Durable Returns Industry Leading Montney High-return oil & deep multi- Innovation & Execution product inventory Built into our culture Uinta Deep inventory & high Inventory Quality & Depth margin oil 10-15 yrs of oil &…
Execution Driving Durable Returns Free Cash Flow Shareholder Returns 403 15% 262 MM 2Q24 Free Cash Flow FY24E Free Cash Flow Yield1 MM 242 MM 1,900 60% 2Q24 Base div. + Buybacks 3Q24E Base div. + Buybacks3 MM FY24E Free Cash…
Track Record of Shareholder Returns Transparent Framework 3Q24E Shareholder Returns 50% of post-base dividend Free Cash returned to shareholders Flow 80 MM Returns to date have been buybacks Base Div.1 162 MM Buybacks Consistent,…
Committed to Debt Reduction June 30, 2024 Debt / Leverage Target 6,087 MM Debt 4,000 MM Debt 111 MM Debt reduction in 2Q24 1.2x Debt to Adjusted EBITDA 1.0x Debt to Adjusted EBITDA Adjusted EBITDA is 4B at mid-cycle1 Debt…
3Q24 & FY24 Guidance More FY24E Production for the Same Capital Raised oil & condensate and natural gas guides Reaffirmed capital guide midpoint & narrowed range 2024 Production and Capital Guidance 3Q24 FY24 Lower Costs Generating…
Permian Well Performance Innovative Completions Design Increasing Returns Permian Well Performance FY24E well productivity above FY23 20 2024 OVV Type Curve 4Q23, 1Q24 & 2Q24 (122 wells) Well Performance in-line with 2024 Type Curve…
Leading Edge Permian Operations Drilling Avg. Drilling Pacesetter Ft/d 1,875 1,600 1,700 2024 YTD +10% vs. FY23 3,15010.5k ft lateral ft/d Drilled…
Demonstrated Excellence in the Montney Speed Driving D&C Efficiencies Targeting High-Value Oil Drilled Ft/Day Completed Ft/Day 60% FY24E program IRR at 75 WTI & 2.50 NYMEX Sales into structurally short diluent market Similar 4,100…
Leading Montney Operator Oil & Condensate Capital Efficiency1 Economic BOE Capital Efficiency (20:1)1 FY24E Capex / Quarterly Oil & Condensate Production FY24E Capex / Quarterly Total Production (MM USD / Mbbls/d) (MM USD / MBOE/d) 1…
Leveraging the Multi-Basin Portfolio Competitive margins similar to the Permian Lower royalty rate and higher oil cut Core OVV Uinta Position Scale & Running Room 137k Duchesne Uintah 28 Mbbls/d oil & condensate production in 2Q24…
OVVs Keys to Success High-Quality Portfolio Four top-tier assets with substantial operating scale Innovations distributed across the portfolio to drive results Montney High-return oil & deep multi- Operational Excellence Drives…
Asset-Level Guidance 2024 Program Details Frac Capital D&C LL Rigs Crews Net TILs (MM) (/ft) (ft) 2H24E Cadence 2H24 production flat in 3Q24 & 4Q24 Permian 56 1 1.5 120 130 1,350 - 1,450 625 - 675 11.5k 2H24 TILs balanced between…
Hedge Positions as of June 30, 2024 Oil and Condensate Hedge Positions1 Oil and Condensate 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 Volume Mbbls/d 10 0 0 0 0 0 WTI & NYMEX Realized Gain / WTI Collars Call Strike /bbl Put Strike /bbl 92.06…
Durable Cash Return Framework Committed to Our Proven Framework 3Q24 Cash Returns ( MM) 2Q24 Results Post Base Dividend 1,025 Non-GAAP Cash Flow Free Cash Flow (622) Capex 403 Non-GAAP Free Cash Flow (80) 2Q24 Base Dividend…
Proactive AECO & Waha Risk Management Successfully Managing 100% transport to market secured Gas Flow & Price Risk Minimal exposure to local market prices 3Q24 4Q25 Montney Price Exposures1 2H24 Permian Price Exposures1 60% 45%…
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…
Track Record of Responsible Operations 50% Scope 1&2 Achieved 41% Reduction Through YE23 GHG Intensity Reduction Target Intensity Reduction1 (from 19 30) Tied to Compensation For All Employees 65% Methane Intensity Reduction2…
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