2022 Total Production Guidance Increased;
Strong Returns to Shareholders and Net Debt Reduction
Continue
Highlights:
- Generated third quarter net earnings of $1.19 billion, Non-GAAP Cash Flow of $948 million and Non-GAAP Free Cash Flow of
$437 million
- Returned $387 million to
shareholders in the third quarter via share buybacks and base
dividends
- Reduced Net Debt by $294 million
during the third quarter; $991
million of Net Debt reduction year to date
- Repurchased approximately $504
million of its senior notes in the open market during the
third quarter; this will result in interest savings of
approximately $30 million
annually
- Increased full year 2022 total production guidance by five
thousand barrels of oil equivalent per day ("MBOE/d") to 505 to 515
MBOE/d
- Closed the previously announced divestitures of certain Uinta
and Bakken assets
- Received regulatory approval for the renewal of the Company's
Normal Course Issuer Bid ("NCIB") program, which enables Ovintiv to
purchase, for cancellation or return to treasury, up to
approximately 25 million shares of common stock until October 2, 2023
- Delivered third quarter total production of 516 MBOE/d, at
the high end of Company guidance
DENVER, Nov. 8, 2022 /PRNewswire/ - Ovintiv Inc.
(NYSE: OVV) (TSX: OVV) ("Ovintiv" or the "Company") today announced
its third quarter 2022 financial and operating results. The Company
plans to hold a conference call and webcast at 8:00 a.m. MT (10:00 a.m.
ET) on November 9, 2022.
Please see dial-in details within this release, as well as
additional details on the Company's website at www.ovintiv.com.
"Our strong results in the third quarter highlight our continued
execution across the business and demonstrate that our strategy
continues to generate superior returns and substantial free cash
flow," said Ovintiv President and CEO, Brendan McCracken. "We have now bought back more
than 5% of our shares outstanding and the combination of our strong
portfolio, leading capital efficiency, and disciplined capital
allocation is set to see us deliver durable cash returns that are
higher than our E&P peers and the broader S&P 500."
Third Quarter 2022 Financial and Operating Results
- The Company reported net earnings of $1.19 billion after-tax, or $4.63 per diluted share in the third quarter.
- Third quarter cash from operating activities was $962 million, Non-GAAP Cash Flow was $948 million and capital investment totaled
$511 million, resulting in
$437 million of Non-GAAP Free Cash
Flow.
- Third quarter total production was 516 MBOE/d, including 179
thousand barrels per day ("Mbbls/d") of oil and condensate, 87
Mbbls/d of other NGLs and 1,500 million cubic feet per day
("MMcf/d") of natural gas.
- Total Costs were $17.16 per
barrel of oil equivalent ("BOE"). Per unit costs were higher in the
quarter due to higher electricity costs associated with
higher-than-expected NYMEX natural gas prices and timing of
activity related to discretionary workovers.
- Excluding the impact of risk management losses, third quarter
average realized prices were $90.29
per barrel for oil and condensate (99% of WTI), $31.49 per barrel for other NGLs (C2-C4) and
$6.60 per thousand cubic feet ("Mcf")
for natural gas (80% of NYMEX) resulting in a total average
realized price of $55.83 per
BOE.
2022 Guidance
Ovintiv's full year capital
investment is expected to total approximately $1.8 billion, at the high end of the previous
capital guidance range. Total BOE volumes have increased to
505 to 515 MBOE/d, reflecting strong new well production
performance from the Montney.
