Company Delivers Record Financial Results and Significant
Inventory Additions
Highlights:
Full Year 2022
- Generated net earnings of $3.6
billion, cash from operating activities of $3.9 billion, Non-GAAP Cash Flow of $4.1 billion and Non-GAAP Free Cash Flow of
$2.3 billion after capital
expenditures of $1.8 billion
- Reduced total long-term debt by approximately $1.2 billion; Non-GAAP Debt to Adjusted EBITDA
ratio of 0.8 times at year-end, down from 1.5 times at year-end
2021
- Returned $958 million to
shareholders through the combination of base dividend payments and
share buybacks
- Added approximately 450 net premium drilling locations through
inventory renewal program, replacing approximately 200% of
full-year 2022 net wells turned in line ("TIL")
- Increased quarterly dividend payments by 25% to $1.00 per share annualized
- Delivered average annual production volumes of 510 thousand
barrels of oil equivalent per day ("MBOE/d"), including 176
thousand barrels per day ("Mbbls/d") of oil and condensate, 86
Mbbls/d of other NGLs (C2 to C4) and 1,494 million cubic feet per
day ("MMcf/d") of natural gas; all in line with Company
guidance
Fourth Quarter 2022
- Generated fourth quarter net earnings of $1.3 billion, cash from operating activities of
$875 million, Non-GAAP Cash Flow of
$895 million and Non-GAAP Free Cash
Flow of $537 million after capital
expenditures of $358 million
- Delivered average quarterly production volumes of 524 MBOE/d,
including 175 Mbbls/d of oil and condensate, 89 Mbbls/d of other
NGLs and 1,561 MMcf/d of natural gas; all in line with Company
guidance
2023 Outlook
- Announced 2023 capital program of approximately $2.15 to $2.35
billion, which is expected to deliver total production
volumes of 500 to 525 MBOE/d
DENVER, Feb. 27,
2023 /PRNewswire/ - Ovintiv Inc. (NYSE: OVV) (TSX:
OVV) ("Ovintiv" or the "Company") today announced its fourth
quarter and year-end 2022 financial and operating results. The
Company plans to hold a conference call and webcast at 9:00 a.m. MT (11:00 a.m.
ET) on February 28, 2023.
Please see dial-in details within this release, as well as
additional details on the Company's website at www.ovintiv.com.
Ovintiv CEO Brendan McCracken
said, "2022 was a milestone year for Ovintiv. At $2.3 billion, our team delivered a record
Non-GAAP Free Cash Flow. We returned nearly $1 billion directly to our shareholders through
our base dividend and share buybacks, we reduced long-term debt by
approximately $1.2 billion and we
expanded our drilling inventory with approximately 450 new premium
return locations. These results demonstrate that our strategy is
working, and our strong financial performance is translating into
durable returns for our shareholders."
Full Year and Fourth Quarter 2022 Financial and Operating
Results
- The Company recorded full year net earnings of $3.6 billion, or $14.08 per diluted share of common stock.
- Fourth quarter net earnings totaled $1.3
billion, or $5.30 per diluted
share of common stock.
- Full year cash from operating activities was $3.9 billion, Non-GAAP Cash Flow was $4.1 billion and capital investment totaled
approximately $1.8 billion, resulting
in $2.3 billion of Non-GAAP Free Cash
Flow.
- Fourth quarter cash from operating activities was $875 million, Non-GAAP Cash Flow was $895 million and capital investment totaled
approximately $358 million, resulting
in $537 million of Non-GAAP Free Cash
Flow.
- Average annual total production was approximately 510 MBOE/d,
including 176 Mbbls/d of oil and condensate, 86 Mbbls/d of other
NGLs and 1,494 MMcf/d of natural gas.
- Fourth quarter average total production was approximately 524
MBOE/d, including 175 Mbbls/d of oil and condensate, 89 Mbbls/d of
other NGLs and 1,561 MMcf/d of natural gas.
