Ovintiv Inc. (de) · NYSE:OVV
Ovintiv Inc. (de) — Q3 2025 Earnings Presentation
38 slides from Ovintiv Inc. (de)'s earnings presentation, Nov 5, 2025
Slide 1: Acquiring NuVista Energy & 3Q25 Results
Acquiring NuVista Energy & 3Q25 Results November 4, 2025 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: Forward Looking Statements
Forward Looking Statements Risks and uncertainties that may affect the Company’s financial or operating performance include: market and commodity price volatility, including widening price or basis differentials, and the associated impact to the Company’s stock price, credit rating, financial condit
Slide 5: Ovintiv – The Permian & Montney Powerhouse Acquiring NuVista Energy
Ovintiv – The Permian & Montney Powerhouse 1 Acquiring NuVista Energy Generates ~10% Free Cash Flow per shareŦ accretion1 Enhances Montney scale with ~25 Mbbls/d of oil production & ~930 net 10k locations for ~$1.3 MM/loc Reinforces position as leading Montney oil producer 2 Strengthening the Balanc
Slide 6: 3Q25 Continues Operational Momentum
3Q25 Continues Operational Momentum 3Q25 Operational Performance Generating Substantial Free Cash FlowŦ Guide Actuals $351 $126 Oil & Condensate (Mbbls/d) 202 - 208 212 MM MM NGLs (C2-C4) (Mbbls/d) 94 - 98 98 3Q25 Free Cash FlowŦ Net DebtŦ Reduction in 3Q25 Natural Gas (MMcf/d) 1,875 - 1,925 1
Slide 7: Strong Execution & Improved FY25 Guidance
Strong Execution & Improved FY25 Guidance 2025 Production and Capital Profitability Catalysts Original Prior Updated Higher Production & Lower Capex in 2025E 4Q25E FY25E1 FY25E2 FY25E Delivering ~10 MBOE/d more for ~$50 MM less capex vs. original guidance1 Total Production 610 – 630 595 - 615 600 -
Slide 8: Added >3,200 Locations in the Permian & Montney
Added >3,200 Locations in the Permian & Montney Today Added Locations1 A more focused, high-graded portfolio Acquiring NuVista ~ 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 – YTD’25 Pe
Slide 9: NuVista Acquisition Checks All the Boxes
NuVista Acquisition Checks All the Boxes Immediately & Long- • ~10% higher Free Cash Flow per shareŦ1 • ~$100 MM expected durable annual synergies Term Accretive • ~3% higher Cash Flow per shareŦ1 Best Rock • • • ~10% uplift in average Montney oil type curve Adjacent to existing Ovintiv acreage;
Slide 10: NuVista Energy Overview and Alberta Montney Acreage
NuVista Energy Overview Alberta Montney Acreage NVA $2.7 2 OVV Company ~ NVA B Rigs Details TSX Ticker Acquisition Operating in Enterprise Value the Montney1 Deep Inventory ~ 140 Net Core Acres k ~ 930 Premium2 & Upside ~ 70% Undeveloped Pipestone ~95% Avg. W.I. Locations 25 100 400 Significant ~ ~
Slide 11: Expanded Montney Footprint
Expanded Montney Footprint NuVista Adds Depth to Premium1 Inventory NuVista Inventory & Operational Details ~620 Premium1 Locations 930 10-14 WPS • ~140k net core acres directly adjacent to existing Alberta acreage • ~70% undeveloped ~ Added Premium1 & ~310 Upside Locations • ~930 net 10k locations
Slide 12: Established Integration Track Record
Established Integration Track Record Immediate Accretion1 $100 ~$50 MM / yr in expected capital savings ~ Immediate ~$1 MM / well from streamlined facility design & faster cycle times Additional non-well capital savings Expected Annual MM Synergies Free Cash FlowŦ Synergies ~$50 MM / yr in expected
Slide 13: Enhancing OVV’s Montney Oil Program
Enhancing OVV’s Montney Oil Program Pro Forma Montney Oil & Condensate Type Curve Condensate-to-Gas Ratios (CGRs) Expected to Improve Montney Program oil productivity by ~10% CGR: 0-20 18 New assets expected to generate >55% FY26E IRR at OVV cost structure 1 CGR: 20-150 Higher CGR CGR: 150+ 16 (
