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Ovintiv (OVV) is set to strengthen its position in the Permian Basin and boost its overall production capacity with the acquisition of Core Midland Basin Assets.
The cash-and-stock deal sees Ovintiv issue 36 million shares and $3.13 billion in cash to asset manager EnCap Investments L.P.
Ovintiv got the shareholder return strategy right in 2022. Ovintiv, however, messed up in a big way on hedging for both 2022 and 2023.
Ovintiv announced Monday it is acquiring oil exploration and production assets in the Permian Basin, in the United Stataes from Black Swan Oil & Gas, PetroLegacy Energy and Piedra Resources, companies controlled by private equity firm EnCap Investments, for about $4.275 billion in cash and stock. The acquisition supports the company's efforts to expand its operations in the Permian Basin, where it has already committed to undertaking additional drilling work.
Ovintiv Inc. OVV, +2.53% OVV, +2.40% said Monday it has agreed to acquire all leaeshold and related assets of Black Swan Oil & Gas, PetroLegacy Energy and Piedra Resources in a cash-and-stock deal valued at about $4.275 billion. The three companies are portfolio companies of funds managed by EnCap Investments L.P.
During 2022, hedges saw Ovintiv partially missing out on the booming oil and gas prices. Now in 2023, they entered the year with few hedges but sadly, oil and gas prices have slumped, especially for the latter.
Ovintiv (OVV) expects spending of $2.15-$2.35 billion, crude oil and condensate volumes of 165-175 K bpd and natural gas production of 1,525-1,575 MMcf/d in 2023.
In 2023, Ovintiv could be a very strong performer. Why? Because its hedged portfolio is now dramatically improved. Ovintiv has been dead money since the summer. But I believe that in the coming quarters, this will change.
DENVER , Jan. 17, 2023 /PRNewswire/ - Ovintiv Inc. (NYSE: OVV) (TSX: OVV) today announced plans to hold its 2022 fourth quarter and year-end results conference call at 9:00 a.m. MT, on Tuesday February 28, 2023.
Ovintiv (OVV) reported earnings 30 days ago. What's next for the stock?