Baytex Energy to Sell Eagle Ford Assets for $2.3 Billion (3)

Canada’s Baytex Energy Corp. reached a deal to sell its Eagle Ford shale-oil wells and drilling rights in South Texas to an undisclosed buyer for about $2.3 billion.

Baytex is selling its entire US business so it can focus on Canadian assets, a stark reversal of its expansion in the Eagle Ford region just two years ago via the takeover of Ranger Oil Corp. The transaction also comes as Baytex faces almost $2 billion in debt maturities over the next two years.

“In our view, this transaction is positive for the company as it improves BTE’s cost structure, strengthens the ...