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(WO) — Baytex Power Corp. has accomplished the sale of its Eagle Ford property in america, closing the transaction for internet proceeds of $2.14 billion after changes, the corporate mentioned Dec. 19.
The divestiture leaves Baytex in a internet money place and marks a strategic shift towards its core Canadian operations. The corporate mentioned proceeds might be used to repay excellent credit score amenities, redeem its 8.5% senior notes due 2030 and fund a money tender provide for its $575 million of senior notes due 2032.
Baytex additionally mentioned it plans to return a portion of the remaining proceeds to shareholders and intends to renew purchases beneath its regular course issuer bid following debt compensation.
The corporate operates primarily within the Western Canadian Sedimentary Basin, with a concentrate on the Pembina Duvernay and heavy oil performs in Alberta and Saskatchewan. Baytex mentioned it expects to launch its 2026 steerage on Dec. 22.
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