Baytex Energy has closed the sale of its U.S. Eagle Ford Assets for net proceeds of US$2.14 billion (approximately $2.96 billion in Canadian dollars) after closing adjustments.

This strategic divestiture significantly strengthens Baytex's financial position and sharpens its focus on a high-return Canadian energy platform, positioning the Company for long-term value creation. With the closing of the transaction, Baytex is now in a net cash position. The Company intends to use a portion of these proceeds to repay its outstanding credit facilities and redeem its outstanding 8.500% Senior Notes due 2030, and has also commenced a cash tender offer for its US$575 million of outstanding 7.375% Senior Notes due 2032.

Baytex remains committed to returning a significant portion of the net proceeds (after debt repayment) to shareholders and intends to resume purchases under its normal course issuer bid.

KeyFacts Energy Industry Directory: Baytex Energy   l   KeyFacts Energy: Acquisitions & Mergers news