Share Capital |
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| Class of Stock Disclosures [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Share Capital |
Authorized Ovintiv is authorized to issue 750 million shares of common stock, par value $0.01 per share, and 25 million shares of preferred stock, par value $0.01 per share. No shares of preferred stock are outstanding.
Issued and Outstanding
On February 3, 2026, in accordance with the terms of the NuVista Acquisition agreement, Ovintiv issued approximately 30.1 million shares of common stock as a component of the consideration paid for the NuVista Acquisition as discussed in Note 9. In conjunction with the share issuance, the Company recognized share capital of $301 thousand and paid in surplus of $1,277 million.
Ovintiv’s Performance Share Units (“PSU”) and Restricted Share Units (“RSU”) stock-based compensation plans allow the Company to settle the awards either in cash or in the Company’s common stock. Accordingly, Ovintiv issued 0.8 million shares of common stock during the three months ended March 31, 2026 (0.7 million shares of common stock during the twelve months ended December 31, 2025), as certain PSU and RSU grants vested during the period.
Normal Course Issuer Bid On September 29, 2025, the Company announced it had received regulatory approval for the renewal of its NCIB program, which enables the Company to purchase, for cancellation or return to treasury, up to approximately 22.3 million shares of common stock over a 12-month period from October 3, 2025, to October 2, 2026. During the three months ended March 31, 2026, the Company purchased approximately 1.5 million shares for total consideration of approximately $84 million. Of the amounts paid, $15 thousand was charged to share capital and $84 million was charged to paid in surplus. For the twelve months ended December 31, 2025, the Company purchased approximately 7.8 million shares under its 2024 NCIB program which extended from October 3, 2024, to October 2, 2025, for total consideration of approximately $307 million. Of the amount paid, $78 thousand was charged to share capital and $307 million was charged to paid in surplus. All NCIB purchases were made in accordance with their respective programs at prevailing market prices plus brokerage fees, with consideration allocated to share capital up to the par value of the shares, with any excess allocated to paid in surplus. Dividends During the three months ended March 31, 2026, the Company declared and paid dividends of $0.30 per share of common stock totaling $85 million (2025 - $0.30 per share of common stock totaling $78 million). On May 11, 2026, the Board of Directors declared a dividend of $0.30 per share of common stock payable on June 30, 2026, to shareholders of record as of June 15, 2026. Earnings Per Share of Common Stock The following table presents the calculation of net earnings (loss) per share of common stock:
(1) For the three months ended March 31, 2026, and 2025, all of Ovintiv’s equity-settled awards were determined to be antidilutive and therefore excluded from the calculation of fully diluted net earnings (loss) per share of common stock.
Stock-Based Compensation Plans Shares issued as a result of awards granted from stock-based compensation plans are generally funded out of the common stock authorized for issuance as approved by the Company’s shareholders. As at March 31, 2026, the Company has sufficient common stock held in reserve for issuance in accordance with its equity-settled stock-based compensation plans. |
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