Ovintiv

Ovintiv Inc.
FormerlyEncana
Company typePublic company
ISINUS69047Q1022
IndustryPetroleum industry
PredecessorsEncana Corporation
PanCanadian Energy Corporation
Alberta Energy Company
AEC West
FoundedApril 2002 (2002-04) as Encana
January 24, 2020 (2020-01-24) as Ovintiv
Headquarters
Denver, Colorado
Key people
Peter Dea, Board Chair;
Brendan McCracken, President & CEO;
Corey Code, EVP & CFO
ProductsPetroleum
Natural gas
Natural gas liquids
Production output
614.5 thousand barrels of oil equivalent (3,759,000 GJ) per day (2025)
Revenue US$8.908 billion (2025)
US$1.131 million (2025)
US$1.242 million (2025)
Total assets US$20.390 billion (2025)
Total equity US$11.195 billion (2025)
Number of employees
1,465 (2025)
Websitewww.ovintiv.com
Footnotes / references
[1]

Ovintiv Inc., based in Denver, is an American company engaged in hydrocarbon exploration. The company was previously known as Encana, which, in 2020, restructured from a company domiciled in Canada to a company domiciled in the United States. The company's operations are mainly in the Permian Basin in the United States and in the Montney Formation, where it has a partnership with Mitsubishi, in Canada.[1]

The company is ranked 438th on the Fortune 500[2] and 1262nd on the Forbes Global 2000.[3]

As of December 31, 2025, the company had proved reserves of 2,325 million barrels of oil equivalent (1.422×1010 GJ), of which 19% was petroleum, 31% was natural gas liquids, and 50% was natural gas.[1]

History

As Encana (2002-2019)

In April 2002, Encana was formed by the merger of PanCanadian Petroleum with Alberta Energy Company.

In November 2009, the company completed the corporate spin-off of its oil business, Cenovus Energy.[4]

In December 2012, the company announced a US$2.1 billion joint venture with state-owned, Beijing-based PetroChina through which PetroChina received a 49.9% stake in Encana's Duvernay Formation acreage in Alberta.[5][6]

In 2013, the company moved its headquarters to The Bow in Calgary, a newly completed building which was the tallest building in Canada outside of Toronto.[7]

In May 2018, the company permanently ceased production at Deep Panuke. The Deep Panuke project produced and processed natural gas 250 kilometers offshore southeast of Halifax, Nova Scotia.[8] The platform was sent for recycling in 2020.[9]

As Ovintiv (2020-present)

On January 24, 2020, after receiving shareholder approval, the company completed the transfer of its corporate domicile from Canada to the United States.[10][11] The shift came after the company's acquisition of Newfield Exploration, after which most of its production was in the United States, as opposed to Canada.

In June 2020, the company announced layoffs of 25% of its workforce.[12][13][14]

In February 2022, Ovintiv dissolved its subsidiary EWL Management Limited, which owned 5 decommissioned mines in Ontario, including three former uranium mines.[15][16]

