Ovintiv Q3 2024 Earnings Report
Key Takeaways
Ovintiv reported strong Q3 2024 results, exceeding production guidance and raising full year targets. The company generated net earnings of $507 million, and free cash flow of $440 million. Debt was reduced by $210 million.
Generated net earnings of $507 million, cash from operating activities of $1,022 million, and Non-GAAP Free Cash Flow of $440 million.
Third quarter production was above the high-end of the guidance range with average total production volumes of 593 MBOE/d.
Returned $240 million to shareholders through dividends and share buybacks.
Reduced total debt by $210 million to $5.88 billion.
Ovintiv
Ovintiv
Forward Guidance
Ovintiv issued its fourth quarter 2024 guidance and raised its full year production guidance while narrowing the range for full year capital investment around an unchanged midpoint. Full year production volumes are expected to average 583 to 587 MBOE/d, with full year capital investment of $2.275 billion to $2.325 billion.
Positive Outlook
- Total Production (MBOE/d): 575 – 595
- Oil & Condensate (Mbbls/d): 203 – 207
- NGLs (C2 - C4) (Mbbls/d): 91 – 95
- Natural Gas (MMcf/d): 1,700 – 1,750
- Capital Investment ($ Millions): $525 – $575