Ovintiv (OVV) said Friday that it has closed its $2.31 billion acquisition of certain Montney assets in Alberta, Canada from Paramount Resources.
The company said the acquisition price was lowered from the $2.38 billion quoted when it was announced in November due to currency swaps. Ovintiv said the currency swaps were used to manage the risk associated with buying an asset in Canadian dollars.
Ovintiv said the acquisition adds approximately 70 thousand barrels of oil equivalent production per day and is accretive immediately as well as long-term across "key financial metrics."
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.