Ovintiv agrees to $3-billion sale of Anadarko basin assets

Ovintiv Inc. has agreed to sell substantially all of its Anadarko basin assets in Oklahoma to an undisclosed buyer for $3.0 billion in cash, the company announced Tuesday, marking a significant portfolio shift toward its core North American plays.

The divestiture includes approximately 360,000 net acres in the Anadarko basin and production of roughly 90,000 boed as of February. Output from the assets includes about 27,000 bpd of oil and condensate, 240 MMcf/d of natural gas and 23,000 bpd of natural gas liquids.

Ovintiv said the sale aligns with its strategy to streamline operations, reduce debt and focus capital on higher-return assets in the Permian basin and Montney formation. The company has been repositioning its portfolio toward these core areas in recent years.

The transaction is expected to close early in the second quarter of 2026, subject to customary closing conditions and adjustments, with an effective date of Jan. 1, 2026. Wells Fargo is serving as financial advisor to Ovintiv, while Kirkland & Ellis is acting as legal advisor.

Ovintiv plans to provide updated guidance and details on its shareholder return framework when it reports fourth-quarter and full-year 2025 results later this month.