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Firm Delivers Report Monetary Outcomes and Vital Stock Additions
Highlights:
Full 12 months 2022
- Generated web earnings of $3.6 billion, money from working actions of $3.9 billion, Non-GAAP Money Movement of $4.1 billion and Non-GAAP Free Money Movement of $2.3 billion after capital expenditures of $1.8 billion
- Lowered whole long-term debt by roughly $1.2 billion; Non-GAAP Debt to Adjusted EBITDA ratio of 0.8 occasions at year-end, down from 1.5 occasions at year-end 2021
- Returned $958 million to shareholders by the mixture of base dividend funds and share buybacks
- Added roughly 450 web premium drilling places by stock renewal program, changing roughly 200% of full-year 2022 web wells turned in line (“TIL”)
- Elevated quarterly dividend funds by 25% to $1.00 per share annualized
- Delivered common annual manufacturing volumes of 510 thousand barrels of oil equal per day (“MBOE/d”), together with 176 thousand barrels per day (“Mbbls/d”) of oil and condensate, 86 Mbbls/d of different NGLs (C2 to C4) and 1,494 million cubic ft per day (“MMcf/d”) of pure fuel; all in step with Firm steerage
Fourth Quarter 2022
- Generated fourth quarter web earnings of $1.3 billion, money from working actions of $875 million, Non-GAAP Money Movement of $895 million and Non-GAAP Free Money Movement of $537 million after capital expenditures of $358 million
- Delivered common quarterly manufacturing volumes of 524 MBOE/d, together with 175 Mbbls/d of oil and condensate, 89 Mbbls/d of different NGLs and 1,561 MMcf/d of pure fuel; all in step with Firm steerage
2023 Outlook
- Introduced 2023 capital program of roughly $2.15 to $2.35 billion, which is anticipated to ship whole manufacturing volumes of 500 to 525 MBOE/d
DENVER, Feb. 27, 2023 /CNW/ – Ovintiv Inc. (NYSE: OVV) (TSX: OVV) (“Ovintiv” or the “Firm”) in the present day introduced its fourth quarter and year-end 2022 monetary and working outcomes. The Firm plans to carry a convention name and webcast at 9:00 a.m. MT (11:00 a.m. ET) on February 28, 2023. Please see dial-in particulars inside this launch, in addition to extra particulars on the Firm’s web site at www.ovintiv.com.
Ovintiv CEO Brendan McCracken mentioned, “2022 was a milestone yr for Ovintiv. At $2.3 billion, our workforce delivered a file Non-GAAP Free Money Movement. We returned almost $1 billion on to our shareholders by our base dividend and share buybacks, we diminished long-term debt by roughly $1.2 billion and we expanded our drilling stock with roughly 450 new premium return places. These outcomes display that our technique is working, and our robust monetary efficiency is translating into sturdy returns for our shareholders.”
Full 12 months and Fourth Quarter 2022 Monetary and Working Outcomes
- The Firm recorded full yr web earnings of $3.6 billion, or $14.08 per diluted share of widespread inventory.
- Fourth quarter web earnings totaled $1.3 billion, or $5.30 per diluted share of widespread inventory.
- Full yr money from working actions was $3.9 billion, Non-GAAP Money Movement was $4.1 billion and capital funding totaled roughly $1.8 billion, leading to $2.3 billion of Non-GAAP Free Money Movement.
- Fourth quarter money from working actions was $875 million, Non-GAAP Money Movement was $895 million and capital funding totaled roughly $358 million, leading to $537 million of Non-GAAP Free Money Movement.
- Common annual whole manufacturing was roughly 510 MBOE/d, together with 176 Mbbls/d of oil and condensate, 86 Mbbls/d of different NGLs and 1,494 MMcf/d of pure fuel.
- Fourth quarter common whole manufacturing was roughly 524 MBOE/d, together with 175 Mbbls/d of oil and condensate, 89 Mbbls/d of different NGLs and 1,561 MMcf/d of pure fuel.
