Ovintiv Inc. (OVV) Q3 Results - Aug 9

dan_s · Post by **dan_s** » Wed Nov 09, 2022 8:40 am

Ovintiv Reports Third Quarter 2022 Financial and Operating Results
Tue, November 8, 2022 at 4:00 PM

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 < My adjusted operating cash flow forecast was $1,112 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 < My full year production forecast was 506.3 MBoepd.

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 < This is close to 10% of their current outstanding shares.

Delivered third quarter total production of 516 MBOE/d, at the high end of Company guidance < Compares to my Q3 forecast of 508 MBoepd.

DENVER, Nov. 8, 2022 /CNW/ - 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.
---------------------
I will update my forecast/valuation model for OVV this afternoon.