两家公司在 11 月 14 日发布的新闻稿中宣布， Ovintiv Inc.正在进行一系列并购举措，以全现金交易的方式从Paramount Resources Ltd.手中收购 Alberta Montney 资产，交易金额达 23.8 亿美元（33.3 亿加元）。

此次交易的部分资金将来自 Ovintiv 出售其 Uinta Basin 资产的大部分给FourPoint Resources LLC 及其合作伙伴Quantum Capital Group和Kayne Anderson，交易金额约为 20 亿美元。剩余交易资金将通过公司手头的现金和公司信贷额度下的借款支付。

上个月，Ovintiv 正考虑出售部分 Permian 资产，因为外界对其下一个收购对象是谁、在哪里的猜测越来越多。目前，该资产剥离计划尚未完成。

Paramount 交易包括加拿大阿尔伯塔省的 109,000 净英亩土地（80% 未开发），并为其投资组合增加了 70,000 桶油当量/天的产量（约 25,000 桶油和凝析油）。截至 2023 年 12 月 31 日，这些资产包括 1.14 亿桶油当量的已探明开发生产储量、2.7 亿桶油当量的已探明储量和 5.23 亿桶油当量的已探明加概算储量。

Ovintiv 总裁兼首席执行官 Brendan McCracken 在交易公告中表示，这些资产位于 Ovintiv 当前运营地点附近的战略位置，包括可使用中游基础设施以及可选容量。  

McCracken 表示：“我们正在收购位于 Montney 油田中心的回报率最高的资产。此次收购是我们对该盆地进行深入技术和商业分析的结果，旨在确定价值最高的未开发石油资源。收购的资产表现出领先的油井性能，与我们的运营优势和现有油田面积完美契合。”

作为交易的一部分，Ovintiv 将与 Paramount 交换其位于不列颠哥伦比亚省的 Horn River 非常规天然气资产，并接管 Paramount 的 Zama、Karr 和 Wapiti 资产及其加工和运输承诺。

Paramount 将接管 Ovintiv 在两家公司合资的 Two Island Lake 油田中的 50% 经营权益以及 Kiwigana 油田中的 50% 经营权益。在 2024 年 3 月关闭之前，这两个资产的天然气产量均超过 4000 万立方英尺/天。

Ovintiv-Paramount 交易得到了两家公司董事会的一致批准。

Ovintiv 向私人控股的 FourPoint 出售的资产包括 126,000 净英亩的大部分未开发的土地和 2900 万桶/天的产量。

此次交易将使 Ovintiv 的非 GAAP 自由现金流增加 3 亿美元。

2025 年，Ovintiv 将在其合并的 Montney 油田平均运营 3 座钻井平台，在其 Permian 油田平均运营 5 座钻井平台，在其 Anadarko 油田平均运营 1 至 2 座钻井平台。根据 Ovintiv 的新闻稿，预计 2025 年总资本的约 85% 至 90% 将分配给 Permian 和 Montney。

Ovintiv 还预计，到 2025 年，平均石油和凝析油总产量将达到约 205,000 桶/天，总产量将达到约 620,000 桶油当量/天，资本投资约为 22 亿美元，比之前预期的少约 1 亿美元。

Ovintiv 的两项交易均于 10 月 1 日生效，预计将于 2025 年第一季度末完成，但须遵守惯例成交条件和调整。

JP Morgan Securities LLC和Morgan Stanley & Co. LLC担任 Ovintiv 在 Montney 交易中的财务顾问。Jefferies LLC（牵头）和 BofA Securitiesc Inc. 担任 Uinta 交易中的财务顾问。Blake, Cassels & Graydon LLP 担任 Ovintiv 在 Montney 交易中的法律顾问，Kirkland & Ellis LLP担任 Ovintiv 在 Uinta 出售中的法律顾问，Gibson, Dunn & Crutcher LLP担任 Ovintiv 在交易融资事宜中的法律顾问。

BMO Capital Markets和 Peters & Co. Ltd. 担任派拉蒙在此次交易中的首席财务顾问。Norton Rose Fulbright Canada LLP担任派拉蒙的法律顾问。丰业银行、RBC Capital Markets 和 ATB Capital Markets 担任战略顾问。

富国银行证券有限责任公司 (Wells Fargo Securities LLC) 担任 FourPoint Resources 的独家财务顾问。富国银行北美分行 (Wells Fargo Bank NA) 提供承诺融资，富国银行证券有限责任公司 (Wells Fargo Securities LLC) 担任 FourPoint 的独家账簿管理人和牵头安排人。Vinson & Elkins LLP担任 FourPoint 和 Quantum 的法律顾问。Latham & Watkins LLP担任 Kayne Anderson 在此次交易中的法律顾问。

Ovintiv Inc. is making a number of M&A moves with the acquisition of Alberta Montney assets from Paramount Resources Ltd. for US$2.38 billion (CA$3.33 billion) in an all-cash transaction, the companies announced in Nov. 14 press releases.

