Continuing to Execute Beat 2Q23 Guidance Beat all key guidance items across the board Enhanced FY23 Guidance Raised FY23 production & lowered FY23 capex Seamless Asset Integration Successful Permian acquisition close &…
Beat Across the Board in 2Q23 2Q23 Operational Performance Strong Well Performance Continues Guidance1 Actuals Seeing outsized performance across all assets Total Production Permian performance leading the way (MBOE/d) 520 540 573…
2Q23 Financial Results & Highlights Committed to Our Cash Flow 699 2.79/sh, beating consensus Limited uplift from mid-June acquisition close Proven Framework Strong Capex 640 30 MM below low-end of guidance Efficiencies driving…
Updated Guides Driven by Strong Operations NEW OLD NEW FY 3Q23 FY 20231 FY 2023 Change Total Production 540 - 560 521 546 535 550 (MBOE/d) Oil & Condensate 202 208 186 196 190 196 (Mbbls/d) NGLs C2 C4 80 85 80 85 83 87…
Leading Capital Efficiency in 2024 Reaffirming 2024 Scale 200 Mbbls/d 2.1-2.5 Billion 15% Oil & Condensate Production Capex Capital Efficiency Improvement (Stabilizing at 200 Mbbls/d in 2H24) (Oil & C5+ vs. original 23 Guide) 24…
Seamless Permian Asset Integration Gaines Dawson Borden Integration complete Mitchell Improved FY23 guide driven by strong legacy and Andrews Martin Howard acquired Permian performance Glasscock Ector Closed on…
Strong Permian Well Performance Continued Strong Performance Across the Permian 1H23 Wells Exceeding Expectations1 Builds on 2H22 & 1Q23 Permian well performance momentum 2023 OVV Permian Type Curve 22 1H23 OVV TILs (44 wells)…
Another Record Quarter for Permian Operations Efficiencies enabling completions innovation that is unlocking higher well productivity & returns 4 000s Feet / day +40% 3 Completions 2 Speed Faster Completions 1 (2Q23 vs. 20 22…
Outstanding Montney Oil/Condensate Execution Operational excellence and leading well results OVV Has 36 of Top 50 Montney Wells3 Montney IP90 Cumulative MBOE Industry leading OVV well results continue across the acreage OVINTIV…
Uinta Basin Continues Strong Performance Core OVV Uinta Position Premier Undeveloped Oil Resource Multiple horizontal intervals with 1,000 Ft of collective pay Duchesne Uintah Top Tier North American Hz Oil Wells Ovintiv well…
Anadarko Provides Gas/NGL Optionality 1 Free Cash Flow in the portfolio expected in FY23 Kunneman Pad 1H23 Shallowing base decline reinforces cash flow generation and reduces capital intensity Strong midstream access generates narrow…
OVVs Keys to Success High-Quality Portfolio Four top-tier assets with substantial operating scale Montney Innovations distributed across the portfolio to drive results Strong production across all products & advantaged costs…
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Appendix
Projected Activity Allocation 2H23 Rigs FY23 Capital FY23 TILs () (MM) (Net) Capex high-point in 3Q23 due to WIP backlog at closing Permian 5 1,400 - 1,500 150 170 First fully OVV designed and developed cube online in 4Q23 Strong…
Hedge Positions as of June 30, 2023 Oil and Condensate Hedge Positions1 Natural Gas Hedge Positions1 Oil and Condensate 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 Natural Gas 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 Volume Mbbls/d 35 35 25 25 0 0 Volume MMcf/d…
Proactive AECO & Waha Risk Management Successfully Managing 100% transport to market secured Gas Flow & Price Risk Minimal exposure to local market prices 2H23-2025 Montney Price Exposures1 2H23 Permian Price Exposures1 65% 60%…
Canadian Royalty Sensitivity Royalty Sensitivity1 Royalty Rates Vary Based on Commodity Prices 24 26% US Basin Average (20 25%) OVV Reports NRI volumes after royalties across its US and Canadian assets Changes in royalty rates seen in…
Track Record of Responsible Operations 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…
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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