Fourth quarter and full year 2022 oil and condensate production
volumes have been adjusted to include the expected impact of
production clean-up on returning oil volumes following the
resolution of line pressure issues in the Anadarko and the
decision to delay the completion of certain wells across the U.S.
assets to preserve capital discipline. Full year total cost
guidance remains unchanged. The guidance assumes commodity prices
of $80/bbl for WTI oil and
$7/Mcf for NYMEX natural
gas for the fourth quarter.
|
4Q
2022
|
FY
2022
|
Capital Investment
($ Millions)
|
$300 –
$350
|
~$1,800
|
Total Production
(MBOE/d)
|
515 –
525
|
505 –
515
|
Oil &
Condensate (Mbbls/d)
|
172 –
175
|
174 –
176
|
Other NGLs
(Mbbls/d)
|
87 –
89
|
84 –
86
|
Natural Gas
(MMcf/d)
|
1,525 –
1,575
|
1,480 –
1,510
|
Total Costs
(1) ($/MBOE)
|
$16.00 –
$16.50
|
$16.35 –
$16.60
|
1)
|
Total Costs is a
non-GAAP measure as defined in Note 1. Total Costs per BOE is
calculated using whole dollars and volumes.
|
Returns to Shareholders
In July
2022, Ovintiv increased its returns to shareholders from 25%
to 50% of the previous quarter's Non-GAAP Free Cash Flow after base
dividends through share buybacks.
In the third quarter of 2022, the Company delivered
approximately $387 million to
shareholders through its base dividend of approximately
$62 million and share buybacks
totaling approximately $325 million.
Fourth quarter shareholder returns are expected to total
approximately $250 million,
consisting of share buybacks of approximately $188 million and base dividend payments of
approximately $62 million, bringing
total direct shareholder returns since the third quarter of 2021 to
approximately $1.14 billion.
Share Buyback Program
During the third quarter,
Ovintiv purchased for cancellation, approximately 6.7 million
shares of common stock outstanding for a total consideration of
approximately $325 million. As of
September 30, 2022, the Company's
2022 share repurchases totaled approximately 11.2 million shares of
common stock at an average price of $47.55 per share, for a total of $531 million. Ovintiv has allocated approximately
$188 million, or 50% of third quarter
non-GAAP Free Cash Flow after base dividends, to share repurchases
in the fourth quarter.
In September, the Company received regulatory approval for the
renewal of its NCIB share repurchase program. This enables the
Company to purchase, for cancellation or return to treasury, up to
approximately 25 million shares of common stock (10% of common
shares outstanding) until October 2,
2023. Using a November 4,
2022, closing price of $53.41,
and assuming the repurchase of 25 million shares, the 2023 NCIB
program would have a cash outlay of approximately $1.3 billion. In the event the Company meets its
share repurchase limitation under the NCIB, it has the option to
pursue alternative methods to repurchase additional shares.
Dividend Declared
On November
8, 2022, Ovintiv's Board declared a quarterly dividend of
$0.25 per share of common stock
payable on December 30, 2022, to
shareholders of record as of December 15,
2022.
Continued Focus on Balance Sheet Strength and Debt
Reduction
Ovintiv remains committed to reducing Net Debt. At
the end of the third quarter, Ovintiv's Net Debt was approximately
$3.6 billion, down $991 million since the start of the year, and Net
Debt to Adjusted EBITDA was 0.9 times.
During the nine months ended September
30, 2022, the Company repurchased approximately $565 million in principal amount of its senior
notes in the open market, which included approximately $229 million in principal amount of its 5.375
percent senior notes due in January
2026, approximately $151
million in principal amount of its 6.5 percent senior notes
due in August 2034, approximately
$72 million in principal amount of
its 6.625 percent senior notes due in August
2037, approximately $58
million in principal amount of its 6.5 percent senior notes
due in February 2038 and
approximately $55 million in
principal amount of its 5.15 percent senior notes due in
November 2041.
As of September 30, 2022, the
Company had $3.4 billion in total
liquidity which included available credit facilities of
$3.5 billion, available uncommitted
demand lines of $296 million, and
cash and cash equivalents of $18
million, net of outstanding commercial paper of $440 million.
Non-Core Asset Sales
In July
2022, Ovintiv announced it had reached agreements with two
counterparties to sell portions of its assets located in the Uinta
and Bakken basins. Both transactions closed during the third
quarter. As of April 2022, the
combined volumes from the divested assets totaled approximately 5.0
MBOE/d, including 4.9 Mbbls/d of oil and condensate.