2023 Steerage
The Firm issued the next 2023 steerage:
1Q 2023 |
Full 12 months 2023 |
|
Complete Manufacturing (MBOE/d) |
~500 |
500 – 525 |
Oil & Condensate (Mbbls/d) |
~160 |
165 – 175 |
Different NGLs (Mbbls/d) |
~84 |
80 – 85 |
Pure Fuel (MMcf/d) |
~1,525 |
1,525 – 1,575 |
Capital Funding ($ Thousands and thousands) |
$600 – $650 |
$2,150 – $2,350 |
2023 Outlook
With 2023 capital funding of roughly $2.25 billion on the midpoint, the Firm expects to ship whole manufacturing volumes of 500 to 525 MBOE/d. This vary displays a flat manufacturing program relative to 2022. Through the first half of the yr, Ovintiv plans to deliver wells on-line which have been drilled however uncompleted within the fourth quarter of 2022.This may lead to barely greater capital expenditures within the first half of the yr.
Stock Renewal
Over the yr, the Firm made important additions to its premium drilling stock throughout its asset base. The mix of low-cost bolt-on transactions and natural stock appraisal and evaluation added roughly 450 web premium drilling places, or roughly twice the variety of web wells drilled in 2022 for less than $286 million of acquisition capital. The biggest share of these additions occurred within the Permian asset the place the additions have been all offsetting present firm acreage in Martin, Midland, Upton, and Howard counties.
Returns to Shareholders
Via Ovintiv’s capital allocation framework, the Firm at the moment returns to shareholders 50% of the earlier quarter’s Non-GAAP Free Money Movement after base dividends by share buybacks.
Within the fourth quarter of 2022, the Firm returned roughly $249 million to shareholders by share buybacks totaling roughly $188 million and its base dividend of roughly $61 million.
Full yr shareholder returns totaled roughly $958 million, consisting of share buybacks of roughly $719 million and base dividend funds of roughly $239 million.
Through the yr, Ovintiv bought for cancellation, roughly 14.7 million widespread shares at a mean value of $49.08 per share.
First quarter 2023 shareholder returns are anticipated to whole roughly $300 million, consisting of share buybacks of roughly $238 million and base dividend funds of roughly $61 million, bringing whole direct shareholder returns because the third quarter of 2021 to roughly $1.4 billion, or roughly 9% of widespread shares excellent, assuming the closing share value on February 24, 2023.
Continued Debt Discount
Ovintiv diminished whole long-term debt by roughly $1.2 billion in 2022. This represents roughly $3.3 billion of debt discount since year-end 2020.
At year-end, the Firm had $3.3 billion in whole liquidity, which included out there credit score amenities of $3.5 billion, out there uncommitted demand strains of $195 million, and money and money equivalents of $5 million, web of excellent business paper of $393 million.
As of year-end, Ovintiv remained funding grade rated by 4 credit score rankings companies.
Dividend Declared
On February 27, 2023, Ovintiv’s Board declared a quarterly dividend of $0.25 per share of widespread inventory payable on March 31, 2023, to shareholders of file as of March 15, 2023.
Asset Highlights
Permian
Permian manufacturing averaged 122 MBOE/d (79% liquids) within the fourth quarter. The corporate had 16 web wells TIL.
In 2023, the Firm plans to spend $850 to $950 million within the basin to run a mean of three gross rigs and convey on 70 to 80 web wells.
Montney
Montney manufacturing averaged 216 MBOE/d (21% liquids) within the fourth quarter. The Firm had 11 web wells TIL.
In 2023, the Firm plans to spend $500 to $600 million within the basin to run a mean of 4 gross rigs and convey on 70 to 80 web wells.
Uinta & Bakken
Uinta manufacturing averaged 20 MBOE/d (84% liquids) within the fourth quarter. The Firm had three web wells TIL.
Bakken manufacturing averaged 32 MBOE/d (80% liquids) within the fourth quarter. The Firm had six web wells TIL.
In 2023, the Firm plans to spend $500 to $600 million mixed within the Uinta and Bakken belongings to run a mean of two gross rigs, shared between the performs, to deliver on 40 to 50 web wells.
