Ovintiv acquires Midland Basin assets for $4.275B, sells Bakken for $825M

Ovintiv Inc.

Acquires ~65,000 net acres in Midland Basin from EnCap for $3.125B cash + 32.6M shares; valued at 2.8x NTM Adj. EBITDA.
Divests entire Bakken position for $825M cash to Grayson Mill Bakken, an EnCap fund.
Combined transactions immediately accretive; adds ~800 premium well locations; pro forma Permian oil nearly doubles to ~125 Mbbls/d.
Board increases quarterly dividend 20% to $0.30/share, payable June 30, 2023; second increase in 12 months.
Q1 total production ~510 MBOE/d (above guidance), capital ~$610-620M (low end).

item 2.02 item 7.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

Ovintiv Inc. reported preliminary financial results for first quarter 2023.

Period: first quarter 2023
Result: preliminary results

Exact text from the filing

Strong first quarter production exceeds Company guidance with total volumes of approximately 510 thousand barrels of oil equivalent per day (“MBOE/d”), including approximately 165 thousand barrels per day (“Mbbls/d”) of oil and condensate; expected first quarter capital of $610 to $620 million

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Ovintiv Inc. filing history →

Source: SEC EDGAR

accession 0001193125-23-088906

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