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Ovintiv ™ news release Ovintiv Reports Second Quarter 2021 Financial and Operating Results Dividend Increased by ~ 50 % , New Debt Target Established Second Quarter Highlights : • • • • • • Generated second quarter cash from operating activities of $ 750 million , non - GAAP cash flow of $ 733 million and non - GAAP free cash flow of $ 350 million Reduced net debt ( 1 ) by $ 1.2 billion to $ 5.2 billion ; accelerated expected timeline of $ 4.5 billion net debt target to year - end 2021 Continued to demonstrate industry - leading capital efficiencies with operational efficiency gains and supply chain management more than offsetting inflation during the quarter Established new net debt target of $ 3 billion , expected to be achieved by year - end 2023 assuming $ 50 per barrel ( bbl ) WTI oil and $ 2.75 per thousand cubic feet ( Mcf ) NYMEX natural gas prices Announced a 50 % increase to quarterly dividend payment ; represents dividend of $ 0.56 per share of common stock on an annualized basis Published full - year 2020 ESG metrics on the Company's website at www.ovintiv.com Increased full - year crude and condensate ( 2 ) guidance to 190 – 195 thousand barrels per day ( Mbbls / d ) as a result of strong production outperformance across our assets ; full - year capital guidance of $ 1.5 billion is unchanged DENVER , July 27 , 2021 - Ovintiv Inc. ( NYSE , TSX : OVV ) today announced its second quarter 2021 financial and operating results . In addition , the Company increased its quarterly dividend payment by approximately 50 % , accelerated its $ 4.5 billion net debt target timeline to the end of 2021 and set a new net debt target of $ 3 billion by year - end 2023 , assuming $ 50 per bbl WTI oil and $ 2.75 per Mcf NYMEX natural gas prices . The Company plans to hold a conference call and webcast at 7:30 a.m. MT ( 9:30 a.m. ET ) on July 28 , 2021. Please see dial - in details within this release , as well as additional details on the Company's website at www.ovintiv.com . " Our track record of free cash flow generation continued in the second quarter with another $ 350 million of free cash , bringing us to a total of $ 890 million year - to - date , " said Ovintiv CEO , Doug Suttles . " We also expect to reach our original $ 4.5 billion net debt target before year - end - one year ahead of our original timeline . This achievement will mark almost $ 3 billion of net debt reduction since the second quarter of 2020. Our business continues to perform exceptionally well with operational efficiency gains and supply chain management more than offsetting cost inflation year - to - date . Ovintiv is positioned to thrive on the road ahead . " Second Quarter 2021 Financial and Operating Results • The Company recorded a net loss in the second quarter of $ 205 million , or $ 0.79 per diluted share of common stock . The results included the impact of net losses on risk management of $ 799 million , before - tax . • • Second quarter cash from operating activities was $ 750 million , non - GAAP cash flow was $ 733 million and capital investment totaled $ 383 million , resulting in $ 350 million of non - GAAP free cash flow . Average total production was 555 thousand barrels of oil equivalent per day ( MBOE / d ) and crude and condensate production averaged 201 Mbbls / d . 1 . 2 . Net debt is a non - GAAP measure Ovintiv defines as long - term debt , including the current portion , less cash and cash equivalents . Throughout this document , crude and condensate refers to tight oil including medium and light crude oil volumes and plant condensate . Ovintiv Inc. 1