Ovintiv Inc. reported a net income of $1.125 billion, or $4.21 per diluted share, for the fiscal year ending December 31, 2024, a decrease from $2.085 billion, or $7.90 per diluted share, in 2023. The company's total revenues for 2024 were $9.152 billion, down from $10.883 billion in the previous year. This decline was primarily attributed to lower average realized natural gas prices, which fell by 38%, despite an increase in total production volumes. The company generated cash from operating activities of $3.721 billion, exceeding capital expenditures of $2.303 billion by $1.418 billion.
In terms of operational changes, Ovintiv executed significant strategic transactions in 2024, including the divestiture of its Uinta assets for approximately $2 billion and the acquisition of Montney assets from Paramount Resources for about $2.307 billion. The divestiture was completed on January 22, 2025, while the acquisition closed on January 31, 2025. These transactions reflect Ovintiv's ongoing strategy to optimize its asset portfolio and focus on high-quality, liquids-rich plays.
Ovintiv's production metrics showed an average total production of 585.0 MBOE/d in 2024, which included 302.0 Mbbls/d of liquids and 1,698 MMcf/d of natural gas. The company reported that its USA Operations accounted for 76% of upstream production revenues and 79% of total proved reserves as of December 31, 2024. The company also noted a workforce of 1,623 employees, with a focus on maintaining operational efficiency and safety.
Looking ahead, Ovintiv anticipates a capital investment program of approximately $2.150 billion to $2.250 billion for 2025, with expectations of producing average total volumes of 595 MBOE/d to 615 MBOE/d. The company aims to maximize returns from high-margin oil and condensate while continuing to implement innovative techniques to improve well performance and reduce costs. The outlook reflects Ovintiv's commitment to navigating the volatile commodity price environment while enhancing shareholder value through disciplined capital allocation and strategic asset management.
About Ovintiv Inc.
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