Ovintiv buying Montney assets from Paramount for US$2.38 billion

Nov 14, 2024

Share
Share
Tweet

CALGARY — Ovintiv Inc. says it has signed a deal to buy a group of assets in the Montney region from Paramount Resources Ltd. in an all-cash deal valued at about US$2.38 billion

The deal will add about 70,000 barrels of oil equivalent per day of production.

Ovintiv says the assets are strategically located near its current operations and have access to midstream infrastructure with available capacity.

Ovintiv chief executive Brendan McCracken says the acquisition is the result of an in-depth technical and commercial analysis of the basin to identify the highest value undeveloped oil resource.

The company also announced it has signed a deal to sell substantially all of its Uinta Basin assets in Utah, to FourPoint Resources, LLC, for total cash proceeds of about US$2.0 billion.

Cash from the Uinta deal is expected to be used to help fund the Montney acquisition.

This report by The Canadian Press was first published Nov. 14, 2024.

Companies in this story: (TSX:OVV, TSX:POU)

The Canadian Press

  • 0084 EMP Metals Pipeline Online
    0084 EMP Metals Pipeline Online
  • 0053 Kingston Midstream Westspur Alameda Click
    0053 Kingston Midstream Westspur Alameda Click
  • 0082 CsHM 2024 Pipeline
    0082 CsHM 2024 Pipeline
  • 0077 Caprice Resources Stand Up For Free Speech
    0077 Caprice Resources Stand Up For Free Speech
  • 0076 Latus only
    0076 Latus only
  • 0061 SIMSA 2024 For Sask Buy Sask
    0061 SIMSA 2024 For Sask Buy Sask
  • 0055 Smart Power Be Smart with your Power office
    0055 Smart Power Be Smart with your Power office
  • 0051 JML Hiring Pumpjack assembly
    0051 JML Hiring Pumpjack assembly
  • 0049 Scotsburn Dental soft guitar
    0049 Scotsburn Dental soft guitar
  • 0046 City of Estevan This is Estevan
    0046 City of Estevan This is Estevan
  • 0041 DEEP Since 2018 now we are going to build
    0041 DEEP Since 2018 now we are going to build
  • 0032 IWS Summer hiring rock trailer music
  • 0022 Grimes winter hiring
  • 0021 OSY Rentals S8 Promo
  • 0018 IWS Hiring Royal Summer
  • 0013 Panther Drilling PO ad 03 top drive rigs
  • 0011
  • 0006 JK Junior
  • 0002 gilliss casing services
    0002 gilliss casing services
  • 9002 Pipeline Online 30 sec EBEX
    9002 Pipeline Online 30 sec EBEX
  • 9001