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Ovintiv (Formerly Encana) Touts STACK/SCOOP Results, But Numbers are Misleading
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On January 28, Encana Corp. (now known as Ovintiv Inc.) released a new presentation where it touted its development / production on the asset (Anadarko STACK) that it acquired through its takeover of Newfield Exploration.
Ovintiv is claiming that it has kept the asset's production relatively flat despite a near 50% cut in rig count (see image below). However, it's important to remember that rig count does not drive production (completion activity does). The main driver of the production was the 124 wells the company put on production through the year, dispite having drilled roughly 70 wells in 2019. (51 reported by the company as of 3Q19)
They are not the first company to try and mask what drives production - earlier this year, we reported on a similar situation with Apache Corp.
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