Ovintiv Inc. (de) · NYSE:OVV
Ovintiv Inc. (de) — Q3 2026 Earnings Presentation
28 slides from Ovintiv Inc. (de)'s earnings presentation, Nov 4, 2026
Slide 1: 3Q26 Results Conference Call
NOVEMBER 4, 2026 3Q26 Results Conference Call
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” Report on Form 10-Q as filed on EDGAR and SEDAR. This presentation contains references to non-GAAP may, where applicable, refer only to or include any releva
Slide 3: Forward Looking Statements
Forward Looking Statements This presentation contains forward-looking statements or information (collectively, “forward-looking statements”) within the meaning of interruptions to oil, condensate, NGL and natural gas production, including potential curtailments of gathering, transportation or refini
Slide 4: Permian-Montney Powerhouse
Permian-Montney Powerhouse MONTNEY Best-in-Class Assets Deep inventory in best rock in North America Industry Leading Execution Superior & Culture, expertise and data underpin Durable stacked innovation Returns PERMIAN Resilient Business Model Fortified balance sheet, stable portfolio and discipline
Slide 5: Value Creation Across the Business
Value Creation Across the Business $680 MM of Free Cash FlowŦ in 3Q26 Best-in-class operations generating superior and durable returns Reaffirming Shareholder Returns Plan of 60%+ for 2026 ; 50-100% beyond 2026 69% of FCFŦ returned to shareholders in 3Q26; bought 13.9 MM shares since March 1 (~5% of
Slide 6: Acquisition of Logan Energy Corp. (TSXV: LGN)
Acquisition of Logan Energy Corp. (TSXV: LGN) C$1.40/share | ~$890 MM (C$1.26 B) (including Net DebtŦ) Adds Liquids Rich Scale Unlocks Incremental Enhances Growth Profitability Optionality 5% accretive to CFPS 3 Ŧ Spare capacity to grow volumes via 420 base premium1 & upside infrastructure ownership
Slide 7: Sustaining a Position of Strength
Sustaining a Position of Strength MONTNEY Oil Gas Optionality Added Locations1 15-20 Years 20+ Years NuVista Energy - Montney February ’26 Close ~930~$1.3 MM/location Maintaining leading premium2 inventory depth ~420 Logan Energy - Montney October ’26 Announced PERMIAN ~240 Permian & Montney 50/50 s
Slide 8: Private Data Foundational for Stacked Innovation
Private Data Foundational for Stacked Innovation AI enabled production operations, D&C Surfactants Ovintiv’s Private Data Differentiation • High fidelity/private data on ~50% of the approximate Re-Occupation Strategy 30,000 total horizontal wells drilled in the Midland basin • Built through a decade
Slide 9: 3Q26 – Strong Financial Performance
3Q26 – Strong Financial Performance $680 3Q26 Free Cash FlowŦ MM $4.51 3Q26 Cash Flow per ShareŦ $1.99 3Q26 Earnings per Share Guide Actuals Total Production (MBOE/d) 615 – 640 631 Oil & Condensate (Mbbls/d) 205 – 210 204 Outstanding operational execution complemented by strong realized pricing NGLs
Slide 10: Balance Sheet Strength
Balance Sheet Strength Long-Term Debt Maturity Profile ~$3.4B Investment Grade balance sheet improves resiliency and $MM optionality across commodity $3.6 B of Debt due 2030+ cycles Net DebtŦ at Sep. 30, 2026 $1,294 $850 $575 $589 $300 ~0.7X 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 203
Slide 11: 4Q26E & FY26E Guidance
4Q26E & FY26E Guidance Generating Superior and Durable Returns • Best-in-class operational execution 4Q26E2 FY26E • Constructive macro storylines • Strong oil and sulfur pricing Total Production • Productivity Mega Deduction tax legislation in Canada 615 – 640 630 – 645 (MBOE/d) • Bullish Canadian c
Slide 12: Proven Permian Leader
Proven Permian Leader 3Q26 Highlights Permian Well Performance 4Q26E Permian Quarterly Guidance FY25 127 Mbbls/d of oil and condensate 18 Actuals Oil & Condensate (Mbbls/d) 125 - 130 (136 wells) Strong base and new well performance continuing 16 Drilled fastest 15k ft lateral ever; >2.5k ft/day pace
Slide 13: Permian Performance - Separating from the Pack
Permian Performance - Separating from the Pack Defying Industry Trend of Well Degradation1 Stacked Innovations Driving Productivity Gains Strong incremental well performance continues 18 Custom surfactant Stage architecture solutions 16 AI and machine learning Cube development 14 Operations Control
Slide 14: Proven Montney Leader
