Ovintiff announced Tuesday that it has agreed to sell Anadarko’s assets in Oklahoma to an undisclosed buyer for $3 billion, as the company increases its focus on high-margin operations in the Permian Basin and Canada’s Montney.
The company’s shares rose nearly 2% in extended trading.
The sale is in fulfillment of a plan the company outlined in November and announced it would begin the process of selling Anadarko assets.
The sale comes as North American producers increasingly concentrate capital in core, high-margin basins while shedding non-core assets to shore up balance sheets amid fluctuating commodity prices.
Ovintiv has been aggressively expanding its operations in Montney in recent years.
In November, the company agreed to buy the remaining stake in Nubista Energy in a cash-and-stock deal valued at $2.7 billion, including debt, adding approximately 140,000 net acres and approximately 100,000 barrels of oil equivalent per day to its existing operations.
The company also purchased the Montney assets from Paramount Resources in 2024 for $2.38 billion in cash.
Ovintiv announced Tuesday that it has built one of its deepest premium inventory positions in the Permian and Montney, which it believes are two of the most valuable regions in North America.
CEO Brendan McCracken said: “This transaction marks an important milestone in our focus on our portfolio, achieving our debt targets and delivering accretive returns for our shareholders.”
The sale includes approximately 360,000 net acres, representing substantially all of Ovintif’s acreage in Anadarko.
Month-to-date production from the asset in February averaged approximately 90,000 barrels of oil equivalent per day.
The transaction is expected to close in the early second quarter of 2026. 29dk2902l
The company said it would provide an updated outlook for 2026 and a revised shareholder return framework when it releases its fourth quarter results on February 23.
(Reporting by Arunima Kumar and Sumit Saha in Bengaluru; Editing by Alan Barona)
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