NYSE$OVV
Ovintiv Inc · Q4 2023 earnings
Q4 2023 earnings · · Investor relations
Briefing
Ovintiv reported strong operational execution and enhanced capital efficiency.
Ovintiv reported fourth quarter net earnings of $856 million and average quarterly production volumes of 605 MBOE/d. The company reduced total debt by $426 million and plans to produce higher oil and condensate volumes with less capital in 2024.
- Generated fourth quarter net earnings of $856 million, cash from operating activities of $1.4 billion, Non-GAAP Cash Flow of $1.2 billion and Non-GAAP Free Cash Flow of $577 million after capital expenditures of $660 million
- Delivered average quarterly production volumes of 605 MBOE/d, including 240 Mbbls/d of oil and condensate, 91 Mbbls/d of other NGLs and 1,645 MMcf/d of natural gas; all exceeding the high end of Company guidance
- Reduced total debt by $426 million
- Returned approximately $135 million to shareholders through share buybacks and base dividend payments.
Headline financials
Revenue & EPS history
Ovintiv · Revenue · Quarterly
$3.17B
Forward guidance
Ovintiv announced its 2024 capital program of approximately $2.2 to $2.4 billion, which is expected to deliver total production volumes of 545 to 575 MBOE/d, including oil and condensate volumes of 202 to 208 Mbbls/d.
Tailwinds
- Total production volumes of 545 to 575 MBOE/d
- Oil and condensate volumes of 202 to 208 Mbbls/d
- Greater than 18% improvement in capital efficiency for its oil and condensate production versus its original 2023 guidance
- Production in the first quarter is expected to be the high point for the year, with oil and condensate volumes expected to average 208 to 212 Mbbls/d
- Oil and condensate production is expected to stabilize in the second quarter and remain largely flat through the end of the year for an annual average of 202 to 208 Mbbls/d
Headwinds
- Refinery turnarounds in Salt Lake City, weather and planned maintenance, which are expected to reduce first quarter volumes by approximately 8 Mbbls/d.
- Capital program of approximately $2.2 to $2.4 billion
- Total production volumes of 545 to 575 MBOE/d
- Oil and condensate volumes of 202 to 208 Mbbls/d
- Inventory Renewal Since 2021, Ovintiv has added approximately 1,650 net premium drilling locations to its inventory through the combination of the Permian acquisition in 2023, low-cost strategic bolt-on transactions and its organic inventory appraisal and assessment programs.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 19 quarterly earnings reports · overlaid with Q4 2023
-0.4%
Avg return
Earnings day
+0.4%
Avg return
5 days after
+3.4%
Avg return
30 days after
49%
32 / 65 earnings
Positive
+24.6%
Q4 2015
Best reaction
-21.0%
Q1 2022
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | +2.1% | +3.7% | +0.2% | |
| Q4 2025 | -0.6% | -0.5% | +20.5% | |
| Q3 2025 | -1.7% | +4.2% | +13.4% | |
| Q2 2025 | -1.1% | -2.1% | +5.1% | |
| Q1 2025 | -2.3% | +10.0% | +10.2% | |
| Q4 2024 | +3.0% | -7.1% | +0.8% | |
| Q3 2024 | +2.9% | +0.0% | -1.8% | |
| Q2 2024 | +2.3% | -8.4% | -3.5% | |
| Q1 2024 | -2.9% | -4.7% | -7.7% | |
| Q4 2023 | +4.1% | +9.6% | +12.9% | |
| Q3 2023 | -5.2% | -5.9% | -13.0% | |
| Q2 2023 | +4.7% | +8.7% | +8.3% | |
| Q1 2023 | -2.2% | -6.0% | +8.7% | |
| Q4 2022 | -6.1% | +8.3% | -8.7% | |
| Q3 2022 | -8.9% | +3.8% | -12.9% | |
| Q2 2022 | -6.1% | -2.5% | +8.5% | |
| Q1 2022 | -21.0% | -18.8% | +10.4% | |
| Q4 2021 | +3.6% | +17.9% | +37.9% | |
| Q3 2021 | -4.3% | -3.4% | -11.5% | |
| Q2 2021 | -7.8% | -9.1% | -9.4% | |
| Q1 2021 | +8.5% | +8.4% | +15.8% | |
| Q4 2020 | -7.7% | +1.8% | +10.3% | |
| Q3 2020 | -1.6% | +4.9% | +49.6% | |
| Q2 2020 | -6.8% | -12.7% | +3.1% | |
| Q1 2020 | +12.6% | +23.7% | +104.1% | |
| Q4 2019 | +6.1% | -20.3% | -84.8% | |
| Q3 2019 | -0.2% | +15.6% | -5.5% | |
| Q2 2019 | +2.1% | -3.2% | +1.1% | |
| Q1 2019 | -5.8% | -4.8% | -22.3% | |
| Q4 2018 | +5.4% | +5.8% | +5.1% | |
| Q3 2018 | -16.5% | -14.9% | -34.4% | |
| Q2 2018 | +5.7% | +3.2% | -1.3% | |
| Q1 2018 | +3.7% | +5.4% | +1.8% | |
| Q4 2017 | -2.1% | -3.4% | -0.8% | |
| Q3 2017 | -0.5% | -3.8% | -7.5% | |
| Q2 2017 | +2.9% | +3.6% | -5.2% | |
| Q1 2017 | +1.8% | +2.8% | -7.9% | |
| Q4 2016 | -3.3% | -4.6% | -16.3% | |
| Q3 2016 | +5.4% | +11.1% | +36.5% | |
| Q2 2016 | +3.4% | +1.0% | +27.2% | |
| Q1 2016 | -15.3% | — | — | |
| Q4 2015 | +24.6% | — | — | |
| Q3 2015 | +9.0% | — | — | |
| Q2 2015 | -13.4% | — | — | |
| Q1 2015 | -1.8% | — | — | |
| Q4 2014 | +0.5% | — | — | |
| Q3 2014 | -6.1% | — | — | |
| Q2 2014 | -0.3% | — | — | |
| Q1 2014 | +1.0% | — | — | |
| Q4 2013 | -0.3% | — | — | |
| Q3 2013 | +0.0% | — | — | |
| Q2 2013 | +0.1% | — | — | |
| Q1 2013 | -2.7% | — | — | |
| Q4 2012 | +0.2% | — | — | |
| Q3 2012 | +3.9% | — | — | |
| Q2 2012 | -1.7% | — | — | |
| Q1 2012 | +0.6% | — | — | |
| Q4 2011 | +3.9% | — | — | |
| Q3 2011 | -5.3% | — | — | |
| Q2 2011 | +1.6% | — | — | |
| Q1 2011 | +0.1% | — | — | |
| Q4 2010 | +3.3% | — | — | |
| Q3 2010 | +4.9% | — | — | |
| Q2 2010 | -0.7% | — | — | |
| Q1 2010 | +3.6% | — | — |
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