Ovintiv to Divest Anadarko Assets for $3 Billion

The deal involves the transfer of 360,000 net acres and current production of around 90,000 barrels of oil equivalent per day.

Published on Feb. 21, 2026

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Ovintiv, a North American exploration and production company, has signed an agreement to sell its Anadarko assets in Oklahoma to an unnamed buyer for $3 billion in cash. The deal includes the transfer of approximately 360,000 net acres and current production of around 90,000 barrels of oil equivalent per day.

Why it matters

This divestment allows Ovintiv to focus its portfolio on its core assets in the Permian and Montney plays, which the company believes will deliver superior returns for shareholders in the long run. The transaction also helps Ovintiv meet its debt reduction targets.

The details

The Anadarko assets being divested by Ovintiv currently produce around 90,000 barrels of oil equivalent per day, including 27,000 barrels of oil and condensate, 240 million cubic feet of natural gas, and 23,000 barrels of natural gas liquids. The deal is expected to close in the second quarter of 2026, with an effective date of January 1, 2026.

  • The transaction is set to conclude early in the second quarter of 2026 (Q2 2026).
  • The effective date for the deal is January 1, 2026.

The players

Ovintiv

A North American exploration and production (E&P) company.

Unnamed buyer

The company that is acquiring Ovintiv's Anadarko assets in Oklahoma for $3 billion in cash.

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What they’re saying

“This transaction marks a significant milestone by focusing our portfolio, delivering on our debt target and unlocking increased returns to our shareholders.”

— Brendan McCracken, President and CEO, Ovintiv (offshore-technology.com)

What’s next

Ovintiv intends to disclose its full-year and Q1 2026 projections along with an updated shareholder return framework in conjunction with this divestment.

The takeaway

Ovintiv's decision to divest its Anadarko assets allows the company to focus on its core Permian and Montney plays, which it believes will deliver superior returns for shareholders. The $3 billion deal also helps Ovintiv meet its debt reduction targets.