US Shale Producer Ovintiv Reports Q4 Net Loss

US Shale Producer Ovintiv Reports Q4 Net Loss
Feb 17, 2021 11:25:pm
Summary
by: Dale Lunan
US Shale Producer Ovintiv Reports Q4 Net Loss
US shale producer Ovintiv (formerly Canada’s Encana) said February 17 it had a pre-tax net loss in Q4 2020 of $642mn, compared to a Q4 2019 pre-tax net loss of $68mn. Net loss after tax was $614mn.
For full-year 2020, the company reported a pre-tax net loss of $5.7bn, largely reflecting non-cash impairments on lower reserve valuations totaling $5.58bn, taken throughout the year. In Q1 2020, the impairment was $277mn, in Q2 $3.25bn, in Q3 $1.34bn and in Q4 $717mn.
Operating earnings (Ebitda) in Q4 declined to $183mn from $210mn and for the full year fell to $91mn from $860mn.

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