Ovintiv Inc. (de) · NYSE:OVV
Ovintiv Inc. (de) — Q1 2026 Earnings Presentation
26 slides from Ovintiv Inc. (de)'s earnings presentation, May 12, 2026
Slide 1: 1Q26 Results Conference Call
1Q26 Results Conference Call May 12, 2026
Slide 2: Advisories and non-GAAP definitions
For convenience, references in this presentation to “Ovintiv”, “OVV”, the “Company”, “we”, “us” and “our” may, where • Net Debt is defined as long-term debt, including the current portion, less cash and cash equivalents. applicable, refer only to or include any relevant direct and indirect subsidiar
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: Transformation Complete
Transformation Complete MONTNEY Operating from a Position of Strength Best-in-Class Assets Permian-Montney Powerhouse with deep premium1 inventory Differentiated Execution Stacked innovation & leading execution delivering superior & PERMIAN durable returns Proven Capital Allocators Complete reset of
Slide 5: Returns, Inventory, Balance Sheet – Built to Last
Returns, Inventory, Balance Sheet – Built to Last $634 MM of Free Cash FlowŦ in 1Q26 Best-in-class operations generating durable returns <$3.3 B of Net DebtŦ at end of April ’26 <0.8x April 30, 2026 Net DebtŦ to TTM1 Adjusted EBITDAŦ Closed NuVista & Anadarko Transactions Transformation complete; Pe
Slide 6: Shareholder Return Framework
Shareholder Return Framework Current Macro Environment 75%+ Lower Prices 50% Original Plan / ~$60WTI Annual Free Cash FlowŦ to shareholders via base dividend & share buybacks 100% Framework enhances investor returns while avoiding pro-cyclical behavior Responding to global macro conditions • Sustain
Slide 7: Fortified Balance Sheet
Fortified Balance Sheet Long-Term Debt Maturity Profile <$3.3B Investment Grade balance sheet improves resiliency and $MM optionality across commodity $3.7 B of Debt due 2030+ cycles Net DebtŦ at April 30, 2026 $1,368 $850 $600 $599 $300 <0.8x 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2
Slide 8: 1Q26 Execution Driving Outperformance
1Q26 Execution Driving Outperformance $4.62 1Q26 Cash Flow per ShareŦ $634 1Q26 Free Cash FlowŦ MM 1Q26 Operational Performance 1Q26 Profitability Catalysts Guide Actuals Total Production All Products at Top End of Guidance Range 660 - 680 679 (MBOE/d) Oil & Condensate (Mbbls/d) 220 - 225 225 Strong
Slide 9: 2Q26E & FY26E Guidance
2Q26E & FY26E Guidance FY26E Guidance Reaffirmed 2026 Production and Capital 2Q26E FY26E Maximize Capital Efficiency & Free Cash FlowŦ • Higher prices bolstering returns Total Production 610 – 635 620 – 645 • Load-leveled activity post-Anadarko close (MBOE/d) FY26E Production Guidance Ranges Unchang
Slide 10: Standout Montney Operator
Standout Montney Operator 1Q26 Highlights Integration success: 85 Mbbls/d Oil & C5+ 2026E Montney Guidance Montney Well Performance in first month post close; Rapid capture of Rigs ~6 18 NuVista synergies 2026A YTD Higher CGR (Karr) 2026E OVV Type Curve Continued strong well performance with Frac Cr
Slide 11: Day 1 NuVista Integration Success
Day 1 NuVista Integration Success Wapiti 6-2 Pad Optimization Achieving >$1 MM / well capital synergies on first pad post-close, bringing NVA costs down to OVV costs at <$500/ft D&C Primary Cost Savings NVA original design OVV optimized design • Lateral lengths extended onto OVV lands NVA OVV • Fast
Slide 12: Leading Permian Operations
Leading Permian Operations 1Q26 Highlights Strong well performance 2026E Permian Guidance Permian Well Performance Stacked innovations driving success FY25 Actuals Rigs ~5 18 2026A YTD (136 wells) Costs controlled despite diesel pressures 2026E OVV Type Curve 16 Frac Crews 1–2 Gas realized a $1.82/M
Slide 13: Leading Permian Well Performance
Leading Permian Well Performance Defying Industry Trend of Well Degradation Stacked Innovations Driving Productivity Gains Strong incremental well performance continues Custom surfactant solutions 18 Cube development 16 Re-occupation strategy 14 Stage Architecture 12 AI and machine learning Cume. Oi
