Delivering on Durable Returns Strategy Efficient Execution Beat & Raised Guidance on All Products & Lowered Capex Twice 2023 Seamless Permian Integration & Inventory Additions Returns Boosted by Higher Well Productivity & Lower…
Beat Across The Board in 4Q23 Exceeded Production Expectations 4Q23 Operational Performance Strong well performance across all assets Guidance Actuals Optimized base production Total Production 4Q23 TILs1 concentrated in Oct-Nov…
More Free Cash Flow Expected in 2024 More Oil & Condensate Less Capital More Free Cash Flow Mbbls/d MM MM 2,744 202 205 1,600 1,155 2,300 Actuals Budget WTI (/Bbl) 78 Lower 75 Prices NYMEX (/MMBTU) 2.75 2.50 2023…
Our 2024 Plan Has the Right Ingredients Focused on Oil & Condensate 20% more oil & condensate vs. 12 months ago1 Capital directed to oil in every asset Driving top oil well results in every basin we operate Substantial Cash Flow…
2024 Guidance Details 2024 Production and Capital 1Q24 FY24 Total Production 560 575 545 - 575 (MBOE/d) Maximize Capital Efficiency and FCF Oil & Condensate 208 - 212 202 - 208 (Mbbls/d) FY24 FCF to exceed FY23 despite lower…
Permian Excellence Grows Ops Free Cash Flow 150 MM Trimulfrac Spotlight Incremental Operating Free Cash Flow in 2023 Driven by 2x Cycle time improvement vs. zipper Operational Efficiencies & Stacked Innovations: 400k Cost…
Demonstrating Consistency in the Permian Permian Well Performance End-to-End OVV Pads Showing Strong Results 2024 OVV Type Curve 19 wells fully designed & executed by OVV TIL in 4Q23 20 2023 OVV (Includes all OVV & ENCAP wells since…
OVV Operated Wells Compete for the Top Spot 2023 Midland Well Performance Peer 1 Top Tier Wells vs. Midland Basin Peers OVV Peer 2 80 Wells Consistent multi-horizon cube development strategy Peer 3 Peer 4 Testing up to 6…
Compelling Montney Oil Returns Targeting High Value Top 10 OVV Montney TILs 1,000 2,170 BOE/d IP30 Avg Oil & Condensate Bbls/d IP30 Oil & C5+ Avg Since 3Q231 High Return Program At 75 WTI & 2.50 NYMEX 60% 24 Program IRR…
Uinta Returns Continue to Impress Core OVV Uinta Position High Quality Oil Resource & Well Results Multiple benches & 1k ft of pay with 80% Oil & Condensate mix1 Duchesne Uintah OVV oil results outpace similar overpressured basins…
Focused on Oil Weighted Anadarko Locations FY24 Program Year 1 Well Production Mix Substantial Operating Free Cash Flow Generation Shallowing base decline reinforces operating cash flow generation Strong midstream access drives narrow…
Inventory Depth Underpins Durable Returns Gaines Dawson Borden 65 Premium Net 10k Locations1 added in the Permian Mitchell YTD24 190 MM YTD acquisition spending…
OVVs Keys to Success 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 Operational…
Hedge Positions as of December 31, 2023 Oil and Condensate Hedge Positions1 Natural Gas Hedge Positions1 Oil and Condensate 1Q24 2Q24 3Q24 4Q24 1Q25 Natural Gas 1Q24 2Q24 3Q24 4Q24 1Q25 Volume Mbbls/d 25 25 0 0 0 Volume MMcf/d 200 200…
Durable Cash Return Framework Committed to Our Proven Framework 1Q24 Cash Returns ( MM) 4Q23 Results Post Base Dividend 1,237 Non-GAAP Cash Flow Free Cash Flow (660) Capex 577 Non-GAAP Free Cash Flow (82) 4Q23 Base Dividend…
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% 60%…
Optimized Long-Term Debt Profile Long-Term Debt Profile (MM) Resilient Capital Structure 1,600 5,737 MM 1,400 1,368 Debt 12.31.23 1,200 426 MM lower than 9.30.23 Investment Grade Rating 1,000 850 10-yr wtd. avg. LT Debt…
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…
Liquids-Focused, Multi-Basin Proved Reserves 106% 11 Reserve Replacement Ratio Total Proved (Incl Acquisition and Price) Reserve Life Index (Years) YE2023 Proved Reserves Mix SEC Proved Reserves (MMBOE) Oil & C5+ 1 48% 244 (101)…
Track Record of Responsible Operations 50% Scope 1&2 Achieved 42% Reduction Through YE23 GHG Intensity Reduction Target Intensity Reduction1 (from 19 30) Tied to Compensation For All Employees 50% Methane Intensity Reduction2…
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