Ovintiv completes $2.7 billion acquisition of NuVista Energy

Ovintiv Inc. (NYSE: OVV) completed its acquisition of NuVista Energy Ltd. (TSX: NVA) in a cash and stock transaction valued at $2.7 billion, the company announced February 3.

The acquisition adds approximately 930 net 10,000-foot equivalent well locations and approximately 140,000 net acres in the Alberta Montney region. Full year 2026 production from the acquired assets is expected to average approximately 100 MBOE/d, including approximately 25,000 barrels per day of oil and condensate.

Under the transaction terms, NuVista shareholders could elect to receive $18.00 CAD in cash per share, 0.344 Ovintiv shares per NuVista share, or a combination of both. The transaction was subject to a maximum aggregate cash consideration of approximately $1.57 billion CAD and maximum aggregate share consideration of approximately 30.1 million Ovintiv shares.

The transaction received support from over 99% of votes cast, with approximately 64% of NuVista shareholders participating in the vote. Shareholders who elected all-cash consideration received 100% cash, while those who elected all-stock consideration received approximately 58% stock and 42% cash due to proration limits.

"These top decile rate of return assets in the heart of the Montney oil window are an exceptional fit with our existing acreage and infrastructure," said Ovintiv President and CEO Brendan McCracken. The company expects to generate cost synergies of approximately $100 million annually, including per well cost savings of approximately $1 million.

NuVista shares are expected to be delisted by the Toronto Stock Exchange within a few trading days following the closing. Ovintiv plans to issue its full year and first quarter 2026 guidance with its fourth quarter 2025 results on February 23, 2026.

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