| Metric | Value ($ M) | Q1 FY26 | Q2 FY25 |
|---|---|---|---|
| Revenue | 2.9K | 11.4% | 29.7% |
| Total Income | 2.9K | 11.4% | 29.7% |
| Expenditure | 2.0K | 38.6% | 11.7% |
| PBT | 539.00 | 165.2% | 35.1% |
| Net Profit | 456.00 | 172.4% | 48.5% |
| OPM | 34.61% | 63.87pp | 11.53pp |
| NPM | 15.88% | 40.32pp | 2.01pp |
| EPS | 1.63 | 169.4% | 37.0% |
Ovintiv Reports Q2 2026 Results, Raises Full Year Production Guidance
24 Jul 2026 · 24 Jul, 2:36 am
Summary
Ovintiv reported strong second quarter 2026 financial and operating results, generating $1.6 billion in cash from operating activities and approximately $1.3 billion in Non-GAAP Cash Flow. The company successfully closed the sale of its Anadarko assets for $2.82 billion, contributing to a Net Debt of $2.995 billion and a leverage ratio of 0.6x Net Debt to Adjusted EBITDA. Shareholder returns were robust, with 63% of Free Cash Flow returned in the quarter, and full-year guidance was raised for production, with expectations for over 60% of Non-GAAP Free Cash Flow to be returned to shareholders.
Key Highlights
- 1
Ovintiv generated $1.6 billion in cash from operating activities and approximately $1.3 billion in Non-GAAP Cash Flow for the second quarter of 2026.
- 2
The company produced average second quarter volumes of 615 thousand barrels of oil equivalent per day, exceeding guidance.
- 3
Ovintiv closed the sale of its Anadarko assets for total cash proceeds of approximately $2.82 billion.
- 4
Net Debt stood at $2.995 billion as of June 30, 2026, with a Net Debt to Adjusted EBITDA ratio of 0.6x.
- 5
Approximately 63% of second quarter Non-GAAP Free Cash Flow was returned to shareholders through share repurchases and dividend payments.
- 6
Full year 2026 shareholder returns are now expected to exceed 60% of Non-GAAP Free Cash Flow, an increase from 45% year-to-date.
- 7
Full year 2026 production guidance was raised, reflecting higher expected oil and condensate production for the same capital investment, representing 4% production per share growth.
Management Comments
Brendan McCracken
Our second quarter results continued to demonstrate industry-leading performance across the board driven by our stacked innovation approach. Our company is positioned with a deep inventory of superior-return drilling locations, a fortified balance sheet, and leading edge well costs and oil productivity performance. The outcomes of our strategic execution are reflected in our results. Halfway through the year, we've generated more than $1.3 billion of Free Cash Flow, organically replaced our full-year 2026 drilling locations in both the Permian and the Montney, and are set to grow oil production per share by 4% with no increase to activity or capital expenditure.
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