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两家公司 2 月 28 日表示，Baytex Energy Group 已签署最终协议，以约 25 亿美元现金和股票（包括承担债务）收购 Eagle Ford E&P Ranger Oil Corp.。

该交易是继马拉松石油公司（Marathon Oil）、德文能源公司（Devon Energy）以及最近的切萨皮克能源公司（Chesapeake Energy）进行了数月数十亿美元的并购之后，鹰福特公司最新的一笔交易。

根据协议条款，Ranger股东将获得固定比例的7.49股加拿大Baytex股票以及每股Ranger股票13.31美元的现金。交易完成后，Baytex 股东将拥有合并后公司约 63% 的股份，Ranger 股东将拥有约 37% 的股份。

交易预计将于 2023 年第二季度完成。

Baytex 总裁兼首席执行官埃里克·T·格里格 (Eric T. Greager) 称对 Ranger 的收购是“战略性的”，并表示这将使公司的 EBITDA 增加一倍以上，自由现金流增加近一倍。

Ranger Oil 的库存在 Baytex 的投资组合中争夺资本，为石油加权钻井地点提供了长达 15 年的潜力。

Ranger Oil 的资产还为 Baytex 增加了 Eagle Ford 规模，Baytex 在卡恩斯海槽拥有非经营位置。

该交易包括 Eagle Ford 页岩原油窗口的 162,000 净英亩土地，高度集中在德克萨斯州冈萨雷斯、拉瓦卡、费耶特和德威特县。Baytex表示，该交易将产量增加67,000桶油当量/天至70,000桶油当量/天（72%轻油、15%液化天然气和13%天然气）。

此次交易还增加了公司的探明储量，也将增加 174 MMboe。

“我们正在鹰福特获得强大的运营能力，与我们在卡恩斯海槽的非运营地位保持一致，并在所有指标上推动​​每股有意义的增长，”格里格说。“我们正在以较低的盈亏平衡点 WTI 价格打造优质规模和更持久的业务。”

Ranger 总裁兼首席执行官达林·亨克 (Darrin Henke) 表示，他预计“与 Baytex 的资产负债表实力、深厚的资产基础和卓越的运营相结合，将创建一家独特的规模公司，实现持续的自由现金流增长和差异化的股东回报。” ”

“我们期待将我们互补的团队和资产结合在一起，为我们的股东实现这一组合的长期价值，”他说。

CIBC Capital Markets 和 RBC Capital Markets 担任 Baytex 的财务顾问。CIBC Capital Markets 还向 Baytex 董事会提供了口头意见，大意是，截至该意见之日，基于并受制于其中规定的假设、限制和资格，Baytex 将支付的对价Baytex，根据

丰业银行担任 Baytex 的战略顾问。Vinson & Elkins LLP 和 Burnet, Duckworth & Palmer LLP 担任 Baytex 的法律顾问。美国银行证券公司和富国银行证券有限责任公司担任 Ranger 的财务顾问。

Kirkland & Ellis LLP 担任 Ranger 的法律顾问，Stikeman Elliott LLP 担任 Ranger 的加拿大法律顾问。

Editor's note: this is a developing story. Check back for details.

Baytex Energy Group and has entered into a definitive agreement to acquire Eagle Ford E&P Ranger Oil Corp. for about $2.5 billion in cash and stock, including the assumption of debt, the companies said Feb. 28.

The deal is the latest Eagle Ford transaction following months of multi-billion dollar M&A by Marathon Oil, Devon Energy and, most recently, Chesapeake Energy.

Under the terms of the agreement, Ranger shareholders will receive a fixed ratio of 7.49 shares of Canada’s Baytex and $13.31 in cash for each Ranger share. Upon closing, Baytex shareholders would own approximately 63% of the combined company and Ranger shareholders will own approximately 37%.

The transactions are expected to close in the second quarter of 2023.

Eric T. Greager, president and CEO of Baytex, called the Ranger acquisition “strategic” and said it would more than double the company’s EBITDA and nearly double its free cash flow.

Ranger Oil’s inventory competes for capital within Baytex’s portfolio offers the potential for up to 15 years of oil-weighted drilling locations.

Ranger Oil’s assets additionally add Eagle Ford scale for Baytex, which has a non-operated position in the Karnes Trough.

The transaction includes 162,000 net acres in the crude oil window of the Eagle Ford shale, highly concentrated in Gonzales, Lavaca, Fayette and Dewitt counties, Texas. Baytex said the deal adds 67,000 boe/d to 70,000 boe/d (72% light oil, 15% NGLs and 13% natural gas).

The transaction also augments the company’s proved reserves will also increase by 174 MMboe.

“We are acquiring a strong operating capability in the Eagle Ford, on-trend with our non-operated position in the Karnes Trough and driving meaningful per-share accretion on all metrics,” Greager said. “We are building quality scale and a more durable business with a lower breakeven WTI price.”

Darrin Henke, president and CEO of Ranger said he expects that “combining with the balance sheet strength, deep asset base, and operational excellence of Baytex will create a unique company of scale which will deliver sustained free cash flow growth and differentiated shareholder returns.”

“We look forward to bringing together our complementary teams and assets to realize the long-term value of this combination for our shareholders,” he said.

CIBC Capital Markets and RBC Capital Markets are acting as financial advisers to Baytex. CIBC Capital Markets has also provided a verbal opinion to Baytex’s Board of Directors to the effect that, as of the date of such opinion and based upon and subject to the assumptions, limitations and qualifications set forth therein, the consideration to be paid by Baytex, pursuant to the

Scotiabank is acting as strategic adviser to Baytex. Vinson & Elkins LLP and Burnet, Duckworth & Palmer LLP are serving as Baytex’s legal counsel. BofA Securities Inc. and Wells Fargo Securities LLC are acting as financial advisers to Ranger.

Kirkland & Ellis LLP is serving as Ranger’s legal counsel and Stikeman Elliott LLP is serving as Ranger’s Canadian legal counsel.