Ovintiv Completes Portfolio Transformation with Agreement to Acquire NuVista Energy Ltd. and Planned Divestiture of Anadarko Assets

Transaction Adds Scale and High-Quality Oil Inventory to Ovintiv's Premier Montney Position

Highlights:

DENVER, Nov. 4, 2025 /CNW/ - Ovintiv Inc. (NYSE: OVV) (TSX: OVV) ("Ovintiv" or the "Company") and NuVista Energy Ltd. ("NuVista") (TSX: NVA) today announced that they have entered into a definitive agreement whereby Ovintiv will acquire all of the outstanding shares of NuVista in a cash and stock transaction that values NuVista at approximately $2.7 billion (C$3.8 billion). Included in the total transaction value is approximately $215 million (C$300 million) of NuVista net debt and 18.5 million shares of NuVista common stock which Ovintiv purchased in a previous transaction. The acquisition is expected to add approximately 930 net 10,000-foot equivalent well locations, and approximately 140,000 net acres (approximately 70% undeveloped) in the core of the oil-rich Alberta Montney. Full year 2026 production from the acquired assets is expected to average approximately 100 MBOE/d (approximately 25 thousand barrels per day ("Mbbls/d") of oil and condensate). The assets are directly adjacent to Ovintiv's current operations and include access to processing and downstream infrastructure with significant available capacity. The transaction has been unanimously approved by the Boards of Directors of both companies.