Denver-based Ovintiv Inc., whose onshore oil and gas portfolio stretches from Canada to Texas, could face a board shakeup if performance does not improve, shareholder Kimmeridge Energy Management Co. LLC warned on Thursday.

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The private equity, which has a 2.4% stake in the exploration and production (E&P) company, has launched a website and sent a detailed 18-page presentation to Ovintiv management addressing its concerns.

“As a long-standing investor in the E&P sector, I have witnessed the continued deterioration of investor sentiment toward Ovintiv,” said Kimmeridge managing partner Mark Viviano. “Given the quality of its asset base, this company should not have been one of the worst performing E&Ps over the past seven years. 

“However, Ovintiv is emblematic of...