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Ovintiv ™ news release Ovintiv Reports First Quarter 2021 Financial and Operating Results Strong start to 2021 accelerates debt paydown Highlights : • • • • • • First quarter 2021 net earnings of $ 309 million ( $ 1.16 per share diluted ) , cash from operating activities of $ 827 million and non - GAAP cash flow of $ 890 million Generated $ 540 million of non - GAAP free cash flow in the quarter and reduced total debt by $ 467 million to $ 6.4 billion Exceeded divestiture target with more than $ 1.1 billion in announced asset sales ; well ahead of year - end 2022 target ; previously announced Duvernay asset sale closed today Leveraged dynamic operational execution , multi - basin optionality and strong realized prices for products across the portfolio to offset the production and cash flow impacts of winter storm Uri Continued to deliver leading well cost efficiencies through the application of innovation and technology Accelerated expected achievement of $ 4.5 billion total debt target to the first half of 2022 and updated year - end 2021 total debt target to be less than $ 5 billion at $ 50 WTI oil and $ 2.75 NYMEX natural gas prices Reiterated $ 1.5 billion full - year 2021 capital guidance and updated full - year crude and condensate ( 1 ) guidance to 190 Mbbls / d to reflect asset sales DENVER , April 28 , 2021 - Ovintiv Inc. ( NYSE , TSX : OVV ) today announced its first quarter 2021 financial and operating results . In addition , the Company accelerated its $ 4.5 billion total debt target timeline to the first half of 2022 and forecasts its year - end 2021 total debt to be less than $ 5 billion , assuming $ 50 WTI oil and $ 2.75 NYMEX natural gas prices . The Company plans to hold a conference call and webcast at 9 a.m. MT ( 11 a.m. ET ) on April 29 , 2021. Please see dial- in details within this release , as well as additional details on the Company's website at www.ovintiv.com . " This quarter we continued our track record of delivery " said Ovintiv CEO , Doug Suttles . “ Our strong start to 2021 demonstrates our industry - leading operational capability , our focus on maximizing free cash generation , and our ability to manage risk . During winter storm Uri , our operating team kept production online longer and brought it back sooner than many of our peers . In addition , our multi - basin portfolio minimized impacts . Our marketing team also delivered another quarter of strong realized prices . Our continued application of innovation and technology to maximize efficiency led to another quarter of industry leading well cost performance . We delivered significant free cash flow , which along with the proceeds from recent divestitures has allowed us to materially accelerate our debt reduction target . " First Quarter 2021 Financial and Operating Results Ovintiv posted strong financial results during the first quarter . • • The Company recorded net earnings in the first quarter of $ 309 million , or $ 1.16 per diluted share of common stock . These results include a $ 156 million current income tax recovery ( $ 0.59 per share diluted ) . First quarter cash from operating activities was $ 827 million , non - GAAP cash flow was $ 890 million and capital investment totaled $ 350 million , resulting in $ 540 million of non - GAAP free cash flow . Ovintiv's operational performance and multi - basin portfolio mitigated the impact of severe winter weather on the Company's production and financial results during the first quarter . • 1 . Average total production was 538 thousand barrels of oil equivalent per day ( MBOE / d ) and crude and condensate production averaged 198 Mbbls / d . Throughout this document , crude and condensate refers to tight oil including medium and light crude oil volumes and plant condensate . Ovintiv Inc. 1