Complete Occasion Manufacturing Steering Higher; Sturdy Operational Execution and Debt Aid Proceed

Highlights:

• Generated internet profits of $507 million, coins from working actions of $1,022 million, Non-GAAP Money Wave of $978 million and Non-GAAP Detached Money Wave of $440 million nearest capital expenditures of $538 million
• 3rd quarter manufacturing was once above the high-end of the steering dimension on each product with reasonable general manufacturing volumes of 593 thousand barrels of oil similar in keeping with generation (“MBOE/d”), together with 212 thousand barrels in keeping with generation (“Mbbls/d”) of oil and condensate, 93 Mbbls/d of alternative NGLs (C2 to C4) and 1,725 million cubic ft in keeping with generation (“MMcf/d”) of herbal fuel
• Returned $240 million to shareholders during the mixture of bottom dividend bills and proportion buybacks
• Decreased general debt by means of $210 million to $5.88 billion, Non-GAAP Debt to Adjusted EBITDA of one.2 occasions
• Raised complete day manufacturing steering dimension to 583 MBOE/d to 587 MBOE/d, together with oil and condensate of 209 Mbbls/d to 211 Mbbls/d and herbal fuel of one,700 MMcf/d to at least one,715 MMcf/d
• Complete day capital steering dimension 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”) as of late introduced its 3rd quarter 2024 monetary and working effects. The Corporate plans to reserve a convention name and webcast at 7:00 a.m. MT (09:00 a.m. ET) on November 8, 2024. The following dial-in main points inside of this reduce, in addition to supplementary main points at the Corporate’s site at www.ovintiv.com beneath Presentations and Events – Ovintiv.

“Our third quarter results continued to build on our strong track record of operational and financial execution,” mentioned Ovintiv President and CEO, Brendan McCracken. “Once again, we exceeded the high end of our production guidance and raised our targets for full year volumes. Our teams continue to be focused on delivering leading returns at the bottom line and I’m pleased to see our third quarter free cash flow move even higher than the second quarter, even though commodity prices were lower.”

3rd Quarter 2024 Monetary and Running Effects

• The Corporate recorded internet profits of $507 million, or $1.92 in keeping with diluted proportion of habitual hold. Incorporated in internet profits had been internet beneficial properties of $150 million indistinguishable to the agreement of a legacy asset disposition and internet beneficial properties on chance control in revenues of $128 million, ahead of tax.
• Money from working actions was once $1,022 million, Non-GAAP Money Wave was once $978 million and capital funding totaled roughly $538 million, to bring about $440 million of Non-GAAP Detached Money Wave.
• 3rd quarter reasonable general manufacturing volumes had been roughly 593 MBOE/d, together with 212 Mbbls/d of oil and condensate, 93 Mbbls/d of alternative NGLs (C2 to C4) and 1,725 MMcf/d of herbal fuel.
• Upstream working expense was once $4.17 in keeping with barrel of oil similar (“BOE”). Upstream transportation and processing prices had been $7.31 in keeping with BOE. Manufacturing, mineral and alternative taxes had been $1.56 in keeping with BOE, or 4.9% of upstream earnings. Those prices had been underneath the low-end of steerage on a mixed foundation.
• Except the have an effect on of hedges, 3rd quarter reasonable discovered costs had been $72.00 in keeping with barrel for oil and condensate (96% of WTI), $18.13 in keeping with barrel for alternative NGLs (C2-C4) and $1.29 in keeping with thousand cubic ft (“Mcf”) for herbal fuel (60% of NYMEX) to bring about a complete reasonable discovered worth of $32.41 in keeping with BOE.
• Together with the have an effect on of hedges, 3rd quarter reasonable discovered costs had been $72.00 in keeping with barrel for oil and condensate (96% of WTI), $18.33 in keeping with barrel for alternative NGLs (C2-C4) and $1.88 in keeping with Mcf for herbal fuel (87% of NYMEX) to bring about a complete reasonable discovered worth of $34.17 in keeping with BOE.

Steering

The Corporate issued its fourth quarter 2024 steering and raised its complete day manufacturing steering life narrowing the dimension for complete day capital funding round an unchanged midpoint. Complete day manufacturing volumes are anticipated to reasonable 583 to 587 MBOE/d, with complete day capital funding of $2.275 billion to $2.325 billion.

