Ovintiv to buy Montney oil assets for $2.38 billion (updated)
14/11/2024 11:23
(Adds details from paragraph 2)
Nov 14 (Reuters) -
Shale producer Ovintiv OVV.N said on Thursday it would
acquire certain oil assets located in Canada's Montney formation
from Paramount Resources POU.TO for about $2.38 billion in an
all-cash deal.
Ovintiv also said it would sell its Uinta Basin assets,
located in Utah, to FourPoint Resources for $2 billion.
The acquisition of Paramount's assets would add nearly
70,000 barrels of oil equivalent per day of production at the
Montney formation in Alberta.
(Reporting by Vallari Srivastava in Bengaluru; Editing by Pooja
Desai)
((Srivastava.Vallari@thomsonreuters.com;))