Energy

Ovintiv Inc. (NYSE: OVV) (TSX: OVV) today announced that George L. Pita has been named as an independent member of its board of directors, effective July1, 2021.

Ovintiv Names George L. Pita to Board of Directors (CNW Group/Ovintiv Inc.)

Pita, 59, currently serves as the executive vice president and chief financial officer of MasTec, Inc. (NYSE: MTZ), a leading North American infrastructure construction company. Before joining MasTec in 2013, he served in various leadership positions across multiple industries including CFO and executive vice president for Stuart Weitzman Holdings, LLC and CFO and principal accounting officer of Perry Ellis International, Inc. Pita graduated from the University of Miami , was a CPA for over 30 years, and is a member of the National Association of Corporate Directors, and the Latino Corporate Directors Association.

"We are very excited that George is joining our board. His significant business experience, diverse background and unique perspective will expand the board's strengths," said Ovintiv Chairman Peter Dea . "George's appointment builds on our thoughtful and ongoing board refreshment process."

Since early 2019, including Pita, the Company has expanded its board diversity, added five new directors, appointed a new independent board chairman and refreshed its committee memberships, including three new committee chairs.

About Ovintiv Inc.
Ovintiv is one of the largest producers of oil, condensate and natural gas in North America . The Company is committed to preserving its financial strength, maximizing profitability through disciplined capital investments and operational efficiencies and returning capital to shareholders. A talented team, in combination with a culture of innovation and efficiency, fuels Ovintiv's economic performance, increases shareholder value and strengthens its commitment to sustainability in the communities where its employees live and work.

Further information on Ovintiv Inc. is available on the Company's website, www.ovintiv.com , or by contacting:

Investor contact:

(888) 525-0304

Media contact:

(403) 645-2252

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SOURCE Ovintiv Inc.

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TOURMALINE COMPLETES RISING STAR ACQUISITON AND FILES EARLY WARNING REPORT

Tourmaline Oil Corp. (TSX: TOU) ("Tourmaline" or the "Company") is pleased to announce the completion of its previously announced acquisition of Rising Star Resources Ltd. (the "Transaction"). The purchase price for the Transaction included 6,000,000 common shares ("Topaz Shares") of Topaz Energy Corp. ("Topaz") currently owned by Tourmaline and $67,770,000 . In connection with this disposition of Topaz Shares, Tourmaline has filed an Early Warning Report as required by applicable securities laws.

Tourmaline Oil Corp. (CNW Group/Tourmaline Oil Corp.) (CNW Group/Tourmaline Oil Corp.)

Required Early Warning Disclosure

This disclosure is being provided pursuant to National Instrument 62-103 – The Early Warning System and Related Take-Over Bid and Insider Reporting Issues , which also requires a report to be filed by Tourmaline with the regulatory authorities in each jurisdiction in which the Company is a reporting issuer containing information with respect to the foregoing matters (the "Early Warning Report").

Prior to the Transaction, the Company held 51,149,494 Topaz Shares, representing approximately 35.5% of the issued and outstanding Topaz Shares. Following the closing of the Transaction, the Company holds 45,149,494 Topaz Shares, representing approximately 31.3% of the issued and outstanding Topaz Shares.

Tourmaline disposed of the Topaz Shares as part of a long-term plan to reduce its equity position as Topaz develops and continues to succeed as an independent royalty and infrastructure company. Tourmaline's reduction in Topaz equity is also consistent with its commitment to continue to reduce overall debt levels of Tourmaline and accelerate shareholder returns. The disposition will expand Topaz's free-trading share float and provide new and existing shareholders with enhanced trading liquidity which is in-line with Topaz's strategic objectives.

Tourmaline intends to hold its Topaz Shares for investment purposes. Tourmaline may from time to time, depending on market and other conditions, acquire additional Topaz Shares or dispose of Topaz Shares through market transactions, public offerings, private agreement or otherwise.

The Early Warning Report with additional information in respect of the foregoing matters will be filed and made available on the System for Electronic Document Analysis and Review (SEDAR) at www.sedar.com under Topaz's issuer profile. A copy of such report may also be obtained by contacting the secretary of Topaz, on behalf of Tourmaline, at telephone number (587) 747-4830.

Tourmaline's head office is located at Suite 2900, 250 6th Avenue SW, Calgary, Alberta T2P 3H7 and Topaz's head office is located at Suite 2900, 250 6th Avenue SW, Calgary, Alberta T2P 3H7.

Reader Advisories

CURRENCY

All amounts in this news release are stated in Canadian dollars unless otherwise specified.

FORWARD-LOOKING INFORMATION

This news release contains forward-looking information and statements (collectively, "forward-looking information") within the meaning of applicable securities laws. The use of any of the words "forecast", "expect", "anticipate", "continue", "estimate", "objective", "ongoing", "on track", "may", "will", "project", "should", "believe", "plans", "intends" and similar expressions are intended to identify forward-looking information. More particularly and without limitation, this news release contains forward-looking information concerning Tourmaline's plans relating to the Common Shares The forward-looking information is based on certain key expectations and assumptions made by Tourmaline.

