Rumours of another Canadian energy takeout after Paramount (POU) sold a 9.5% stake in NuVista (NVA) were proven true, with Ovintiv (OVV) revealed as the buyer - announcing a $3.8B bid that would expand its Montney presence…

… by 100 mBOE/d. Post-close, OVV will look to get rid of its exposure to the Anadarko basin (also ~100 mBOE/d) - which should keep its production profile flat...

… and bring its net debt position below $4B, opening the door for a ramp in buybacks. Since highlighting M&A could follow weak oil prices we’ve seen MEG, STEP, TCW, KEC, and NVA transact…

… let’s see who’s next.