Ovintiv Reports Q1 Net Loss of $630 Million
Reported first quarter net loss of $630 million, or $2.35 per share diluted, including non-cash ceiling test impairments of $1.2 billion, after tax, or $4.30 per share diluted; impairment primarily driven by a weaker SEC 12-month trailing oil price relative to the previous quarter. "We've built a track record of leading execution efficiency and disciplined capital allocation and now we've combined those strengths with best-in-class inventory depth in the two best E&P assets, and a clean balance sheet," said Ovintiv President and CEO, Brendan McCracken. "With the enhanced stability of our business today, we are intensely focused on efficient execution and profitability. Our strong first quarter continues to demonstrate differentiated results that reflect the moat we have created through disciplined portfolio management and stacked innovation."
