Ovintiv set to divest Anadarko assets for $3bn

Ovintiv, a North American exploration and accumulation (E&P) company, has signed a definitive statement to divest its Anadarko assets successful Oklahoma, US, for $3bn successful currency to an unnamed buyer.

The woody involves a transportation of astir 360,000 nett acres, which constitutes astir each of the company's holdings successful that region.

Current accumulation figures for February bespeak astir 90,000 barrels of lipid equivalent per time (boepd). This includes regular output of astir 27,000 barrels (bbl) of lipid and condensate, 240 cardinal cubic feet of earthy state and 23,000bbl of earthy state liquids.

The transaction is pending mean closing conditions and adjustments, and is acceptable to reason aboriginal successful the 2nd 4th of 2026 (Q2 2026), with 1 January 2026 marked arsenic the effectual date.

Ovintiv has engaged Wells Fargo arsenic its fiscal advisor and Kirkland & Ellis arsenic its ineligible advisor for this transaction.

In conjunction with this development, Ovintiv intends to disclose its full-year and Q1 2026 projections on with an updated shareholder instrumentality framework.

Ovintiv president and CEO Brendan McCracken said: “This transaction marks a important milestone by focusing our portfolio, delivering connected our indebtedness people and unlocking accrued returns to our shareholders.

“We person built 1 of the deepest premium inventory positions successful our manufacture successful the 2 astir invaluable plays successful North America, the Permian and the Montney. This positions america to present superior returns for our shareholders for galore years to come.”

Earlier this month, Ovintiv completed the antecedently announced $2.7bn (C$3.68bn) acquisition of NuVista Energy. The currency and banal woody expands Ovintiv’s presumption successful Alberta’s liquids‑weighted Montney play by adding astir 140,000 nett acres and an inventory of astir 930 nett drilling locations.

The institution expects the acquired portfolio to lend astir 100,000boepd of mean accumulation successful 2026. Because the assets are contiguous with Ovintiv’s existing footprint, they tin beryllium integrated into existent operations and payment from adjacent processing and downstream takeaway infrastructure with meaningful spare capacity.

In November 2024, Ovintiv entered into a definitive statement to acquisition Montney assets from Paramount Resources successful an all-cash woody worthy astir $2.37bn.

This acquisition, which closed past month, aims to bolster Ovintiv's beingness successful the Montney area, bringing successful astir 70,000boepd and 109,000 nett acres, with 80% of the onshore remaining undeveloped.

These assets are positioned adjacent to Ovintiv’s existent operations and payment from entree to midstream infrastructure with disposable capacity.