North American oil and natural gas exploration and production company Ovintiv Inc. has reported a net loss of $159 million for the first quarter of 2025, versus a net income of $338 million for Q1 2024. The results were impacted by a non-cash ceiling test impairment of $557 million, the company said in a media release.
Total revenues for the first quarter were at $2.37 billion, on par with the $2.35 billion logged for the corresponding quarter a year prior.
Average production in the first quarter was approximately 588,000 barrels of oil equivalent, including 206,000 barrels per day (bpd) of oil and condensate, 89 bpd of other natural gas liquids (C2 to C4) and 1,763 million cubic feet per day of natural gas.
“Our strong first quarter results continue to build our track record of driving operational excellence to maximize free cash flow”, Brendan McCracken, Ovintiv President and CEO, said. “We have seamlessly integrated the newly acquired Montney assets into our existing operations, and our team is well on its way to achieving the targeted $1.5 million per well cost reduction synergies.
“Our business was built using mid-cycle prices of $55 WTI and $2.75 NYMEX. This was purposeful to ensure we can continue to generate superior returns and free cash flow throughout the cycle.
“The recent volatility has validated our choice of maintenance level investment in 2025. We are maintaining our capital investment plans today, but we have full flexibility to lower capital and will do so if commodity prices deteriorate”.
Excluding hedge effects, Ovintiv’s average realized prices in the first quarter were $70.30 per barrel for oil and condensate (98 percent of WTI), $23.21 per barrel for other NGLs (C2-C4), and $2.98 per thousand cubic feet for natural gas (82 percent of NYMEX), leading to an overall average realized price of $37.03 per BOE, Ovintiv said.
Factoring in the effects of hedges, the average realized prices for oil, condensate, and other NGLs remained stable, while the average realized price for natural gas stood at $3.16 per Mcf (87 percent of NYMEX), leading to a total average realized price of $37.59 per boe, the company said.
Ovintiv affirmed its full-year guidance, expecting production volumes to average 595,000 to 615,000 boed, with full-year capital investment of $2.15 billion to $2.25 billion.
To contact the author, email andreson.n.paul@gmail.com
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