Ovintiv Inc. [OVV] has reported a net loss of $2.1 billion for year ended Dec 31, 2023.
The Company said in a filing before the Securities and Exchange Commission that its total revenue for the year was $10.9 billion
Based in DENVER, Colorado, Ovintiv Inc. operates in the MINING sector.
In the Consolidated Statement of Earnings for the period ending December 31, 2023, the total revenue amounted to $10.883 million, a decrease compared to the previous year's revenue of $12.464 million in 2022. This decrease was primarily driven by lower product and service revenues and losses on risk management.
Operating expenses for the same period totaled $8.019 million, showing a decrease from $8.611 million in 2022. The decrease was attributed to lower production, transportation, and processing costs, as well as reduced administrative expenses.
The operating income for the period was $2.864 million, down from $3.853 million in 2022. This decline was mainly due to higher depreciation, depletion, and amortization expenses.
Regarding net earnings, the company reported a net income of $2.085 million for the period, a decrease from $3.637 million in 2022. This decline was primarily driven by higher income tax expenses in 2023 compared to a tax recovery in the previous year.
In terms of earnings per share, the basic earnings per share for 2023 were $8.02, lower than the $14.34 reported in 2022. Similarly, the diluted earnings per share decreased to $7.9 in 2023 compared to $14.08 in 2022.
Overall, the company experienced a decline in revenue, operating income, net income, and earnings per share in the current reporting period compared to the same period in the previous year. These results reflect the impact of various operational and financial factors on the company's performance.