Acquisitions and divestitures

Date Acquisition / Divestiture Company Price Ref(s).
October 2004 Divestiture UK operations including a 43% stake in the Buzzard oil field sold to Nexen Energy $2.1 billion [17]
January 2007 Divestiture Assets in Chad sold to China National Petroleum Corporation $202.5 million [18][19]
May 2007 Divestiture Assets in the delta of the Mackenzie River Undisclosed [20]
December 2011 Divestiture Majority of natural gas producing assets in the Barnett Shale Undisclosed [21]
February 2012 Divestiture 40% interest in the Cutbank Ridge Partnership, which involves 409,000 net acres of Montney Formation; sold to Mitsubishi C$2.9 billion [22]
February 2012 Divestiture Midstream assets in the Cutbank Ridge; sold to Veresen C$920 million [23]
June 2014 Divestiture Bighorn assets in Alberta; sold to Jupiter Resources US$1.8 billion [24]
November 2014 Acquisition Athlon Energy $7.1 billion [25]
May 2014 Divestiture Jonah Field operations in Sublette County, Wyoming; sold to Jonah Energy LLC Undisclosed [26]
June 2014 Acquisition Assets in the Eagle Ford Group from Freeport-McMoRan $3.1 billion [27]
August 2015 Divestiture assets in the Haynesville Shale; sold to affiliates of GSO Capital Partners and GeoSouthern Energy $850 million [28]
July 2016 Divestiture Assets in the Denver Basin $900 million [29][30]
June 2017 Divestiture Assets in the Piceance Basin $735 million [31][32]
December 2018 Divestiture Assets in the San Juan Basin $480 million [33]
February 2019 Acquisition Newfield Exploration $7.7 billion in stock and assumption of debt [34][35]
June 2023 Acquisition Assets in the Permian Basin $4.275 billion in cash and stock [36]
January 2025 Acquisition Assets in the Montney Formation; acquired from Paramount Resources $2.307 billion [37]
January 2026 Divestiture Assets in the Uinta Basin $2.0 billion [38]
February 2026 Acquisition NuVista Energy $2.7 billion [39]
February 2026 Divestiture Assets in the Anadarko Basin $3.0 billion [40]

Attempts to manipulate natural gas prices

In July 2003, the company agreed to pay $20 million to resolve allegations by the United States Commodity Futures Trading Commission that a subsidiary of the company reported false natural gas trading information, including price and volume information, to certain reporting firms in an attempt to skew indexes for its financial benefit.[41]

Alleged collusion and bid rigging with Chesapeake Energy

From 2008 through 2010, the company accumulated 250,000 net acres in the Collingwood-Utica Shale gas play in the Middle Ordovician Collingwood formation of the Michigan Basin at an average cost of $150/acre.[42] In May 2012, the company paid about $185 an acre for oil and gas rights on 2,156 acres (873 hectares) at an auction by the Michigan Department of Natural Resources, which was "88 percent less than the average paid two years ago in the area".[43]

E-mails between the company and Chesapeake Energy showed plans to divide up Michigan counties state land leases to suppress land prices in an October 2010 auction.[44] In 2013, a private landowner filed suit against the company and Chesapeake for bid rigging.[45]

While the case was dropped by the United States Department of Justice, the company was fined $5 million by the Michigan Attorney General, while Chesapeake paid $25 million into a victim-compensation fund.[46]

Environmental issues

Water pollution in Wyoming

In spring 2008, after complaints from residents in Pavillion, Wyoming, the United States Environmental Protection Agency found hydrocarbon contaminants in residents' drinking water wells near gas production wells owned by the company.[47]

2008–09 British Columbia pipeline bombings

Main article: 2008–09 British Columbia pipeline bombings

Between October 2008 and January 2009, in Pouce Coupe, British Columbia five Encana pipelines were bombed, likely by a disgruntled community member with a grudge against the company.[48] Encana was fined CAD $250,000 under Canada's Environmental Emergency Act after a pipeline rupture near Pouce Coupe released a cloud of gas that contained hydrogen sulfide.[49]

Pipeline leak

In September 2017, a subsidiary of the company was fined $225,000 for a pipeline leak that contaminated water and soil on a big game hunting ranch near Parachute, Colorado.[50]

Violations of Clean Air Act

In September 2024, Ovintiv paid the United States and the state of Utah a civil penalty of $5.5 million and agreed to implement extensive compliance measures to achieve major reductions in pollutants emitted from 139 of its facilities in Utah to resolve allegations that it failed to comply with federal and state requirements to capture and control air emissions at 22 of its oil and gas production facilities in the Uintah Basin.[51]

Leadership

President

  1. Gwyn Morgan, 5 April 2002 – 31 December 2005
  2. Randall Kerry Eresman, 1 January 2006 – 11 January 2013
  3. Clayton Harvey Woitas (interim), 11 January 2013 – 11 June 2013
  4. Doug Suttles, 11 June 2013 – 10 September 2019
  5. Michael Gerard McAllister, 10 September 2019 – 24 January 2020
  6. Michael G. McAllister, January 24, 2020 – June 30, 2020
  7. Brendan M. McCracken, December 1, 2020 – current

