Ovintiv Inc

NYSE:OVV   9:44:33 AM EDT
32.40
+1.23 (+3.95%)
Other Pre-Announcement

Ovintiv Announces Increasing Shareholder Returns With New Capital Allocation Framework

Published: 09/09/2021 21:49 GMT
Ovintiv Inc (OVV) - Ovintiv Announces Increasing Shareholder Returns With New Capital Allocation Framework.
Ovintiv Inc - Reaffirmed Its Long-term Commitment to Reinvest Less Than 75% of Non-GAAP Cash Flow at Mid-cycle Prices.
Ovintiv Inc - Remains Committed to Reducing Net Debt.
Ovintiv Inc - by Year-end 2021, Expects Net Debt to Be Below $4.5 Billion, Marking About $3 Billion of Net Debt Reduction Since Q2 of 2020.
Ovintiv Inc - Starting Q4 & Until Co Reaches $3 Billion Net Debt Target, Plans to Return 25% of Previous Qtrs FCF After Base Dividends to Shareholders.
Ovintiv Inc - Remaining 75% of Previous Qtrs FCF After Base Dividends Will Primarily Be Allocated to Net Debt Reduction.
Ovintiv Inc - in 2022 Anticipates It Will Deliver About $550 Million of Direct Shareholder Returns.
Ovintiv - Once Co Reaches Net Debt Target of $3 Billion, Plans to Increase Qtrly Shareholder Returns to at Least 50% of Previous Qtrs FCF After Base Dividends.