Transaction to Significantly Expand Existing Montney Premium Oil Inventory, Company to Exit Uinta Basin with Asset Sale

Highlights:

Agreement reached to acquire approximately 109,000 net acres and approximately 70 thousand barrels of oil equivalent per day ("MBOE/d") in the core of the Alberta Montney for $2.377 billion (C$3.325 billion)Acquisition will add approximately 900 total net well locations, including approximately 600 premium(1) return well locations and approximately 300 upside locations, extending premium Montney oil and condensate inventory life to approximately 15 yearsExpanded access to additional midstream and downstream infrastructure will enable future oil growth optionalityAgreement reached to divest Uinta assets for proceeds of $2.0 billionCombined transactions are immediately and long-term accretive across all key financial metrics, 2025 Non-GAAP Free Cash Flow expected to increase by approximately $300 million(2) at current commodity strip pricingAnnual cost synergies from the combined transactions are expected to total approximately $125 million(2)Commitment to investment grade balance sheet maintained, ratings agencies expected to affirm investment grade rating and stable outlookNon-GAAP Net Debt of approximately $5.65 billion, as of October 31, 2024

Transaction to Significantly Expand Existing Montney Premium Oil Inventory, Company to Exit Uinta Basin with Asset Sale

Highlights:

Agreement reached to acquire approximately 109,000 net acres and approximately 70 thousand barrels of oil equivalent per day ("MBOE/d") in the core of the Alberta Montney for $2.377 billion (C$3.325 billion)Acquisition will add approximately 900 total net well locations, including approximately 600 premium(1) return well locations and approximately 300 upside locations, extending premium Montney oil and condensate inventory life to approximately 15 yearsExpanded access to additional midstream and downstream infrastructure will enable future oil growth optionalityAgreement reached to divest Uinta assets for proceeds of $2.0 billionCombined transactions are immediately and long-term accretive across all key financial metrics, 2025 Non-GAAP Free Cash Flow expected to increase by approximately $300 million(2) at current commodity strip pricingAnnual cost synergies from the combined transactions are expected to total approximately $125 million(2)Commitment to investment grade balance sheet maintained, ratings agencies expected to affirm investment grade rating and stable outlookNon-GAAP Net Debt of approximately $5.65 billion, as of October 31, 2024

CALGARY, AB, Nov. 14, 2024 /CNW/ - Paramount Resources Ltd. ("Paramount" or the "Company") (TSX: POU) is pleased to announce that it has entered into a purchase and sale agreement (the "Agreement") with Ovintiv Inc. (NYSE: OVV) (TSX: OVV) and one of its wholly-owned subsidiaries (together, "Ovintiv") pursuant to which Ovintiv will acquire Paramount's Karr, Wapiti and Zama properties (the "Assets") for $3.325 billion in cash plus certain Horn River Basin properties of Ovintiv (the "Transaction").

Full Year Production Guidance Increased; Strong Operational Execution and Debt Reduction Continue

Highlights:

Generated net earnings of $507 million, cash from operating activities of $1,022 million, Non-GAAP Cash Flow of $978 million and Non-GAAP Free Cash Flow of $440 million after capital expenditures of $538 millionThird quarter production was above the high-end of the guidance range on every product with average total production volumes of 593 thousand barrels of oil equivalent per day ("MBOE/d"), including 212 thousand barrels per day ("Mbbls/d") of oil and condensate, 93 Mbbls/d of other NGLs (C2 to C4) and 1,725 million cubic feet per day ("MMcf/d") of natural gasReturned $240 million to shareholders through the combination of base dividend payments and share buybacksReduced total debt by $210 million to $5.88 billion, Non-GAAP Debt to Adjusted EBITDA of 1.2 timesRaised full year production guidance range to 583 MBOE/d to 587 MBOE/d, including oil and condensate of 209 Mbbls/d to 211 Mbbls/d and natural gas of 1,700 MMcf/d to 1,715 MMcf/dFull year capital guidance range narrowed to $2.275 billion to $2.325 billion, midpoint unchanged at $2.3 billion

Full Year Production Guidance Increased; Strong Operational Execution and Debt Reduction Continue

Highlights:

Generated net earnings of $507 million, cash from operating activities of $1,022 million, Non-GAAP Cash Flow of $978 million and Non-GAAP Free Cash Flow of $440 million after capital expenditures of $538 millionThird quarter production was above the high-end of the guidance range on every product with average total production volumes of 593 thousand barrels of oil equivalent per day ("MBOE/d"), including 212 thousand barrels per day ("Mbbls/d") of oil and condensate, 93 Mbbls/d of other NGLs (C2 to C4) and 1,725 million cubic feet per day ("MMcf/d") of natural gasReturned $240 million to shareholders through the combination of base dividend payments and share buybacksReduced total debt by $210 million to $5.88 billion, Non-GAAP Debt to Adjusted EBITDA of 1.2 timesRaised full year production guidance range to 583 MBOE/d to 587 MBOE/d, including oil and condensate of 209 Mbbls/d to 211 Mbbls/d and natural gas of 1,700 MMcf/d to 1,715 MMcf/dFull year capital guidance range narrowed to $2.275 billion to $2.325 billion, midpoint unchanged at $2.3 billion

