Ovintiv To Expand In Permian With $4.3 Billion Deal

Ovintiv has struck a deal to buy untapped oil and gas assets in the Permian from EnCap Investments for $4.3 billion. The deal will expand Ovintiv’s portfolio by 65,000 acres, Reuters reported. The buyer will pay for the assets with a combination featuring $3.125 billion in cash and 32.6 million shares, Bloomberg noted.

To fund the purchase, Ovintiv will sell its assets in the Bakken shale play in North Dakota to a portfolio company of funds that is managed by the Permian asset seller, EnCap. The size of that deal was set at $825 million.…