Ovintiv Inc reported a definitive agreement to divest its Anadarko basin assets in Oklahoma for $3 billion in cash, a move that drove the company’s shares up 2% in after-hours trading on Tuesday. The transaction covers approximately 360,000 net acres - representing nearly the entirety of Ovintiv’s position in the play - and is framed as a portfolio-concentration step by management.
According to production figures from February, the Anadarko package currently yields about 90,000 barrels of oil equivalent per day. That output breaks down to roughly 27,000 barrels per day of oil and condensate, 240 million cubic feet per day of natural gas, and 23,000 barrels per day of natural gas liquids.
In a prepared statement, Ovintiv President and CEO Brendan McCracken described the transaction as a milestone that tightens the company’s strategic focus, helps the company meet its debt objective, and creates potential for greater returns to shareholders. McCracken added that Ovintiv has amassed what he characterized as one of the industry’s deepest premium inventory positions across two of North America’s most valuable plays - the Permian and the Montney.
The sale is subject to customary closing conditions and adjustments and carries an expected closing timeline of early in the second quarter of 2026. The transaction will carry an effective date of January 1, 2026. Wells Fargo is acting as financial advisor to Ovintiv, while Kirkland & Ellis LLP is providing legal counsel on the deal.
Ovintiv also signaled near-term reporting and capital-allocation updates tied to the transaction. The company plans to publish full-year and first-quarter 2026 guidance, together with an updated shareholder return framework, when it reports fourth-quarter and full-year 2025 results on February 23, 2026.
Market and sector context
- Energy production - The assets contribute a combined oil, gas and liquids output of about 90,000 boe per day based on February data.
- Corporate finance - Proceeds are intended to support debt objectives and potentially expand returns to shareholders, per company comment.
- Advisory and legal roles - Wells Fargo is the financial adviser on the transaction and Kirkland & Ellis LLP is the legal counsel.
Next scheduled company milestone
Ovintiv will release its fourth-quarter and full-year 2025 results on February 23, 2026; at that time, it will also issue 2026 guidance and update its shareholder return framework.