Denver-based Ovintiv announced late Tuesday (Feb. 17) that it has agreed to sell its Anadarko assets to an undisclosed buyer for $3 billion.
The sale includes 360,000 acres, substantially Ovintiv’s entire presence in the Oklahoma basin, is currently accounting for 90,000 barrels of oil equivalent per day. That includes 27,000 of oil and condensate, 240 million cubic feet of natural gas and 23,000 bb/d of natural gas liquids.
Ovintiv CEO Brendan McCracken called the sale “a significant milestone,” allowing the company to shed debt from recent transactions and concentrate on production from its remaining core assets in the Permian and Montney Basins.
In January 2025, Ovintiv closed a major acquisition in the Montney, a $2.38 billion deal with Paramount Resources Ltd. And in November 2025, the company purchased control of NuVista Energy for $2.7 billion.
“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,” McCracken said.
Ovintiv was advised by Kirkland & Ellis. Latham & Watkins counseled the undisclosed buyer.
Wells Fargo is financial advisor to the sellers.
The Latham & Watkins team was led by Chris Heasley (Houston) and John Stavinoha (Houston) along with Robert Cunningham (Houston), Brock Jones (Houston), Graysen Mechler (Houston), Tanner Jarrell (Houston), Julia Harriman (Houston), John Elias (Houston), Heather Jäger (Houston), Bryce Langemeir (Houston) and Natalie Merten (Houston).
Bryant Lee (Houston), Christine Mainguy (Houston) and Molly Elkins (Houston) advised on taxes; Benjamin Rosemergy (Chicago) and Peter Dalmasy (Chicago) on benefits; Laura Waller (Chicago) and Alexis Grinstead (New York) on labor; Peter Todaro (Washington, D.C.) and Ben Bouwman (San Francisco) on antitrust; Joshua Marnitz (Los Angeles) and Nolan Fargo (San Diego) on environmental issues; Drew Levin (Los Angeles) and Sandra Mathew on RWI; Robin Hulshizer (Chicago) and Claire Evans (Chicago) on litigation, and Patrick Nevins on regulation.