Although Tourmaline believes that the expectations and assumptions on which such forward-looking information is based are reasonable, undue reliance should not be placed on the forward-looking information because Tourmaline can give no assurances that it will prove to be correct. Since forward-looking information addresses future events and conditions, by its very nature it involves inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks.

Additional information on these and other factors that could affect Tourmaline, or its operations or financial results, are included in the Company's most recently filed Management's Discussion and Analysis (See "Forward-Looking Statements" therein), Annual Information Form (See "Risk Factors" and "Forward-Looking Statements" therein) and other reports on file with applicable securities regulatory authorities and may be accessed through the SEDAR website ( www.sedar.com ) or Tourmaline's website ( www.tourmalineoil.com ).

The forward-looking information contained in this news release is made as of the date hereof and Tourmaline undertakes no obligation to update publicly or revise any forward-looking information, whether as a result of new information, future events or otherwise, unless expressly required by applicable securities laws.

ABOUT TOURMALINE OIL CORP.

Tourmaline is Canada's largest and most active natural gas producer dedicated to producing the lowest-emission and lowest-cost natural gas in North America . We are an investment grade exploration and production company providing strong and predictable operating and financial performance through the development of our three core areas in the Western Canadian Sedimentary Basin. With our existing large reserve base, decades-long drilling inventory, relentless focus on execution and cost management, and industry-leading environmental performance, we are excited to provide shareholders an excellent return on capital, and an attractive source of income through our base dividend and surplus free cash flow distribution strategies.

SOURCE Tourmaline Oil Corp.

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Gran Tierra Energy Inc. Announces Second Quarter 2022 Results

Gran Tierra Energy Inc. Announces Second Quarter 2022 Results

Gran Tierra Energy Inc.. (“Gran Tierra” or the “Company”) (NYSE American:GTE) (TSX:GTE) (LSE:GTE) today announced the Company’s financial and operating results for the quarter ended June 30, 2022 (“the Quarter”). All dollar amounts are in United States dollars, and production amounts are on an average working interest (“WI”) before royalties basis unless otherwise indicated. Per barrel (“bbl”) and bbl per day (“BOPD”) amounts are based on WI sales before royalties. For per bbl amounts based on net after royalty (“NAR”) production, see Gran Tierra’s Quarterly Report on Form 10-Q filed August 8, 2022.
  • Average Total Production of 30,607 BOPD, Highest since Fourth Quarter 2019
  • Total Average Production Up 4% from First Quarter 2022 and 33% from Second Quarter 2021
  • Generated Net Income of $53 Million
  • Increased Adjusted EBITDA(1) to $140 Million, Up 286% Year-on-Year
  • Grew Net Cash Provided by Operating Activities to $143 Million, Up 285% Year-on-Year
  • Increased Funds Flow from Operations(1) to $104 Million, Up 345% Year-on-Year, Highest since First Quarter 2013
  • Generated Free Cash Flow(1)of $38 Million
  • Credit Facility Repaid in Full
  • As of June 30, 2022, Cash Balance of $109 Million and Net Debt(1) of $491 Million

Key Highlights of the Quarter:

