DENVER — Oil and gas company Ovintiv outperformed its production goals for the third quarter while maintaining spending efficiency and navigating lower commodity prices.
The Denver-based company (Nasdaq: OVV) produced third-quarter earnings of $507 million. It also returned $240 million to shareholders through dividends and buybacks, it said in an earnings announcement.
Ovintiv's third-quarter free cash flow, or money after expenses, increased to $978 million from the second quarter, Ovintiv CEO and President Brendan McCracken said on a conference call.
“The results are speaking for themselves," McCracken said. “Over a number of years here, we've built up a unique private data set across North America that I think has given us a real edge to understand true causality."
Ovintiv had an average total production volume of 593,000 barrels of oil equivalent per day, raising its full-year projections for production volumes to between 583,000 and 587,000 barrels of oil equivalent per day and full year capital investment of $2.275 billion to $2.325 billion, the company said.
The company is based Denver but its oil and natural gas wells are in the Permian Basin area of Texas, the Anadarko region of Oklahoma, Uinta Basin of northeastern Utah, and Montney in western Canada.
> Read the full story at the Denver Business Journal.
