Ovintiv Inc.
Interim Supplemental Information (unaudited)
For the period ended March 31, 2020
U.S. Dollars / U.S. Protocol
First quarter report
for the period ended March 31, 2020
Supplemental Financial Information (unaudited)
Financial Results
2020 | 2019 | |||||
(US$ millions, unless otherwise specified) | Q1 | Year | Q4 | Q3 | Q2 | Q1 |
Net Earnings (Loss) | 421 | 234 | (6) | 149 | 336 | (245) |
Per share - basic and diluted (1) | 1.62 | 0.90 | (0.02) | 0.56 | 1.22 | (1.00) |
Non-GAAP Operating Earnings (Loss) (2) | 27 | 860 | 210 | 195 | 290 | 165 |
Per share - basic and diluted (1) | 0.10 | 3.29 | 0.81 | 0.74 | 1.05 | 0.68 |
Non-GAAP Cash Flow (3) | 535 | 2,931 | 815 | 817 | 877 | 422 |
Per share - basic and diluted (1) | 2.06 | 11.22 | 3.14 | 3.09 | 3.18 | 1.73 |
Effective Tax Rate calculated using | ||||||
United States Federal Statutory Rate (4) | 21.0% | 26.6% | ||||
Foreign Exchange Rates (US$ per C$1) | ||||||
Average | 0.744 | 0.754 | 0.758 | 0.757 | 0.748 | 0.752 |
Period end | 0.705 | 0.770 | 0.770 | 0.755 | 0.764 | 0.748 |
Non-GAAP Operating Earnings Summary | ||||||
Net Earnings (Loss) | 421 | 234 | (6) | 149 | 336 | (245) |
Before-tax (Addition) Deduction: | ||||||
Unrealized gain (loss) on risk management | 904 | (730) | (345) | (41) | 83 | (427) |
Impairments | (277) | - | - | - | - | - |
Restructuring charges | - | (138) | (4) | (4) | (17) | (113) |
Non-operating foreign exchange gain (loss) | (104) | 94 | 52 | (41) | 46 | 37 |
Gain (loss) on divestitures | - | 3 | (1) | 5 | - | (1) |
Gain on debt retirement | 11 | - | - | - | - | - |
534 | (771) | (298) | (81) | 112 | (504) | |
Income tax | (140) | 145 | 82 | 35 | (66) | 94 |
After-tax (Addition) Deduction | 394 | (626) | (216) | (46) | 46 | (410) |
Non-GAAP Operating Earnings (Loss) (2) | 27 | 860 | 210 | 195 | 290 | 165 |
Non-GAAP Cash Flow Summary | ||||||
Cash From (Used in) Operating Activities | 566 | 2,921 | 730 | 756 | 906 | 529 |
(Add back) Deduct: | ||||||
Net change in other assets and liabilities | (52) | (97) | (42) | (29) | (15) | (11) |
Net change in non-cash working capital | 83 | 87 | (43) | (32) | 44 | 118 |
Current tax on sale of assets | - | - | - | - | - | - |
Non-GAAP Cash Flow (3) | 535 | 2,931 | 815 | 817 | 877 | 422 |
Non-GAAP Cash Flow Margin ($/BOE) (5) | 10.29 | 14.21 | 14.95 | 14.67 | 16.27 | 10.02 |
- Net Earnings (Loss),Non-GAAP Operating Earnings (Loss) and Non-GAAP Cash Flow per share are presented on a post-Share Consolidation basis (see Note 1 of the interim Condensed Consolidated Financial Statements included in Part 1, Item 1 of Ovintiv's Quarterly Report on Form 10-Q) and are calculated using the weighted average number of shares of common stock outstanding as follows:
2020 | 2019 | |||||
(millions) | Q1 | Year | Q4 | Q3 | Q2 | Q1 |
Weighted Average Shares of Common Stock Outstanding | ||||||
Basic | 259.8 | 261.2 | 259.8 | 264.6 | 276.2 | 244.3 |
Diluted | 259.8 | 261.2 | 259.8 | 264.6 | 276.2 | 244.3 |
- Non-GAAPOperating Earnings (Loss) is a non-GAAP measure defined as net earnings (loss) excluding non-recurring or non-cash items that Management believes reduces the comparability of the Company's financial performance between periods. These items may include, but are not limited to, unrealized gains/losses on risk management, impairments, restructuring charges, non-operating foreign exchange gains/losses, gains/losses on divestitures and gains on debt retirement. Income taxes may include valuation allowances and the provision related to the pre-tax items listed, as well as income taxes related to divestitures and U.S. tax reform, and adjustments to normalize the effect of income taxes calculated using the estimated annual effective income tax rate.
- Non-GAAPCash Flow is a non-GAAP measure defined as cash from (used in) operating activities excluding net change in other assets and liabilities, net change in non-cash working capital and current tax on sale of assets.
- Following the U.S. Domestication (see Note 1 of the interim Condensed Consolidated Financial Statements included in Part 1, Item 1 of Ovintiv's Quarterly Report on Form10-Q), the applicable statutory rate became the United States federal income tax rate. The 2019 statutory rate represents the Canadian federal and provincial statutory income tax rate.
- Non-GAAPCash Flow Margin is a non-GAAP measure calculated as Non-GAAP Cash Flow per BOE of production.
Ovintiv Inc. | 1 | Supplemental Information (prepared in US$) |
First quarter report
for the period ended March 31, 2020
Supplemental Operating Information (unaudited)
Financial Metrics | ||
2020 | 2019 | |
Q1 | Year | |
Debt to Adjusted Capitalization (1) | 28% | 28% |
Net Debt to Adjusted EBITDA (1) (2) | 2.0x | 2.0x |
- These financial metrics arenon-GAAP measures monitored by Management as indicators of the Company's overall financial strength. These non-GAAP measures are defined and calculated in the Non-GAAP Definitions and Reconciliations document located on the Company's website.
- Adjusted EBITDA for 2019 includes Newfield's results of operations for thepost-acquisition period from February 14, 2019 to December 31, 2019.
