Ovintiv improves in Q3 and raises full-year guidance
Denver-based producer Ovintiv said November 7 it had net earnings in Q3 2024 of $558mn, up from $393mn in the same period a year ago when it was hit by a $292mn unrealised loss on risk management.
Non-GAAP adjusted earnings increased to $489mn from $481mn, which cash from operating activities rose to C$1.02bn from $906mn.
“Our third quarter results continued to build on our strong track record of operational and financial execution,” CEO Brendan McCracken said. “Once again, we exceeded the high end of our production guidance and raised our targets for full year volumes.”
Total production increased 3.6%,to 592,600 barrels of oil equivalent (boe)/day in the third quarter, up from 571,800 boe/day a year ago, with natural gas output increasing 6.1% to 1.73bn ft3/day from 1.63bn ft3/day and total liquids production averaging 305,000 barrels/day, up from 300,900 barrels/day in Q3 2023.
For 2024 production, Ovintiv is guiding to total production of 583,000-587,000 boe/day.