DENVER, Oct. 11, 2024 /PRNewswire/ - Ovintiv Inc. (NYSE: OVV) (TSX: OVV) today announced plans to hold its third quarter 2024 results conference call at 7:00 a.m. MT, on Friday November 8, 2024. The Company plans to release its financial and operating results after market close, Thursday November 7, 2024. In addition to the release, supplemental slides and financial statements will be available on the Company's website, located at www.ovintiv.com.  

To join the conference call without operator assistance, you may register and enter your phone number at https://emportal.ink/3XEGImx to receive an instant automated call back.

DENVER, Oct. 11, 2024 /CNW/ - Ovintiv Inc. (NYSE: OVV) (TSX: OVV) today announced plans to hold its third quarter 2024 results conference call at 7:00 a.m. MT, on Friday November 8, 2024. The Company plans to release its financial and operating results after market close, Thursday November 7, 2024. In addition to the release, supplemental slides and financial statements will be available on the Company's website, located at www.ovintiv.com.  

To join the conference call without operator assistance, you may register and enter your phone number at https://emportal.ink/3XEGImx to receive an instant automated call back.

Company Receives TSX Approval for Renewal of Normal Course Issuer Bid

DENVER, Sept. 26, 2024 /PRNewswire/ - Ovintiv Inc. (NYSE: OVV) (TSX: OVV) today announced it has received regulatory approvals for the renewal of its share buy-back program. This action is consistent with the Company's capital allocation framework, which returns at least 50 percent of post base dividend Non-GAAP Free Cash Flow to shareholders.

The Toronto Stock Exchange ("TSX") has accepted Ovintiv's notice of intention to renew its normal course issuer bid ("NCIB") to purchase up to 25,920,545 common shares during the 12-month period commencing October 3, 2024, and ending October 2, 2025. The number of shares authorized for purchase represents 10 percent of Ovintiv's public float as of September 20, 2024, as calculated pursuant to TSX rules.  Purchases will be made on the open market through the facilities of the TSX, New York Stock Exchange ("NYSE"), other designated exchanges and/or alternative trading systems in Canada and the United States at the market price at the time of acquisition, as well as by other means permitted by stock exchange rules and securities laws including Rule 10b-18 under the Securities Exchange Act of 1934, as amended.

Company Receives TSX Approval for Renewal of Normal Course Issuer Bid

DENVER, Sept. 26, 2024 /CNW/ - Ovintiv Inc. (NYSE: OVV) (TSX: OVV) today announced it has received regulatory approvals for the renewal of its share buy-back program. This action is consistent with the Company's capital allocation framework, which returns at least 50 percent of post base dividend Non-GAAP Free Cash Flow to shareholders.

The Toronto Stock Exchange ("TSX") has accepted Ovintiv's notice of intention to renew its normal course issuer bid ("NCIB") to purchase up to 25,920,545 common shares during the 12-month period commencing October 3, 2024, and ending October 2, 2025. The number of shares authorized for purchase represents 10 percent of Ovintiv's public float as of September 20, 2024, as calculated pursuant to TSX rules.  Purchases will be made on the open market through the facilities of the TSX, New York Stock Exchange ("NYSE"), other designated exchanges and/or alternative trading systems in Canada and the United States at the market price at the time of acquisition, as well as by other means permitted by stock exchange rules and securities laws including Rule 10b-18 under the Securities Exchange Act of 1934, as amended.

Operational Excellence Drives Strong Financial Results; Production Guidance Raised

Highlights:

Generated net earnings of $340 million, cash from operating activities of $1,020 million, Non-GAAP Cash Flow of $1,025 million and Non-GAAP Free Cash Flow of $403 million after capital expenditures of $622 millionSecond quarter production was at the high-end or above the guidance range on every product with average total production volumes of 594 thousand barrels of oil equivalent per day ("MBOE/d"), including 212 thousand barrels per day ("Mbbls/d") of oil and condensate, 92 Mbbls/d of other NGLs (C2 to C4) and 1,740 million cubic feet per day ("MMcf/d") of natural gasReturned $262 million to shareholders through the combination of base dividend payments and share buybacksRaised full year production guidance range to 570 MBOE/d to 580 MBOE/d, including oil and condensate of 207 Mbbls/d to 209 Mbbls/d and natural gas of 1,660 MMcf/d to 1,690 MMcf/dFull year capital guidance range narrowed to $2.25 billion to $2.35 billion, midpoint unchanged at $2.3 billion