(WO) — Baytex Energy Corp. has completed the sale of its Eagle Ford assets in the United States, closing the transaction for net proceeds of $2.14 billion after adjustments, the company said Dec. 19.
The divestiture leaves Baytex in a net cash position and marks a strategic shift toward its core Canadian operations. The company said proceeds will be used to repay outstanding credit facilities, redeem its 8.5% senior notes due 2030 and fund a cash tender offer for its $575 million of senior notes due 2032.
Baytex also said it plans to return a portion of the remaining proceeds to shareholders and intends to resume purchases under its normal course issuer bid following debt repayment.
The company operates primarily in the Western Canadian Sedimentary Basin, with a focus on the Pembina Duvernay and heavy oil plays in Alberta and Saskatchewan. Baytex said it expects to release its 2026 guidance on Dec. 22.