2023 Guidance
The Company issued the following 2023
guidance:
|
1Q
2023
|
Full Year
2023
|
Total Production
(MBOE/d)
|
~500
|
500 -
525
|
Oil &
Condensate (Mbbls/d)
|
~160
|
165 -
175
|
Other NGLs
(Mbbls/d)
|
~84
|
80 -
85
|
Natural Gas
(MMcf/d)
|
~1,525
|
1,525 –
1,575
|
Capital Investment
($ Millions)
|
$600 -
$650
|
$2,150 -
$2,350
|
2023 Outlook
With 2023 capital investment of
approximately $2.25 billion at the
midpoint, the Company expects to deliver total production volumes
of 500 to 525 MBOE/d. This range reflects a flat production program
relative to 2022. During the first half of the year, Ovintiv plans
to bring wells online which were drilled but uncompleted in the
fourth quarter of 2022.This will result in slightly higher capital
expenditures in the first half of the year.
Inventory Renewal
Over the year, the Company made
significant additions to its premium drilling inventory across its
asset base. The combination of low-cost bolt-on transactions and
organic inventory appraisal and assessment added approximately 450
net premium drilling locations, or approximately twice the number
of net wells drilled in 2022 for only $286
million of acquisition capital. The largest share of those
additions occurred in the Permian asset where the additions were
all offsetting existing company acreage in Martin, Midland,
Upton, and Howard counties.
Returns to Shareholders
Through Ovintiv's capital
allocation framework, the Company currently returns to shareholders
50% of the previous quarter's Non-GAAP Free Cash Flow after base
dividends through share buybacks.
In the fourth quarter of 2022, the Company returned
approximately $249 million to
shareholders through share buybacks totaling approximately
$188 million and its base dividend of
approximately $61 million.
Full year shareholder returns totaled approximately $958 million, consisting of share buybacks of
approximately $719 million and base
dividend payments of approximately $239
million.
During the year, Ovintiv purchased for cancellation,
approximately 14.7 million common shares at an average price of
$49.08 per share.
First quarter 2023 shareholder returns are expected to total
approximately $300 million,
consisting of share buybacks of approximately $238 million and base dividend payments of
approximately $61 million, bringing
total direct shareholder returns since the third quarter of 2021 to
approximately $1.4 billion, or
approximately 9% of common shares outstanding, assuming the closing
share price on February 24, 2023.
Continued Debt Reduction
Ovintiv reduced total
long-term debt by approximately $1.2
billion in 2022. This represents approximately $3.3 billion of debt reduction since year-end
2020.
At year-end, the Company had $3.3
billion in total liquidity, which included available credit
facilities of $3.5 billion, available
uncommitted demand lines of $195
million, and cash and cash equivalents of $5 million, net of outstanding commercial paper
of $393 million.
As of year-end, Ovintiv remained investment grade rated by four
credit ratings agencies.
Dividend Declared
On February
27, 2023, Ovintiv's Board declared a quarterly dividend of
$0.25 per share of common stock
payable on March 31, 2023, to
shareholders of record as of March 15,
2023.
Asset Highlights
Permian
Permian production averaged 122 MBOE/d (79%
liquids) in the fourth quarter. The company had 16 net wells TIL.
In 2023, the Company plans to spend $850 to $950
million in the basin to run an average of three gross rigs
and bring on 70 to 80 net wells.
Montney
Montney production averaged 216 MBOE/d (21%
liquids) in the fourth quarter. The Company had 11 net wells
TIL.
In 2023, the Company plans to spend $500 to $600
million in the basin to run an average of four gross rigs
and bring on 70 to 80 net wells.
Uinta & Bakken
Uinta production averaged 20 MBOE/d
(84% liquids) in the fourth quarter. The Company had three net
wells TIL.
Bakken production averaged 32 MBOE/d (80% liquids) in the fourth
quarter. The Company had six net wells TIL.
In 2023, the Company plans to spend $500 to $600
million combined in the Uinta and Bakken assets to run an
average of two gross rigs, shared between the plays, to bring on 40
to 50 net wells.
Anadarko
Anadarko production averaged 128 MBOE/d (63%
liquids) in the fourth quarter. The Company had eight net wells
TIL.
