US unconventional oil and gas producer Ovintiv has agreed to sell its Anadarko Basin assets for $3 billion in cash to an undisclosed buyer.
In a 17 February announcement, the company said the assets include approximately 360,000 net acres in Oklahoma, where Ovintiv reports nearly 90,000 BOE/D of production. The production mix includes approximately 27,000 B/D of oil and condensate, 240 MMcf/D of dry natural gas, and nearly 23,000 B/D of natural gas liquids.
"This transaction marks a significant milestone by focusing our portfolio, delivering on our debt target, and unlocking increased returns to our shareholders," Brendan McCracken, Ovintiv president and CEO, said in a statement. "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."
Ovintiv closed its $2.7 billion acquisition of NuVista Energy on 3 February. The deal added approximately 140,000 net acres in the Montney formation in Alberta, Canada, which produced about 100,000 BOE/D at the time of sale.
The Montney asset includes approximately 930 undeveloped drilling locations, with two-thirds categorized as “premium return,” and the remainder described as having “upside” potential.
The Anadarko asset sale remains subject to customary closing conditions and adjustments and is expected to close early in the second quarter of 2026, with an effective date of 1 January 2026.
