OVINTIV PAYS $890 MILLION FOR LOGAN ENERGY

Ovintiv agreed to pay $890 million, including assumed net debt, for Logan Energy's assets in the Montney's oil window, according to a regulatory filing. The deal adds 266,000 net acres, but current production from those assets runs about 20,000 barrels of oil equivalent per day, and only 35% of that is oil and condensate — the rest is natural gas and NGLs. $OVV is framing this as an oil-rich bolt-on, even though gas still outweighs oil in the barrels changing hands today.