Slide 14: Pro Forma Marketing Overview
Pro Forma Marketing Overview NuVista’s Gas Diversification1 Lower Pro Forma AECO Exposure3 MMcf/d MMcf/d 392 369 372 ~25% AECO ~30% AECO Financial AECO Hedges Exposure Exposure 140 120 JKM 207 21 21 Downstream FT2 • Chicago: 83 MMcf/d • Dawn: 44 MMcf/d >50% >50% • Malin: 38 MMcf/d Downstream 231 231
Slide 15: Pro Forma Processing Overview
Pro Forma Processing Overview In Basin Processing OVV Significant processing capacity provides additional Sexsmith growth optionality NVA • NuVista adds ~0.6 Bcf/d of processing secured to 2035 Wembley PGI • NuVista 37% owner & operator of Wembley plant; brings total OVV Hythe CSV Keyera ownership t
Slide 16: Leading Permian Ground Game
Leading Permian Ground Game Boosted Permian Premium1 Oil Inventory in 2025 Low-cost high quality adds in the core of the play via swaps & bolt-ons >8k net acres and ~120 net 10k locations added in Oct. ’25 for ~$250 MM 2 ~170 added Permian No PDP; inventory accretive and competes for capital
Slide 17: Accelerating Debt Reduction & Unlocking Higher Shareholder Returns
Accelerating Debt Reduction & Unlocking Higher Shareholder Returns Anadarko Asset Sale Planned in 2026 Divestiture process to NuVista acquisition not expected to impact the Company’s launch early 1Q26 investment grade ratings • Leverage neutral at close Proceeds earmarked for • Balanced financing mi
Slide 18: Completing Portfolio Transformation
Completing Portfolio Transformation Builds on strong year-to-date company wide performance Leverages industry-leading innovation & execution in Montney oil Enhances Montney oil position Immediately & long-term accretive Expect credit ratings to be reaffirmed Stronger balance sheet & stre
Slide 19: Int
iv" Int < Ovi » 4 A
Slide 20: Appendix A NuVista Acquisition
Appendix A NuVista Acquisition
Slide 21: Transaction Details
Transaction Details Transaction • Blended acquisition cost of ~C$17.80/sh • C$18.00/sh for ~90.4% of NuVista shares outstanding2 Enterprise Value • OVV ~9.6% ownership at C$16.00/sh cost basis, purchased Oct. 1/252 of ~$2.7B1 • ~$215 MM of net debt outstanding1 • Fixed exchange ratio of ~0.172 share
Slide 22: NuVista Gas Hedge Positions as of June 30, 2025
NuVista Gas Hedge Positions as of June 30, 2025 Natural Gas Hedge Positions1,2 2026 2027 2028 2029 2030 2031 Natural Gas Volume MMcf/d 95 0 0 0 0 0 NYMEX Call Strike $/Mcf $5.27 - - - - - Collars Put Strike $/Mcf $3.75 - - - - - NYMEX Fixed Volume MMcf/d 20 0 0 0 0 0 Price Swaps Price $/Mcf $4.07 -
Slide 23: Focused in the Top North American Oil Basins
Focused in the Top North American Oil Basins ~80% of remaining sub-$50/bbl breakeven oil locations in North America are in the Permian & Montney (Enverus, PV10 breakeven at 20:1 conversion) Remaining Undrilled Resource (Ovintiv Internal North American Resource Assessment) Undeveloped Bbbls The Permi
Slide 24: Condy Fundamentals Support Parity to WTI
Condy Fundamentals Support Parity to WTI Captive Demand Growth (Mbbls/d)1 Montney Condensate Competes with WTI ($/bbl)2 Required Condensate Imports to Meet Demand WTI Domestic Condensate Production Montney Condensate 1,200 130 97% Canadian 120 condensate demand 110 900 OVV Montney Condensate ~4% 5-y
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 Effective • Changes in royalty rates seen in changes to reported net Royalties pro
Slide 26: Appendix B 3Q25 Results
Appendix B 3Q25 Results % Ovinti $26 Ovintiv ?
