Ovintiv Boosts Output Guidance as Oil & Gas Fields Yield Gains

August 7, 2024--Researched by Industrial Info Resources (Sugar Land, Texas)--Oil and gas producer Ovintiv Incorporated (NYSE:OVV) (Calgary, Alberta) raised its production guidance for full-year 2024 for the second time this year, after its overall second-quarter output exceeded expectations. The company now expects production volumes to average between 570,000 to 580,000 barrels of oil equivalent per day (BOE/d), compared with its previous forecast of 545,000 to 575,000 BOE/d. Industrial Info is tracking more than US$5.2 billion worth of active and proposed projects from Ovintiv, including about US$3 billion worth in Texas. The company saw particularly strong growth in the Permian Basin and Canada's Montney Shale.