Ovintiv Inc. Terminates Material Definitive Agreement
Ticker: OVV · Form: 8-K · Filed: Jan 22, 2025 · CIK: 1792580
| Field | Detail |
|---|---|
| Company | Ovintiv Inc. (OVV) |
| Form Type | 8-K |
| Filed Date | Jan 22, 2025 |
| Risk Level | medium |
| Pages | 2 |
| Reading Time | 3 min |
| Key Dollar Amounts | $0.01 |
| Sentiment | neutral |
Sentiment: neutral
Topics: agreement-termination, corporate-event
TL;DR
Ovintiv just terminated a big deal. Big changes coming.
AI Summary
Ovintiv Inc. announced on January 22, 2025, the termination of a material definitive agreement. The company, formerly known as Alberta ULC, is incorporated in Delaware and headquartered in Denver, Colorado. This filing is a current report under the Securities Exchange Act of 1934.
Why It Matters
The termination of a material definitive agreement can significantly impact a company's operations, financial standing, and future strategic direction.
Risk Assessment
Risk Level: medium — Termination of a material definitive agreement can introduce uncertainty and potential financial repercussions.
Key Numbers
- 001-39191 — Commission File Number (Identifies the company's filing with the SEC)
- 84-4427672 — IRS Employer Identification No. (Tax identification number for the company)
Key Players & Entities
- Ovintiv Inc. (company) — Registrant
- Alberta ULC (company) — Former company name
- January 22, 2025 (date) — Date of earliest event reported
- Delaware (jurisdiction) — State of incorporation
- Denver, Colorado (location) — Principal Executive Offices
FAQ
What specific material definitive agreement was terminated by Ovintiv Inc.?
The filing states that a material definitive agreement was terminated, but does not specify which agreement.
When was the termination of the material definitive agreement effective?
The earliest event reported is January 22, 2025, which is the date of the report.
What is the primary business of Ovintiv Inc.?
Ovintiv Inc. is in the Crude Petroleum & Natural Gas industry, SIC code 1311.
Where is Ovintiv Inc. headquartered?
Ovintiv Inc.'s principal executive offices are located at Suite 1700, 370 17th Street, Denver, Colorado, 80202.
What was Ovintiv Inc.'s former name?
Ovintiv Inc.'s former name was Alberta ULC.
Filing Stats: 704 words · 3 min read · ~2 pages · Grade level 11.3 · Accepted 2025-01-22 17:11:27
Key Financial Figures
- $0.01 — ch registered Common Stock, par value $0.01 per share OVV New York Stock Exchan
Filing Documents
- ovv-20250122.htm (8-K) — 48KB
- ovv-ex99_1.htm (EX-99.1) — 17KB
- img100551318_0.jpg (GRAPHIC) — 67KB
- 0000950170-25-007870.txt ( ) — 273KB
- ovv-20250122.xsd (EX-101.SCH) — 24KB
- ovv-20250122_htm.xml (XML) — 5KB
02
ITEM 1.02 Termination of a Material Definitive Agreement. As previously disclosed, on December 10, 2024, Ovintiv Inc. ("Ovintiv") entered into an Asset-Sale Term Credit Agreement by and among Ovintiv, as Borrower, JPMorgan Chase Bank, N.A., as Administrative Agent, and the lenders party thereto (the "Credit Agreement"), intended to partially finance the previously announced acquisition by Ovintiv of assets from Paramount Resources Ltd. (the "Montney Acquisition"). On January 22, 2025, the commitments under the Credit Agreement terminated pursuant to the terms thereof upon completion of the Divestiture (as defined below).
01
ITEM 7.01 Regulation FD Disclosure. On January 22, 2025, Ovintiv issued a news release announcing the closing of the Divestiture. A copy of the news release is furnished as Exhibit 99.1 to this report and incorporated herein by reference. The information in this Item 7.01 and Exhibit 99.1 attached hereto are being furnished and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that Section, nor shall it be deemed incorporated by reference in any filing under the Securities Act, except as shall be expressly set forth by specific reference in such a filing.
01
ITEM 8.01 Other Events. Uinta Divestiture Closed As previously disclosed, on November 13, 2024, Ovintiv USA Inc. and Ovintiv Royalty Holdings LLC (collectively, the "Ovintiv Sellers"), each a wholly-owned subsidiary of Ovintiv, entered into an agreement with FourPoint Resources, LLC ("FourPoint") to sell to FourPoint substantially all of their oil and gas assets and properties and related rights and interests located in an agreed sale area covering specified lands in Duchesne and Uinta Counties, Utah along with certain specified interests located in Wasatch County, Utah (the "Divestiture"). On January 22, 2025, the Ovintiv Sellers completed the Divestiture. Montney Acquisition Update Ovintiv's previously announced acquisition of Alberta Montney assets from Paramount Resources Ltd. is expected to close before the end of the first quarter.
01 Financial Statements and Exhibits
Item 9.01 Financial Statements and Exhibits. (d) Exhibits Exhibit No. Exhibit Description Exhibit 99.1 News Release dated January 22, 2025. Exhibit 104 Cover Page Interactive Data File (embedded within the Inline XBRL document). SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Ovintiv Inc. Date: January 22, 2025 By: /s/ Dawna I. Gibb Name: Dawna I. Gibb Title: Assistant Corporate Secretary