Oil & Gas
Ovintiv Closes Eagle Ford Asset Sale
Ovintiv Inc has closed its previously announced Eagle Ford asset sale. The proceeds from this sale, combined with those recently received from the
Ovintiv Inc has closed its previously announced Eagle Ford asset sale. The proceeds from this sale, combined with those recently received from the Duvernay asset sale, will be used for debt reduction. Ovintiv CEO Mr Doug Suttles said”Today's Eagle Ford asset sale continues our track record of delivery and allows us to meaningfully accelerate debt reduction. With these proceeds, in combination with our strong free cash flow generation, we now expect to reach our debt target of $4.5 billion by the end of this year. Our priorities today are clear - reduce debt, maintain scale, drive efficiencies, and return cash to shareholders."
BMO Capital Markets and Citigroup Global Markets, Inc served as Ovintiv's financial advisors and Davis Graham & Stubbs LLP served as Ovintiv's legal advisor for the Eagle Ford transaction.