Ovintiv Reshapes Portfolio with $2.38B Montney Acquisition and $2B Uinta Sale

The strategic transactions are set to boost Ovintiv's production and cash flow while pausing share buybacks until mid-2025.

Ovintiv Inc. has agreed to purchase Montney shale assets from Paramount Resources for $2.38 billion, enhancing its presence in a key Canadian oil region.
The acquisition will add approximately 70,000 barrels of oil equivalent per day to Ovintiv's production, with significant undeveloped acreage.
To finance the Montney acquisition, Ovintiv will sell its Uinta Basin assets in Utah for $2 billion, with both deals expected to close by Q1 2025.
The company projects a $300 million increase in 2025 adjusted free cash flow, alongside annual cost synergies of $125 million from operational efficiencies.
Ovintiv has paused its share buyback program to manage financing, with plans to resume buybacks in the second quarter of 2025.