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Ovintiv Inc. (formerly Encana) is making moves to put its Eagle Ford assets on the market, according to a report by Reuters.
Citing two people familiar with the matter, the sale is part of the company's initiative to reduce its debt load (which comes in at just above $7.0 billion as of Q3 2020).
The company originally purchased the Eagle Ford assets in May 2014 via a $3.1 billion deal with Freeport McMoRan Inc.
Back in 2019, Shale Experts predicted that the company may explore such a sale after the company announced that it had "cored up" its asset portfolio, increasing concentration in the Permian Basin, Anadarko Basin and Montney plays. It has designated its other assets (including the Eagle Ford, Uinta, Bakken and Duvernay) as "base assets."
Earlier this year, Ovintiv cut a portion of its workforce based at its offices in The Woodlands, Texas (as well as its Calgary, Canada office).
Ovintiv's Eagle Ford Assets
- Acreage: ~42,000 net acres.
- Production: 14.9 MMBbls/d (as of Q3 2020)
- Rig Activity: The company cut its two rigs in the region in April of 2020 (see chart below - Eagle Ford is represented by the tan color)
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