Ovintiv Inc

OVV: XTSE (CAN)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Ovintiv Exceeds Our Cash Flow Expectations

Joe Gemino

Jul 30, 2020

No-moat Ovintiv, formerly Encana, reported second-quarter results that exceeded our expectations. The company generated adjusted cash flow from operations of $304 million, which fell substantially from $566 million in the first quarter due to lower commodity prices. The outperformance in cash flow was driven by better-than-expected oil pricing and lower-than-expected cash costs. Cash costs declined sequentially to $11.23/bbl from $12.17/bbl in the first quarter. The company’s second-quarter production averaged 536.6 thousand barrels of oil equivalent per day with 198.3 mboe.d from crude oil and plant condensate. Production decreased sequentially from 571.3 mboe/d due to voluntary shut-ins.

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Ovintiv Inc

Ovintiv Exceeds Our Cash Flow Expectations

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