Ovintiv completed the acquisition of Black Swan Oil & Gas, PetroLegacy Energy and Piedra Resources from EnCap Investments for $4.275bn.

Ovintiv, an energy producer focused on developing its multi-basin portfolio of oil, natural gas liquids and natural gas producing plays, completed the acquisition of Black Swan Oil & Gas, a growth-oriented E&P company with an expanding operational footprint in the Permian Basin, PetroLegacy Energy, an energy company that is engaged in the exploration and production of onshore oil and natural gas assets, and Piedra Resources, an enerfy company that is engaged in the exploration, development and acquisition of natural gas and oil reserves, from EnCap Investments, a provider of equity capital to the independent sector of the US oil and gas industry, for $4.275bn. "We are acquiring a unique undeveloped asset in the Northern Midland Basin. Located in some of the best rock in the Permian, these assets have demonstrated leading well performance and are a natural fit with our existing Martin County acreage. The acquisition checks all the boxes on our disciplined durable returns strategy – it will be immediately and long-term accretive across all key financial metrics, the acreage is in an area where we have a competitive operating advantage, and it significantly increases our premium Permian well inventory. This will expand free cash flow per share and enhance our ability to deliver durable returns to our shareholders," Brendan McCracken, Ovintiv President and CEO.