DENVER, May 11, 2023
/PRNewswire/ - Ovintiv Inc. (NYSE: OVV) (TSX: OVV) today
released its 2022 Sustainability Report, highlighting its progress
and performance on several key sustainability initiatives related
to emissions reductions, social responsibility and corporate
governance.
"Ovintiv continues to drive real and measurable environment,
social and governance progress," said Ovintiv President and CEO
Brendan McCracken. "We strive to be
a leader in disclosure, having published a sustainability report
and key performance metrics data since 2005. Our results
demonstrate our commitment to continuous improvement and the power
of harnessing technology and our culture of innovation to drive
strong performance outcomes. We are whole-heartedly proud to
produce the safe, affordable, secure, and reliable energy the world
needs, both profitably and sustainably."
Key highlights of Ovintiv's 2022 sustainability
achievements:
- Achieved a greater than 30% reduction in Scope 1 & 2
greenhouse gas emissions intensity since 2019; progressing toward a
targeted 50% reduction by 2030
- Continued full alignment with the World Bank Zero Routine
Flaring Initiative
- Implemented industry-leading family leave policy
- Progressed Board renewal efforts with the addition of one new
Board member
- Introduced a second safety metric to the Company's compensation
program
- Committed to disclose extensive gender equality information,
leading to the Company's inaugural inclusion in the Bloomberg
Gender Equality Index
Ovintiv recently announced an acquisition that will see the
Company roughly double both its oil production and its premium
inventory in the Permian Basin. The transaction is expected to be
accretive across a number of key financial metrics and inventory
life while maintaining the Company's investment grade balance
sheet. While Ovintiv anticipates a brief period of integration of
the new assets, the Company remains committed to its Scope 1 &
2 emissions reduction target.
Ovintiv's sustainability report can be found on the Company's
website at https://sustainability.ovintiv.com/
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 Section 27A of the Securities Act
of 1933, as amended, and Section 21E of the Securities Exchange Act
of 1934, as amended. All statements that relate to the anticipated
future activities or expectations of the Company are FLS. FLS in
this news release include, but are not limited to: expectations of
plans, strategies and objectives of the Company, including planned
ESG initiatives; the anticipated success of, and benefits from,
technology and innovation; the ability of the Company to meet and
maintain certain targets, including with respect to
emissions-related and ESG performance. FLS involve certain
assumptions and are subject to both known and unknown risks and
uncertainties, many of which are beyond our control. These
assumptions include: the assumptions contained herein; data
contained in key modeling statistics; and expectations and
projections made in light of the Company's historical experience.
Risks and uncertainties include: our ability to generate sufficient
cash flow to meet obligations; commodity price volatility;
uncertainties, costs, and risks involved in our operations,
including hazards and risks incidental to the drilling, completion,
production and transportation of oil, natural gas and natural gas
liquids; ability to secure adequate transportation and storage for
oil, natural gas and natural gas liquids; potential curtailments of
gathering, transportation or refining operations, including
resulting storage constraints or widening price differentials;
business interruption, property and casualty losses or unexpected
technical difficulties; counterparty and credit risk; impact of
changes in credit rating and access to liquidity, including costs
thereof; risks in marketing operations; risks associated with
technology; risks associated with lawsuits, governmental
regulations and regulatory actions, including disputes with
partners and our ability to timely obtain environmental or other
necessary permits; our ability to acquire or find additional
reserves; imprecision of reserves estimates and estimates of
recoverable quantities; and other risks and uncertainties as
described in the Company's Annual Report on Form 10- K, Quarterly
Report on Form 10-Q and as described from time to time in its other
periodic filings as filed on EDGAR and SEDAR. The above
assumptions, risks and uncertainties are not exhaustive. Actual
future results may vary materially and adversely from those
expressed or implied in our FLS and such statements may not occur.
Although the Company believes such FLS are reasonable, FLS should
be understood to be only predictions and statements of our current
beliefs; they are not guarantees of performance. 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 at
www.ovintiv.com, or by contacting:
Investor contact: (888) 525-0304
investor.relations@ovintiv.com
Media contact: (403) 645-2252
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SOURCE Ovintiv Inc.
