Ovintiv sees record free cash flow in 2022
Denver-based producer Ovintiv said February 27 it had record free cash flow of $2.3bn in 2022 and net earnings of $3.6bn, up from $1.7bn and $1.2bn, respectively, in 2021.
Capital expenditures on the year increased to $1.8bn from $1.5bn, while total production slipped to 510,000 barrels of oil equivalent (boe)/day from 533,900 boe/day. Natural gas production for the year averaged 1.5bn ft3/day, down from 1.6bn ft3/day in 2021, while liquids production fell to 261,100 b/d from 274,500 b/d.
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Previously focused on natural gas when it was based in Canada as Encana, Ovintiv pivoted more to oil when it re-domiciled to Denver in 2020. In 2022, its Montney assets accounted for about 42% of total production, or some 216,000 boe/day (79% natural gas), while the remainder came from the Permian, the Uinta and the Bakken plays.