Ovintiv Inc. Q2 2024 10-Q Filed
Ticker: OVV · Form: 10-Q · Filed: 2024-07-30T00:00:00.000Z
Sentiment: neutral
Topics: 10-Q, oil-and-gas, derivatives, risk-management
TL;DR
Ovintiv's Q2 10-Q is in: significant derivative assets/liabilities show price risk management is active.
AI Summary
Ovintiv Inc. filed its 10-Q for the period ending June 30, 2024. The filing details financial performance and risk management activities, including significant derivative assets and liabilities related to price risk management. The company, headquartered in Denver, CO, operates in the crude petroleum and natural gas sector.
Why It Matters
This filing provides investors with a quarterly update on Ovintiv's financial health and its exposure to commodity price fluctuations through its risk management strategies.
Risk Assessment
Risk Level: medium — The company's significant derivative assets and liabilities indicate substantial exposure to commodity price volatility, a common risk in the oil and gas sector.
Key Numbers
- N/A — Revenue (Specific revenue figures are not detailed in the provided header information.)
- N/A — Net Income (Specific net income figures are not detailed in the provided header information.)
- N/A — Derivative Assets (The filing references derivative assets (current and noncurrent) indicating financial instruments used for hedging.)
- N/A — Derivative Liabilities (The filing references derivative liabilities (current and noncurrent) indicating financial instruments used for hedging.)
Key Players & Entities
- Ovintiv Inc. (company) — Filer of the 10-Q
- 20240630 (date) — End of the reporting period
- 370 - 17TH STREET, SUITE 1700, DENVER, CO 80202 (address) — Company's business and mail address
- 000000000 (dollar_amount) — IRS Number
FAQ
What is the primary business of Ovintiv Inc.?
Ovintiv Inc. operates in the Crude Petroleum & Natural Gas sector, as indicated by its Standard Industrial Classification code [1311].
What is the reporting period for this 10-Q filing?
The conforming period of report for this 10-Q filing is June 30, 2024.
Where is Ovintiv Inc. headquartered?
Ovintiv Inc.'s business and mail address is located at 370 - 17th Street, Suite 1700, Denver, CO 80202.
What type of financial instruments are highlighted in the filing's references?
The filing references derivative assets and liabilities, both current and noncurrent, related to price risk management activities.
When was Ovintiv Inc. formerly known by another name?
Ovintiv Inc. was formerly known as 1847432 Alberta ULC, with a date of name change on October 29, 2019.
From the Filing
0000950170-24-087984.txt : 20240730 0000950170-24-087984.hdr.sgml : 20240730 20240730170747 ACCESSION NUMBER: 0000950170-24-087984 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 108 CONFORMED PERIOD OF REPORT: 20240630 FILED AS OF DATE: 20240730 DATE AS OF CHANGE: 20240730 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Ovintiv Inc. CENTRAL INDEX KEY: 0001792580 STANDARD INDUSTRIAL CLASSIFICATION: CRUDE PETROLEUM & NATURAL GAS [1311] ORGANIZATION NAME: 01 Energy & Transportation IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-39191 FILM NUMBER: 241158666 BUSINESS ADDRESS: STREET 1: 370 - 17TH STREET, SUITE 1700 CITY: DENVER STATE: CO