Ovintiv Announces Permian and Montney Inventory Additions

Rhea-AI Summary

Ovintiv (NYSE: OVV) updated its 2026 ground game acquisition program, reporting year-to-date entry into over 60 transactions totaling approximately $460 million. These deals add about 41,000 net acres across the Montney and Permian and 240 net 10,000-foot equivalent well locations (190 base, 50 upside) to its drilling inventory.

The assets are priced at roughly $11,000 per net acre and $1.3–$1.7 million per well location, adjusted for minimal production. In the Permian, Ovintiv is acquiring ~21,000 net acres and 120 locations for ~$230 million; in the Montney, ~20,000 net acres and 120 locations for ~$230 million. Including organic enhancements, Ovintiv will have added about 500 net well locations year-to-date and expects remaining transactions to close by year-end.

Positive

• 41,000 net acres added in Montney and Permian for ~$460 million
• 240 net 10,000-foot equivalent well locations added to drilling inventory
• Permian acquisition: 21,000 net acres and 120 locations for ~$230 million
• Montney acquisition: 20,000 net acres and 120 locations for ~$230 million
• Assets valued at about $11,000 per net acre
• Year-to-date, about 500 net well locations added including 260 organic

Negative

• Total acquisition cost of approximately $460 million in 2026 year-to-date

Market Context

OVV's July 2 results-call scheduling notice was followed by a 1.89% 24-hour reaction. For this inven...

Analysis

OVV's July 2 results-call scheduling notice was followed by a 1.89% 24-hour reaction. For this inventory announcement, the platform record adds historical variability; an active S-3ASR shelf and recent insider net selling are relevant risks to monitor.

Key Figures

Transactions: Over 60 transactions Land Added: Approximately 41,000 net acres Total Acquisition Cost: Approximately $460 million +5 more

8 metrics

Transactions Over 60 transactions 2026 year-to-date acquisition program

Land Added Approximately 41,000 net acres Montney and Permian assets

Total Acquisition Cost Approximately $460 million 2026 year-to-date transactions

Well Locations Added 240 net 10,000-foot equivalent well locations 190 base locations and 50 upside locations

Acquisition Valuation Approximately $11,000 per net acre; $1.3M-$1.7M per well location Adjusted for minimal production volumes

Permian Acquisition Approximately $230 million Approximately 21,000 net acres and 120 well locations

Montney Acquisition Approximately $230 million Approximately 20,000 net acres and 120 well locations

Year-to-Date Locations Added Approximately 500 net 10,000-foot equivalent well locations Includes 260 locations from organic inventory enhancement

Historical Context

5 past events · Latest: Jul 23 (Positive)

Pattern 5 events

Date	Event	Sentiment	24h Move	Catalyst
Jul 23	Second-quarter earnings	Positive	+2.8%	Production exceeded guidance and full-year production guidance increased alongside strong cash generation.
Jul 02	Results call scheduling	Neutral	+1.9%	The company scheduled its second-quarter results release and conference call for July 23 and July 24.
May 11	First-quarter earnings	Neutral	-1.7%	Strong cash generation and portfolio moves coincided with a reported net loss and non-cash impairments.
May 08	Annual meeting results	Neutral	+2.2%	Director nominees, executive compensation, and independent auditor ratification proposals were approved.
Apr 10	Results call scheduling	Neutral	-0.1%	The company announced its first-quarter results release date and conference call schedule.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Pattern Detected

Recent reactions were mixed: the positive second-quarter earnings event aligned with a gain, while first-quarter earnings declined despite mixed operating and financial results.

Key Terms

net acres, 10,000-foot equivalent well locations, after-royalties basis

3 terms

net acres technical

"addition of approximately 41,000 net acres of land across its Montney and Permian assets"

Net acres is the effective amount of land an oil, gas, or mineral rights holder actually controls after accounting for ownership shares and any burdens such as royalties or other parties’ interests. Think of a whole field as a pie: gross acres is the full pie, while net acres is the slice that belongs to a company once other parties’ slices are removed. Investors use net acres to gauge a company’s real exposure to a resource and the portion of production and reserves it can claim.

