Ovintiv Inc. (de) · NYSE:OVV
Ovintiv Inc. (de) — Q2 2026 Earnings Presentation
28 slides from Ovintiv Inc. (de)'s earnings presentation, Jul 24, 2026
Slide 1: 2Q26 Results Conference Call
2Q26 Results Conference Call July 24, 2026
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 • Net Debt is defined as long-term debt, including the current portion, less cash and cash equivalents. applicable, refer only to or include any r
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: Permian-Montney Powerhouse
Permian-Montney Powerhouse MONTNEY Best-in-Class Assets Deep premium1 inventory in best rock in North America Industry Leading Execution Culture, expertise and data underpin stacked innovation, delivering PERMIAN superior & durable returns Resilient Business Model Fortified balance sheet, stable por
Slide 5: Continued Strong Execution Delivers Value
Continued Strong Execution Delivers Value $682 MM of Free Cash FlowŦ in 2Q26 Best-in-class operations generating durable returns $2.995 B of Net DebtŦ at end of 2Q26 Business now de-risked; reduced Net DebtŦ by ~$3.4 B in 2Q; ~0.6x Net DebtŦ to TTM1 Adjusted EBITDAŦ 63% of Free Cash FlowŦ Returned t
Slide 6: Increasing Shareholder Returns
Increasing Shareholder Returns Targeting 60%+ of annualized ‘26 FCFŦ, increasing from 45% year-to-date Annual Free Cash FlowŦ to shareholders via base dividend & share buybacks Moving up in the range 75%+ 100% Original Plan / 50% Current Macro Environment ~$60WTI Framework enhances investor returns
Slide 7: Best-In-Class Assets With Strong Duration
Best-In-Class Assets With Strong Duration Go-forward focus on ground game to OVV leading the way in growing inventory maintain premium1 inventory depth life while majority of peers have declined Change in Sub-$50 Inventory Life (# years, 2023 to 2025) Montney Gas Permian Oil Montney Oil Optionality
Slide 8: Industry-Leading Execution via Stacked Innovation
Industry-Leading Execution via Stacked Innovation AI enabled production operations, D&C Surfactants OVV’s Stacked Innovation Approach • OVV's model is built by identifying, testing, scaling, and Re-Occupation Strategy stacking innovations - enabling us to self-source ideas or rapidly adopt winning i
Slide 9: 2Q26 Execution Maximizing Returns
2Q26 Execution Maximizing Returns $682 2Q26 Free Cash FlowŦ MM 0.6 X Net Debt to TTM1 Adjusted EBITDAŦ $4.46 2Q26 Cash Flow per ShareŦ 2Q26 Operational Performance 2Q26 Highlights Guide Actuals Oil and Condensate production above guidance in Total Production (MBOE/d) 610 – 635 615 high price environ
Slide 10: 3Q26E & FY26E Guidance Raised
3Q26E & FY26E Guidance Raised Increased durable Permian oil & condensate run-rate by 5 Mbbls/d to ~125 Mbbls/d 3Q26E & FY26E Guidance 2026 Production and Capital Generating Superior and Durable Returns 3Q26E FY26E • Higher prices continue to bolster returns Total Production 630 – 645 • Efficient loa
Slide 11: Leading Permian Operations
Leading Permian Operations 2Q26 Highlights Strong well performance continuing 2H26E Permian Permian Well Performance Quarterly Guidance Increasing oil & condensate run-rate by 5 Mbbls/d FY25 Actuals Oil & Condensate ~125 18 2026A YTD (136 wells) Costs controlled despite diesel pressures (Mbbls/d) (
Slide 12: Leading Permian Performance through Stacked Innovation
Leading Permian Performance through Stacked Innovation 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 mac
Slide 13: Standout Montney Operator
Standout Montney Operator 2Q26 Highlights Prioritized condensate, optimizing cash flows in a 2H26E Montney Montney Well Performance Quarterly Guidance uniquely heavy plant turnaround quarter Oil & Condensate 80 – 85 18 2026A YTD Higher CGR First 100% domestic, wet sand pad in Canada (Mbbls/d) (Karr)
Slide 14: Multi-Basin Advantage + Stacked Innovation in the Montney
Multi-Basin Advantage + Stacked Innovation in the Montney Real Time Frac Optimization Domestic Wet Sand Montney Completions Performance (Feet/d) First 100% Domestic Wet Sand Pad in Canada Peers1 Ovintiv 4,800 4,900 4,400 4,100 3,300 3,400 3,400 3,050 2023 2024 2025 2026 YTD >7,000 feet/day ~20% Pace
Slide 15: Diversifying Our Associated Gas Exposures
Diversifying Our Associated Gas Exposures OVV vs. Peer AECO Diversification2 Montney: Most diversified and ex-AECO 2026 2027 2030 natural gas portfolio in Canada • Consistently realize material premium to in-basin AECO pricing • Exposure to strong sulfur market generated incremental $40MM in 2Q OVV
Slide 16: 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 17: Appendix
Appendix
Slide 18: Additional 2026 Guidance
Additional 2026 Guidance Operating Expenses (Quarterly Run-Rate) Current guidance assumes: 2Q26 Guide 2Q26A 2H26 Guide $80/bbl WTI PMOT $3.75/MMBtu NYMEX 3.25%-3.75% 3.5% 3.25%-3.75% (% of Upstream Product Revenue1) ($2.00)/MMBtu AECO basis Upstream T&P2 0.73 CAD/USD for FY26E $8.75-$9.25 $9.47* $8.
