(WO) — Ovintiv Inc. has completed the previously announced sale of its Anadarko Basin assets in Oklahoma for $3.0 billion, marking a key step in the company’s portfolio repositioning.

After customary closing adjustments, net proceeds from the transaction are expected to total approximately $2.85 billion. The company said the divestment supports its strategy to streamline operations and strengthen its balance sheet.

Ovintiv plans to use the proceeds primarily for debt reduction, achieving its previously stated debt target. In conjunction with the sale, the company has issued a notice to redeem its outstanding 5.650% senior notes due 2028, totaling $700 million. The notes are scheduled to be redeemed on April 20, 2026.

The Anadarko divestment represents a significant shift in Ovintiv’s asset base, allowing the company to focus capital on core areas while improving financial flexibility.

“This transaction completes the transformation of our portfolio and our balance sheet,” said CEO Brendan McCracken.

The move reflects a broader trend among U.S. operators to optimize portfolios and reduce leverage amid evolving market conditions, while maintaining disciplined capital allocation.