U.S. Markets close in 2 hrs 58 mins
  • S&P 500

    3,785.78
    +17.31 (+0.46%)
     
  • Dow 30

    31,106.89
    +182.75 (+0.59%)
     
  • Nasdaq

    12,700.82
    -22.65 (-0.18%)
     
  • Russell 2000

    2,149.86
    +2.93 (+0.14%)
     
  • Crude Oil

    65.97
    +2.14 (+3.35%)
     
  • Gold

    1,699.10
    -1.60 (-0.09%)
     
  • Silver

    25.17
    -0.30 (-1.16%)
     
  • EUR/USD

    1.1916
    -0.0063 (-0.5243%)
     
  • 10-Yr Bond

    1.5640
    +0.0140 (+0.90%)
     
  • Vix

    26.91
    -1.66 (-5.81%)
     
  • GBP/USD

    1.3828
    -0.0066 (-0.4757%)
     
  • USD/JPY

    108.2910
    +0.3150 (+0.2917%)
     
  • BTC-USD

    48,195.87
    -1,522.86 (-3.06%)
     
  • CMC Crypto 200

    964.14
    +20.97 (+2.22%)
     
  • FTSE 100

    6,630.52
    -20.36 (-0.31%)
     
  • Nikkei 225

    28,864.32
    -65.79 (-0.23%)
     

Ovintiv (OVV) to Slash 33% of Its Methane Intensity By 2025

  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.
Zacks Equity Research
·3 min read
  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.

Ovintiv Inc. OVV announced plans to bring down the methane intensity of its North America onshore operations by 33%, which is to be met by 2025.

The decision was approved by the company’s board of directors and will be directly associated with its annual incentive compensation programs for all employees beginning next year.

The proposed reduction will be compared with Ovintiv’s actual value of 0.15 metric tons CH4 per thousand barrels of oil equivalent (CH4/MBOE) from 2019, per reports. Moreover, the scaling down of its methane intensity to 0.10 metric tons CH4/MBOE would contribute to the reduction of greenhouse gas emissions by 2025. The company’s planned reductions are included in its 16th annual sustainability report that marked Ovintiv’s environmental, social and governance goals.

Ovintiv is an independent energy producer, which explores, and churns out oil and natural gas from diverse assets located in the United States and Canada. The upstream company owns a multi-basin portfolio that covers the Montney Shale in Canada as well as the Anadarko and Permian basins located in Western Texas and Southeastern New Mexico.

The Denver-based company stated that it was an early adopter of primary disclosure frameworks under the Task Force on Climate-related financial disclosures and the Sustainability Accounting Standards Board. Notably, the methane reduction approach upholds the sustainable development goals of the United Nations and assists Ovintiv in sustainable development.

Notably, the company’s aim to reduce methane intensity through operational efficiencies will help reduce its carbon emissions. Ovintiv hopes to reach the target by 2025 to meet growing stakeholder expectations for transparency and continuous improvement.

Company Profile & Price Performance

Headquartered in Denver, Ovintiv is an independent energy producer. It engages in the exploration, development, production, and marketing of natural gas, oil and natural gas liquids.

The company’s shares have underperformed the industry in the past three months. Its stock has gained 70.4% compared with the industry’s 82.4% growth.

 

 

Zacks Rank & Stocks to Consider

Ovintiv currently carries a Zack Rank #3 (Hold). Some better-ranked players in the energy space are HighPoint Resources Corporation HPR and DCP Midstream Partners. LP DCP, each currently sporting a Zacks Rank #1 (Strong Buy), and Canadian Natural Resources Limited CNQ, carrying a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

In the past 60 days, the Zacks Consensus Estimate for HighPoint Resources’ 2020 earnings has been raised by 17.4%.

DCP Midstream is expected to see earnings growth of 202.4% in 2021, while Canadian Natural Resources is likely to see earnings growth of 560.7% next year.

Biggest Tech Breakthrough in a Generation

Be among the early investors in the new type of device that experts say could impact society as much as the discovery of electricity. Current technology will soon be outdated and replaced by these new devices. In the process, it’s expected to create 22 million jobs and generate $12.3 trillion in activity.

A select few stocks could skyrocket the most as rollout accelerates for this new tech. Early investors could see gains similar to buying Microsoft in the 1990s. Zacks’ just-released special report reveals 8 stocks to watch. The report is only available for a limited time.

See 8 breakthrough stocks now>>


Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
 
Canadian Natural Resources Limited (CNQ) : Free Stock Analysis Report
 
DCP Midstream Partners, LP (DCP) : Free Stock Analysis Report
 
HIGHPOINT RESOURCES CORP (HPR) : Free Stock Analysis Report
 
Ovintiv Inc. (OVV) : Free Stock Analysis Report
 
To read this article on Zacks.com click here.
 
Zacks Investment Research