Ovintiv earnings down in Q2 on lower prices
Denver-based producer Ovintiv said July 27 it had Q2 2023 adjusted earnings of $232mn, down from $628mn of adjusted earnings in the same period last year.
Although total production rose, to 573,000 barrels of oil equivalent (boe)/day from 500,000 boe/day, its realised oil price fell to $72.83/barrel from $89.16/barrel, while its realised natural gas price fell to $1.98/’000 ft3 from $2.78/000 ft3.
Natural gas production in the quarter averaged 1.74bn ft3/day, up from 1.43bn ft3/day in Q2 2022.
Cash flow fell to $699mn from $1.22bn, while free cash flow dropped to $59mn from $713mn as capital expenditures rose to $640mn from $511mn.