Ovintiv Nearing Deal to Acquire EnCap’s Midland Assets
(Bloomberg) -- Ovintiv Inc. is nearing a deal to acquire oil and gas assets in the Midland Basin from private equity firm EnCap Investments, according to people with knowledge of the matter.
An agreement could be announced as soon as Monday, said the people, who asked not to be identified because the talks are private. A final agreement hasn’t been reached and talks could still end without a deal, the people said.
Representatives at Denver-based Ovintiv and EnCap didn’t immediately respond to requests for comment.
Houston-based EnCap has been marketing its positions in the Midland Basin, which includes assets from Black Swan Oil & Gas, Piedra Resources and Petrolegacy Energy.
The Midland Basin is part of the Permian Basin of West Texas and New Mexico, the most productive oil field in the US.
©2023 Bloomberg L.P.
KEEPING THE ENERGY INDUSTRY CONNECTED
Subscribe to our newsletter and get the best of Energy Connects directly to your inbox each week.
By subscribing, you agree to the processing of your personal data by dmg events as described in the Privacy Policy.
More oil news
Philippines’ Marcos Seeks to Import LNG From Alaska, Envoy Says
Oil Falls After Weak Technicals Accelerate Supply-Driven Losses
Buffett’s Annual Letter May Give Much Needed Support to Japanese Stocks
Oil Edges Lower With Focus on US Stockpiles, Supply Uncertainty
Oil Climbs With Focus on OPEC+ Output Plans and Ukraine Talks
Diamondback Energy announces $4.08 billion acquisition to expand Permian presence
Oil Holds Declines on Prospect of Higher Russia, Iraq Supplies
Canada’s Conservative Leader Pitches Major Natural-Resource Revamp to Counter Trump
EPA Terminates Nearly 400 Workers Amid US Government Purge
