(WO) — Ovintiv Inc. has accomplished the beforehand introduced sale of its Anadarko Basin belongings 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 complete roughly $2.85 billion. The corporate stated 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. Along side 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 major shift in Ovintiv’s asset base, permitting the corporate to focus capital on core areas whereas bettering monetary flexibility.
“This transaction completes the transformation of our portfolio and our steadiness sheet,” stated CEO Brendan McCracken.
The transfer displays a broader pattern amongst U.S. operators to optimize portfolios and cut back leverage amid evolving market situations, whereas sustaining disciplined capital allocation.
