March 12 (Reuters) - Ovintiv Inc OVV.N :
* OVINTIV TAKES IMMEDIATE AND SIGNIFICANT ACTION; REDUCES SECOND QUARTER 2020 CAPITAL INVESTMENTS BY $300 MILLION; FULL-YEAR CASH COSTS TO DROP BY $100 MILLION
* OVINTIV - HAS NO LONG-TERM SERVICE COMMITMENTS TO FULFILL AND INTENDS TO USE ITS OPERATIONAL FLEXIBILITY TO MAINTAIN BALANCE SHEET STRENGTH
* OVINTIV INC - PREPARED TO FURTHER REDUCE CAPITAL INVESTMENTS AND ACTIVITY LEVELS AS MARKET CONDITIONS DICTATE
* OVINTIV - CO IS IMMEDIATELY DROPPING 10 OPERATED DRILLING RIGS AND PLANS TO DROP AN ADDITIONAL SIX OPERATED RIGS IN MAY 2020
* OVINTIV INC - CURRENT LIQUIDITY IS APPROXIMATELY $3.5 BILLION
* OVINTIV - CO HAS SIGNIFICANT FLEXIBILITY TO MANAGE LATE 2021 AND 2022 MATURITIES, INCLUDING USE OF CREDIT FACILITIES
* OVINTIV - CREDIT FACILITIES ARE FIXED AT $4 BILLION UNTIL THEIR MATURITY IN JULY 2024 & COMMODITY PRICES HAVE ZERO IMPACT ON AVAILABILITY