Brendan Mccracken on production distribution
From Ovintiv ramps up 'powerhouse' oil production with $3.3B Montney buy: CEO · · BNN Bloomberg
“From an oil production perspective, the Permian will still be a little bit larger, effectively a little more than double on the oil side relative to the Montney. We'll also have a big chunk of all production, 30,000 barrels a day coming from our Oklahoma asset that we call the Anadarko Basin. When you measure on a BOE basis, the barrels are going to be dominated by the Montney.”
On , Brendan Mccracken, President, Chief Executive Officer & Director at OVINTIV INC, spoke about production distribution during Ovintiv ramps up 'powerhouse' oil production with $3.3B Montney buy: CEO on BNN Bloomberg.
About Brendan Mccracken
Brendan McCracken, President and CEO of Ovintiv, discussed the company's $3.3 billion acquisition of assets in Canada's Montney shale formation in November 2024. He stated that the transaction creates a company with a "powerhouse" position in both the Permian and Montney basinschers. McCracken said the company is selling its Uinta Basin asset in Utah to focus capital on those two plays, which he described as having the largest remaining premium oil resource. He characterized Ovintiv's strategy as generating leading and durable returns for investors through a deep drilling inventory. In a 2022 keynote address, McCracken said Ovintiv was focused on debt reduction and returning cash to shareholders rather than production growth, citing investor sentiment. He noted that the company had met its long-term methane reduction target four years ahead of schedule and was aligned with the World Bank's zero routine flaring initiative. McCracken also said the company's production in British Columbia is electrified with hydroelectricity, resulting in a low carbon footprint, and argued that natural gas can play a significant role in decarbonizing the global energy mix.