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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
Updated on

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.