• November 14, 2024

Ovintiv Shakes Up Portfolio With $2.38 Billion Montney Acquisition And $2 Billion Uinta Basin Sale, Pauses Buyback

Ovintiv Inc. (NYSE:OVV) shares are trading higher after the company inked a definitive purchase agreement to acquire certain Montney assets from Paramount Resources Ltd. (OTC:PRMRF), in an all-cash transaction valued at around $2.377 billion (C$3.325 billion). Post closure, the acquisition is expected to add about 70 MBOE/d of production (approximately 25 Mbbls/d of oil and condensate), 900 net 10,000 foot equivalent well locations, and approximately 109,000 net acres (approximately 80% undevelo