Add-on Acquisition • Oil/Gas Exploration

Ovintiv Acquires NuVista Energy

On November 4, 2025, Ovintiv acquired oil/gas exploration company NuVista Energy for 2.7B USD

Acquisition Context

This is Ovintiv’s 6th transaction in the Oil/Gas Exploration sector.
This is Ovintiv’s 3rd largest (disclosed) transaction.
This is Ovintiv’s 1st transaction in Canada.
This is Ovintiv’s 1st transaction in Alberta.

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M&A Deal Summary
Date	November 4, 2025
Target	NuVista Energy
Sector	Oil/Gas Exploration
Buyer(s)	Ovintiv
Deal Type	Add-on Acquisition
Deal Value	2.7B USD

Target Company

NuVista Energy

Calgary, Alberta, Canada

NuVista Energy is an independent oil and natural gas company engaged in the exploration for, and the development, production and acquisition of oil and natural gas reserves in the province of Alberta. NuVista Energy was founded in 2003 and is based in Calgary, Alberta.

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Buyer Overview 1

Buyer

Ovintiv

Denver, Colorado, United States

Category	Company
Founded	2020
Sector	Oil/Gas Exploration
Employees	1,743
Revenue	9.2B USD (2024)

DESCRIPTION

Ovintiv is an oil and gas exploration company involved in the production and marketing of oil and natural gas. Ovintiv was founded in 2020 and is based in Denver, Colorado.

Deal Context for Buyer	#
Overall	6 of 6
Sector: Oil/Gas Exploration	6 of 6
Type: Add-on Acquisition	6 of 6
State: Alberta	1 of 1
Country: Canada	1 of 1
Year: 2025	1 of 1
Size (of disclosed)	3 of 3

PREVIOUS DEAL

DATE	TARGET	DEAL TYPE	VALUE
2024-11-14	Ovintiv - Uinta Basin assets United States Ovintiv's Uinta Basin assets is a provider of an oil and gas exploration services across 126,000 net acres and production of 29 Mbbls/d.	Sell	$2.0B

DATE

TARGET

DEAL TYPE

VALUE

2024-11-14

Ovintiv - Uinta Basin assets

United States

Ovintiv's Uinta Basin assets is a provider of an oil and gas exploration services across 126,000 net acres and production of 29 Mbbls/d.

Sell

$2.0B

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