Ovintiv(US:OVV)2024-05-08 19:072024 Guidance and Performance - The company raised its full-year 2024 oil and condensate production guidance to 204-208 Mbbls/d with capital expenditure of $2200-$2400 million[25] - Total production guidance for 2024 is now 560-575 MBOE/d[25] - The company expects a greater than 60% increase in Free Cash Flow in 2024 compared to 2023[25] - First quarter 2024 oil and condensate production was 211 Mbbls/d, and total production was 574 MBOE/d, both above the guidance midpoint[25] - First quarter 2024 capital expenditure was $591 million, below the guidance midpoint[25] Financial Position and Shareholder Returns - The company reported $444 million in Free Cash Flow in 1Q24, representing approximately 13% Free Cash Flow Yield[25] - The company allocated $182 million to share buybacks in 2Q24, representing 50% of post-base dividend Free Cash Flow[31] - The company is reaffirming its commitment to a 10x mid-cycle leverage ratio target of approximately $4 billion in debt[31] - The company's total shareholder return for 2Q24 is approximately $262 million, including $182 million in buybacks and $80 million in base dividend, representing approximately 8% Cash Return Yield[32] - The company's debt stood at $6198 million as of March 31, 2024, with a Debt to Adjusted EBITDA ratio of 13x[4] Operational Highlights - The company has approximately 1650 premium net 10K locations added since 2021, with approximately 2/3 in the Permian Basin[26] - The company has 10-15 years of oil and condensate and greater than 20 years of natural gas inventory[26] - The company achieved a 41% reduction in Scope 1&2 GHG Intensity through YE23, progressing towards a 50% reduction target from 2019 to 2030[17, 16]