BENGALURU: Debt-ridden Ovintiv Inc said it will sell its Eagle Ford assets in Texas to Validus Energy for US$880mil (RM3.65bil), as the oil and gas producer seeks to shore up its finances following a tumultuous year for the energy industry.
Ovintiv moved its headquarters from Canada to the United States in 2020 in the hopes of better access to capital. But a pandemic-driven crash in oil prices last year pushed away investors from the shale industry, forcing companies to look at asset sales and mergers for survival.
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