Baytex Expands in Eagle Ford, Struggles with Alberta Wildfires
Attachment: Baytex 1Q23
May 19, 2023--Researched by Industrial Info Resources (Sugar Land, Texas)--Until wildfires began to tear across Western Canada earlier this month, Baytex Energy (NYSE:BTE) was enjoying steady growth in its oil and gas production, with its 86,760 barrels of oil equivalent per day (BOE/d) representing a 7% jump from the first quarter of 2022. The company also broadened its role in the Eagle Ford Shale with an agreement to acquire Ranger Oil Corporation (NASDAQ:ROCC) (Houston, Texas).
Industrial Info is tracking more than US$1.3 billion worth of active projects from Baytex, nearly half of which is attributed to projects already in their engineering or construction phases. On Monday, Baytex shareholders approved the US$2.5 billion acquisition of Ranger, first announced in February. Ranger will bring Baytex's holdings in the Eagle Ford Shale in Texas up to 162,000 net acres. Baytex says the Eagle Ford currently represents about 30% of its total production.
