Baytex Completes Eagle Ford Sale for $2.14bn, Plans Shareholder Returns and Canadian Focus

Baytex Energy has completed the sale of its US Eagle Ford assets for $2.14bn, using part of the proceeds to pay down debt and redeem notes. The company plans to return a substantial share of the net proceeds to shareholders and restart share purchases under its regular course issuer bid. The sale is part of Baytex's portfolio optimization strategy, focusing on Canadian heavy oil and Pembina Duvernay assets.