Ovintiv Inc. (NYSE:OVV) Q1 2022 Earnings Conference Call May 10, 2022 11:00 AM ET

Company Participants

Jason Verhaest – Investor Relations

Brendan McCracken – President and Chief Executive Officer

Greg Givens – Executive Vice President and Chief Operating Officer

Corey Code – Executive Vice President and Chief Financial Officer

Conference Call Participants

Neil Mehta – Goldman Sachs

Neal Dingmann – Truist Securities

Doug Leggate – Bank of America

Jeanine Wai – Barclays

Nitin Kumar – Wells Fargo

Arun Jayaram – JPMorgan

Menno Hulshof – TD

Jeoffrey Lambujon – Tudor, Pickering, Holt

Nicholas Pope – Seaport Research

Operator

Good day, ladies and gentlemen, and thank you for standing by. Welcome to Ovintiv's 2022 First Quarter Results Conference Call. As a reminder, today's call is being recorded. At this time all participants are in a listen-only mode. Following the presentation, we will conduct a question-and-answer session. [Operator Instructions] Please be advised that this conference call may not be recorded or rebroadcast without the expressed consent of Ovintiv.

I would now like to turn the conference call over to Mr. Jason Verhaest from Investor Relations. Please go ahead, Mr. Verhaest.

Jason Verhaest

Thank you, operator, and welcome to our first quarter 2022 conference call. This call is being webcast and the slides are available on our website at ovintiv.com. Please take note of the advisory regarding forward-looking statements at the end of our slides and in our disclosure documents filed on SEDAR and EDGAR. Following prepared remarks, we'll be available to take your specific questions. Please limit your time to one question and one follow-up.

I will now turn the call over to our CEO, Brendan McCracken.

Brendan McCracken

Good morning. Thank you for joining us. Quite a lot has happened since we reported our year-end results. Commodity prices have increased significantly due to unfortunate geopolitical events and continued supply chain disruptions across the globe. We're disheartened by these events and hope that they resolve as quickly as possible. Our team is dedicated to responsibly producing our barrels and BTUs to provide the world the energy it needs.

I'd like to kick off by covering some of today's key highlights. Our strategy is continuing to lead to strong returns on both the capital we are investing and the cash we are returning to our shareholders. We're delivering those returns while continuing to strengthen the balance sheet drive ESG progress and generate leading capital efficiency. We are once again raising our base dividend. This 25% increase marks the third raise in the last 12 months and reflects the structural cost reductions and efficiency gains we've made in our business to drive our breakeven price lower and unlock a higher sustainable dividend.