Ovintiv sells Oklahoma oil and gas assets for $3.0B cash to MidCon II BuyerCo

Ovintiv Inc.

Purchase price $3.0B in cash; economic effective date January 1, 2026.
Buyer deposits $200M into escrow; deposit applied to purchase price at closing.
Transaction structured as sale of equity interests in a newly formed Target Company.
Closing subject to HSR and other regulatory approvals; outside date May 11, 2026.
If Buyer breaches, Seller can retain $200M deposit as liquidated damages.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Ovintiv Inc. entered into Purchase and Sale Agreement with MidCon II BuyerCo, LLC valued at $3.0 billion (effective 2026-02-17).

Action: entry
Agreement: asset purchase
Counterparty: MidCon II BuyerCo, LLC
Value: $3.0 billion
Effective: 2026-02-17

Exact text from the filing

On February 17, 2026, Ovintiv USA Inc. and Ovintiv Royalty Holdings LLC (together, the “Seller”), each a wholly-owned subsidiary of Ovintiv Inc. (“Ovintiv”), entered into a Purchase and Sale Agreement (the “Purchase Agreement”) with MidCon II BuyerCo, LLC (the “Buyer”), pursuant to which Seller has agreed to sell certain of Ovintiv’s oil and gas assets located in Oklahoma (the “Assets”) to Buyer through Buyer’s acquisition of all the issued and outstanding equity interests (the “Target Company Securities”) of a newly formed Texas limited liability company (“Target Company”).

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Source: SEC EDGAR

accession 0001193125-26-062356

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