Ovintiv reports Q2 EPS $1.27, consensus $1.82

Included in net earnings were net gains on risk management in revenues of $77M. Q2 average total production volumes were approximately 594 MBOE/d, including 212 Mbbls/d of oil and condensate, 92 Mbbls/d of other NGLs and 1,740 MMcf/d of natural gas. “Our Q2 results demonstrate our focus on strong, consistent operational execution, enabling us to raise our production guidance for the second time this year,” said CEO Brendan McCracken. “We are converting that execution into bottom line results with durable returns on our invested capital. We expect to generate approximately $1.9 billion of Non-GAAP Free Cash Flow in 2024 – an increase of more than 60% year-over-year. Importantly, we believe the capital efficiency of our 2024 program is repeatable next year and beyond.”