Ovintiv’s 2025 drilling program is not just about where rigs are running — it is about where the company is choosing to build long-term value versus where it is preparing to monetize assets. That distinction became very clear on Ovintiv’s Q3-2025 earnings call, where management outlined a portfolio reset centered on core growth engine: the Permian Basin — while preparing to exit the Anadarko Basin.
Your 2025 well data shows exactly how that strategy is being executed on the ground.
1️⃣ Ovintiv 2025 Wells by Basin
Using the County field from the Ovintiv well file:
Basin Wells Drilled What It Means Midland Basin (Permian) 133 Core U.S. growth engine Anadarko Basin (OK) 40 High-cash-flow asset being sold Uinta Basin (UT) 10 Small but strategic liquids-rich program Williston Basin (ND) 2 Legacy maintenance Delaware Basin (TX) 2 Minor bolt-on acreage
Over 70% of Ovintiv’s 2025 drilling is in the Midland Basin, which is exactly where management has been building its future inventory.
2️⃣ Why the Permian Matters to Ovintiv
On the Q3-2025 earnings call, Ovintiv made it explicit:
The Permian Basin is one of Ovintiv’s two strategic core oil plays in North America, alongside the Montney.
Management explained that Ovintiv has quietly built one of the best inventory positions in the Midland Basin through its “ground game” strategy, buying small bolt-on acreage packages instead of expensive corporate acquisitions.
They disclosed that:
- In 2023, Ovintiv acquired 1,000+ Midland Basin locations at about $2 million per well
- Comparable deals today are valued at up to $7 million per well
- In 2025 alone, they added 170 more locations, 90% premium, at just $1.5 million per well
And these deals contain no producing wells — meaning they are pure future drilling inventory that competes immediately for capital.
That directly matches your data: Ovintiv is running four high-intensity H&P rigs across Martin, Midland, Andrews, Howard, and Upton Counties, executing a manufacturing-style Permian program.
3️⃣ Why the Anadarko Basin Still Matters — Even as Ovintiv Prepares to Sell It
Ovintiv also confirmed that it is launching a formal divestiture of its Anadarko Basin assets, but they were very clear: this is not because the basin is weak.
Management described Anadarko as:
- Low decline
- Low operating cost
- Strong pricing
- Producing ~100,000 BOE/d
- Generating free cash flow that “punches above its weight”
They told investors there is nothing left to prove technically in the Anadarko Basin — it is well understood, predictable, and therefore highly marketable.
Your 2025 well data supports this:
Ovintiv is still drilling 40 wells in Kingfisher, Blaine, and Canadian counties, keeping production strong and PDP volumes high ahead of a sale.
Anadarko in 2025 is being run as a cash-flow maximization asset, not a growth engine.
4️⃣ Drilling Providers by Basin
Midland Basin (Permian)
| Contractor | Wells |
|---|---|
| Helmerich & Payne | 122 |
| Ensign Energy | 1 |
Ovintiv is running a high-spec, standardized Permian fleet — exactly what you would expect in a core manufacturing basin.
Anadarko Basin
| Contractor | Wells |
|---|---|
| Helmerich & Payne | 25 |
| Unit Drilling | 15 |
Here Ovintiv blends H&P’s efficiency with Unit’s Oklahoma cost structure — ideal for maximizing cash flow.
5️⃣ The Rigs That Actually Drive Ovintiv’s 2025 Program
Midland Basin – Top 5 Rigs
| Rig | Wells |
|---|---|
| H&P 551 | 29 |
| H&P 395 | 27 |
| H&P 379 | 26 |
| H&P 616 | 26 |
| H&P 264 | 6 |
This is a Permian manufacturing line — long-term rigs, repeatable pads, and continuous development.
Anadarko Basin – Rigs
| Rig | Wells |
|---|---|
| H&P 538 | 25 |
| Unit 412 | 15 |
Two rigs. Two contractors. Exactly what a cash-flow harvesting program looks like.
The Strategic Takeaway
Ovintiv’s 2025 drilling activity tells the same story management told Wall Street:
Permian = where Ovintiv is building the future.
Anadarko = where Ovintiv is harvesting value.
Your well data shows that strategy is already being executed rig-by-rig, pad-by-pad.
