After recently filing completion reports on major producing oil wells in Oklahoma, Denver-based Ovintiv Inc. plans to release its 2020 fourth quarter and year-end results on Wednesday, Feb. 17.
The release will be made after the close of markets and a conference call will be held the morning morning at 9 a.m. Mountain Time.
In a release of its preliminary financial results, the company reported to a strong well performance which drove fourth quarter oil and condensate production of more than 210,000 barrels a day. Its fourth quarter total production was more than 550,000 barrels of oil equivalent a day.
Ovintiv also said it had reduced long-term debt by $257 million in the fourth quarter. The company stated it has a plan to reduce total debt by at least $1 billion by the end of 2021. As of the end of 2020, it was nearly halfway to achieving the goal.
Ovintiv CEO Doug Suttles said, “We finished 2020 with one of our best quarters, achieving outstanding financial and operating results that will likely be well ahead of consensus.”
He said the company plans to invest nearly $1.5 billion to deliver average annual oil and condensate production of 200 Mbbls/d.
However, the company reported a net loss of $1.5 billion or $5.85 per share in the third quarter of 2020. It also took a $1.3 billion impairment “primarily related to the decline in 12-month average trailing commodity prices.”
Still, Ovintiv had higher production in the third quarter including in the Anadarko where it averaged 138 MBOE a day. It also averaged two rigs and drilled 10 net wells.