Ovintiv Inc. (de) · NYSE:OVV
Ovintiv Inc. (de) — Q4 2025 Earnings Presentation
29 slides from Ovintiv Inc. (de)'s earnings presentation, Feb 24, 2026
Slide 1: 4Q & YE25 Results Conference Call
4Q & YE25 Results Conference Call 1
Slide 2: Disclaimers and Non-GAAP Definitions
Disclaimers and Non-GAAP Definitions For convenience, references in this presentation to “Ovintiv”, “OVV”, the “Company”, “we”, “us” and “our” may, where applicable, refer only to or include any relevant direct and indirect subsidiary entities and partnerships (“Subsidiaries”) of Ovintiv Inc., and t
Slide 3: Forward Looking Statements
Forward Looking Statements This presentation contains forward-looking statements or information (collectively, “forward-looking statements”) within the meaning of applicable securities legislation, including Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exc
Slide 4: Successful Transformation Builds Leading E&P
Successful Transformation Builds Leading E&P Execution Excellence Driving Durable Returns Generated $508 MM of Free Cash FlowŦ in 4Q25 and $1,638 MM over FY25 Closed NuVista Acquisition Premier core positions in the Permian and Montney Announced Anadarko Divestiture for $3.0 B Expect ~$3.6 B o
Slide 5: Industry Leading Inventory Additions
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 Paramount’s Alberta Montney Assets ~ 900 <$1.0 MM/loc April ’23 EnCap’s Midland Basin Assets ~ 1,050 ~$2.0 MM/loc Permian ’23 – ’25 Perm
Slide 6: Capital Structure Transformed
Capital Structure Transformed Net DebtŦ Target Achieved with Anadarko Sale Expect ~$3.6 B of Net DebtŦ $MM After Close of Anadarko Sale NVA Acquisition includes cash consideration and repayment of ~$280 MM of NVA debt4 $5,167 ~$250 MM Permian ground game cash outlay ~$3,600 split equally between 4Q2
Slide 7: Increased Shareholder Returns Unlocked
Increased Shareholder Returns Unlocked Buybacks to Resume Immediately Plan to return at least 75% of full-year 75%+ 2026E Free Cash FlowŦ through the base dividend & share buybacks Long-Term Shareholder returns of 50-100% of annual Free Cash FlowŦ $3.0 B Board authorized $3.0 B share buyback program
Slide 8: Execution Driving 2025 Achievements
Execution Driving 2025 Achievements Financial Performance Shareholder Returns $1,638 FY25 Free Cash FlowŦ MM $14.57 FY25 Cash Flow per ShareŦ $612 FY25 Base div. + Buybacks MM $244 MM FY25 Net DebtŦ Reduction Diluted Portfolio Enhancement Capital Efficiency ~ 930 ~ 10MBOE/d ~ 3,200 Montney Oil Locat
Slide 9: Strong Ops Drive 4Q25 Financial Beat
Strong Ops Drive 4Q25 Financial Beat $3.81 4Q25 Cash Flow per ShareŦ $508 4Q25 Free Cash FlowŦ MM 209 Mbbls/d 4Q25 Oil & Condensate Production Diluted 4Q25 Operational Performance Drivers of 4Q25 Outperformance Guidance Actuals Oil & Condensate (Mbbls/d) 203 - 209 209 Oil & Condensate at Top End o
Slide 10: 2026 Guidance Details
2026 Guidance Details 2026E Production and Capital1 Post-Close 1Q26E Qtr. Run-Rate FY26E Maximize capital efficiency & Free Cash FlowŦ Total Production • Continue oil-directed maintenance program in FY26E 660 – 680 610 – 635 620 – 645 (MBOE/d) • Load-leveled activity in the Permian & Montney • ~$50
Slide 11: Award-Winning Permian Operations
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 20 Avg Surfactant Well Avg Analog Well Proprietary surfactants Leadin
Slide 12: Innovation Driving Permian Cost Reductions
Innovation Driving Permian Cost Reductions Completed Ft/Day ~3,850 ~4,250 Real-time frac optimization <$600 ~3,200 ~2,700 Continuous pumping >10% Faster FY25 vs. FY24 Improved stage and pump efficiency /ft 2022 2023 Pacesetter: ~5,700 Ft/d 2024 2025 Self-sourced supply chain Targeted 2026E D
Slide 13: 2026 Permian Asset Guidance
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 2025 2025 OVV Type Curve 16 Frac Crews 1 –2 2026 program highlights
