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UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

 

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the quarterly period ended September 30, 2021

or

 

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

Commission file number 001-39191

 

Ovintiv Inc.

(Exact name of registrant as specified in its charter)

 

Delaware

 

84-4427672

(State or other jurisdiction of incorporation or organization)

 

(I.R.S. Employer Identification No.)

 

Suite 1700, 370 17th Street, Denver, Colorado, 80202, U.S.A.

(Address of principal executive offices)

Registrant’s telephone number, including area code (303623-2300

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes      No  

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes      No  

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer

 

    Accelerated filer

 

 

 

 

 

Non-accelerated filer

 

    Smaller reporting company

 

 

 

 

 

 

 

 

    Emerging growth company

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  

Yes     No  

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Shares

OVV

New York Stock Exchange

 

 

 

 

 

 

Number of registrant’s shares of common stock outstanding as of October 29, 2021

  

 

261,084,425

  

 

1


 

OVINTIV INC.

FORM 10-Q

TABLE OF CONTENTS

 

 

PART I

 

 

 

 

 

 

Item 1.

Financial Statements

 

7

 

Condensed Consolidated Statement of Earnings

 

7

 

Condensed Consolidated Statement of Comprehensive Income

 

7

 

Condensed Consolidated Balance Sheet

 

8

 

Condensed Consolidated Statement of Changes in Shareholders’ Equity

 

9

 

Condensed Consolidated Statement of Cash Flows

 

11

 

Notes to Condensed Consolidated Financial Statements

 

12

 

 

 

 

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

 

36

Item 3.

Quantitative and Qualitative Disclosures about Market Risk

 

64

Item 4.

Controls and Procedures

 

66

 

 

 

 

 

PART II

 

 

 

 

 

 

Item 1.

Legal Proceedings

 

67

Item 1A.

Risk Factors

 

67

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

 

67

Item 3.

Defaults Upon Senior Securities

 

67

Item 4.

Mine Safety Disclosures

 

67

Item 5.

Other Information

 

67

Item 6.

Exhibits

 

67

Signatures

 

 

69

 

2


 

DEFINITIONS

Unless the context otherwise indicates, references to “us,” “we,” “our,” “ours,” “Ovintiv,” and the “Company,” refer to Ovintiv Inc. and its consolidated subsidiaries for periods after January 24, 2020 and to Encana Corporation and its consolidated subsidiaries for periods before January 24, 2020. In addition, the following are other abbreviations and definitions of certain terms used within this Quarterly Report on Form 10-Q:

“AECO” means Alberta Energy Company and is the Canadian benchmark price for natural gas.

“ASU” means Accounting Standards Update.

“bbl” or “bbls” means barrel or barrels.

“BOE” means barrels of oil equivalent.

“Btu” means British thermal units, a measure of heating value.

“DD&A” means depreciation, depletion and amortization expenses.

“ESG” means environmental, social and governance.

“FASB” means Financial Accounting Standards Board.

“GHG” means greenhouse gas.

“Mbbls/d” means thousand barrels per day.

“MBOE/d” means thousand barrels of oil equivalent per day.

“Mcf” means thousand cubic feet.

“MD&A” means Management’s Discussion and Analysis of Financial Condition and Results of Operations.

“MMBOE” means million barrels of oil equivalent.

“MMBtu” means million Btu.

“MMcf/d” means million cubic feet per day.

“NCIB” means normal course issuer bid.

“NGL” or “NGLs” means natural gas liquids.

“NYMEX” means New York Mercantile Exchange.

“NYSE” means New York Stock Exchange.

“OPEC” means Organization of the Petroleum Exporting Countries.

“SEC” means United States Securities and Exchange Commission.

“SIB” means substantial issuer bid.

“TSX” means Toronto Stock Exchange.

“U.S.”, “United States” or “USA” means United States of America.

“U.S. GAAP” means U.S. Generally Accepted Accounting Principles.

“WTI” means West Texas Intermediate.

CONVERSIONS

In this Quarterly Report on Form 10-Q, a conversion of natural gas volumes to BOE is on the basis of six Mcf to one bbl.  BOE is based on a generic energy equivalency conversion method primarily applicable at the burner tip and does not represent economic value equivalency at the wellhead. Given that the value ratio based on the current price of oil as compared to natural gas is significantly different from the energy equivalency of 6:1, utilizing a conversion on a 6:1 basis may be misleading as an indication of value, particularly if used in isolation.

