Ovintiv reports Q4 EPS $3.11 with items, consensus $1.95

Q4 capital investment of $660M was at the low end of the guidance range of approximately $660M-$700M. Included in net earnings were income tax expense of $211M and net gains on risk management of $344M, before tax. “2023 marked a year of exceptionally strong execution for our Company,” said President and CEO, Brendan McCracken. “Our focus on operational excellence led to multiple quarters of positive guidance revisions, as we repeatedly outperformed our production targets without increasing spending. From volumes, to capital, to per unit costs, we beat our 2023 targets and enhanced the capital efficiency of the business. Our durable-returns strategy is set to deliver again in 2024, as we plan to produce higher oil and condensate volumes with less capital and generate about $450M more free cash flow than 2023.”