Anadarko
Anadarko manufacturing averaged 128 MBOE/d (63% liquids) within the fourth quarter. The Firm had eight web wells TIL.
In 2023, the Firm plans to spend $200 to $300 million within the basin to run a mean of 1 gross rig and convey on 25 to 30 web wells.
12 months-Finish 2022 Reserves
SEC proved reserves at year-end 2022 have been 2.3 billion BOE, of which roughly 50% have been liquids and 57% have been proved developed. Complete proved reserves substitute excluding the influence of commodity costs was 135% of 2022 manufacturing. Ovintiv’s reserve life index at year-end was 12.2 years.
NI 51-101 Exemption
The Canadian securities regulatory authorities have issued a choice doc (the “Resolution”) granting Ovintiv exemptive aid from the necessities contained in Canada’s Nationwide Instrument 51-101 Requirements of Disclosure for Oil and Fuel Actions (“NI 51-101”). Because of the Resolution, and supplied that sure circumstances set out within the Resolution are met on an on-going foundation, Ovintiv is not going to be required to adjust to the Canadian necessities of NI 51-101 and the Canadian Oil and Fuel Analysis Handbook and, accordingly, is not going to be required to file Kind 51-101F1 Assertion of Reserves Knowledge and Different Oil and Fuel Info or associated kinds and disclosure as a part of its annual filings. In lieu of such filings, the Resolution permits Ovintiv to offer disclosure in respect of its oil and fuel actions within the kind permitted by, and in accordance with, the authorized necessities imposed by the U.S. Securities and Change Fee (“SEC”), the Securities Act of 1933, the Securities and Change Act of 1934, the Sarbanes-Oxley Act of 2002 and the foundations of the New York Inventory Change. The Resolution additionally offers that Ovintiv is required to file all such oil and fuel disclosures with the Canadian securities regulatory authorities on www.sedar.com as quickly as practicable after such disclosure is filed with the SEC.
For added data, please seek advice from the Fourth Quarter and 12 months-end 2022 Outcomes Presentation out there on Ovintiv’s web site, www.ovintiv.com below Presentations and Events – Ovintiv.
Convention Name Info
A convention name and webcast to debate the Firm’s fourth quarter and year-end outcomes shall be held at 9:00 a.m. MT (11:00 a.m. ET) on February 28, 2023.
To affix the convention name with out operator help, you might register and enter your cellphone quantity at https://bit.ly/3IGLDNX to obtain an immediate automated name again. You can too dial direct to be entered to the decision by an Operator. Please dial 888-664-6383 (toll-free in North America) or 416-764-8650 (worldwide) roughly quarter-hour previous to the decision.
The stay audio webcast of the convention name, together with slides and monetary statements, shall be out there on Ovintiv’s web site, www.ovintiv.com below Traders/Shows and Occasions. The webcast shall be archived for roughly 90 days.
Seek advice from Notice 1 Non-GAAP measures and the tables on this launch for reconciliation to comparable GAAP monetary measures.