  • Net Income: Gran Tierra generated net income of $53 million, up 275% from first quarter 2022 (“the Prior Quarter”), and versus a net loss of $18 million in second quarter 2021.
  • Diluted Earnings Per Share: Gran Tierra generated earnings of $0.14 per share, up from $0.04 per share in the Prior Quarter and compared to a net loss of $0.05 per share in second quarter 2021.
  • Significant Growth in Net Cash Provided by Operating Activities: The Company realized net cash provided by operating activities of $143 million, up 285% from second quarter 2021.
  • Highest Funds Flow from Operations(1) since First Quarter 2013: Funds flow from operations(1) increased to $104 million, the highest since first quarter 2013, which was up 19% from the Prior Quarter and up 345% from second quarter 2021. On a diluted per share basis funds flow from operations was $0.28, which was up from $0.06 per share in second quarter 2021 and up from $0.23 per share in the Prior Quarter.
  • Strong Free Cash Flow(1): Gran Tierra generated free cash flow(1) of $38 million while completing the majority of the Company’s development programs in Acordionero and Costayaco.
  • Rapid Debt Reduction: Gran Tierra has repaid its credit facility. In only two years, Gran Tierra fully paid down its credit facility balance from $207 million to zero, which demonstrates the Company’s commitment to rapidly reduce debt with its free cash flow(1). As of June 30, 2022, the Company had a cash balance of $109 million and net debt(1) of $491 million. The Quarter’s net debt to annualized EBITDA(1) ratio was below 1.0 times and the Company is targeting a long-term net debt to EBITDA ratio of under 1.0 times at an assumed $60/bbl Brent oil price.
  • Annual Production Growth: Production was in-line with the budget and averaged 30,607 BOPD, up 4% compared to the Prior Quarter and 33% from second quarter 2021.
  • Additional Key Financial Metrics:
    • Capital Expenditures: Capital expenditures of approximately $65 million were higher than the Prior Quarter’s level of $41 million, as the majority of Gran Tierra’s capital programs in both Costayaco and Acordionero were completed during the Quarter.
    • Increased Oil Sales: The Brent oil price averaged $111.98/bbl, up 14% from the Prior Quarter and up 62% year-on-year. Gran Tierra generated oil sales of $206 million, up 18% from the Prior Quarter and 113% from the second quarter of 2021. The significant annual increase in oil sales was driven by the Company’s 33% increase in quarterly production year-on-year, combined with the increase in the Brent oil price over the same period.
    • Strong Operating Netback(1)(2): The Company’s operating netback(1)(2) of $59.62/bbl was the highest netback since third quarter 2014, and was up 14% from the Prior Quarter and up 81% year-on-year. This strong annual increase was driven by Gran Tierra’s 33% rise in quarterly production year-on-year and the strong growth in the Brent oil price.
    • Operating Expenses: Compared to the Prior Quarter, Gran Tierra’s operating expenses increased 8% to $14.38/bbl, up from $13.34/bbl, due to higher workover and power generation costs. Compared to the second quarter of 2021, operating expenses increased by 12% on a per bbl basis, primarily as a result of workover costs.
    • Other Expenses:
      • The quality and transportation discount increased 3% to $13.00 per bbl, compared to $12.57 per bbl in the Prior Quarter, because of widening Castilla and Vasconia oil price differentials to Brent.
      • General and administrative (“G&A”) expenses before stock-based compensation were $2.86 per bbl, down from $2.97 per bbl in the Prior Quarter and $3.49 per bbl in second quarter 2021. This decrease was driven by the Company’s higher sales volumes in the Quarter.

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Cenovus Acquiring Outstanding 50% Interest in Toledo Refinery from bp, Will Assume Operatorship

Cenovus Energy Inc. (TSX: CVE) (NYSE: CVE), through its U.S. operating business, has reached an agreement to purchase bp's 50% interest in the bp-Husky Toledo Refinery in Ohio. Cenovus has owned the other 50% of the refinery since its combination with Husky Energy in 2021. Cenovus's U.S. operating business will assume operatorship from bp upon closing of the transaction, which is expected before the end of 2022, dependent on the satisfaction of closing conditions. Total consideration includes US$300 million in cash, subject to customary closing adjustments, plus the value of inventory. In addition, the parties have signed a multi-year product supply agreement.

"Fully owning the Toledo Refinery provides a unique opportunity to further integrate our heavy oil production and refining capabilities," said Alex Pourbaix, Cenovus President & Chief Executive Officer. "Operating the refinery will open up additional synergies and capital efficiency opportunities, including connectivity with our nearby Lima Refinery. This transaction solidifies our refining footprint in the U.S. Midwest and increases our ability to capture margin throughout the value chain."

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Suncor Energy Reports Second Quarter 2022 Results

Unless otherwise noted, all financial figures are unaudited, presented in Canadian dollars (Cdn$), and have been prepared in accordance with International Financial Reporting Standards (IFRS), specifically International Accounting Standard (IAS) 34 Interim Financial Reporting as issued by the International Accounting Standards Board. Production volumes are presented on a working-interest basis, before royalties, except for production values from the company's Libya operations, which are presented on an economic basis. Certain financial measures referred to in this news release (adjusted funds from operations, adjusted operating earnings, net debt and free funds flow) are not prescribed by Canadian generally accepted accounting principles (GAAP). See the Non-GAAP Financial Measures section of this news release. References to Oil Sands operations exclude Suncor Energy Inc.'s interest in Fort Hills and Syncrude.

"Driven by a strong business environment, Suncor (TSX: SU) (NYSE: SU) generated record adjusted funds from operations of approximately $5.3 billion, or $3.80 per common share, in the second quarter of 2022, as we executed planned maintenance across our asset base," said Kris Smith, interim president and chief executive officer. "Our confidence in our business and expected annual cash flows enabled us to return approximately $3.2 billion of value to our shareholders, which includes both the highest dividend per share and highest rate of share repurchases in the company's history."

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ALTAGAS ANNOUNCES $250 MILLION HYBRID NOTE OFFERING

AltaGas Ltd. ("AltaGas" or the "Company") (TSX: ALA) today announced that it has priced an offering of $250 million of 7.35% Fixed-to-Fixed Rate Subordinated Notes, Series 2 due August 17, 2082 (the " Offering ").

The Offering is expected to close on or about August 17, 2022 . The Company intends to use the net proceeds of the offering to redeem or repurchase its outstanding cumulative redeemable five-year rate reset preferred shares, series C (TSX: ALA.PR.U).

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