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NuVista holders back Ovintiv (OVV) deal as Alberta court grants Final Order. Rhea-AI filing summary. Ovintiv Inc. reports another key step in its previously announced acquisition of NuVista Energy Ltd. Ovintiv, through wholly owned subsidiary Ovintiv Canada ULC, has agreed to buy NuVista in a stock-and-cash deal to be completed via a court-approved arrangement under Alberta corporate law. The companies announce that NuVista shareholders have approved the plan of arrangement and the Court of King's Bench of Alberta has granted the Final Order required for the transaction structure. The acquisition remains subject to the remaining closing conditions and regulatory approvals described in the arrangement agreement. Ovintiv and NuVista also caution that forward-looking statements about the deal involve risks, including potential delays, termination, legal proceedings, integration challenges and uncertainty around realizing expected benefits and synergies. Insights. Key shareholder and court approvals move the NuVista deal forward but closing still depends on remaining conditions. Ovintiv Inc. outlines progress on its stock-and-cash acquisition of NuVista Energy Ltd., to be completed via an arrangement under the Business Corporations Act (Alberta). NuVista shareholders have approved the arrangement, and the Court of King's Bench of Alberta has granted the Final Order for the plan of arrangement, which are critical legal milestones for this type of Canadian transaction. The companies emphasize that completion still depends on customary closing conditions and regulatory approvals set out in the arrangement agreement. They also highlight risks such as potential delays or non-completion, management distraction, possible legal proceedings, contract consents and the possibility that anticipated benefits and synergies may not be fully realized or may take longer than expected. Future company filings are likely to provide updates on whether the remaining conditions are satisfied and the transaction ultimately closes.

Ovintiv announces retirement of Peter Dea from its Board of Directors. Steven Nance to Succeed Dea as Board Chairman DENVER, Dec. 12, 2025 /CNW/ - Ovintiv Inc. (NYSE: OVV) (TSX: OVV) ("Ovintiv" or the "Company") today announced that Peter Dea will retire from its Board of Directors (the "Board") effective May 6, 2026. Steven Nance has been unanimously elected by the Board to replace Dea as Board Chairman. Mr. Dea joined the Board in 2010 and has served as Chairman since 2020. With over 40 years of leadership and value creation expertise in the E&P industry, successfully leading both public and private companies, he developed a track record of delivering substantial shareholder value. His experience brought to the Ovintiv Board valuable insight into oil and gas operations, sustainability, strategy, and energy-related policy. Through his personal and professional efforts, Mr. Dea has prioritized sustainability and stewardship and, with his family, established a foundation that supports education, science, and conservation causes. "On behalf of the Board and our leadership team, I would like to thank Peter for his many contributions over the last 15 years," said Brendan McCracken, Ovintiv's President and CEO. "His wealth of knowledge, strong leadership and dedication have been invaluable to our company. We will miss his wise counsel and wish him well in retirement." McCracken continued, "We look forward to having Steve as our new Board Chair. His proven leadership, diverse experience and commitment to strong corporate governance will serve us well." Nance brings over a decade of experience as a corporate director and extensive expertise in governance, M&A and shareholder engagement. He has served on multiple public and private boards, has experience as Lead Director and Committee Chair, and contributed to best-in-class governance practices. He is currently President and Manager of Steele Creek Energy, LLC, a private oil and gas investment firm. He has served on the Ovintiv Board for six years and is currently the Chair of the Environment, Health and Safety Committee. Further information on Ovintiv Inc. is available on the Company's website, www.ovintiv.com, or by contacting: View original content to download multimedia:https://www.prnewswire.com/news-releases/ovintiv-announces-retirement-of-peter-dea-from-its-board-of-directors-302640474.html