Slide 14: Permian-Montney Powerhouse
Permian-Montney Powerhouse MONTNEY Differentiated Oil Portfolio • Top performer anchored in the Permian & Montney, the two largest remaining oil resource basins in North America Deep Premium1 Inventory • 12-15 yrs in the Permian and 15-20 yrs of Montney oil, with >20 yrs of Montney natural gas Meani
Slide 15: Appendix
Appendix
Slide 16: Additional 2026 Guidance
Additional 2026 Guidance Operating Expenses (Quarterly Run-Rate) Current guidance assumes: 1Q26 Guide 1Q26A 2Q26-4Q26E Guide $80/bbl WTI PMOT $3.75/MMBtu NYMEX 3.50%-4.00% 3.6% 3.25%-3.75% (% of Upstream Product Revenue1) ($2.00)/MMBtu AECO basis Upstream T&P2 0.73 CAD/USD for FY26E $8.25-$8.75 $7.5
Slide 17: Hedge Positions as of March 31, 2026
Hedge Positions as of March 31, 2026 Oil & Condensate Hedge Positions1 Oil & Condensate 2Q26 3Q26 4Q26 1Q27 2Q27 3Q27 4Q27 Volume Mbbls/d 4 4 4 0 0 0 0 WTI Fixed Price Swaps Price $/bbl $62.86 $63.29 $63.59 - - - - Volume Mbbls/d 51 51 41 30 0 0 0 Call Strike $/bbl $70.65 $70.89 $70.23 $75.50 - - -
Slide 18: 2026 Sensitivities
2026 Sensitivities Upstream T&P Sensitivities 2Q26-4Q26E CAD/USD Free Cash FlowŦ 2Q26-4Q26E Sensitivity Upstream T&P Sensitivity1 F/X Rate Sensitivity Change ~0.73 +/- 0.01 CAD/USD $0.10/BOE (CAD/USD) F/X Rate +/- 0.01 CAD/USD ~$30 MM WTI (CAD/USD) ~$80 +/- $10/bbl $0.10/BOE ($/bbl) NYMEX ~$3.75 +/-
Slide 19: Diversification Enhances Montney Gas Prices
Diversification Enhances Montney Gas Prices OVV AECO Price Mitigation OVV Montney Natural Gas Realizations % of MMcf/d 2026 2027 2028 2029+ AECO (Pre-Hedge) Dawn 375 375 375 375 250% Chicago 315 330 330 330 Malin 150 150 150 150 200% Sumas 20 20 20 20 Emerson 10 45 45 45 150% Ventura 5 20 20 20 100%
Slide 20: Industry Leading Inventory Additions
Industry Leading Inventory MONTNEY Additions Added Locations 1 November ’25 NuVista Energy Alberta Montney ~930 ~$1.3 MM/loc November ’24 Paramount’s Alberta Montney Assets ~900 <$1.0 MM/loc April ’23 EnCap’s Midland Basin Assets ~1,050 ~$2.0 MM/loc PERMIAN ’23 – ’25 Permian & Montney Ground ~350 <$
Slide 21: Focused in the Top North American Oil Basins
Focused in the Top North American Oil Basins 80% of remaining sub-$50/bbl breakeven oil locations in North America are in the Permian & Montney (Enverus, PV10 breakeven at 20:1 conversion) Remaining Undrilled Resource (Ovintiv Internal North American Resource Assessment) Undeveloped bbls The Permian
Slide 22: Inventory Depth Supports Durable Returns
Inventory Depth Supports Durable Returns Ovintiv’s Permian Assets Ovintiv’s Montney Assets Gaines Dawson Borden British Alberta Columbia Dawson Creek Andrews Cutbank Martin Howard Ridge Glasscock Ector Midland Pipestone Grande Prairie Wapiti Reagan Crane Upton Karr ~193 k Net Permian Acres ~510 k Ne
Slide 23: Cube Development Supports Inventory Duration
Cube Development Supports Inventory Duration Cube Development Drives Durable Returns Ovintiv established cube development in 2015 – simultaneous co-development of multiple stacked zones in a Preserves inventory quality and longevity single development window Reoccupation Strategy Improves resource r
Slide 24: Condy Fundamentals Support Parity to WTI
Condy Fundamentals Support Parity to WTI Captive Demand Growth (Mbbls/d)1 Montney Condensate Competes with WTI ($/bbl)2 Required Condensate Imports to Meet Demand WTI Montney Condensate 1,200 Domestic Condensate Production 130 ~97 120 Canadian 900 condensate 110 demand % ~3% 5-yr Import OVV Montney
Slide 25: 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 • Changes in royalty rates seen in changes to reported net 19 – 21% Effective Roya
Slide 26: Track Record of Responsible Operations
Track Record of Responsible Operations 50 Intensity Reduction1 % Scope 1&2 GHG Intensity Dedicated to our Communities (from ’19 – ’30) Reduction Target Committed ~$10 MM to children’s hospitals to Achieved >85% of our 2030 goal as of YE25 make a positive difference in our communities Donated ~$11.6