Ovintiv Inc. (formerly Encana), Calgary, plans $2.7 billion in capital investments for 2020, down 6% or $175 million from 2019 proforma capital investment when including 2019 utilized third party capital of $75 million in the Montney. Some 80% of the investment allocation is to US development programs and more than 75% is earmarked for the Permian, Anadarko, and Montney core assets.
Crude oil and condensate volumes are expected to grow 4% proforma year-over-year to 229,000-39,000 b/d. Full-year NGL (C2-C4) production is expected at 89,000-93,000 b/d, up 2% proforma from the prior year. Liquids (total crude oil and NGLs) are expected to comprise 56% of total production, up 2% over 2019 proforma volumes.
2019
For the full year, on a proforma basis and excluding production from assets divested during 2019, Ovintiv's total production averaged 578,600 b/d, 9% higher than the prior year. Full year proforma crude oil and condensate production, excluding the impact of divestitures, also grew 9% over 2018. Total production in the fourth quarter of 2019 was 592,600 b/d. Fourth quarter liquids production averaged 322,000 b/d.
Production in the Permian increased 14% over 2018 and averaged 104,800 boe/d. Fourth quarter production averaged 112,200 boe/d (81% liquids) with 18 net wells turned-in-line (TIL) during the quarter.
Proforma production from the Anadarko increased 17% year-over-year to 158,300 boe/d, of which 62% was liquids. For the fourth quarter, production averaged 163,500 boe/d (62% liquids) and 25 net TILs.
In the Montney, liquids production grew 25% year-over-year to 52,100 b/d. Fourth quarter production averaged 209,100 boe/d (25% liquids) with eight net TILs during the quarter.
Under Canadian reserves protocol, proved and probable reserves were 5.1 billion boe before royalties and 4.2 billion boe after royalties. SEC proved reserves at year-end 2019 were 2.2 billion boe, of which 60% were liquids and 48% were proved developed and, excluding the impact of acquisitions and dispositions, reserve replacement was more than two times 2019 production.
For 2019, net earnings were $234 million. Non-GAAP operating earnings were $860 million. Cash from operating activities for the full year was $2.9 billion, equivalent to non-GAAP cash flow.
For the fourth quarter, Ovintiv reported a net loss of $6 million, driven primarily by a $264 million (after-tax) non-cash unrealized risk management loss on hedge positions recognized in the quarter. Non-GAAP operating earnings for the quarter were $210 million. Cash from operating activities for the fourth quarter was $730 million and non-GAAP cash flow was $815 million.