3Q23 Results

Conference Call

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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 Exchange Act of 1934, as amended. All statements, except for statements of historical fact, that relate to the anticipated future activities, plans, strategies, objectives or expectations of
the Company, including fiscal year 2023 and 2024 guidance, the expectation of delivering sustainable durable returns to shareholders in future years, plans regarding share buybacks and debt reduction, timing and expectations
regarding well completion and performance, are forward-looking statements. When used in this presentation, the use of words and phrases including “anticipates,” “believes,” “continue,” “could,” “estimates,” “expects,” “focused on,”
“forecast,” “guidance,” “intends,” “maintain,” “may,” “opportunities,” “outlook,” “plans,” “potential,” “strategy,” “targets,” “will,” “would” and other similar terminology are intended to identify forward-looking statements, although not all
forward-looking statements contain such identifying words or phrases.

Readers are cautioned against unduly relying on forward-looking statements which, are based on current expectations and by their nature, involve numerous assumptions that are subject to both known and unknown risks and
uncertainties (many of which are beyond our control) that may cause such statements not to occur, or actual results to differ materially and/or adversely from those expressed or implied. These assumptions include, without
limitation: future commodity prices and basis differentials, the Company’s ability to successfully integrate the Midland basin assets; other risks and uncertainties related to the closing of pending transactions; future foreign
exchange rates; the ability of the Company to access credit facilities and capital markets; data contained in key modeling statistics; the availability of attractive commodity or financial hedges and the enforceability of risk
management programs; the Company’s ability to capture and maintain gains in productivity and efficiency; the ability for the Company to general cash returns and execute on its share buyback plan; expectations of plans,
strategies and objectives of the Company, including anticipated production volumes and capital investment; benefits from technology and innovations; expectations that counterparties will fulfill their obligations pursuant to
gathering, processing, transportation and marketing agreements; access to adequate gathering, transportation, processing and storage facilities; assumed tax, royalty and regulatory regimes; the outlook of the oil and natural
gas industry generally, including impacts from changes to the geopolitical environment; expectations and projections made in light of, and generally consistent with, the Company’s historical experience and its perception of
historical industry trends, including with respect to the pace of technological development; and the other assumptions contained herein.

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 condition, oil and natural gas reserves and access to liquidity; uncertainties, costs and risks involved in our operations, including hazards and risks incidental to both the drilling and
completion of wells and the production, transportation, marketing and sale of oil, condensate, NGL and natural gas; availability of equipment, services, resources and personnel required to perform the Company’s operating
activities; service or material cost inflation; our ability to generate sufficient cash flow to meet our obligations and reduce debt; the impact of a pandemic, epidemic or other widespread outbreak of an infectious disease on
commodity prices and the Company’s operations; our ability to secure adequate transportation and storage for oil, condensate, NGL and natural gas, as well as access to end markets or physical sales locations; interruptions to
oil, condensate, NGL and natural gas production, including potential curtailments of gathering, transportation or refining operations; variability and discretion of the Company’s board of directors to declare and pay dividends, if
any; the timing and costs associated with drilling and completing wells, and the construction of well facilities and gathering and transportation pipelines; business interruption, property and casualty losses (including weather
related losses) or unexpected technical difficulties and the extent to which insurance covers any such losses; counterparty and credit risk; the actions of members of OPEC and other state-controlled oil companies with respect to
oil, condensate, NGLs and natural gas production and the resulting impacts on oil, condensate, NGLs and natural gas prices; the impact of changes in our credit rating and access to liquidity, including costs thereof; changes in
political or economic conditions in the United States and Canada, including fluctuations in foreign exchange rates, tariffs, taxes, interest rates and inflation rates; failure to achieve or maintain our cost and efficiency initiatives; risks
associated with technology, including electronic, cyber and physical security breaches; changes in royalty, tax, environmental, greenhouse gas, carbon, accounting and other laws or regulations or the interpretations thereof; our
ability to timely obtain environmental or other necessary government permits or approvals; the Company’s ability to utilize U.S. net operating loss carryforwards and other tax attributes; risks associated with existing and potential
lawsuits and regulatory actions made against the Company, including with respect to environmental liabilities and other liabilities that are not adequately covered by an effective indemnity or insurance; risks related to the
purported causes and impact of climate change, and the costs therefrom; the impact of disputes arising with our partners, including suspension of certain obligations and inability to dispose of assets or interests in certain
arrangements; the Company’s ability to acquire or find additional oil and natural gas reserves; imprecision of oil and natural gas reserves estimates and estimates of recoverable quantities, including the impact to future net
revenue estimates; land, legal, regulatory and ownership complexities inherent in the U.S., Canada and other applicable jurisdictions; risks associated with past and future acquisitions or divestitures of oil and natural gas assets,
including the receipt of any contingent amounts contemplated in the transaction agreements (such transactions may include third-party capital investments, farm-ins, farm-outs or partnerships); our ability to repurchase the
Company’s outstanding shares of common stock, including risks associated with obtaining any necessary stock exchange approvals; the existence of alternative uses for the Company’s cash resources which may be superior to
the payment of dividends or effecting repurchases of the Company’s outstanding shares of common stock; risks associated with decommissioning activities, including the timing and cost thereof; risks and uncertainties
described in Item the “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections of the Company’s most recent Annual Report on Form 10-K and Quarterly Report on Form
10-Q; and other risks and uncertainties impacting the Company’s business as described from time to time in the Company’s filings with the SEC or Canadian securities regulators.

