- Maintain strong liquidity with 50% undrawn capacity on our US$1.1 billion credit facility
Data Download Center
Baytex Energy Wells Drilled Canada 2023
Baytex Energy Wells Drilled Texas 2023
Eagle Ford Operator List
Marketing list of 200+ Operators that are active in the Eagle Ford basin
2023 Outlook
We continue to execute on our base business as planned. Our average production for the second quarter of 2023 is estimated at 88,500 to 89,000 boe/d, which includes production from Ranger for the 11 days following closing of the Merger. Production in Q2/2023 was reduced by approximately 4,500 boe/d due to the temporary curtailment of production resulting from the wildfires in Alberta.
For the second half of 2023, exploration and development expenditures are forecast to be $595 to $635 million, which are expected to generate an average production rate of 153,000 to 157,000 boe/d. Our production mix for the second half of 2023 is forecast to be 84% oil and NGLs (50% light oil, 22% heavy oil and 12% NGLs) and 16% natural gas.
Baytex Energy Corp.
Baytex Energy Corp. is an energy company with headquarters based in Calgary, Alberta and offices in Houston, Texas. The company is engaged in the acquisition, development and production of crude oil and natural gas in the Western Canadian Sedimentary Basin and in the Eagle Ford in the United States. Baytex’s common shares trade on the Toronto Stock Exchange and the New York Stock Exchange under the symbol BTE.
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