Flexibility Enables Dynamic Response to Preserve Financial Strength Significant Cost Savings and Capital Efficiencies Enhance 2020 and 2021 Actions Taken in Response to Current Low Oil Price Environment: Second quarter planned capital investments reduced 60%. Company doubles its initial estimate of 2020 cash cost savings to $200 million, majority durable into future years. Completed well costs expected to be 20% better [...]
Ovintiv Inc. announced today that the following matters, as further described in the Company's Proxy Statement dated March 6, 2020 , were voted upon at its 2020 Annual Meeting of Stockholders held on April 29, 2020. Advisory Vote to Approve Compensation of Named Executive Officers The results of the non-binding advisory vote for the compensation of the Company's named executive officers were as follows: Votes For Percent [...]
Ovintiv Inc. today announced plans to hold its 2020 first quarter results conference call at 9 a.m. MT on Friday, May 8, 2020. The Company plans to release its first quarter financial and operating results after market close on Thursday, May 7, 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 call [...]
Ovintiv Inc. restructured its crude oil derivatives positions to provide additional downside protection for the balance of 2020. In addition, the Company now plans to further reduce its second quarter investments by an additional $200 million, bringing total capital reductions in the second quarter to $500 million. Updated hedge and sensitivity tables are included within this release. "We have built our Company with [...]
Company dropping 10 operated rigs immediately and an additional six rigs in May Ovintiv Inc. today announced plans to immediately reduce second quarter 2020 capital investments by $300 million and full year cash costs by $100 million. This is the first step in response to the recent large drop in oil prices. The Company has no long-term service commitments to fulfill and intends to use its operational flexibility to [...]
Ovintiv Inc. today provided additional information related to its strong capital structure and liquidity. In addition, the Company has great flexibility to quickly adapt operations to changing market conditions. "In addition to our liquidity, we have substantial operational flexibility and a track record of driving cost reductions across the business," said CEO Doug Suttles. "We will be reducing our near-term capital [...]
2020 Outlook highlights: 2020 is expected to be third consecutive year of significant non-GAAP free cash flow. Plan expected to yield 4% year-over-year proforma growth in crude oil and condensate production. Planned 2020 capital investments total $2.7 billion, down 6%, or $175 million less than 2019 proforma capital investment when including 2019 utilized third party capital of $75 million in the Montney. Strong hedge [...]
Ovintiv Inc. today announced plans to hold its 2019 fourth quarter and year-end results conference call at 7 a.m. MT on Thursday, February 20, 2020. The Company plans to release its fourth quarter and year-end 2019 results after market close on Wednesday, February 19. In addition to the release, supplemental slides and financial statements will be available on the Company's website, located at www.ovintiv.com. To [...]
Company boosts returns by reducing STACK drilling and completion costs to $6.0 million per well Ovintiv Inc. released materials associated with its Anadarko Day conference call and webcast, planned for today at 2:30 p.m. MT . In addition, initial operating results for 2019 were disclosed with the Company exceeding guidance expectations. To participate in the conference call, dial 866-211-4955 or 647-427-7450 approximately [...]
Encana Corp. announced today they have completed a previously announced series of reorganization transactions, resulting in the company: establishing its corporate domicile in the U.S.; rebranding under the name Ovintiv Inc.; and completing a consolidation and share exchange for effectively one share of common stock of Ovintiv for every five common shares of Encana. The Company received very strong securityholder support [...]
Reorganization expected to be completed on or about January 24, 2020 Encana Corp. today announced that the Court of Queen's Bench of Alberta has granted a final order approving the previously announced plan of arrangement, which forms part of a series of proposed reorganization transactions , in order for the company to: establish its corporate domicile in the U.S.; rebrand under the name Ovintiv Inc. ; and complete a [...]
Following the approval of the reorganization resolution by Encana Corp. shareholders and subject to the receipt of all regulatory approvals, Encana Corp. will have a domicile change, share consolidation, and rebrand under the name Ovintiv Incorporated. Pending regulatory approvals are met, for index purposes, the new domicile will be updated to the United States effective the open of January 24, 2020. Encana Corp. will be [...]
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