Ovintiv 3% higher after Street Insider report on takeover rumor
The Fly
Ovintiv 3% higher after Street Insider report on takeover rumor
TheFly
TheFlyOct 01, 2024, 01:45 PM
Shares of Ovintiv (OVV) are up $1.08, or 3%, to $39.39 after Street Insider said the company is rumored to have been approached by Coterra Energy (CTRA) about a takeover. Ovintiv is said to have hired an investment bank amid the overture, according to Street Insider’s report.
CTRA rumored to have approached Ovintiv re takeover: Street Insider
Re: CTRA rumored to have approached Ovintiv re takeover: Street Insider
This would be a BIG merger.
Coterra's Q2 production: 669,000 Boepd < 69.2% natural gas, 16.0% crude oil, 14.8% NGLs
Ovintiv's Q2 production: 593,800 Boepd < 48.8% natural gas, 35.7% crude oil & condensate, 15.5% NGLs
Based on my forecasts, the combined free cash flow in 2024 will be over $2.5 billion and it would have a lot of high-quality "Running Room".
Coterra's Q2 production: 669,000 Boepd < 69.2% natural gas, 16.0% crude oil, 14.8% NGLs
Ovintiv's Q2 production: 593,800 Boepd < 48.8% natural gas, 35.7% crude oil & condensate, 15.5% NGLs
Based on my forecasts, the combined free cash flow in 2024 will be over $2.5 billion and it would have a lot of high-quality "Running Room".
Dan Steffens
Energy Prospectus Group
Energy Prospectus Group