Production Volumes by Product | |||||||
2020 | 2019 | ||||||
% of | |||||||
(average) | Oil & NGLs | Q1 | Year | Q4 | Q3 | Q2 | Q1 |
Oil (Mbbls/d) | 52 | 162.5 | 164.4 | 172.9 | 178.8 | 179.3 | 125.8 |
NGLs - Plant Condensate (Mbbls/d) | 17 | 52.7 | 52.9 | 52.9 | 58.5 | 55.3 | 44.9 |
Oil & Plant Condensate (Mbbls/d) | 69 | 215.2 | 217.3 | 225.8 | 237.3 | 234.6 | 170.7 |
Butane (Mbbls/d) | 7 | 21.6 | 20.1 | 22.2 | 21.6 | 21.2 | 15.6 |
Propane (Mbbls/d) | 12 | 35.2 | 31.8 | 35.9 | 34.8 | 32.7 | 23.7 |
Ethane (Mbbls/d) | 12 | 37.8 | 32.7 | 38.1 | 35.5 | 35.5 | 21.4 |
NGLs - Other (Mbbls/d) | 31 | 94.6 | 84.6 | 96.2 | 91.9 | 89.4 | 60.7 |
Oil & NGLs (Mbbls/d) | 100 | 309.8 | 301.9 | 322.0 | 329.2 | 324.0 | 231.4 |
Natural Gas (MMcf/d) | 1,569 | 1,577 | 1,624 | 1,655 | 1,607 | 1,421 | |
Total (MBOE/d) | 571.3 | 564.9 | 592.6 | 605.1 | 591.8 | 468.2 | |
Production Volumes by Segment | |||||||
2020 | 2019 | ||||||
(average) | Q1 | Year | Q4 | Q3 | Q2 | Q1 | |
Oil (Mbbls/d) | |||||||
USA Operations | 161.7 | 162.3 | 172.2 | 177.6 | 175.7 | 123.2 | |
Canadian Operations | 0.8 | 0.6 | 0.7 | 0.7 | 0.2 | 0.3 | |
China Operations (1) | - | 1.5 | - | 0.5 | 3.4 | 2.3 | |
162.5 | 164.4 | 172.9 | 178.8 | 179.3 | 125.8 | ||
NGLs - Plant Condensate (Mbbls/d) | |||||||
USA Operations | 11.0 | 10.5 | 12.1 | 12.6 | 11.2 | 6.2 | |
Canadian Operations | 41.7 | 42.4 | 40.8 | 45.9 | 44.1 | 38.7 | |
52.7 | 52.9 | 52.9 | 58.5 | 55.3 | 44.9 | ||
NGLs - Other (Mbbls/d) | |||||||
USA Operations | 77.5 | 67.9 | 77.8 | 74.9 | 73.6 | 44.6 | |
Canadian Operations | 17.1 | 16.7 | 18.4 | 17.0 | 15.8 | 16.1 | |
94.6 | 84.6 | 96.2 | 91.9 | 89.4 | 60.7 | ||
NGLs - Total (Mbbls/d) | |||||||
USA Operations | 88.5 | 78.4 | 89.9 | 87.5 | 84.8 | 50.8 | |
Canadian Operations | 58.8 | 59.1 | 59.2 | 62.9 | 59.9 | 54.8 | |
147.3 | 137.5 | 149.1 | 150.4 | 144.7 | 105.6 | ||
Oil & NGLs (Mbbls/d) | |||||||
USA Operations | 250.2 | 240.7 | 262.1 | 265.1 | 260.5 | 174.0 | |
Canadian Operations | 59.6 | 59.7 | 59.9 | 63.6 | 60.1 | 55.1 | |
China Operations (1) | - | 1.5 | - | 0.5 | 3.4 | 2.3 | |
309.8 | 301.9 | 322.0 | 329.2 | 324.0 | 231.4 | ||
Natural Gas (MMcf/d) | |||||||
USA Operations | 568 | 547 | 581 | 617 | 619 | 367 | |
Canadian Operations | 1,001 | 1,030 | 1,043 | 1,038 | 988 | 1,054 | |
1,569 | 1,577 | 1,624 | 1,655 | 1,607 | 1,421 | ||
Total (MBOE/d) | |||||||
USA Operations | 344.8 | 331.9 | 359.0 | 367.9 | 363.6 | 235.2 | |
Canadian Operations | 226.5 | 231.5 | 233.6 | 236.7 | 224.8 | 230.7 | |
China Operations (1) | - | 1.5 | - | 0.5 | 3.4 | 2.3 | |
571.3 | 564.9 | 592.6 | 605.1 | 591.8 | 468.2 | ||
- The Company terminated its production sharing contract with China National Offshore Oil Corporation ("CNOOC") and exited its China Operations effective July 31, 2019. Production from China Operations is presented for the period from February 14, 2019 through July 31, 2019.
Ovintiv Inc. | 2 | Supplemental Information (prepared in US$) |
First quarter report
for the period ended March 31, 2020
Supplemental Financial & Operating Information (unaudited)
Results of Operations
Revenues and Realized Gains (Losses) on Risk Management | |||||||
2020 | 2019 | ||||||
(US$ millions) | Q1 | Year | Q4 | Q3 | Q2 | Q1 | |
USA Operations | |||||||
Revenues, excluding Realized Gains (Losses) on Risk Management (1) | |||||||
Oil | 641 | 3,329 | 877 | 903 | 945 | 604 | |
NGLs (2) | 86 | 452 | 121 | 99 | 136 | 96 | |
Natural Gas | 73 | 380 | 103 | 96 | 105 | 76 | |
800 | 4,161 | 1,101 | 1,098 | 1,186 | 776 | ||
Realized Gains (Losses) on Risk Management | |||||||
Oil | 82 | 68 | 12 | 10 | 15 | 31 | |
NGLs (2) | 5 | 48 | 13 | 16 | 13 | 6 | |
Natural Gas | 26 | 36 | 4 | 7 | 12 | 13 | |
113 | 152 | 29 | 33 | 40 | 50 | ||
Canadian Operations | |||||||
Revenues, excluding Realized Gains (Losses) on Risk Management (1) | |||||||
Oil | 2 | 10 | 4 | 3 | 2 | 1 | |
NGLs (2) | 178 | 870 | 217 | 223 | 228 | 202 | |
Natural Gas | 171 | 756 | 209 | 147 | 153 | 247 | |
351 | 1,636 | 430 | 373 | 383 | 450 | ||
Realized Gains (Losses) on Risk Management | |||||||
Oil | - | - | - | - | - | - | |
NGLs (2) | 23 | 67 | 17 | 21 | 12 | 17 | |
Natural Gas | 13 | 144 | 20 | 66 | 55 | 3 | |
36 | 211 | 37 | 87 | 67 | 20 | ||
China Operations (3) | |||||||
Revenues, excluding Realized Gains (Losses) on Risk Management (1) | |||||||
Oil | - | 37 | - | 3 | 21 | 13 | |
- | 37 | - | 3 | 21 | 13 | ||
- Excludes other revenues with no associated production volumes, but includes intercompany marketing fees transacted between the Company's operating segments.