Returns to Shareholders

Ovintiv remainder dedicated to its capital allocation framework, which returns no less than 50% of put up bottom dividend Non-GAAP Detached Money Wave to shareholders thru buybacks and/or variable dividends.

Within the 3rd quarter of 2024, the Corporate bought for cancellation, roughly 3.7 million stocks of habitual hold for attention of roughly $162 million and paid dividends of $0.30 in keeping with proportion of habitual hold totaling $78 million. Percentage buybacks within the fourth quarter are anticipated to general roughly $181 million.

Persisted Stability Sheet Focal point

Ovintiv had roughly $3.3 billion in general liquidity as of September 30, 2024, which integrated to be had credit score amenities of $3.4 billion, to be had uncommitted call for strains of $232 million, and coins and coins equivalents of $9 million, internet of remarkable business paper of $324 million.

General long-term debt together with the wave portion was once $5.88 billion as of September 30, 2024. Debt aid all the way through the 3rd quarter totaled roughly $210 million. Within the fourth quarter, Ovintiv expects to obtain coins of roughly $150 million from the agreement of a legacy asset disposition. Those proceeds shall be allotted fully to debt compensation.

The Corporate remainder dedicated to supporting a robust stability sheet and is lately rated funding grade by means of 4 credit standing businesses. Ovintiv maintains a long-term leverage goal of one.0 occasions Non-GAAP Debt to Adjusted EBITDA at mid-cycle costs, with an related long-term general debt goal of $4.0 billion.

As of the tip of the 3rd quarter, Ovintiv reported Non-GAAP Debt to EBITDA of one.1 occasions and Non-GAAP Debt to Adjusted EBITDA of one.2 occasions.

Dividend Declared

On November 7, 2024, Ovintiv’s Board declared a quarterly dividend of $0.30 in keeping with proportion of habitual hold payable on December 31, 2024, to shareholders of document as of December 13, 2024.

Asset Highlights 

Permian

Permian manufacturing averaged 207 MBOE/d (80% liquids) within the 3rd quarter. The Corporate had 32 internet wells grew to become in order (“TIL”). Ovintiv plans to speculate roughly $1.35 to $1.45 billion within the play games in 2024 in order on 120 to 130 internet wells.

Montney  

Montney manufacturing averaged 245 MBOE/d (19% liquids) within the 3rd quarter. The Corporate had 11 internet wells TIL. Ovintiv plans to speculate roughly $425 to $475 million within the play games in 2024 in order on 60 to 70 internet wells.

Uinta

Uinta manufacturing averaged 37 MBOE/d (85% liquids) within the 3rd quarter. The Corporate had 11 internet wells TIL. Ovintiv plans to speculate roughly $300 to $350 million within the play games in 2024 in order on 25 to 30 internet wells.

Anadarko

Anadarko manufacturing averaged 103 MBOE/d (57% liquids) within the 3rd quarter. The Corporate had 9 internet wells TIL all the way through the quarter. Ovintiv plans to speculate roughly $100 to $125 million within the play games in 2024 in order on seven to 10 internet wells.

Convention Name Knowledge

A convention name and webcast to talk about the Corporate’s 3rd quarter effects shall be held at 7:00 a.m. MT (09:00 a.m. ET) on November 8, 2024.

To tie the convention name with out operator support, chances are you’ll sign in and input your telephone quantity at https://emportal.ink/3XEGImx to obtain an fast automatic name again. You’ll be able to additionally dial direct to be entered to the decision by means of an Operator. Please dial 888-510-2154 (toll-free in North The usa) or 437-900-0527 (global) roughly quarter-hour previous to the decision.

The are living audio webcast of the convention name, together with slides and fiscal statements, shall be to be had on Ovintiv’s site, www.ovintiv.com beneath Traders/Displays and Occasions. The webcast shall be archived for roughly 90 days.

Please see Observe 1 Non-GAAP measures and the tables on this reduce for reconciliation to related GAAP monetary measures. 

