Commodities
Ovintiv Reports Higher Q1 Oil, Gas Production; Closes NuVista Deal
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.
$OVV