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Ovintiv Inc
> Fourth Quarter & Year-end 2022 Financial/ Operating Results
Post by
Betteryear2 on Feb 27, 2023 6:01pm
Fourth Quarter & Year-end 2022 Financial/ Operating Results
Company Delivers Record Financial Results and Significant Inventory Additions
Highlights:
Full Year 2022
- Generated net earnings of $3.6 billion, cash from operating activities of $3.9 billion, Non-GAAP Cash Flow of $4.1 billion and Non-GAAP Free Cash Flow of $2.3 billion after capital expenditures of $1.8 billion
- Reduced total long-term debt by approximately $1.2 billion; Non-GAAP Debt to Adjusted EBITDA ratio of 0.8 times at year-end, down from 1.5 times at year-end 2021
- Returned $958 million to shareholders through the combination of base dividend payments and share buybacks
- Added approximately 450 net premium drilling locations through inventory renewal program, replacing approximately 200% of full-year 2022 net wells turned in line ("TIL")
- Increased quarterly dividend payments by 25% to $1.00 per share annualized
- Delivered average annual production volumes of 510 thousand barrels of oil equivalent per day ("MBOE/d"), including 176 thousand barrels per day ("Mbbls/d") of oil and condensate, 86 Mbbls/d of other NGLs (C2 to C4) and 1,494 million cubic feet per day ("MMcf/d") of natural gas; all in line with Company guidance
Fourth Quarter 2022
- Generated fourth quarter net earnings of $1.3 billion, cash from operating activities of $875 million, Non-GAAP Cash Flow of $895 million and Non-GAAP Free Cash Flow of $537 million after capital expenditures of $358 million
- Delivered average quarterly production volumes of 524 MBOE/d, including 175 Mbbls/d of oil and condensate, 89 Mbbls/d of other NGLs and 1,561 MMcf/d of natural gas; all in line with Company guidance
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