In 2023, the Company plans to spend $200 to $300
million in the basin to run an average of one gross rig and
bring on 25 to 30 net wells.
Year-End 2022 Reserves
SEC proved reserves at year-end
2022 were 2.3 billion BOE, of which approximately 50% were liquids
and 57% were proved developed. Total proved reserves replacement
excluding the impact of commodity prices was 135% of 2022
production. Ovintiv's reserve life index at year-end was 12.2
years.
NI 51-101 Exemption
The Canadian securities regulatory
authorities have issued a decision document (the "Decision")
granting Ovintiv exemptive relief from the requirements contained
in Canada's National Instrument
51-101 Standards of Disclosure for Oil and Gas Activities ("NI
51-101"). As a result of the Decision, and provided that
certain conditions set out in the Decision are met on an on-going
basis, Ovintiv will not be required to comply with the Canadian
requirements of NI 51-101 and the Canadian Oil and Gas Evaluation
Handbook and, accordingly, will not be required to file Form
51-101F1 Statement of Reserves Data and Other Oil and Gas
Information or related forms and disclosure as part of its annual
filings. In lieu of such filings, the Decision permits Ovintiv to
provide disclosure in respect of its oil and gas activities in the
form permitted by, and in accordance with, the legal requirements
imposed by the U.S. Securities and Exchange Commission ("SEC"), the
Securities Act of 1933, the Securities and Exchange Act of 1934,
the Sarbanes-Oxley Act of 2002 and the rules of the New York Stock
Exchange. The Decision also provides that Ovintiv is required to
file all such oil and gas disclosures with the Canadian securities
regulatory authorities on www.sedar.com as soon as practicable
after such disclosure is filed with the SEC.
For additional information, please refer to the Fourth Quarter
and Year-end 2022 Results Presentation available on Ovintiv's
website, www.ovintiv.com under Presentations and Events –
Ovintiv.
Conference Call Information
A conference call and
webcast to discuss the Company's fourth quarter and year-end
results will be held at 9:00 a.m. MT
(11:00 a.m. ET) on February 28, 2023.
To join the conference call without operator assistance, you may
register and enter your phone number at https://bit.ly/3IGLDNX to
receive an instant automated call back. You can also dial direct to
be entered to the call by an Operator. Please dial 888-664-6383
(toll-free in North America) or
416-764-8650 (international) approximately 15 minutes prior to the
call.
The live audio webcast of the conference call, including slides
and financial statements, will be available on Ovintiv's website,
www.ovintiv.com under Investors/Presentations and Events. The
webcast will be archived for approximately 90 days.
Refer to Note 1 Non-GAAP measures and the tables in this
release for reconciliation to comparable GAAP financial
measures.
Capital Investment and Production
(for the period ended
December 31)
|
4Q
2022
|
4Q 2021
|
2022
|
2021
|
Capital Expenditures
(1) ($ millions)
|
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 – Other
(Mbbls/d)
|
88.7
|
84.6
|
85.5
|
83.3
|
Total Liquids
(Mbbls/d)
|
263.4
|
262.2
|
261.1
|
274.5
|
Natural gas
(MMcf/d)
|
1,561
|
1,476
|
1,494
|
1,556
|
Total production
(MBOE/d)
|
523.6
|
508.2
|
510.0
|
533.9
|
(1) Including
capitalized directly attributable internal costs.
