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Ovintiv Dumps Anadarko For $3 Billion — Smart Deleveraging Or Risky Shrinkage?

Ovintiv Inc. has agreed to sell its Anadarko oil and gas assets for $3 billion in cash, marking a decisive step in its multi-year portfolio transformation. The divestiture follows closely on the heels of its $2.6 billion acquisition of NuVista Energy, underscoring a deliberate pivot toward high-return inventory in the Permian and Montney basins. The Anadarko sale includes approximately 360,000 net acres and roughly 90,000 barrels of oil equivalent per day of production capacity, assets that management describes as low-decline and free-cash-flow generative. Proceeds are earmarked primarily for accelerated debt reduction, with Ovintiv now targeting net debt below $4 billion by the end of 2026. The announcement arrives amid a broader $450 billion wave of shale-sector consolidation since 2023, as producers streamline portfolios and fortify balance sheets.