FINWIRES · TerminalLIVE
FINWIRES

Ovintiv Reports Higher Q1 Oil, Gas Production; Closes NuVista Deal

By

Ovintiv Inc (OVV) reported Q1 earnings Monday, showing total production of 678,900 barrels of oil equivalent per day, up from 588,300 boe/d in the year-ago period.

The company increased oil and plant condensate production to 225,300 barrels per day for the quarter ended Mar. 31, up from 205,700 b/d a year earlier.

Total liquids output rose to 324,900 b/d for the quarter, compared with 294,400 b/d a year earlier.

Natural gas production climbed to 2.12 billion cubic feet per day for the quarter, up from 1.76 Bcf/d in the year-ago period.

Ovintiv lifted other natural gas liquids production to 99,600 b/d in Q1 from 88,700 b/d a year earlier, while plant condensate production increased to 83,500 b/d from 55,200 b/d.

Permian production averaged 221,000 boe/d in the first quarter, while the asset delivered 79% liquids production and 34 net wells turned in line, the company said.

Montney production averaged 365,000 boe/d in Q1, with liquids accounting for 27% of output, while 26 net wells were turned in line, according to the company.

Ovintiv expects full-year 2026 production to average 620,000 boe/d to 645,000 boe/d, including oil and condensate output of 205,000 b/d to 212,000 b/d and natural gas production of 2 Bcf/d to 2.1 Bcf/d.

The company plans to invest between $2.25 billion and $2.35 billion in 2026.

Ovintiv completed its acquisition of NuVista Energy, adding about 100,000 boe/d of production, nearly 930 net 10,000-foot equivalent well locations and about 140,000 net acres of land.

The company sold its Anadarko assets in April for about $2.85 billion in cash proceeds and used part of the proceeds to redeem $700 million of senior notes due 2028.

Related Articles

Commodities

Hawaiian Electric Q1 Power Sales Edge Higher, Expands Grid Investment Plans

Hawaiian Electric Industries (HE) reported Q1 earnings on Friday, showing total electricity sales of 1,972 GWh, compared with 1,965 GWh a year earlier.The company reported Hawaiian Electric sales rose to 1,457 GWh for the quarter ended Mar. 31, up from 1,453 GWh a year earlier.Electricity sales for Hawaii Electric Light were 258 GWh for the quarter, compared with 255 GWh a year earlier.Maui Electric maintained quarterly electricity sales at 257 GWh in Q1, unchanged from a year earlier, according to Hawaiian Electric.Hawaiian Electric secured approval for the Waiau Repower project with a revised estimated cost of about $1.16 billion, compared with the original $847 million estimate submitted earlier in the process.Hawaiian Electric forecast total capital expenditures of $625 million to $750 million in 2026, compared with $368 million in 2025, as the utility expands wildfire safety and grid modernization programs.

$HE
Commodities

US Natural Gas Update: Prices Soften on Slower LNG Exports

US natural gas futures prices extended losses in after-hours trade on Friday amid slower feedgas flows to LNG terminals, after earlier gains following US government data showing a smaller-than-expected inventory build.Both the front-month Henry Hub futures contract and the continuous contract edged down by 0.69% to $2.75 per million British thermal units.Prices dipped as less natural gas was used in the export system, leaving more floating around in the domestic US.Feedgas flows to LNG export terminals slowed by 4.6% from last week to 17.7 billion cubic feet on Friday, Barchart said, citing BNEF data. LNG feedgas had recently reached peak levels of about 20 Bdf per day but declined due to ongoing maintenance and operational constraints at several terminals, including Corpus Christi, Cameron, and Calcasieu Pass.Some of the deficit was offset by increased flows to the Golden Pass facility as it continues to ramp up and has recently reached record output levels during commissioning, Gelber & Associates said.A total of 30 vessels left the US carrying 115 Bcf in the week ended May 6, down five vessels and 18 Bcf from the previous week, the US Energy Information Administration said.On Thursday, prices rose after the EIA said net injections into storage totaled 63 Bcf for the week ending May 1, below analyst expectations of 72 to 80 Bcf. The build was also significantly smaller than the five-year average of 77 Bcf and last year's net injection of 104 Bcf during the same week.Thursday's total put stocks at 2,205 Bcf, 139 Bcf, or 7% above the five-year average and 75 Bcf, or 4% more than last year at this time.Production was pegged at 110.6 Bcf/d, up nearly 4% from year-ago levels and demand was 0.8% stronger than it was a year ago at 67.5 Bcf/d.

Commodities

Money Managers Uphold Bullish Stance in Biofuels Futures, Options Markets, CFTC Says

Money managers stay bullish or net long in the biofuel futures and options markets, according to the Commodities Futures Trading Commission's weekly Commitments of Traders Report.The weekly COT Report, as of the week ending May 5, showed that money managers are net long, a bet that the market will go higher, in the California Low Carbon Fuel Standard market by 61,602 contracts.The COT report showed that money managers are net long by 467 contracts in the D6 RINS Current Year futures and options markets.In the D4 Biodiesel RINS Current Year futures and options markets, money managers hold a net long position of 3,620.For ethanol, money managers are net long by 6,928 contracts in the futures and options markets.Money managers are net long soybean oil futures and options by 169,142 contracts, after adding 4,000 long positions from a week ago.