- Includes plant condensate.
- The Company terminated its production sharing contract with CNOOC and exited its China Operations effective July 31, 2019. Results from China Operations are presented for the period from February 14, 2019 through July 31, 2019. There were no realized gains (losses) on risk management associated with China Operations for the twelve months ended December 31, 2019.
Ovintiv Inc. | 3 | Supplemental Information (prepared in US$) |
First quarter report
for the period ended March 31, 2020
Supplemental Financial & Operating Information (unaudited)
Results of Operations (continued)
Per-unit Results, Excluding the Impact of Realized Gains (Losses) on Risk Management (1) | ||||||
2020 | 2019 | |||||
(US$/BOE) | Q1 | Year | Q4 | Q3 | Q2 | Q1 |
Total USA Operations Netback | ||||||
Price | 25.46 | 34.36 | 33.38 | 32.43 | 35.85 | 36.63 |
Production, mineral and other taxes | 1.55 | 1.96 | 1.88 | 1.85 | 2.07 | 2.08 |
Transportation and processing | 3.84 | 3.85 | 3.81 | 3.72 | 4.09 | 3.74 |
Operating | 4.42 | 4.65 | 4.50 | 4.48 | 4.46 | 5.44 |
Netback | 15.65 | 23.90 | 23.19 | 22.38 | 25.23 | 25.37 |
Total Canadian Operations Netback | ||||||
Price | 16.98 | 19.35 | 19.97 | 17.12 | 18.72 | 21.67 |
Production, mineral and other taxes | 0.19 | 0.19 | 0.22 | 0.15 | 0.22 | 0.18 |
Transportation and processing | 10.29 | 10.16 | 10.18 | 9.68 | 10.60 | 10.20 |
Operating | 1.26 | 1.46 | 1.32 | 1.45 | 1.27 | 1.80 |
Netback | 5.24 | 7.54 | 8.25 | 5.84 | 6.63 | 9.49 |
Total China Operations Netback (2) | ||||||
Price | - | 66.37 | - | 60.35 | 67.84 | 65.62 |
Production, mineral and other taxes | - | 0.90 | - | 5.53 | 0.53 | 0.33 |
Transportation and processing | - | - | - | - | - | - |
Operating | - | 27.79 | - | 66.11 | 27.68 | 17.93 |
Netback | - | 37.68 | - | (11.29) | 39.63 | 47.36 |
Total Operations Netback | ||||||
Price | 22.10 | 28.29 | 28.09 | 26.46 | 29.52 | 29.39 |
Production, mineral and other taxes | 1.01 | 1.23 | 1.23 | 1.18 | 1.36 | 1.14 |
Transportation and processing | 6.40 | 6.42 | 6.32 | 6.05 | 6.54 | 6.90 |
Operating | 3.17 | 3.41 | 3.26 | 3.35 | 3.39 | 3.70 |
Netback | 11.52 | 17.23 | 17.28 | 15.88 | 18.23 | 17.65 |
- Netback is a common metric used in the oil and gas industry to measure operating performance on aper-unit basis and is considered a non-GAAP measure. The netbacks disclosed above do not meet the requirements outlined in National Instrument 51-101 and have been calculated on a BOE basis using upstream product revenues, excluding the impact of realized gains and losses on risk management, less costs associated with delivering the product to market, including production, mineral and other taxes, transportation and processing expense and operating expense. For additional information regarding non-GAAP measures, including Netback reconciliations, see the Company's website.
- The Company terminated its production sharing contract with CNOOC and exited its China Operations effective July 31, 2019. Results from China Operations are presented for the period from February 14, 2019 through July 31, 2019.
Other Per-unit Results | ||||||
2020 | 2019 | |||||
(US$/BOE) | Q1 | Year | Q4 | Q3 | Q2 | Q1 |
Upstream Operating Expense | 3.17 | 3.41 | 3.26 | 3.35 | 3.39 | 3.70 |
Upstream Operating Expense, Excluding Long-Term Incentive Costs | 3.34 | 3.35 | 3.22 | 3.34 | 3.40 | 3.48 |
Administrative Expense (1) | 1.02 | 2.37 | 1.82 | 1.46 | 1.51 | 5.38 |
Administrative Expense, Excluding Long-Term Incentive Costs, | ||||||
Restructuring Costs and Current Expected Credit Losses | 1.42 | 1.59 | 1.65 | 1.38 | 1.48 | 1.92 |
Total Costs (2) | 12.17 | 12.59 | 12.42 | 11.95 | 12.78 | 13.44 |
- No restructuring costs have been incurred in 2020.
- Total Costs per BOE is anon-GAAP measure defined as the summation of production, mineral and other taxes, upstream transportation and processing expense, upstream operating expense and administrative expense, excluding the impact of long-term incentive costs, restructuring costs and current expected credit losses, per BOE of production.
