The U.S.-based energy firm Ovintiv is set to divest its production properties, formerly belonging to Anadarko, to an undisclosed purchaser for $3 billion, aiming to alleviate its financial obligations.
Ovintiv Inc. has reached an understanding to transfer its Anadarko oil and gas holdings to a confidential purchaser for $3 billion in liquid funds, according to an announcement made by the corporation on Tuesday.
This agreement surfaces merely weeks after the Denver-headquartered organization finalized the acquisition of NuVista Energy Ltd. for $2.6 billion. Following the revelation, Ovintiv’s equities experienced a 4.2% surge during after-market transactions.
The transaction encompasses entitlements to 360,000 net acres yielding a production parity of 90,000 oil barrels, as disclosed by the enterprise.
Amidst over $450 billion in oil and gas transactions anticipated in early 2023, shale oil manufacturers are aggressively pursuing avenues to offload resources to lessen their debt obligations. Wells Fargo is acting as the monetary counselor, while Kirkland & Ellis LLP is providing judicial guidance to Ovintiv in relation to this deal.
Source: Bloomberg