|
Fourth Quarter and Year-End Summary
(for the period ended
December 31)
($ millions, except as
indicated)
|
4Q
2022
|
4Q 2021
|
2022
|
2021
|
Cash From (Used In)
Operating Activities
Deduct (Add
Back):
Net change in other
assets and liabilities
Net change in non-cash
working capital
|
875
(15)
(5)
|
740
(18)
17
|
3,866
(57)
(187)
|
3,129
(39)
(41)
|
Non-GAAP Cash Flow
(1)
|
895
|
741
|
4,110
|
3,209
|
|
|
|
|
|
Non-GAAP Cash
Flow (1)
|
895
|
741
|
4,110
|
3,209
|
Less: Capital
Expenditures (2)
|
358
|
421
|
1,831
|
1,519
|
Non-GAAP Free Cash
Flow (1)
|
537
|
320
|
2,279
|
1,690
|
|
|
|
|
|
Net Earnings (Loss)
Before Income Tax
Before-tax (Addition)
Deduction:
Unrealized gain (loss)
on risk management
Non-operating foreign
exchange gain (loss)
|
1,110
530
10
|
1,382
938
(1)
|
3,560
741
(14)
|
1,239
(488)
(18)
|
Adjusted Earnings
(Loss) Before Income Tax
Income tax expense
(recovery)
|
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 Cash Flow,
Non-GAAP Free Cash Flow and Non-GAAP Adjusted Earnings are non-GAAP
measures as defined in Note 1.
|
(2) Including
capitalized directly attributable internal costs.
|
Realized Pricing Summary (Including the impact of
realized gains (losses) on risk management)
(for the period ended
December 31)
|
4Q
2022
|
4Q 2021
|
2022
|
2021
|
Liquids
($/bbl)
|
|
|
|
|
WTI
|
82.65
|
77.19
|
94.23
|
67.91
|
Realized Liquids
Prices
|
|
|
|
|
Oil
|
75.85
|
53.43
|
81.88
|
51.28
|
NGLs – Plant
Condensate
|
72.01
|
64.04
|
80.74
|
57.33
|
Oil & Plant
Condensate
|
74.91
|
56.27
|
81.59
|
52.89
|
NGLs –
Other
|
22.95
|
26.65
|
31.45
|
22.07
|
Total
NGLs
|
38.88
|
40.15
|
48.20
|
35.44
|
|
|
|
|
|
Natural
Gas
|
|
|
|
|
NYMEX
($/MMBtu)
|
6.26
|
5.83
|
6.64
|
3.84
|
Realized Natural Gas
Price ($/Mcf)
|
2.49
|
2.84
|
2.42
|
2.92
|
Cost Summary
(for the year ended
December 31)
($/BOE, except as
indicated)
|
2022
|
2021
|
Production, mineral and
other taxes
|
2.23
|
1.51
|
Upstream transportation
and processing
|
8.75
|
7.42
|
Upstream operating,
excluding long-term incentive costs
|
3.99
|
2.94
|
Administrative,
excluding long-term incentive, restructuring
and legal costs, and current expected credit losses
|
1.39
|
1.55
|
Debt to Capitalization
($ millions, except as
indicated)
|
December 31,
2022
|
December 31,
2021
|
Long-Term Debt,
including current portion
|
3,570
|
4,786
|
Total Shareholders'
Equity
|
7,689
|
5,074
|
Capitalization
|
11,259
|
9,860
|
Debt to
Capitalization
|
32 %
|
49 %
|
Debt to Adjusted Capitalization
($ millions, except as
indicated)
|
December 31,
2022
|
December 31,
2021
|
Long-Term Debt,
including current portion
|
3,570
|
4,786
|
Total Shareholders'
Equity
|
7,689
|
5,074
|
Equity 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 defined in Note
1.
|
Debt to Adjusted EBITDA
($ millions, except as
indicated)
|
December 31, 2022
|
December 31,
2021
|
Debt (Long-Term Debt,
including current portion)
|
3,570
|
4,786
|
Net Earnings
(Loss)
Add back
(deduct):
Depreciation, depletion and amortization
Accretion
of asset retirement obligation
Interest
Unrealized
(gains) losses on risk management
Foreign
exchange (gain) losses, net
Other
(gains) losses, net
Income tax
expense (recovery)
|
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)
(times)
|
0.8
|
1.5
|
(1) Debt to
Adjusted EBITDA is a non-GAAP measure as defined in Note
1.
