Denver-based Ovintiv said its production in Permian Basin in first quarter averaged 221,000 boed (79 percent liquids) with 34 net wells turned in line. This year the company plans to invest $1.325 billion to $1.375 billion in Permian to run about 5 rigs and bring on an expected 125 to 135 net wells.
Oil and condensate production for 2026 is forecast to average 117,000 to 123,000 b/d, and natural gas production is expected to average 270 million to 295 million cfd.
Brendan McCracken, president and CEO, said May 11, “We’ve built a track record of leading execution efficiency and disciplined capital allocation, and now we’ve combined those strengths with best-in-class inventory depth in the two best E&P assets (Permian and Montney) and a clean balance sheet.”
Ovintiv reported first quarter total production volumes of 679,000 boed, including 225,000 barrels of oil and condensate (high end of guidance). Fullyear guidance is 620,000 to 645,000 boed with capital investment of $2.25 billion to $2.35 billion.
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