Ovintiv buys NuVista Energy; targets Mid-Con sale. * Ovintiv's $2.7B acquisition of NuVista Energy expands its Montney footprint, accelerates its two-basin strategy, and sets up a planned 2026 Mid-Con divestiture to fund further debt reduction. Transaction overview. Ovintiv Inc. announced the $2.7 B acquisition of Montney producer NuVista Energy (~CAD$3.8 B) on Tuesday November 5. Deal consideration is 50 / 50 cash and equity, with Ovintiv will fund the cash component with a combination of cash, credit facility borrowings, and an acquisition bridge loan. In tandem with the acquisition, Ovintiv announced plans to divest its Anadarko basin assets in 2026 and use proceeds for debt reduction. Transaction details. NuVista's Montney assets offer a complementary position to Ovintiv's existing acreage in the play and help reinforce Ovintiv's narrowing focus on two core asset bases - the Midland Basin and the Montney. Figure 1: Combined OVV - NuVista Montney Acreage * NuVista currently produces ~100 MBoe/d with ~25 MB/d of oil and condensate. * NuVista increases Ovintiv's Canadian production base by over 30% based on its current production of 319 Mboe/d. * Oil and condensate represent 25% of the acquired production compared to 20% for Ovintiv's existing Montney production; pro forma oil and condensate still sits at ~21% of total. * Ovintiv touts 930 net 10,000-ft equivalent locations acquired at an average cost of $1.3 MM. This implies OVV valued the undeveloped locations at ~$1.2 B, or ~45% of total deal consideration. * Firm transport and acquired hedges from NuVista provide additional gas market diversification away Canada's AECO gas hub. * Ovintiv promotes 15-20 years of combined Montney inventory. Novi commentary. Ovintiv is executing on its stated strategy. Further expansion in the Montney coupled with Ovintiv's plans to divest its Anadarko Basin assets in 2026 continues Ovintiv's efforts to narrow its focus to two core basins. Divestitures in other non-core basins have helped fund expansions in core areas, and this transaction follows a similar playbook. Ovintiv acquired several Midland Basin focused EnCap portfolio companies for ~$4.3 B in 2023 and simultaneously divested all of its Bakken assets. It expanded its Montney position in late 2024, buying assets from Paramount Resources for $2.4 BN. Concurrently it exited the Uinta Basin for ~$2 B. Ovintiv has proven itself adept at recycling non-core assets into growth in core focus areas, and the planned sale of the Mid-Con assets would complete the transformation into a focused two-basin producer. Execution on the sale of the Mid-Con assets is paramount. Using flowing production metrics from ConocoPhillips recent divestiture of the legacy Anadarko Basin assets from Marathon Oil places a rough value of about $1.3-$1.4 B ~100 Mboe/d of Ovintiv production. A pending Mid-Con sale completes Ovintiv's portfolio transformation. De-levering after years of active A&D activity now becomes the priority. Pro forma for the NuVista deal, Ovintiv's net debt projects at almost $6.8 BN. The company has paused share buybacks but will maintain the base dividend. It's goal to reach $4.0 BN in net debt by year-end 2026 is ambitious. Nine-month year-to-date free cash flow of ~$1.1 BN illustrates capacity to organically de-lever on top of planned asset sales. Ovintiv has executed on this before, but there are challenges. Threats of oversupply create price headwinds that could dampen free cash flow and also complicate its ability to obtain full intended value on the Anadarko Basin assets. Relative appetite for SCOOP/STACK assets remains uneven as it is not viewed as the most in favor region. There are focused buyers in the region, but the limited depth of potentially interested buyers could also complicate matters. Overall, these actions are sound measures consistent with Ovintiv's stated strategy. Having a clear strategy and accompanying asset base that reflects that strategy is critical in today's market. Ready to unlock the insights driving today's energy market? Get access to exclusive research featuring deal valuations, inventory models, and market forecasts. Sign up for a research account and stay informed with the data and analysis used by leading operators and investors. * Robert Polk Robert Polk is a Research Director at Novi Labs, primarily focusing on Corporate Research. He possesses 15 years of energy finance experience across banking, research, and consulting. Leveraging Novi's proprietary inventory and production forecasts enables differentiated research for assessing asset quality and depth and its impact on financial performance. JERA enters US upstream value chain with $1.5B Haynesville acquisition. JERA, Japan's largest power generation company and one of the world's leading LNG buyers, is moving upstream in the US energy value chain. The company agreed to acquire 100% of the South Mansfield Joint Venture between GEP Haynesville II (backed by Blackstone) and Williams Companies in a $1.5 billion transaction.