Each one in plain English, with the numbers worked through for a shareholder.
18 Feb 2021agm notice● Neutral
Ovintiv announced enhanced compensation, governance and environmental initiatives, including adding debt reduction and a methane intensity target to incentive pay and adopting a Rooney Rule for director searches. It also reported its seventh consecutive safest year in 2020.
Ovintiv filed its fourth-quarter and year-end 2020 results presentation, showing about $285 million of debt reduction since 2Q20 and a new $4.5 billion total debt target by year-end 2022. It also reported 2020 capex of $1.74 billion and 4Q20 crude and condensate output of 215 Mbbls/d.
Ovintiv reported fourth quarter and full-year 2020 results and agreed to sell its Duvernay assets for about $263 million. It also set a target of $4.5 billion of total debt by year-end 2022 and gave a 2021 outlook.
Ovintiv said it had received notice from Kimmeridge of its intent to nominate three director candidates for election to the board. It said its Governance Committee would review the nominations and restated its priorities of debt reduction and returning cash to shareholders.
Ovintiv gave a preliminary fourth-quarter 2020 update: long-term debt fell $257 million, oil and condensate production exceeded 210 Mbbls/d, and full-year capital spending was expected near $1.75 billion. Full results were due February 17, 2021.
Ovintiv said it intends to file a proxy statement and WHITE proxy card for its 2021 Annual Meeting of Stockholders. It urged stockholders to read those materials when available.