Canada-based energy firm, Ovintiv Inc. (NYSE: OVV), has entered into a definitive agreement to sell its Oil & Gas assets in the Anadarko Basin in Oklahoma to an undisclosed buyer for $3 billion in cash. The assets include ~360,000 net acres, representing nearly all of the company’s holdings in the Anadarko region.
Ovintiv currently produces roughly 90,000 barrels of oil equivalent per day (boepd) from these assets, consisting of 27,000 bbl/d of oil and condensate, 240 MMcf/d of natural gas and 23,000 bbl/d of natural gas liquids. The transaction is expected to close early in the second quarter of the current year.
Ovintiv is exiting the Anadarko Basin in a bid to streamline its portfolio, pay down debt and concentrate capital on higher-margin, premium-inventory assets in the Permian and Montney basins.
Set OilPrice.com as a preferred source in Google .
The move follows the $2.7-billion acquisition of NuVista Energy Ltd. earlier this month, strengthening the company’s presence in the liquids-rich Montney. The company expects the NuVista acquisition to contribute ~100,000boepd of average production in the current year while proceeds from the $3 billion sale will be used to reduce debt, accelerating the company’s target to cut net debt to $4 billion. Ovintiv is currently producing over 300,000 barrels of oil equivalent (boe) per day from its Canadian assets.
OVV has enjoyed a strong start to the new year, with the stock up nearly 18% in the year-to-date. Canadian oil and gas stocks are expected to see mixed, but generally positive, performance in 2026, driven by record production levels and improved market access.
Whereas the International Energy Agency (IEA) sees a global oil surplus pressuring oil prices toward $60/bbl, many Canadian producers have lowered their operating break-evens significantly, positioning them for continued profitability in an environment of lower oil prices. Further, the full ramp-up of the Trans Mountain Pipeline Expansion (TMX) and the commissioning of LNG Canada are expected to reduce price discounts for Canadian products and open new routes to Asian markets.
By Alex Kimani for Oilprice.com
More Top Reads From Oilprice.com
- The Staggering Cost of Nigeria Missing OPEC+ Oil Quotas
- Oil Prices Surge 3% After Russia-Ukraine Talks Break Down
- U.S. Attacks Alleged Drug Boats as Venezuela Oil Crackdown Escalates
