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  • Ovintiv Exceeds Divestiture Target, Announces Eagle Ford Sale and Updates Guidance
    édité le 25/03/2021 - Plus de news de "Ovintiv" - Voir la fiche entreprise de "Ovintiv"


Ovintiv Exceeds Divestiture Target, Announces Eagle Ford Sale and Updates Guidance
Ovintiv Inc. announced the signing of an agreement to sell its Eagle Ford assets to Validus Energy for $880 million. With this sale, the Company has exceeded its divesture target and, with other items, now anticipates year-end 2021 debt to be below $5 billion using its 2021 planning price deck of $50 WTI oil and $2.75 NYMEX gas. In addition, the Company expects to achieve its $4.5 billion debt target in the first half of 2022. Guidance was also updated to reflect the impact from first quarter winter storms and recent divestitures.

Highlights:

  - Exceeded divestiture target with over $1.1 billion in asset sales
  - Resolution of a prior year tax item resulted in first quarter 2021 recovery of approximately $150 million
  - Total debt expected to be under $5 billion at year-end 2021, assuming $50 per barrel WTI oil and $2.75 per MMBtu NYMEX natural gas for the remainder of the year
  - Impact of winter storms in Texas and Oklahoma to reduce first quarter crude and condensate volumes to 196 – 200 Mbbls/d
  - Now set to deliver full-year 2021 crude and condensate volumes of approximately 190 Mbbls/d inclusive of 10 Mbbls/d impact from divestitures

"Today's Eagle Ford announcement continues our track record of unlocking value from non-core assets," said Doug Suttles, Ovintiv CEO. "Proceeds will significantly accelerate the achievement of our debt reduction target and allow us to pay off near-term debt maturities with cash on hand. Our 2021 outlook is strong and we expect to generate significant free cash flow for the fourth consecutive year."

Asset Sales

Year-to-date, Ovintiv has announced over $1.1 billion in asset sales, including the Eagle Ford ($880 million) and the previously announced Duvernay sale ($263 million including ~$12 million in contingency payments based on future commodity prices). The agreements are subject to ordinary closing conditions, regulatory approvals and other adjustments and are expected to close in the second quarter. Full year 2021 volumes from the Eagle Ford were expected to average approximately 21 thousand barrels of oil equivalent per day (MBOE/d), including 14 Mbbls/d of crude and condensate.

About Ovintiv Inc.

Ovintiv (NYSE: OVV) (TSX: OVV) is one of the largest producers of oil, condensate and natural gas in North America. The Company is committed to preserving its financial strength, maximizing profitability through disciplined capital investments and operational efficiencies and returning capital to shareholders. A talented team, in combination with a culture of innovation and efficiency, fuels Ovintiv's economic performance, increases shareholder value and strengthens its commitment to sustainability in the communities where its employees live and work.


Origine : Communiqué Ovintiv

Voir la fiche entreprise de "Ovintiv"



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