Chairman of the Board

  1. David P. O'Brien, 5 April 2002 – 24 July 2013
  2. Clayton Harvey Woitas, 24 July 2013– 24 January 2020
  3. Clayton H. Woitas, January 24, 2020 – June 30, 2020
  4. Peter A. Dea, June 30, 2020 – current

Encana's hydraulic fracturing operations in the United States are portrayed in the 2010 documentary, Gasland, which alleges that hydraulic fracturing causes pollution of ground and surface water, air, and soil.[52]

References

  1. ^ a b c "Ovintiv Inc. 2025 Form 10-K Annual Report". United States Securities and Exchange Commission. February 23, 2026.
  2. ^ "Fortune 500: Ovintiv". Fortune.
  3. ^ "Forbes Global 2000". Forbes.
  4. ^ Haggett, Scott (November 30, 2009). "EnCana wraps up spinoff of its oil business". Reuters.
  5. ^ Jones, Jeffrey (December 13, 2012). "Encana, PetroChina take $2.2 billion stab at joint venture". Reuters.
  6. ^ "Encana, PetroChina form joint venture to develop natural gas in Alberta". Financial Post. December 13, 2012.
  7. ^ "The Bow tower officially opens in Calgary". CBC News. June 4, 2013.
  8. ^ "Encana Corporation – Abandonment of Deep Panuke Offshore Gas Development". National Energy Board.
  9. ^ "Canada: Deep Panuke Offshore Platform Removed from Field". Offshore Engineer. August 7, 2020.
  10. ^ "Encana completes reorganization and establishes corporate domicile in the U.S." (Press release). PR Newswire. January 24, 2020.
  11. ^ Morgan, Geoffrey (November 1, 2018). "Doug Suttles transforms 'headquarter-less' Encana with $7.7-billion deal to buy Newfield". Financial Post.
  12. ^ Seskus, Tony (June 17, 2020). "Oil and gas company Ovintiv, formerly Encana, laying off workers across North America". CBC News.
  13. ^ Nair, Shanti S.; Khan, Shariq (June 18, 2020). "Ovintiv lays off 25% of workforce after oil demand slumps". Reuters.
  14. ^ Orland, Kevin (June 17, 2020). "Ovintiv cutting jobs in Calgary, Denver and Texas as drilling slows". Calgary Herald. Bloomberg News.
  15. ^ "ENVIRONMENTAL COMPLIANCE APPROVAL, NUMBER 1402-BKZM2H" (PDF). Government of Ontario. May 30, 2020.
  16. ^ "Regulatory Action – Ovintiv Canada ULC". Canadian Nuclear Safety Commission. May 19, 2022. Archived from the original on June 23, 2022.
  17. ^ "Nexen buys EnCana unit". The Globe and Mail. October 29, 2004.
  18. ^ "CNPC buys EnCana's Chad operations for $202.5 mln". Reuters. January 21, 2007.
  19. ^ "CNPC International to buy EnCana's Chad holdings". Oil & Gas Journal. January 15, 2007.
  20. ^ EBNER, DAVID (May 9, 2007). "MGM Energy buys into several EnCana assets". The Globe and Mail.
  21. ^ Joyce, Matt (December 22, 2011). "Encana closes sale on most Barnett assets". American City Business Journals.
  22. ^ DE LA MERCED, MICHAEL J. (February 17, 2012). "Mitsubishi Buys 40% Stake in Encana Shale Gas Assets". The New York Times.
  23. ^ "Canada: Encana Closes Cutbank Ridge Sale". Offshore Energy. February 9, 2012.
  24. ^ "Encana Reaches Agreement to Sell Bighorn Assets to Jupiter Resources for Approximately US$1.8 Billion" (Press release). GlobeNewswire. June 27, 2014.
  25. ^ "Encana completes acquisition of Athlon Energy". Oil & Gas Journal. November 13, 2014.
  26. ^ "Jonah Energy completes $1.8 billion purchase of Jonah field assets". Oil & Gas Journal. May 12, 2014.
  27. ^ "Encana Completes $3.1 Billion Eagle Ford Acquisition" (Press release). GlobeNewswire. June 20, 2014.
