On February 3, 2026, Ovintiv Inc. completed its acquisition of NuVista Energy Ltd., following the definitive agreement announced November 4, 2025. The cash and stock transaction valued NuVista at approximately $2.7 billion (C$3.8 billion), including $215 million (C$300 million) in net debt and 18.5 million NuVista shares previously acquired by Ovintiv.

The transaction adds about 930 net well locations and 140,000 net acres—70% undeveloped—in Alberta's Montney region, directly adjacent to Ovintiv's operations. Production from the acquired assets is projected to average 100,000 BOE/d in 2026, including 25,000 barrels per day of oil and condensate. Ovintiv expects to generate cost synergies of approximately $100 million annually, including per well cost savings of approximately $1 million.

NuVista shareholders received C$18.00 per share in a combination of cash and Ovintiv stock, for a blended acquisition price of C$17.80 per share—a 21% premium to NuVista's unaffected 20-day VWAP as of September 19, 2025. The transaction was supported by over 99% of votes cast, with approximately 64% of NuVista shareholders participating. Former NuVista shareholders, excluding Ovintiv, own about 10.6% of the combined company.

Ovintiv's legal advisors were Blake, Cassels & Graydon LLP, Paul, Weiss, Rifkind, Wharton & Garrison LLP, and Gibson, Dunn & Crutcher LLP. NuVista's legal counsel were Burnet, Duckworth & Palmer LLP and Vinson & Elkins L.L.P.