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April 3 (Reuters) - Shale producer Ovintiv Inc on Monday agreed to buy oil-focused assets in the Permian Basin from entities controlled by private-equity firm EnCap Investments for about $4.3 billion, in a bid ... | 07:11am
The Denver-based energy company Ovintiv Inc. on Monday announced a nearly $4.3 billion deal for 65,000 acres of largely undeveloped resources and 1,050 well locations in the prolific Permian Basin in Texas.
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VTX Energy, backed by Swiss oil trader Vitol, purchased 35,000 net leasehold acres with an average production of 40,000 boe/d in the Delaware Basin’s Pecos and Reeves counties, Texas, in a deal Enverus said could be valued at $1.5 billion to $2 billion.
Despite large-cap publics such as Devon Energy, Diamondback and Marathon Oil dominating M&A in 2022, the overall deal count fell to the lowest level since 2005, according to Enverus.