10,000-foot equivalent well locations technical

"add 240 net 10,000-foot equivalent well locations to Ovintiv's drilling inventory"

A way oil and gas companies count and compare drilling opportunities by converting wells of different lengths into a common unit equal to a 10,000-foot well. Instead of saying “we have X wells of varying lengths,” firms report how many equivalent 10,000-foot wells those prospects represent, so investors can compare inventory and development scale more easily. Think of it like converting rooms of different sizes into standard-size units to measure total capacity.

after-royalties basis financial

"Production estimates are reported on an after-royalties basis"

A measurement reported after subtracting royalties that must be paid to owners, governments, or other parties from gross amounts such as revenue, production value, or reserves. It shows the net figure the reporting company actually retains once those mandatory payments are removed; investors use it to understand the cash or asset base available to the company, similar to looking at take-home pay after obligatory deductions.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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DENVER, Aug. 26, 2026 /PRNewswire/ -- Ovintiv Inc. (NYSE: OVV) (TSX: OVV) today provided an update on its 2026 ground game acquisition program. On a year-to-date basis, the Company has entered into over 60 transactions, which will result in the addition of approximately 41,000 net acres of land across its Montney and Permian assets for a total acquisition cost of approximately $460 million. The transactions will add 240 net 10,000-foot equivalent well locations to Ovintiv's drilling inventory (190 base locations and 50 upside locations). The assets are being acquired at an attractive valuation of approximately $11,000 per net acre, and approximately $1.3 million to $1.7 million per well location, when adjusted for minimal production volumes from the assets.

In the Permian, Ovintiv is acquiring approximately 21,000 net acres of land and 120 total well locations (80 base locations and 40 upside locations) in the Midland basin for approximately $230 million.

In the Montney, Ovintiv is acquiring approximately 20,000 net acres of land and 120 total well locations (110 base locations and 10 upside locations) in the liquids-rich Alberta oil window for approximately $230 million.

Following these transactions, the Company will have added approximately 500 net 10,000-foot equivalent well locations year-to-date, with the inclusion of 260 locations from organic inventory enhancement.

Ovintiv expects the remaining transactions to close before the end of the year.

Important information
Ovintiv reports in U.S. dollars unless otherwise noted. Production estimates are reported on an after-royalties basis, unless otherwise noted. Unless otherwise specified or the context otherwise requires, references to "Ovintiv," "our" or to "the Company" includes reference to subsidiaries of and partnership interests held by Ovintiv Inc. and its subsidiaries.

Please visit Ovintiv's website and the Investor Relations page at www.ovintiv.com and investor.ovintiv.com, where Ovintiv often discloses important information about the Company, its business, and its results of operations.

ADVISORY REGARDING FORWARD-LOOKING STATEMENTS – This news release contains forward-looking statements or information (collectively, "forward-looking statements") within the meaning of applicable securities legislation, including Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, except for statements of historical fact, that relate to the anticipated future activities, plans, inventory additions, strategies, objectives or expectations of the Company are forward-looking statements. When used in this news release, the use of words and phrases such as "anticipates," "acquiring", "believes," "continue," "could," "estimates," "expects," "focused on," "forecast," "guidance," "intends," "maintain," "may," "opportunities," "outlook," "plans," "potential," "strategy," "targets," "will," "would" and other similar terminology are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words or phrases. Without limiting the generality of the foregoing, forward-looking statements contained in this news release include: expectations that the acquisition program will support the achievement of Ovintiv's expected inventory additions; the expected closing of the various transactions; and the expected timing of such closings.

