Ovintiv Inc. (OVV - Free Report) recently announced that it is closing its joint venture with PetroChina in the Duvernay shale region of Alberta.
Ovintiv and PetroChina have been in a beneficial joint venture in Duvernay for almost eight years now. Prior to the dissolution of the deal, both involved parties owned an approximate 50% stake each in the entire asset with Ovintiv serving as the operator.
Following the cessation of this transaction, Ovintiv's net production, proved reserves and acreage in the Duvernay area will remian unaffected. This is because both entities reached an agreement to split the Duvernay acreage and its associated infrastructure with each company independently possessing and operating their interests going forward.
Ovintiv, formerly known as Encana Corp., produced 13,000 barrels of oil equivalent per day (43% liquids) from the Duvernay belt in the second quarter of 2020. Post the completion of transaction, the company will have a consolidated interest in approximately 250,000 net acres. This Calgary-based company decided to continue managing the field until PetroChina is all set to take the reins on its lands.
Company Profile
Ovintiv engages in exploration, development, production and marketing of natural gas, oil and natural gas liquids. The company holds principal assets in Anadarko Basin, located in the western and central parts of Oklahoma; the Permian Basin located in the western Texas and south eastern New Mexico, Midland Basin in Texas and the Montney Basin in western Canada.
Zacks Rank & Key Picks
Ovintiv currently carries a Zacks Rank #3 (Hold). Some better-ranked players in the same space are Murphy USA Inc. (MUSA - Free Report) and SilverBow Resources Inc. (SBOW - Free Report) , each presently sporting a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
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Ovintiv Inc. (OVV - Free Report) recently announced that it is closing its joint venture with PetroChina in the Duvernay shale region of Alberta.
Ovintiv and PetroChina have been in a beneficial joint venture in Duvernay for almost eight years now. Prior to the dissolution of the deal, both involved parties owned an approximate 50% stake each in the entire asset with Ovintiv serving as the operator.
Following the cessation of this transaction, Ovintiv's net production, proved reserves and acreage in the Duvernay area will remian unaffected. This is because both entities reached an agreement to split the Duvernay acreage and its associated infrastructure with each company independently possessing and operating their interests going forward.
Ovintiv, formerly known as Encana Corp., produced 13,000 barrels of oil equivalent per day (43% liquids) from the Duvernay belt in the second quarter of 2020. Post the completion of transaction, the company will have a consolidated interest in approximately 250,000 net acres. This Calgary-based company decided to continue managing the field until PetroChina is all set to take the reins on its lands.
Company Profile
Ovintiv engages in exploration, development, production and marketing of natural gas, oil and natural gas liquids. The company holds principal assets in Anadarko Basin, located in the western and central parts of Oklahoma; the Permian Basin located in the western Texas and south eastern New Mexico, Midland Basin in Texas and the Montney Basin in western Canada.
Zacks Rank & Key Picks
Ovintiv currently carries a Zacks Rank #3 (Hold). Some better-ranked players in the same space are Murphy USA Inc. (MUSA - Free Report) and SilverBow Resources Inc. (SBOW - Free Report) , each presently sporting a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Biggest Tech Breakthrough in a Generation
Be among the early investors in the new type of device that experts say could impact society as much as the discovery of electricity. Current technology will soon be outdated and replaced by these new devices. In the process, it’s expected to create 22 million jobs and generate $12.3 trillion in activity.
A select few stocks could skyrocket the most as rollout accelerates for this new tech. Early investors could see gains similar to buying Microsoft in the 1990s. Zacks’ just-released special report reveals 8 stocks to watch. The report is only available for a limited time.
See 8 breakthrough stocks now>>
Zacks Names "Single Best Pick to Double"
From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.
It’s a little-known chemical company that’s up 65% over last year, yet still dirt cheap. With unrelenting demand, soaring 2022 earnings estimates, and $1.5 billion for repurchasing shares, retail investors could jump in at any time.
This company could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in little more than 9 months and NVIDIA which boomed +175.9% in one year.
Free: See Our Top Stock and 4 Runners Up >>
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