Natural gas hedges are also in place on approximately 1.4 billion cubic feet per day of production hedged at an average price of $2.53 per thousand cubic feet (Mcf). This news release contains references to non-GAAP measures as follows: ADVISORY REGARDING OIL AND GAS INFORMATION – The conversion of natural gas volumes to barrels of oil equivalent (BOE) is on the basis of six thousand cubic feet to one barrel. Stock quotes by, Company dropping 10 operated rigs immediately and an additional six rigs in May. The Company averaged four rigs, down from five in the first quarter of 2020. Note: Company has additional hedges on Butane and Propane not included. Ovintiv to Host its Third Quarter 2020 Results Conference Call on October 29, 2020 PR Newswire (Press Release) 22:34 14-Oct-20 Yesterday Ovintiv announces start-up of Pipestone gas processing facility Hydrocarbon Engineering 12:00 14-Oct-20 By clicking "OK" or continuing to use this site, you agree that we may collect and use your personal data and set The webcast will be archived for approximately 90 days. Ovintiv is currently running three rigs in the play. from 8 AM - 9 PM ET. Disclaimer | FLS are made as of the date hereof and, except as required by law, the Company undertakes no obligation to update or revise any FLS. These measures may not be comparable to similar measures presented by other companies and should not be viewed as a substitute for measures reported under U.S. GAAP. Of these positions, 160 Mbbls/d are in fixed price swaps at $44.60 per barrel and 15 Mbbls/d are covered by costless collars between $50.00 and $68.71 per barrel. Please see dial-in details within this release, as well as additional details on the Company's website at These assumptions include: future commodity prices and differentials; assumptions contained herein; data contained in key modeling statistics; availability of attractive hedges and enforceability of risk management program; and expectations and projections made in light of the Company's historical experience. These increased efficiencies resulted in a 19% improvement in the second quarter D&C well costs compared to 2019 average well costs. Approximately 80% of total long-term debt is due in 2024, or beyond, with a weighted average bond maturity of approximately 10 years. Primarily shale gas, including minimal conventional natural gas. We are even more confident in our ability to deliver the 2021 scenario we discussed last quarter which maintains scale and our strong capital structure while generating free cash flow at modest commodity prices. Ovintiv is currently running two rigs in the play. Cash from operating activities was $117 million and non-GAAP cash flow was $304 million. Capital investment levels were below the mid-point of the Company's previous guidance. Strong capital efficiency drives lower planned 2020 capital spending, higher expected fourth quarter production. Second quarter average drilled and completed (D&C) well costs were approximately 15% lower than 2019 average results, and three-quarters of the way to the Company's estimated 20% reduction in 2021. "We are moving quickly and decisively in response to these volatile and challenging times. Ovintiv is fully prepared to further reduce capital investments and activity levels as market conditions dictate. In addition, the Company has great flexibility to quickly adapt... 2020 Outlook highlights: 2020 is expected to be third consecutive year of significant non-GAAP free cash flow. Note: Please refer to the Non-GAAP Definitions and Reconciliations on the Company's website. Ovintiv is currently running two rigs in the play. Certain measures in this news release do not have any standardized meaning as prescribed by U.S. GAAP and, therefore, are considered non-GAAP measures. Permian Permian production averaged 111 MBOE/d (81% liquids) in the quarter. 1. DENVER, July 28, 2020 /PRNewswire/ - Ovintiv Inc. (NYSE: OVV) (TSX: OVV) today announced its second quarter 2020 financial and operating results and will … © Copyright 1997 - 2020 NewsNow Publishing Limited. The pacesetter D&C well cost is now $4.4 million representing a 30% reduction from 2019 average results. "Benchmark" refers to NYMEX WTI. See hedge table in this release. Ovintiv Inc. is expected to release its next earnings report in Aug, and investors are excited at the prospect of better dividends despite the company’s debt issue. The term liquids is used to represent oil and NGLs. Strong Balance Sheet & Robust Liquidity Through Mid-2024: Strong Hedging Position Protects Cash Flow: Debt to Adjusted Capitalization at December 31, 2019: Long-Term Debt, including current portion, Equity adjustment for impairments at December 31, 2011. The above assumptions, risks and uncertainties are not exhaustive. The Company has no long-term service commitments to fulfill and intends to use its operational flexibility to maintain balance sheet strength. Further information on Ovintiv Inc. is available on the Company's website,, or by contacting: Cision Distribution 888-776-0942 Note: Sensitivities do not include gains or losses related to differential hedges. Shares of Ovintiv Inc. OVV have rallied more than 59% since its first-quarter 2020 earnings announcement on May 7. Commerce Policy | ET) on July 29, 2020. The company’s stock price has collected 9.67% of gains in the last five trading sessions. Adjusted Capitalization includes debt, total shareholders' equity and an equity adjustment for cumulative historical ceiling test impairments recorded as of December 31, 2011 in conjunction with the Company's January 1, 2012 adoption of U.S. GAAP.

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