Brendan Mccracken on asset divestiture
From Ovintiv ramps up 'powerhouse' oil production with $3.3B Montney buy: CEO · · BNN Bloomberg
“We're selling our Uinta Basin asset in Utah, which is an oil asset that we've been a big part of unlocking. While we really like that asset and it's played an important role for us, going forward, we're going to struggle to allocate capital away from our highly valuable positions in the Permian and the Montney and really grow those assets.”
On , Brendan Mccracken, President, Chief Executive Officer & Director at OVINTIV INC, spoke about asset divestiture 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.