Kirkland & Ellis LLP has advised Denver-based oil and gas producer Ovintiv on a $3 billion sale of its assets in the Anadarko Basin of Oklahoma to an undisclosed buyer.

Ovintiv Inc. announced the transaction Tuesday, noting the sale includes about 360,000 net acres, essentially all the company's holdings in the region.

Brendan McCracken, Ovintiv's president and CEO, said in a statement that the company will focus on its holdings in Texas' Permian Basin and the Montney Basin in Canada.

"This positions us to deliver superior returns for our shareholders for many years to come," McCracken said.

The company highlighted that the area subject to the sale produced about 90,000 barrels of oil a day in February, with about 23,000 barrels per day of natural gas liquids and 240 million cubic feet per day of natural gas.

The deal is expected to close early in the second quarter with an effective date of Jan. 1, 2026. Wells Fargo is serving as financial adviser for the seller on the transaction.

In late 2024, Ovintiv said announced a purchase of $2.4 billion worth of Montney Basin assets, along with the divestment of its Uinta Basin assets in Utah for $2 billion to private equity firm FourPoint Resources. A group of five law firms advised the deal, including Kirkland guiding Ovintiv.

Ovintiv is advised by David Castro Jr., Lindsey Jaquillard, Kyle Watson, Colleen Haile, Chelsea Daku, Mohammad Alkadhem, Bernadette Hayden, Brittany Murphy, Maysa Alqaisi, Rizwan Popatia, Maureen O'Brien, Caitlin Pyrce, Anthony Aliantro, Stephen Jacobson, Maddison Riddick, Christie Alcala, George Cartveli, Mark Dundon, Brooke Schafer, Sarah Gehr, Damien Lyster, Mack Dowiak, Paul Tanaka, Courtney Tibbetts, Chuck Boyars, Matthew Wheatley, Jamie DiMario, Deidre Kaiser, Jordan Roberts, Purun Cheong, Michael Rigdon, Sara Lampert and Hannah Miller of Kirkland & Ellis LLP.