3


CONVENTIONS

Unless otherwise specified, all dollar amounts are expressed in U.S. dollars, all references to “dollars”, “$” or “US$” are to U.S. dollars and all references to “C$” are to Canadian dollars. All amounts are provided on a before tax basis, unless otherwise stated. In addition, all information provided herein is presented on an after royalties basis.

The terms “include”, “includes”, “including” and “included” are to be construed as if they were immediately followed by the words “without limitation”, except where explicitly stated otherwise.

The term “liquids” is used to represent oil, NGLs and condensate. The term “liquids rich” is used to represent natural gas streams with associated liquids volumes. The term “play” is used to describe an area in which hydrocarbon accumulations or prospects of a given type occur. Ovintiv’s focus of development is on hydrocarbon accumulations known to exist over a large areal expanse and/or thick vertical section and are developed using hydraulic fracturing. This type of development typically has a lower geological and/or commercial development risk and lower average decline rate, when compared to conventional development.

The term “core asset” refers to plays that are the focus of the Company’s current capital investment and development plan. The Company continually reviews funding for development of its plays based on strategic fit, profitability and portfolio diversity and, as such, the composition of plays identified as a core asset may change over time.

References to information contained on the Company’s website at www.ovintiv.com are not incorporated by reference into, and does not constitute a part of, this Quarterly Report on Form 10-Q.

 

FORWARD-LOOKING STATEMENTS AND RISK

This Quarterly Report on Form 10-Q contains certain forward-looking statements or information (collectively, “forward-looking statements”) within the meaning of applicable securities legislation, including Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended.  All statements, except for statements of historical fact, that relate to the anticipated future activities, plans, strategies, objectives or expectations of the Company are forward-looking statements.  When used in this Quarterly Report on Form 10-Q, the use of words and phrases including “anticipates,” “believes,” “continue,” “could,” “estimates,” “expects,” “focused on,” “forecast,” “guidance,” “intends,” “maintain,” “may,” “opportunities,” “outlook,” “plans,” “potential,” “strategy,” “targets,” “will,” “would” and other similar terminology is intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words or phrases.  Forward-looking statements include statements regarding: expectations of plans, strategies and objectives of the Company, including anticipated activity and investment levels; composition of the Company’s core assets, including allocation of capital and focus of development plans; the Company’s capital allocation strategy, focus of investment, growth in long-term shareholder value, return of capital to shareholders through dividends and/or share buybacks, growth of high margin liquids volumes, operating and capital efficiencies and ability to preserve balance sheet strength; the benefits of the Company’s multi-basin portfolio, including operational flexibility and the ability to repeat and deploy successful operational learnings; the Company’s ability to maximize cash flows and the application of excess cash flows to reduce long-term debt; the ability of the Company to timely meet and maintain certain targets contained in the Company’s corporate guidance, including with respect to capital efficiency, hydrocarbon production, cash flows generation, debt reduction, GHG emissions and ESG performance, and cash returns to shareholders; anticipated cost savings, capital efficiency and sustainability thereof; anticipated oil, NGL and natural gas prices; anticipated success of, and benefits from, technology and innovation, including the cube development approach, Simul-Frac techniques and other new or advanced drilling or well completion designs; anticipated drilling activity, including the number of drilling rigs utilized and success thereof; anticipated well inventory, drilling costs and cycle times; anticipated proceeds and future benefits from various joint venture, partnership and other agreements; estimates of oil and natural gas reserves and recoverable quantities; expected production and product types; expected future interest expense; the Company’s ability to access credit facilities and other methods of funding, meet financial obligations, manage debt and financial ratios, finance growth and comply with financial covenants; the implementation and outcomes of risk management programs, including exposure to certain commodity prices and foreign exchange fluctuations, the volume of production hedged, and the markets or physical sales locations hedged; the impact of changes in laws and regulations; anticipated compliance with environmental legislation; adequacy of provisions for abandonment and site reclamation costs; the Company’s operational and financial flexibility, discipline and ability to respond to evolving market conditions; impacts to the Company as a result of a reduction of its credit rating; the declaration and payment of future dividends, if any; expectations with respect to the Company’s restructuring initiative, including anticipated transition and severance costs and the timing thereof; adequacy of the Company’s provision

4


for taxes and legal claims; the Company’s ability to manage cost inflation and expected cost structures, including expected operating, transportation, processing and administrative expenses; competitiveness of the Company against its peers, including with respect to capital, materials, people, assets and production; global oil, NGL and natural gas inventories and global demand for oil, NGL and natural gas; the outlook of the oil and gas industry generally, including impacts from changes to the geopolitical environment; the Company’s commitments and contingencies and anticipated payments thereunder; and the possible impact of accounting pronouncements, rule changes and standards.

