1Q 2023 Earnings Presentation – Ovintiv Inc

Ovintiv Inc · May 3, 2023 · 17 slides

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Slides

1Q23 Results Conference Call 1
Strong Start to 2023 241 MM Non-GAAP Free Cash Flow Robust 1.1B cash from operating activities & returned 300 MM to shareholders (base dividends and buybacks) Business 511 MBOE/d Total Production 166 Mbbls/d oil & condensate, 1,555…
1Q23 Beat Across the Board Strong Production Performance Across the Portfolio Substantial Volume Increase Outperformance driven by strong well performance 1Q23 Crude & Condensate (Mbbls/d) 166 Continuously optimizing completions and…
Strong Permian Well Performance Continues Strong 1Q23 Performance Across Acreage Footprint 1Q23 Pads Exceeding Expectations1 Builds on 2H22 Permian well performance momentum 22 2023 OVV Permian Updated Type Curve Proven track-record of…
Proven Permian Operational Excellence 4.0 000s Feet / day Setting the Efficient Frontier +25% 3.0 Completions 2.0 Innovative culture driving results Speed Faster Completions 1.0 Track record of continuous improvement (YTD23 vs. 20…
All Assets Contributing to Performance Strong 1Q23 Well Strong Program Economics driven by Oil & C5+ & Gas volumes Results Returns at Strip Prices Montney 100% Montney condensate realized 101% of WTI in 1Q23 Lower Montney Well IP30…
DEAL GUIDANCE & METRICS UNCHANGED Announced Strategic Acquisition in April Transaction Overview 4.275B Core Midland Basin acquisition & 825 MM Bakken divestiture Substantial Permian Scale Immediately Accretive at strip: Gaines Dawson…
Guidance Details No change to guide Pre-Transactions Post Transactions 2024 2Q23 FY 2023 Scale Expected 3-5% reduction in LOE & T&P / BOE post close Total Production 515 535 520 545 (MBOE/d) 200 Crude & Condensate Adjusted hedge…
Optimized Pro Forma Portfolio High-Quality Multi-Basin Portfolio Four high return assets each with deep Premium inventory Montney Innovation and best practices distributed across the portfolio Strong production across all products &…
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Appendix
Additional Pre-Transaction Guidance Operating Expenses Corporate Items (QTR Run Rate) 1Q23A FY23 (MM unless otherwise noted) 1Q23A FY23 PMOT Market Optimization3 33 30 - 35 4.5% 4-5% Corporate G&A (ex LTI) 774 64 - 68 (% of Upstream…
Hedge Positions as of April 30, 2023 Oil and Condensate Hedge Positions1 Natural Gas Hedge Positions1 Oil and Condensate 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 Natural Gas 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 Volume Mbbls/d 0 35 35 25 25 0 0…
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)…
Transparent Cash Return Framework 2Q23 Cash Returns ( MM) Cumulative Shareholder Returns ( MM)1 1Q23 Results 1,800 851 Non-GAAP Cash Flow Since 3Q21 (610) Capex 1,158 Buybacks 1,600 241 Non-GAAP Free Cash Flow 456 Base Dividends…
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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