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Year-end 2020 debt reduced nearly $500 million from mid-year 2020 2021 debt reduction target increased 25% to $1.25 billion including second half 2020 Multi-year debt target issued: $4.5 billion of total debt by year-end 2022 Company signs agreement to sell its Duvernay asset for $263 million Company generated significant non-GAAP Free Cash Flow for third consecutive year Strong well performance and realized prices combined with lower cash costs drive cash flow beat with lower-than-expected capital investments 2021 capital investment plan of $1.5 billion expected to generate ~$1 billion of non-GAAP Free Cash Flow DENVER, Feb. 17, 2021 /CNW/ – Ovintiv Inc. ( NYSE: OVV ) ( TSX: OVV ) today announced its fourth quarter and full-year 2020 financial and operating results, announced an agreement to sell its Duvernay assets, disclosed its year-end 2020 proved reserves and provided a strong 2021 Outlook. In addition, the Company issued a new target of reducing total debt to $4.5 billion by year-end 2022. A conference call and webcast will be held at 9 a.m. MT, Thursday, February 18, 2021 (details within). Highlights: Fourth quarter and full-year financial and operating results exceeded targets and consensus expectations. Full-year cash from operating activities was approximately $1.9 […]
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