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2Q 2025 Results Conference Call – Ovintiv Inc

Ovintiv Inc · Jul 22, 2025 · 27 slides

Investor presentation from the Shale Experts oil & gas presentation and slide database. Every page is imaged and its text indexed for search across operators, plays, basins and time.

Slides

  1. 2Q 2025 Results Conference Call – Ovintiv Inc – slide 1
    2Q25 Results Conference Call 1
  2. 2Q 2025 Results Conference Call – Ovintiv Inc – slide 2
    A Permian and Montney Oil Powerhouse Differentiated Oil Portfolio Top performer anchored in the Permian & Montney, paired with stable, low- decline Free Cash Flow in the Anadarko Position of Strength & Resiliency Portfolio built on…
  3. 2Q 2025 Results Conference Call – Ovintiv Inc – slide 3
    Durable Returns Strategy 10-20Years 1 Inventory Depth & Quality Premium Oil Inventory in Each Asset1 High-return multi-basin, multi-product investment…
  4. 2Q 2025 Results Conference Call – Ovintiv Inc – slide 4
    Delivering Cash Flow & Inventory Growth 2025E supported by Montney integration, 25% buybacks & continued focus on Higher Cash profitability Flow per Cash Flow per Share Growth, Not driven by price FY24 unhedged Share FY21-FY24…
  5. 2Q 2025 Results Conference Call – Ovintiv Inc – slide 5
    Continued Operational Excellence in 2Q25 3.51 2Q25 Cash Flow per Share 3922Q25 Free Cash Flow MM 211 Mbbls/d 2Q25 Oil & Condensate Production Diluted Production above top end of guidance 2Q25 Operational Performance ranges…
  6. 2Q 2025 Results Conference Call – Ovintiv Inc – slide 6
    Profitability Driving Free Cash Flow FY25E Free Cash Flow Scenarios3 MM 3Q25-4Q25E Pricing 10% more Free Cash Flow in FY25E than prior 1,825 65/bbl & 4.00/MMBtu expectation 1,739 17% Free Cash Flow Yield 1.65 B FY25E Free Cash Flow…
  7. 2Q 2025 Results Conference Call – Ovintiv Inc – slide 7
    Return Framework Balances Priorities Shareholder Cumulative 3.3 B Returns Cumulative Shareholder Returns 2.2B Since 3Q21; 30% of Current Market Buybacks Capitalization1 since Framework Cumulative Base Dividends 1.2B 158 MM…
  8. 2Q 2025 Results Conference Call – Ovintiv Inc – slide 8
    Diversifying Montney Natural Gas Exposures First Ovintiv exposure to JKM Expected Montney Natural Gas Exposures1 Percent of Production Two-year contract begins Jan '26 Ovintiv to deliver 50 MMcf/d of physical gas at AECO &…
  9. 2Q 2025 Results Conference Call – Ovintiv Inc – slide 9
    3Q25 & Updated FY25 Guidance 2025 Production and Capital Prior Updated More FY25E production for less capital 3Q25E FY25E FY25E Mid-point of FY capital lowered by 50 MM Total Production 610 630 595 - 615 600 - 620 Oil & Condensate…
  10. 2Q 2025 Results Conference Call – Ovintiv Inc – slide 10
    Cube Development Supports Inventory Duration Cube Development Drives Durable Returns Ovintiv established cube development in 2015 simultaneous co- development of multiple stacked zones in a single development window Preserves inventory…
  11. 2Q 2025 Results Conference Call – Ovintiv Inc – slide 11
    Leading Permian Operations FY25E type curve remains unchanged Performance to-date aligns with FY25E type curve Ovintiv Permian Well Productivity Productivity uplift & sustainability observable in public data FY24A 16 (145 wells)…
  12. 2Q 2025 Results Conference Call – Ovintiv Inc – slide 12
    Montney Cost Synergies Achieved Delivered on 1.5 MM per Well Savings1 Drilling Completions Facilities 1.0 Total Captured Savings From MM/well 0.3 MM/well Total Captured Savings From 0.2 MM/well Total Captured Savings From…
  13. 2Q 2025 Results Conference Call – Ovintiv Inc – slide 13
    Why Ovintiv A Permian & Montney Oil Powerhouse Durable Free Cash Flow & Returns Deep Premium1 Oil & Gas Inventory Montney Delivering Debt Reduction Execution Excellence Anadarko Permian 15 Non-GAAP measures defined in…
