Sustainability Performance

Making Modern Life Possible 

Producing reliable and affordable energy is a powerful purpose, one that we take seriously at Ovintiv. We’re proud to make modern life possible and energy accessible for all, supporting better education, healthcare and equality.

As one of the largest producers of oil and condensate, natural gas and natural gas liquids in North America, our team stands united by a commitment to drive progress and improve lives. This drive, coupled with our values, pushes us to continually improve our environment, social and governance (ESG) performance. It’s a commitment that is intentional and authentic—a reflection of our proven track record, our high standards and our hope for the future.

In a year that halted progress for many, we stayed focused on our priorities. We drove value for shareholders and stakeholders—reducing debt, maintaining the scale of our business and relentlessly pursuing efficiencies. We also took the opportunity to listen, learn and innovate, showcasing the agility that allows our company to perform despite depressed market conditions.

Further, through measured action, we had our safest year yet. We showed committed climate leadership by tying emissions reduction to employee compensation and significantly decreased emissions across our operations. And, we enhanced our corporate governance practices while refreshing our Board. This proven performance, combined with our world-class portfolio and disciplined capital allocation, means we have the key ingredients for a sustainable future.

Ovintiv at a Glance

We are committed to maximizing profitability through disciplined capital investments and operational efficiencies, returning capital to our shareholders and setting the standard for ESG excellence. Our talented team and culture of innovation fuel our performance and guide our dedication to sustainability.

Values-Driven Culture:

Culture is the force behind our decisions, actions and ultimately the overall performance of Ovintiv. Our values guide and define us.

Vision:

Our vision is to be the leading North American resource play company, known for our operational excellence, top-tier assets, market fundamentals and disciplined capital allocation.

Sustainability:

We create long-term value by integrating financial, environmental, social and ethical considerations into the successful execution of our business strategy.
 

Our Approach to ESG

Our operational strategy is built on the knowledge that strong ESG execution directly contributes to economic performance and long-term value creation for our shareholders. That’s why ESG leadership starts at the top. Our Board and executive leadership team direct our ESG strategies, monitoring progress and performance.

We establish high standards for ESG excellence through our goal setting, policies and programs. Employees understand these expectations and have ownership in company performance. To reinforce this, we base a portion of our annual bonus on our environment, health and safety (EH&S) scorecard.

By setting EH&S goals that we all can aspire to achieve—as individuals and within teams—we work toward continuous improvement. These goals are included in our annual compensation plan, which offers a cash award for strong company performance. As we continue to improve upon the prior year’s performance, we set progressively more challenging targets each year.

In 2020 we announced a goal to reduce methane intensity 33% by 2025. This target will be tied to Ovintiv’s annual incentive compensation program for all employees beginning in 2021.


2019 – .15 metric tons CH4/MBOE
2025 – .10 metric tons CH4/MBOE

EH&S Scorecard and 2020 Performance

Total Recordable Injury Frequency

Process Safety Event Frequency

Motor Vehicle Incident Frequency

Total Reportable Spill Frequency

“Our culture empowers employees to make responsible decisions and our compensation program rewards them. We continue to set more ambitious goals, knowing that our motivated and hard working team will achieve this higher level of EH&S excellence.”

Rachel Moore Executive Vice President, Corporate Services

Recognizing the UN Sustainable Development Goals

The United Nations Sustainable Development Goals (SDGs) provide useful guidance to direct our sustainability approach.

We recognize the importance of all 17 SDG’s, focusing most specifically on those five areas where we can make a positive impact:

A History of Responsibility and Reporting

Since 2005, Ovintiv has published a sustainability report that provides transparency into our ESG performance and related issues that could impact our business. We reference the IPIECA Sustainability Reporting Guidance for the oil and gas sector and the SASB Oil and Gas Standard to inform and enhance our reporting disclosures.

To further ensure the report’s relevancy, we also engage with key internal and external stakeholders through an annual ESG materiality assessment. During this assessment, we evaluate ESG issues against two criteria: impact to our business and importance to stakeholders. Those issues with greater impact are noted in our annual reporting.

Climate risk continues to be an important topic for our industry. We report climate-related disclosures through the Task Force on Climate-Related Financial Disclosures (TCFD)’s framework.