Slide 14: Unmatched Montney Operations
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 pacesetter of ~2,300 ft/d 9% Faster FY25 vs. FY24 Of WTI in FY25 Comp
Slide 15: 2026 Montney Asset Guidance
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 range of oil mix but Frac Crews 1–2 aggregated program delivering pre
Slide 16: The Permian-Montney Powerhouse
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 15-20 yrs in the Montney, with >20 yrs of natural gas inventory Mo
Slide 17: Int
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Slide 18: Appendix
Appendix
Slide 19: Additional 2026 Guidance
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% 3.25%-3.75% (% of Upstream Product Revenue2) Upstream T&P3 $7.50-$8.00
Slide 20: Hedge Positions as of February 20, 2026
Hedge Positions as of February 20, 2026 Oil & Condensate Hedge Positions1 Oil & Condensate 1Q26 2Q26 3Q26 4Q26 1Q27 2Q27 3Q27 4Q27 Volume Mbbls/d 3 4 4 4 0 0 0 0 WTI Fixed Price Swaps Price $/bbl $63.90 $64.48 $64.36 $64.42 - - - - Volume Mbbls/d 46 51 51 41 20 0 0 0 Call Strike $/bbl $72.28 $70.70
Slide 21: 2026 Sensitivities
2026 Sensitivities Upstream T&P Sensitivities FY26E CAD/USD Free Cash FlowŦ Sensitivity1 FY26E Sensitivity Upstream T&P Sensitivity Change F/X Rate F/X Rate (CAD/USD) ~0.73 +/- 0.01 CAD/USD $0.10/BOE (CAD/USD) +/- 0.01 CAD/USD ~$30 MM WTI ($/bbl) ~$60 +/- $10/bbl $0.10/BOE NYMEX ($/MMBtu) ~$3.75 +/-
Slide 22: Focused in the Top North American Oil Basins
Focused in the Top North American Oil Basins ~80% of remaining sub-$50/bbl breakeven oil locations in North America are in the Permian & Montney (Enverus, PV10 breakeven at 20:1 conversion) Remaining Undrilled Resource (Ovintiv Internal North American Resource Assessment) Undeveloped Bbbls The Permi
Slide 23: Inventory Depth Supports Durable Returns
Inventory Depth Supports Durable Returns Ovintiv’s Permian Assets Ovintiv’s Montney Assets Gaines Dawson Borden British Alberta Columbia Dawson Creek Andrews Cutbank Martin Howard Ridge Glasscock Ector Midland Pipestone Grande Prairie Wapiti Reagan Crane Upton Karr ~193 k Net Permian Acres ~510 k Ne
Slide 24: Cube Development Supports Inventory Duration
Cube Development Supports Inventory Duration Cube Development Drives Durable Returns Ovintiv established cube development in 2015 – simultaneous co- development of multiple stacked zones in a single development window Preserves inventory quality and longevity Reoccupation Strategy • Drill adjacent
Slide 25: Diversification Enhances Montney Gas Prices
Diversification Enhances Montney Gas Prices OVV AECO Price Mitigation MMcf/d 2026 2027 2028 2029+ Dawn 375 375 375 375 OVV Montney 2025 Natural Gas Realizations Chicago 315 330 330 330 % of AECO (Pre-Hedge) Malin 150 150 150 150 Sumas 20 20 20 20 250% Emerson 10 45 45 45 200% Ventura 5 20 20 20 150%
Slide 26: Condy Fundamentals Support Parity to WTI
Condy Fundamentals Support Parity to WTI Captive Demand Growth (Mbbls/d)1 Montney Condensate Competes with WTI ($/bbl)2 Required Condensate Imports to Meet Demand WTI Domestic Condensate Production Montney Condensate 1,200 130 ~97% Canadian 120 condensate demand 110 900 OVV Montney Condensate ~4% 5-
Slide 27: Canadian Royalty Sensitivity
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 royalty rates seen in changes to reported net Royalties pro
Slide 28: YE25 - Balanced Reserve Mix Supports Optionality
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) 2,057 198 (157) 2,325 Liquids (224) Gas 2024 Revisions Extensions Acq
Slide 29: Track Record of Responsible Operations
Track Record of Responsible Operations 50% Intensity Reduction1 Scope 1&2 GHG Intensity Reduction Target Dedicated to our Communities (from ’19 – ’30) Achieved >85% of our 2030 goal as of YE25 Committed ~$10 MM to children’s hospitals to make a positive difference in our communities Donated ~$11