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Jun 30, 2024
Ovintiv Q2 2024 Earnings Report
Ovintiv's financial performance improved in Q2 2024, driven by strong operational execution and increased production guidance.
Key Takeaways
Ovintiv reported net earnings of $340 million, cash from operating activities of $1,020 million, and Non-GAAP Free Cash Flow of $403 million. The company raised its full-year production guidance and narrowed its full-year capital guidance range.
Net earnings were $340 million.
Cash from operating activities reached $1,020 million.
Non-GAAP Free Cash Flow was $403 million after capital expenditures of $622 million.
Full year production guidance range raised to 570 to 580 MBOE/d.
Ovintiv
Ovintiv
Forward Guidance
Ovintiv issued its third quarter 2024 guidance and raised its full year production guidance while narrowing its full year capital guidance range. Full year production volumes are expected to average 570 to 580 MBOE/d, with full year capital investment of $2.25 billion to $2.35 billion.
Positive Outlook
- Full year production volumes are expected to average 570 to 580 MBOE/d.
- Oil & Condensate production is expected to be 207 – 209 Mbbls/d.
- NGLs (C2 - C4) production is expected to be 89 – 91 Mbbls/d.
- Natural Gas production is expected to be 1,660 – 1,690 MMcf/d.
- Full year capital investment of $2.25 billion to $2.35 billion.