(WO) — Ovintiv Inc. has accomplished the beforehand introduced sale of its Anadarko Basin property in Oklahoma for $3.0 billion, marking a key step within the firm’s portfolio repositioning.
After customary closing changes, web proceeds from the transaction are anticipated to whole roughly $2.85 billion. The corporate mentioned the divestment helps its technique to streamline operations and strengthen its steadiness sheet.
Ovintiv plans to make use of the proceeds primarily for debt discount, reaching its beforehand acknowledged debt goal. Together with the sale, the corporate has issued a discover to redeem its excellent 5.650% senior notes due 2028, totaling $700 million. The notes are scheduled to be redeemed on April 20, 2026.
The Anadarko divestment represents a big shift in Ovintiv’s asset base, permitting the corporate to focus capital on core areas whereas enhancing monetary flexibility.
“This transaction completes the transformation of our portfolio and our steadiness sheet,” mentioned CEO Brendan McCracken.
The transfer displays a broader pattern amongst U.S. operators to optimize portfolios and scale back leverage amid evolving market circumstances, whereas sustaining disciplined capital allocation.