|
Year-End 2022 Reserves Estimates
2022 Proved
Reserves Estimates – U.S. Protocols (Net, After
Royalties)(1)
|
Using constant prices
and costs; simplified
table
|
Oil
(MMbbls)
|
NGLs
(MMbbls)
|
Natural
Gas
(Bcf)
|
Total
(MMBOE)
|
December 31,
2021
Revisions and improved
recovery (2)
Extensions and
discoveries
Purchase of reserves
in place
Sale of reserves in
place
Production
|
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 may
not add due to rounding.
|
(2) Changes in
reserve estimates resulting from application of improved recovery
techniques are included in revisions of previous
estimates.
|
Hedge Volumes as of December 31,
2022
Oil and Condensate
Hedges ($/bbl)
|
1Q
2023
|
2Q
2023
|
3Q
2023
|
4Q
2023
|
WTI 3-Way
Options
|
40
Mbbls/d
|
40
Mbbls/d
|
40
Mbbls/d
|
32
Mbbls/d
|
Short Call
|
$114.74
|
$112.95
|
$119.01
|
$105.08
|
Long Put
|
$65.00
|
$65.00
|
$66.25
|
$65.00
|
Short Put
|
$50.00
|
$50.00
|
$50.00
|
$50.00
|
|
|
|
|
|
Natural Gas Hedges
($/Mcf)
|
1Q
2023
|
2Q
2023
|
3Q
2023
|
4Q
2023
|
NYMEX 3-Way
Options
Short Call
Long Put
Short 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 Basis
Swaps
|
30
MMcf/d
($0.61)
|
30
MMcf/d
($0.61)
|
30
MMcf/d
($0.61)
|
30
MMcf/d
($0.61)
|
Malin Basis
Swaps
|
50
MMcf/d
($0.26)
|
50
MMcf/d
($0.26)
|
50
MMcf/d
($0.26)
|
50
MMcf/d
($0.26)
|
AECO Basis
Swaps
|
260
MMcf/d
($1.07)
|
260
MMcf/d
($1.07)
|
260
MMcf/d
($1.07)
|
260
MMcf/d
($1.07)
|
AECO % of NYMEX
Swaps
|
50
MMcf/d
71%
|
50
MMcf/d
71%
|
50
MMcf/d
71%
|
50
MMcf/d
71%
|
Price Sensitivities for WTI Oil (1) ($MM)
WTI Oil Hedge Gains
(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)
|
($44)
|
(1) Hedge
positions and hedge sensitivity estimates as at 12/31/2022. Does
not include impact of basis positions.
|
Price Sensitivities for NYMEX Natural Gas (1)
($MM)
NYMEX Natural Gas
Hedge Gains (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. Does
not include impact of basis positions.
|
Important information
Ovintiv reports in U.S. dollars
unless otherwise noted. Production, sales and reserves estimates
are reported on an after-royalties basis, unless otherwise noted.
Unless otherwise specified or the context otherwise requires,
references to "Ovintiv," "we," "its," "our" or to "the Company"
includes reference to subsidiaries of and partnership interests
held by Ovintiv Inc. and its subsidiaries.
Please visit Ovintiv's website and Investor Relations page at
www.ovintiv.com and investor.ovintiv.com, where Ovintiv often
discloses important information about the Company, its business,
and its results of operations.
NOTE 1: Non-GAAP measures
Certain measures in this news release do not have any
standardized meaning as prescribed by U.S. GAAP and, therefore, are
considered non-GAAP measures. These measures may not be comparable
to similar measures presented by other companies and should not be
viewed as a substitute for measures reported under U.S. GAAP. These
measures are commonly used in the oil and gas industry and/or by
Ovintiv to provide shareholders and potential investors with
additional information regarding the Company's liquidity and its
ability to generate funds to finance its operations. For additional
information regarding non-GAAP measures, see the Company's website.
This news release contains references to non-GAAP measures as
follows:
- Non-GAAP Cash Flow is a non-GAAP measure defined as
cash from (used in) operating activities excluding net change in
other assets and liabilities, and net change in non-cash working
capital.
- Non-GAAP Free Cash Flow is a non-GAAP measure
defined as Non-GAAP Cash Flow in excess of capital expenditures,
excluding net acquisitions and divestitures.