Asset Highlights
Permian
Permian production averaged 116 MBOE/d (79%
liquids) in the third quarter. The Company averaged three gross
rigs, drilled 18 net wells, and had 21 net wells turned in line
(TIL).
The Company plans to spend $650 to
$700 million in the basin in
2022.
Anadarko
Anadarko production averaged 129
MBOE/d (63% liquids) in the third quarter. The Company
averaged two gross rigs, drilled 13 net wells, and had 16 net wells
TIL.
The Company plans to spend $350 to
$400 million in the basin in
2022.
Montney
Montney production averaged 210 MBOE/d (23%
liquids) in the third quarter. The Company averaged two gross rigs,
drilled 12 net wells, and had 21 net wells TIL.
The Company plans to spend $300 to
$350 million in the basin in
2022.
For additional information, please refer to the third quarter
2022 Results Presentation at:
https://investor.ovintiv.com/presentations-events.
Conference Call Information
A conference call and
webcast to discuss the Company's third quarter results will be held
at 8:00 a.m. MT (10:00 a.m. ET) on November
9, 2022. To participate in the call, please dial
888-664-6383 (toll-free in North
America) or 416-764-8650 (international) approximately 15
minutes prior to the conference call. The live audio webcast of the
conference call, including slides, supplemental information and
financial statements, will be available on Ovintiv's website,
www.ovintiv.com under Investors/Presentations and Events. The
webcast will be archived for approximately 90 days.
Refer to Note 1 Non-GAAP measures and the tables in this
release for reconciliation to comparable GAAP financial
measures.
Capital Investment and Production
(for the three months
ended September 30)
|
3Q 2022
|
3Q 2021
|
Capital Expenditures
(1) ($ millions)
|
511
|
365
|
Oil
(Mbbls/d)
|
133.4
|
136.8
|
NGLs – Plant
Condensate (Mbbls/d)
|
46.0
|
51.9
|
Oil & Plant
Condensate (Mbbls/d)
|
179.4
|
188.7
|
NGLs – Other
(Mbbls/d)
|
86.9
|
84.9
|
Total Liquids
(Mbbls/d)
|
266.3
|
273.6
|
Natural Gas
(MMcf/d)
|
1,500
|
1,566
|
Total Production
(MBOE/d)
|
516.3
|
534.7
|
(1) Including
capitalized directly attributable internal costs.
|
Third Quarter 2022 Summary
(for the three
months ended September 30)
($ millions,
except as indicated)
|
3Q 2022
|
3Q 2021
|
Cash From (Used In)
Operating Activities
Deduct (Add
Back):
Net change
in other assets and liabilities
Net change
in non-cash working capital
Current
tax on sale of assets
|
962
(17)
31
-
|
812
(10)
(23)
-
|
Non-GAAP Cash Flow
(1)
|
948
|
845
|
Non-GAAP Cash Flow
Margin (1) ($/BOE)
|
19.96
|
17.17
|
|
|
|
Non-GAAP Cash
Flow (1)
|
948
|
845
|
Less: Capital
Expenditures (2)
|
511
|
365
|
Non-GAAP Free Cash
Flow (1)
|
437
|
480
|
|
|
|
Net Earnings (Loss)
Before Income Tax
Before-tax (Addition)
Deduction:
Unrealized gain (loss)
on risk management
Restructuring
charges
Non-operating foreign
exchange gain (loss)
Gain (loss) on debt
retirement
|
1,274
710
-
(20)
(21)
|
(71)
(579)
(2)
(11)
-
|
Adjusted Net Earnings
(Loss) Before Income Tax
Income tax expense
(recovery)
|
605
236
|
521
130
|
Non-GAAP Operating
Earnings (1)
|
369
|
391
|
(1)
|
Non-GAAP Cash Flow,
Non-GAAP Cash Flow Margin, Non-GAAP Free Cash Flow and Non-GAAP
Operating Earnings are non-GAAP measures as defined in Note
1.
