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) 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.
Ovintiv President & CEO, Brendan McCracken, will participate in a fireside chat at the Barclays CEO Energy-Power Conference on September 10, starting at 10:20 a.m. ET. The session will last about 30 minutes. The event will be available as a live webcast along with a slide presentation and a replay on Ovintiv's website.
Ovintiv is a leading producer of oil, condensate, and natural gas in North America, focused on maintaining financial strength and maximizing profitability.
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.
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