Denver-based Ovintiv said recently it revised fullyear production guidance “due to strong well productivity across the portfolio and faster-than-expected integration of recently acquired Permian assets.” Brendan McCracken, president and CEO, said Nov. 8 on an earnings call that the company’s “trimulfrac” operations are “setting the leading-edge efficiency frontier in the Midland Basin.” The trimulfrac technique utilizes stockpiled wet sand from local mines to complete three wells in a single frac spread. McCracken said the technique reduces cycle times and lowers well costs. Ovintiv said it used trimulfrac on 25 percent of wells in Midland Basin in 2023 and expects to use it on 50 percent of completions in 2024 in the basin.
Ovintiv said 3Q average production volumes were at the high end or above guidance for all products with 572,000 boed, including 214,000 b/d of oil and condensate. Fullyear production volumes are expected to average 550,000 to 560,000 boed with fullyear capital investment of $2.745 billion to $2.785 billion.