Ovintiv Generates $1.6 B Free Cash Flow, Closes $2.7 B NuVista Deal, Targets 75% Returns
Ovintiv generated $1.6 billion free cash flow in 2025, returned $600 million to shareholders and closed the $2.7 billion NuVista deal adding 100 MBOE/d. Q4 free cash flow was $508 million after $465 million capex, and 2026 capex of $2.3 billion supports returning 75% of free cash flow to shareholders.
1. Full-Year 2025 Financial Performance
Ovintiv generated $3.7 billion of operating cash flow and $1.6 billion of free cash flow after $2.1 billion of capital spending, returning over $600 million to shareholders. The company completed its $2.7 billion NuVista acquisition, adding approximately 100 MBOE/d, and agreed to sell Anadarko assets for $3.0 billion of cash proceeds.
2. Fourth-Quarter 2025 Results
In the fourth quarter Ovintiv produced 623 MBOE/d, including 209 Mbbls/d of oil, and generated $954 million of operating cash flow, $973 million of non-GAAP cash flow and $508 million of non-GAAP free cash flow after $465 million of capital investment.
3. 2026 Outlook and Return Framework
For 2026 the company plans capital expenditures of $2.25 to $2.35 billion to drive total production of 620 to 645 MBOE/d, and will return at least 75% of full-year free cash flow to shareholders through dividends and share buybacks.