Ovintiv Inc. today announced preliminary financial results and select operating metrics for its fourth quarter and fiscal year ended December 31, 2020. Highlights: Reduced total long-term debt, including current portion, by $257 million in the fourth quarter. Ovintiv has been focused on debt reduction and has a plan to reduce total debt by at least $1 billion from the second half of 2020 through year-end 2021. As of [...]
Metric to be directly tied to compensation for all employees Ovintiv Inc. today disclosed a goal to reduce methane intensity 33% by 2025. The objective, approved this week by its board of directors, will be tied to Ovintiv's annual incentive compensation program for all employees beginning in 2021. The significant reduction will be benchmarked against the Company's 2019 actual methane intensity of 0.15 metric tons [...]
Ovintiv Inc. today announced that Meg A. Gentle has been named as an independent member of its board of directors, effective December 16, 2020. Gentle, 46, currently serves as the president and chief executive officer of Tellurian Inc. and as a member of its board of directors. Before joining Tellurian in 2016, she served as CFO and executive vice president of marketing for Cheniere Energy. Gentle graduated from James [...]
Ovintiv Inc. today named Brendan M. McCracken as president, effective December 1, 2020. "Today's appointment recognizes Brendan's significant impact on our success and reflects our confidence in his leadership," said CEO Doug Suttles. "This move is part of our ongoing executive development and ensures that we have leaders for the future." McCracken will maintain his current responsibilities of investor relations, external [...]
Commits to emissions-related performance metrics for 2021; delivers sixth safest year Ovintiv Inc. today published its Sustainability Report, focusing on the Company's innovative leadership in sustainability and highlighting its significant achievements in environmental, social and corporate governance. "We understand that investors and society expect more transparency, more consistency and continuous performance [...]
Results strengthen outlook for 2021 Scenario Consistent framework provided for future capital allocation and debt reduction Highlights: Posted $47 million of non-GAAP free cash flow and reduced net debt by $217 million during the third quarter, reaffirmed pledge that all excess cash flows will go toward debt reduction Reported third quarter cash from operating activities of $493 million and non-GAAP cash flow of $398 [...]
Ovintiv Inc. today announced plans to hold its 2020 third quarter results conference call at 9 a.m. MT on Thursday, October 29, 2020. The Company plans to release its third quarter financial and operating results after market close on Wednesday, October 28, 2020. 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 [...]
Ovintiv Inc. today announced the start-up of the Pipestone Processing Facility , a natural gas processing and liquids stabilization plant supporting the Company's high-return, condensate-rich Montney development. Ovintiv managed the PPF's design and construction and delivered its start-up more than five months ahead of its original schedule and at budgeted costs. The start-up of the PPF provides Ovintiv with additional [...]
No change to net acreage, production, proved reserves or 2020-21 scenarios Ovintiv Inc. today announced that its subsidiary, Ovintiv Canada ULC, has closed an agreement with PetroChina Canada Ltd. to terminate the parties' joint venture and transfer the ownership and operation of certain Duvernay shale assets in west-central Alberta. Ovintiv and PCC have agreed to partition the Duvernay acreage and associated [...]
Strong capital efficiency drives lower planned 2020 capital spending, higher expected fourth quarter production Highlights: 2020 planned capital investments reduced to $1.8 billion, the low end of previous expected range of $1.8 – $1.9 billion. Second quarter capital investments were $252 million . Fourth quarter 2020 average crude and condensate production outlook was increased to 200 thousand barrels per day . Increased [...]
Ovintiv Inc. today announced plans to hold its 2020 second quarter results conference call at 9 a.m. MT on Wednesday, July 29, 2020. The Company plans to release its second quarter financial and operating results after market close on Tuesday, July 28, 2020. 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 [...]
President Michael McAllister to retire after 20 years with the Company Ovintiv Inc. today announced that Peter A. Dea will succeed Clayton H. Woitas, 71, as its chairman of the board. Ovintiv President Michael McAllister also announced plans to retire after 20 years with the Company and nearly 40 years in the industry. Both changes are effective June 30, 2020. Dea, who has more than 30 years of experience in the [...]
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