Fort Worth-based Ovintiv last week increased its forecast for production in Permian Basin and said it will spend about $1.325 billion to $1.375 billion in the play this year. Its assets in Permian averaged 231,000 boed (78 percent liquids) in second quarter with 38 net wells turned in line. Oil and condensate production is expected to average 125,000 barrels per day in the second half of 2026 (up 5,000 b/d from April), and natural gas production is forecast at 280 million cfd to 305 million cfd.
In second quarter Ovintiv’s oil and condensate production was 206,000 boed (3,500 boed above the April forecast). NGL output was 82,000 boed (6 percent higher than the midpoint of guidance). For fullyear 2026, Ovintiv now expects average total production of 630,000 to 645,000 boed (forecast 615,000 boed in second quarter).
Ovintiv’s inventory of “high-return inventory” in Permian Basin now stands at 12-to-15 years of production. Brendan McCracken, president and CEO, said July 23, “Our company is positioned with a deep inventory of superior-return drilling locations, a fortified balance sheet, and leading-edge well costs and oil productivity performance.”
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