Ovintiv Inc. (OVV) reported third-quarter 2024 adjusted earnings per share of $1.85, which beat the Zacks Consensus Estimate of $1.09. The beat can be attributed to better-than-expected total production, which exceeded the consensus mark by 3% and a 17.4% year-over-year reduction in expenses. Additionally, the bottom line increased from the year-ago level of $1.74.The Denver, CO-based oil and gas exploration and production company’s total revenues of $2.3 billion decreased 12.3% from the year-ago quarter’s ...

Ovintiv Inc. (OVV) has announced two major deals on Nov. 14, 2024 — one for the acquisition of premium Montney assets from Paramount Resources Ltd. for about $2.4 billion and the other for the sale of almost all its Uinta Basin assets to FourPoint Resources, LLC, for about $2.0 billion.An Insight Into OVV’s Purchase AgreementOVV, per the terms of the purchase agreement, will acquire 109,000 net acres, 70,000 barrels of oil equivalent per day and 900 total net well locations in the oil-rich Alberta Montney.T ...

Transaction to Significantly Expand Existing Montney Premium Oil Inventory, Company to Exit Uinta Basin with Asset SaleHighlights: Agreement reached to acquire approximately 109,000 net acres and approximately 70 thousand barrels of oil equivalent per day ("MBOE/d") in the core of the Alberta Montney for $2.377 billion (C$3.325 billion) Acquisition will add approximately 900 total net well locations, including approximately 600 premium(1) return well locations and approximately 300 upside locations, extendi ...

Financial Performance - 3Q24 diluted earnings per share were $1.92[10] - 3Q24 diluted cash flow per share was $3.70[11] - 3Q24 free cash flow was $440 million[11] - The 3Q24 free cash flow yield was 17%[12] - 60% of 2Q24 free cash flow was returned to shareholders in 3Q24[20] - Debt reduction in 3Q24 amounted to $210 million[23] Shareholder Returns - Approximately $2.7 billion has been returned to shareholders, including ~$850 million in base dividends and ~$1.85 billion in buybacks[17] - Over 40 million shares have been repurchased since 3Q21[17, 21] - $181 million in buybacks are expected in 4Q24[17] - The 3Q24 cash return yield was 9%[19] Operational Performance & Guidance - 3Q24 oil & condensate production was 212 Mbbls/d, exceeding guidance of 204-208 Mbbls/d[16] - 3Q24 total production was 593 MBOE/d, exceeding guidance of 565-580 MBOE/d[16] - Capital expenditure for 3Q24 was $538 million, below the guidance midpoint of $530-$570 million[16] - Full year 2024 capital expenditure is projected to be ~$2300 million[39, 42] - Updated full year 2024 total production guidance is 583-587 MBOE/d[40]

Group 1 - Ovintiv Inc. plans to hold its third quarter 2024 results conference call on November 8, 2024, at 7:00 a.m. MT [1] - The financial and operating results will be released after market close on November 7, 2024 [1] - Supplemental slides and financial statements will be available on the company's website [1] Group 2 - Investors can join the conference call by registering online or dialing in directly [2] - The toll-free number for North America is 888-510-2154, and the international number is 437-900-0527 [2] - Participants are advised to join approximately 15 minutes prior to the call [2] Group 3 - A live audio webcast of the event will be available on Ovintiv's website and archived for approximately 90 days [3] - Additional information about Ovintiv Inc. can be found on their official website [3] - Investor and media contact information is provided for further inquiries [3]

Company Receives TSX Approval for Renewal of Normal Course Issuer Bid DENVER, Sept. 26, 2024 /PRNewswire/ - Ovintiv Inc. (NYSE: OVV) (TSX: OVV) today announced it has received regulatory approvals for the renewal of its share buy-back program. This action is consistent with the Company's capital allocation framework, which returns at least 50 percent of post base dividend Non-GAAP Free Cash Flow to shareholders. The Toronto Stock Exchange ("TSX") has accepted Ovintiv's notice of intention to renew its norma ...

Core Viewpoint - Ovintiv Inc. is considering the sale of its Uinta Basin operations, potentially fetching up to $2 billion, indicating a strategic shift in its portfolio focus towards higher-growth areas like the Permian Basin [1][2][12] Overview of Uinta Basin Operations - The Uinta Basin operations involve drilling at depths of approximately 2,600 feet in a reservoir rich in waxy crude oil, which is in high demand from Gulf Coast refineries [3] - Although a smaller part of Ovintiv's portfolio, the Uinta Basin assets are strategically valuable due to the unique properties of the crude and potential for long-term returns [4] Potential Buyers and Market Interest - The sale is attracting interest from private equity-backed energy groups, highlighting the lucrative nature of these operations and the attractiveness of specialized crude types [5] - The market environment suggests that such assets remain appealing, particularly for buyers with established infrastructure [5][6] Strategic Focus on the Permian Basin - Ovintiv is repositioning to focus on the Permian Basin, having made a $4.3 billion acquisition in 2023, which enhances its presence in a highly productive shale region [7] - Selling the Uinta Basin assets would allow Ovintiv to allocate more resources to its Permian operations, aligning with its goal of driving higher returns [8] Regulatory Considerations and Market Impact - Any potential sale may face scrutiny from the Federal Trade Commission due to the strategic importance of the Uinta Basin's waxy crude for regional fuel supplies [9] - Oil production in Utah has surged by nearly 40% since late 2022, increasing the market value of Uinta Basin assets, although regulatory hurdles may impact the sale [10] Ovintiv's Market Performance and Industry Position - Ovintiv's shares have declined by 12% over the past year, underperforming the S&P 500 Energy Index, with a current market value of approximately $11.2 billion [10] - The proposed sale is part of a broader strategy to streamline the portfolio and enhance shareholder value by focusing on high-growth regions [11] Conclusion - The potential sale of Uinta Basin assets represents a critical juncture for Ovintiv, with implications for its growth and industry position [12] - The company's shift towards the Permian Basin and recent acquisitions and divestitures reflect its commitment to maximizing returns through a concentrated asset portfolio [12]

Ovintiv Inc. (OVV) reported second-quarter 2024 adjusted earnings per share (EPS) of $1.24, which beat the Zacks Consensus Estimate of $1.22 and increased from the year-ago level of 93 cents. The outperformance can be attributed to higher oil price realization and successful year-over-year cost-control initiatives. The Denver, CO-based oil and gas exploration and production company's total revenues of $2.2 billion decreased 13.3% from the year-ago quarter's figure and missed the Zacks Consensus Estimate by ...

| --- | --- | --- | --- | --- | --- | --- | --- | |-----------------|-------|-------|-------|-------|-------|-------|-------| | | | | | | | | | | | | | | | | | | | 2Q24 Results | | | | | | | | | Conference Call | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 1 | Forward Looking Statements This presentation contains forward-looking statements or information (collectively, "forward-looking statements") within the meaning of applicable securities legislation, including Section 27A of the Se ...

Ovintiv (OVV) came out with quarterly earnings of $1.24 per share, beating the Zacks Consensus Estimate of $1.22 per share. This compares to earnings of $0.93 per share a year ago. These figures are adjusted for nonrecurring items. Over the last four quarters, the company has surpassed consensus EPS estimates three times. The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earn ...