Canadian oil and gas producer Baytex Energy Corp. is reportedly exploring a potential exit from its U.S. operations, which could fetch as much as USD $3 billion, according to a report from Bloomberg News published this morning.
Bloomberg, citing people familiar with the matter, reported that Baytex is working with advisers to evaluate strategic options for its Eagle Ford shale assets in south Texas. The process is said to be in early stages, and no final decision has been made — meaning the company could still opt to retain its U.S. portfolio.
Baytex’s U.S. business became a major part of its production profile following the company’s 2023 acquisition of Ranger Oil Corp., a deal valued at roughly CAD $3.4 billion including debt. Those assets have been a key part of Baytex’s portfolio, producing significant volumes of light oil and condensate in the Eagle Ford region.
If the company were to proceed with a sale, it would mark a significant strategic shift — effectively refocusing Baytex on its Canadian operations in Alberta and Saskatchewan.
Bloomberg’s reporting has not been independently verified.