Capital Funding and Manufacturing
(for the interval ended December 31) |
4Q 2022 |
4Q 2021 |
2022 |
2021 |
Capital Expenditures (1) ($ thousands and thousands) |
358 |
421 |
1,831 |
1,519 |
Oil (Mbbls/d) |
132.0 |
129.8 |
131.6 |
140.3 |
NGLs – Plant Condensate (Mbbls/d) |
42.7 |
47.8 |
44.0 |
50.9 |
Oil & Plant Condensate (Mbbls/d) |
174.7 |
177.6 |
175.6 |
191.2 |
NGLs – Different (Mbbls/d) |
88.7 |
84.6 |
85.5 |
83.3 |
Complete Liquids (Mbbls/d) |
263.4 |
262.2 |
261.1 |
274.5 |
Pure fuel (MMcf/d) |
1,561 |
1,476 |
1,494 |
1,556 |
Complete manufacturing (MBOE/d) |
523.6 |
508.2 |
510.0 |
533.9 |
(1) Together with capitalized immediately attributable inside prices. |
Fourth Quarter and 12 months-Finish Abstract
(for the interval ended December 31) ($ thousands and thousands, besides as indicated) |
4Q 2022 |
4Q 2021 |
2022 |
2021 |
Money From (Used In) Working Actions Deduct (Add Again): Internet change in different belongings and liabilities Internet change in non-cash working capital |
875
(15) (5) |
740
(18) 17 |
3,866
(57) (187) |
3,129
(39) (41) |
Non-GAAP Money Movement (1) |
895 |
741 |
4,110 |
3,209 |
Non-GAAP Money Movement (1) |
895 |
741 |
4,110 |
3,209 |
Much less: Capital Expenditures (2) |
358 |
421 |
1,831 |
1,519 |
Non-GAAP Free Money Movement (1) |
537 |
320 |
2,279 |
1,690 |
Internet Earnings (Loss) Earlier than Revenue Tax Earlier than-tax (Addition) Deduction: Unrealized achieve (loss) on danger administration Non-operating overseas change achieve (loss) |
1,110
530 10 |
1,382
938 (1) |
3,560
741 (14) |
1,239
(488) (18) |
Adjusted Earnings (Loss) Earlier than Revenue Tax Revenue tax expense (restoration) |
570 342 |
445 115 |
2,833 1,064 |
1,745 451 |
Non-GAAP Adjusted Earnings (1) |
228 |
330 |
1,769 |
1,294 |
(1) Non-GAAP Money Movement, Non-GAAP Free Money Movement and Non-GAAP Adjusted Earnings are non-GAAP measures as outlined in Notice 1. |
(2) Together with capitalized immediately attributable inside prices. |
Realized Pricing Abstract (Together with the influence of realized beneficial properties (losses) on danger administration)
(for the interval ended December 31) |
4Q 2022 |
4Q 2021 |
2022 |
2021 |
Liquids ($/bbl) |
||||
WTI |
82.65 |
77.19 |
94.23 |
67.91 |
Realized Liquids Costs |
||||
Oil |
75.85 |
53.43 |
81.88 |
51.28 |
NGLs – Plant Condensate |
72.01 |
64.04 |
80.74 |
57.33 |
Oil & Plant Condensate |
74.91 |
56.27 |
81.59 |
52.89 |
NGLs – Different |
22.95 |
26.65 |
31.45 |
22.07 |
Complete NGLs |
38.88 |
40.15 |
48.20 |
35.44 |
Pure Fuel |
||||
NYMEX ($/MMBtu) |
6.26 |
5.83 |
6.64 |
3.84 |
Realized Pure Fuel Worth ($/Mcf) |
2.49 |
2.84 |
2.42 |
2.92 |
Price Abstract
(for the yr ended December 31) ($/BOE, besides as indicated) |
2022 |
2021 |
Manufacturing, mineral and different taxes |
2.23 |
1.51 |
Upstream transportation and processing |
8.75 |
7.42 |
Upstream working, excluding long-term incentive prices |
3.99 |
2.94 |
Administrative, excluding long-term incentive, restructuring |
1.39 |
1.55 |
Debt to Capitalization
($ thousands and thousands, besides as indicated) |
December 31, 2022 |
December 31, 2021 |
Lengthy-Time period Debt, together with present portion |
3,570 |
4,786 |
Complete Shareholders’ Fairness |
7,689 |
5,074 |
Capitalization |
11,259 |
9,860 |
Debt to Capitalization |
32 % |
49 % |