|
(2)
|
Including capitalized
directly attributable internal costs.
|
Realized Pricing Summary
(for the three months
ended September 30)
|
3Q 2022
|
3Q 2021
|
Liquids
($/bbl)
|
|
|
WTI
|
91.55
|
70.56
|
Realized Liquids
Prices (1)
|
|
|
Oil
|
81.74
|
53.31
|
NGLs – Plant
Condensate
|
75.73
|
59.34
|
Oil & Plant
Condensate
|
80.20
|
54.97
|
NGLs –
Other
|
31.49
|
23.86
|
Total
NGLs
|
46.81
|
37.31
|
|
|
|
Natural
Gas
|
|
|
NYMEX
($/MMBtu)
|
8.20
|
4.01
|
Realized Natural Gas
Price (1) ($/Mcf)
|
1.85
|
3.02
|
(1) Prices
include the impact of realized gain (loss) on risk
management.
|
Total Costs
(for the three months
ended September 30)
($ millions, except as
indicated)
|
3Q 2022
|
3Q 2021
|
Total Operating
Expenses
|
2,176
|
1,789
|
Deduct (Add
Back):
|
|
|
Market optimization
operating expenses
|
1,021
|
808
|
Corporate & other
operating expenses
|
-
|
1
|
Depreciation,
depletion and amortization
|
291
|
297
|
Accretion of asset
retirement obligation
|
4
|
5
|
Long-term incentive
costs
|
44
|
31
|
Restructuring and
legal costs
|
-
|
6
|
Current expected
credit losses
|
-
|
-
|
Total Costs
(1)
|
816
|
641
|
Divided by:
|
|
|
Production Volumes
(MMBOE)
|
47.5
|
49.2
|
Total Costs
(1) ($/BOE)
|
17.16
|
13.03
|
Drivers Included in
Total Costs
(1) ($/BOE)
|
|
|
Production, mineral
and other taxes
|
2.29
|
1.57
|
Upstream
transportation and processing
|
8.99
|
7.17
|
Upstream operating,
excluding long-term incentive costs
|
4.49
|
2.85
|
Administrative,
excluding long-term incentive, restructuring
and legal costs, and current expected credit losses
|
1.39
|
1.44
|
Total Costs
(1) ($/BOE)
|
17.16
|
13.03
|
(1)
|
Total Costs is a
non-GAAP measure as defined in Note 1. Total Costs per BOE is
calculated using whole dollars and volumes.
|
Debt to Adjusted Capitalization
($ millions, except as
indicated)
|
September 30,
2022
|
December 31,
2021
|
Long-Term Debt,
including current portion
|
3,618
|
4,786
|
Total Shareholders'
Equity
|
6,550
|
5,074
|
Equity Adjustment for
Impairments at December 31, 2011
|
7,746
|
7,746
|
Adjusted
Capitalization
|
17,914
|
17,606
|
Debt to Adjusted
Capitalization (1)
|
20 %
|
27 %
|
(1)
|
Debt to Adjusted
Capitalization is a non-GAAP measure as defined in Note
1.
