Successful Transformation Builds Leading E&P Execution Excellence Driving Durable Returns Generated 508 MM of Free Cash Flow in 4Q25 and 1,638 MM over FY25 Closed NuVista Acquisition Premier core positions in the Permian and…
Industry Leading Inventory Additions Nov. 25 Added Locations1 Added 3,200 Locations since 2023 NuVista Energy Alberta Montney 930 1.3 MM/loc Nov. 24 Montney Paramounts Alberta Montney Assets…
Capital Structure Transformed Net Debt Target Achieved with Anadarko Sale Expect 3.6 B of Net Debt MM After Close of Anadarko Sale NVA Acquisition includes cash consideration and repayment of 280 MM of NVA debt4 5,167 250 MM Permian…
Increased Shareholder Returns Unlocked Buybacks to Resume Immediately Plan to return at least 75% of full-year 75%+ 2026E Free Cash Flow through the base dividend & share buybacks Long-Term Shareholder returns of 50-100% of annual…
Execution Driving 2025 Achievements Financial Performance Shareholder Returns 1,638 FY25 Free Cash Flow MM 14.57 FY25 Cash Flow per Share 612 FY25 Base div. + Buybacks MM 244 MM FY25 Net Debt Reduction Diluted Portfolio…
Strong Ops Drive 4Q25 Financial Beat 3.81 4Q25 Cash Flow per Share 508 4Q25 Free Cash Flow MM 209 Mbbls/d 4Q25 Oil & Condensate Production Diluted 4Q25 Operational Performance Drivers of 4Q25 Outperformance Guidance Actuals…
2026 Guidance Details 2026E Production and Capital1 Post-Close 1Q26E Qtr. Run-Rate FY26E Maximize capital efficiency & Free Cash Flow Total Production Continue oil-directed maintenance program in FY26E 660 680 610 635 620 645…
Award-Winning Permian Operations J.P. Morgan 2025 Order Surfactant Program Execution Levers Driving of Merit for Midland Improving Productivity Productivity Gains Basin Performance1 Awarded to Ovintiv for Second Consecutive Year…
2026 Permian Asset Guidance Permian Well Performance 2026E Permian Program Operational & Cost Drivers 18 2026E OVV Type Curve FY25 Actuals Rigs 5 Maintaining leading well productivity (136 wells) 2026E Type Curve consistent with…
Unmatched Montney Operations 2025 Highlights Completed Ft/Day Condensate Realizations1 96% 4,750 Successfully integrated POU Montney assets & 4,350 4,100 delivered on 1.5 MM/well synergy target 3,300 Gold Creek drilling…
2026 Montney Asset Guidance Montney Well Performance 2026E Montney Program Operational & Cost Drivers 18 Higher CGR Maintaining repeatable Montney 2026E OVV Type Curve (Karr) Rigs 6 program type curve 16 Individual wells have a…
The Permian-Montney Powerhouse Differentiated Oil Portfolio Top performer anchored in the Permian & Montney, the two largest remaining oil resource basins in North America Deep Premium Inventory 1 12-15 yrs in the Permian and…
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Appendix
Additional 2026 Guidance Operating Expenses Current guidance assumes Post-Anadarko 60/bbl WTI, 3.75/MMBtu NYMEX, 4Q25 Guide1 4Q25A 1Q26E Close (1.75)/MMBtu AECO basis & 0.73 PMOT CAD/USD for FY26E 3.75%-4.50% 3.2% 3.50%-4.00%…
Focused in the Top North American Oil Basins 80% of remaining sub-50/bbl breakeven oil locations in North America are in the Permian & Montney (Enverus, PV10 breakeven at 20:1 conversion) Remaining Undrilled Resource (Ovintiv…
Inventory Depth Supports Durable Returns Ovintivs Permian Assets Ovintivs Montney Assets Gaines Dawson Borden British Alberta Columbia Dawson Creek Andrews Cutbank Martin Howard Ridge Glasscock Ector Midland Pipestone…
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…
Diversification Enhances Montney Gas Prices OVV AECO Price Mitigation MMcf/d 2026 2027 2028 2029+ Dawn 375 375 375 375 OVV Montney 2025 Natural Gas Realizations Chicago 315 330 330 330 % of AECO (Pre-Hedge) Malin 150 150 150 150…
Condy Fundamentals Support Parity to WTI Captive Demand Growth (Mbbls/d)1 Montney Condensate Competes with WTI (/bbl)2 Required Condensate Imports to Meet Demand WTI Domestic Condensate Production Montney Condensate 1,200 130 97%…
Canadian Royalty Sensitivity Royalty Sensitivity1 U.S. Basin Average (20 25%) 24 26% Royalty rates vary based on commodity prices OVV Reports NRI volumes after royalties across its U.S. and Canadian assets MAX Effective Changes in…
YE25 - Balanced Reserve Mix Supports Optionality 150% 10 Reserve Replacement Ratio Total Proved YE2025 Proved Reserves Mix (Excl. A&D) Reserve Life Index (Years) SEC Proved Reserves (MMBOE) Oil & C5+ 1 312 50% 139 NGLs (C2 C4)…
Track Record of Responsible Operations 50% Intensity Reduction1 Scope 1&2 GHG Intensity Reduction Target Dedicated to our Communities (from 19 30) Committed 10 MM to childrens hospitals to Achieved 85% of our 2030 goal as…
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