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Investing.com -- Baytex Energy (TSX:BTE) stock rose 1.25% following a Bloomberg report that the Canadian oil and gas producer is considering selling its Eagle Ford shale operations in Texas for up to $3 billion.
According to people familiar with the matter, Baytex is working with advisers to gauge interest in its US assets as it looks to refocus on its domestic Canadian operations. The potential divestiture comes just two years after the company expanded its presence in the Eagle Ford basin through its acquisition of Ranger Oil.
Despite Thursday’s gains, Baytex shares have struggled over the past year, falling 22% during that period. The company, which has a market value of approximately $1.9 billion and carries about $1.6 billion in debt, was trading at $2.46 in New York as of Thursday morning.
If completed, the transaction would allow Baytex to substantially reduce its debt load while concentrating its operations in Canada, where the company has extensive holdings.
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