Case Study

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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.

Challenge

The Ovintiv team often has a difficult time benchmarking some of the Company’s executive positions that typically are not found in Top 5 data. Notably, one executive position, the EVP of Midstream Marketing and Fundamentals, is the most challenging to benchmark, as the role is a hybrid position across multiple departments. The team also seeks more current data to identify trends and reduce its reliance on external sources.

Solution

The Company uses TrueView to benchmark several executive positions, including Chief Executive Officer, Chief Financial Officer, Chief Operating Officer, Head of Legal Corporate Services, Head of Corporate Services, and EVP of Midstream Marketing and Fundamentals.

For more challenging roles, like the EVP of Midstream Marketing and Fundamentals, the Ovintiv team benefits most by using TrueView. Given the nature of this role, the platform enables Ovintiv to benchmark it against a number of similar positions, such as those pertaining to marketing and operations, broadening the depth of the data. Without TrueView technology, the Company would have to rely on only Top 5 data, which would be insufficient as it encompasses very few roles that are similar to the EVP of Midstream Marketing and Fundamentals and could lead to the team either over- or under-paying this executive.

Results

By using TrueView, the Ovintiv team gains much more clarity in its benchmarking process. The tool provides a complete breakdown of compensation details, including individual executive stock, options, incentive plans and more. For Ovintiv, the most valuable information is the data around long-term incentive (LTI) grants. The team examines what happened in previous years within the platform and then uses TrueView to see current trends in LTI design. As a result of having new, current data on hand through TrueView, the Ovintiv team saves roughly 10% each year and reduces its reliance on external sources and old data.