Baytex / Ranger Oil Combination Ua Ntej Ntawm Nws Hom Hauv Yuav luag Ib Xyoo

Calgary-based Baytex Energy Corp. tshaj tawm Hnub Tuesday uas tau pom zoo kom tau Eagle Ford Shale pure play Ranger Oil Corp. rau $ 2.5 billion, suav nrog cov nuj nqis ntawm $ 650 lab. Qhov kev pom zoo sawv cev rau thawj qhov kev sib koom ua ke ntawm pej xeem cov tuam txhab hauv cov roj thiab cov khoom siv hluav taws xob txij li xyoo tas los kev pom zoo ntawm Oasis Petroleum thiab Whiting Petroleum.

Nyob rau hauv lub tuam txhab tso tawm, Baytex CEO Eric T. Greager tau hais tias: "Ranger nrhiav tau yog lub tswv yim. Peb tab tom nrhiav tau lub peev xwm ua haujlwm muaj zog hauv Eagle Ford, ntawm kev sib tw nrog peb txoj haujlwm tsis ua haujlwm hauv Karnes Trough thiab tsav tsheb muaj txiaj ntsig ntawm kev sib koom ua ke ntawm txhua qhov kev ntsuas. Kev hloov pauv ntau dua ob npaug ntawm peb EBITDA thiab ze li ob npaug ntawm peb cov nyiaj pub dawb. Cov khoom muag Ranger tam sim ntawd sib tw rau cov peev hauv peb cov ntaub ntawv pov thawj thiab coj 12 mus rau 15 xyoo ntawm cov roj zoo-hnyav drilling lub sijhawm. Peb tab tom tsim cov nplai zoo thiab kev lag luam ruaj khov dua nrog tus nqi qis dua WTI. "

Hauv email, Andrew Dittmar, Tus Thawj Coj ntawm Enverus Kev Tshawb Fawb Kev Txawj Ntse, sau tseg tias qhov kev hloov pauv "ua raws li xov xwm tshaj tawm xyoo tas los uas Ranger tau tsim cov txheej txheem kev hloov pauv tswv yim suav nrog kev tshawb nrhiav kev muag ntawm lub tuam txhab."

Qhov kev pom zoo muab Baytex nrog txoj haujlwm ua haujlwm muaj zog hauv Eagle Ford ua si, thaj chaw uas nws tau tuav yav dhau los tsis muaj kev txaus siab ua haujlwm. Hauv nws qhov kev tso tawm, Baytex sau tseg nws tam sim no yuav hais kom Eagle Ford txoj haujlwm hauv qab no:

• 162,000 net acres nyob rau hauv cov roj crude qhov rais ntawm Eagle Ford shale, heev concentrated nyob rau hauv Gonzales, Lavaca, Fayette thiab Dewitt counties thiab on-trend nrog Baytex txoj hauj lwm tsis ua hauj lwm nyob rau hauv lub Karnes Trough.
• Kev tsim tawm ntawm 67-70 Mboe / d (ua haujlwm txaus siab) uas yog 96% ua haujlwm (72% roj teeb, 15% NGLs thiab 13% natural gas).
• 174 MMboe ntawm pov thawj reserves (7) (muaj 120 MMbbls ntawm cov roj nruj, 27 MMbbls ntawm NGLs thiab 162 Bcf ntawm shale gas (ua hauj lwm txaus siab ua ntej txiav tawm ntawm royalties).
• 258 MMboe ntawm cov pov thawj ntxiv rau qhov muaj peev xwm khaws cia (7) (muaj 180 MMbbls ntawm cov roj nruj, 39 MMbbls ntawm NGLs thiab 232 Bcf ntawm shale roj (ua haujlwm txaus siab ua ntej txiav tawm ntawm Royalties).

Dittmar ceeb toom tias qhov kev hloov pauv no yuav tsis txhais tau tias kev lag luam tab tom yuav pib rau nws thawj qhov kev sib koom ua ke thiab kev yuav khoom txij li thaum xyoo 2020, ceeb toom tias tsuas yog qee qhov ntawm cov neeg tsim khoom muaj peev xwm me me-rau-nruab nrab tab tom nrhiav kev txaus siab los ntawm cov neeg yuav khoom loj. "Txawm hais tias ib qho kev pom zoo no yuav tsis ua kom nrawm nrawm ntawm cov tuam txhab kev lag luam, nws yog qhov zoo uas tseem muaj SMID-caps qhib rau kev muag thiab cov neeg yuav khoom txaus siab saib lawv," Dittmar hais. "Vim tias cov txheeb ze tsis muaj cov khoom muag uas qee lub tuam txhab SMID-cap tuav thiab cov kev cov nyom ntawm kev yuav ntau dua ntawm lawv cov khoom lag luam tam sim no, kuv xav tias ntau yuav tsum tshawb nrhiav qhov tawm. Txawm li cas los xij, txog tam sim no tsuas yog Ranger thiab HighPeak Zog, tus tsim khoom hauv Midland, tau lees paub tshawb nrhiav muag. "

Ib qho txiaj ntsig zoo ntawm cov ntaub ntawv tau txais los ntawm qhov kev pom zoo no yog tias nws muab qhov qhia txog qib ntawm cov neeg yuav khoom hwm yuav tsum tau muab txhawm rau txhawm rau ua tiav kev sib pauv. Dittmar sau tseg tias qhov tsis txaus ntseeg ntawm lig-2020 deals them me ntsis-rau-tsis muaj nqi tshaj li cov cuab tam tam sim no muab tias cov kev sib cog lus tau tshwm sim nyob rau lub sijhawm ntawm cov khoom lag luam qis thiab tau txais txiaj ntsig. Nrog rau tus nqi rau cov roj crude tau nce siab heev txij li thaum, rov qab muaj txiaj ntsig zoo rau kev lag luam shale / fracking, ntau tus tau kwv yees tus nqi siab dua yuav tsum tau muab los ua kom tiav ib qho kev cog lus.

"Qhov no tsawg kawg yog ib nrab teb cov lus nug nrog Ranger noj tus nqi qis qis dua 10%,," Dittmar hais. "Ranger kuj tau pauv ntawm qhov zoo li tsuas yog tus nqi ntawm lawv cov khoom lag luam ntawm $ 47,200 / bbl / d thiab 2.9x EV / EBITDA. Qhov ntawd yog nyob rau hauv txoj kab nrog rau lwm cov deals uas muaj cov khoom zoo sib xws rau Ranger, nrog rau feem ntau qhov chaw tawg txawm nyob rau hauv $ 50 / bbl ntau. Ib lub tuam txhab uas muaj ntau dua lossis ntau dua cov khoom lag luam zoo yuav saib xyuas kom muaj nqi ntau dua. "

Kab hauv qab: Qhov no tsis yog lub ntiaj teb-shattering deal nyob rau hauv hom Oxy's mammoth $ 55 billion khaws nyiaj Anadarko PetroleumAPC
Hauv 2020, tsis yog nws yuav tsum yog lub cim qhia tias lwm qhov kev hloov pauv hloov pauv tuaj yeem tshwm sim.

Tab sis nws yog ib qho deal, thiab nws yog thawj tus uas kuv tau sau txog hauv qee lub sijhawm. Ntawm no vam thiab cia siab tias yuav tuaj ntxiv.