  14. 2Q 2025 Results Conference Call – Ovintiv Inc – slide 14
    16
  15. 2Q 2025 Results Conference Call – Ovintiv Inc – slide 15
    Appendix
  16. 2Q 2025 Results Conference Call – Ovintiv Inc – slide 16
    Additional 2025 Guidance Operating Expenses Prior FY25 Guide1 2Q25A 3Q25-4Q25 Guide Current guidance assumes 60/bbl WTI, 3.75/MMBtu NYMEX & PMOT 3.75%-4.50% 4.1% 3.75%-4.50% 0.72 CAD/USD for 3Q25-4Q25 (% of Upstream Revenue2) Upstream…
  17. 2Q 2025 Results Conference Call – Ovintiv Inc – slide 17
    Additional 2025 Guidance FY25E Asset-Level Guidance Permian Montney Anadarko Rigs 4-5 3-4 1-2 Frac Crews 1-2 1 0-1 Net TILs 130-140 75-85 25-35 Capital (MM) 1,200-1,250 575-625 290-310 D&C (/ft) 600-650 500-550 525-575 LL (ft)…
  18. 2Q 2025 Results Conference Call – Ovintiv Inc – slide 18
    2025 Sensitivities Upstream T&P Sensitivities 3Q25-4Q25E CAD/USD Free Cash Flow Sensitivity1 3Q25-4Q25E Sensitivity Upstream T&P Sensitivity Change F/X Rate F/X Rate 0.72 +/- 0.01 CAD/USD 0.10/BOE +/- 0.01 CAD/USD 15 MM (CAD/USD)…
  19. 2Q 2025 Results Conference Call – Ovintiv Inc – slide 19
    Hedge Positions as of June 30, 2025 Oil and Condensate Hedge Positions1 Oil and Condensate 3Q25 4Q25 1Q26 2Q26 3Q26 4Q26 2027 2028 WTI & NYMEX Realized Gain / (Loss) Sensitivities ( MM)2 Volume Mbbls/d 50 50 45 25 0 0 0 0 Call Strike…
  20. 2Q 2025 Results Conference Call – Ovintiv Inc – slide 20
    Relentless Focus on Profitability 30% higher capital efficiency, FY25E vs. FY23A Improving Capital Efficiency1 Driven by Montney-for-Uinta asset swap Updated FY25E Guidance more production for less capital Oil & Condensate Production…
  21. 2Q 2025 Results Conference Call – Ovintiv Inc – slide 21
    Montney Oil and Condensate Type Curve Montney Oil & Condensate Type Curve 18 16 All capital targets oil today Higher CGR (Karr) Repeatable Montney Program 14 Program maximizes 70% 40% returns & duration Cume. Oil bbls/ft…
  22. 2Q 2025 Results Conference Call – Ovintiv Inc – slide 22
    Anadarko Free Cash Flow Machine FY25E at 1-2 rigs & frac crew 2Q25 Anadarko Drilling Highlights 15% of company FY25E capital with full optionality to 17,700ft adjust if needed On track for expected D&C savings Drilled Longest…
  23. 2Q 2025 Results Conference Call – Ovintiv Inc – slide 23
    Significant Torque to Higher Gas Prices Scale 3Q25E-4Q25E Natural Gas Price Exposure2 Top 10 public onshore natural NYMEX gas producer1 AECO Price Diversity Waha 75% of FY25E gas production Downstream Markets priced ex AECO…
  24. 2Q 2025 Results Conference Call – Ovintiv Inc – slide 24
    Durable Cash Return Framework 3Q25E Free Cash Flow Allocation ( MM) Committed to Our Proven Framework 2Q25 Results 913 Non-GAAP Cash Flow Post Base Dividend Free Cash Flow (521) Capex 392 Non-GAAP Free Cash Flow (77) 2Q25 Base…
  25. 2Q 2025 Results Conference Call – Ovintiv Inc – slide 25
    Committed to Debt Reduction 1Q25-2Q25 Net Debt Bridge 50% of post-base div. Free Cash Flow MM allocated to Balance Sheet 217 MM Net Debt reduction quarter-over-quarter 5,530 146 5,313 77 4.0 B debt target (48) (392) 1.0x Debt to…
  26. 2Q 2025 Results Conference Call – Ovintiv Inc – slide 26
    Canadian Royalty Sensitivity Royalty Sensitivity1 Royalty rates vary based on commodity prices U.S. Basin Average (20 25%) 24 26% OVV Reports NRI volumes after royalties across its U.S. and Canadian assets Changes in royalty rates…
  27. 2Q 2025 Results Conference Call – Ovintiv Inc – slide 27
    Track Record of Responsible Operations 50% Scope 1&2 Achieved 46% Reduction Through YE24 GHG Intensity Reduction Target Intensity Reduction1 (from 19 30) Tied to Compensation For All Employees 73% Methane Intensity Reduction2…

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