Updates
March 13, 2021: Ovintiv nears south Texas asset sale for over $800 million. Link here.
- Denver-based Ovintiv; on a multi-year debt reduction plan it outlined in February, 2021;
- this sale will generate about $1 billion
- Ovintiv's shares have already gained over 90% this year;
- prospective buyer: Pontem Energy Capital; run by Felix Energy founder Skye Callantine, Jeff Bartlett and Cameron Brown;
- yes, an Eagle Ford position; bought in 2014 for about $3.1 billion from Freeport-McMoRan, Inc
- unable to find net acres in Eagle Ford
- if paid $5,000 / acre in 2014:
- $3.1 billion / $5K = 620,000 net acres
- at $800 million / 620,000 net acres = $1300 / acre
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