Ovintiv Inc OVV

Multi billions in impairments : is it over ?

[exprohibition18]

For 2020, the Company recorded a net loss of $6.1 billion, or ($23.47) per share of common stock, driven primarily by a non-cash ceiling test impairment of $5,580 million, before-tax, related to the decline in 12-month average trailing commodity prices which reduced SEC proved reserves (see proved reserves table within this release). Non-GAAP operating earnings were $91 million, or $0.35 per share of common stock.

The Company recorded a net loss in the fourth quarter of $614 million, or ($2.36) per share of common stock. Cash from operating activities for the fourth quarter was $719 million and non-GAAP Cash Flow was $692 million.

 

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Thanks for for all your postings regarding OVV !! My question to you is about the proxy issue with private equity gaining seats on the Board with a mandate to reduce expenses and debt while maximizing value with consolidation of properties . Has this caused the current share price increase validating a more profitable future earnings outlook ?  Thanks in advance for your response , ted