ovintiv q1 2020

And if you look at our tracker, that’s the information we usually publish on a regular basis, you will find that quickly our pacesetter has become our average and we established a new pacesetter and continue to drive down.

Just on the decline rate, Doug, the 5% reduction, what would the reference case be there like 36 %, 37%?Yeah, Greg, we’ve historically talked in the high-30s. At the end of the day, the safe and low cost operators with scale will win.

And then as a follow-up, you disclosed purchasing roughly $100 million of 2021 and ’22 senior notes in the open market.

Thanks for taking the questions. These legacy cost reductions have no risk. Recall that we used to refer to our stay-flat capital case in the low $2 billion range. So in longer term, we’re not that concerned that the big historic diffs are a lot different in the future.
But now you’re seeing, it’s also quite strong. It’s extremely important that you leave today’s call with a firm understanding of our credits facilities and the bullet proof nature of our liquidity picture.

So when you look at those savings of $400,000 per well versus ’19, a number of things go into that. In other words, we have high confidence we can deliver these estimates because we’ve already done so. Probably your DUC question is very important, as well, though, because we actually envision exiting this year with a fairly normal number of DUCs. And we think that the sensitivities imply that WTI needs to probably average something closer to $45 over the next couple of years to cover those maturities if you go ex-growth. We also use a variety of products based on our views in the market and the risk that’s out there. This could not be more important as we fight to reduce costs and increase margin. But, Corey, is there anything else you’d like to add?Yeah, I think, Jeanine, the only clarification I’d make is in the comments, we also highlighted, as Doug alluded to, the option to refinance is one that in a more normalized open market for our investment grade credit, we would entertain that as well. Our 2020 cash flows and balance sheet are supported by our strong hedge position.
Your line is open.Thanks, good morning. This is a combination of shutting in wells and deferring production in recently completed wells. It’s based on book capitalization with a $7.7 billion permanent add-backs for non-cash writedowns. Why Ovintiv (OVV) Surges 59.1% Post Q1 Earnings Release - May 28, 2020 - Zacks.com Your line is open.Good morning, Doug. This call is being webcast and the slides are available on our website at ovintiv.com. With the extreme volatility we’ve seen in oil prices, we are actively managing our production. And then my sort of follow-up was in that same vein, I was just looking at that presentation, just the really detailed Anadarko Basin presentation you all put out earlier this year and you talked about I know on one of the mid slides there about being prime for the full-field development. Over my career, I have seen our industry get incredibly efficient during the downturns, and we are doing it again. So it isn’t going to create a drag on cash flow, depending on how we allocate capital across the business.

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