Ovintiv closes $2 billion sale of Uinta assets, strengthening Permian focus
Ovintiv Inc. today closed the previously announced all cash sale of substantially all its Uinta assets, located in Utah, to FourPoint Resources, LLC, for approximately $2 billion.
"The Uinta sale builds on our track record of unlocking significant value from our non-core assets while focusing our portfolio and extending inventory runway in our core areas," said Ovintiv President and CEO, Brendan McCracken.
Selling its Utah assets frees up Ovintiv to focus on the Permian basin, the western hemisphere’s most productive shale fields that straddle Texas and New Mexico, where the driller last year expanded its footprint with a $4.3 billion acquisition from EnCap Investments. The company last year also completed the sale of assets in the Williston Basin of North Dakota for $825 million.
Related: Ovintiv explores $2 billion Uinta basin business sale to focus on Permian shale operations
Ovintiv's previously announced acquisition of Alberta Montney assets from Paramount Resources Ltd. is expected to close before the end of the first quarter.
