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Business Combination (Tables)
9 Months Ended
Sep. 30, 2023
Business Combinations [Abstract]  
Schedule of Purchase Price Allocation

 

Preliminary Purchase Price Allocation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Consideration:

 

 

 

 

 

 

 

 

Fair value of shares of Ovintiv common stock issued (1)

 

 

 

 

 

 

$

1,169

 

Consideration paid in cash

 

 

 

 

 

 

 

3,241

 

Total Consideration

 

 

 

 

 

 

$

4,410

 

 

 

 

 

 

 

 

 

 

Assets Acquired:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

 

 

 

 

 

$

16

 

Accounts receivable and accrued revenues (2)

 

 

 

 

 

 

 

201

 

Proved properties (2)

 

 

 

 

 

 

 

3,727

 

Unproved properties (2)

 

 

 

 

 

 

 

929

 

Other property, plant and equipment

 

 

 

 

 

 

 

33

 

 

 

 

 

 

 

 

 

 

Liabilities Assumed:

 

 

 

 

 

 

 

 

Accounts payable and accrued liabilities (2)

 

 

 

 

 

 

 

(462

)

Asset retirement obligation

 

 

 

 

 

 

 

(28

)

Other liabilities and provisions

 

 

 

 

 

 

 

(6

)

Total Purchase Price

 

 

 

 

 

 

$

4,410

 

(1)
The fair value was based on the issuance of 31.8 million shares of common stock using the NYSE price of $36.78 on June 12, 2023.
(2)
Since the completion of the business combination on June 12, 2023, additional information related to pre-acquisition assets and liabilities was obtained resulting in a measurement period adjustment. Changes in the fair value estimates comprised an increase in accounts receivable and accrued revenues of $21 million, an increase in proved properties of $134 million, a decrease in unproved properties of $212 million and a decrease in accounts payable and accrued liabilities of $57 million.
Schedule of Unaudited Pro Forma Financial Information

 

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

 

 

September 30,

 

 

September 30,

 

(US$ millions, except per share amounts)

 

 

 

2022

 

 

2023

 

 

2022

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenues

 

 

 

$

3,852

 

 

$

8,319

 

 

$

9,852

 

Net Earnings (Loss)

 

 

 

$

1,300

 

 

$

1,455

 

 

$

2,401

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Earnings (Loss) per Share of Common Stock

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

 

$

4.57

 

 

$

5.29

 

 

$

8.35

 

Diluted

 

 

 

 

4.51

 

 

 

5.21

 

 

 

8.22