Latham Advises on Ovintiv’s US$3 Billion Sale of Anadarko Assets

Ovintiv Inc. (NYSE, TSX: OVV) announced that it has entered into a definitive agreement to sell its Anadarko assets, located in Oklahoma, to an undisclosed buyer for cash proceeds of US$3 billion. The sale includes approximately 360,000 net acres, which represents substantially all of the company’s acreage in the play. Month‑to‑date production in February is approximately 90,000 barrels of oil equivalent per day, including approximately 27,000 barrels per day of oil and condensate, approximately 240 million cubic feet per day of natural gas, and approximately 23,000 barrels per day of natural gas liquids.

Latham & Watkins LLP represents the undisclosed buyer in the transaction with a corporate deal team led by Houston partners Chris Heasley and John Stavinoha, with associates Robert Cunningham, Brock Jones, Graysen Mechler, Tanner Jarrell, secondee Brice Boyd, Julia Harriman, John Elias, Heather Jäger, Bryce Langemeier, and Natalie Merten. Advice was also provided on tax matters by Houston partners Bryant Lee and Christine Mainguy, with associate Molly Elkins; on benefits matters by Chicago partner Benjamin Rosemergy, with associate Peter Dalmasy; on labor matters by Chicago counsel Laura Waller, with associate Alexis Grinstead; on antitrust matters by Washington, D.C. partner Peter Todaro, with associate Ben Bouwman; on environmental matters by Los Angeles/Houston partner Joshua Marnitz, with associate Nolan Fargo; on RWI matters by Los Angeles partner S. Drew Levin, with associate Sandra Mathew; on litigation matters by Chicago partner Robin Hulshizer, with associate Claire Evans; and on regulatory matters by Washington, D.C. partner J. Patrick Nevins.