Ovintiv Inc. | 4 | Supplemental Information (prepared in US$) |
First quarter report
for the period ended March 31, 2020
Supplemental Oil and Gas Operating Statistics (unaudited)
Operating Statistics
Per-unit Prices, Excluding the Impact of Realized Gains (Losses) on Risk Management | ||||||
2020 | 2019 | |||||
(US$) | Q1 | Year | Q4 | Q3 | Q2 | Q1 |
Oil Price ($/bbl) | ||||||
USA Operations | 43.49 | 56.19 | 55.42 | 55.26 | 59.12 | 54.42 |
Canadian Operations | 38.95 | 53.19 | 56.12 | 58.24 | 53.31 | 37.31 |
China Operations (1) | - | 66.37 | - | 60.35 | 67.84 | 65.62 |
Total Operations | 43.47 | 56.27 | 55.43 | 55.29 | 59.27 | 54.57 |
NGLs - Plant Condensate Price ($/bbl) | ||||||
USA Operations | 34.54 | 44.05 | 44.35 | 41.70 | 46.65 | 43.62 |
Canadian Operations | 43.99 | 51.79 | 51.95 | 50.73 | 54.66 | 49.61 |
Total Operations | 42.02 | 50.25 | 50.22 | 48.78 | 53.04 | 48.79 |
NGLs - Other Price ($/bbl) | ||||||
USA Operations | 7.33 | 11.44 | 10.05 | 7.48 | 13.19 | 17.81 |
Canadian Operations | 6.97 | 11.11 | 12.29 | 5.39 | 6.95 | 20.11 |
Total Operations | 7.27 | 11.37 | 10.47 | 7.09 | 12.09 | 18.41 |
NGLs - Total Price ($/bbl) | ||||||
USA Operations | 10.70 | 15.83 | 14.65 | 12.42 | 17.60 | 20.95 |
Canadian Operations | 33.22 | 40.25 | 39.70 | 38.43 | 42.07 | 40.98 |
Total Operations | 19.69 | 26.33 | 24.59 | 23.30 | 27.72 | 31.34 |
Oil & NGLs Price ($/bbl) | ||||||
USA Operations | 31.90 | 43.04 | 41.43 | 41.12 | 45.60 | 44.64 |
Canadian Operations | 33.29 | 40.36 | 39.90 | 38.65 | 42.12 | 40.95 |
China Operations (1) | - | 66.37 | - | 60.35 | 67.84 | 65.62 |
Total Operations | 32.16 | 42.63 | 41.15 | 40.67 | 45.19 | 43.97 |
Natural Gas Price ($/Mcf) | ||||||
USA Operations | 1.41 | 1.90 | 1.93 | 1.67 | 1.87 | 2.31 |
Canadian Operations | 1.86 | 2.01 | 2.18 | 1.54 | 1.70 | 2.60 |
Total Operations | 1.70 | 1.97 | 2.09 | 1.59 | 1.76 | 2.53 |
Total Price ($/BOE) | ||||||
USA Operations | 25.46 | 34.36 | 33.38 | 32.43 | 35.85 | 36.63 |
Canadian Operations | 16.98 | 19.35 | 19.97 | 17.12 | 18.72 | 21.67 |
China Operations (1) | - | 66.37 | - | 60.35 | 67.84 | 65.62 |
Total Operations | 22.10 | 28.29 | 28.09 | 26.46 | 29.52 | 29.39 |
- The Company terminated its production sharing contract with CNOOC and exited its China Operations effective July 31, 2019. Results from China Operations are presented for the period from February 14, 2019 through July 31, 2019.
Ovintiv Inc. | 5 | Supplemental Information (prepared in US$) |
First quarter report
for the period ended March 31, 2020
Supplemental Oil and Gas Operating Statistics (unaudited)
Operating Statistics (continued)
Per-unit Impact of Realized Gains (Losses) on Risk Management | ||||||
2020 | 2019 | |||||
(US$) | Q1 | Year | Q4 | Q3 | Q2 | Q1 |
Oil ($/bbl) | ||||||
USA Operations | 5.54 | 1.14 | 0.74 | 0.63 | 0.89 | 2.83 |
Canadian Operations | - | - | - | - | - | - |
Total Operations | 5.52 | 1.13 | 0.74 | 0.63 | 0.87 | 2.77 |
NGLs - Plant Condensate ($/bbl) | ||||||
USA Operations | - | - | - | - | - | - |
Canadian Operations | 6.04 | 2.12 | 2.35 | 2.25 | 0.66 | 3.39 |
Total Operations | 4.78 | 1.70 | 1.81 | 1.77 | 0.53 | 2.92 |
NGLs - Other ($/bbl) | ||||||
USA Operations | 0.76 | 1.93 | 1.77 | 2.30 | 1.90 | 1.65 |
Canadian Operations | - | 5.64 | 5.25 | 7.57 | 6.19 | 3.44 |
Total Operations | 0.62 | 2.67 | 2.43 | 3.28 | 2.66 | 2.12 |
NGLs - Total ($/bbl) | ||||||
USA Operations | 0.67 | 1.67 | 1.53 | 1.97 | 1.65 | 1.45 |
Canadian Operations | 4.28 | 3.12 | 3.25 | 3.70 | 2.12 | 3.41 |
Total Operations | 2.11 | 2.30 | 2.21 | 2.69 | 1.85 | 2.46 |
Oil & NGLs ($/bbl) | ||||||
USA Operations | 3.82 | 1.31 | 1.01 | 1.07 | 1.14 | 2.43 |
Canadian Operations | 4.22 | 3.09 | 3.21 | 3.66 | 2.11 | 3.38 |
Total Operations | 3.90 | 1.66 | 1.42 | 1.57 | 1.31 | 2.63 |
Natural Gas ($/Mcf) | ||||||
USA Operations | 0.50 | 0.19 | 0.09 | 0.13 | 0.21 | 0.39 |
Canadian Operations | 0.15 | 0.38 | 0.20 | 0.69 | 0.61 | 0.03 |
Total Operations | 0.27 | 0.31 | 0.16 | 0.48 | 0.46 | 0.13 |
Total ($/BOE) | ||||||
USA Operations | 3.59 | 1.26 | 0.89 | 0.99 | 1.16 | 2.41 |
Canadian Operations | 1.75 | 2.50 | 1.72 | 4.01 | 3.26 | 0.96 |
Total Operations | 2.86 | 1.76 | 1.22 | 2.17 | 1.96 | 1.68 |
Ovintiv Inc. | 6 | Supplemental Information (prepared in US$) |
First quarter report
for the period ended March 31, 2020
Supplemental Oil and Gas Operating Statistics (unaudited)
Operating Statistics (continued)
Per-unit Results, Including the Impact of Realized Gains (Losses) on Risk Management | ||||||
2020 | 2019 | |||||
(US$) | Q1 | Year | Q4 | Q3 | Q2 | Q1 |
Oil Price ($/bbl) | ||||||
