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In a sweeping portfolio shift that redraws its drilling footprint, the Ovintiv $3 Billion Anadarko Sale will see the Denver-based producer exit nearly all of its Oklahoma holdings in a blockbuster $3 billion transaction.

Law firm Kirkland & Ellis LLP advised Ovintiv Inc. on the deal, which transfers approximately 360,000 net acres in Oklahoma’s Anadarko Basin to an undisclosed buyer. The acreage represents essentially the company’s entire position in the region.

Pivot to Permian and Montney

President and CEO Brendan McCracken said the sale clears the runway for sharper focus on higher-priority assets in Texas and Canada.

The company will now concentrate its firepower on the Permian Basin in Texas and the Montney Basin in Canada — areas viewed as stronger engines for long-term returns.

“This positions us to deliver superior returns for our shareholders for many years to come,” McCracken said in a statement.

What’s Changing Hands

The Oklahoma acreage being sold is far from dormant ground. In February, the assets generated about 90,000 barrels of oil per day, alongside roughly 23,000 barrels per day of natural gas liquids and 240 million cubic feet per day of natural gas.

The deal, expected to close early in the second quarter, carries an effective date of Jan. 1, 2026. Wells Fargo is serving as financial adviser to Ovintiv on the transaction.

A Broader Strategic Shuffle

The Anadarko exit follows a busy stretch for the company. In late 2024, Ovintiv announced it would acquire $2.4 billion in assets in the Montney Basin while simultaneously divesting its Uinta Basin assets in Utah for $2 billion to private equity firm FourPoint Resources. That earlier transaction was guided by a team of five law firms, including Kirkland.

Taken together, the moves resemble a high-stakes chess match — shedding one basin, doubling down on another, and repositioning capital where leadership believes it can drill deeper value.

As the energy sector continues to shift under the pressures of capital discipline and investor expectations, the Ovintiv $3 Billion Anadarko Sale marks another decisive turn in the industry’s evolving playbook.