|
Hedge Volumes (1) as of September 30, 2022
Oil and Condensate
Hedges ($/bbl)
|
4Q
2022
|
1Q
2023
|
2Q
2023
|
3Q
2023
|
4Q
2023
|
WTI Swaps
Swap Price
|
5 Mbbls/d
$60.16
|
-
|
-
|
-
|
-
|
WTI 3-Way Options
Short Call
Long Put
Short Put
|
75 Mbbls/d
$70.79
$60.82
$49.33
|
40 Mbbls/d
$114.74
$65.00
$50.00
|
40 Mbbls/d
$112.95
$65.00
$50.00
|
29 Mbbls/d
$123.47
$66.72
$50.00
|
-
|
|
|
|
|
|
|
Natural Gas Hedges
($/Mcf)
|
4Q
2022
|
1Q
2023
|
2Q
2023
|
3Q
2023
|
4Q
2023
|
NYMEX Swaps
Swap Price
|
365 MMcf/d
$2.60
|
-
|
-
|
-
|
-
|
NYMEX 3-Way Options
Short Call
Long Put
Short Put
|
410 MMcf/d
$3.01
$2.75
$2.00
|
400 MMcf/d
$10.46
$3.88
$2.75
|
400 MMcf/d
$4.86
$3.13
$2.25
|
390 MMcf/d
$7.72
$3.71
$2.51
|
100 MMcf/d
$12.19
$4.00
$3.00
|
NYMEX Costless
Collars
Short Call
Long Put
|
200 MMcf/d
$2.85
$2.55
|
-
|
-
|
-
|
-
|
NYMEX Short Call
Options
Sold Call
Strike
|
330 MMcf/d
$2.38
|
-
|
-
|
-
|
-
|
Waha Basis
Swaps
Swap Price
|
30 MMcf/d
(0.67)
|
30 MMcf/d
(0.61)
|
30 MMcf/d
(0.61)
|
30 MMcf/d
(0.61)
|
30 MMcf/d
(0.61)
|
AECO Basis
Swaps
Swap Price
|
-
|
260 MMcf/d
($1.07)
|
260 MMcf/d
($1.07)
|
260 MMcf/d
($1.07)
|
260 MMcf/d
($1.07)
|
AECO % NYMEX
Swaps
|
200 MMcf/d
63%
|
50 MMcf/d
71%
|
50 MMcf/d
71%
|
50 MMcf/d
71%
|
50 MMcf/d
71%
|
1)
|
Ovintiv also manages
other key market basis differential risks for gas, oil, and
condensate
|
Price Sensitivities for WTI Oil (1) ($MM)
WTI Oil Hedge Gains
(Losses)
|
|
$40
|
$50
|
$60
|
$70
|
$80
|
$90
|
$100
|
$110
|
$120
|
4Q 2022
|
$89
|
$75
|
$11
|
($14)
|
($73)
|
($146)
|
($220)
|
($293)
|
($367)
|
2023
|
$153
|
$153
|
$54
|
$0
|
$0
|
$0
|
$0
|
($29)
|
($86)
|
(1)
|
Hedge sensitivity
estimates based on hedge positions as at 09/30/2022. Does not
include impact of other hedge contract positions.
|
Price Sensitivities for NYMEX Natural Gas (1)
($MM)
NYMEX Natural Gas
Hedge Gains (Losses)
|
|
$2.00
|
$3.00
|
$4.00
|
$5.00
|
$6.00
|
$7.00
|
$8.00
|
$9.00
|
$10.00
|
4Q 2022
|
$59
|
($35)
|
($155)
|
($275)
|
($395)
|
($515)
|
($635)
|
($755)
|
($875)
|
2023
|
$125
|
$71
|
($1)
|
($21)
|
($50)
|
($88)
|
($141)
|
($208)
|
($279)
|
(1)
|
Hedge sensitivity
estimates based on hedge positions as at 09/30/2022. Does not
include impact of other hedge contract positions.
|
Important information
Unless otherwise noted, Ovintiv
reports in U.S. dollars and production, sales and reserves
estimates are reported on an after-royalties basis. Unless
otherwise specified or the context otherwise requires, references
to Ovintiv or to the Company includes reference to subsidiaries of
and partnership interests held by Ovintiv Inc. and its
subsidiaries.
NOTE 1: Non-GAAP measures
Certain measures in this news release do not have any
standardized meaning as prescribed by U.S. GAAP and, therefore, are
considered non-GAAP measures. These measures may not be comparable
to similar measures presented by other companies and should not be
viewed as a substitute for measures reported under U.S. GAAP. These
measures are commonly used in the oil and gas industry and/or by
Ovintiv to provide shareholders and potential investors with
additional information regarding the Company's liquidity and its
ability to generate funds to finance its operations. For additional
information regarding non-GAAP measures, see the Company's website.
