Ovintiv Inc - OVV STOCK NEWS

Ovintiv Inc. (NYSE: OVV) announced the appointment of Ralph Izzo as an independent Board member, effective September 6, 2022. Izzo, with extensive leadership experience in the energy sector, previously served as Chair, President, and CEO of Public Service Enterprise Group. His background in operations, strategic planning, and finance is expected to enhance Ovintiv's Board. Bruce Waterman will retire from the Board on December 31, 2022, after 12 years, having served as Audit Committee Chair.

Ovintiv Inc. reported a remarkable second quarter in 2022, generating net earnings of $1.36 billion and Non-GAAP Free Cash Flow of $713 million. The company doubled its shareholder returns to 50% of Non-GAAP Free Cash Flow, returning approximately $200 million to shareholders which is expected to rise to $389 million in the third quarter. The reduction of net debt by $610 million and successful asset sales totaling $250 million further enhanced its financial stability. Production levels were also robust, averaging 500 MBOE/d at the high end of guidance.

Ovintiv Inc. (NYSE: OVV) announced its 2022 second quarter results conference call scheduled for 8:00 a.m. MT on August 4, 2022. The financial and operating results will be released on August 3, 2022, following market close. Supplemental slides and financial statements will be accessible on the company's website, www.ovintiv.com.

To join the call, dial 888-664-6383 (North America) or 416-764-8650 (international) about 15 minutes prior. A live audio webcast and archived presentation will also be available for 90 days on the Ovintiv website.

On July 6, 2022, Ovintiv Inc. (NYSE: OVV) announced agreements to sell assets in the Uinta and Bakken Basins, generating approximately $250 million in proceeds. Following strong financial performance, the company will now accelerate its cash returns to shareholders to 50% of the previous quarter's Non-GAAP Free Cash Flow, effective immediately for Q3. This shift allows Ovintiv to enhance shareholder value through anticipated share buybacks. The asset sales involve mature waterflood properties with approximately 5.0 MBOE/d in production, expected to close in Q3, 2022.

Ovintiv announced significant financial results for Q1 2022, highlighting a cash flow of $1,043 million and a 25% increase in quarterly dividends to $0.25 per share, raising annualized dividends to $1.00. The company plans to double shareholder returns to 50% of Non-GAAP Free Cash Flow starting October 2022, targeting $1 billion in total shareholder returns for the year. Despite reporting a net loss of $241 million, Ovintiv is on track to meet its $3 billion net debt target and has initiated the redemption of $1 billion in 2024 notes, expected to save $55 million annually in interest expenses.

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.