Slide 19: Hedge Positions as of June 30, 2026
Hedge Positions as of June 30, 2026 Natural Gas Hedge Positions1 Oil & Condensate Hedge Positions1 3Q26 4Q26 1Q27 2Q27 3Q27 4Q27 3Q26 4Q26 1Q27 2Q27 3Q27 4Q27 NYMEX WTI Fixed Price Volume Mbbls/d 4 4 0 0 0 0 Volume MMcf/d 20 20 0 0 0 0 Fixed Price Swaps Price $/bbl $61.67 $61.93 - - - - Price $/Mcf
Slide 20: 2026 Sensitivities
2026 Sensitivities Upstream T&P Sensitivities 2H26E CAD/USD Free Cash FlowŦ Sensitivity1 2H26E Sensitivity Upstream T&P Sensitivity Change F/X Rate F/X Rate ~0.73 +/- 0.01 CAD/USD $0.10/BOE (CAD/USD) +/- 0.01 CAD/USD ~$20 MM (CAD/USD) WTI ~$80 +/- $10/bbl $0.10/BOE ($/bbl) NYMEX ~$3.75 +/- $0.25/MMB
Slide 21: 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 375 400 400 400 250% Chicago 315 330 330 330 Malin 150 150 150 150 200% Sumas 20 20 20 20 Emerson 10 20 20 20 150% Cedar LNG1 0 0 10 70 10
Slide 22: 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 23: Focused in the Top North American Oil Basins
Focused in the Top North American Oil Basins 80% of remaining sub-$50/bbl breakeven oil locations in North America are in the Permian & Montney (Enverus, PV10 breakeven at 20:1 conversion) Remaining Undrilled Resource (Ovintiv Internal North American Resource Assessment) Undeveloped bbls The Permian
Slide 24: Inventory Depth Supports Durable Returns
Inventory Depth Supports Durable Returns Ovintiv’s Permian Assets Ovintiv’s Montney Assets Gaines Dawson Borden British Alberta Columbia Dawson Creek Andrews Cutbank Martin Howard Ridge Glasscock Ector Midland Pipestone Grande Prairie Wapiti Reagan Crane Upton Karr ~193 k Net Permian Acres ~510 k Ne
Slide 25: Cube Development Supports Inventory Duration
Cube Development Supports Inventory Duration Cube Development Drives Durable Returns Ovintiv established cube development in 2015 – simultaneous co-development of multiple stacked zones in a Preserves inventory quality and longevity single development window Reoccupation Strategy Improves resource r
Slide 26: Condy Fundamentals Support Parity to WTI
Condy Fundamentals Support Parity to WTI Upside with potential oil sands growth Captive Demand Growth (Mbbls/d)1 Montney Condensate Competes with WTI ($/bbl)2 Required Condensate Imports to Meet Demand WTI Montney Condensate Domestic Condensate Production 130 1,200 Potential oil sands growth ~97 120
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 • Changes in royalty rates seen in changes to reported net 19 – 21% production MAX Eff
Slide 28: 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