Denver-based Ovintiv said July 27 its Permian Basin production averaged 126,000 boed (82 percent liquids) in second quarter of 2021. The company averaged 3 gross rigs, drilled 21 net wells and had 33 net wells turned in line. Permian drilling and completion costs averaged $480 per foot year-to-date and are 11 percent lower than in 2020. Both drilling and completion efficiency records were achieved in 2021Q2, including an average drilling cost of $170 per foot (17 percent lower than in 2020). Also in Q2, Ovintiv began sourcing wet sand in-basin from a Howard County mine.
The company increased full-year crude and condensate production guidance to 190,000 to 195,000 b/d “as a result of strong production outperformance across our assets.” Full-year capital guidance remains $1.5 billion.