Debt to Adjusted Capitalization
($ thousands and thousands, besides as indicated) |
December 31, 2022 |
December 31, 2021 |
Lengthy-Time period Debt, together with present portion |
3,570 |
4,786 |
Complete Shareholders’ Fairness |
7,689 |
5,074 |
Fairness Adjustment for Impairments at December 31, 2011 |
7,746 |
7,746 |
Adjusted Capitalization |
19,005 |
17,606 |
Debt to Adjusted Capitalization (1) |
19 % |
27 % |
(1) Debt to Adjusted Capitalization is a non-GAAP measure as outlined in Notice 1. |
Debt to Adjusted EBITDA
($ thousands and thousands, besides as indicated) |
December 31, 2022 |
December 31, 2021 |
Debt (Lengthy-Time period Debt, together with present portion) |
3,570 |
4,786 |
Internet Earnings (Loss) Add again (deduct): Depreciation, depletion and amortization Accretion of asset retirement obligation Curiosity Unrealized (beneficial properties) losses on danger administration International change (achieve) losses, web Different (beneficial properties) losses, web Revenue tax expense (restoration) |
3,637
1,113 18 311 (741) 15 (33) (77) |
1,416
1,190 22 340 488 (23) (37) (177) |
Adjusted EBITDA |
4,243 |
3,219 |
Debt to Adjusted EBITDA (1) (occasions) |
0.8 |
1.5 |
(1) Debt to Adjusted EBITDA is a non-GAAP measure as outlined in Notice 1. |
12 months-Finish 2022 Reserves Estimates
2022 Proved Reserves Estimates – U.S. Protocols (Internet, After Royalties)(1) |
||||
Utilizing fixed costs and prices; simplified |
Oil (MMbbls) |
NGLs (MMbbls) |
Pure Fuel (Bcf) |
Complete (MMBOE) |
December 31, 2021 Revisions and improved restoration (2) Extensions and discoveries Buy of reserves in place Sale of reserves in place Manufacturing |
558.6 (65.5) 95.2 15.8 (20.8) (48.0) |
604.7 (33.2) 68.5 15.4 (1.3) (47.3) |
6,570 (544) 1,241 88 (22) (545) |
2,258.2 (189.2) 370.6 45.9 (25.7) (186.2) |
December 31, 2022 |
535.3 |
606.9 |
6,789 |
2,273.6 |
(1) Numbers might not add resulting from rounding. |
(2) Modifications in reserve estimates ensuing from utility of improved restoration strategies are included in revisions of earlier estimates. |
Hedge Volumes as of December 31, 2022
Oil and Condensate Hedges ($/bbl) |
1Q 2023 |
2Q 2023 |
3Q 2023 |
4Q 2023 |
WTI 3-Means Choices |
40 Mbbls/d |
40 Mbbls/d |
40 Mbbls/d |
32 Mbbls/d |
Quick Name |
$114.74 |
$112.95 |
$119.01 |
$105.08 |
Lengthy Put |
$65.00 |
$65.00 |
$66.25 |
$65.00 |
Quick Put |
$50.00 |
$50.00 |
$50.00 |
$50.00 |
Pure Fuel Hedges ($/Mcf) |
1Q 2023 |
2Q 2023 |
3Q 2023 |
4Q 2023 |
NYMEX 3-Means Choices Lengthy Put Quick Put |
400 MMcf/d $10.46 $3.88 $2.75 |
400 MMcf/d $4.86 $3.13 $2.25 |
390 MMcf/d $7.72 $3.71 $2.51 |
400 MMcf/d $10.05 $4.00 $3.00 |
Waha Foundation Swaps |
30 MMcf/d ($0.61) |
30 MMcf/d ($0.61) |
30 MMcf/d ($0.61) |
30 MMcf/d ($0.61) |
Malin Foundation Swaps |
50 MMcf/d ($0.26) |
50 MMcf/d ($0.26) |
50 MMcf/d ($0.26) |
50 MMcf/d ($0.26) |
AECO Foundation Swaps |
260 MMcf/d ($1.07) |
260 MMcf/d ($1.07) |
260 MMcf/d ($1.07) |
260 MMcf/d ($1.07) |
AECO % of NYMEX Swaps |
50 MMcf/d 71% |
50 MMcf/d 71% |
50 MMcf/d 71% |
50 MMcf/d 71% |
Worth Sensitivities for WTI Oil (1) ($MM)
WTI Oil Hedge Features (Losses) |
|||||||||
$40 |
$50 |
$60 |
$70 |
$80 |
$90 |
$100 |
$110 |
$120 |
|
1Q 2023 |
$54 |
$54 |
$18 |
$0 |
$0 |
$0 |
$0 |
($14) |
($38) |
2Q 2023 |
$55 |
$55 |
$18 |
$0 |
$0 |
$0 |
$0 |
($15) |
($40) |
