Capital Markets | Capital Expenditure | Drilling Program - Wells | Drilling Program-Rig Count | Capital Expenditure - 2020 | 2020 Guidance
Ovintiv/Encana Cuts STACK Ops in Favor of Permian, Montney; Well Count Down
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Ovintiv Inc. (formerly Encana Corp.) has reported its plans for 2020 as well as its Q4 2019 results.
Quick Read
Production : Oil to grow +4% Y/Y Capex : Capex down -3% to $2.7 billion Wells : Well count slightly down -3%, Permian, Montney to see increase in well counts Y/Y 2020 Plans: Only Slight Cuts to Capex, CompletionsOvintiv will be slightly cutting spending (down 4% YOY) to $2.7 billion. Approximately 75% of that will be devoted to its core three assets: Permian, Montney and Anadarko Basin.
Total completion activity is only decreasing by 3%, buouyed by increased activity in the Permian, Montney and its "Base Assets" (Bakken, Uinta, Duvernay and Eagle Ford). The Anadarko Basin is seeing the biggest cuts to completions YOY, decreasing by 35%.
Ovintiv is expecting to grow its oil…
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