Ovintiv Closes in on $4 Billion Permian Oil Acquisition.
Ovintiv is close to acquiring oil exploration and production assets in the Permian Basin from EnCap Investments for about $4 billion, including debt. The deal will boost the percentage of Ovintiv's production coming from oil, at a time of low natural gas prices. The assets being bought are located in the Midland portion of the Permian in Texas and are currently owned by three companies controlled by EnCap: Black Swan Oil & Gas, Piedra Resources, and PetroLegacy II.