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Ovintiv Closes $880m Eagle Ford Sale

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Ovintiv has closed the sale of its Eagle Ford assets to Validus Energy for $880m. The proceeds from this sale, combined with those recently received from the $263m Duvernay asset sale in Alberta, will be used for debt reduction.

With this sale, Ovintiv has exceeded its divesture target and, with other items, now anticipates year-end 2021 debt to be below $5bn using its 2021 planning price deck of $50 WTI oil and $2.75 NYMEX gas. In addition, the company expects to achieve its $4.5bn debt target in the first half of 2022. 

“Today’s Eagle Ford asset sale continues our track record of delivery and allows us to meaningfully accelerate debt reduction,” said Ovintiv CEO, Doug Suttles. “With these proceeds, in combination with our strong free cash flow generation, we now expect to reach our debt target of $4.5bn by the end of this year.”

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