Strong 2Q earnings for Ovintiv Inc.


As Ovintiv still reports some success in Oklahoma’s STACK play, the company is running a reduced rig program because of the June close of its $4.275 billion Midland Basin acquisition.
It reported a strong Permian Basin Performance in the second quarter and President and CEO Brendan McCracken said the company exceeded all of its guidance targets for the quarter.
At the same time, the company indicated it averaged 124 MBOE/d production in its Anadarko production in the second quarter. It reported seven wells TIL or turned into sales. Ovintiv stated it plans to invest approximately $175 to $200 million in the play this year to bring on 20 to 25 net wells TIL.
Anadarko production averaged 124 MBOE/d (61% liquids) in the second quarter. The Company had seven net wells TIL. Ovintiv plans to invest approximately $175 to $200 million in the play in 2023 to bring on 20 to 25 net wells TIL.
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