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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Ovintiv Inc | NYSE:OVV | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.12 | 0.23% | 53.26 | 53.47 | 52.64 | 53.01 | 1,139,323 | 00:19:15 |
DENVER, March 9, 2020 /CNW/ - Ovintiv Inc. (NYSE, TSX: OVV) today provided additional information related to its strong capital structure and liquidity. In addition, the Company has great flexibility to quickly adapt operations to changing market conditions.
"In addition to our liquidity, we have substantial operational flexibility and a track record of driving cost reductions across the business," said CEO Doug Suttles. "We will be reducing our near-term capital spending to ensure we maintain free cash neutrality in the current market conditions. When combined with cost savings, we are confident that we can do this while maintaining the scale of our business."
Balance Sheet & Liquidity:
Hedging position protects cash flow:
Recent U.S. Shelf Registration Filing:
The Company expects to finalize and communicate on its response plan in the coming days.
Hedge Volumes as of December 31, 2019:
Natural Gas Hedges | 2020 | Oil & Condensate Hedges | 2020 | |
Total Benchmark Hedges | 1,188 MMcf/d | Total Benchmark Hedges | 165 Mbbls/d | |
Benchmark Hedges ($/Mcf) | Benchmark Hedges ($/bbl) | |||
NYMEX Swaps | 803 MMcf/d | WTI Swaps | 70 Mbbls/d | |
NYMEX 3-Way Options | 330 MMcf/d | WTI 3-Way Options | 80 Mbbls/d | |
NYMEX Costless Collars | 55 MMcf/d | WTI Costless Collars | 15 Mbbls/d | |
Basis Hedges ($/Mcf) | Basis Hedges ($/bbl) | |||
AECO Basis Swaps | 349 MMcf/d | WTI / Midland Swaps | 8 Mbbls/d | |
WAHA Basis Swaps | 105 MMcf/d |
ADVISORY REGARDING FORWARD-LOOKING STATEMENTS – This news release contains certain forward-looking statements or information (collectively, "FLS") within the meaning of applicable securities legislation, including the United States Private Securities Litigation Reform Act of 1995. FLS include: ability to reduce near term investments; strength of balance sheet; value of hedge book and quality of counterparties; efficiency of operations; reduction in cash costs; ability to draw on credit facilities and other forms of liquidity; and intentions regarding issuing debt or equity under the shelf. These assumptions include: future commodity prices and differentials; data contained in key modeling statistics; enforceability of risk management program; and expectations and projections made in light of the Company's historical experience. Risks and uncertainties include: ability to generate sufficient cash flow to meet obligations; commodity price volatility; ability to secure adequate transportation and potential pipeline curtailments; business interruption or unexpected technical difficulties; counterparty and credit risk; impact of changes in credit rating and access to liquidity; risks in marketing operations; and other risks and uncertainties as described in the Company's Annual Report on Form 10-K and as described from time to time in its other periodic filings as filed on SEDAR and EDGAR. Although the Company believes such FLS are reasonable, there can be no assurance they will prove to be correct. The above assumptions, risks and uncertainties are not exhaustive. FLS are made as of the date hereof and, except as required by law, the Company undertakes no obligation to update or revise any FLS.
Further information on Ovintiv Inc. is available on the Company's website, www.ovintiv.com, or by contacting:
Investor contact: | Media contact: |
View original content to download multimedia:http://www.prnewswire.com/news-releases/ovintiv-reiterates-strong-capital-structure-significant-liquidity-and-operational-flexibility-301020217.html
SOURCE Ovintiv Inc.
Copyright 2020 Canada NewsWire
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