Delivering on Key Value Drivers Accretive Premium inventory life extension Durable Acquired 800 Premium & 250 high-potential net 10k locations in our recent Permian Basin acquisition Returns 750 Premium net 10k locations in last…
Continued Execution Excellence Beat 3Q23 Guidance Beat on all guidance items All production streams, capex and total production costs Production beats driven by well performance and efficient integration Strong well performance…
Beat Across the Board in 3Q23 3Q23 Operational Performance Guidance Actuals Realizing Operational Efficiencies Total Production 540 560 572 (MBOE/d) Setting efficiency records throughout the portfolio Capex below low-end of guide…
3Q23 Financial Highlights Strong Cash Flow MM Cash Flow 1,112 4.02/sh, beating consensus & up 45% over 2Q Capex 834 31 MM below midpoint of guidance Free Cash Flow 278 Providing strong shareholder returns in 4Q23…
Seamless Permian Asset Integration Integration Completed Ahead of Schedule TIL Acceleration Supporting 3Q23 Beat & FY23 Raise At Level-Loaded Rig & Frac Crew Program Today 180k 800 5 OVVs Permian By The Numbers Net Acres…
Peer Leading Permian Well Performance Continued Strong Performance Across the Permian Legacy Permian Performance Builds on 2H22 & 1H23 Permian well performance momentum Driven by optimized completions design and stage architecture 20%…
Record Permian Trimulfrac Performance Trimulfrac = 3 wells completed at the same time (next iteration of Simulfrac) Relentless Pursuit of Innovation and Efficiencies Permian Completions Speed Leading Trimulfrac operations in execution…
Top Tier Montney Operations and Realizations Operational Excellence and Leading Well Results Leading Well Performance Continues4 Industry leading OVV well results continue across the acreage Montney IP90 Cumulative MBOE 90% of Gas…
Increased Uinta Activity Exceeding Expectations Premier Undeveloped Oil Resource Multiple horizontal intervals with 1,000 Ft of collective pay OVV Uinta Outperforming Delaware 2023 OVV Uinta TILs (17 Wells) Top Tier North American Hz…
Anadarko Provides Gas/NGL Optionality Capital Efficient Completions Activity in 4Q23 Kunneman Pad Completions Sourced attractively priced completions crew to complete 4.4 net DUCs in 4Q23 30 MM of DUC, base and other capital spend in…
Updated Guide Driven by Strong Execution New Old FY 20231 New FY 2023 4Q23 At Close As of 2Q23 FY 2023 Improvement2 Total Production (MBOE/d) 560 580 521 546 535 550 550 560 +4% Oil & Condensate (Mbbls/d) 220 227 186 196 190 196…
Well Positioned Into 2024 Reaffirming 2024 Scale 200 Oil & Condensate Production 2.1-2.5 Capex 15% Capital Efficiency Improvement (Mbbls/d) ( B) (Oil & C5+ vs. pre-acquisition 23 guide) At Targeted Run-Rate in 2Q24 Seamless…
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 Rigs FY23 Capital FY23 TILs () (MM) (Net) Production peak in 4Q23 Permian 5 1,430 - 1,470 170 180 First fully OVV designed and developed cube online in late 4Q23 Strong well performance continues across…
Additional Guidance Operating Expenses Corporate Items (Quarterly Run Rate) 3Q23A 3Q23 Guide Go Forward (MM unless otherwise noted) 3Q23A Go Forward PMOT Market Optimization3 34 30 - 35 4.3% 4% - 5% 4% - 5% Corp. G&A ex LTI &…
Durable Cash Return Framework Committed to Our 4Q23 Cash Returns ( MM) Proven Framework 3Q23 Results Post Base Dividend 1,112 Non-GAAP Cash Flow Free Cash Flow (834) Capex 278 Non-GAAP Free Cash Flow (82) 3Q23 Base Dividend 196…
Hedge Positions as of September 30, 2023 Oil and Condensate Hedge Positions1 Natural Gas Hedge Positions1 Oil and Condensate 4Q23 1Q24 2Q24 3Q24 4Q24 Natural Gas 4Q23 1Q24 2Q24 3Q24 4Q24 Volume Mbbls/d 35 25 25 0 0 Volume MMcf/d 0 200…
Proactive AECO & Waha Risk Management Successfully Managing 100% transport to market secured Gas Flow & Price Risk Minimal exposure to local market prices 2024 - 2025 Montney Price Exposures1 2024 Permian Price Exposures1 65% 55%…
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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