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Ovintiv (OVV · NYSE / TSX)

Large independent — HQ United States. Oil & gas valuation, proved reserves, production, break-even, net-asset-value and jurisdiction-risk screen.
Category Large independentRegion N. AmericaCEO Brendan McCracken (2021)Jurisdiction risk Low (18)

Overview

Multi-basin: Permian (oil), Anadarko, and a large Canadian Montney position boosted by the 2024 ~$2.3bn Paramount deal (sold Uinta to FourPoint); balanced oil/condensate + gas.

Balance sheet in check, base dividend plus buybacks, and flexible capital allocation. Flags: commodity mix and integration of acquired Montney assets.

Valuation snapshot (FY2025)

Market cap
$17.4bn
Enterprise value
$21.7bn
EV / EBITDA
7.0x
P / E
14.0x
FCF yield
9.2%
Dividend yield
1.9%
ROACE
11%
Debt / equity
45%
Net debt / EBITDA
1.4x
EV / reserves
$9.44/boe
EV / flowing
$35k/boe/d
Free cash flow
$1.6bn

Its EV/EBITDA of 7.0x is above the 5.9x median across the 142-company universe, the free-cash-flow yield of 9.2% is higher than the 6.5% median, and at $9.44/boe of proved reserves it is cheaper than the $13.51/boe median.

On a balanced screen across the universe, Ovintiv scores 49/100, strongest on safety (62/100). Sub-scores: value 49, quality 43, growth 37, risk 38 (higher = riskier).

Reserves & production

Ovintiv holds approximately 2.3 billion boe of proved (1P) reserves with FY2025 production of about 614 thousand boe/d (50% liquids), a reserve life of roughly 10.3 years. Break-even: ~$40 (WTI breakeven) — Balanced oil/condensate + gas across the Permian and Montney; low-cost multi-basin operator.

Net asset value (public-source)

For Ovintiv, no SEC standardized measure is disclosed (non-US filer or listed NOC), so a public-source proved-NAV floor is not computable from US filings. See the interactive screener's NAV tab for peers where an SEC figure exists.

Jurisdiction risk · production-weighted country risk

18 /100
Low jurisdiction risk
Production-weighted average of the country scores below (0 = safest, 100 = riskiest).
Country / regionProd. shareCountry riskKey jurisdiction risk
United States65%23Stable, deep; federal-lands leasing and permitting policy swings.
Canada35%8Stable; pipeline egress constraints, oil-sands emissions policy.
How this is scored. Each country's risk (0–100) is anchored to two named public indices — the OECD Country Risk Classification (0–7 official export-credit country risk) and the World Bank Worldwide Governance Indicators (Political Stability & Absence of Violence percentile) — blended 55/45 and rescaled to 0–100. A company's jurisdiction risk is the production-weighted average across the countries where it operates. This is a pure country measure, kept separate from company & financial risk (leverage, governance). Source: OECD Country Risk Classification (CRC) as of 24 July 2025, sourced via the German Federal Export Credit Guarantees (exportkreditgarantien.de) which applies the OECD consensus country risk category directly (values 0-7; 0 = lowest risk). High-income OECD members are not individually rated by the OECD and are set to crc=0 per the model spec (US, UK, Norway, Canada, Australia, Japan, NZ, and most of Europe incl. OECD members Israel, Poland, Hungary, Czechia, Lithuania, Ireland). 'ps' = World Bank Worldwide Governance Indicators (WGI) 'Political Stability and Absence of Violence/Terrorism' percentile rank, latest available (2023 vintage), 0-100 with higher = more stable; ps values are best sourced estimates rounded to the WGI percentile scale. Yemen not on OECD list ('./.') so crc estimated at 7. Iraq-Kurdistan and Falklands are non-standard model rows using judgment, not official OECD entries..

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Key assets & projects

AssetLocationTypeNotes
PermianUnited StatesShale oilcore oil
MontneyCanadaCondensate/gasexpanded via Paramount 2024
Anadarko BasinUnited StatesOil/gasOklahoma
Paramount Montney (acq.)CanadaCondensate2024
Uinta (divested)United StatesOilsold to FourPoint 2024
BakkenUnited StatesOillegacy
DuvernayCanadaLiquids-richcondensate
Horn River / gasCanadaGaslegacy

Five-year trend (FY2021–FY2025)

Metric20212022202320242025
Production (mboe/d)545510560575614
Proved reserves (bnboe)2.001.902.052.152.30
Revenue ($bn)8.412.28.89.28.9
EBITDA ($bn)3.55.54.04.23.1
Net income ($bn)0.23.61.81.51.2
Free cash flow ($bn)0.72.51.41.21.6

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Peer companies — Large independent

COP · ConocoPhillipsEOG · EOG ResourcesOXY · Occidental PetroleumDVN · Devon EnergyWDS · Woodside Energy1605.T · InpexAKRBP · Aker BPPTTEP · PTT E&PSTO · SantosWCP · Whitecap ResourcesAPA · APA CorporationVAR · Var EnergiPRIO3 · PRIO S.A.SM · SM Energy Company

Sources

✓ FY2025 figures verified against primary sources:

↗ Compare OVV against 141 peers in the interactive screener

Disclaimer. Screening research only — a starting point, not investment or transactional advice. Figures are drawn from public sources (~mid-2026), may contain errors, and require independent due diligence before any decision.
Enerquill Advisory. Data compiled from company FY2025 filings and results releases; market data ~mid-2026. Larger names are verified against primary sources (shown on each page); smaller names are best-estimates pending verification. © Enerquill Advisory. enerquilladvisory.com