ATLANTA, GEORGIA (Chad Archey, Energy Analytics Institute, 26.Feb.2025) — Ovintiv Inc. revealed its full year 2025 capital program of $2.15bn-$2.25bn, which is expected to deliver total production volumes of 595,000-615,000 barrels of oil equivalent per day (boe/d), including oil and condensate volumes of 202,000-208,000 b/d.
This compares to average total volumes of 585,000 boe/d, including 211,000 b/d of oil and condensate, 91,000 b/d of other NGLs (C2 to C4) and 1,698 million cubic feet per day (MMcf/d) of natural gas in 2024, Ovintiv reported 26 Feb. 2025 in its year end 2024 financial press release.
Ovintiv reported Securities and Exchange Commission (SEC) proved reserves at year-end 2024 that were 2.1 billion boe, of which 59% were liquids and 59% were proved developed. Total proved reserves replacement excluding the impact of commodity prices and acquisitions and divestitures was 200% of 2024 production. Ovintiv’s reserve life index at year-end 2024 was 10 years or 10 times.
“2024 was another year of exceptional delivery on our durable returns strategy,” said Ovintiv president and CEO Brendan McCracken.
“We enhanced our capital efficiency through our focus on execution excellence, which led to multiple quarters of positive guidance revisions on production and costs without an increase in capital spending. We have entered 2025 with an even deeper premium inventory runway and a more profitable and focused portfolio following the acquisition of top tier oil-rich Alberta Montney assets and the sale of our Uinta assets,” McCracken said.
North American asset highlights
In the Permian, production averaged 208,000 boe/d (80% liquids) in the fourth-quarter 2024 (4Q;24). Ovintiv had 42 net wells turned in line (TIL). And, in 2025, Ovintiv plans to invest $1.2bn-$1.3bn in the play to bring on 130-140 net wells.
In the Montney, production averaged 235,000 boe/d (20% liquids) in the 4Q;24. Ovintiv had 13 net wells TIL. And, in 2025, Ovintiv plans to invest $575mn-$625mn in the play to bring on 75-85 net wells.
In the Anadarko, production averaged 100,000 boe/d (56% liquids) in the 4Q:24. However, Ovintiv did not bring on any wells in the quarter. Ovintiv plans to invest $300mn-$325mn in the play in 2025 to bring on 25-35 net wells.
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By Chad Archey reporting from Atlanta. © 2025 Energy Analytics Institute (EAI). All Rights Reserved.
