Quarterly ResultMay 11, 2026, 05:08 PM
Ovintiv Q1 Net Loss $630M; Declares $0.30 Dividend; Reduces Net Debt
AI Summary
Ovintiv Inc. reported a first-quarter 2026 net loss of $630 million, or $2.35 per diluted share, primarily due to $1.2 billion in non-cash ceiling test impairments. Despite the loss, the company generated $1.2 billion in Non-GAAP Cash Flow and $634 million in Non-GAAP Free Cash Flow, with average daily production of 679 MBOE/d at the high end of guidance. The Board declared a quarterly dividend of $0.30 per share. Ovintiv also significantly reduced its Net Debt to less than $3.3 billion by April 30, 2026, following the sale of Anadarko assets and redemption of $700 million in senior notes, and resumed share buybacks.
Key Highlights
- Q1 2026 net loss of $630 million ($2.35/share diluted), including $1.2 billion non-cash impairment.
- Generated $1.2 billion Non-GAAP Cash Flow and $634 million Non-GAAP Free Cash Flow.
- Average Q1 production volumes reached 679 MBOE/d, at the high end of guidance.
- Board declared a quarterly dividend of $0.30 per share, payable June 30, 2026.
- Net Debt reduced to less than $3.3 billion by April 30, 2026, a 40% decrease YoY.
- Redeemed $700 million senior notes, expecting $40 million in annualized interest savings.
- Repurchased 3.2 million shares for $180 million year-to-date through April 30, 2026.
- Closed NuVista Energy Ltd. acquisition ($2.8 billion) and Anadarko asset sale ($2.85 billion).