(WO) — Ovintiv is concentrating capital in the Permian basin and Montney as part of a $2.25 billion to $2.35 billion 2026 capital program aimed at sustaining liquids growth and strengthening its core inventory.
The company reported fourth-quarter production of 623 Mboed, with full-year output averaging 615 Mboed. But the operational focus is increasingly centered on its two core assets: the Permian and Montney.
Permian production averaged 219 Mboed in the fourth quarter, with liquids comprising 79% of volumes. Ovintiv turned in line 30 net wells during the quarter and 136 for the year.
In 2026, the company plans to invest $1.325 billion to $1.375 billion in the Permian, running approximately five rigs and bringing 125 to 135 net wells online. Oil and condensate production from the basin is expected to average 117,000 to 123,000 bbl/d, with natural gas volumes projected at 270 to 295 MMcfd.
In the Montney, production averaged 305 Mboed in the fourth quarter and 299 Mboe/d for the year. Ovintiv brought 20 net wells online in the quarter and 96 during 2025.
For 2026, the company plans to allocate $875 million to $925 million to the Montney, running approximately six rigs and bringing 130 to 140 net wells online. Oil and condensate production is expected to average 80,000 to 84,000 bpd, with natural gas output projected at 1.7 to 1.8 Bcfd.
“We have transformed our company into an industry leader by executing at a high level, boosting our profitability, and completely transforming both our portfolio and balance sheet while deepening our inventory in the two most valuable basins by over 3,200 drilling locations at an unmatched cost per location,” said Ovintiv President and CEO, Brendan McCracken. “Now we are introducing a new shareholder return framework that will deliver increased returns to our shareholders. These actions set the stage for continued value creation.”
The company also confirmed the closing of its NuVista acquisition, which strengthens its Montney position, and expects to finalize the sale of its Anadarko assets in April, further sharpening its focus on the Permian and Montney.
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