Capital Funding and Manufacturing

3rd Quarter Monetary Abstract

Discovered Pricing Abstract (Together with the have an effect on of discovered beneficial properties (losses) on chance control)

Value Abstract

Debt to EBITDA ⁽¹⁾

Debt to Adjusted EBITDA ⁽¹⁾

Hedge Main points as of September 30, 2024

Notable data

Ovintiv studies in U.S. bucks except in a different way famous. Manufacturing, gross sales and reserves estimates are reported on an after-royalties foundation, except in a different way famous. Except in a different way specified or the context in a different way calls for, references to “Ovintiv,” “we,” “its,” “our” or to “the Company” contains connection with subsidiaries of and partnership pursuits held by means of Ovintiv Inc. and its subsidiaries.

Please discuss with Ovintiv’s site and Investor Family members web page at www.ovintiv.com and investor.ovintiv.com, the place Ovintiv continuously discloses notable details about the Corporate, its industry, and its result of operations.

NI 51-101 Exemption

The Canadian securities regulatory government have issued a call record (the “Decision”) granting Ovintiv exemptive ease from the necessities contained in Canada’s Nationwide Software 51-101 Requirements of Disclosure for Oil and Gasoline Actions (“NI 51-101”).  Because of the Resolution, and only if sure statuses move ahead within the Resolution are met on an on-going foundation, Ovintiv is probably not required to conform to the Canadian necessities of NI 51-101 and the Canadian Oil and Gasoline Analysis Guide. The Resolution lets in Ovintiv to handover disclosure in recognize of its oil and fuel actions within the mode accepted by means of, and in keeping with, the felony necessities imposed by means of the U.S. Securities and Change Fee (“SEC”), the Securities Work of 1933, the Securities and Change Work of 1934, the Sarbanes-Oxley Work of 2002 and the principles of the NYSE. The Resolution additionally supplies that Ovintiv is needed to document all such oil and fuel disclosures with the Canadian securities regulatory government on www.sedar.com once practicable nearest such disclosure is filed with the SEC.

NOTE 1: Non-GAAP Measures   

Sure measures on this information reduce wouldn’t have any standardized that means as prescribed by means of U.S. GAAP and, due to this fact, are regarded as non-GAAP measures. Those measures will not be related to homogeneous measures offered by means of alternative corporations and will have to now not be considered as an alternative to measures reported beneath U.S. GAAP. Those measures are frequently old within the oil and fuel business and/or by means of Ovintiv to handover shareholders and doable buyers with supplementary data in regards to the Corporate’s liquidity and its talent to generate price range to finance its operations. For supplementary data referring to non-GAAP measures, see the Corporate’s site. This information reduce comprises references to non-GAAP measures as follows:

• Non-GAAP Money Wave is a non-GAAP measure outlined as coins from (old in) working actions with the exception of internet alternate in alternative belongings and liabilities, and internet alternate in non-cash operating capital.
• Non-GAAP Detached Money Wave is a non-GAAP measure outlined as Non-GAAP Money Wave in profusion of capital expenditures, with the exception of internet acquisitions and divestitures.
• Non-GAAP Adjusted Profits is a non-GAAP measure outlined as internet profits (loss) with the exception of non-cash pieces that the Corporate’s control believes reduces the comparison of the Corporate’s monetary efficiency between classes. This stuff might come with, however don’t seem to be restricted to, unrealized beneficial properties/losses on chance control, impairments, non-operating foreign currency beneficial properties/losses, and beneficial properties/losses on divestitures. Source of revenue taxes contains changes to normalize the impact of source of revenue taxes calculated the usage of the estimated annual efficient source of revenue tax price. As well as, any valuation allowances are excluded within the calculation of source of revenue taxes.
• Adjusted EBITDA, Debt to EBITDA and Debt to Adjusted EBITDA (Leverage Goal/Ratio) are non-GAAP measures. EBITDA is outlined as trailing 12-month internet profits (loss) ahead of source of revenue taxes, depreciation, depletion and amortization, and passion. Adjusted EBITDA is EBITDA adjusted for impairments, accretion of asset resignation legal responsibility, unrealized beneficial properties/losses on chance control, foreign currency beneficial properties/losses, beneficial properties/losses on divestitures and alternative beneficial properties/losses. Debt to EBITDA is calculated as long-term debt, together with the wave portion, divided by means of EBITDA. Debt to Adjusted EBITDA is calculated as long-term debt, together with the wave portion, divided by means of Adjusted EBITDA. Adjusted EBITDA, Debt to EBITDA and Debt to Adjusted EBITDA are non-GAAP measures monitored by means of control as signs of the Corporate’s general monetary energy.

