Ovintiv Inc.

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 [...]

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 [...]