North American oil and pure gasoline exploration and manufacturing firm Ovintiv Inc. has reported a internet lack of $159 million for the primary quarter of 2025, versus a internet revenue of $338 million for Q1 2024. The outcomes have been impacted by a non-cash ceiling check impairment of $557 million, the corporate stated in a media launch.
Complete revenues for the primary quarter have been at $2.37 billion, on par with the $2.35 billion logged for the corresponding quarter a yr prior.
Common manufacturing within the first quarter was roughly 588,000 barrels of oil equal, together with 206,000 barrels per day (bpd) of oil and condensate, 89 bpd of different pure gasoline liquids (C2 to C4) and 1,763 million cubic ft per day of pure gasoline.
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“Our sturdy first quarter outcomes proceed to construct our observe file of driving operational excellence to maximise free money move”, Brendan McCracken, Ovintiv President and CEO, stated. “We’ve seamlessly built-in the newly acquired Montney belongings into our current operations, and our staff is nicely on its approach to attaining the focused $1.5 million per nicely value discount synergies.
“Our enterprise was constructed utilizing mid-cycle costs of $55 WTI and $2.75 NYMEX. This was purposeful to make sure we are able to proceed to generate superior returns and free money move all through the cycle.
“The current volatility has validated our alternative of upkeep degree funding in 2025. We’re sustaining our capital funding plans right now, however now we have full flexibility to decrease capital and can accomplish that if commodity costs deteriorate”.
Excluding hedge results, Ovintiv’s common realized costs within the first quarter have been $70.30 per barrel for oil and condensate (98 p.c of WTI), $23.21 per barrel for different NGLs (C2-C4), and $2.98 per thousand cubic ft for pure gasoline (82 p.c of NYMEX), resulting in an general common realized worth of $37.03 per BOE, Ovintiv stated.
Factoring within the results of hedges, the typical realized costs for oil, condensate, and different NGLs remained secure, whereas the typical realized worth for pure gasoline stood at $3.16 per Mcf (87 p.c of NYMEX), resulting in a complete common realized worth of $37.59 per boe, the corporate stated.
Ovintiv affirmed its full-year steerage, anticipating manufacturing volumes to common 595,000 to 615,000 boed, with full-year capital funding of $2.15 billion to $2.25 billion.
To contact the creator, e-mail andreson.n.paul@gmail.com
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