Ovintiv Inc. (NYSE:OVV) Q3 2023 Results Conference Call November 8, 2023 12:00 PM ET

Company Participants

Jason Verhaest - IR

Brendan McCracken - President and CEO

Corey Code - EVP and CFO

Greg Givens - EVP and COO

Conference Call Participants

Neal Dingmann - Truist Securities

Gabe Daoud - TD Cowen

Doug Leggate - Bank of America

Scott Gruber - Citigroup

Umang Choudhary - Goldman Sachs

Greg Pardy - RBC Capital Markets

Roger Read - Wells Fargo

Operator

Good day, ladies and gentlemen and thank you for standing by. Welcome to Ovintiv’s 2023 Third Quarter Results Conference Call. As a reminder, today’s call is being recorded. [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 Jason Verhaest from Investor Relations. Please go ahead, Mr. Verhaest.

Jason Verhaest

Thank you, Joana, and welcome, everyone, to our third quarter ‘23 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 beginning of our slides and in our disclosure documents filed on SEDAR and EDGAR. Following our prepared remarks, we will be available to take your questions. Please limit your time to one question and one follow-up.

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

Brendan McCracken

Good morning. Thank you for joining us.

Our team delivered another quarter of impressive outperformance against our targets. We’ll get into the details in a minute. But first, I’d like to start with the steps we’ve taken to prosecute our durable returns strategy and ensured that Ovintiv is set up to create shareholder value.

We believe a deep premium inventory is one of the three key ingredients to generating durable returns. Over two years ago, we recognized that the industry was likely to consume quality inventory at a rate much higher than it was replenishing. Fast forward to today and that has definitely turned out to be the case. And the growing recognition of this deficit has been a motivator for the deal flow we’ve seen recently.

We have moved against that broader industry tide and have both deepened our premium inventory and demonstrated our ability to generate superior operational and financial results to create value for our shareholders. We pioneered cube development to make the most out of the premium resource we have captured. We have continued to innovate to drive down costs and boost productivity. We have consistently converted upside locations to premium inventory by investing into organic appraisal and assessment on the acreage we already own. We closed over 200 highly accretive bolt-on transactions, and we made a significant step change with our Permian transaction earlier this year.