Ovintiv sees earnings rebound in 2021
Denver-based Ovintiv said February 24 it had pre-tax net earnings in 2021 of $1.24bn, rebounding from a 2020 net loss of $5.7bn, while fourth quarter net earnings increased to $1.4bn from a $642mn loss in Q4 2020.
Operating earnings rose to $331mn from $183mn in Q4, while full year operating earnings jumped to $1.3bn from $91mn.
|
Advertisement: The National Gas Company of Trinidad and Tobago Limited (NGC) NGC’s HSSE strategy is reflective and supportive of the organisational vision to become a leader in the global energy business. |
Production in 2021 averaged 533,900 barrels of oil equivalent (boe)/day in 2021, down from 543,800 boe/d in 2020. Natural gas production averaged 1.56bn ft3/day, a slight increase from 1.53bn ft3/d in 2020, while total liquids production slipped to 274,500 b/d from 288,900 b/d.
Total production was also down in the fourth quarter, to 508,200 boe/d from 557,200 boe/d, reflecting unplanned midstream outages, permitting delays in Canada and higher Canadian royalty rates. Natural gas production in the quarter averaged 1.48bn ft3/d, down from 1.56bn ft3/d in Q4 2020.