Ovintiv Swaps the Uinta for Montney in Multiple M&A Moves
Ovintiv is expanding greatly in the Canadian Montney Shale play through a US$2.38 billion deal with Paramount Resources and exiting the newly booming Uinta Basin in Utah with a $2 billion sale to FourPoint Resources.
CEO: Ovintiv Passes on Permian Prices for More Montney Condensate
Rumored to be a potential buyer in the Permian Basin, Ovintiv instead struck a deal for lower-cost oil and condensate assets in Alberta’s Montney Shale.
Chevron, in Hess Holding Pattern, Sells $6.8B in Alaska, Canada
Chevron Corp., waiting to close a $55 billion takeover of Hess Corp., is selling off non-core assets in Canada and Alaska.
Tourmaline Brings on Crew Energy with Close of $950MM Deal
Tourmaline Oil is adding about 30,000 boe/d of Montney Shale production with its acquisition of Crew Energy.
Chevron Sells Canadian Oil Sands, Duvernay Shale Assets for $6.5B
Chevron said the divestitures are part of its plans to sell $10 billion to $15 billion worth of assets by 2028 following the company’s acquisition of Hess Corp. for $53 billion.
With Montney Production Set to Grow, US E&Ps Seize Opportunities
Canada’s Montney Shale play has already attracted U.S. companies Ovintiv, Murphy and ConocoPhillips while others, including private equity firms, continue to weigh their options.
ARC Resources Divests Non-core, Non-Montney Assets
ARC Resources did not provide additional information on the divested assets, which the company said had results in proceeds of $59.2 million.
Tourmaline’s $950MM Crew Energy M&A Drills Deeper In Montney
Tourmaline Oil is adding high-quality drilling locations in Canada’s Montney Shale with the CA$1.3 billion (US$950 million) acquisition of Crew Energy Inc.
ConocoPhillips’ Blowout: Permian, Eagle Ford, Bakken Output Rises
ConocoPhillips reported a notable uplift in Eagle Ford Shale production during the second quarter, while volumes in the Permian, Bakken and Canada’s Montney Shale also grew.
Ovintiv to Boost 2024 Free Cash Flow to Nearly $2B
Ovintiv management reported its on track to generate $1.9 billion in 2024 free cash flow but skirted a question about the company’s possible pursuit of Midland Basin E&P Double Eagle.