Denver, Colorado-based Ovintiv, one of the largest producers of oil, condensate and natural gas in North America, is continuing its investor-directed divestiture program to reduce outstanding debt. The company recently sold its Eagle Ford operactions, including 42,000 acres with 437 producing wells, to Denver-based Validus Energy for $880 million.
The divestiture will impact apprximately 95 employees, about half the workers at the company's Karnes City, Texas facility communcing July 31, 2021.
According to a company spokesperson, "The Eagle Ford announcement continues our track record of unlocking value from non-core assets." The company has said it expects to achieve its $4.5 billion debt target in the first half of 2022, which could mean additional asset divestitures in the near future.
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