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Ovintiv (OVV) investor relations material

Ovintiv Q3 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q3 2025 earnings summary5 Nov, 2025

Executive summary

  • Announced $2.7B acquisition of NuVista Energy, adding 930 net Montney well locations, 140,000 net acres, and ~25 Mbbls/d oil production, expected to close in Q1 2026; immediately accretive to financial metrics and leverage-neutral at closing.

  • Delivered strong Q3 2025 operational and financial results, with production at or above guidance, increased full-year production guidance, and positive revisions for 2025.

  • Initiated Anadarko divestiture process, with proceeds earmarked for accelerated debt reduction and enhanced shareholder returns; sale expected by end of 2026.

  • Closed $2.27B Montney Acquisition and divested Uinta assets for $1.9B, boosting Canadian production and reducing U.S. volumes.

  • Temporarily paused share buybacks and bolt-on spending for two quarters due to NuVista deal, with plans to resume in Q2 2026; base dividend unchanged.

Financial highlights

  • Q3 2025 cash flow per share was $3.47, free cash flow $351 million, and net earnings $148 million ($0.57/share diluted), including a $108 million non-cash impairment.

  • Q3 2025 production reached 630 MBOE/d: 212 Mbbls/d oil and condensate, 98 Mbbls/d NGLs, and 1,925 MMcf/d natural gas.

  • Returned $235 million to shareholders via buybacks and dividends; reduced net debt by $126 million to $5.187 billion.

  • Capital spending below midpoint; all per unit cost items matched or beat guidance; upstream opex ~7% below original guidance.

  • Paid $77 million in Q3 dividends and repurchased 3.7 million shares for $158 million.

Outlook and guidance

  • Raised full-year 2025 production guidance to 610–620 MBOE/d, with oil and condensate at 208–210 Mbbls/d, and capital investment of $2.125–$2.18 billion.

  • Q4 2025 production guidance: 610–630 MBOE/d, capital investment $440–$490 million.

  • 2025 cash tax expense guidance reduced by 50% to $70–$85 million due to restructuring and U.S. tax changes.

  • Pro forma 2026 Montney production expected at 400,000 BOE/d, including 85,000 bbl/d oil and condensate.

  • Buybacks expected to resume in Q2 2026 after NuVista deal closes and Anadarko sale completes.

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Frequently asked questions

Ovintiv Inc. is an energy company engaged in the exploration, development, and production of oil, natural gas, and natural gas liquids. It operates in North America with a focus on shale and unconventional resource plays. The company is headquartered in Denver, Colorado, and its shares are listed on the NYSE.

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