Ovintiv (OVV.TO) after trade Monday reported a wider first-quarter loss and issued its second-quarter guidance as well as reiterated its full-year outlook.
The company lost US$630 million, or US$2.35 per share, including non-cash ceiling test impairments of US$1.2 billion, after tax, or US$4.30 per share, compared with a loss of US$$159 million, or $US0.61, including a non-cash ceiling test impairment of US$557 million, after tax.
The company also reaffirmed its full-year guidance for total production of 620,000 to 645,000 barrels of oil equivalent per day (MBOE/d). Full-year capital investment is expected to range between US$2.25 billion and US$2.35 billion.
For the second quarter, the company expects total production of 610,000 to 635,000 MBOE/d, including oil and condensate production of 200,000 to 205,000 barrels per day. Capital investment is projected at US$550 million to US$600 million.
Ovintiv's board declared a quarterly dividend of $0.30 per share, payable on June 30 to shareholders of record as of June 15.
The company's shares closed u[p C$1.77 to C$80.87 on the Toronto Stock Exchange.