Highlights: Closed previously announced Eagle Ford asset sale Issued notice to fully redeem outstanding 2022 notes in June of 2021 Announced intention to fully redeem outstanding 2021 notes at par in mid-August Ovintiv Inc. today closed its previously announced Eagle Ford asset sale. The proceeds from this sale, combined with those recently received from the Duvernay asset sale, will be used for debt reduction. In [...]
Ovintiv Inc. today announced that the following matters, as further described in the Company's Proxy Statement filed on March 12, 2021 , were voted upon at its 2021 Annual Meeting of Shareholders held on April 28, 2021. 1. Election of Directors Each nominee listed in the Proxy Statement was elected as a director of the Company. The results of the vote by ballot were as follows: Name of Nominee Votes For Percent Votes [...]
Strong start to 2021 accelerates debt paydown Highlights: First quarter 2021 net earnings of $309 million , cash from operating activities of $827 million and non-GAAP cash flow of $890 million Generated $540 million of non-GAAP free cash flow in the quarter and reduced total debt by $467 million to $6.4 billion Exceeded divestiture target with more than $1.1 billion in announced asset sales; well ahead of year-end 2022 [...]
Ovintiv Inc. today announced plans to hold its first quarter 2021 conference call at 9 a.m. MT, on April 29, 2021. The Company plans to release its financial and operating results after market close, Wednesday, April 28, 2021. In addition to the release, supplemental slides and financial statements will be available on the Company's website, located at www.ovintiv.com. To participate in the conference call, please dial [...]
Ovintiv Inc. today announced the signing of an agreement to sell its Eagle Ford assets to Validus Energy for $880 million. With this sale, the Company has exceeded its divesture target and, with other items, now anticipates year-end 2021 debt to be below $5 billion using its 2021 planning price deck of $50 WTI oil and $2.75 NYMEX gas. In addition, the Company expects to achieve its $4.5 billion debt target in the first [...]
Ovintiv Inc. today announced that Katherine L. Minyard has been appointed as an independent member of its board of directors, effective immediately. Minyard, 45, is an Investment Principal and Partner at Cambiar Investors where she focuses on energy, metals and mining, industrials, basic materials and utility equities. Before joining Cambiar, she was an Executive Director on J.P. Morgan's Equity Research Team covering [...]
DENVER, Feb.17, 2021 /CNW/ - Ovintiv Inc. today, in conjunction with reporting its fourth quarter and full-year 2020 results, provided an update on enhanced corporate governance, compensation and environmental initiatives. Highlights: Executive Compensation: Modified executive compensation program, adding debt reduction to short term incentive structure, as well as the inclusion of the S&P and XOP indices in Ovintiv's [...]
Year-end 2020 debt reduced nearly $500 million from mid-year 2020 2021 debt reduction target increased 25% to $1.25 billion including second half 2020 Multi-year debt target issued: $4.5 billion of total debt by year-end 2022 Company signs agreement to sell its Duvernay asset for $263 million Company generated significant non-GAAP Free Cash Flow for third consecutive year Strong well performance and realized prices [...]
Ovintiv Inc. today announced plans to hold its 2020 fourth quarter and year-end results conference call at 9 a.m. MT, on February 18, 2021. The Company plans to release its financial and operating results after market close, Wednesday, February 17, 2021. In addition to the release, supplemental slides and financial statements will be available on the Company's website, located at www.ovintiv.com. To participate in the [...]
Ovintiv Inc. today issued the following statement: Ovintiv has received Kimmeridge's notice of its intent to nominate three director candidates to stand for election to our Board of Directors. We welcome discussions with all shareholders and have a history of open dialogue with all shareholders, including Kimmeridge. Our Corporate Responsibility and Governance Committee will carefully review the nominations. Ovintiv's [...]
Nominations come after Board has failed to properly evaluate recommendations to position Ovintiv as a leading E&P Board refreshment is an important step in restoring accountability and investor confidence Kimmeridge's slate brings substantial ownership and diversity of perspectives Kimmeridge Energy Management Company, LLC , a private investment firm focused on upstream energy, today announced its nomination of three [...]
Ovintiv dramatically underperforms peers and the energy sector Total Shareholder Return of since the current CEO joined in 2013; net debt increased 53% and $12.7B in impairment charges were recorded; CEO awarded over $75M in compensation over the same period CEO and Ovintiv Board own less than 0.2% of shares outstanding Kimmeridge proposes framework for restoring confidence in Ovintiv by addressing deficiencies in capital [...]
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