OvintivNYSE: OVV

OVV acquires premium Montney assets and sells Uinta holdings, boosting its oil production capacity and strengthening cash flows.

Ovintiv said on Thursday it would acquire certain oil assets located in the Montney formation in Canada from Paramount Resources for about $2.38 billion in an all-cash deal.

Transaction to Significantly Expand Existing Montney Premium Oil Inventory,  Company to Exit Uinta Basin with Asset Sale Highlights: 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, extending premium Montney oil and condensate inventory life to approximately 15 years Expanded access to additional midstream and downstream infrastructure will enable future oil growth optionality Agreement reached to divest Uinta assets for proceeds of $2.0 billion Combined transactions are immediately and long-term accretive across all key financial metrics, 2025 Non-GAAP Free Cash Flow expected to increase by approximately $300 million (2) at current commodity strip pricing Annual cost synergies from the combined transactions are expected to total approximately $125 million (2) Commitment to investment grade balance sheet maintained, ratings agencies expected to affirm investment grade rating and stable outlook Non-GAAP Net Debt of approximately $5.65 billion, as of October 31, 2024 DENVER , Nov. 14, 2024 /PRNewswire/ - Ovintiv Inc. (NYSE: OVV) (TSX: OVV) ("Ovintiv" or the "Company") today announced it has entered into a definitive purchase agreement to acquire certain Montney assets (the "assets") from Paramount Resources Ltd. ("Paramount"), in an all-cash transaction valued at approximately $2.377 billion (C$3.325 billion).

Ovintiv Inc. has a history of value destruction and mediocre management decisions. Q3-2024 results showed strong metrics and cash flow, but future guidance appears lackluster. We prefer Devon Energy, Chord Energy, and Veren Inc. over Ovintiv today.

Start Time: 09:00 January 1, 0000 9:32 AM ET Ovintiv Inc. (NYSE:OVV ) Q3 2024 Results Conference Call November 08, 2024, 09:00 AM ET Company Participants Brendan McCracken - President and CEO Corey Code - EVP and CFO Greg Givens - EVP and COO Jason Verhaest - IR Conference Call Participants Gabe Daoud - TD Cowen Neal Dingmann - Truist Securities Neil Mehta - Goldman Sachs Doug Leggate - Wolfe Research Kalei Akamine - Bank of America Arun Jayaram - JPMorgan Geoff Jay - Daniel Energy Partners Operator Good day, ladies and gentlemen, and thank you for standing by. Welcome to Ovintiv's 2024 Third Quarter Results Conference Call.

Full Year Production Guidance Increased; Strong Operational Execution and Debt Reduction Continue Highlights: Generated net earnings of $507 million, cash from operating activities of $1,022 million, Non-GAAP Cash Flow of $978 million and Non-GAAP Free Cash Flow of $440 million after capital expenditures of $538 million Third quarter production was above the high-end of the guidance range on every product with average total production volumes of 593 thousand barrels of oil equivalent per day ("MBOE/d"), including 212 thousand barrels per day ("Mbbls/d") of oil and condensate, 93 Mbbls/d of other NGLs (C2 to C4) and 1,725 million cubic feet per day ("MMcf/d") of natural gas Returned $240 million to shareholders through the combination of base dividend payments and share buybacks Reduced total debt by $210 million to $5.88 billion, Non-GAAP Debt to Adjusted EBITDA of 1.2 times Raised full year production guidance range to 583 MBOE/d to 587 MBOE/d, including oil and condensate of 209 Mbbls/d to 211 Mbbls/d and natural gas of 1,700 MMcf/d to 1,715 MMcf/d Full year capital guidance range narrowed to $2.275 billion to $2.325 billion, midpoint unchanged at $2.3 billion DENVER , Nov. 7, 2024 /PRNewswire/ - Ovintiv Inc. (NYSE: OVV) (TSX: OVV) ("Ovintiv" or the "Company") today announced its third quarter 2024 financial and operating results. The Company plans to hold a conference call and webcast at 7:00 a.m.

Ovintiv (OVV) doesn't possess the right combination of the two key ingredients for a likely earnings beat in its upcoming report. Get prepared with the key expectations.

DENVER , Oct. 11, 2024 /PRNewswire/ - Ovintiv Inc. (NYSE: OVV) (TSX: OVV) today announced plans to hold its third quarter 2024 results conference call at 7:00 a.m. MT, on Friday November 8, 2024.

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.