US oil company Ovintiv to acquire Calgary’s NuVista Energy in $3.8B deal

Ovintiv Inc. has reached a definitive agreement to acquire NuVista Energy Ltd., a Calgary-based oil and natural gas producer, in a cash and stock deal valued at approximately $3.8 billion. The transaction includes about $300 million in NuVista’s net debt and 18.5 million shares of NuVista common stock that Ovintiv previously purchased.

Ovintiv, a U.S. petroleum company formed in 2020 after restructuring its Canadian predecessor Encana, is set to expand its footprint in Alberta’s Montney region. The acquisition will add roughly 930 net well locations – each equivalent to 10,000 feet – and about 140,000 net acres, with around 70 percent of that land still undeveloped. Ovintiv projects that the new assets will deliver an average production of 100,000 barrels of oil equivalent per day in 2026