Company Announcement - Ovintiv Inc. plans to hold its second quarter 2024 results conference call at 8:00 a.m. MT on July 31, 2024 [4] - The company will release its financial and operating results after market close on July 30, 2024 [4] - Supplemental slides and financial statements will be available on the company's website [4] Investor Relations - Investors can register for the conference call without operator assistance through a provided link [1] - A live audio webcast of the event, including slides, will be available on Ovintiv's website and archived for approximately 90 days [2] - For direct entry to the call by an operator, a toll-free number for North America and an international number are provided [3]

A month has gone by since the last earnings report for Ovintiv (OVV) . Shares have lost about 6.5% in that time frame, underperforming the S&P 500. Will the recent negative trend continue leading up to its next earnings release, or is Ovintiv due for a breakout? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at its most recent earnings report in order to get a better handle on the important catalysts. Ovintiv Q1 Earnings Beat Estimates, Revenues Miss Ovintiv ...

Ovintiv Inc. (OVV) reported first-quarter 2024 adjusted earnings per share (EPS) of $1.44, which beat the Zacks Consensus Estimate of $1.32. The beat can be attributed to lower expenses year over year. However, the bottom line declined from the year-ago level of $1.82 per share. Total revenues of $2.4 billion decreased 7.8% from the year-ago quarter's figure and missed the Zacks Consensus Estimate by 9.9%. This was due to a year-over-year decline in revenues from products and services. OVV's board of direct ...

2024 Guidance and Performance - The company raised its full-year 2024 oil and condensate production guidance to 204-208 Mbbls/d with capital expenditure of $2200-$2400 million[25] - Total production guidance for 2024 is now 560-575 MBOE/d[25] - The company expects a greater than 60% increase in Free Cash Flow in 2024 compared to 2023[25] - First quarter 2024 oil and condensate production was 211 Mbbls/d, and total production was 574 MBOE/d, both above the guidance midpoint[25] - First quarter 2024 capital expenditure was $591 million, below the guidance midpoint[25] Financial Position and Shareholder Returns - The company reported $444 million in Free Cash Flow in 1Q24, representing approximately 13% Free Cash Flow Yield[25] - The company allocated $182 million to share buybacks in 2Q24, representing 50% of post-base dividend Free Cash Flow[31] - The company is reaffirming its commitment to a 10x mid-cycle leverage ratio target of approximately $4 billion in debt[31] - The company's total shareholder return for 2Q24 is approximately $262 million, including $182 million in buybacks and $80 million in base dividend, representing approximately 8% Cash Return Yield[32] - The company's debt stood at $6198 million as of March 31, 2024, with a Debt to Adjusted EBITDA ratio of 13x[4] Operational Highlights - The company has approximately 1650 premium net 10K locations added since 2021, with approximately 2/3 in the Permian Basin[26] - The company has 10-15 years of oil and condensate and greater than 20 years of natural gas inventory[26] - The company achieved a 41% reduction in Scope 1&2 GHG Intensity through YE23, progressing towards a 50% reduction target from 2019 to 2030[17, 16]

Financial Data and Key Metrics Changes - The company reported net earnings of $338 million and free cash flow of $444 million, exceeding consensus estimates [28] - Full year free cash flow expectations have been raised from $1.6 billion to $1.9 billion, approximately $750 million more than last year [11] - The company returned $328 million to shareholders through share buybacks and dividends, representing a competitive cash return yield of approximately 8% [30] Business Line Data and Key Metrics Changes - Oil and condensate volumes averaged 211,000 barrels per day in Q1, with total volumes of 574,000 BOEs per day [52] - The company expects second quarter production to average 560,000 to 575,000 BOEs per day, with oil and condensate volumes of about 207,000 barrels per day at the midpoint [54] - The Montney program remains robust, with gas realized at 103% of NYMEX in Q1, driven by transportation arrangements [59] Market Data and Key Metrics Changes - The company anticipates a program level IRR of more than 60% for Montney, assuming $75 WTI and $2.50 NYMEX gas [3] - The Canadian market is currently about 50% short on condensate, creating premium pricing for the product [124] Company Strategy and Development Direction - The company is focused on generating superior returns on invested capital and maximizing free cash flow, with a disciplined approach to capital allocation [25][62] - The strategy includes a 50:50 allocation of free cash flow between debt reduction and shareholder returns, with a preference for buybacks [17] - The company has added 1,650 premium net 10,000-foot locations to its portfolio, enhancing full cycle returns [52] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the operational efficiencies and the ability to maintain production levels despite market fluctuations [64] - The company plans to maintain a maintenance level of operations in the Montney, with potential for modest growth if market conditions allow [125] - The resolution of a legacy legal matter will result in a one-time recovery of approximately $150 million, which will be used for debt reduction [55][83] Other Important Information - The company added a sixth rig in the Permian and commenced the Anadarko drilling program, expecting capital spending to trend down in the second half of the year [31] - The expiry of the REX pipeline commitment in May will result in about $100 million in savings compared to 2023 [55] Q&A Session Summary Question: Can you elaborate on the Montney progress and plans? - Management highlighted that Montney is gaining attention as a significant oil resource, focusing on the condensate window which sells at premium prices [39] Question: What are the details on the $150 million cash inflow from the asset sale dispute? - The cash inflow is expected in the second half of the year and will be directed towards debt reduction [66][82] Question: How does the Trimulfrac completion scheme compare to traditional methods? - Management confirmed that Trimulfrac has shown no degradation in well performance and offers significant cost savings and efficiency gains [93][94] Question: What is the outlook for capital allocation and buybacks? - The company will continue to evaluate intrinsic value through a mid-cycle lens, currently favoring buybacks as the preferred method for returning capital to shareholders [73] Question: How does the company view the need for hedging as debt decreases? - As the company deleverages, the need for hedging may decrease, but this will be assessed continuously [108]

