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Oil driller Ovintiv faces proxy battle threat from Kimmeridge
Scott Deveau, Bloomberg
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Ovintiv used cube development at its RAB Davidson lease in the Permian Basin.Courtesy Ovintiv
Kimmeridge Energy Management Co. said it’s prepared to nominate directors to the board of Ovintiv Inc. if the oil and gas producer fails to take the necessary steps to improve its performance and restore investor confidence.
The private equity firm, which said it owns a 2.4% stake in Ovintiv, argues in a new 18-page presentation that the company is falling behind its peers as a result of its misguided spending, expensive acquisitions, poor governance and inadequate environmental stewardship. Kimmeridge also outlines a strategy to address investor concerns by better aligning executive compensation with performance, selling non-core assets and shifting spending to the Permian Basin, among other measures.