USA Operations | 49.03 | 57.33 | 56.16 | 55.89 | 60.01 | 57.25 |
Canadian Operations | 38.95 | 53.19 | 56.12 | 58.24 | 53.31 | 37.31 |
China Operations (1) | - | 66.37 | - | 60.35 | 67.84 | 65.62 |
Total Operations | 48.99 | 57.40 | 56.17 | 55.92 | 60.14 | 57.34 |
NGLs - Plant Condensate Price ($/bbl) | ||||||
USA Operations | 34.54 | 44.05 | 44.35 | 41.70 | 46.65 | 43.62 |
Canadian Operations | 50.03 | 53.91 | 54.30 | 52.98 | 55.32 | 53.00 |
Total Operations | 46.80 | 51.95 | 52.03 | 50.55 | 53.57 | 51.71 |
NGLs - Other Price ($/bbl) | ||||||
USA Operations | 8.09 | 13.37 | 11.82 | 9.78 | 15.09 | 19.46 |
Canadian Operations | 6.97 | 16.75 | 17.54 | 12.96 | 13.14 | 23.55 |
Total Operations | 7.89 | 14.04 | 12.90 | 10.37 | 14.75 | 20.53 |
NGLs - Total Price ($/bbl) | ||||||
USA Operations | 11.37 | 17.50 | 16.18 | 14.39 | 19.25 | 22.40 |
Canadian Operations | 37.50 | 43.37 | 42.95 | 42.13 | 44.19 | 44.39 |
Total Operations | 21.80 | 28.63 | 26.80 | 25.99 | 29.57 | 33.80 |
Oil & NGLs Price ($/bbl) | ||||||
USA Operations | 35.72 | 44.35 | 42.44 | 42.19 | 46.74 | 47.07 |
Canadian Operations | 37.51 | 43.45 | 43.11 | 42.31 | 44.23 | 44.33 |
China Operations (1) | - | 66.37 | - | 60.35 | 67.84 | 65.62 |
Total Operations | 36.06 | 44.29 | 42.57 | 42.24 | 46.50 | 46.60 |
Natural Gas Price ($/Mcf) | ||||||
USA Operations | 1.91 | 2.09 | 2.02 | 1.80 | 2.08 | 2.70 |
Canadian Operations | 2.01 | 2.39 | 2.38 | 2.23 | 2.31 | 2.63 |
Total Operations | 1.97 | 2.28 | 2.25 | 2.07 | 2.22 | 2.66 |
Total Price ($/BOE) | ||||||
USA Operations | 29.05 | 35.62 | 34.27 | 33.42 | 37.01 | 39.04 |
Canadian Operations | 18.73 | 21.85 | 21.69 | 21.13 | 21.98 | 22.63 |
China Operations (1) | - | 66.37 | - | 60.35 | 67.84 | 65.62 |
Total Operations | 24.96 | 30.05 | 29.31 | 28.63 | 31.48 | 31.07 |
Total Netback ($/BOE) | ||||||
USA Operations | 19.24 | 25.16 | 24.08 | 23.37 | 26.39 | 27.78 |
Canadian Operations | 6.99 | 10.04 | 9.97 | 9.85 | 9.89 | 10.45 |
China Operations (1) | - | 37.68 | - | (11.29) | 39.63 | 47.36 |
Total Operations | 14.38 | 18.99 | 18.50 | 18.05 | 20.19 | 19.33 |
- The Company terminated its production sharing contract with CNOOC and exited its China Operations effective July 31, 2019. Results from China Operations are presented for the period from February 14, 2019 through July 31, 2019.
Ovintiv Inc. | 7 | Supplemental Information (prepared in US$) |
First quarter report
for the period ended March 31, 2020
Supplemental Oil and Gas Operating Statistics (unaudited)
Results by Play
2020 | 2019 | ||||||
(average) | Q1 | Year | Q4 | Q3 | Q2 | Q1 | |
Oil Production (Mbbls/d) | |||||||
USA Operations (1) | |||||||
Permian | 64.3 | 64.7 | 66.4 | 68.1 | 65.1 | 59.3 | |
Anadarko | 46.7 | 44.4 | 49.9 | 50.0 | 53.6 | 23.7 | |
Other Upstream Operations (2) | |||||||
Eagle Ford | 19.8 | 25.3 | 23.7 | 26.7 | 25.2 | 25.5 | |
Bakken | 18.4 | 14.0 | 18.1 | 17.0 | 14.6 | 6.2 | |
Uinta | 12.5 | 13.9 | 14.4 | 15.4 | 17.2 | 8.4 | |
Other | - | - | (0.3) | 0.4 | - | 0.1 | |
Total USA Operations | 161.7 | 162.3 | 172.2 | 177.6 | 175.7 | 123.2 | |
Canadian Operations | |||||||
Montney | 0.2 | 0.2 | 0.1 | 0.1 | 0.2 | 0.2 | |
Other Upstream Operations (2) | |||||||
Duvernay | 0.6 | 0.4 | 0.6 | 0.6 | - | 0.1 | |
Other | - | - | - | - | - | - | |
Total Canadian Operations | 0.8 | 0.6 | 0.7 | 0.7 | 0.2 | 0.3 | |
Total China Operations (1) | - | 1.5 | - | 0.5 | 3.4 | 2.3 | |
Total | 162.5 | 164.4 | 172.9 | 178.8 | 179.3 | 125.8 | |
NGLs - Plant Condensate Production (Mbbls/d) | |||||||
USA Operations (1) | |||||||
Permian | 2.3 | 2.3 | 2.6 | 2.9 | 2.4 | 1.5 | |
Anadarko | 6.9 | 6.0 | 7.2 | 7.3 | 6.5 | 3.1 | |
Other Upstream Operations (2) | |||||||
Eagle Ford | 0.9 | 1.3 | 1.4 | 1.3 | 1.4 | 1.3 | |
Bakken | 0.7 | 0.6 | 0.7 | 0.8 | 0.6 | 0.2 | |
Uinta | 0.1 | 0.2 | 0.2 | 0.3 | 0.2 | - | |
Other | 0.1 | 0.1 | - | - | 0.1 | 0.1 | |
Total USA Operations | 11.0 | 10.5 | 12.1 | 12.6 | 11.2 | 6.2 | |
Canadian Operations | |||||||
Montney | 37.0 | 36.4 | 35.0 | 38.4 | 38.7 | 33.3 | |
Other Upstream Operations (2) | |||||||
Duvernay | 4.7 | 6.0 | 5.8 | 7.4 | 5.4 | 5.4 | |
Other | - | - | - | 0.1 | - | - | |
Total Canadian Operations | 41.7 | 42.4 | 40.8 | 45.9 | 44.1 | 38.7 | |
Total | 52.7 | 52.9 | 52.9 | 58.5 | 55.3 | 44.9 | |
- Production from legacy Newfield assets is presented beginning February 14, 2019. Subsequent to the business combination, the Company terminated its production sharing contract with CNOOC and exited its China Operations effective July 31, 2019. Production from China Operations is presented for the period from February 14, 2019 through July 31, 2019.
