Ovintiv Inc Stock Price, News & Analysis

Ovintiv Inc. (NYSE: OVV) announced a goal to cut methane intensity by 33% by 2025, affecting all employees' compensation beginning in 2021. The target is based on a benchmark of 0.15 metric tons CH₄/MBOE from 2019 and aims for a reduction to 0.10 metric tons CH₄/MBOE. This commitment supports sustainability goals and reflects ESG priorities emphasized by the board, driven by investor demand for improved emissions management. Ovintiv aims to align its operations with climate-related frameworks while promoting environmental performance.

Ovintiv Inc. (NYSE: OVV) announced the appointment of Meg A. Gentle to its board of directors, effective December 16, 2020. Gentle, currently the CEO of Tellurian, brings valuable experience from her previous role as CFO of Cheniere Energy. This change follows the decision of veteran director Fred J. Fowler to retire after 10 years with the company. The board has seen significant changes since early 2019, including the addition of three new directors and a revamped committee structure, indicating a commitment to strengthening leadership and governance.

Ovintiv Inc. (NYSE: OVV) announced the appointment of Brendan M. McCracken as president, effective December 1, 2020. This decision highlights McCracken's significant contributions and the company's confidence in his leadership. He will oversee investor relations, external affairs, and strategy, while also managing key executives including the COO. With over 20 years in the oil and gas sector, McCracken holds a bachelor's in mechanical engineering and an MBA from the University of Oxford. Ovintiv remains committed to financial strength and maximizing shareholder value.

Ovintiv reported $47 million in non-GAAP free cash flow and reduced net debt by $217 million in Q3 2020. Operating cash flow was $493 million, with a production average of 186 Mbbls/d, exceeding guidance. The company achieved a 20% improvement in capital efficiency and plans to invest $1.5 billion in 2021, maintaining production at 200 Mbbls/d. Despite a net loss of $1.5 billion due to impairments, Ovintiv continues to focus on debt reduction and capital discipline. The company’s liquidity stands at $3.1 billion, with significant hedged positions protecting cash flow.

Ovintiv Inc. (NYSE: OVV) has announced its 2020 third quarter results conference call scheduled for 9 a.m. MT on October 29, 2020. The company will release its financial and operating results after market close on October 28, 2020, along with supplemental slides and financial statements available on its website. Interested participants can join the call by dialing 888-664-6383 (North America) or 416-764-8650 (international) 15 minutes prior. The live audio webcast will also be accessible on the website, archived for 90 days.

Ovintiv Inc. (NYSE: OVV) has officially commenced operations at the Pipestone Processing Facility (PPF), enhancing its natural gas processing and liquids stabilization capabilities. This facility will boost net processing capacity by approximately 170 MMcf/d of natural gas and 19,000 bbls/d of liquids, primarily condensate, allowing for optimized midstream fees and resource potential growth. Notably, the PPF was delivered over five months ahead of schedule and within budget. The facility operates under a 'fee-for-service' midstream agreement with Keyera Partnership.

Ovintiv Inc. (NYSE: OVV) announced the termination of its joint venture with PetroChina Canada Ltd., gaining full ownership of partitioned Duvernay shale assets in Alberta. The agreement, effective September 1, 2020, allows both companies to independently operate their interests without penalties or fees. Ovintiv's net production, proved reserves, and acreage remain unchanged, with approximately 250,000 net acres and a second quarter average production of 13,000 BOE/d. The company continues to focus on financial strength and shareholder value.

Ovintiv Inc. announced a reduction in planned capital investments for 2020 to $1.8 billion, alongside an increase in fourth-quarter production expectations to 200 Mbbls/d. The company achieved an estimated $200 million in cash cost savings, with 70% of capital investments in Q2 at $252 million, below prior guidance. A notable net loss of $4.4 billion, driven by impairments and restructuring charges, was reported for the second quarter. Despite challenges, Ovintiv expects to generate free cash flow and allocate excess cash towards debt reduction over the next six quarters.