Ovintiv | Stephens

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Sole Independent Financial Advisor


$416.9 Million 11/20/2023 Energy & Clean Energy Transition Complete
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Transaction Details

  • On November 20, 2023, Ovintiv Inc. announced the upsize and pricing of an underwritten public offering of 9,400,000 secondary shares of its common stock at a price to the public of $44.35 per share
  • The offering consisted entirely of secondary shares offered by NMB Stock Trust, a Delaware statutory trust (the “Selling Stockholder”)
    • Ovintiv issued the shares to the Selling Stockholder on June 12, 2023 as part of the consideration for its acquisition of certain upstream oil and gas assets located in the Permian Basin from portfolio companies of funds managed by EnCap Investments L.P
    • Ovintiv will not receive any proceeds from the sale of shares in the offering
  • In addition, Ovintiv has agreed to purchase from the underwriter, out of the 9,400,000 shares that are the subject of the offering, 1,204,545 shares of Ovintiv common stock, or $53.0 million, at a price per share equal to the price at which the underwriter will purchase the shares from the Selling Stockholder in the offering

About the company

Ovintiv (NYSE: OVV) (TSX: OVV) is a leading North American oil and natural gas exploration and production company focused on developing its multi-basin portfolio of top-tier oil and natural gas assets located in the United States and Canada. Ovintiv’s operations also include the marketing of oil, NGLs and natural gas.

Sources: Company filings and press release.
  1. This material has been prepared solely for informative purposes as of its date of preparation. It is not a solicitation, recommendation or offer to buy or sell any security and does not provide information on which an investment decision to purchase or sell any securities could be based. It does not purport to be a complete description of the securities, markets or developments referred to in the material. Information included in the material was obtained from sources that we consider reliable, but we have not independently verified such information and do not guarantee that it is accurate or complete. No subsequent publication or distribution of this material shall mean or imply that any such information remains current at any time after the date of preparation of the material. We do not undertake to advise you of any changes in any such information or opinion. Additional information is available upon request.

    The offering of these securities is being made only by means of a prospectus, copies of which may be obtained from the Securities and Exchange Commission’s website at www.sec.gov at the following
    link: https://www.sec.gov/Archives/edgar/data/1792580/000119312523280774/d608413d424b7.htm. A registration statement relating to these securities has been filed with the Securities and Exchange Commission. No offer to buy the securities can be accepted and no part of the purchase price can be received until the registration statement has become effective, and any such offer may be withdrawn or revoked, without obligation or commitment of any kind, at any time prior to the notice of its acceptance given after the effective date.

    For a printable version of this announcement, click here.

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