Ovintiv adds 240 drilling locations in Permian, Montney land push

Ovintiv Inc (OVV) stock hit a 52-week high of $67.45, with a 71.72% year-to-date return. The company reported Q2 2026 revenue of $2.47B, beating estimates, but EPS missed. OVV reduced net debt by $2.2B, aided by a $3B asset sale. S&P upgraded its outlook to positive, and Truist raised its price target to $73.

Ovintiv Inc. plans to add 41,000 net acres in the Permian and Montney regions by year-end, through 60 transactions totaling $460 million. The acquisitions will add 240 net well locations, extending drilling inventory. The assets are valued at $11,000 per net acre and $1.3-1.7 million per well, with closings expected by year-end.

Ovintiv Inc. (OVV) is expanding its drilling inventory through a $460 million acquisition spree, adding 41,000 net acres and 240 net well locations across its Permian and Montney assets. The company acquired 21,000 net acres in the Permian's Midland Basin and 20,000 net acres in the Montney's liquids-rich Alberta oil window. These acquisitions are expected to support long-term development activity and strengthen OVV's inventory.

Ovintiv has acquired 41,000 net acres and 240 drilling locations in the Permian and Montney for $460 million in 2026. The deals include 120 locations in the Midland basin and 120 in the Montney, with costs estimated at $11,000 per net acre and $1.3M-$1.7M per well. Total 2026 additions will be about 500 net locations.

Ovintiv reported Q1 2026 cash from operations of $1.1B, Non-GAAP Cash Flow of $1.2B, and Free Cash Flow of $634M. Production averaged 679 MBOE/d, exceeding guidance. The company acquired NuVista Energy for $2.8B and sold Anadarko assets for $2.85B, reducing net debt to $3.3B. Share buybacks totaled $180M YTD. Q2 and full-year 2026 guidance was reiterated, with production expected to average 620-645 MBOE/d and capital investment of $2.25B-$2.35B. The company declared a $0.30 quarterly dividend. O

Ovintiv reported Q2 2026 revenue of US$3,013 million and net income of US$456 million, but a first-half 2026 net loss of US$174 million. The company raised 2026 production guidance to 630 to 645 MBOE/d, continued dividends, and completed a US$428.87 million share buyback. The stock rose 9.3% after the update.