Ovintiv Inc

OVV

Equity

ISIN US69047Q1022 / Valor 52098619

New York Stock Exchange, Inc (2024-12-26)

USD 38.69-0.18%

Ovintiv Inc
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About company

Ovintiv Inc. is a longstanding player in the North American oil and natural gas industry, tracing its origins back to the late 19th century when natural gas was first discovered by workers drilling for water in Alberta, Canada. Over the years, the company has been at the forefront of technological innovation in the sector, pioneering the use of slant drilling techniques in the late 20th century and later embracing horizontal drilling to unlock unconventional resources deep within tight sands and shales. Ovintiv has been instrumental in the development and refinement of these techniques, notably transferring horizontal drilling methods from Texas to Canada and back, significantly enhancing resource extraction efficiency. The company's approach to drilling, particularly its "cube" development strategy, involves drilling multiple layers of resources simultaneously from a single large pad, setting a new standard for the industry. With a focus on operational excellence, a multi-basin portfolio, and disciplined capital allocation, Ovintiv aims to maintain its leadership position and drive growth in the oil and natural gas markets.

Summarized from source with an LLMView SourceSector: Energy

Net Earnings

In the third quarter of 2024, Ovintiv Inc. reported net earnings of $507 million, or $1.92 per diluted share. This figure includes net gains of $150 million related to the settlement of a legacy asset disposition and net gains on risk management in revenues of $128 million before tax.

Cash Flow and Capital Investment

Ovintiv Inc. generated cash from operating activities amounting to $1,022 million in Q3 2024. The Non-GAAP Cash Flow was $978 million, and after capital expenditures of approximately $538 million, the Non-GAAP Free Cash Flow stood at $440 million.

Production Volumes

During the third quarter of 2024, Ovintiv Inc.'s average total production volumes were approximately 593 thousand barrels of oil equivalent per day (MBOE/d). This included 212 thousand barrels per day (Mbbls/d) of oil and condensate, 93 Mbbls/d of other NGLs, and 1,725 million cubic feet per day (MMcf/d) of natural gas.

Debt Reduction

Ovintiv Inc. reduced its total debt by $210 million during the third quarter of 2024, bringing it down to $5.88 billion. The company's Non-GAAP Debt to Adjusted EBITDA ratio was reported at 1.2 times, reflecting its focus on maintaining a strong balance sheet.

Shareholder Returns

In Q3 2024, Ovintiv Inc. returned $240 million to shareholders through a combination of base dividend payments and share buybacks. The company purchased approximately 3.7 million shares of common stock for $162 million and paid dividends totaling $78 million.

Summarized from source with an LLMView Source

Key figures

-14.5%1Y

19.2%3Y

66.1%5Y

Performance

30.0%1Y

46.1%3Y

85.4%5Y

Volatility