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Ovintiv Inc. (NYSE: OVV, TSX: OVV) is a leading hydrocarbon exploration and production company in North America. Established originally as Encana in Calgary, Alberta, the company is now organized in Delaware and headquartered in Denver, United States. Ovintiv specializes in exploring and developing oil, natural gas liquids (NGLs), and natural gas reserves, with operations segmented into USA Operations, Canadian Operations, and Market Optimization.
Ovintiv's core business focuses on optimizing the full lifecycle of hydrocarbon resources. Their key assets include the Permian Basin, Montney, Uinta, and Anadarko plays. In 2023, Ovintiv showcased strong financial health and operational excellence. The company reported significant advancements in well performance and efficiency, particularly after the seamless integration of newly acquired Permian assets.
The latest company updates include a series of strategic moves aimed at strengthening shareholder value. On Sept. 11, 2023, Ovintiv announced the sale of 15 million shares by NMB Stock Trust, aimed at optimizing asset allocation. This was followed by regulatory approvals for the renewal of its share buy-back program, enabling Ovintiv to repurchase up to 26,734,819 common shares, reflecting its robust capital framework.
For the third quarter of 2023, Ovintiv reported outstanding financial results, driven by strong well productivity and enhanced capital efficiency. The company revised its full-year production guidance and plans substantial capital investments in key plays. For instance, in the Permian Basin, Ovintiv plans to invest $1.43 to $1.47 billion to bring on 170 to 180 net wells.
Ovintiv continues to prioritize returning capital to shareholders. In Q3 2023, it returned $127 million through share buybacks and dividends. With a long-term leverage target of 1.0 times Non-GAAP Debt to Adjusted EBITDA, the company aims to sustain a strong balance sheet and maintain its investment-grade ratings.
Looking ahead, Ovintiv anticipates further enhancements in capital efficiency and production volumes. The company's 2024 outlook projects robust oil and condensate production, along with a commitment to sustainable and responsible resource development, as highlighted in its latest sustainability report.
Ovintiv has announced two major transactions: a $2.377 billion acquisition of Montney assets from Paramount Resources and a $2.0 billion sale of its Uinta Basin assets. The Montney acquisition adds approximately 70 MBOE/d of production, 900 net well locations, and 109,000 net acres in Alberta. The combined transactions are expected to increase 2025 Non-GAAP Free Cash Flow by $300 million and generate annual cost synergies of $125 million. The company will temporarily pause its share buyback program until Q2 2025 to manage the net difference of $377 million between the transactions.
Ovintiv reported strong Q3 2024 results with net earnings of $507 million and cash from operating activities of $1,022 million. Production exceeded guidance with 593 MBOE/d, including 212 Mbbls/d of oil and condensate. The company returned $240 million to shareholders through dividends and buybacks, while reducing total debt by $210 million to $5.88 billion. Full-year production guidance was raised to 583-587 MBOE/d, with capital guidance narrowed to $2.275-2.325 billion. Operating costs remained below guidance, and the company maintained strong operational execution across its key assets in Permian, Montney, Uinta, and Anadarko basins.
Ovintiv Inc. (NYSE: OVV) (TSX: OVV) has announced its plans to hold its third quarter 2024 results conference call on Friday, November 8, 2024, at 7:00 a.m. MT. The company will release its financial and operating results after market close on Thursday, November 7, 2024. Supplemental slides and financial statements will be available on the company's website at www.ovintiv.com.
Participants can join the conference call through automated registration or by dialing directly. The live audio webcast, including slides, will also be available on Ovintiv's website under Investors/Presentations and Events and will be archived for approximately 90 days. For more information, investors can contact (888) 525-0304 or investor.relations@ovintiv.com, while media inquiries can be directed to (403) 645-2252.
Ovintiv Inc. (NYSE: OVV) (TSX: OVV) has received regulatory approvals to renew its share buy-back program, consistent with its capital allocation framework. The Toronto Stock Exchange (TSX) has accepted Ovintiv's notice to renew its normal course issuer bid (NCIB) to purchase up to 25,920,545 common shares during the period from October 3, 2024, to October 2, 2025. This represents 10% of Ovintiv's public float as of September 20, 2024.
Purchases will be made on the TSX, NYSE, and other designated exchanges at market prices. Ovintiv has also renewed its automatic share purchase plan (ASPP) to allow purchases during blackout periods. Under the existing NCIB, Ovintiv has purchased 12,747,485 common shares at a weighted average price of US$46.44 per share.
Ovintiv reported strong Q2 2024 financial results with net earnings of $340 million and cash from operating activities at $1.02 billion.
Production was at the high-end of guidance with average volumes at 594 MBOE/d. The company raised its full-year production guidance to 570-580 MBOE/d and narrowed capital guidance to $2.25-$2.35 billion.
Ovintiv returned $262 million to shareholders through dividends and buybacks, and expects to generate $1.9 billion in Non-GAAP Free Cash Flow for 2024, a 60% increase YoY. The company maintains a strong balance sheet with $3.1 billion in liquidity.
Key guidance updates: Q3 production expected to be 565-580 MBOE/d, oil and condensate at 207-209 Mbbls/d, and natural gas at 1,660-1,690 MMcf/d.
Ovintiv plans substantial investments across its assets, including $1.35-$1.45 billion in Permian and $425-$475 million in Montney for 2024.
Ovintiv (NYSE: OVV, TSX: OVV) will hold its Q2 2024 results conference call on July 31, 2024, at 8:00 a.m. MT. Financial and operating results will be released after market close on July 30, 2024. Supplemental slides and financial statements will be available on the company's website. To participate in the call, register via https://emportal.ink/3tYoHEZ for an automated callback or dial 888-664-6383 (North America) or 416-764-8650 (international) 15 minutes prior. A live webcast and archived audio will be accessible on Ovintiv's website for 90 days.
Ovintiv Inc. reported strong first quarter 2024 financial and operating results, including net earnings of $338 million, cash from operating activities of $659 million, and Non-GAAP Free Cash Flow of $444 million. Production volumes were above guidance, with plans to increase full-year production. The Company returned $328 million to shareholders through dividends and buybacks. Ovintiv maintains a strong balance sheet and investment grade rating. The release also highlighted the 2023 Sustainability Report, emphasizing environmental and social responsibility achievements.
Ovintiv Inc. announced the results of its 2024 Annual Meeting of Shareholders, where all directors listed in the Proxy Statement were elected. The advisory vote for executive officer compensation was also disclosed, along with the ratification of PricewaterhouseCoopers LLP as independent auditors.
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