Ovintiv to Acquire Logan Energy for $890 Million, Expanding Montney Holdings

Ovintiv (NYSE: OVV) agreed Monday to acquire Canadian producer Logan Energy in an all-cash deal valued at about $890 million (C$1.26 billion), including assumed debt, extending the U.S. oil and gas company's aggressive buildout in the Montney shale play. Logan shareholders will receive C$1.40 per share. The acquisition adds roughly 266,000 net acres and 20,000 barrels of oil equivalent per day, including 7,000 barrels of oil and condensate and 70 million cubic feet of gas, plus about 420 drilling locations in the Simonette and Pouce Coupe areas. Ovintiv expects around $60 million in annual cost savings and a roughly 5% lift to cash flow per share in 2027, bringing core Montney holdings to approximately 720,000 net acres. The deal follows Ovintiv's approximately $2.7 billion agreement to buy NuVista Energy in November 2025 and a $2.4 billion Montney purchase from Paramount Resources in 2024. Completion is expected in early 2027, pending shareholder and regulatory approvals; Logan will separately spin off certain non-Montney assets into Logan Oil Corp.