Ovintiv Announces Completion of NuVista Energy Acquisition – Energy News, Top Headlines, Commentary, Features, Events

The acquisition is expected to add approximately 930 net 10,000 ft equivalent oil wells and approximately 140,000 net acres (approximately 70% undeveloped) to the oil-rich core of Montney, Alberta. Production for the full year 2026 from the acquired assets is expected to average approximately 100 MBOE/d (approximately 25,000 barrels of oil and condensate per day (“Mbbls/d”)). These assets are directly adjacent to Ovintiv’s current operations and include access to processing and downstream infrastructure with significant available capacity.

“These top 10 yielding assets in the heart of the Montney oil market are a great fit with our existing acreage and infrastructure,” said Ovintiv President and CEO Brendan McCracken. “The team at NuVista has done an excellent job building these assets, and we are excited to apply our industry-leading expertise to this integrated position. We expect to generate cost synergies of approximately $100 million per year, including approximately $1 million in cost savings per well, consistent with current Monney well costs.” Ken continued, “This transaction, combined with our planned sale of our Anadarko assets, will streamline and upgrade our portfolio, enable us to meet or exceed our debt goals, and position us uniquely with significant shelf life in North America’s two most valuable oil resources, the Permian and Montney Rivers.”

Ovintiv plans to announce fourth quarter and full year 2025 results on February 23, 2026, as well as full year and first quarter 2026 guidance.

The transaction was supported by over 99% of the votes cast, with approximately 64% of NuVista stockholders (“NuVista stockholders”) participating in the vote.

Pursuant to this transaction, NuVista shareholders had the right to elect to receive: (i) $18.00 (CAD) in cash for each NuVista Share (the “Cash Consideration”); (ii) 0.344 shares of Ovintiv common stock for each NuVista share (the “Stock Consideration”); or (iii) a combination of cash and stock consideration for NuVista stock. Rounded and prorated based on maximum total cash consideration of approximately $1.57 billion (CAD) and maximum total stock consideration of approximately 30.1 million Ovintiv shares. NuVista stockholders who do not make a valid election prior to the Election Deadline will be deemed to have elected to receive cash consideration for 50% of their NuVista shares and to receive stock consideration for 50% of their NuVista shares.

Confirming the provisional results announced on January 23, 2026, the final results of the review election are as follows:

NuVista shareholders who elect to receive cash consideration for all of their NuVista shares will receive 100% of the total consideration as cash consideration. NuVista stockholders who elect to receive stock consideration for all of their NuVista shares will receive approximately 58% of the total consideration as stock consideration and approximately 42% as cash consideration. In addition, NuVista stockholders who do not validly vote prior to the election deadline or who elect to receive 50% cash consideration and 50% stock consideration with respect to their NuVista shares will receive approximately 71% of the total consideration in cash consideration and approximately 29% in stock consideration.

NuVista Shares are expected to be delisted by the Toronto Stock Exchange (“TSX”) within several business days after the close of trading.

Important information
Ovintiv reports in U.S. dollars unless otherwise noted. Production volumes and estimates are reported on a net-of-royalties basis unless otherwise noted. Unless otherwise specified or the context requires otherwise, references to “Ovintiv,” “we,” or “us” include references to Ovintiv Inc. and its subsidiary subsidiaries and partnership interests held by them.

Visit Ovintiv’s website and investor relations pages at www.ovintiv.com and investor.ovintiv.com. Ovintiv frequently discloses important information about our company, our business, and our results of operations.

The Ovintiv shares issued by the Company in connection with the acquisition of NuVista are listed on the New York Stock Exchange and have been conditionally approved for listing on the TSX. In obtaining TSX listing approval, the Company has relied on the “Qualified Consolidated Listing Issuer” exemption from the TSX Rules under Section 602.1 of the TSX Company Manual.

Recommendation Regarding Forward-Looking Statements – This news release contains forward-looking statements or information within the meaning of applicable securities laws, including Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (collectively, “forward-looking statements”). All statements, other than statements of historical fact, that relate to our anticipated future activities, plans, strategies, objectives or expectations are forward-looking statements. When used in this news release, words and phrases such as “anticipate,” “believe,” “continue,” “may,” “estimate,” “expect,” “focus,” “anticipate,” “guidance,” “intend,” “sustain,” “may,” “opportunity,” “outlook,” “plan,” “potential,” “strategy,” “goal,” and similar words and phrases are used in this news release. Although the words “will,” “will,” and other similar terminology are intended to identify forward-looking statements, not all forward-looking statements contain such identifying words or phrases. Without limiting the generality of the foregoing, forward-looking statements contained in this news release include the anticipated synergies and benefits of the NuVista acquisition to Ovintiv and its stockholders. This includes expectations that the acquisition will add approximately 930 net 10,000 net ft-equivalent well locations and approximately 140,000 net acres to Ovintiv’s Monny operations, with production from the acquired assets averaging approximately 100 MBOE/day. In 2026. The acquisition is expected to create cost synergies and support Ovintiv in achieving its debt goals. Planned sale of Anadarko assets. NuVista’s common stock is expected to be delisted. and the timing of Ovintiv’s full-year 2026 and first quarter guidance.

The forward-looking statements provided in this news release are based on a number of important factors and assumptions made by Ovintiv as of the date of this news release. our ability to successfully integrate completed acquisitions (including the Monney transaction described herein); our ability to access credit facilities and capital markets; the availability of attractive products or financial hedges and the enforceability of risk management programs; our ability to obtain and maintain productivity and efficiency improvements; our ability to generate cash profits and implement our stock repurchase plans; expectations regarding our plans, strategies and goals, including anticipated production volumes and capital expenditures; our ability to manage expected cost inflation and our expected cost structure, including expected operating, transportation, processing and labor costs; the outlook for the oil and natural gas industry generally, including the impact of changes in the geopolitical environment; Our forecasts are based on our historical experience and awareness of past industry trends, and are broadly consistent with these. and other assumptions contained herein. Although we believe that the expectations expressed in forward-looking statements are reasonable based on information available on the date such statements are made, forward-looking statements are only predictions and expressions of our current beliefs, and there can be no assurance that such expectations will prove to be correct.

All forward-looking statements contained in this news release are made as of the date of this news release, and the Company undertakes no obligation to publicly update or revise any forward-looking statements, except as required by law. The forward-looking statements contained in or incorporated by reference in this news release and all subsequent forward-looking statements attributable to us, whether written or oral, are expressly qualified by these cautionary statements.

Readers should carefully read the risk factors described in the “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections of the Company’s most recent Annual Report (Form 10-K), Quarterly Reports (Form 10-Q) and other filings with the SEC or Canadian securities regulators. A description of certain risks that could cause actual results to differ from those in these forward-looking statements is included. Other unpredictable or unknown factors not discussed in this new release may also materially adversely affect the forward-looking statements.

For more information about Ovintiv Inc., visit our website at www.ovintiv.com or contact us at:

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