Increased Full Year Production Guidance and Free Cash Flow
The company increased its full year production guidance while cutting CapEx and OpEx, leading to a 10% increase in expected full year free cash flow.
Operational and Financial Outperformance
The company beat consensus estimates with cash flow per share of $3.51 and free cash flow of $392 million, returning $223 million to shareholders through buybacks and dividends.
Successful Montney Asset Integration
Ovintiv achieved $1.5 million in per well cost savings on newly acquired Montney assets, with significant drilling, completion, and facilities cost reductions.
AI and Data Innovations
The company showcased the use of AI technology across its portfolio, leading to faster cycle times, more production, and significant cost savings.
Montney Gas Diversification Efforts
New marketing agreements were announced, reducing AECO exposure and adding exposure to JKM pricing and Chicago, enhancing AECO netback.