NYSE:OVV - Post Discussion
Ovintiv Inc
> Third Quarter 2021 Financial and Operating Results
Post by
Betteryear2 on Nov 02, 2021 8:49pm
Third Quarter 2021 Financial and Operating Results
Strong Third Quarter Free Cash Flow to Enhance Shareholder Returns Through Fourth Quarter Share Buyback Program
Third Quarter Highlights:
- Generated third quarter cash from operating activities of $812 million, non-GAAP cash flow of $845 million and non-GAAP free cash flow of $480 million
- Reduced net debt by $409 million to $4.8 billion; achieved 1.5 times net debt to adjusted EBITDA leverage ratio
- Fully offset inflation during the quarter with operational efficiency gains and supply chain management
- Implemented a new capital allocation framework to increase cash returns to shareholders through share buybacks and/or variable dividends; Company expects to purchase shares equivalent to $111 million during fourth quarter
- Received regulatory approval to purchase, for cancellation, up to 10% of the Company's outstanding shares of common stock over a 12-month period beginning October 1, 2021
- On track to achieve 33% methane intensity reduction target in 2021, four years ahead of schedule
- Committed to establishing a Scope 1&2 greenhouse gas (GHG) emission intensity target tied to 2022 employee compensation
- Announced that as of September 1, 2021, the Company is fully aligned with the World Bank Zero Routine Flaring by 2030 initiative, nine years ahead of the World Bank's target
DENVER, Nov. 2, 2021 /CNW/ - Ovintiv Inc. (NYSE: OVV) (TSX: OVV) today announced its third quarter 2021 financial and operating results. The Company plans to hold a conference call and webcast at 9:00 a.m. MT (11:00 a.m. ET) on November 3, 2021. Please see dial-in details within this release, as well as additional details on the Company's website at www.ovintiv.com.
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