Sustainability Overview

Our commitment to driving environmental, social and governance (ESG) progress is rooted in our foundational values of Trust, Respect, Integrity, Safety and Sustainability.  At Ovintiv, we are proud of what we achieve and how we achieve it.   We will be at the forefront of driving innovation to both profitably and sustainably produce oil and gas from shale in order to produce safe, affordable and reliable energy to make tomorrow even better than today. 

Overview Contents

Highlights

  • Aligned fully with the World Bank Zero Routine Flaring Initiative as of September 1, 2021, nine years ahead of the World Bank’s 2030 compliance target
  • Delivering on our 33% methane intensity reduction target in 2021, four years ahead of schedule  
  • Have line of sight to a greater than 20% reduction in our Scope 1&2 greenhouse gas (GHG) intensity by year-end 2021, measured against our 2019 baseline 
  • Committed to establishing a Scope 1&2 GHG emission intensity target tied to 2022 compensation while continuing to focus on reducing our methane intensity 
  • Made 2020 our safest year ever for the seventh consecutive year 
  • Established a Social Commitment Leadership Team to focus our social engagement programs and practices  
  • Broadened Board diversity  
  • Ensured alignment to our ESG objectives by tying our methane reduction target to compensation 

From the Chair & CEO

Producing safe, affordable and reliable energy both profitably and sustainably is a powerful purpose – one that we take seriously.  Our products fuel the world and make modern life possible.  Oil, natural gas and natural gas liquids are essential to every aspect of life from transportation to education to healthcare.  It is easy to forget how reliant families and communities across the globe are on oil and gas, from the clothes we wear, the food we eat, the mobility we cherish and the electronic technologies we rely on every day. The reliability and affordability of our products combat poverty, enhance quality of life and drive our economies.   

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Making Modern Life Possible

 

Our rapid progress on ESG is fundamental to human advancement and essential to the global ambition to reduce emissions.  At Ovintiv, we will continue to pioneer innovative ways to provide energy while driving down global emissions both today and into the future.  Our commitment is to be at the forefront of driving innovation to both profitably and sustainably produce oil and gas from shale.  

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Our Approach to ESG

At Ovintiv, ESG is a pillar of our business strategy.  Driving ESG progress directly contributes to economic performance and long-term value creation for our shareholders. That’s why ESG leadership starts at the top.

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History of Transparent Disclosure

Since 2005, Ovintiv has published a sustainability report that provides transparency into our ESG performance and related issues that could impact our business.   

To determine which topics to highlight in our reporting, we conduct an annual ESG materiality assessment, track input and guidance from key financial stakeholders and reference a number of third-party reporting standards and frameworks.  

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ESG Materiality Assessment

To ensure the relevance of our reporting, we actively engage with key internal and external stakeholders through ESG materiality assessments. During these assessments, we evaluate ESG issues against two criteria: impact to our business and importance to stakeholders.    

To develop a list of ESG issues relevant to Ovintiv and our shareholders, we utilize international sustainability reporting standards, perform gap analyses based on disclosure benchmarking and include feedback from stakeholder interaction throughout the year. Next, we meet with stakeholder groups through a formal, strategic process that incorporates both qualitative research and quantitative analysis to effectively evaluate the most relevant ESG issues.  

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United Nations Sustainable Development Goals

IPIECA, the global oil and gas association for advancing environmental and social performance, partnered with the World Business Council for Sustainable Development to develop a shared understanding of how the oil and gas industry impacts the United Nations (UN) Sustainable Development Goals (SDGs). This partnership created a roadmap for how our sector can support these goals and contribute to a healthier and more prosperous world. 

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