- Non-GAAP Adjusted Earnings is a non-GAAP measure
defined as net earnings (loss) excluding non-cash items that
Management believes reduces the comparability of the Company's
financial performance between periods. These items may include, but
are not limited to, unrealized gains/losses on risk management,
impairments, non-operating foreign exchange gains/losses, and gains
/losses on divestitures. Income taxes includes adjustments to
normalize the effect of income taxes calculated using the estimated
annual effective income tax rate. In addition, any valuation
allowances are excluded in the calculation of income taxes.
- Debt to Adjusted Capitalization is a non-GAAP measure
which adjusts capitalization for historical ceiling test
impairments that were recorded as at December 31, 2011. Management monitors Debt to
Adjusted Capitalization as a proxy for the Company's financial
covenant under the Credit Facilities which require debt to adjusted
capitalization to be less than 60 percent. Adjusted Capitalization
incudes debt, total shareholders' equity and an equity adjustment
for cumulative historical ceiling test impairments recorded as at
December 31, 2011 in conjunction with
the Company'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, including the current portion,
divided by Adjusted EBITDA. Adjusted EBITDA is defined as trailing
12-month net earnings (loss) before income taxes, depreciation,
depletion and amortization, impairments, accretion of asset
retirement obligation, interest, unrealized gains/losses on risk
management, foreign exchange gains/losses, gains/losses on
divestitures and other gains/losses. Debt to Adjusted EBITDA is a
non-GAAP measure monitored by management as an indicator of the
Company's overall financial strength.
ADVISORY REGARDING OIL AND GAS INFORMATION – The
conversion of natural gas volumes to barrels of oil equivalent
(BOE) is on the basis of six thousand cubic feet to one barrel. BOE
is based on a generic energy equivalency conversion method
primarily applicable at the burner tip and does not represent
economic value equivalency at the wellhead. Readers are cautioned
that BOE may be misleading, particularly if used in isolation.
ADVISORY REGARDING FORWARD-LOOKING STATEMENTS – This news
release contains forward-looking statements or information
(collectively, "forward-looking statements") within the meaning of
applicable securities legislation, including Section 27A of the
Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. All statements, except
for statements of historical fact, that relate to the anticipated
future activities, plans, strategies, objectives or expectations of
the Company are forward-looking statements. When used in this news
release, the use of words and phrases including "anticipates,"
"believes," "continue," "could," "estimates," "expects," "focused
on," "forecast," "guidance," "intends," "maintain," "may,"
"opportunities," "outlook," "plans," "potential," "strategy,"
"targets," "will," "would" and other similar terminology is
intended to identify forward-looking statements, although not all
forward-looking statements contain such identifying words or
phrases. Without limiting the generality of the foregoing,
forward-looking statements contained in this news release include:
expectations of plans, strategies and objectives of the Company,
including anticipated reserves shares; the Company's ability to
manage cost inflation and expected cost structures, including
expected operating, transportation, processing and labor expenses;
and the outlook of the oil and natural gas industry generally,
including impacts from changes to the geopolitical environment.
Although the Company believes the expectations represented by
its forward-looking statements are reasonable based on the
information available to it as of the date such statements are
made, forward-looking statements are only predictions and
statements of our current beliefs and there can be no assurance
that such expectations will prove to be correct. All
forward-looking statements contained in this news release are made
as of the date of this news release and, except as required by law,
the Company undertakes no obligation to update publicly or revise
any forward-looking statements. The forward-looking statements
contained or incorporated by reference in this news release, and
all subsequent forward-looking statements attributable to the
Company, whether written or oral, are expressly qualified by these
cautionary statements.
The reader should carefully read the risk factors described in
the "Risk Factors" and "Management's Discussion and Analysis of
Financial Condition and Results of Operations" sections of the
Company's most recent Annual Report on Form 10-K, and in other
filings with the SEC, for a description of certain risks that
could, among other things, cause actual results to differ from
these forward-looking statements. Other unpredictable or unknown
factors not discussed in this news release could also have material
adverse effects on forward-looking statements.
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SOURCE Ovintiv Inc.