The transaction will be partially funded by the sell-off of substantially all of Ovintiv’s Uinta Basin assets to FourPoint Resources LLC, together with partners Quantum Capital Group and Kayne Anderson, for approximately US$2 billion. The rest of the deal will be funded with cash on hand and borrowings under the company’s credit facility.

Last month, Ovintiv was looking to sell some Permian assets as speculations rose on who and where its next buy would be. The divestiture is currently pending.

The Paramount deal includes 109,000 net acres (80% undeveloped) in Alberta, Canada, and adds 70,000 boe/d of production (approximately 25,000 bbl/d of oil and condensate) to its portfolio. As of Dec. 31, 2023, the assets include 114 MMboe of proved developed producing reserves, 270 MMboe of proved reserves and 523 MMboe of proved plus probable reserves.

The assets are strategically located near Ovintiv’s current operations and include access to midstream infrastructure with available capacity for optionality, Ovintiv President and CEO Brendan McCracken said in the deals’ announcement.  

"We are acquiring top decile rate of return assets in the heart of the Montney oil window," said McCracken. "This acquisition is the targeted result of our in-depth technical and commercial analysis of the basin to identify the highest value undeveloped oil resource. The acquired assets have demonstrated leading well performance and are a natural fit with our operating advantage and our existing acreage.”

As part of the deal, Ovintiv will swap its Horn River unconventional gas asset in British Columbia with Paramount and take ownership of Paramount's Zama, Karr and Wapiti assets and their processing and transportation commitments.

Paramount will take over Ovintiv's 50% operated interest in the companies’ joint venture together at the Two Island Lake field and a 50% operated interest at the Kiwigana field.  Both assets were producing over 40 MMcf/d of natural gas prior to being shut-in March 2024.

The Ovintiv-Paramount deal was unanimously approved by both companies’ board of directors.

Ovintiv’s sale to privately-held FourPoint includes 126,000 net acres of largely undeveloped land and production of 29 MMbbl/d.

The deals will increase Ovintiv’s Non-GAAP free cash flow by $300 million.

In 2025, Ovintiv will run an average of three rigs across its combined Montney acreage, five rigs on its Permian acreage and one to two rigs on its Anadarko acreage. Approximately 85% to 90% of 2025 total capital is expected to be allocated to the Permian and the Montney, according to Ovintiv’s press release.

Ovintiv also expects to deliver 2025 total average oil and condensate production volumes of approximately 205,000 bbl/d and total volumes of approximately 620,000 boe/d, with capital investment of approximately $2.2 billion—about $100 million less than previously expected.

Both of Ovintiv’s transactions are effective Oct. 1 and expected to close by the end of first-quarter 2025, subject to customary closing conditions and adjustments.

J.P. Morgan Securities LLC and Morgan Stanley & Co. LLC are serving as financial advisers to Ovintiv on the Montney transaction. Jefferies LLC (lead) and BofA Securitiesc Inc. are serving as financial advisers on the Uinta transaction. Blake, Cassels & Graydon LLP is serving as Ovintiv's legal counsel on the Montney transaction, Kirkland & Ellis LLP is serving as Ovintiv's legal counsel on the Uinta sale and Gibson, Dunn & Crutcher LLP is serving as Ovintiv's legal counsel on financing matters related to the transactions.

BMO Capital Markets and Peters & Co. Ltd. are acting as lead financial advisers to Paramount in connection with the Transaction. Norton Rose Fulbright Canada LLP is acting as legal counsel to Paramount. Scotiabank, RBC Capital Markets and ATB Capital Markets acted as strategic advisers.

Wells Fargo Securities LLC served as the exclusive financial adviser to FourPoint Resources. Wells Fargo Bank NA provided committed financing and Wells Fargo Securities LLC served as sole bookrunner and lead arranger for FourPoint. Vinson & Elkins LLP served as legal counsel to FourPoint and Quantum. Latham & Watkins LLP acted as legal adviser to Kayne Anderson in connection with this transaction.