Ovintiv Q1 2024 Earnings Report
Key Takeaways
Ovintiv reported a solid operational performance in Q1 2024, marked by net earnings of $338 million and Non-GAAP Free Cash Flow of $444 million. Production volumes were at the high end of guidance, and the company raised its full-year production outlook while maintaining capital guidance. Returns to shareholders totaled $328 million through dividends and share buybacks.
Generated net earnings of $338 million, cash from operating activities of $659 million, Non-GAAP Cash Flow of $1,035 million and Non-GAAP Free Cash Flow of $444 million after capital expenditures of $591 million
First quarter production was at the high-end or above the guidance range on every product with average total production volumes of 574 thousand barrels of oil equivalent per day (“MBOE/d”), including 211 thousand barrels per day (“Mbbls/d”) of oil and condensate, 88 Mbbls/d of other NGLs (C2 to C4) and 1,648 million cubic feet per day (“MMcf/d”) of natural gas
Returned $328 million to shareholders through the combination of base dividend payments and share buybacks
Raised full year production guidance to 560 MBOE/d to 575 MBOE/d while leaving capital guidance unchanged at $2.2 billion to $2.4 billion
Ovintiv
Ovintiv
Forward Guidance
The Company issued its second quarter 2024 guidance and raised its full year production guidance while leaving full year capital guidance unchanged. Full year production volumes are expected to average 560 to 575 MBOE/d, with full year capital investment of $2.2 billion to $2.4 billion.