Ovintiv to sell Duvernay assets, sets new climate change related targets

(Reuters) – Canada’s Ovintiv Inc is planning to sell its Duvernay assets in Alberta province and linked employee pay to new emissions intensity reduction targets, the oil producer said on Wednesday, weeks after an activist investor launched a proxy fight for three board seats.

Investment firm Kimmeridge Energy Management, one of Ovintiv’s top 10 shareholders, had urged Ovintiv to alter its capital spending, focus on governance and said the board had allowed the company to become an environmental laggard, trailing peers on key environmental metrics.

The company, formerly known as Encana and moved base from Calgary to the United States, set a 33% methane intensity reduction target by 2025, as energy companies face increasing pressure from investors and climate change campaigners to reduce greenhouse gas emissions.

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