- Other Upstream Operations includes production volumes from plays that are not part of the Company's current strategic focus.
Ovintiv Inc. | 8 | Supplemental Information (prepared in US$) |
First quarter report
for the period ended March 31, 2020
Supplemental Oil and Gas Operating Statistics (unaudited)
Results by Play (continued)
2020 | 2019 | ||||||
(average) | Q1 | Year | Q4 | Q3 | Q2 | Q1 | |
NGLs - Other Production (Mbbls/d) | |||||||
USA Operations (1) | |||||||
Permian | 22.1 | 20.0 | 22.3 | 21.7 | 19.5 | 16.0 | |
Anadarko | 46.2 | 38.3 | 45.0 | 43.2 | 44.2 | 20.4 | |
Other Upstream Operations (2) | |||||||
Eagle Ford | 4.7 | 5.9 | 5.5 | 5.8 | 5.7 | 6.4 | |
Bakken | 3.9 | 3.1 | 4.3 | 3.4 | 3.2 | 1.4 | |
Uinta | 0.5 | 0.5 | 0.5 | 0.6 | 0.8 | 0.3 | |
Other | 0.1 | 0.1 | 0.2 | 0.2 | 0.2 | 0.1 | |
Total USA Operations | 77.5 | 67.9 | 77.8 | 74.9 | 73.6 | 44.6 | |
Canadian Operations | |||||||
Montney | 15.3 | 15.5 | 16.4 | 15.3 | 15.4 | 15.3 |
Other Upstream Operations (2) | |
Duvernay | 1.8 |
Other | - |
Total Canadian Operations | 17.1 |
Total | 94.6 |
NGLs - Total Production (Mbbls/d) | |
USA Operations (1) | |
Permian | 24.4 |
Anadarko | 53.1 |
Other Upstream Operations (2) | |
Eagle Ford | 5.6 |
Bakken | 4.6 |
Uinta | 0.6 |
Other | 0.2 |
Total USA Operations | 88.5 |
Canadian Operations | |
Montney | 52.3 |
1.2 | 2.0 | 1.8 | 0.4 | 0.8 |
- | - | (0.1) | - | - |
16.7 | 18.4 | 17.0 | 15.8 | 16.1 |
84.6 | 96.2 | 91.9 | 89.4 | 60.7 |
22.3 | 24.9 | 24.6 | 21.9 | 17.5 |
44.3 | 52.2 | 50.5 | 50.7 | 23.5 |
7.2 | 6.9 | 7.1 | 7.1 | 7.7 |
3.7 | 5.0 | 4.2 | 3.8 | 1.6 |
0.7 | 0.7 | 0.9 | 1.0 | 0.3 |
0.2 | 0.2 | 0.2 | 0.3 | 0.2 |
78.4 | 89.9 | 87.5 | 84.8 | 50.8 |
51.9 | 51.4 | 53.7 | 54.1 | 48.6 |
Other Upstream Operations (2) | |||||||
Duvernay | 6.5 | 7.2 | 7.8 | 9.2 | 5.8 | 6.2 | |
Other | - | - | - | - | - | - | |
Total Canadian Operations | 58.8 | 59.1 | 59.2 | 62.9 | 59.9 | 54.8 | |
Total | 147.3 | 137.5 | 149.1 | 150.4 | 144.7 | 105.6 | |
- Production from legacy Newfield assets is presented beginning February 14, 2019.
- Other Upstream Operations includes production volumes from plays that are not part of the Company's current strategic focus.
