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").

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

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 /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.  

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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.

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.

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.

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

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

DENVER, July 11, 2024 /CNW/ - Ovintiv Inc. (NYSE: OVV) (TSX: OVV) today announced plans to hold its second quarter 2024 results conference call at 8:00 a.m. MT, on Wednesday July 31, 2024. The Company plans to release its financial and operating results after market close, Tuesday July 30, 2024. In addition to the release, supplemental slides and financial statements will be available on the Company's website, located at www.ovintiv.com.

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DENVER, July 11, 2024 /PRNewswire/ - Ovintiv Inc. (NYSE: OVV) (TSX: OVV) today announced plans to hold its second quarter 2024 results conference call at 8:00 a.m. MT, on Wednesday July 31, 2024. The Company plans to release its financial and operating results after market close, Tuesday July 30, 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/3tYoHEZ to receive an instant automated call back.

Strong Shareholder Returns Underpinned by Continued Operational Excellence

Highlights:Generated net earnings of $338 million, cash from operating activities of $659 million, Non-GAAP Cash Flow of $1,035 million and Non-GAAP Free Cash Flow of $444 million after capital expenditures of $591 millionFirst quarter production was at the high-end or above the guidance range on every product with average total production volumes of 574 thousand barrels of oil equivalent per day ("MBOE/d"), including 211 thousand barrels per day ("Mbbls/d") of oil and condensate, 88 Mbbls/d of other NGLs (C2 to C4) and 1,648 million cubic feet per day ("MMcf/d") of natural gasReturned $328 million to shareholders through the combination of base dividend payments and share buybacksRaised full year production guidance to 560 MBOE/d to 575 MBOE/d while leaving capital guidance unchanged at $2.2 billion to $2.4 billionReleased 2023 Sustainability Report on Company website

Strong Shareholder Returns Underpinned by Continued Operational Excellence

Highlights:Generated net earnings of $338 million, cash from operating activities of $659 million, Non-GAAP Cash Flow of $1,035 million and Non-GAAP Free Cash Flow of $444 million after capital expenditures of $591 millionFirst quarter production was at the high-end or above the guidance range on every product with average total production volumes of 574 thousand barrels of oil equivalent per day ("MBOE/d"), including 211 thousand barrels per day ("Mbbls/d") of oil and condensate, 88 Mbbls/d of other NGLs (C2 to C4) and 1,648 million cubic feet per day ("MMcf/d") of natural gasReturned $328 million to shareholders through the combination of base dividend payments and share buybacksRaised full year production guidance to 560 MBOE/d to 575 MBOE/d while leaving capital guidance unchanged at $2.2 billion to $2.4 billionReleased 2023 Sustainability Report on Company website

DENVER, May 6, 2024 /PRNewswire/ - Ovintiv Inc. (NYSE: OVV) (TSX: OVV) (the "Company") today announced that the following matters, as further described in the Company's Proxy Statement filed on March 21, 2024 (the "Proxy Statement"), were voted upon at its 2024 Annual Meeting of Shareholders held on May 2, 2024.

Election of Directors

Each director listed in the Proxy Statement was elected as a director of the Company. The results of the vote by ballot were as follows:

Shares For

Percent

Shares Against

Percent

Abstain

Broker Non-vote

Peter A. Dea

194,581,463

97.01 %

5,980,639

2.98 %

150,878

20,538,660

Sippy Chhina

200,244,944

99.84 %

317,144

0.15 %

150,892

20,538,660

Meg A. Gentle

198,470,251

98.95 %

2,099,327

1.04 %

143,402

20,538,660

Ralph Izzo

195,409,729

97.53 %

4,945,059

2.46 %

358,192

20,538,660

Howard J. Mayson

198,481,795

98.96 %

2,081,815

1.03 %

149,370

20,538,660

Brendan M. McCracken

198,830,113

99.13 %

1,735,065

0.86 %

147,802

20,538,660

Steven W. Nance

198,531,863

98.98 %

2,033,078

1.01 %

148,039

20,538,660

Suzanne P. Nimocks

188,947,158

94.21 %

11,604,010

5.78 %

161,812

20,538,660

George L. Pita

199,317,510

99.38 %

1,240,003

0.61 %

155,467

20,538,660

Thomas G. Ricks

188,827,826

94.24 %

11,525,314

5.75 %

359,840

20,538,660

Brian G. Shaw

197,404,723

98.42 %

3,154,579

1.57 %

153,678

20,538,660

DENVER, May 6, 2024 /CNW/ - Ovintiv Inc. (NYSE: OVV) (TSX: OVV) (the "Company") today announced that the following matters, as further described in the Company's Proxy Statement filed on March 21, 2024 (the "Proxy Statement"), were voted upon at its 2024 Annual Meeting of Shareholders held on May 2, 2024.

Election of Directors

Each director listed in the Proxy Statement was elected as a director of the Company. The results of the vote by ballot were as follows:

DENVER, April 8, 2024 /PRNewswire/ - Ovintiv Inc. (NYSE: OVV) (TSX: OVV) today announced plans to hold its first quarter 2024 results conference call at 9:00 a.m. MT, on Wednesday May 8, 2024. The Company plans to release its financial and operating results after market close, Tuesday May 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.

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DENVER, April 8, 2024 /CNW/ - Ovintiv Inc. (NYSE: OVV) (TSX: OVV) today announced plans to hold its first quarter 2024 results conference call at 9:00 a.m. MT, on Wednesday May 8, 2024. The Company plans to release its financial and operating results after market close, Tuesday May 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/3tPPnb2 to receive an instant automated call back.

Strong 2023 Operational Execution; Enhanced Capital Efficiency Expected in 2024

Highlights:                                                                        

Full Year 2023

Generated net earnings of $2.1 billion, cash from operating activities of $4.2 billion, Non-GAAP Cash Flow of $3.9 billion and Non-GAAP Free Cash Flow of $1.2 billion after capital expenditures of $2.7 billionExceeded high end of full year production guidance on every product with average total volumes of 566 thousand barrels of oil equivalent per day ("MBOE/d"), including 202 thousand barrels per day ("Mbbls/d") of oil and condensate, 90 Mbbls/d of other NGLs (C2 to C4) and 1,642 million cubic feet per day ("MMcf/d") of natural gasReturned $733 million to shareholders through the combination of base dividend payments and share buybacksAcquired and seamlessly integrated high-quality Permian assets comprising approximately 65,000 net acres of largely undeveloped land directly adjacent to the Company's existing Permian operationsClosed the sale of the Company's Bakken assets, representing Ovintiv's exit from the playAnnounced the Company's inclusion on the S&P 400 index effective June 20, 2023