Welcome to our dedicated page for Ovintiv news (Ticker: OVV), a resource for investors and traders seeking the latest updates and insights on Ovintiv stock.
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 Inc. (NYSE: OVV) has announced its first quarter 2023 results conference call scheduled for 9:00 a.m. MT on May 10, 2023. Investors can expect the financial and operational results to be released after market close on May 9, 2023. Alongside the results, supplemental slides and financial statements will be accessible on the company's official website www.ovintiv.com.
Participants can join the call without operator assistance by registering their phone numbers via an automated callback system. Alternatively, attendees can call directly at 888-664-6383 for North America or 416-764-8650 for international callers, 15 minutes before the event. The live audio webcast will also be available on Ovintiv's site and archived for approximately 90 days.
Ovintiv has announced a significant $4.275 billion acquisition of assets from Black Swan Oil & Gas and others, expanding its Permian Basin inventory by 65,000 net acres and adding 1,050 well locations. The deal, valued at 2.8 times next twelve months Adjusted EBITDA, promises a 19% cash flow yield. It is projected to enhance cash returns per share by over 25% in the next year and 40% in 2024. In conjunction, Ovintiv plans to divest its Bakken assets for approximately $825 million. The acquisition is expected to be immediately accretive to key financial metrics and will support the company's investment-grade balance sheet with a leverage ratio targeting 1.0 times.
Ovintiv Inc. (NYSE: OVV) reported strong financial results for 2022, with net earnings of $3.6 billion and Non-GAAP Free Cash Flow of $2.3 billion after $1.8 billion in capital expenditures. The company reduced long-term debt by approximately $1.2 billion, improving its Non-GAAP Debt to Adjusted EBITDA ratio from 1.5 to 0.8. Shareholder returns totaled roughly $958 million, including a 25% increase in quarterly dividends to $1.00 per share. For 2023, Ovintiv plans capital investments of $2.15 to $2.35 billion, expecting total production of 500 to 525 MBOE/d.
Ovintiv Inc. (NYSE: OVV) announced its 2022 fourth quarter and year-end results conference call scheduled for 9:00 a.m. MT on February 28, 2023. The financial results will be released after the market closes on February 27, 2023. Supplemental slides and financial statements will also be available on Ovintiv's website at www.ovintiv.com.
Participants can join via an automated callback by registering at this link, or dial in directly at 888-664-6383 (toll-free in North America) or 416-764-8650 (international).
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