3Q 2023 |
$60 |
$60 |
$23 |
$0 |
$0 |
$0 |
$0 |
($4) |
($21) |
4Q 2023 |
$44 |
$44 |
$15 |
$0 |
$0 |
$0 |
$0 |
($15) |
($44) |
(1) Hedge positions and hedge sensitivity estimates as at 12/31/2022. Doesn’t embrace influence of foundation positions. |
Worth Sensitivities for NYMEX Pure Fuel (1) ($MM)
NYMEX Pure Fuel Hedge Features (Losses) |
|||||||||
$1.50 |
$2.00 |
$2.50 |
$3.00 |
$3.50 |
$4.00 |
$4.50 |
$5.00 |
$5.50 |
|
1Q 2023 |
$41 |
$41 |
$41 |
$32 |
$14 |
$0 |
$0 |
$0 |
$0 |
2Q 2023 |
$32 |
$32 |
$23 |
$5 |
$0 |
($1) |
($10) |
($21) |
($35) |
3Q 2023 |
$43 |
$43 |
$39 |
$25 |
$9 |
$0 |
$0 |
$0 |
$0 |
4Q 2023 |
$37 |
$37 |
$37 |
$37 |
$18 |
$0 |
$0 |
$0 |
$0 |
(1) Hedge positions and hedge sensitivity estimates as at 12/31/2022. Doesn’t embrace influence of foundation positions. |
Essential data
Ovintiv studies in U.S. {dollars} until in any other case famous. Manufacturing, gross sales and reserves estimates are reported on an after-royalties foundation, until in any other case famous. Until in any other case specified or the context in any other case requires, references to “Ovintiv,” “we,” “its,” “our” or to “the Firm” contains reference to subsidiaries of and partnership pursuits held by Ovintiv Inc. and its subsidiaries.
Please go to Ovintiv’s web site and Investor Relations web page at www.ovintiv.com and investor.ovintiv.com, the place Ovintiv usually discloses essential details about the Firm, its enterprise, and its outcomes of operations.
NOTE 1: Non-GAAP measures
Sure measures on this information launch shouldn’t have any standardized that means as prescribed by U.S. GAAP and, subsequently, are thought-about non-GAAP measures. These measures might not be corresponding to comparable measures offered by different firms and shouldn’t be seen as an alternative choice to measures reported below U.S. GAAP. These measures are generally used within the oil and fuel business and/or by Ovintiv to offer shareholders and potential traders with extra data concerning the Firm’s liquidity and its potential to generate funds to finance its operations. For added data concerning non-GAAP measures, see the Firm’s web site. This information launch comprises references to non-GAAP measures as follows:
- Non-GAAP Money Movement is a non-GAAP measure outlined as money from (utilized in) working actions excluding web change in different belongings and liabilities, and web change in non-cash working capital.
- Non-GAAP Free Money Movement is a non-GAAP measure outlined as Non-GAAP Money Movement in extra of capital expenditures, excluding web acquisitions and divestitures.
- Non-GAAP Adjusted Earnings is a non-GAAP measure outlined as web earnings (loss) excluding non-cash gadgets that Administration believes reduces the comparability of the Firm’s monetary efficiency between intervals. These things might embrace, however usually are not restricted to, unrealized beneficial properties/losses on danger administration, impairments, non-operating overseas change beneficial properties/losses, and beneficial properties /losses on divestitures. Revenue taxes contains changes to normalize the impact of revenue taxes calculated utilizing the estimated annual efficient revenue tax fee. As well as, any valuation allowances are excluded within the calculation of revenue taxes.