  28. ^ Graeber, Daniel J. (August 25, 2015). "Encana Corp. leaves Louisiana shale". United Press International.
  29. ^ SVALDI, ALDO (July 29, 2016). "Encana Corp. completes sale of Denver-Julesburg Basin assets". The Denver Post.
  30. ^ McKinnon, Judy (October 8, 2015). "Encana to Sell Colorado Oil and Gas Assets for $900 Million". The Wall Street Journal.
  31. ^ "Encana announces agreement to sell its Piceance natural gas assets" (Press release). Globe Newswire. June 9, 2017.
  32. ^ "Encana to sell its Piceance natural gas assets for $735 mln". Reuters. June 9, 2017.
  33. ^ KOHLER, JUDITH (December 28, 2018). "Denver-based DJR Energy closes $480M purchase of assets in San Juan Basin". The Denver Post.
  34. ^ "Encana completes acquisition of Newfield Exploration to create North America's premier resource company" (Press release). Globe Newswire. February 13, 2019.
  35. ^ Pulsinelli, Olivia (February 14, 2019). "Encana closes multibillion-dollar acquisition of Woodlands co". American City Business Journals.
  36. ^ "Ovintiv Announces Closing of Midland and Bakken Transactions & Inclusion in S&P 400 Index" (Press release). PR Newswire. June 12, 2023.
  37. ^ "Ovintiv Announces Closing of Montney Asset Acquisition Index" (Press release). PR Newswire. January 31, 2025.
  38. ^ "Ovintiv Announces Closing of Uinta Asset Sale" (Press release). PR Newswire. January 22, 2026.
  39. ^ "Ovintiv Announces Closing of NuVista Energy Acquisition" (Press release). PR Newswire. February 3, 2026.
  40. ^ "Ovintiv Announces Agreement to Sell its Anadarko Assets" (Press release). PR Newswire. February 17, 2026.
  41. ^ "ENCANA TRADING UNIT PAYS $20 MILLION TO SETTLE COMMODITY FUTURES TRADING COMMISSION CHARGES OF ATTEMPTED MANIPULATION AND FALSE REPORTING" (Press release). United States Commodity Futures Trading Commission. July 28, 2003.
  42. ^ Petzet, Alan (May 7, 2010). "Explorations: Michigan Collingwood-Utica gas play emerging". Oil & Gas Journal.
  43. ^ Carroll, Joe (June 27, 2012). "Encana Expands in Michigan Shale Chesapeake Is Abandoning". Financial Post. Bloomberg News.
  44. ^ Grow, Brian; Schneyer, Joshua; Roberts, Janet (June 25, 2012). "Special Report: Chesapeake and rival plotted to suppress land prices". Reuters.
  45. ^ Grow, Brian; Schneyer, Joshua (February 25, 2013). "Chesapeake, Encana sued in civil antitrust action". Reuters.
  46. ^ Healing, Dan (May 6, 2014). "Encana pays $5M to settle antitrust case". Calgary Herald.
  47. ^ "Pavillion, Wyoming Groundwater Investigation: January 2010 Sampling Results and Site Update" (PDF). United States Environmental Protection Agency. August 2010.
  48. ^ "Latest EnCana pipeline explosion was deliberate: RCMP". CBC News. July 2, 2009.
  49. ^ Cox, Sarah (February 8, 2021). "Meet the frackers: B.C.'s top 10 fracking companies, their subsidies, profits and taxes, revealed". The Narwhal.
  50. ^ Finley, Bruce (September 11, 2017). "Encana subsidiary fined $225,000 for spill on West Slope big game hunting ranch". The Denver Post.
  51. ^ "Ovintiv USA to Pay $5.5M Penalty and Upgrade Facilities in Utah to Resolve Clean Air Act Violations" (Press release). United States Department of Justice. September 30, 2024.
  52. ^ Mosier, Jeff (February 3, 2017). "Wise County couple that sued Plano gas company may lose their $2.9M judgment". The Dallas Morning News.
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