Gabriel Daoud's questions to Ovintiv Inc (OVV) leadership • Q3 2024
Question
Gabriel Daoud of TD Cowen asked about the 2025 capital budget outlook, questioning if the $2.3 billion figure might decrease given significant 2024 efficiency gains. He also requested updated commentary on the M&A and A&D markets in light of recent media reports.
Answer
Executive Brendan McCracken explained that while outperformance has been strong, the company is sticking with the $2.3 billion capital and 205,000 barrels per day oil run rate as the right framework for 2025 for now, pending final planning. On M&A, he reiterated that acquisitions face an extremely high hurdle and the company's primary focus remains on execution and free cash flow generation.