Denver-based Ovintiv said recently its 2Q production was above guidance on every product with average volumes of 615,000 boed, including 211,000 b/d of oil and condensate. In its announcement of financial and operating results July 24, Ovintiv also raised full year production guidance to 600,000 boed to 620,000 boed, including oil and condensate of 205,000 to 209,000 b/d, and lowered capital guidance to a range of $2.125 billion to $2.175 billion – $50 million lower at midpoint.
Ovintiv said its 2Q production in Permian Basin was 215,000 boed (80 percent liquids) with 23 net wells turned in line. Full year capital investment in Permian is expected to total $1.20 billion to $1.25 billion to bring on 130 to 140 net wells.
Brendan McCracken, president and CEO, said, “Strong well performance across our portfolio, the rapid integration of our new Montney assets, and enhanced capital efficiency have enabled us to reduce our expected 2025 capital investment and operating costs while increasing our full year production guidance.”
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