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Denver-based Ovintiv Inc. surpassed its fourth quarter guidance for oil and condensate production and is almost halfway toward a goal to reduce total debt at the end of 2021 by at least $1 billion, the North American exploration giant said Monday. Fourth quarter liquids production jumped above 210,000 b/d, ahead of initial guidance of 200,000 b/d, management said in a preview of 4Q2020 and full-year 2021 results. Total output in the final quarter was more than 550,000 boe/d, with full-year 2020 production estimated at 540,000-plus boe/d. “We finished 2020 with one of our best quarters, achieving outstanding financial and operating results that will likely be well ahead of consensus,” CEO Doug Suttles said. The multi-basin producer’s assets stretch from the Montney Shale in Canada to the Anadarko and Permian basins. Today, it is primarily focused on crude and condensate, but it also had around 1.5 Bcf/d of natural gas output in 3Q2020. “2020 was an incredibly challenging year but showed our strengths through a high-quality portfolio, industry-leading efficiencies and world class risk management,” Suttles said. “For the third consecutive year, we delivered meaningful free cash flow. We enter 2021 with high confidence in our ability to deliver on our […]
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