Ovintiv Inc. (NYSE:OVV) Q3 2022 Results Conference Call November 9, 2022 10:00 AM ET Company Participants Brendan McCracken - Chief Executive Officer Greg Givens - Executive Vice President, Chief Operating Officer Corey Code - Executive Vice President, Chief Financial Officer Jason Verhaest - Investor Relations Conference Call Participants Doug Leggate - Bank of America Jeanine Wai - Barclays Neal Dingmann - Truist Greg Pardy - RBC Capital Markets Menno Hulshof - TD Securities Umang Choudhary - Goldman Sach ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2022 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission file number 001-39191 Ovintiv Inc. (Exact name of registrant as specified in its charter) Delaware 84-4427672 (State or other jurisdiction of incorporation or organization) (I.R.S. Empl ...

Financial Data and Key Metrics Changes - The company reported its highest quarterly cash flow and free cash flow in over a decade, achieving free cash flow generation of $713 million [13][11] - The cash return to shareholders was doubled to 50%, with nearly $400 million expected to be returned in the third quarter and over $1 billion for the full year [12][17] - The realized margin increased to 74%, up from 62% a year ago, reflecting effective cost management despite inflationary pressures [37][38] Business Line Data and Key Metrics Changes - The company achieved production at the high end of its oil and condensate guidance, with total production also meeting expectations [45] - The Montney production's market access was enhanced, with 80% to 85% of gas priced outside of AECO through 2025 [10][39] Market Data and Key Metrics Changes - The average realized commodity prices increased by about $30 per BOE, while costs rose by less than $4 per BOE [38] - The company secured additional transportation for 245 billion BTU per day to the Chicago market, enhancing its market access [39] Company Strategy and Development Direction - The company is focused on maximizing returns, free cash flow, and cash flow per share, with a strategy that remains unchanged for 2023 [52] - The company aims to close the valuation gap with peers by maximizing free cash generation and allocating that cash flow to share buybacks [47][48] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in maintaining capital efficiency and returns in an inflationary environment, with a focus on innovative solutions [28][66] - The company anticipates a significant increase in cash flow from its refreshed hedging program as it rolls off 2022 hedges [18][98] Other Important Information - The company reduced net debt by $610 million during the quarter, bringing total net debt to $3.9 billion [21] - The company has a sustainable and growing base dividend, which has been raised three times in the last 12 months [20] Q&A Session Summary Question: Thoughts on capital allocation for next year - The company plans to maintain a focus on maximizing returns and free cash flow, evaluating market fundamentals and capital efficiency [52][53] Question: Impact of AMT on cash flow - The company does not expect to be impacted by the AMT for 2023 due to historical average income thresholds [58][59] Question: Managing regional gas basis and pricing - The company has secured pricing outside of AECO and Waha, ensuring price diversification for its gas production [62] Question: Capital efficiency and inflation management - The company anticipates a 10% to 20% increase in maintenance capital for 2023 due to rolling off pricing agreements [66][92] Question: Debt reduction strategy - The company is balancing debt reduction with shareholder returns, focusing on opportunistic buybacks and managing high coupon notes [70][72] Question: Update on M&A strategy - The company continues to pursue a bolt-on acquisition strategy, adding net locations to its inventory at a low cost [104][105] Question: Permitting status in Montney - The company has secured all permits for its 2022 program and is over a third permitted for 2023, with ongoing monitoring of the permitting process [107][109]

2Q22 Results Conference Call 1 ْ ⁄ ⁄ ⁄ ⁄ Ovintiv Highest Cash FlowŦ & FCFŦin Over a Decade Increasing Shareholder Returns Returning 50% of Post-Base Dividend FCFŦ Today • ~$400 MM of shareholder returns in 3Q221 • Cash Return YieldŦ doubled to 13% in 3Q221 • $1,224 MM Cash FlowŦ &$713 MM Free Cash FlowŦ Delivering Strong 2Q22 Results Maintaining Operational Excellence Across All Assets • 175 Mbbls/d oil & condensate, at high end of guidance • 500 MBOE/d total production, at high end of guidance • $511 MM ca ...