Readers are cautioned against unduly relying on forward-looking statements which, by their nature, involve numerous assumptions and are subject to both known and unknown risks and uncertainties (many of which are beyond our control) that may cause such statements not to occur, or actual results to differ materially and/or adversely from those expressed or implied. These assumptions include: future commodity prices and basis differentials; future foreign exchange rates; the ability of the Company to access credit facilities and shelf prospectuses; data contained in key modeling statistics; the availability of attractive commodity or financial hedges and the enforceability of risk management programs; the Company’s ability to capture and maintain gains in productivity and efficiency; benefits from technology and innovations; expectations that counterparties will fulfill their obligations pursuant to gathering, processing, transportation and marketing agreements; access to adequate gathering, transportation, processing and storage facilities; assumed tax, royalty and regulatory regimes; expectations and projections made in light of, and generally consistent with, the Company’s historical experience and its perception of historical industry trends, including with respect to the pace of technological development; and the other assumptions contained herein.

Risks and uncertainties that may affect the Company’s financial or operating performance include: market and commodity price volatility, including widening price or basis differentials, and the associated impact to the Company’s stock price, credit rating, financial condition, oil and natural gas reserves and access to liquidity; uncertainties, costs and risks involved in our operations, including hazards and risks incidental to both the drilling and completion of wells and the production, transportation, marketing and sale of oil, NGL and natural gas; availability of equipment, services, resources and personnel required to perform the Company’s operating activities; suspension of or changes to corporate guidance, and associated impacts to production and cash flows; our ability to generate sufficient cash flows to meet our obligations and reduce debt; the impact of COVID-19 (or other future pandemics) on commodity prices and to the Company’s operations, including maintaining adequate staffing levels, securing operational inputs, executing all or a portion of our business plan and managing cyber-security risks associated with remote work; our ability to secure adequate transportation and storage for oil, NGL and natural gas, as well as access to end markets or physical sales locations; interruptions to oil, NGL and natural gas production, including potential curtailments of gathering, transportation or refining operations; variability and discretion of the Company’s board of directors (the “Board of Directors”) to declare and pay dividends, if any; the timing and costs associated with drilling and completing wells, and the construction of well facilities and gathering and transportation pipelines; business interruption, property and casualty losses (including weather related losses) or unexpected technical difficulties and the extent to which insurance covers any such losses; risks associated with decommissioning activities, including timing and costs thereof; counterparty and credit risk; the impact of changes in our credit rating and access to liquidity, including costs thereof; changes in political or economic conditions in the U.S. and Canada, including fluctuations in foreign exchange rates, interest rates and inflation rates; failure to achieve or maintain our cost and efficiency initiatives; risks associated with technology, including electronic, cyber and physical security breaches; changes in royalty, tax, environmental, GHG, carbon, accounting and other laws or regulations or the interpretations thereof; our ability to timely obtain environmental or other necessary government permits or approvals; the Company’s ability to utilize U.S. net operating loss carryforwards and other tax attributes; risks associated with existing and potential lawsuits and regulatory actions made against the Company; risks related to the purported causes and impact of climate change, and the costs therefrom; the impact of disputes arising with our partners, including suspension of certain obligations and inability to dispose of assets or interests in certain arrangements; the Company’s ability to acquire or find additional oil and natural gas reserves; imprecision of oil and natural gas reserves estimates and estimates of recoverable quantities, including the impact to future net revenue estimates; risks associated with past and future acquisitions or divestitures of oil and natural gas assets, including the receipt of any contingent amounts contemplated in the transaction agreements (such transactions may include third-party capital investments, farm-ins, farm-outs or partnerships, which the Company may refer to from time to time as “partnerships” or “joint ventures” and the funds received in respect thereof which the Company may refer to from time to time as “proceeds”, “deferred purchase price” and/or “carry capital”, regardless of the legal form); our ability to repurchase the Company’s outstanding common shares, including risks associated with obtaining any necessary stock exchange approvals; the existence of alternative uses for the Company’s cash resources which may be superior to the payment of dividends or effecting repurchases of the Company’s outstanding common shares; risks and uncertainties described in Item 1A. Risk Factors of the Company’s most recent Annual Report on Form 10-K for the fiscal year ended December 31, 2020 (the “2020 Annual Report

5


on Form 10-K”) and in this Quarterly Report on Form 10-Q; and other risks and uncertainties impacting the Company’s business as described from time to time in the Company’s other periodic filings with the SEC or Canadian securities regulators.

