- seller: Ovintiv
- buyer: two "counterparties"
- deal:
- $250 million
- "portions of its (Ovintiv's) assets located in the Uinta and Bakken basins
- combined assets being sold:
- 5,000 boepd, mostly oil and condensate (4,900 bbls)
- $250 million / 5,000 boepd = $50,000 / flowing bbl
- starting immediately for the 3Q22:
- Ovintiv will increase its returns to shareholders to 50% of free cash flow after base dividends
- but note: cash returns in the third quarter are anticipated to be delivered through share buybacks
- in the Bakken:
- apparently about 88 wells, located mainly in Richland County, MT
- about 30 miles from Ovintiv's primary Bakken position
Wednesday, July 6, 2022
Ovintiv To Sell Portion Of Its Bakken Assets; Increase Cash Return To Shareholders -- July 6, 2022
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