Ovintiv To Sell Portion Of Its Bakken Assets; Increase Cash Return To Shareholders -- July 6, 2022

Link here.

• 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