-- Ovintiv (OVV) has closed the all-cash sale of its Anadarko Basin assets, located in Oklahoma, for $3 billion, the company said on Thursday.
After customary closing adjustments, the company confirmed net proceeds of about $2.85 billion.
The company stated that the capital will be directed toward aggressive debt reduction. By reaching its internal debt targets, Ovintiv expects to pivot toward increased shareholder returns.
Additionally, Ovintiv issued a redemption notice for the entirety of its $700 million in 5.650% notes due in 2028. The notes are scheduled to be redeemed on April 20, 2026.