Strong Start to 2024 211 Mbbls/d oil & condensate & 574 MBOE/d of total production Operational Both above 1Q24 guidance midpoint Excellence in 591 MM of capex Below 1Q24 guidance midpoint 1Q24 444 MM in Free Cash Flow 13% Free Cash…
Operational Excellence in 1Q24 1Q24 Operational Performance Beat Midpoint of Production Expectations Oil & condensate above guidance midpoint Guidance Actuals Gas, NGL and BOE production at or above high-end of range Total…
Track Record of Shareholder Returns 2Q24 Shareholder Returns 2Q24 Balance Sheet Allocation 80 MM Base Div. 182 MM 182 MM P 50% of post-base dividend Free Cash Flow Buybacks P Reaffirming commitment to 1.0x mid-cycle leverage…
2Q24 & FY24 Guidance 2024 Production and Capital 2Q24 FY24 750 MM More Free Cash Flow y/y Total Production 560 575 560 - 575 (MBOE/d) 60% increase in FY24 Free Cash Flow expected vs. FY23 Oil & Condensate from capital efficiencies…
Permian Well Performance Permian Well Performance Well performance in-line with expectations 20 4Q23 & 1Q24 TILs performing in-line with 24 type curve (80 wells) 2024 OVV Type Curve 4Q23 & 1Q24 (80 wells) 21 net TILs in 1Q24, expect…
Driving D&C Efficiencies in the Permian Drilled Ft/Day Drilling P 1Q24 5% faster than 23 program 1,700 1,785 P 6 active rigs today (up from 5 in 1Q24) 1,600 P Continue to push the envelope on speed 2022 2023 1Q24 Completed…
Montney Continues to Impress Drilled Ft/Day Completed Ft/Day Accelerated Drilling and Completions 1,700 1,725 1,750 3,300 4,100 4,100 2022 2023 1Q24 2022 2023 1Q24 P Program fully targeting condensate Strong Returns…
Leveraging the Multi-Basin Portfolio 21 Mbbls/d oil & condensate production in 1Q24 Salt Lake City refinery turnarounds completed in 1Q24 Core OVV Uinta Position Scale & Running Room 137k Duchesne Uintah High quality oil resource &…
OVVs Keys to Success P High-Quality Portfolio Four top-tier assets with substantial operating scale Montney Innovations distributed across the portfolio to drive results High-return oil & deep multi- product inventory P Operational…
Asset-Level Guidance 2024 Program Details Frac Capital D&C LL Rigs Crews Net TILs (MM) (/ft) (ft) 2Q24-4Q24 Cadence Recently picked up 6th rig Permian 56 1 1.5 120 130 1,350 - 1,450 625 - 675 11.5k TILs 2H24 weighted (60%)…
Hedge Positions as of March 31, 2024 Oil and Condensate Hedge Positions1 Oil and Condensate 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 Volume Mbbls/d 25 0 0 0 0 0 0 WTI & NYMEX Realized Gain / WTI Swaps Price /bbl 73.69 - - - - - - (Loss)…
Durable Cash Return Framework Committed to Our Proven Framework 2Q24 Cash Returns ( MM) 1Q24 Results Post Base Dividend 1,035 Non-GAAP Cash Flow Free Cash Flow (591) Capex 444 Non-GAAP Free Cash Flow (80) 1Q24 Base Dividend…
Committed to Debt Reduction Long-Term Debt Profile (MM) Resilient Capital Structure 1,400 1,368 6,198 MM 1,200 Debt 3.31.24 1,000 1.3x 800 700 850 Debt to Adjusted EBITDA 3.31.24 600 600 599 600 Investment Grade Rating…
1Q24 Debt Bridge 4Q23 to 1Q24 Debt (MM) +153 6,198 +236 5,737 +188 +248 +591 +80 Acquired 65 Permian locations (1,035) (announced with 4Q23 results) 1.3x Flat Debt to Adjusted EBITDA 1.3x 4Q23 Actual Cash Capital…
Proactive AECO & Waha Risk Management Successfully Managing P100% transport to market secured Gas Flow & Price Risk PMinimal exposure to local market prices 2Q24 4Q25 Montney Price Exposures1 2Q24-4Q24 Permian Price Exposures1 65%…
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 PAchieved 41% Reduction Through YE23 GHG Intensity Reduction Target Intensity Reduction1 (from 19 30) PTied to Compensation For All Employees 65% Methane Intensity Reduction2…
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