Ovintiv Inc. Files Q3 2024 10-Q
Ticker: OVV · Form: 10-Q · Filed: 2024-11-07T00:00:00.000Z
Sentiment: neutral
Topics: 10-Q, oil and gas, derivatives
TL;DR
Ovintiv's Q3 10-Q is in: significant derivative positions noted.
AI Summary
Ovintiv Inc. filed its 10-Q for the period ending September 30, 2024. The filing details financial performance and operations, including significant derivative asset and liability positions. The company, formerly known as Alberta ULC, is based in Denver, Colorado, and operates in the crude petroleum and natural gas sector.
Why It Matters
This filing provides investors with a detailed look at Ovintiv's financial health and operational risks, particularly concerning its exposure to commodity price fluctuations through derivative instruments.
Risk Assessment
Risk Level: medium — The company's substantial derivative positions indicate significant exposure to commodity price volatility, which can impact financial results.
Key Numbers
- 000000000 — IRS Number (Company identifier)
Key Players & Entities
- Ovintiv Inc. (company) — Filer
- Alberta ULC (company) — Former company name
- 370 - 17TH STREET, SUITE 1700 (location) — Business and mailing address
- DENVER (location) — City
- CO (location) — State
- 80202 (location) — ZIP code
- (303) 623-2300 (phone_number) — Business phone
- 20240930 (date) — Conformed period of report
- 20241107 (date) — Filed as of date
FAQ
What were Ovintiv's derivative asset and liability positions as of September 30, 2024?
The filing references 'DerivativeAssetsCurrent', 'DerivativeAssetsNoncurrent', 'DerivativeLiabilitiesCurrent', and 'DerivativeLiabilitiesNoncurrent' under the US GAAP 2024 taxonomy, indicating significant derivative positions, though specific dollar amounts are not detailed in this excerpt.
What is Ovintiv Inc.'s primary business sector?
Ovintiv Inc. operates in the CRUDE PETROLEUM & NATURAL GAS sector, with SIC code 1311.
When did Ovintiv Inc. change its name from Alberta ULC?
The date of the name change from Alberta ULC to Ovintiv Inc. was October 29, 2019.
What is the fiscal year end for Ovintiv Inc.?
Ovintiv Inc.'s fiscal year ends on December 31.
What is the filing date of this 10-Q report?
This 10-Q report was filed on November 7, 2024.
From the Filing
0000950170-24-123514.txt : 20241107 0000950170-24-123514.hdr.sgml : 20241107 20241107170913 ACCESSION NUMBER: 0000950170-24-123514 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 108 CONFORMED PERIOD OF REPORT: 20240930 FILED AS OF DATE: 20241107 DATE AS OF CHANGE: 20241107 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: 241437000 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-20240930.htm 10-Q 10-Q false Q3 0001792580 --12-31 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 12-31-2025 12-31-2024 12-31-2024 12-31-2025 12-31-2024 12-31-2025 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 srt:NaturalGasLiquidsReservesMember ovv:ProductRevenuesIncludingSaleOfProductPurchasedFromThirdPartiesMember 2023-07-01 2023-09-30 0001792580 us-gaap:CommonStockMember 2024-07-01 2024-09-30 0001792580 ovv:OilOneMember us-gaap:OperatingSegmentsMember ovv:ProductRevenuesIncludingSaleOfProductPurchasedFromThirdPartiesMember ovv:CanadianOperationsExcludingIntercompanySegmentTransactionsMember 2023-01-01 2023-09-30 0001792580 srt:ScenarioForecastMember 2024-12-31 0001792580 us-gaap:OtherCapitalizedPropertyPlantAndEquipmentMember us-gaap:OperatingSegmentsMember ovv:CanadianOperationsMember 2023-12-31 0001792580 2024-06-30 0001792580 us-gaap:FairValueInputsLevel3Member us-gaap:OtherNoncurrentLiabilitiesMember us-gaap:CommodityContractMember 2023-12-31 0001792580 us-gaap:OtherNoncurrentAssetsMember us-gaap:FairValueInputsLevel2Member us-gaap:CommodityContractMember 2023-12-31 0001792580 us-gaap:StockAppreciationRightsSARSMember currency:USD 2023-01-01 2023-09-30 0001792580 us-gaap:OtherNoncurrentAssetsMember us-gaap:FairValueInputsLevel1M