Proven Montney Leader 3Q26 Highlights Montney Well Performance 4Q26E2 Montney Guidance Outstanding execution and new well results 18 Oil & Condensate Higher CGR (Karr) Strong realized pricing further bolstered by 75 – 80 2026A YTD (Mbbls/d) incremental ~$75 MM earned from sulfur 16 2026E OVV Type Na
Slide 15: Montney Performance - Separating from the Pack
Montney Performance - Separating from the Pack Unique Montney Advantage from Permian First 100% Domestic Wet Sand Pad in Canada Knowledge Transfer Ramping domestic sand utilization Increasing wet sand capabilities Only operator implementing Simulfrac Basin leading well costs with top-tier well produ
Slide 16: Oil Sands Growth Creates Durable Call on Diluent Supply
Oil Sands Growth Creates Durable Call on Diluent Supply Even pipeline expansion at the low end of the proposed range would further tighten an already import- dependent Canadian condensate market Proposed Oil Potential ~10-Year Call Diluent Pipeline on Condensate 0.3- Intensity Expansions ~1-3 MMbbls
Slide 17: Permian-Montney Powerhouse
Permian-Montney Powerhouse MONTNEY Delivering a Standout Year On track for record Free Cash FlowŦ generation Building on a Position of Strength Replenishing inventory at attractive entry points Momentum Continuing to Grow PERMIAN Leading execution performance continues to deliver strong profitabilit
Slide 18: Appendix
3Q26 RESULTS Appendix
Slide 19: Additional 2026 Guidance
Additional 2026 Guidance Operating Expenses (Quarterly Run-Rate) 3Q26 Guide 3Q26A 4Q26 Guide Current FY26 guidance assumes: PMOT 3.25%-3.75% 2.7% 3.25%-3.75% • $85/bbl WTI (% of Upstream Product Revenue1) Upstream T&P2 • $3.50/MMBtu NYMEX $8.75-$9.25 $8.12 $8.75-$9.25 ($/BOE) Upstream Opex2 • ($2.00
Slide 20: Hedge Positions as of September 30, 2026
Hedge Positions as of September 30, 2026 Natural Gas Hedge Positions1 Oil & Condensate Hedge Positions1 4Q26 1Q27 2Q27 3Q27 4Q27 4Q26 1Q27 2Q27 3Q27 4Q27 NYMEX Volume MMcf/d 20 0 0 0 0 WTI Fixed Price Volume Mbbls/d 4 0 0 0 0 Fixed Price Swaps Price $/Mcf $4.07 - - - - Swaps Price $/bbl $61.58 - - -
Slide 21: 2026 Sensitivities
2026 Sensitivities Upstream T&P Sensitivities 4Q26E CAD/USD Free Cash FlowŦ Sensitivity1 4Q26E Sensitivity Upstream T&P Sensitivity Change F/X Rate +/- 0.01 CAD/USD ~$10 MM F/X Rate (CAD/USD) ~0.72 +/- 0.01 CAD/USD $0.10/BOE (CAD/USD) WTI ($/bbl) ~$85 +/- $10/bbl $0.10/BOE NYMEX ($/MMBtu) ~$3.50 +/-
Slide 22: Diversification Enhances Montney Gas Prices
Diversification Enhances Montney Gas Prices OVV AECO Price Mitigation OVV AECO Price Mitigation MMcf/d 4Q26 2027 2028 2029+ 250% Dawn 390 400 400 400 200% Chicago 325 330 330 330 Malin 150 150 150 150 150% Sumas 20 20 20 20 Emerson 15 20 20 20 100% 100% of AECO Cedar LNG1 0 0 10 70 Total Firm Transp
Slide 23: Reaffirming Shareholder Returns
Reaffirming Shareholder Returns Annual Free Cash FlowŦ to shareholders via base dividend & share buybacks Targeting 60%+ of annualized ’26 FCFŦ 75%+ 50% 100% 75%+ Original Plan / ~$60WTI Current Macro Environment Framework enhances investor returns while avoiding pro-cyclical behavior Framework desi
Slide 24: 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 bbls The Permian
Slide 25: Inventory Depth Supports Durable Returns
Inventory Depth Supports Durable Returns Ovintiv’s Permian Assets Ovintiv’s Montney Assets British Alberta Columbia Gaines Borden Dawson Ft St John Flatrock Dawson Creek Pouce Coupe Andrews Cutbank Martin Ridge Howard Glasscock Pipestone Grande Prairie Ector Midland Wapiti Karr Crane Reagan OVV Mont
Slide 26: Cube Development Supports Inventory Duration
Cube Development Supports Inventory Duration Cube Development Drives Durable Returns Ovintiv established cube development in 2015 – simultaneous co- Preserves inventory quality and longevity development of multiple stacked zones in a single development window Improves resource recovery Reoccupation
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 19 – 21% assets • Changes in royalty rates seen in changes to reported net production MAX Eff
Slide 28: 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 Committed ~$13 MM to children’s hospitals to make goal as of YE25 a positive difference in our communities Tied to compens