Ovintiv is a North American oil and natural gas exploration and production (E&P) company. Ovintiv drills wells, produces hydrocarbons, and sells them to refiners, local distributors, and energy marketers at prevailing market index prices. The company produces oil, natural gas liquids (NGLs), and natural gas across two core assets: the Permian Basin in west Texas and the Montney play in northwest Alberta and northeast British Columbia. Ovintiv is in the process of exiting its Anadarko Basin position in Oklahoma via a $3.0B sale expected to close Q2 2026, which will concentrate the portfolio entirely in the Permian and Montney. Ovintiv runs a maintenance-level capital program — spending enough to keep production roughly flat — prioritizing free cash flow over volume growth. A central feature of its model is driving down cost per well through "cube development," which develops multiple stacked pay zones simultaneously from a single pad. Ovintiv also uses proprietary AI tools to improve drilling and completions efficiency. The company hedges roughly 25% of production to protect cash flow, and targets returning at least 50% of post-dividend free cash flow to buybacks while reducing debt toward a $4B net debt target. Ovintiv has been actively reshaping its portfolio through acquisitions — including Paramount in early 2025 and NuVista in early 2026 — building what management describes as roughly 15 years of Permian and 20 years of Montney premium drilling inventory.