A Record Breaking 2022 2.3 B Non-GAAP Free Cash Flow Execution & 3.9 B cash from operating activities Capital 510 MBOE/d Total Production 176 Mbbls/d oil & condensate, 1.5 Bcf/d natural gas, 86 Mbbls/d NGLs1 Discipline 1.8 B…
Execution Excellence in 4Q22 Shareholder Returns Net Earnings 250 MM 1,335 MM 61 MM base dividends + 188 MM buybacks 5.30/diluted share Non-GAAP Free Cash Flow Production 537 MM 524 MBOE/d 358 MM capex 175 Mbbls/d oil &…
Portfolio Driving Durable Returns Premium Portfolio 1 Generating substantial Non-GAAP Free Cash Flow Deep Premium1 10Years 20Years Oil & Condensate Natural Gas Provides risk mitigation against single basin headwinds Inventory…
Inventory Adds Underpin Durable Returns 450 Premium Locations1 Added in FY22 (Inorganic and Organic) ORGANIC & INORGANIC RENEWAL 200% of total FY22 TILs replaced 2 200% of Permian and Montney TILs replaced 2 Dominated by…
Set Up for a Strong 2023 Driving Durable FCF and Shareholder Returns 0.25/share base dividend declared, payable on March 31, 2023 Projected 300 MM total return1 in 1Q23 1Q23 Non-GAAP Cash Return Yield 11% In action on…
2023 Guidance 2023 Production and Capital Lower 1Q23 Production Impacted by 1Q23 FY23 TIL Timing & 4Q22 DUCs as Expected Total Production 500 500 525 (MBOE/d) Oil & Condensate 160 165 175 DUCd wells in 4Q22 to manage capital spend…
Consistent Permian Performance Continues Proven cube development approach Permian Program Update1 Maximizing resource capture by developing multiple zones at once 21 Average 20 Customized spacing and stacking for each development 22…
Carrying Montney Momentum Into 2023 Increased Montney activity Year-over-Year in 2023 Leading Performance Continues3 Supported by resolution on BC permitting issue & OVVs strong permit position IP90 Cumulative MBOE (Wells TIL over LTM)…
The Uinta Basin Has All The Right Ingredients Core OVV Uinta Position Premier Undeveloped Oil Resource Duchesne Uintah Multiple horizontal intervals with 1,000 Ft of collective pay Top Tier North American Hz Oil Wells Ovintiv well…
Bakken Operations Continue to Outperform Well performance continues to shine Kramer Pad Exceeding Expectations Strong Kramer well performance across the Middle Bakken & Three Forks 30 Kramer Pad (10-Well Average) Developing full pads…
Anadarko Provides Key L48 Gas/NGL Optionality Reduced 23 activity due to weak Gas/NGL prices FY22 Production Mix Remains key L48 Gas/NGL option that is optimized for cash flow Well delineated asset footprint and contiguous acreage…
Delivering on our Durable Returns Strategy Leading Value Proposition Converting and extending our deep inventory into shareholder returns Returns Based Strategy Operational Excellence Strong capital efficiency Delivering Value to…
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Appendix
Leveraging Our Multi-Basin Portfolio 2023 Program Details Total Capital (MM) Similar relative program spend as FY22 Permian 850-950 Consistent well performance year-over-year TILs balanced between 1H23 and 2H23 Return to normal…
Additional 2023 Guidance & Sensitivities Operating Expenses Corporate Items (Quarterly Run Rate) FY22 FY23 FY22 FY23 PMOT Market Optimization3 34 MM 30 - 35 MM 4% 4-5% (% of Upstream Revenue1) Corporate G&A (ex LTI) 65 MM 64 - 68 MM…
Liquids-Focused, Multi-Basin Proved Reserves 135% 12 YE22 Proved Reserves Mix Reserve Replacement Ratio Total Proved (Ex Price) Reserve Life Index (Years) Crude Oil & C5+ 1 SEC Proved Reserves (MMBOE) NGLs (C2 C4) 50% 2,258…
Proactive AECO & Waha Risk Management Successfully Managing 100% transport to market secured Gas Flow & Price Risk Minimal exposure to local market prices 2023-2025 Montney Price Exposures1 2023 Permian Price Exposures1 65% 75%…
Track Record of ESG Leadership 50% Scope 1&2 Achieved 30% Reduction Through YE22 GHG Intensity Reduction Target Intensity Reduction1 (from 19 30) Tied to Compensation For All Employees 50% Methane Intensity Reduction2 (22 vs. 19)…
Strengthening the Balance Sheet Proactive debt management in 2022 Substantial Debt Reduction (B)1 Completed 1B redemption of 24 notes in June and executed 565 MM of open market repurchases 88 MM of annualized interest expense savings…
Cost Savings Momentum Continues Declining Legacy Costs Legacy Cost Profile ( MM) Non-GAAP Cash Flow tailwind Declining Legacy Rex Costs No execution risk, only subject to time 147 147 REX commitment declines 100 MM from FY23 FY24,…
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