Ovintiv to acquire Permian assets for $3.125B cash + 32.6M shares; sells Bakken assets for $825M

Ovintiv Inc.

Permian acquisition consideration: $3.125B cash plus 32,645,970 Ovintiv shares; effective date Jan 1, 2023.
Bakken divestiture to Grayson Mill Bakken for $825M cash; expected close June 12, 2023.
Ovintiv entered debt commitments: $825M term loan and $3.125B bridge loan to fund cash portion.
Acquisition subject to HSR approval, other conditions; target close by June 27, 2023.
Sellers get registration rights for Ovintiv shares issued as consideration.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Ovintiv Inc. entered into Securities Purchase Agreement with Black Swan Oil & Gas, LLC, PetroLegacy II Holdings, LLC, Piedra Energy III Holdings, LLC, Piedra Energy IV Holdings, LLC valued at $3.125 billion in cash and 32,645,970 million shares of Ovintiv common stock (effective 2023-04-03).

Action: entry
Agreement: asset purchase
Counterparty: Black Swan Oil & Gas, LLC, PetroLegacy II Holdings, LLC, Piedra Energy III Holdings, LLC, Piedra Energy IV Holdings, LLC
Value: $3.125 billion in cash and 32,645,970 million shares of Ovintiv common stock
Effective: 2023-04-03

Exact text from the filing

On April 3, 2023, Ovintiv Inc. (“Ovintiv”), and its wholly-owned subsidiary, Ovintiv USA Inc. (the “OVV Buyer” and, together with Ovintiv, the “OVV Buyer Parties”), entered into a Securities Purchase Agreement (the “Purchase Agreement”) with Black Swan Oil & Gas, LLC, PetroLegacy II Holdings, LLC, Piedra Energy III Holdings, LLC, and Piedra Energy IV Holdings, LLC (collectively, the “Sellers”)

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Ovintiv Inc. filing history →

Source: SEC EDGAR

accession 0001193125-23-089874

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