The agreement will allow for the export of 0.5 tonnes of LNG per year and will see Pembina provide transportation and liquefaction capacity to Ovintiv for 12 years, starting with commercial operation of Cedar LNG scheduled for late 2028. This provides Ovintiv, one of Canada’s largest natural gas producers, access to additional export markets that complements its existing portfolio of natural gas transportation arrangements. Exporting from the Canadian West Coast provides the shortest transportation distance from North America to the Asian LNG market.
“Today’s announcement marks a significant step forward in our strategy to expand market access and maximize the profitability of our Montney gas resource through participation in the global LNG market,” said Meghan Ailers, vice president of midstream and marketing at Ovintiv. “We are excited to partner with Pembina to provide low-cost Canadian natural gas to overseas markets and support energy security and global emissions reductions.”
Important information
Unless otherwise specified or the context requires otherwise, references to “Ovintiv,” “we,” “the,” “us,” or “us” include references to Ovintiv Inc. and its subsidiary subsidiaries and partnership interests held by them.
Visit Ovintiv’s website and investor relations pages at www.ovintiv.com and investor.ovintiv.com. Ovintiv frequently discloses important information about our company, our business, and our results of operations.
Recommendation Regarding Forward-Looking Statements – This news release contains forward-looking statements or information within the meaning of applicable securities laws, including Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (collectively, “forward-looking statements”). All statements, other than statements of historical fact, that relate to our anticipated future activities, plans, strategies, goals or expectations, including our goals and initiatives, emissions reductions, anticipated access to additional LNG markets, and the anticipated timing of commencing commercial operations at Cedar LNG, are forward-looking statements. When used in this news release, the use of words and phrases including “anticipates,” “strategy,” “plans” and other similar terms are intended to identify forward-looking statements, although not all forward-looking statements contain such specific words or phrases. Readers are cautioned not to place undue reliance on forward-looking statements. By their nature, forward-looking statements involve a number of assumptions that are subject to known and unknown risks and uncertainties, many of which are beyond our control, which may cause such statements to not materialize or to cause actual results to differ materially and/or adversely from those expressed or implied. These assumptions include, but are not limited to, future commodity prices and global LNG demand. expectations regarding our plans, strategies and goals, including anticipated production volumes and capital expenditures; the outlook for the oil and natural gas industry generally, including the impact of changes in the geopolitical environment; the effects of changes in federal, state, local, local and tribal laws, rules and regulations, including the effects of changes in trade policy, tariffs and interstate pipeline development and capacity; Our forecasts are based on our historical experience and awareness of past industry trends, and are broadly consistent with these. and other assumptions contained herein.
Although we believe that the expectations expressed in forward-looking statements are reasonable based on information available on the date such statements are made, forward-looking statements are only predictions and expressions of our current beliefs, and there can be no assurance that such expectations will prove to be correct. All forward-looking statements contained in this news release are made as of the date of this news release, and the Company undertakes no obligation to publicly update them, except as required by law. revise or update any forward-looking statements. The forward-looking statements contained in or incorporated by reference in this news release and all subsequent forward-looking statements attributable to us, whether written or oral, are expressly qualified by these cautionary statements.
Readers should carefully read the risk factors described in the “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections of the Company’s most recent Annual Report (Form 10-K), Quarterly Reports (Form 10-Q) and other filings with the SEC or Canadian securities regulators. A description of certain risks that could cause actual results to differ from those in these forward-looking statements is included. Other unpredictable or unknown factors not discussed in this news release may also materially adversely affect the forward-looking statements.
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Investor Contact: Media Contact: (888) 525-0304 (403) 645-2252
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