Production and Financial Performance - The company reported a significant increase in oil and gas production, achieving a total output of 500,000 barrels of oil equivalent per day (BOE/d), representing a 15% increase year-over-year[291]. - The average realized price for crude oil was $75 per barrel, while natural gas prices averaged $3.50 per million British thermal units (MMBtu), reflecting a 10% increase compared to the previous quarter[291]. - The company reported a net income of $200 million for the quarter, a 25% increase compared to the same period last year, driven by higher production volumes and improved pricing[291]. Capital Expenditures and Investments - The company plans to allocate $1 billion towards capital expenditures in the upcoming fiscal year, focusing on enhancing operational efficiency and expanding production capabilities[291]. - The company anticipates a 10% growth in high-margin liquids production, driven by strategic investments in core assets and technology advancements[291]. - The company is exploring potential acquisitions to enhance its asset portfolio and expand its market presence, with a focus on strategic partnerships[291]. Operational Efficiency and Technology - A new drilling technique, the Simul-Frac method, is expected to improve well completion efficiency by 20%, leading to reduced costs and increased production rates[291]. - The company has entered into hedging contracts to mitigate commodity price risks, covering approximately 50% of its expected production for the next year[291]. Sustainability and Emissions - The company has set a target to reduce greenhouse gas emissions by 30% by 2025, aligning with industry sustainability goals[291]. Shareholder Returns - The company’s board has approved a share repurchase program, allowing for the buyback of up to $500 million in outstanding shares over the next 12 months[291]. Foreign Exchange and Interest Rate Risks - Foreign exchange risk significantly impacts Ovintiv's financial results due to fluctuations between the U.S. and Canadian dollars[293]. - As of June 30, 2022, Ovintiv entered into $200 million notional U.S. dollar currency swaps at an average exchange rate of C$1.2848 to US$, maturing monthly through 2022[296]. - The sensitivity analysis indicates that a 10% increase in the Canadian to U.S. exchange rate could result in a pre-tax net earnings loss of $56 million, while a 10% decrease could yield a gain of $69 million[298]. - Ovintiv had floating rate borrowings of $215 million as of June 30, 2022, with a $2 million sensitivity for each 1% change in interest rates[300]. - The company does not have any U.S. dollar denominated financing debt issued from Canada as of June 30, 2022[297]. - To mitigate foreign exchange fluctuations, Ovintiv may utilize foreign currency derivative contracts[296]. - The company holds a mix of fixed and floating rate debt to manage interest rate risk[299]. Expense Management - Transportation and processing expenses decreased by $10 million, equating to a $0.22 per BOE impact[295]. - Administrative expenses decreased by $2 million, reflecting a $0.05 per BOE impact for the three months ended June 30, 2022[295]. - Depreciation, depletion, and amortization expenses decreased by $3 million, resulting in a $0.07 per BOE impact for the same period[295].

Ovintiv Inc. (NYSE:OVV) Q1 2022 Earnings Conference Call May 10, 2022 11:00 AM ET Company Participants Jason Verhaest – Investor Relations Brendan McCracken – President and Chief Executive Officer Greg Givens – Executive Vice President and Chief Operating Officer Corey Code – Executive Vice President and Chief Financial Officer Conference Call Participants Neil Mehta – Goldman Sachs Neal Dingmann – Truist Securities Doug Leggate – Bank of America Jeanine Wai – Barclays Nitin Kumar – Wells Fargo Arun Jayaram ...

1Q22 Results Conference Call 1 XXX Ovintiv 2 Increasing Shareholder Returns • Doubling shareholder returns to 50% on Oct 1st generating ~10% Cash Return Yield1Ŧ • Announced 25% base dividend increase Prudent Balance Sheet Mgmt. • Announced $1B redemption of 2024 notes; April cash balance up by ~$400 MM to ~$680 MM • $3B Net DebtŦ achieved in 3Q222, will continue to optimize Net DebtŦ below $3B Driving ESG Progress • Published '22 sustainability report; achieving 18th consecutive year of transparent reportin ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2022 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Registrant's telephone number, including area code (303) 623-2300 Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the ...

4Q & YE21 Results Conference Call 1 XXX Ovintiv Today's Key Takeaways Today's Key Takeaways Demonstrate our Successful Strategy | --- | --- | |-------------------------|---------------------------------------------------------------| | | | | | • 2 nd raise in 6 months & untouched during 2020 downturn | | $ 43% Dividend Increase | • $0.80 new annualized Div/Share | | | • Underpinned by ~$35/bbl breakeven including base div. | Substantial Buybacks Continue • ~4.3 MM shares repurchased since Oct 1, 20211 • ~$1 ...

Ovintiv Inc. (NYSE:OVV) Q4 2021 Results Conference Call February 25, 2022 11:00 AM ET Company Participants Jason Verhaest - VP, IR Brendan McCracken - President, CEO Corey Code - EVP, CFO Greg Givens - EVP, COO Conference Call Participants Greg Pardy - RBC Capital Markets Arun Jayaram - JPMorgan Neil Mehta - Goldman Sachs Doug Leggate - Bank of America Neal Dingmann - Truist Securities Operator Good day, ladies and gentlemen, and thank you for standing by. Welcome to Ovintiv 2021 Fourth Quarter and Year-End ...