Ranger Acquisition Overview and Canada Light Oil Update
RANGER ACQUISITION ADDS QUALITY EAGLE FORD SCALE
Reinforces a resilient and sustainable business
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Transaction Overview
Strong Operating
Capability
High Quality and Long
Inventory
Improved Sustainability
Attractive purchase price (US$2.4B/C$3.2B), including assumed net
debt(1)
Ranger shareholders received 7.49 Baytex shares plus US$13.31 cash
Acquisition closed June 20, 2023
162K contiguous net acres, on-trend with Baytex's non-operated position
in the Karnes Trough
High working interest (86%) and largely operated (96%) provides
operational control and opportunity
12-15 years of sustaining development
Attractive well economics with inventory that immediately competes
for capital
50 to 55 net wells to sales per year to generate modest production growth
Increased flexibility for capital allocation across portfolio
Increased exposure to premium Gulf Coast pricing and improved margins
Lowers corporate average GHG emissions intensity by 16%
(1)
Capital management measure. Refer to the Capital Management Measures section in this presentation for further information.
BAYTEX ENERGY NYSE/TSX BTE
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