Ovintiv Inc. is bailing out of Oklahoma’s Anadarko Basin.
The Denver, Colorado-based company announced the sale of its Oklahoma assets for $3 billion to an undisclosed buyer. The sale included approximately 360,000 net acres which, according to the announcement, “represents substantially all of the company’s acreage in the play.
Hours after the announcement, Ovintiv stock rose more than 6%.
Month to date production in February is approximately 90 thousand barrels of oil equivalent per day including approximately 27 thousand barrels per day of oil and condensate, approximately 240 million cubic feet per day of natural
gas and approximately 23 thousand barrels per day of natural gas liquids (“NGLs”).
“This transaction marks a significant milestone by focusing our portfolio, delivering on our debt target, and unlocking
increased returns to our shareholders,” said Brendan McCracken, Ovintiv President and CEO. “We have built one of the
deepest premium inventory positions in our industry in the two most valuable plays in North America, the Permian and the
Montney. This positions us to deliver superior returns for our shareholders for many years to come.”
The sale is subject to the satisfaction of normal closing conditions and customary closing adjustments. The transaction is
expected to close early in the second quarter of 2026 with an effective date of January 1, 2026.
Wells Fargo is serving as financial advisor to Ovintiv on the transaction. Kirkland & Ellis LLP is serving as legal advisor to
Ovintiv on the transaction.
Ovintiv plans to issue its full-year and first quarter 2026 guidance and its updated shareholder return framework with the
release of its fourth-quarter and full-year 2025 results on February 23, 2026.