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Ovintiv Q2 Production Edges Lower, Lifts Full-Year Output Outlook

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Ovintiv (OVV) reported Q2 earnings Thursday, showing total production of 614,600 barrels of oil equivalent per day, compared with 615,300 boe/d a year earlier.

Oil production dropped to 123,000 b/d for the quarter ended June 30, down from 142,000 b/d a year earlier, the company said.

Natural gas production rose to 1,959 million cubic feet per day for the quarter ended June 30, up from 1,851 MMcf/d in the year-ago period.

Oil and plant condensate production edged down to 205,800 b/d, compared with 211,200 b/d.

Plant condensate output increased to 82,800 b/d, up from 69,200 b/d for the same quarter last year, while other natural gas liquids production declined to 82,400 b/d, down from 95,500 b/d a year earlier.

Total liquids production fell to 288,200 b/d from 306,700 b/d in the year-ago quarter, according to the company.

Ovintiv raised its full-year 2026 production outlook to 630,000 boe/d to 645,000 boe/d while keeping planned capital investment unchanged at $2.25 billion to $2.35 billion.

The full year guidance includes 210,000 b/d to 212,000 b/d of oil and condensate, 83,000 b/d to 85,000 b/d of natural gas liquids and 2.025 Bcf/d to 2.075 Bcf/d of natural gas.

In the Permian, Ovintiv produced 231,000 boe/d in Q2, with liquids accounting for 78% of volumes, and turned 38 net wells in line. The company plans to bring 125 to 135 net wells online.

Montney production averaged 374,000 boe/d in the second quarter, with liquids making up 27% of output, while the company turned 40 net wells in line. Ovintiv plans to bring 130 to 140 net wells online this year.

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