Ovintiv Inc. - OVV STOCK NEWS

Ovintiv Inc. (NYSE: OVV) reported strong second quarter results with $750 million in cash from operating activities and $350 million in non-GAAP free cash flow. The company announced a new quarterly dividend of $0.56 per share, a ~50% increase. Net debt was reduced by $1.2 billion to $5.2 billion, with a new target of $3 billion by year-end 2023. Average production reached 555 MBOE/d. Despite a net loss of $205 million, Ovintiv's operational efficiency and strong commodity prices contributed to its financial resilience.

Ovintiv Inc. (NYSE: OVV) has announced it will hold its second quarter 2021 results conference call on July 28, 2021, at 7:30 a.m. MT. The financial results will be released after market close on July 27, 2021, with supplemental slides and financial statements available on their website. Participants can join the call by dialing 888-664-6383 (toll-free in North America) or 416-764-8650 (international) 15 minutes prior. The event will also be streamed live on Ovintiv's website and archived for 90 days.

Ovintiv Inc. (NYSE: OVV) announced the appointment of George L. Pita as an independent board member, effective July 1, 2021. Pita, 59, brings extensive experience as the CFO of MasTec and has held leadership roles in various companies. His addition is part of Ovintiv's strategy to enhance board diversity and strengthen its governance. The company has recently refreshed its board, adding five new directors since early 2019. Ovintiv remains focused on maximizing profitability and returning capital to shareholders, affirming its commitment to sustainability in North America.

Ovintiv Inc. announced the retirement of CEO Doug Suttles, effective August 1, 2021. The Board appointed Brendan McCracken as the new CEO and President, marking him as the successor after a comprehensive succession planning process. McCracken has been with the company for nearly 25 years, previously serving as President, and is focused on priorities like reducing debt and generating free cash flow. The transition comes as the company experiences strong performance, indicating an ideal time for changes in leadership.

Ovintiv Inc. (NYSE: OVV) closed the Eagle Ford asset sale, combining proceeds with a prior Duvernay sale for debt reduction. The company issued a notice to redeem $600 million in 2022 notes on June 18, 2021, and plans to redeem $518 million in 2021 notes in mid-August, totaling $1.1 billion in debt retirement. This will eliminate over $50 million in annual interest expenses. Ovintiv aims to reach a debt target of $4.5 billion by year-end, indicating a strong focus on debt management while enhancing operational efficiencies.

Ovintiv Inc. (NYSE: OVV) announced the results of its 2021 Annual Meeting of Shareholders held on April 28, 2021. All director nominees were elected with varying approval percentages, with Meg A. Gentle receiving the highest at 99.41%. A non-binding advisory vote on executive compensation resulted in 76.34% approval. Additionally, PricewaterhouseCoopers LLP was ratified as the Company's independent auditors by 97.49%. These results reflect shareholder support for the company's leadership and strategic direction.

Ovintiv reported a strong Q1 2021 with net earnings of $309 million or $1.16 per share. Cash from operations was $827 million and non-GAAP cash flow reached $890 million, generating $540 million in free cash flow. The company reduced total debt by $467 million to $6.4 billion and exceeded divestiture targets with over $1.1 billion in asset sales. Ovintiv updated its debt targets, forecasting under $5 billion by year-end 2021, and declared a dividend of $0.09375 per share.

Ovintiv Inc. (NYSE: OVV) has announced the sale of its Eagle Ford assets to Validus Energy for $880 million, surpassing its divestiture goal with total asset sales exceeding $1.1 billion in 2021. The company anticipates year-end 2021 debt to be below $5 billion and aims to reach a $4.5 billion debt target by mid-2022. However, winter storms in Texas and Oklahoma are expected to reduce first-quarter production volumes to approximately 196 – 200 Mbbls/d. Full production for 2021 is now projected to average 190 Mbbls/d.

Ovintiv Inc. (NYSE: OVV) has appointed Katherine L. Minyard as an independent board member, effective immediately. Minyard, 45, is a partner at Cambiar Investors, focusing on energy and related sectors, and previously worked with J.P. Morgan covering oil and E&P companies. This addition marks the fourth new director appointed since early 2019 as part of Ovintiv's board refreshment strategy. The agreement with Kimmeridge Energy Management enables Kimmeridge to withdraw its director nominations in favor of Ovintiv’s directors, enhancing shareholder alignment and value creation.