Slide 27: Additional 2025 Guidance
Additional 2025 Guidance Operating Expenses Prior FY25 Guide1 3Q25A 4Q25 Guide Current guidance assumes $60/bbl WTI, $3.75/MMBtu NYMEX & PMOT 3.75%-4.50% 4.18% 3.75%-4.50% 0.72 CAD/USD for 4Q25E (% of Upstream Product Revenue2) Upstream T&P3 $7.50-$8.00 $7.59 $7.50-$8.00 ($/BOE) Upstream Opex3 $3.75
Slide 28: Hedge Positions as of September 30, 2025
Hedge Positions as of September 30, 2025 Oil and Condensate Hedge Positions1 Oil and Condensate 4Q25 1Q26 2Q26 3Q26 4Q26 2027 2028 WTI & NYMEX Realized Gain / (Loss) Sensitivities ($ MM)3 Volume Mbbls/d 50 45 40 30 0 0 0 Call Strike $/bbl $76.57 $72.32 $70.62 $71.24 - - - WTI 3-Way Options Put Strik
Slide 29: Additional 2025 Guidance
Additional 2025 Guidance FY25E Asset-Level Guidance Permian Montney Anadarko Rigs 4-5 3-4 1-2 Frac Crews 1-2 ~1 0-1 Net TILs 130-140 75-85 37 Capital ($MM) $1,200-$1,250 $575-$625 $290-$310 D&C ($/ft) $600-$650 $500-$550 $525-$575 LL (ft) ~11,500 ~11,500 ~11,500 Trimulfrac ~75% - - Asset-level capit
Slide 30: 2025 Sensitivities
2025 Sensitivities Upstream T&P Sensitivities 4Q25E CAD/USD Free Cash FlowŦ Sensitivity1 4Q25E Sensitivity Upstream T&P Sensitivity Change F/X Rate F/X Rate ~0.72 +/- 0.01 CAD/USD $0.10/BOE +/- 0.01 CAD/USD ~$10 MM (CAD/USD) (CAD/USD) WTI ~$60 +/- $10/bbl $0.10/BOE ($/bbl) NYMEX +/- 0.01 CAD/USD Fre
Slide 31: Montney Outperformance in 3Q25
Montney Outperformance in 3Q25 Key Drivers Behind Outperformance Gold Creek Completions Performance ~8% QoQ improvement in Gold Creek base decline from implementation of proprietary AI in the ~3,900 Ft/d Operations Control Center Strong performance driven by ongoing collaboration with field oper
Slide 32: Leading Permian Ops
Leading Permian Ops Re-Affirming 2025 Permian Type Curve Drilling ~2,000 16 Ft/d FY24A (145 wells) 14 12 10 2022 2023 2024 YTD25 Cume. Oil bbls / ft 3Q25: >2,000 Ft/d 8 Completions 6 ~4,200 Ft/d 4 2 FY25E Type Curve 0 0 1 2 3 4 5 6 7 8 9 10 11 12 2022 2023 2024 YTD25 Months 3Q25: ~4,600 Ft/d 32
Slide 33: Proactive AECO & Waha Risk Management
Proactive AECO & Waha Risk Management 2026E Legacy Montney Natural Gas Exposures1 2026E Permian Natural Gas Exposures1 Percent of Legacy Montney Gas Production Percent of Permian Gas Production 710 MMcf/d Existing Downstream FT │2025+ (FT to Dawn, Malin, Sumas & Chicago) ~30% ~40% 100 MMcf/d Existin
Slide 34: Diversified Legacy Montney Gas Pricing
Diversified Legacy Montney Gas Pricing AECO Price Mitigation1 Montney / WCSB Gas Export Infrastructure >0.9 Bcf/d FY26E Montney Gas priced outside AECO Ksi Lisims (~2030) PRGT Stn 2 NGTL System Cedar Firm Transport (2026+) (~2028) CGL Dawn ~330 LNG Canada Empress BC (Westcoast) Sumas ~20 (2025 & ~20
Slide 35: Delivering Cash Flow & Inventory Growth
Delivering Cash Flow & Inventory Growth 2025E supported by Montney integration, ~25% buybacks & continued focus on Higher Cash profitability Flow per Not driven by price – FY24 unhedged ShareŦ Cash Flow per ShareŦ Growth, FY21-FY24 realized price per BOE was ~10% lower than FY21 Change in Sub-$5
Slide 36: 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 37: Anadarko Free Cash Flow Machine
Anadarko Free Cash FlowŦ Machine FY25E Completions Activity Finished in Early 4Q25 • Closed out FY25 program with 37 net TILs Anadarko Drilling • Achieved Company record Anadarko completions speed in 3Q25 ~ 14,200ft On track for expected D&C savings Avg. Lateral Length in 3Q25 • Continue to operate
Slide 38: Track Record of Responsible Operations
Track Record of Responsible Operations 50% Scope 1&2 Achieved 46% Reduction Through YE24 GHG Intensity Reduction Target Intensity Reduction1 (from ’19 – ’30) Tied to Compensation For All Employees 73% Methane Intensity Reduction2 Dedicated to our Communities Achieved 33% Reduction from ’19 Targ