Ovintiv Inc. plans to sell portions of its Uinta Basin and Bakken Shale assets that could net an estimated $250 million as it continues the trend among Lower 48 exploration and production firms to return cash to shareholders.

The Denver-based independent has agreements with two undisclosed buyers. Ovintiv could sell its “mature waterflood assets” in Utah’s Uinta, including around 3,000 gross vertical wells. The sale would reduce Ovintiv’s Uinta position to 130,000 acres. The transaction would also include around 88 wells, mostly in Richland County, MT. Ovintiv’s primary Bakken position is 30 miles away in North Dakota.

CEO Brendan McCracken said the potential sales continued a “track record of portfolio optimization,” that should help accelerate previous plans to...