Ovintiv is directing more investment into the Permian as stronger well performance, faster drilling and AI-supported production optimization reinforce the basin’s role in its development strategy. The company reported third-quarter Permian oil and condensate production of 127,000 barrels per day, exceeding guidance, and shifted $50 million from the Montney to accelerate Permian completions through year-end. OilGasLeads’ U.S. drilling dataset records 127 Ovintiv wells drilled year to date, including 115 in Texas’ Permian region, led by Martin County with 49. Alongside its core development program, Ovintiv is evaluating Barnett potential in Martin County and expanding its position in Dawson County, creating areas for oilfield service companies and suppliers to monitor.
Ovintiv’s main comments about the Permian Q3/2026 were:
- Production exceeded guidance: Third-quarter oil and condensate production averaged 127,000 barrels per day, above guidance of 125,000.
- More capital directed to the basin: Ovintiv shifted $50 million from the Montney to the Permian to accelerate completions and offset the effects of Canadian processing downtime.
- Fourth-quarter outlook: Permian oil and condensate production is expected to average 125,000–130,000 barrels per day.
- Improving well productivity: Year-to-date results exceeded the company’s production type curve. Management said Permian well productivity has improved annually since 2023 and its Midland Basin wells continue to outperform peers.
- Faster drilling and completions: The company drilled its fastest-ever 15,000-foot lateral, with a pacesetter pad averaging more than 2,500 feet drilled per day. Completion pump time exceeded 20 hours daily for the third consecutive quarter.
- Better existing-well performance: Base production exceeded expectations, with a 3% improvement in base decline versus the original plan anticipated.
- AI and automation improved artificial lift: Artificial lift uptime reached a quarterly record, supported by remote operations and automated optimization through the Permian operations control center.
- Completion improvements support results: Management credited cube development, pad reoccupation, custom surfactants and enhanced fracture-stage designs. Its surfactant program showed 9% aggregate uplift across more than 300 wells.
- Barnett appraisal progressing: Its first operated Barnett well in Martin County has been drilled, with completion planned for the fourth quarter and production around year-end. Management suggested one to two appraisal wells in 2027, without committing to a final program.
- No urgency to accelerate Barnett development: Approximately 100,000 Barnett acres are held by production, allowing Ovintiv to evaluate industry costs, productivity and spacing before expanding development.
- Dawson County offers additional opportunity: Ovintiv expanded its northern Midland Basin position, highlighting the Dean and selected Spraberry zones. Management emphasized geology and proprietary well data as reasons for its confidence.
Ovintiv’s U.S. Q3/2026 YTD file contains 127 records, representing 127 unique well licence numbers. Activity dates range from January 2 to October 26, 2026.
Record count by Province/State
| State | Records |
|---|---|
| Texas | 115 |
| Oklahoma | 9 |
| Utah | 2 |
| North Dakota | 1 |
| Total | 127 |
Record count by play/basin
| Play / Basin | Counties represented (record count) | Records |
|---|---|---|
| Permian — Midland Basin | Martin (49), Upton (23), Midland (14), Andrews (13), Howard (11), Ector (5) | 115 |
| Anadarko — SCOOP | Garvin (4), Stephens (1) | 5 |
| Anadarko — STACK | Blaine (2), Kingfisher (2) | 4 |
| Uinta Basin | Duchesne (2) | 2 |
| Williston Basin / Bakken region | McKenzie (1) | 1 |
| Total | 127 |
These are geographic groupings based on county, rather than confirmed formation targets. Andrews and Ector are grouped with the Midland Basin operating area, although both include Central Basin Platform acreage. The Oklahoma county assignments align with published SCOOP/STACK descriptions. ir.oneok.com
Top 10 Contractor and Rigs by record count
| Rank | Contractor and Rig | Records |
|---|---|---|
| 1 | H&P 264 | 25 |
| 2 | H&P 379 | 24 |
| 3 | H&P 395 | 22 |
| 4 | H&P 551 | 22 |
| 5 | H&P 616 | 21 |
| 6 | H&P 538 | 7 |
| 7 | Cactus 164 | 2 |
| 8 | Cyclone 44 | 2 |
| 9 | H&P 604 | 1 |
| 10 | Nabors B06 | 1 |
| Total | 127 |
The Permian accounts for 90.6% of reported drilling records, led by Martin County with 49 wells. H&P rigs account for 122 records, or 96.1% of the total.
