Ovintiv Inc. (NYSE:OVV) Q4 2022 Earnings Call Transcript

Umang Choudhary : My first question was on your program. I mean, one of the focus was to set up a ratable program and it sounds like you expect that to be more level loaded both on spending on production starting in the back half of this year. You talked about the benefit of completing DUCs in the first half. Can you provide any color in terms of what the dollar amount looks like? And is this a onetime benefit, which we should expect in 2023. Just so that we are mindful of what it means for 2024 and beyond. I understand that there are a lot of things at play here, including potentially some lower service costs.

Brendan McCracken: Yes, Umang, I appreciate the question. You got it nailed on the progressing to the low-level program this year. And the extra DUC capital in the first half of the year is about $80 million. So it’s spread between the first 2 quarters.

Umang Choudhary : Got you. That’s really helpful. And then one other housekeeping question for us, and thanks so much for the update on the Uinta. Can you remind us on the inventory you have left in the Uinta Basin for these high-quality locations, which you’ve highlighted in our deck?

Brendan McCracken: Yes. It’s kind of an interesting because, of course, the activity level is still relatively modest there. So the inventory is going to be quite long. So it’s sort of decades out there right now. And — so that will be something we can continue to talk to investors about as we get more data and results in the play. But right now, it’s very long.

Operator: At this time, we have completed the question-and-answer session. So I will turn the call back to Mr. Verhaest for any closing remarks.

Jason Verhaest: Yes. Thank you, operator, and thank you, everyone, for joining us today and for your continued support and interest in Ovintiv. Our call is now complete.

Operator: Ladies and gentlemen, this does conclude your conference call for this morning. We’d like to thank you all for participating and ask you to please disconnect your lines.