Ovintiv management reported its on track to generate $1.9 billion in 2024 free cash flow but skirted a question about the company’s possible pursuit of Midland Basin E&P Double Eagle.
In separate deals, WhiteCap Resources sold gas processing assets to Topaz Energy and Pembina Pipeline—a move that strengthens Pembina’s Western Alberta position, an analyst said.
Calgary-based Advantage Energy is acquiring undeveloped inventory and around 14,100 boe/d of production in a CAD$450 million (USD$326.77 million) deal with a private seller.
Crescent Point Energy is divesting non-core assets to boost its portfolio for long-term sustainability and repay debt.
E&Ps are turning north toward Canadian shale plays as Lower 48 M&A opportunities shrink, and Chevron aims to monetize its footprint in Alberta’s Duvernay play.
As Chevron Corp. markets its Duvernay shale assets, the U.S. oil major is most likely to find a buyer among a handful of mid-sized Canadian firms looking to capitalize on the region.
The dust has settled on acquisitions, and the leading players have publicized five-year plans that demonstrate a commitment to increasing production from Canada’s premier shale plays.
Several Canadian E&Ps are adding scale and undrilled inventory in prolific resource plays in Alberta, while in the Permian Basin, Ring Energy finalized an acquisition in the Central Basin Platform.
Crescent Point is extending its premium drilling inventory in the Alberta, Canada, Montney Shale with a roughly US$1.86 billion (CA$2.55 billion) acquisition of Hammerhead Energy.
The largely untapped potential of Canadian shale is a draw for investors.