Readers are cautioned that the assumptions, risks and uncertainties referenced above are not exhaustive. Although the Company believes the expectations represented by its forward-looking statements are reasonable based on the information available to it as of the date such statements are made, forward-looking statements are only predictions and statements of our current beliefs and there can be no assurance that such expectations will prove to be correct.  All forward-looking statements contained in this Quarterly Report on Form 10-Q are made as of the date of this document and, except as required by law, the Company undertakes no obligation to update publicly or revise any forward-looking statements. The forward-looking statements contained in this Quarterly Report on Form 10-Q and all subsequent forward-looking statements attributable to the Company, whether written or oral, are expressly qualified by these cautionary statements.

The reader should read carefully the risk factors described in Item 1A. Risk Factors of the 2020 Annual Report on Form 10-K and in this Quarterly Report on Form 10-Q for a description of certain risks that could, among other things, cause actual results to differ from these forward-looking statements.

 

 

 

 

6


 

 

PART I

Item 1. Financial Statements

 

Condensed Consolidated Statement of Earnings (unaudited)

 

 

 

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

 

 

September 30,

 

 

September 30,

 

(US$ millions, except per share amounts)

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenues

 

(Note 2)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Product and service revenues

 

(Note 3)

 

$

2,720

 

 

$

1,326

 

 

$

7,440

 

 

$

3,919

 

Gains (losses) on risk management, net

 

(Note 19)

 

 

(950

)

 

 

(154

)

 

 

(2,176

)

 

 

587

 

Sublease revenues

 

(Note 9)

 

 

19

 

 

 

18

 

 

 

55

 

 

 

53

 

Total Revenues

 

 

 

 

1,789

 

 

 

1,190

 

 

 

5,319

 

 

 

4,559

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating Expenses

 

(Note 2)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Production, mineral and other taxes

 

 

 

 

77

 

 

 

47

 

 

 

210

 

 

 

126

 

Transportation and processing

 

 

 

 

397

 

 

 

365

 

 

 

1,194

 

 

 

1,129

 

Operating

(Notes 16, 17)

 

 

153

 

 

 

133

 

 

 

466

 

 

 

452

 

Purchased product

 

 

 

 

759

 

 

 

322

 

 

 

2,096

 

 

 

1,039

 

Depreciation, depletion and amortization

 

 

 

 

297

 

 

 

406

 

 

 

916

 

 

 

1,433

 

Impairments

 

(Note 8)

 

 

-

 

 

 

1,336

 

 

 

-

 

 

 

4,863

 

Accretion of asset retirement obligation

 

 

 

 

5

 

 

 

8

 

 

 

17

 

 

 

26

 

Administrative

(Notes 15, 16, 17)

 

 

101

 

 

 

79

 

 

 

346

 

 

 

297

 

Total Operating Expenses

 

 

 

 

1,789

 

 

 

2,696

 

 

 

5,245

 

 

 

9,365

 

Operating Income (Loss)

 

 

 

 

-

 

 

 

(1,506

)

 

 

74

 

 

 

(4,806

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other (Income) Expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest

 

(Notes 4, 10)

 

 

77

 

 

 

97

 

 

 

263

 

 

 

279

 

Foreign exchange (gain) loss, net

 

(Notes 5, 19)

 

 

-

 

 

 

(25

)

 

 

(15

)

 

 

51

 

Other (gains) losses, net

 

(Notes 6, 10, 17)

 

 

(6

)

 

 

(18

)

 

 

(31

)

 

 

(48

)

Total Other (Income) Expenses

 

 

 

 

71

 

 

 

54

 

 

 

217

 

 

 

282

 

Net Earnings (Loss) Before Income Tax

 

 

 

 

(71

)

 

 

(1,560

)

 

 

(143

)

 

 

(5,088

)