Ovintiv (OVV) came out with quarterly earnings of $1.44 per share, beating the Zacks Consensus Estimate of $1.32 per share. This compares to earnings of $1.82 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 9.09%. A quarter ago, it was expected that this energy company would post earnings of $1.94 per share when it actually produced earnings of $2.35, delivering a surprise of 21.13%.Over the last four quarters, the company has ...

Commodity Price Risk - The company reported a commodity price risk exposure, with a potential unrealized loss of $120 million for oil prices and $52 million for natural gas prices under a 10% price decrease scenario[268]. - The company’s realized pricing is primarily driven by the prevailing worldwide price for oil and spot market prices for natural gas, indicating significant volatility in revenues[268]. Interest Rate Sensitivity - As of March 31, 2024, the company had $745 million in floating rate revolving credit and term loan borrowings, with a sensitivity of $7 million for each 1% change in interest rates[277]. Foreign Currency Exchange Risk - A 10% fluctuation in foreign currency exchange rates could result in unrealized gains of $124 million or losses of $152 million impacting pre-tax net earnings[275]. - The company has entered into $301 million notional U.S. dollar denominated currency swaps at an average exchange rate of C$1.3622 to US$, maturing monthly through the remainder of 2024[273]. - The company’s capital investment and operational expenses are subject to fluctuations in foreign exchange rates, impacting overall financial results[272]. Market Risk Management - The company is actively managing its exposure to market risks through various derivative financial instruments, including futures and options[268]. Operational Efficiency and Innovation - The company anticipates continued focus on technology and innovation, including advanced drilling techniques, to enhance operational efficiency and production[23]. - The company has outlined expectations for future production and commodity mix, emphasizing the importance of market conditions in strategic planning[23]. ESG Commitment - The company is committed to achieving its stated ESG goals and managing financial ratios to comply with covenants, reflecting a focus on sustainable practices[23].

Exhibit 99.2 Ovintiv Inc. Selected Financial Information (unaudited) For the period ended March 31, 2024 U.S. Dollar / U.S. Protocol Condensed Consolidated Statement of Earnings (unaudited) | | | | Three Months Ended | | | --- | --- | --- | --- | --- | | | | | March 31, | | | (US$ millions, except per share amounts) | | 2024 | | 2023 | | Revenues | | | | | | Product and service revenues | $ | 2,387 | $ | 2,592 | | Gains (losses) on risk management, net | | (54 ) | | (58 ) | | Sublease revenues | | 19 | | 17 ...

DENVER, May 6, 2024 /PRNewswire/ - Ovintiv Inc. (NYSE: OVV) (TSX: OVV) (the "Company") today announced that the following matters, as further described in the Company's Proxy Statement filed on March 21, 2024 (the "Proxy Statement"), were voted upon at its 2024 Annual Meeting of Shareholders held on May 2, 2024. Election of Directors Each director listed in the Proxy Statement was elected as a director of the Company. The results of the vote by ballot were as follows: Shares For Percent Shares Against ...

Investors are always looking for stocks that are poised to beat at earnings season and Ovintiv Inc. (OVV) may be one such company. The firm has earnings coming up pretty soon, and events are shaping up quite nicely for their report.That is because Ovintiv is seeing favorable earnings estimate revision activity as of late, which is generally a precursor to an earnings beat. After all, analysts raising estimates right before earnings — with the most up-to-date information possible — is a pretty good indicator ...