- Debt to Adjusted Capitalization is a non-GAAP measure which adjusts capitalization for historic ceiling check impairments that have been recorded as at December 31, 2011. Administration displays Debt to Adjusted Capitalization as a proxy for the Firm’s monetary covenant below the Credit score Amenities which require debt to adjusted capitalization to be lower than 60 p.c. Adjusted Capitalization incudes debt, whole shareholders’ fairness and an fairness adjustment for cumulative historic ceiling check impairments recorded as at December 31, 2011 along with the Firm’s January 1, 2012 adoption of U.S. GAAP.
- Debt to Adjusted EBITDA is a non-GAAP measure which is calculated as long-term debt, together with the present portion, divided by Adjusted EBITDA. Adjusted EBITDA is outlined as trailing 12-month web earnings (loss) earlier than revenue taxes, depreciation, depletion and amortization, impairments, accretion of asset retirement obligation, curiosity, unrealized beneficial properties/losses on danger administration, overseas change beneficial properties/losses, beneficial properties/losses on divestitures and different beneficial properties/losses. Debt to Adjusted EBITDA is a non-GAAP measure monitored by administration as an indicator of the Firm’s general monetary power.
ADVISORY REGARDING OIL AND GAS INFORMATION – The conversion of pure fuel volumes to barrels of oil equal (BOE) is on the idea of six thousand cubic ft to at least one barrel. BOE relies on a generic power equivalency conversion methodology primarily relevant on the burner tip and doesn’t characterize financial worth equivalency on the wellhead. Readers are cautioned that BOE could also be deceptive, significantly if utilized in isolation.
ADVISORY REGARDING FORWARD-LOOKING STATEMENTS – This information launch comprises forward-looking statements or data (collectively, “forward-looking statements”) throughout the that means of relevant securities laws, together with Part 27A of the Securities Act of 1933, as amended, and Part 21E of the Securities Change Act of 1934, as amended. All statements, aside from statements of historic truth, that relate to the anticipated future actions, plans, methods, targets or expectations of the Firm are forward-looking statements. When used on this information launch, the usage of phrases and phrases together with “anticipates,” “believes,” “proceed,” “may,” “estimates,” “expects,” “centered on,” “forecast,” “steerage,” “intends,” “preserve,” “might,” “alternatives,” “outlook,” “plans,” “potential,” “technique,” “targets,” “will,” “would” and different comparable terminology is meant to establish forward-looking statements, though not all forward-looking statements include such figuring out phrases or phrases. With out limiting the generality of the foregoing, forward-looking statements contained on this information launch embrace: expectations of plans, methods and targets of the Firm, together with anticipated reserves shares; the Firm’s potential to handle price inflation and anticipated price constructions, together with anticipated working, transportation, processing and labor bills; and the outlook of the oil and pure fuel business usually, together with impacts from adjustments to the geopolitical atmosphere.
Though the Firm believes the expectations represented by its forward-looking statements are cheap based mostly on the knowledge out there to it as of the date such statements are made, forward-looking statements are solely predictions and statements of our present beliefs and there might be no assurance that such expectations will show to be right. All forward-looking statements contained on this information launch are made as of the date of this information launch and, besides as required by legislation, the Firm undertakes no obligation to replace publicly or revise any forward-looking statements. The forward-looking statements contained or included by reference on this information launch, and all subsequent forward-looking statements attributable to the Firm, whether or not written or oral, are expressly certified by these cautionary statements.
The reader ought to fastidiously learn the danger elements described within the “Threat Components” and “Administration’s Dialogue and Evaluation of Monetary Situation and Outcomes of Operations” sections of the Firm’s most up-to-date Annual Report on Kind 10-Ok, and in different filings with the SEC, for an outline of sure dangers that would, amongst different issues, trigger precise outcomes to vary from these forward-looking statements. Different unpredictable or unknown elements not mentioned on this information launch may even have materials antagonistic results on forward-looking statements.
SOURCE Ovintiv Inc.
For additional data: Additional data on Ovintiv Inc. is on the market on the Firm’s web site, www.ovintiv.com, or by contacting: Investor contact: (888) 525-0304; Media contact: (403) 645-2252
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