Ovintiv Inc - OVV STOCK NEWS

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.

On February 17, 2021, Ovintiv Inc. (OVV) reported updates on executive compensation, corporate governance, and environmental initiatives alongside its fourth quarter and full-year 2020 results. Key highlights include a modified executive compensation program emphasizing debt reduction, the adoption of a Rooney Rule for board diversity, and a record low total recordable incident frequency (TRIF) of 0.19 for safety. Additionally, Ovintiv aims to reduce methane intensity by 33% by 2025. The company maintains an active board known for its diverse background and commitment to ESG practices.

Ovintiv Inc. (NYSE: OVV) reported robust financial results for Q4 and year-end 2020, achieving a net loss of $6.1 billion primarily due to impairments. However, cash from operating activities reached $1.9 billion, and non-GAAP Free Cash Flow was $193 million. Significant debt reduction efforts saw nearly $500 million reduced, with a new target of $4.5 billion by year-end 2022. The company also announced the sale of its Duvernay assets for $263 million, aimed at bolstering liquidity and financial stability.

Ovintiv Inc. (NYSE: OVV) has announced a conference call to discuss its 2020 fourth quarter and year-end results, scheduled for 9 a.m. MT on February 18, 2021. The financial results will be released post-market on February 17, 2021, along with supplementary 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 available via a live audio webcast.

Ovintiv Inc. (NYSE: OVV) announced that it has received a notice from Kimmeridge regarding its intention to nominate three director candidates for election to the Board of Directors. The company emphasizes its commitment to shareholder dialogue and will review the nominations carefully. Ovintiv aims to enhance shareholder value by reducing debt, maintaining business scale, and pursuing operational efficiencies. The company has made significant Board changes since 2019 and engages with shareholders regularly for feedback. Ovintiv is focused on returning capital to shareholders and upholding ESG commitments.