DENVER, Feb. 17, 2026 /PRNewswire/ - Ovintiv Inc. (OVV) announced today that it has entered into a definitive agreement to sell its Anadarko assets, located in Oklahoma, to an undisclosed buyer, for cash proceeds of $3.0 billion.
The sale includes approximately 360 thousand net acres, which represents substantially all of the company's acreage in the play. Month to date production in February is approximately 90 thousand barrels of oil equivalent per day including approximately 27 thousand barrels per day of oil and condensate, approximately 240 million cubic feet per day of natural gas and approximately 23 thousand barrels per day of natural gas liquids ("NGLs").
"This transaction marks a significant milestone by focusing our portfolio, delivering on our debt target, and unlocking increased returns to our shareholders," said Brendan McCracken, Ovintiv President and CEO. "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."
The sale is subject to the satisfaction of normal closing conditions and customary closing adjustments. The transaction is expected to close early in the second quarter of 2026 with an effective date of January 1, 2026.
Wells Fargo is serving as financial advisor to Ovintiv on the transaction. Kirkland & Ellis LLP is serving as legal advisor to Ovintiv on the transaction.
Ovintiv plans to issue its full-year and first quarter 2026 guidance and its updated shareholder return framework with the release of its fourth-quarter and full-year 2025 results on February 23, 2026.
Observations
Ovintiv stated in November 2025 that it targeted to reduce its long-term debt to $ 4.0 B and that this was to be achieved in late 2026 by selling the Anadarko assets. As such the sale of the Anadarko assets is no surprise. Only the timing is a bit earlier than expected.
The sale will restore balance sheet, will bring the equity ratio to well above 60%, and will reduce the debt to less than $ 2.3 B in mid 2026.