Ovintiv reports Q1 adjusted earnings $370M vs. $389M last year

First quarter average total production volumes were approximately 588 MBOE/d, including 206 Mbbls/d of oil and condensate, 89 Mbbls/d of other NGLs (C2 to C4) and 1,764 MMcf/d of natural gas. “Our strong first quarter results continue to build our track record of driving operational excellence to maximize free cash flow,” said Ovintiv (OVV) President and CEO, Brendan McCracken. “We have seamlessly integrated the newly acquired Montney assets into our existing operations and our team is well on its way to achieving the targeted $1.5 million per well cost reduction synergies. Our business was built using mid-cycle prices of $55 WTI and $2.75 NYMEX. This was purposeful to ensure we can continue to generate superior returns and free cash flow throughout the cycle. The recent volatility has validated our choice of maintenance level investment in 2025. We are maintaining our capital investment plans today, but we have full flexibility to lower capital and will do so if commodity prices deteriorate.”