Brendan Mccracken on oil production
From Ovintiv ramps up 'powerhouse' oil production with $3.3B Montney buy: CEO · · BNN Bloomberg
“This transaction creates a really unique company in the global context where we've now got a powerhouse in both the Permian and the Montney. When we stand back and look at the North American resource landscape over the next several decades, the two plays that stand out really have the largest amount of remaining premium oil resource are the Permian and the Montney.”
On , Brendan Mccracken, President, Chief Executive Officer & Director at OVINTIV INC, spoke about oil production 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.