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Ovintiv (OVV) investor relations material
Ovintiv Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Q2 2025 production reached 615 MBOE/d, exceeding guidance, with strong operational performance and seamless Montney integration.
Closed $2.3B Montney acquisition and divested Uinta Basin assets for $1.9B, focusing on capital discipline and efficiency.
Q2 2025 net earnings were $307M ($1.18/share diluted), impacted by a $730M non-cash impairment; cash from operating activities was $1,013M.
Returned $223M to shareholders in Q2 via buybacks and dividends; $3.3B returned since 2021.
Maintained $3.2B liquidity and investment grade credit ratings, supporting a robust balance sheet.
Financial highlights
Q2 2025 cash flow per share was $3.51; free cash flow reached $392M; capital expenditures were $521M.
Q2 2025 revenues were $2,318M; operating income was $511M; net earnings were $307M.
Six-month revenues were $4,695M; six-month net earnings were $148M, impacted by a $730M impairment.
Debt to EBITDA was 1.6x; Debt to Adjusted EBITDA was 1.2x as of June 30, 2025.
Q2 2025 production: oil & condensate 211 Mbbls/d, other NGLs 96 Mbbls/d, natural gas 1,851 MMcf/d.
Outlook and guidance
Full-year 2025 production guidance raised to 600–620 MBOE/d; oil and condensate 205–209 Mbbls/d; natural gas 1,825–1,875 MMcf/d.
Full-year capital investment guidance lowered to $2,125M–$2,175M; OpEx and transportation costs reduced.
Free cash flow guidance increased by 10% to $1.65B, assuming $60 WTI and $3.75 NYMEX.
Q3 2025 production expected at 610–630 MBOE/d; capital spend $525–$575M.
At least 50% of post-base dividend free cash flow to be returned to shareholders.
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