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Shale Driller Sells Leases for Third of What It Paid in 2014

  • Ovintiv bought Eagle Ford assets for $3.1 billion during boom
  • Driller now expects to reach debt target half a year earlier
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Ovintiv Inc., the shale oil producer recently pressed by an activist investor to cut its debt load, agreed to sell drilling rights in South Texas to Validus Energy for $880 million.

The price tag is less than one-third of the $3.1 billion Ovintiv paid Freeport-McMoRan Copper & Gold Inc. in 2014 to acquire the assets in the Eagle Ford, one of the two busiest shale fields in the Lone Star State.