Ovintiv revealed this week in a filing with the Securities and Exchange the identity of the company that acquired Ovintiv’s Anadarko Basin assets in Oklahoma as part of a $3 billion sale.
The buyer was MidCon II BuyerCo, LLC, according to the filing. MidCon II BuyerCo., LLC is a newly-formed Texas LLC that will hold the assets and assumed liabilities.
Some analysts believe that by leaving the Oklahoma holdings, Ovintiv could either be positioning itself to speed up debt reduction or increase capital returns. The company did not reveal its specific plans for the $3 billion in proceeds from the sale.
Ovintiv announced last week its sale of Oklahoma assets as the Denver-based firm pulled its operations out of the state. According to the most recent SEC filing, the deal has an economic effective date of January 1, 2026 and includes a $200.0 million deposit credited at closing. If the Purchase Agreement is terminated in accordance with its terms and conditions, the Deposit Amount will be disbursed to Seller or Buyer as provided in the Purchase Agreement.
Closing is subject to customary conditions, including required third-party consents, regulatory approvals such as Hart-Scott-Rodino clearance, and completion of a pre-closing reorganization before an Outside Date of May 11, 2026.
Seller and Buyer have made customary representations and warranties in the Purchase Agreement. The Purchase Agreement also contains customary covenants and agreements, including, among others, covenants and agreements relating to (a) the maintenance of the Assets during the period between the execution of the Purchase Agreement and closing of the Transaction and (b) the efforts of the parties to cause the Transaction to be completed, including obtaining the Required Approvals.