Ovintiv Inc. | 9 | Supplemental Information (prepared in US$) |
First quarter report
for the period ended March 31, 2020
Supplemental Oil and Gas Operating Statistics (unaudited)
Results by Play (continued)
2020 | 2019 | ||||||
(average) | Q1 | Year | Q4 | Q3 | Q2 | Q1 | |
Oil & NGLs Production (Mbbls/d) | |||||||
USA Operations (1) | |||||||
Permian | 88.7 | 87.0 | 91.3 | 92.7 | 87.0 | 76.8 | |
Anadarko | 99.8 | 88.7 | 102.1 | 100.5 | 104.3 | 47.2 | |
Other Upstream Operations (2) | |||||||
Eagle Ford | 25.4 | 32.5 | 30.6 | 33.8 | 32.3 | 33.2 | |
Bakken | 23.0 | 17.7 | 23.1 | 21.2 | 18.4 | 7.8 | |
Uinta | 13.1 | 14.6 | 15.1 | 16.3 | 18.2 | 8.7 | |
Other | 0.2 | 0.2 | (0.1) | 0.6 | 0.3 | 0.3 | |
Total USA Operations | 250.2 | 240.7 | 262.1 | 265.1 | 260.5 | 174.0 | |
Canadian Operations | |||||||
Montney | 52.5 | 52.1 | 51.5 | 53.8 | 54.3 | 48.8 | |
Other Upstream Operations (2) | |||||||
Duvernay | 7.1 | 7.6 | 8.4 | 9.8 | 5.8 | 6.3 | |
Other | - | - | - | - | - | - | |
Total Canadian Operations | 59.6 | 59.7 | 59.9 | 63.6 | 60.1 | 55.1 | |
Total China Operations (1) | - | 1.5 | - | 0.5 | 3.4 | 2.3 | |
Total | 309.8 | 301.9 | 322.0 | 329.2 | 324.0 | 231.4 | |
Natural Gas Production (MMcf/d) | |||||||
USA Operations (1) | |||||||
Permian | 125 | 106 | 125 | 111 | 102 | 87 | |
Anadarko | 367 | 316 | 369 | 368 | 353 | 172 | |
Other Upstream Operations (2) | |||||||
Eagle Ford | 35 | 43 | 41 | 42 | 42 | 47 | |
Bakken | 26 | 23 | 30 | 26 | 24 | 10 | |
Uinta | 12 | 13 | 12 | 15 | 15 | 9 | |
Other | 3 | 46 | 4 | 55 | 83 | 42 | |
Total USA Operations | 568 | 547 | 581 | 617 | 619 | 367 | |
Canadian Operations | |||||||
Montney | 913 | 931 | 946 | 937 | 893 | 951 | |
Other Upstream Operations (2) | |||||||
Duvernay | 46 | 57 | 57 | 61 | 51 | 61 | |
Other | 42 | 42 | 40 | 40 | 44 | 42 | |
Total Canadian Operations | 1,001 | 1,030 | 1,043 | 1,038 | 988 | 1,054 | |
Total | 1,569 | 1,577 | 1,624 | 1,655 | 1,607 | 1,421 | |
- Production from legacy Newfield assets is presented beginning February 14, 2019. Subsequent to the business combination, the Company terminated its production sharing contract with CNOOC and exited its China Operations effective July 31, 2019. Production from China Operations is presented for the period from February 14, 2019 through July 31, 2019.
- Other Upstream Operations includes production volumes from plays that are not part of the Company's current strategic focus. USA Other primarily included natural gas volumes in Arkoma. Canadian Other primarily includes natural gas volumes in Horn River. Production volumes associated with Arkoma were included in USA Other until the asset was divested on August 27, 2019.
Ovintiv Inc. | 10 | Supplemental Information (prepared in US$) |
First quarter report
for the period ended March 31, 2020
Supplemental Oil and Gas Operating Statistics (unaudited)
Results by Play (continued)
2020 | 2019 | ||||||
(average) | Q1 | Year | Q4 | Q3 | Q2 | Q1 | |
Total Production (MBOE/d) | |||||||
USA Operations (1) | |||||||
Permian | 109.6 | 104.8 | 112.2 | 111.1 | 104.0 | 91.2 | |
Anadarko | 161.0 | 141.4 | 163.5 | 161.8 | 163.2 | 75.9 | |
Other Upstream Operations (2) | |||||||
Eagle Ford | 31.3 | 39.7 | 37.4 | 40.9 | 39.3 | 41.0 | |
Bakken | 27.4 | 21.4 | 28.1 | 25.4 | 22.4 | 9.4 | |
Uinta | 15.0 | 16.7 | 17.2 | 18.8 | 20.7 | 10.2 | |
Other | 0.5 | 7.9 | 0.6 | 9.9 | 14.0 | 7.5 | |
Total USA Operations | 344.8 | 331.9 | 359.0 | 367.9 | 363.6 | 235.2 | |
Canadian Operations | |||||||
Montney | 204.7 | 207.3 | 209.1 | 209.9 | 203.1 | 207.3 | |
Other Upstream Operations (2) | |||||||
Duvernay | 14.8 | 17.2 | 17.8 | 20.0 | 14.3 | 16.5 | |
Other | 7.0 | 7.0 | 6.7 | 6.8 | 7.4 | 6.9 | |
Total Canadian Operations | 226.5 | 231.5 | 233.6 | 236.7 | 224.8 | 230.7 | |
Total China Operations (1) | - | 1.5 | - | 0.5 | 3.4 | 2.3 | |
Total | 571.3 | 564.9 | 592.6 | 605.1 | 591.8 | 468.2 | |
Total Production (MBOE/d) | |||||||
Total Core Assets | 475.3 | 453.5 | 484.8 | 482.8 | 470.3 | 374.4 | |
% of Total | 83% | 80% | 82% | 80% | 79% | 80% | |
- Production from legacy Newfield assets is presented beginning February 14, 2019. Subsequent to the business combination, the Company terminated its production sharing contract with CNOOC and exited its China Operations effective July 31, 2019. Production from China Operations is presented for the period from February 14, 2019 through July 31, 2019.
- Other Upstream Operations includes total production volumes from plays that are not part of the Company's current strategic focus. USA Other primarily included Arkoma. Canadian Other primarily includes Horn River. Production volumes associated with Arkoma were included in USA Other until the asset was divested on August 27, 2019.