ZIP: 80202 BUSINESS PHONE: (303) 623-2300 MAIL ADDRESS: STREET 1: 370 - 17TH STREET, SUITE 1700 CITY: DENVER STATE: CO ZIP: 80202 FORMER COMPANY: FORMER CONFORMED NAME: 1847432 Alberta ULC DATE OF NAME CHANGE: 20191029 10-Q 1 ovv-20240630.htm 10-Q 10-Q --12-31 false 0001792580 Q2 7 8 http://fasb.org/us-gaap/2024#DerivativeAssetsCurrent http://fasb.org/us-gaap/2024#DerivativeAssetsNoncurrent http://fasb.org/us-gaap/2024#DerivativeAssetsCurrent http://fasb.org/us-gaap/2024#DerivativeLiabilitiesCurrent http://fasb.org/us-gaap/2024#DerivativeLiabilitiesNoncurrent http://fasb.org/us-gaap/2024#DerivativeAssetsCurrent http://fasb.org/us-gaap/2024#DerivativeAssetsNoncurrent http://fasb.org/us-gaap/2024#DerivativeAssetsCurrent http://fasb.org/us-gaap/2024#DerivativeLiabilitiesCurrent http://fasb.org/us-gaap/2024#DerivativeLiabilitiesNoncurrent http://fasb.org/us-gaap/2024#OtherNonoperatingIncomeExpense http://fasb.org/us-gaap/2024#OtherNonoperatingIncomeExpense 12-31-2024 12-31-2024 12-31-2025 12-31-2024 12-31-2024 12-31-2024 12-31-2024 12-31-2025 12-31-2024 12-31-2024 12-31-2025 12-31-2024 http://fasb.org/us-gaap/2024#GainLossFromPriceRiskManagementActivity http://fasb.org/us-gaap/2024#GainLossFromPriceRiskManagementActivity http://fasb.org/us-gaap/2024#GainLossFromPriceRiskManagementActivity http://fasb.org/us-gaap/2024#GainLossFromPriceRiskManagementActivity http://fasb.org/us-gaap/2024#GainLossFromPriceRiskManagementActivity http://fasb.org/us-gaap/2024#GainLossFromPriceRiskManagementActivity http://fasb.org/us-gaap/2024#GainLossFromPriceRiskManagementActivity http://fasb.org/us-gaap/2024#GainLossFromPriceRiskManagementActivity http://fasb.org/us-gaap/2024#GainLossFromPriceRiskManagementActivity http://fasb.org/us-gaap/2024#GainLossFromPriceRiskManagementActivity http://fasb.org/us-gaap/2024#GainLossFromPriceRiskManagementActivity http://fasb.org/us-gaap/2024#GainLossFromPriceRiskManagementActivity http://fasb.org/us-gaap/2024#GainLossFromPriceRiskManagementActivity http://fasb.org/us-gaap/2024#GainLossFromPriceRiskManagementActivity http://fasb.org/us-gaap/2024#GainLossFromPriceRiskManagementActivity http://fasb.org/us-gaap/2024#GainLossFromPriceRiskManagementActivity 0001792580 ovv:OilOneMember us-gaap:OperatingSegmentsMember ovv:ProductRevenuesIncludingSaleOfProductPurchasedFromThirdPartiesMember ovv:UsaOperationsExcludingIntercompanySegmentTransactionsMember 2023-04-01 2023-06-30 0001792580 ovv:UnsecuredNotesDueNovemberOneTwoThousandThirtyOneMember ovv:SevenPointThreeSevenFivePercentUnsecuredNotesMember 2023-12-31 0001792580 us-gaap:OperatingSegmentsMember ovv:CanadianOperationsMember ovv:ProvedPropertiesMember 2024-06-30 0001792580 ovv:UnsecuredNotesDueJulyFifteenTwoThousandThirtyThreeMember ovv:SixPointTwentyFivePercentUnsecuredNotesMember 2024-06-30 0001792580 us-gaap:OtherCapitalizedPropertyPlantAndEquipmentMember us-gaap:OperatingSegmentsMember ovv:MarketOptimizationMember 2023-12-31 0001792580 us-gaap:OtherNoncurrentAssetsMember us-gaap:CommodityContractMember 2024-06-30 0001792580 ovv:SixPointFiftyPercentUnsecuredNotesMember ovv:UnsecuredNotesDueAugustFifteenTwoThousandThirtyFourMember 2023-01-01 2023-12-31 0001792580 currency:CAD ovv:TandemStockAppreciationRightsMember 2023-06-30 0001792580 us-