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Ovintiv Reports Third Quarter 2021 Financial and Operating Results Strong Third Quarter Free Cash Flow to Enhance Shareholder Returns Through Fourth Quarter Share Buyback Program ● Third Quarter Highlights : Generated third quarter cash from operating activities of $ 812 million , non - GAAP cash flow of $ 845 million and non - GAAP free cash flow of $ 480 million ● Ovintiv ™ ● news release Reduced net debt by $ 409 million to $ 4.8 billion ; achieved 1.5 times net debt to adjusted EBITDA leverage ratio Fully offset inflation during the quarter with operational efficiency gains and supply chain management Implemented a new capital allocation framework to increase cash returns to shareholders through share buybacks and / or variable dividends ; Company expects to purchase shares equivalent to $ 111 million during fourth quarter Received regulatory approval to purchase , for cancellation , up to 10 % of the Company's outstanding shares of common stock over a 12 - month period beginning October 1 , 2021 On track to achieve 33 % methane intensity reduction target in 2021 , four years ahead of schedule Committed to establishing a Scope 1 & 2 greenhouse gas ( GHG ) emission intensity target tied to 2022 employee compensation Announced that as of September 1 , 2021 , the Company is fully aligned with the World Bank Zero Routine Flaring by 2030 initiative , nine years ahead of the World Bank's target DENVER , November 2 , 2021 - Ovintiv Inc. ( NYSE , TSX : OVV ) today announced its third quarter 2021 financial and operating results . The Company plans to hold a conference call and webcast at 9:00 a.m. MT ( 11:00 a.m. ET ) on November 3 , 2021. Please see dial - in details within this release , as well as additional details on the Company's website at www.ovintiv.com . " Our third quarter results demonstrate our commitment to unlocking shareholder value by delivering on our strategic priorities " , said Ovintiv President and CEO , Brendan McCracken . " Year - to - date , we have generated nearly $ 1.4 billion of free cash flow , dropped our net debt by more than $ 2.1 billion , and increased our base dividend by about 50 % . During the fourth quarter we expect to return approximately $ 150 million to our shareholders via our base dividend and share buybacks . Looking ahead , we are committed to debt reduction , generating superior returns on the capital we invest , returning cash to our shareholders , and driving ESG progress . " Third Quarter 2021 Financial and Operating Results The Company recorded a net loss in the third quarter of $ 72 million , or $ 0.28 per diluted share of common stock . The results included the impact of net losses on risk management of $ 954 million , before - tax . Third quarter cash from operating activities was $ 812 million , non - GAAP cash flow was $ 845 million and capital investment totaled $ 365 million , resulting in $ 480 million of non - GAAP free cash flow . Ovintiv Inc. Average total production was 535 thousand barrels of oil equivalent per day ( MBOE / d ) , including crude and condensate production of 189 thousand barrels per day ( Mbbls / d ) , natural gas production of 1,566 million cubic feet per day ( MMcf / d ) , and NGL production of 85 Mbbls / d . Total Costs for the third quarter were $ 13.03 per barrel of oil equivalent ( BOE ) . 1