The forward-looking statements provided in this news release are based upon a number of material factors and assumptions that Ovintiv has made in respect thereof as of the date of this news release, including, without limitation: future commodity prices and basis differentials; the Company's ability to consummate any pending acquisitions (including the transactions described herein); the ability of the Company to access credit facilities and capital markets; the availability of attractive commodity or financial hedges and the enforceability of risk management programs; the Company's ability to capture and maintain gains in productivity and efficiency; the ability for the Company to generate cash returns; expectations of plans, strategies and objectives of the Company, including anticipated production volumes and capital investment; the Company's ability to manage cost inflation and expected cost structures, including expected operating, transportation, processing and labor expenses; the outlook of the oil and natural gas industry generally, including impacts from changes to the geopolitical environment; and projections made in light of, and generally consistent with, the Company's historical experience and its perception of historical industry trends; and the other assumptions contained herein. Although the Company believes the expectations represented by its forward-looking statements are reasonable based on the information available to it as of the date such statements are made, forward-looking statements are only predictions and statements of our current beliefs and there can be no assurance that such expectations will prove to be correct.

All forward-looking statements contained in this news release are made as of the date of this news release and, except as required by law, the Company undertakes no obligation to update publicly or revise any forward-looking statements. The forward-looking statements contained or incorporated by reference in this news release, and all subsequent forward-looking statements attributable to the Company, whether written or oral, are expressly qualified by these cautionary statements.

The reader should carefully read the risk factors described in the "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" sections of the Company's most recent Annual Report on Form 10-K, Quarterly Report on Form 10-Q, and in other filings with the SEC or Canadian securities regulators, for a description of certain risks that could, among other things, cause actual results to differ from these forward-looking statements. Other unpredictable or unknown factors not discussed in this new release could also have material adverse effects on forward-looking statements.

Further information on Ovintiv Inc. is available on the Company's website, www.ovintiv.com, or by contacting:

Investor contact: (888) 525-0304  investor.relations@ovintiv.com Media Contact: (403) 645-2252

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SOURCE Ovintiv Canada ULC

FAQ

What inventory additions did Ovintiv (NYSE: OVV) announce on August 26, 2026?

Ovintiv announced additions of about 41,000 net acres and 240 net 10,000-foot equivalent well locations across its Montney and Permian assets. According to Ovintiv, these year-to-date acquisitions expand its drilling inventory through more than 60 separate transactions in 2026.

How much is Ovintiv spending on its 2026 ground game acquisitions for OVV?

Ovintiv expects total acquisition costs of approximately $460 million year-to-date for its 2026 ground game program. According to Ovintiv, this spending covers over 60 transactions adding 41,000 net acres and 240 net well locations in the Permian and Montney plays.

What Permian Basin assets is Ovintiv (OVV) acquiring in 2026?

Ovintiv is acquiring about 21,000 net acres and 120 total well locations in the Midland Basin Permian for approximately $230 million. According to Ovintiv, these locations include 80 base and 40 upside 10,000-foot equivalent drilling opportunities within its core Permian position.

What Montney additions did Ovintiv (OVV) report in the Alberta oil window?

Ovintiv is acquiring roughly 20,000 net acres and 120 total well locations in the liquids-rich Alberta Montney oil window for about $230 million. According to Ovintiv, this includes 110 base and 10 upside 10,000-foot equivalent well locations to support future development.

At what valuation is Ovintiv acquiring its new Montney and Permian inventory in 2026?

Ovintiv reports paying roughly $11,000 per net acre and about $1.3–$1.7 million per well location for the acquired assets. According to Ovintiv, these metrics are adjusted for minimal production volumes associated with the transactions completed year-to-date.

How many total drilling locations has Ovintiv (OVV) added year-to-date in 2026?

Ovintiv expects to have added about 500 net 10,000-foot equivalent well locations year-to-date in 2026. According to Ovintiv, this includes 240 locations from acquisitions and approximately 260 locations from organic inventory enhancement across its portfolio.

When are Ovintiv’s remaining 2026 ground game transactions expected to close?

Ovintiv expects its remaining 2026 ground game acquisition transactions to close before the end of the year. According to Ovintiv, these pending deals follow more than 60 completed transactions that have already expanded acreage and drilling inventory in the Montney and Permian.