DivestmentApr 9, 2026, 05:07 PM
Ovintiv Completes $2.9 Billion Anadarko Basin Asset Sale, Repays C$1.57 Billion Credit Facility
AI Summary
Ovintiv Inc. has successfully completed the sale of approximately 360,000 net acres in west-central Oklahoma's Anadarko Basin to MidCon II BuyerCo, LLC for $2.9 billion in cash, after preliminary closing adjustments. This strategic divestiture, which had an effective date of January 1, 2026, allows the company to significantly strengthen its balance sheet. Following the closing of this sale, Ovintiv intends to fully repay and terminate its C$1.57 billion Two-Year Term Credit Agreement on April 10, 2026. This credit facility was originally established to finance the acquisition of NuVista Energy Ltd., which closed on February 3, 2026.
Key Highlights
- Ovintiv completed the Anadarko Sale on April 9, 2026, divesting approximately 360,000 net acres located in west-central Oklahoma.
- The sale generated aggregate consideration of $2.9 billion in cash after preliminary closing adjustments.
- The Anadarko Sale had an effective date of January 1, 2026.
- Ovintiv intends to repay C$1.57 billion, representing all outstanding obligations, under its Two-Year Term Credit Agreement on April 10, 2026.
- The repayment will lead to the termination of the Credit Agreement, which was used to finance the acquisition of NuVista Energy Ltd., closed on February 3, 2026.