Full Year Production Guidance Increased; Strong Operational Execution and Debt Reduction Continue
Highlights:
Generated net earnings of $507 million, cash from operating activities of $1,022 million, Non-GAAP Cash Flow of $978 million and Non-GAAP Free Cash Flow of $440 million after capital expenditures of $538 million
Third quarter production was above the high-end of the guidance range on every product with average total production volumes of 593 thousand barrels of oil equivalent per day (“MBOE/d”), including 212 thousand barrels per day (“Mbbls/d”) of oil and condensate, 93 Mbbls/d of other NGLs (C2 to C4) and 1,725 million cubic feet per day (“MMcf/d”) of natural gas
Returned $240 million to shareholders through the combination of base dividend payments and share buybacks
Reduced total debt by $210 million to $5.88 billion, Non-GAAP Debt to Adjusted EBITDA of 1.2 times
Raised full year production guidance range to 583 MBOE/d to 587 MBOE/d, including oil and condensate of 209 Mbbls/d to 211 Mbbls/d and natural gas of 1,700 MMcf/d to 1,715 MMcf/d
Full year capital guidance range narrowed to $2.275 billion to $2.325 billion, midpoint unchanged at $2.3 billion
DENVER , Nov. 7, 2024 /PRNewswire/ – Ovintiv Inc. (NYSE: OVV) (TSX: OVV) (“Ovintiv” or the “Company”) today announced its third quarter 2024 financial and operating results. The Company plans to hold a conference call and webcast at 7:00 a.m.
Witty, conversational, and delightfully offbeat, while remaining easy to read, this article showcases the impressive financial and operational achievements of Ovintiv Inc. The company’s net earnings, cash flow, and free cash flow demonstrate strong performance and strategic decision-making. With production exceeding expectations and debt reduction efforts in place, Ovintiv is positioning itself as a leader in the industry.
Impact on Me:
As a shareholder, the increased production guidance and continued operational excellence of Ovintiv Inc. is likely to result in positive returns and potential growth opportunities. The company’s commitment to reducing debt and returning value to shareholders is a promising sign for the future.
Impact on the World:
Ovintiv Inc.’s success and financial stability have a broader impact on the world economy. As a key player in the energy sector, the company’s operational efficiency and growth projections can influence global market trends and contribute to overall industry stability.
Conclusion:
In conclusion, Ovintiv Inc.’s latest financial and operational results are a testament to the company’s strong performance and strategic focus. With increased production guidance, debt reduction efforts, and a commitment to shareholder value, Ovintiv is poised for continued success in the energy industry.
