Ovintiv Inc. (OVV) stock prices were down by 1.19% as of the market closing on October 6th 2021. This brought the price per share up to USD$35.70 at the end of the trading day. Subsequent premarket fluctuations have seen the stock dip by 3.36%, bringing it down to USD$34.50.
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OVV Stock Hits Milestones
October 6th, 2021 saw OVV stock announce the achievement of various sustainability milestones. These milestones are related to reductions in emissions, social responsibility, and corporate governance. Furthermore, the company has launched a new dynamic sustainability website, which serves to highlight its data-driven approach to environmental, social and governance (ESG) performance matters. The company is at the forefront of facilitating innovation to improve the profitability and sustainability of its oil and gas production.
Consolidating Market Footprint
OVV stock is keen to continue being a leader in energy supply as it strives to make modern life possible. The company continues to allocate resources towards pursuing efficiency, while continuously improving its environmental, social, and governance performance. The company is committed to continuing its business in a manner that is ethically, environmentally, and socially responsible. This approach is believed to drive strong financial performance for shareholders, and responsibly sourced and affordable energy to consumers over the long term.
Active Sustainability Efforts
The company announced the significant reduction of flaring and venting of natural gas across its operations in 2020. October 2021 saw OVV stock announce its forecast of achieving its goal of reducing methane emissions intensity by 33% in 202. This projection is four years earlier than initially targeted, reflecting the company’s massive success over the past few quarters. Methane intensity for the 2021 year is expected to be below 0.10 metric tons of methane per thousand barrels of oil equivalent. The target is benchmarked against the company’s methane intensity from 2019, which came out to 0.15 metric tons.
OVV Stock Aligns with Flaring Initiative
Furthermore, OVV stock has declared full alignment with the World Bank Routine Flaring Initiative. The company ensures the situating of necessary natural gas gathering infrastructure for all drilled wells in an effort to avoid engaging in routine flaring. 2020 saw flared and vented natural gas volumes accounting for less than 0.7% of total natural gas sales volumes.
Future Outlook for OVV Stock
The company reported a promising quarter, consolidated by the achievement of various milestones in the recent quarter. OVV stock is poised to capitalize on the scope of opportunities afforded by the momentum it has generated. Current and potential investors are hopeful that management will be able to effectively leverage the resources at its disposal. This is hoped to facilitate significant and sustained increases in shareholder value over the long term.