Ovintiv (OVV) Q4 Results - Feb 27

[dan_s]

Q4 results beat my forecast.

Fourth Quarter 2023

Generated fourth quarter net earnings of $856 million, cash from operating activities of $1.4 billion, Non-GAAP Cash Flow of $1.2 billion and Non-GAAP Free Cash Flow of $577 million after capital expenditures of $660 million

Delivered average quarterly production volumes of 605 MBOE/d, including 240 Mbbls/d of oil and condensate, 91 Mbbls/d of other NGLs and 1,645 MMcf/d of natural gas; all exceeding the high end of Company guidance < My Q4 production forecast was 573,000 Boepd. Oil and condensate production compares to my forecast of 222,000 Bopd.

Reduced total debt by $426 million

2024 Outlook

Announced 2024 capital program of approximately $2.2 to $2.4 billion, which is expected to deliver total production volumes of 545 to 575 MBOE/d, including oil and condensate volumes of 202 to 208 Mbbls/d < FCF should be over $1.5 billion.