Ovintiv Inc. reported its financial results for the third quarter and the nine months ended September 30, 2024, showing a decline in total revenues and product/service revenues compared to the same periods in 2023. For Q3 2024, total revenues were $2,324 million, down from $2,649 million in Q3 2023. Product and service revenues also decreased to $2,178 million from $2,913 million year-over-year. For the nine months ended September 30, 2024, total revenues were $6,964 million, a decrease from $7,717 million in the prior year, while product and service revenues fell to $6,758 million from $7,857 million.

Despite the revenue decline, Ovintiv's operating income increased to $527 million in Q3 2024, compared to $467 million in Q3 2023. Net earnings for the quarter rose to $507 million, up from $406 million in the same period last year. However, for the nine-month period, net earnings decreased to $1,185 million from $1,229 million in 2023. Basic earnings per share for Q3 2024 were $1.93, compared to $1.48 in Q3 2023, while for the nine months, it was $4.45, down from $4.80.

The company’s cash and cash equivalents increased to $9 million as of September 30, 2024, from $3 million at the end of 2023. Total shareholders’ equity rose to $10,655 million from $9,552 million year-over-year. Long-term debt, including the current portion, was reported at $5,877 million, a slight increase from $5,737 million at the end of 2023.

Ovintiv's operational segments showed varied performance. USA Operations generated $1,377 million in product and service revenues for Q3 2024, down from $1,545 million in Q3 2023. Canadian Operations also saw a decline, with revenues of $393 million compared to $505 million in the prior year. Market Optimization revenues significantly dropped to $408 million from $863 million.

The company made strategic moves, including $202 million in acquisitions during the nine months ended September 30, 2024, primarily in the USA Operations, and reported net acquisitions and divestitures of $195 million, a notable improvement from $(468) million in the same period of 2023. Additionally, Ovintiv continued its share repurchase program, purchasing approximately 12.7 million shares for $597 million during the nine months.

Overall, while Ovintiv faced revenue declines, it managed to improve profitability metrics and maintain a strong balance sheet, reflecting its ongoing strategic focus on operational efficiency and shareholder returns.