Ovintiv Inc. | 11 | Supplemental Information (prepared in US$) |
First quarter report
for the period ended March 31, 2020
Supplemental Oil and Gas Operating Statistics (unaudited)
Results by Play (continued)
2020 | 2019 | |||||
(US$ millions) | Q1 | Year | Q4 | Q3 | Q2 | Q1 |
Capital Expenditures Excluding Capitalized Overhead Costs | ||||||
USA Operations (1) | ||||||
Permian | 225 | 864 | 195 | 196 | 225 | 248 |
Anadarko | 224 | 658 | 141 | 163 | 217 | 137 |
Other Upstream Operations (2) | ||||||
Eagle Ford | 62 | 243 | 22 | 30 | 97 | 94 |
Bakken | 49 | 134 | 35 | 35 | 43 | 21 |
Uinta | 27 | 48 | 10 | 8 | 14 | 16 |
Other | - | 14 | 6 | (7) | 10 | 5 |
Total USA Operations | 587 | 1,961 | 409 | 425 | 606 | 521 |
Canadian Operations | ||||||
Montney | 150 | 339 | 98 | 70 | 68 | 103 |
Other Upstream Operations (2) | ||||||
Duvernay | 3 | 88 | 3 | 16 | 34 | 35 |
Other | 2 | (2) | 1 | 2 | (1) | (4) |
Total Canadian Operations | 155 | 425 | 102 | 88 | 101 | 134 |
Total Capital Expenditures Excluding Capitalized Overhead Costs | 742 | 2,386 | 511 | 513 | 707 | 655 |
Capitalized Overhead Costs | ||||||
USA Operations (1) | ||||||
Permian | 17 | 77 | 18 | 15 | 13 | 31 |
Anadarko | 11 | 54 | 15 | 15 | 14 | 10 |
Other Upstream Operations (2) | ||||||
Eagle Ford | 4 | 23 | 5 | 4 | 3 | 11 |
Bakken | 5 | 10 | 3 | 3 | 3 | 1 |
Uinta | 3 | 3 | 1 | 1 | 1 | - |
Other | 1 | 6 | 1 | 1 | 1 | 3 |
Total USA Operations | 41 | 173 | 43 | 39 | 35 | 56 |
Canadian Operations | ||||||
Montney | 5 | 38 | 9 | 8 | 6 | 15 |
Other Upstream Operations (2) | ||||||
Duvernay | 1 | 12 | 4 | 2 | 1 | 5 |
Other | - | 5 | 1 | 1 | - | 3 |
Total Canadian Operations | 6 | 55 | 14 | 11 | 7 | 23 |
Total Capitalized Overhead Costs | 47 | 228 | 57 | 50 | 42 | 79 |
Total Capital Expenditures | ||||||
USA Operations (1) | ||||||
Permian | 242 | 941 | 213 | 211 | 238 | 279 |
Anadarko | 235 | 712 | 156 | 178 | 231 | 147 |
Other Upstream Operations (2) | ||||||
Eagle Ford | 66 | 266 | 27 | 34 | 100 | 105 |
Bakken | 54 | 144 | 38 | 38 | 46 | 22 |
Uinta | 30 | 51 | 11 | 9 | 15 | 16 |
Other | 1 | 20 | 7 | (6) | 11 | 8 |
Total USA Operations | 628 | 2,134 | 452 | 464 | 641 | 577 |
Canadian Operations | ||||||
Montney | 155 | 377 | 107 | 78 | 74 | 118 |
Other Upstream Operations (2) | ||||||
Duvernay | 4 | 100 | 7 | 18 | 35 | 40 |
Other | 2 | 3 | 2 | 3 | (1) | (1) |
Total Canadian Operations | 161 | 480 | 116 | 99 | 108 | 157 |
Market Optimization | - | 2 | - | 2 | - | - |
Corporate & Other | 1 | 10 | 6 | 1 | 1 | 2 |
Total Capital Expenditures | 790 | 2,626 | 574 | 566 | 750 | 736 |
Net Acquisitions & (Divestitures) | (5) | (132) | (21) | (146) | 15 | 20 |
Net Capital Investment | 785 | 2,494 | 553 | 420 | 765 | 756 |
- Results for legacy Newfield assets are presented beginning February 14, 2019.
- Other Upstream Operations includes capital expenditures in plays that are not part of the Company's current strategic focus. USA Other primarily included Arkoma. Capital expenditures in Arkoma were included in USA Other until the asset was divested on August 27, 2019.
Ovintiv Inc. | 12 | Supplemental Information (prepared in US$) |
First quarter report
for the period ended March 31, 2020
Supplemental Oil and Gas Operating Statistics (unaudited)
Results by Play (continued)
2020 | 2019 | ||||||
Q1 | Year | Q4 | Q3 | Q2 | Q1 | ||
Drilling Activity (net wells drilled) | |||||||
USA Operations (1) | |||||||
Permian | 32 | 114 | 30 | 27 | 30 | 27 | |
Anadarko | 37 | 74 | 23 | 19 | 20 | 12 | |
Other Upstream Operations (2) | |||||||
Eagle Ford | 15 | 33 | 1 | 3 | 16 | 13 | |
Bakken | 7 | 12 | 1 | 3 | 6 | 2 | |
Uinta | 5 | 2 | - | - | 1 | 1 | |
Other | - | 1 | - | - | 1 | - | |
Total USA Operations | 96 | 236 | 55 | 52 | 74 | 55 | |
Canadian Operations | |||||||
Montney | 28 | 84 | 26 | 11 | 25 | 22 | |
Other Upstream Operations (2) | |||||||
Duvernay | 1 | 7 | - | 1 | 3 | 3 | |
Other | - | 1 | 1 | - | - | - | |
Total Canadian Operations | 29 | 92 | 27 | 12 | 28 | 25 | |
Total | 125 | 328 | 82 | 64 | 102 | 80 | |
Completions Activity (net wells on production) | |||||||
USA Operations (1) | |||||||
Permian | 37 | 119 | 18 | 30 | 38 | 33 | |
Anadarko | 27 | 115 | 25 | 15 | 49 | 26 | |
Other Upstream Operations (2) | |||||||
Eagle Ford | 5 | 39 | - | 12 | 13 | 14 | |
Bakken | 7 | 17 | 3 | 4 | 10 | - | |
Uinta | - | 5 | 2 | - | 3 | - | |
Other | - | 1 | - | - | 1 | - | |
Total USA Operations | 76 | 296 | 48 | 61 | 114 | 73 | |
Canadian Operations | |||||||
Montney | 28 | 78 | 8 | 23 | 32 | 15 | |
Other Upstream Operations (2) | |||||||
Duvernay | - | 8 | - | 6 | 1 | 1 | |
Other | - | - | - | - | - | - | |
Total Canadian Operations | 28 | 86 | 8 | 29 | 33 | 16 | |
Total | 104 | 382 | 56 | 90 | 147 | 89 | |
- Results for legacy Newfield assets are presented beginning February 14, 2019.
- Other Upstream Operations includes net wells drilled and net wells on production in plays that are not part of the Company's current strategic focus. USA Other primarily included Arkoma. Net wells drilled and net wells on production in Arkoma were included in USA Other until the asset was divested on August 27, 2019.
Ovintiv Inc. | 13 | Supplemental Information (prepared in US$) |
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Ovintiv Inc. published this content on 05 May 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 07 May 2020 22:28:03 UTC