Income tax expense (recovery)

 

(Note 6)

 

 

1

 

 

 

(39

)

 

 

(175

)

 

 

395

 

Net Earnings (Loss)

 

 

 

$

(72

)

 

$

(1,521

)

 

$

32

 

 

$

(5,483

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Earnings (Loss) per Share of Common Stock

 

(Note 12)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

 

$

(0.28

)

 

$

(5.85

)

 

$

0.12

 

 

$

(21.10

)

Diluted

 

 

 

 

(0.28

)

 

 

(5.85

)

 

 

0.12

 

 

 

(21.10

)

Weighted Average Shares of Common Stock Outstanding (millions)

(Note 12)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

 

 

261.1

 

 

 

259.8

 

 

 

260.7

 

 

 

259.8

 

Diluted

 

 

 

 

261.1

 

 

 

259.8

 

 

 

265.3

 

 

 

259.8

 

 

Condensed Consolidated Statement of Comprehensive Income (unaudited)

 

 

 

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

 

 

September 30,

 

 

September 30,

 

(US$ millions)

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Earnings (Loss)

 

 

 

$

(72

)

 

$

(1,521

)

 

$

32

 

 

$

(5,483

)

Other Comprehensive Income (Loss), Net of Tax

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency translation adjustment

 

(Note 13)

 

 

(48

)

 

 

26

 

 

 

(4

)

 

 

(21

)

Pension and other post-employment benefit plans

 

(Notes 13, 17)

 

 

(1

)

 

 

(2

)

 

 

(4

)

 

 

(1

)

Other Comprehensive Income (Loss)

 

 

 

 

(49

)

 

 

24

 

 

 

(8

)

 

 

(22

)

Comprehensive Income (Loss)

 

 

 

$

(121

)

 

$

(1,497

)

 

$

24

 

 

$

(5,505

)

See accompanying Notes to Condensed Consolidated Financial Statements

 

 

7

 

 


 

Condensed Consolidated Balance Sheet (unaudited)

 

 

 

 

 

As at

 

 

As at

 

 

 

 

 

September 30,

 

 

December 31,

 

(US$ millions)

 

 

 

2021

 

 

2020

 

 

 

 

 

 

 

 

 

 

 

 

Assets

 

 

 

 

 

 

 

 

 

 

Current Assets

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

 

 

$

8

 

 

$

10

 

Accounts receivable and accrued revenues (net of allowances

     of $3 million (2020: $4 million))

 

(Note 3)

 

 

1,221

 

 

 

928

 

Risk management

 

(Notes 18, 19)

 

 

1

 

 

 

37

 

Income tax receivable

 

(Note 6)

 

 

98

 

 

 

272

 

 

 

 

 

 

1,328

 

 

 

1,247

 

Property, Plant and Equipment, at cost:

 

(Note 8)

 

 

 

 

 

 

 

 

Oil and natural gas properties, based on full cost accounting

 

 

 

 

 

 

 

 

 

 

Proved properties

 

 

 

 

54,684

 

 

 

53,883

 

Unproved properties

 

 

 

 

2,217

 

 

 

2,962

 

Other

 

 

 

 

897

 

 

 

911

 

Property, plant and equipment

 

 

 

 

57,798

 

 

 

57,756

 

Less: Accumulated depreciation, depletion and amortization

 

 

 

 

(49,208

)

 

 

(48,306

)

Property, plant and equipment, net

 

(Note 2)

 

 

8,590

 

 

 

9,450

 

Other Assets

 

 

 

1,094

 

 

 

1,143

 

Risk Management

 

(Notes 18, 19)

 

 

-

 

 

 

4

 

Goodwill

 

(Note 2)

 

 

2,624

 

 

 

2,625

 

 

 

(Note 2)

 

$

13,636

 

 

$

14,469

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities and Shareholders’ Equity

 

 

 

 

 

 

 

 

 

 

Current Liabilities

 

 

 

 

 

 

 

 

 

 

Accounts payable and accrued liabilities

 

 

 

$

1,866

 

 

$

1,704

 

Current portion of operating lease liabilities

 

 

 

 

63

 

 

 

68

 

Income tax payable

 

 

 

 

4

 

 

 

3

 

Risk management

 

(Notes 18, 19)

 

 

1,418

 

 

 

130

 

Current portion of long-term debt

 

(Note 10)

 

 

-

 

 

 

518