Encana changes name to Ovintiv Inc. (OVV) - Feb 1

[dan_s]

Best news is that Q4 production beat my forecast and horizontal well costs are quite a bit lower. - Dan

DENVER, CO, Jan. 29, 2020 /PRNewswire/ - Ovintiv Inc. (NYSE, TSX: OVV) released materials associated with its Anadarko Day conference call and webcast, planned for today at 2:30 p.m. MT (4:30 p.m. ET). In addition, initial operating results for 2019 were disclosed with the Company exceeding guidance expectations.

To participate in the conference call, dial 866-211-4955 (toll-free in North America) or 647-427-7450 (international) approximately 10 minutes prior to the conference call. The live audio webcast of the conference call, including slides, will also be available on Ovintiv's website, www.ovintiv.com, under Investors/Presentations and Events. The webcast will be archived for approximately 90 days.

"Ovintiv is an exciting and fresh new brand that captures who we are and where we're headed," said Ovintiv CEO Doug Suttles. "Our top-line performance has been exceptional, with our teams beating 2019 goals for financial results, operating performance, capital and production. We enter 2020 with strong momentum across the Company. We have proven that our quality assets, multi-basin scale and track record of execution are creating differentiated performance. In today's webcast, we look forward to sharing our ongoing story of innovation and how our proven practices were rapidly applied to a new area, resulting in dramatically reduced costs and improved returns. Our position in the Anadarko Basin continues to generate very competitive returns, with the potential for even stronger performance in the future."

Highlights from the webcast and the accompanying slide deck to include:

Following 90% approval of votes cast by securityholders, the Company has transitioned to Ovintiv Inc., establishing its corporate domicile in the United States.

Proforma full year 2019 production was 589 MBOE/d, at the high-end of the previously raised guidance range. Crude and condensate production was 228 Mbbls/d.

Production outperformance was significantly influenced by the Anadarko Basin. Fourth quarter volumes in the Anadarko averaged 164 MBOE/d, above third quarter 2019 volumes despite an operated rig count reduction from 11 to five throughout the year. Year-over-year, the Anadarko Basin grew crude and condensate volumes 18% on a proforma basis and the region contributed more than 25% of total Company upstream free cash flow, before hedges.

Total proforma 2019 capital investments were $2.8 billion, at the mid-point of original guidance. < Compares to operating cash flow of approximately $2.9 billion.

The year 2019 was the "sixth consecutive safest year," reflecting a continued emphasis on environment, safety and governance (ESG) initiatives. The performance was related to a variety of factors, including total recordable injury frequency (TRIF) which was 0.21 in 2019, a 25% decrease over the prior year.

In late 2019, the Company layered on additional commodity derivatives to mitigate price risk and ensure cash flow. An updated hedge table reflecting recent additions is provided in this release.

Drilling and completion (D&C) costs in STACK have been reduced to $6.0 million per well, nearly double the original $1 million reduction target. Recent pacesetter wells in STACK have achieved D&C costs of $5.2 million. Reduced well costs significantly increased returns in the play.

The Company provided more than 400 days of production data on 99 wells in the heart of its black oil STACK play. Included in the dataset were 67 Company operated "cube" black oil wells completed in 2019.

Cycle times (spud to first production) in the Anadarko Basin were reduced by 35% over the course of 2019, leading to improved capital efficiencies. The introduction of effective supply chain management in the basin resulted in nearly $100 million of savings, with line of sight to additional cost reductions.

Ovintiv has more than 365,000 net acres in the Anadarko Basin with approximately 270 gross undeveloped operated DSUs with an average lateral length of over 8,500 feet.

Read more: https://finance.yahoo.com/news/ovintiv- ... 00755.html

[dan_s]

CALGARY, Jan. 24, 2020 /CNW/ - Encana Corporation (NYSE, TSX: ECA) announced today they have completed a previously announced series of reorganization transactions (collectively, the "Reorganization"), resulting in the company: (i) establishing its corporate domicile in the U.S.; (ii) rebranding under the name Ovintiv Inc. ("Ovintiv"); and (iii) completing a consolidation and share exchange for effectively one share of common stock of Ovintiv for every five common shares of Encana. The Company received very strong securityholder support with more than 90% of votes cast in favor of the Reorganization.

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