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DENVER (AP) _ Ovintiv Inc. (OVV) on Wednesday reported a loss of $614 million in its fourth quarter.
On a per-share basis, the Denver-based company said it had a loss of $2.36. Earnings, adjusted for asset impairment costs and non-recurring costs, came to 70 cents per share.
The results exceeded Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for earnings of 63 cents per share.
The energy company posted revenue of $1.53 billion in the period, which did not meet Street forecasts. Three analysts surveyed by Zacks expected $1.69 billion.
For the year, the company reported a loss of $6.1 billion, or $23.47 per share, swinging to a loss in the period. Revenue was reported as $6.09 billion.
Ovintiv shares have increased 60% since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $22.93, a rise of 49% in the last 12 months.