Ovintiv Closes $3 Billion Sale, Plans Debt Reduction

By Chris Stiles • Friday, April 10 10:51 • Permanent Link

Ovintiv has closed the sale of its Anadarko assets in Oklahoma for $3.0 billion in cash, with proceeds expected to come in at about $2.85 billion after customary closing adjustments.

The company said the transaction completes its portfolio and balance sheet transformation and that the sale proceeds will be used for debt reduction. Ovintiv also said it has issued a notice to redeem its entire $700 million of 5.650% notes due 2028. The notes are scheduled to be redeemed on April 20, 2026.

The deal gives Ovintiv a sizable cash inflow and immediately sets up a $700 million debt repayment, leaving roughly $2.15 billion of expected net proceeds after the note redemption, before any other uses. The market has reacted to these announcements by moving the company's shares 1.86% to a price of $61.26. For the full picture, make sure to review Ovintiv's 8-K report.

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