ADVISORY REGARDING OIL AND GAS INFORMATION – The conversion of herbal fuel volumes to barrels of oil similar (BOE) is at the foundation of six thousand cubic ft to 1 barrel. BOE is according to a generic power equivalency conversion form basically appropriate on the burner tip and does now not constitute financial worth equivalency on the wellhead. Readers are cautioned that BOE is also deceptive, in particular if old in isolation.

ADVISORY REGARDING FORWARD-LOOKING STATEMENTS – This information reduce comprises forward-looking statements or data (jointly, “forward-looking statements”) inside the that means of appropriate securities law, together with Category 27A of the Securities Work of 1933, as amended, and Category 21E of the Securities Change Work of 1934, as amended. All statements, except for for statements of ancient truth, that relate to the expected age actions, plans, methods, goals or expectancies of the Corporate, together with 3rd quarter and financial day 2024 steering and anticipated unfastened coins wave, the expectancy of handing over sustainable sturdy returns to shareholders in age years, plans referring to proportion buybacks and debt aid, and the expected timing of bringing wells on-line, are forward-looking statements. When old on this information reduce, the usefulness of phrases and words together with “anticipates,” “believes,” “continue,” “could,” “estimates,” “expects,” “focused on,” “forecast,” “guidance,” “intends,” “maintain,” “may,” “opportunities,” “outlook,” “plans,” “potential,” “strategy,” “targets,” “will,” “would” and alternative homogeneous terminology are meant to spot forward-looking statements, despite the fact that now not all forward-looking statements include such figuring out phrases or words. Readers are cautioned in opposition to unduly depending on forward-looking statements which, are according to wave expectancies and by means of their nature, contain diverse guesses which might be topic to each recognized and unknown dangers and uncertainties (lots of that are past our keep an eye on) that can reason such statements to not happen, or untouched effects to range materially and/or adversely from the ones expressed or implied. Those guesses come with, with out limitation:  age commodity costs and foundation differentials; the power of the Corporate to get entry to credit score amenities, debt and fairness markets and alternative resources of liquidity to capitaltreasury operations or acquisitions and top debt; the provision of sexy commodity or monetary hedges and the enforceability of chance control methods; the Corporate’s talent to seize and guard beneficial properties in productiveness and potency; the power for the Corporate to generate coins returns and kill on its proportion buyback plan; expectancies of plans, methods and goals of the Corporate, together with expected manufacturing volumes and capital funding; the Corporate’s talent to top price inflation and anticipated price buildings, together with anticipated working, transportation, processing and exertions bills; the outlook of the oil and herbal fuel business usually, together with affects from adjustments to the geopolitical atmosphere; and projections made in sunny of, and usually in keeping with, the Corporate’s ancient revel in and its belief of ancient business traits; and the alternative guesses contained herein.

Even if the Corporate believes the expectancies represented by means of its forward-looking statements are cheap according to the ideas to be had to it as of the while such statements are made, forward-looking statements are most effective predictions and statements of our wave ideals and there may also be negative word of honour that such expectancies will turn out to be proper. All forward-looking statements contained on this information reduce are made as of the while of this information reduce and, except for as required by means of regulation, the Corporate undertakes negative legal responsibility to replace publicly; revise or book wave any forward-looking statements. The forward-looking statements contained or integrated by means of reference on this information reduce, and all next forward-looking statements as a consequence of the Corporate, whether or not written or oral, are expressly certified by means of those cautionary statements.

The reader will have to in moderation learn the chance components described within the “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” categories of the Corporate’s most up-to-date Annual File on Mode 10-Ok, Quarterly File on Mode 10-Q, and in alternative filings with the SEC or Canadian securities regulators, for an outline of sure dangers that would, amongst alternative issues, reason untouched effects to range from those forward-looking statements. Alternative unpredictable or unknown components now not mentioned on this information reduce may even have subject material antagonistic results on forward-looking statements.

Additional data on Ovintiv Inc. is to be had at the Corporate’s site, www.ovintiv.com, or by means of contacting:

SOURCE Ovintiv Inc.

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