Denver-based Ovintiv Inc. surpassed its fourth quarter guidance for oil and condensate production and is almost halfway toward a goal to reduce total debt at the end of 2021 by at least $1 billion, the North American exploration giant said Monday.


Fourth quarter liquids production jumped above 210,000 b/d, ahead of initial guidance of 200,000 b/d, management said in a preview of 4Q2020 and full-year 2021 results. Total output in the final quarter was more than 550,000 boe/d, with full-year 2020 production estimated at 540,000-plus boe/d.

“We finished 2020 with one of our best quarters, achieving outstanding financial and operating results that will likely be well ahead of consensus,” CEO Doug Suttles said.

The multi-basin producer’s assets stretch from the Montney Shale...