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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.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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