2023-06-20 14:56:47 ET
- Baytex Energy ( NYSE: BTE ) said Tuesday it has closed its acquisition of Ranger Oil ( NASDAQ: ROCC ), after the latter's shareholders overwhelmingly approved all proposals associated with the merger.
- Under the deal terms, Ranger ( ROCC ) shareholders received 7.49 Baytex ( BTE ) shares plus US$13.31 cash for each share of Ranger common stock.
- In conjunction with the deal closing, Baytex ( BTE ) said it plans to increase direct shareholder returns to 50% of free cash flow generated by the combined company, which will allow raise it to increase its stock buyback program and introduce a dividend, which will begin at $0.09/share annualized; if declared by the Baytex board, the initial dividend is expected to be paid in October 2023.
- Baytex ( BTE ) also issued full-year guidance for production of 120.5K-122.5K boe/day and capital spending of $1.005B-$1.045B.
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Baytex completes Ranger Oil deal, plans to introduce dividend and boost buybacks