Ovintiv, a North American exploration and production (E&P) company, has signed a definitive agreement to divest its Anadarko assets in Oklahoma, US, for $3bn in cash to an unnamed buyer.
The deal involves a transfer of approximately 360,000 net acres, which constitutes nearly all of the company’s holdings in that region.
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Current production figures for February indicate around 90,000 barrels of oil equivalent per day (boepd). This includes daily output of nearly 27,000 barrels (bbl) of oil and condensate, 240 million cubic feet of natural gas and 23,000bbl of natural gas liquids.
The transaction is pending normal closing conditions and adjustments, and is set to conclude early in the second quarter of 2026 (Q2 2026), with 1 January 2026 marked as the effective date.
Ovintiv has engaged Wells Fargo as its financial adviser and Kirkland & Ellis as its legal adviser for this transaction.
In conjunction with this development, Ovintiv intends to disclose its full-year and Q1 2026 projections along with an updated shareholder return framework.
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By GlobalDataOvintiv president and CEO Brendan McCracken said: “This transaction marks a significant milestone by focusing our portfolio, delivering on our debt target and unlocking increased returns to our shareholders.
“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.”
Earlier this month, Ovintiv completed the previously announced $2.7bn (C$3.68bn) acquisition of NuVista Energy. The cash and stock deal expands Ovintiv’s position in Alberta’s liquids‑weighted Montney play by adding around 140,000 net acres and an inventory of roughly 930 net drilling locations.
The company expects the acquired portfolio to contribute around 100,000boepd of average production in 2026. Because the assets are contiguous with Ovintiv’s existing footprint, they can be integrated into current operations and benefit from nearby processing and downstream takeaway infrastructure with meaningful spare capacity.
In November 2024, Ovintiv entered into a definitive agreement to purchase Montney assets from Paramount Resources in an all-cash deal worth around $2.37bn.
This acquisition, which closed last month, aims to bolster Ovintiv’s presence in the Montney area, bringing in approximately 70,000boepd and 109,000 net acres, with 80% of the land remaining undeveloped.
These assets are positioned close to Ovintiv’s current operations and benefit from access to midstream infrastructure with available capacity.
