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) held its 2022 Annual Meeting of Shareholders on May 4, 2022, where all nominees for the Board of Directors were elected with strong support. Notably, Meg A. Gentle received 99.32% of votes in favor. The meeting also included an advisory vote on executive compensation, which garnered 97.78% approval. Additionally, a proposal to increase the share reserve of the Omnibus Incentive Plan was approved with 97.35% of votes. The ratification of PricewaterhouseCoopers LLP as independent auditors also received significant support with 97.60% in favor.
Ovintiv Inc. is set to hold its 2022 first quarter results conference call on May 10, 2022, at 9:00 a.m. MT. The company will release its financial and operating results after market close on May 9, 2022. Supplemental slides and financial statements will be available on Ovintiv's website. To participate, dial 888-664-6383 (North America) or 416-764-8650 (international) about 15 minutes prior to the call. The event will also be available via a live audio webcast and archived for 90 days.
Ovintiv has reported a strong performance for the year 2021, achieving $1.4 billion in net earnings and generating $3.1 billion in cash from operating activities. The company announced a 43% increase in its quarterly dividend to $0.80 per share. Ovintiv has successfully reduced net debt by $2.3 billion and aims to reach a $3 billion target in 2022. Additionally, the company has outlined a robust capital program of $1.5 billion for 2022, expecting production of 180-190 Mbbls/d of oil and condensate.
Rising Phoenix Royalties (RPR) has announced a new acquisition involving 5 net royalty acres in the Woodford Basin, Stephens County, OK, consisting of 49% oil and 51% natural gas. The acquisition was made from an undisclosed seller, with Ovintiv (NYSE: OVV) acting as the well-site operator. CEO Jace Graham emphasized RPR's capability to handle smaller deals, with purchase sizes ranging from $50k to $10mm. RPR has acquired over $140 million in mineral and royalty assets since 2009, enhancing its portfolio in the oil and gas sector.
Ovintiv Inc. (NYSE: OVV) will host its 2021 fourth quarter and year-end results conference call at 9:00 a.m. MT on Friday, February 25, 2022. The financial and operating results will be released after market close on February 24, 2022. Supplemental slides and financial statements will be available on the Company's website, www.ovintiv.com. Participants can join by dialing 888-664-6383 (North America) or 416-764-8650 (international) 15 minutes before the call. A live audio webcast will also be accessible on the website and archived for 90 days.
Ovintiv reported strong third quarter results, generating $812 million in operational cash flow and $480 million in non-GAAP free cash flow. The company reduced net debt by $409 million to $4.8 billion, achieving a leverage ratio of 1.5 times net debt to adjusted EBITDA. A share buyback program worth $111 million is set for Q4, alongside a 50% increase in the base dividend. However, Ovintiv faced a net loss of $72 million primarily due to risk management losses totaling $954 million. The company also committed to reducing its methane intensity by 33% by 2021, ahead of schedule.
Ovintiv Inc. (NYSE: OVV) announced its third quarter 2021 results conference call scheduled for November 3, 2021, at 9:00 a.m. MT. Financial results will be released after market close on November 2, 2021. Supplemental slides and financial statements will be accessible on Ovintiv's website, www.ovintiv.com. To join the call, participants should dial 888-664-6383 (North America) or 416-764-8650 (international) 15 minutes prior. The live audio webcast will also be available on the website and archived for 90 days.
Ovintiv (NYSE: OVV) announced regulatory approval for a normal course issuer bid (NCIB) to repurchase up to 26,048,261 common shares over a 12-month period starting October 1, 2021. This initiative aligns with Ovintiv's strategy to boost shareholder returns by allocating 25% of previous quarter's free cash flow after base dividends for buy-backs until its net debt target of $3 billion is met, after which returns will increase to at least 50%. The plan also includes an automatic share purchase plan to facilitate repurchases during blackout periods.
Ovintiv Inc. (NYSE: OVV) announced a new capital allocation framework aimed at unlocking shareholder value. The company plans to return 25% of previous quarter's free cash flow to shareholders starting Q4 2021 while focusing on net debt reduction. Estimating to generate around $15 billion in free cash flow at $55 WTI oil pricing, the firm anticipates $550 million in direct shareholder returns in 2022. The quarterly base dividend has been increased by 50% to $0.14 per share. Ovintiv is committed to reducing net debt to $3 billion by 2023.
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