Ovintiv Q1 beats guidance; announces 20% dividend increase and $4.3B Midland Basin acquisition

Ovintiv Inc.

2023-Q1 EPS reported $1.97 revenue$2,551,000,000

Net earnings $487M ($1.97/diluted share); Non-GAAP cash flow $851M, free cash flow $241M.
Production 511 MBOE/d above guidance on all products; oil & condensate 166 Mbbls/d.
Dividend raised 20% to $0.30/share, payable June 30 to June 15 record date.
Announced $4.275B Midland Basin acquisition (cash+stock) and $825M Bakken sale; expected close by end Q2.
Cash returns to shareholders $300M in Q1; expects >25% higher cash returns per share post-close.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.95

Ovintiv Inc. reported first quarter ended March 31, 2023 results: net income $487 million, EPS $1.97 per diluted share of common stock.

Period: first quarter ended March 31, 2023
Net income: $487 million
EPS: $1.97 per diluted share of common stock
Result: reported results

Exact text from the filing

On May 9, 2023, Ovintiv Inc. (the “Company”) issued a news release announcing its financial and operating results for its first quarter ended March 31, 2023.

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Ovintiv Inc. filing history →

Source: SEC EDGAR

accession 0000950170-23-019849

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