This news release contains references to non-GAAP measures as
follows:
- Non-GAAP Cash Flow is a non-GAAP measure defined as
cash from (used in) operating activities excluding net change in
other assets and liabilities, net change in non-cash working
capital and current tax on sale of assets.
- Non-GAAP Cash Flow Margin is a non-GAAP measure
defined as Non-GAAP Cash Flow per BOE of production.
- Non-GAAP Free Cash Flow is a non-GAAP measure
defined as Non-GAAP Cash Flow in excess of capital expenditures,
excluding net acquisitions and divestitures.
- Non-GAAP Operating Earnings is a non-GAAP measure
defined as net earnings excluding non-recurring or non-cash items
that Management believes reduces the comparability of the Company's
financial performance between periods. These items may include, but
are not limited to, unrealized gains/losses on risk management,
impairments, restructuring charges, non-operating foreign exchange
gains/losses, gains/losses on divestitures and
gains/losses debt retirement. Income taxes includes
adjustments to normalize the effect of income taxes calculated
using the estimated annual effective income tax rate. In addition,
any valuation allowances are excluded in the calculation of income
taxes.
- Total Costs is a non-GAAP measure which includes
the summation of production, mineral and other taxes, upstream
transportation and processing expense, upstream operating expense
and administrative expense, excluding the impact of long-term
incentive, restructuring and legal costs, and current expected
credit losses. It is calculated as total operating expenses
excluding non-upstream operating costs and non-cash items which
include operating expenses from the Market Optimization and
Corporate and Other segments, depreciation, depletion and
amortization, impairments, accretion of asset retirement
obligation, long-term incentive, restructuring and legal costs, and
current expected credit losses. When presented on a per BOE basis,
Total Costs is divided by production volumes. Management believes
this measure is useful to the Company and its investors as a
measure of operational efficiency across periods.
- Net Debt is defined as long-term debt, including
the current portion, less cash and cash equivalents. Adjusted
EBITDA is defined as trailing 12-month net earnings (loss)
before income taxes, DD&A, impairments, accretion of asset
retirement obligation, interest, unrealized gains/losses on risk
management, foreign exchange gains/losses, gains/losses on
divestitures and other gains/losses. Net Debt to Adjusted
EBITDA is a non-GAAP measure monitored by management as an
indicator of the Company's overall financial strength.
- Debt to Adjusted Capitalization is a non-GAAP measure
which adjusts capitalization for historical ceiling test
impairments that were recorded as at December 31, 2011. Management monitors Debt to
Adjusted Capitalization as a proxy for the Company's financial
covenant under the Credit Facilities which require debt to adjusted
capitalization to be less than 60 percent. Adjusted Capitalization
includes debt, total shareholders' equity and an equity adjustment
for cumulative historical ceiling test impairments recorded as at
December 31, 2011, in conjunction
with the Company's January 1, 2012
adoption of U.S. GAAP.
ADVISORY REGARDING OIL AND GAS INFORMATION – The
conversion of natural gas volumes to barrels of oil equivalent
(BOE) is on the basis of six thousand cubic feet to one barrel. BOE
is based on a generic energy equivalency conversion method
primarily applicable at the burner tip and does not represent
economic value equivalency at the wellhead. Readers are cautioned
that BOE may be misleading, particularly if used in isolation. The
term "liquids" is used to represent oil, NGLs and condensate. The
term "condensate" refers to plant condensate.
ADVISORY REGARDING FORWARD-LOOKING STATEMENTS – This news
release contains forward-looking statements or information
(collectively, "forward-looking statements") within the meaning of
applicable securities legislation, including Section 27A of the
Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. All statements,
except for statements of historical fact, that relate to the
anticipated future activities, plans, strategies, objectives or
expectations of the Company are forward-looking statements.
