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Ovintiv Inc. - OVV STOCK NEWS

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.

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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.

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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.

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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.

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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.

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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.

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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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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.

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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.

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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.

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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.

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FAQ

What is the current stock price of Ovintiv (OVV)?

The current stock price of Ovintiv (OVV) is $44.96 as of November 18, 2024.

What is the market cap of Ovintiv (OVV)?

The market cap of Ovintiv (OVV) is approximately 11.8B.

What is Ovintiv Inc.'s core business?

Ovintiv specializes in the exploration and development of oil, NGLs, and natural gas reserves.

Where is Ovintiv Inc. headquartered?

Ovintiv Inc. is headquartered in Denver, United States.

What are the main operational segments of Ovintiv?

Ovintiv operates through three segments: USA Operations, Canadian Operations, and Market Optimization.

What recent strategic actions has Ovintiv undertaken?

Ovintiv announced the sale of 15 million shares by NMB Stock Trust and received regulatory approvals for renewing its share buy-back program.

How did Ovintiv perform financially in Q3 2023?

Ovintiv reported strong financial results, driven by enhanced well productivity and capital efficiency.

What are Ovintiv's plans for the Permian Basin?

Ovintiv plans to invest $1.43 to $1.47 billion in the Permian Basin in 2023 to bring on 170 to 180 net wells.

How does Ovintiv aim to return value to shareholders?

Ovintiv is committed to returning at least 50% of post-base dividend Non-GAAP Free Cash Flow to shareholders through buybacks and dividends.

What is Ovintiv's long-term leverage target?

Ovintiv aims for a long-term leverage target of 1.0 times Non-GAAP Debt to Adjusted EBITDA.

What is Ovintiv's production outlook for 2024?

Ovintiv expects to deliver stable production with total Company average oil and condensate production volumes of approximately 200 Mbbls/d.

Where can I find Ovintiv's sustainability report?

Ovintiv's sustainability report is available on the company's website under the 'Presentations and Events' section.

Ovintiv Inc.

NYSE:OVV

OVV Rankings

OVV Stock Data

11.75B
260.32M
0.49%
83.85%
1.82%
Oil & Gas E&P
Crude Petroleum & Natural Gas
Link
United States of America
DENVER