Ovintiv said on Tuesday it agreed to sell its Anadarko assets in Oklahoma to an undisclosed buyer for $3 billion, as the company sharpens its focus on higher-margin plays in the Permian Basin and Canada’s Montney.
Shares of the company rose nearly 2% in extended trading.
The divestiture delivers on a plan the company outlined in November, when it said it would launch a sale process for the Anadarko assets.
The sale comes as North American producers increasingly concentrate capital in core, higher-return basins while shedding non-core assets to strengthen balance sheets amid commodity price volatility.
Ovintiv has expanded aggressively in the Montney in recent years.
In November, it agreed to buy the remaining stake in NuVista Energy in a cash-and-stock deal valued at $2.7 billion, including debt, adding about 140,000 net acres and roughly 100,000 barrels of oil equivalent per day adjacent to its existing operations.
The company also bought Montney assets from Paramount Resources for $2.38 billion in cash in 2024.
Ovintiv said on Tuesday it has built one of the deepest premium inventory positions in the Permian and Montney, which it views as the two most valuable plays in North America.
“This transaction marks a significant milestone by focusing our portfolio, delivering on our debt target, and unlocking increased returns to our shareholders,” said CEO Brendan McCracken.
The sale includes roughly 360,000 net acres, representing substantially all of Ovintiv’s acreage in the Anadarko.
Month-to-date February production from the assets averaged about 90,000 barrels of oil equivalent per day.
The deal is expected to close early in the second quarter of 2026.
The company said it would provide updated 2026 outlook and a revised shareholder return framework when it reports fourth-quarter results on February 23.
(Reporting by Arunima Kumar and Sumit Saha in Bengaluru; Editing by Alan Barona)