Neal Dingmann's questions to Ovintiv Inc (OVV) leadership • Q3 2024
Question
Neal Dingmann from Truist Securities inquired about the specific drivers behind Ovintiv's continued production outperformance and capital efficiency. He also asked for details on the optimized Permian program, questioning what is driving record returns and lower well costs.
Answer
Executive Brendan McCracken attributed the success to a broad, intentional focus on free cash generation, underpinned by a strong data strategy, a culture of innovation including AI/ML, and learning from peers. Executive Gregory Givens added that Permian success is a combination of high-performance rigs, efficient frac fleets, optimized well design, and faster cycle times, which allowed them to reduce their rig count from six to five.