Ovintiv (OVV) Investor Presentation summary

Cash flow and inventory growth

• Cash flow per share grew ~25% from FY21 to FY24, with 2025 growth supported by Montney integration, buybacks, and profitability focus.

• Inventory expansion and increased sub-$50/bbl oil inventory life from 2023 to 2025.

Profitability and capital efficiency

• Capital efficiency improved by over 20% from FY23A to FY25E, driven by Montney-Uinta asset swap and company-wide savings initiatives.

• Oil and condensate production increased by ~2% with ~20% less capital, and headcount reduced by ~15% since YE23.

• Annualized interest payments on debt dropped by ~$60MM, and market optimization expenses fell by ~$130MM.

• Operating costs per BOE reduced by over 10% from FY22A to FY24A.

Montney asset highlights

• Montney is both a top-tier oil and gas play, with the longest remaining oil inventory life in North America and competitive returns.

• Montney acquisition added 900 locations, providing 15-20 years of premium oil inventory at a cost below $1MM/location.

• Enhanced capital efficiency, with annual capex savings of ~$500MM (oil & condensate) and ~$350MM (BOE) versus peer averages.

• Over 1,400 premium locations remain, with >70% IRR at $65 WTI and >40% IRR at $55 WTI.

• More than 30 years of premium natural gas inventory, with direct LNG connectivity and no current capital deployment.