Ovintiv to Acquire Logan’s Montney Assets in Deal Valued at $890 Million
Key Facts
On October 26, 2026, Ovintiv announced that it had agreed to acquire all of the outstanding shares of Logan Energy in a deal valued at about US$890 million, or C$1.26 billion, including expected net debt at closing. Logan shareholders will receive C$1.40 in cash for each share upon completion, the company said. The acquisition adds assets in the Montney producing about 20,000 barrels of oil equivalent per day. They include about 7,000 barrels per day of oil and condensate, 70 million cubic feet per day of natural gas, and 1,000 barrels per day of other natural gas liquids. The deal gives Ovintiv additional oil and gas production in the region, along with associated infrastructure assets.
The acquisition will add about 266,000 net acres in the oil window of the Montney, including about 200,000 core acres, according to Ovintiv’s announcement. Undeveloped land accounts for 80% of the core acreage. Chief Executive Brendan McCracken said the deal “adds high-margin oil and condensate production and infrastructure.” He added that the company aims to use its operating advantage to capture savings and strengthen its drilling inventory and growth opportunities. The addition expands Ovintiv’s asset base in the Montney, with undeveloped acreage giving the company further options to develop the holdings.
Ovintiv shares fell 1.5% in premarket trading on Monday, October 26, according to Investing.com. The stock closed at $72.27 on October 23, according to EL7 data, before the deal was announced. Ovintiv plans to fund the transaction with available cash and borrowing under its credit facilities and commercial paper program. The company expects net debt to remain below $4 billion after the deal closes. It is targeting completion in early first-quarter 2027, according to its announcement.
The boards of directors of Ovintiv and Logan unanimously approved the deal, but its completion remains subject to approval by Logan shareholders, the court and regulators, as well as customary closing conditions. Ovintiv’s next announced dates include the release of third-quarter results after the market closes on November 3, 2026. The company scheduled a call to discuss the results for November 4 at 8:00 a.m. Mountain Time. These dates precede the expected closing in early first-quarter 2027. After closing, the company expects net debt to be below $4 billion.