When used in this news release, the use of words and phrases
including "anticipates," "believes," "continue," "could,"
"estimates," "expects," "focused on," "forecast," "guidance,"
"intends," "maintain," "may," "opportunities," "outlook," "plans,"
"potential," "strategy," "targets," "will," "would" and other
similar terminology is intended to identify forward-looking
statements, although not all forward-looking statements contain
such identifying words or phrases. Readers are cautioned
against unduly relying on forward-looking statements which are
based on current expectations and, by their nature, involve
numerous assumptions that are subject to both known and unknown
risks and uncertainties (many of which are beyond our control) that
may cause such statements not to occur, or actual results to differ
materially and/or adversely from those expressed or implied.
These assumptions include, without limitation: future commodity
prices and basis differentials; the ability of the Company to
access credit facilities and capital markets; future foreign
exchange rates; the Company's ability to capture and maintain gains
in productivity and efficiency; data contained in key modeling
statistics; availability of attractive commodity or financial
hedges; benefits from technology and innovation; assumed tax,
royalty and regulatory regimes; expectations and projections made
in light of the Company's historical experience; and the other
assumptions contained herein. Risks and uncertainties that
may affect the Company's financial or operating performance
include: market and commodity price volatility; uncertainties,
costs and risks involved in our operations, including hazards and
risks incidental to both the drilling and completion of wells and
the production, transportation, marketing and sale of oil, NGL and
natural gas; availability of equipment, services, resources and
personnel required to perform the Company's operating activities;
service or material cost inflation; our ability to generate
sufficient cash flow to meet our obligations and reduce debt; the
impact of a pandemic, epidemic or other widespread outbreak of an
infectious disease (such as the ongoing COVID-19
pandemic) on commodity prices and the Company's operations;
our ability to secure adequate transportation and storage for oil,
NGL and natural gas; interruptions to oil, NGL and natural gas
production; discretion of the Company's Board of Directors to
declare and pay dividends; the timing and costs associated with
drilling and completing wells; business interruption, property and
casualty losses (including weather related losses) and the extent
to which insurance covers any such losses; counterparty and credit
risk; the actions of members of OPEC and other state-controlled oil
companies with respect to oil, NGLs and natural gas production; the
impact of changes in our credit rating and access to liquidity;
changes in political or economic conditions in the United States and Canada; risks associated with technology,
including electronic, cyber and physical security breaches; changes
in royalty, tax, environmental, GHG, carbon, accounting and other
laws or regulations or the interpretations thereof; our ability to
timely obtain environmental or other necessary government permits
or approvals; risks associated with existing and potential lawsuits
and regulatory actions; risks related to the purported causes and
impact of climate change; the impact of disputes arising with our
partners; the Company's ability to acquire or find additional oil
and natural gas reserves; imprecision of oil and natural gas
reserves estimates and estimates of recoverable quantities; risks
associated with past and future acquisitions or divestitures; our
ability to repurchase the Company's outstanding shares of common
stock; the existence of alternative uses for the Company's cash
resources which may be superior to the payment of dividends or
share repurchases; land, legal, regulatory and ownership
complexities inherent in the U.S., Canada; failure to achieve or maintain our
cost and efficiency initiatives; risks and uncertainties described
in "Risk Factors" and "Management's Discussion and Analysis of
Financial Condition and Results of Operations" sections of the
Company's most recent Annual Report on Form 10-K and Quarterly
Report on Form 10-Q; and other risks and uncertainties impacting
the Company's business as described from time to time in the
Company's filings with the SEC or Canadian securities
regulators.
Further information on Ovintiv Inc. is available on the
Company's website, www.ovintiv.com, or by contacting:
Investor
contact:
(888)
525-0304
|
|
|
Media
contact:
(403)
645-2252
|
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SOURCE Ovintiv Inc.