Ovintiv Inc. is expanding its drilling inventory through an active 2026 acquisition program, having entered into more than 60 transactions so far this year that add approximately 41,000 net acres across its Permian and Montney assets. The total acquisition cost is about $460 million, with the deals expected to add 240 net 10,000-foot equivalent well locations, including 190 base locations and 50 upside locations. Ovintiv is paying about $11,000 per net acre, while the cost per well location ranges from roughly $1.3 million to $1.7 million after adjusting for minimal production from the acquired assets. In the Permian, the company is acquiring approximately 21,000 net acres in the Midland Basin for around $230 million, adding 120 total well locations. In the Montney, it is committing another $230 million to acquire approximately 20,000 net acres in the liquids-rich Alberta oil window, bringing 120 additional well locations. These transactions take Ovintiv's year-to-date additions to approximately 500 net 10,000-foot equivalent well locations, including 260 locations generated through organic inventory enhancement, and the company expects the remaining deals to close before the end of 2026.
Ovintiv IncOvintiv expands drilling inventory with $460M acquisitions, adding 41,000 net acres and 240 well locations.
Delek Logistics Partners LP
Drilling Tools International Corp.
PBF Energy Inc