Readers are cautioned that the assumptions, risks and uncertainties referenced above are not exhaustive. Although the Company believes the expectations represented by its forward-looking statements are reasonable based
on the information available to it as of the date such statements are made, forward-looking statements are only predictions and statements of our current beliefs and there can be no assurance that such expectations will prove
to be correct. Unless otherwise stated herein, all statements, including forward-looking statements, contained in this presentation are made as of the date of this presentation and, except as required by law, the Company
undertakes no obligation to update publicly, revise or keep current any such statements. The forward-looking statements contained or incorporated by reference in this presentation and all subsequent forward-looking
statements attributable to the Company, whether written or oral, are expressly qualified by these cautionary statements.

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 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 the assets, activities and initiatives of such Subsidiaries. The terms “include”, “includes”, “including” and “included” are to be construed as if they were immediately followed by the
words “without limitation”, except where explicitly stated otherwise. The term “liquids” is used to represent oil, NGLs and condensate. The term “condensate” refers to plant condensate. The conversion of natural gas
volumes to barrels of oil equivalent (“BOE”) is on the basis of six thousand cubic feet to one barrel. BOE is based on a generic energy equivalency conversion method primarily applicable at the burner tip and does not
represent economic value equivalency at the wellhead. Readers are cautioned that BOE may be misleading, particularly if used in isolation. There is no certainty that Ovintiv will drill all gross premium well inventory
locations and if drilled there is no certainty that such locations will result in additional oil and gas reserves or production. The locations on which Ovintiv will actually drill wells, including the number and timing thereof,
is ultimately dependent upon the availability of capital, regulatory and partner approvals, seasonal restrictions, equipment and personnel, oil and natural gas prices, costs, actual drilling results, transportation
constraints and other factors. Reserves are the estimated remaining quantities of oil and natural gas and related substances anticipated to be recoverable from known accumulations, from a given date forward,
based on an analysis of drilling, geological, geophysical and engineering data; the use of established technology; and specified economic conditions, which are generally accepted as being reasonable. Proved
reserves are those reserves which can be estimated with a high degree of certainty to be recoverable. All reserves estimates referenced in this presentation are effective as of December 31, 2022 and prepared by
qualified reserves evaluators in accordance with United States Securities and Exchange Commission (“SEC”) regulations. Detailed U.S. protocol disclosure, as well as additional information relating to risks associated
with the estimates of reserves, is contained in the Company’s most recent Annual Report on Form 10-K.
Certain measures in this presentation do not have any standardized meaning as prescribed by U.S. GAAP and, therefore, are considered non-GAAP measures. These measures may not be comparable to similar
measures presented by other companies and should not be viewed as a substitute for measures reported under U.S. GAAP. These measures are commonly used in the oil and gas industry and/or by Ovintiv to provide
shareholders and potential investors with additional information regarding the Company’s liquidity and its ability to generate funds to finance its operations. For additional information regarding non-GAAP measures,
including reconciliations, see the Company’s website, www.ovintiv.com under Financial Document Library, and Ovintiv’s most recent Annual Report on Form 10-K and Quarterly Report on Form 10-Q as filed on EDGAR
and SEDAR. This presentation contains references to non-GAAP measures as follows:

 Non-GAAP Cash Flow is a non-GAAP measure defined as cash from (used in) operating activities excluding net change in other assets and liabilities, and net change in non-cash working capital.

 Non-GAAP Free Cash Flow is a non-GAAP measure defined as Non-GAAP Cash Flow in excess of capital expenditures, excluding net acquisitions and divestitures.

• Debt to Adjusted EBITDA (Leverage Ratio) is calculated as long-term debt, including the current portion, divided by Adjusted EBITDA. Adjusted EBITDA is defined as trailing 12-month net earnings (loss) before income
taxes, depreciation, depletion and amortization, impairments, accretion of asset retirement obligation, interest, unrealized gains/losses on risk management, foreign exchange gains/losses, gains/losses on
divestitures and other gains/losses. Management believes this measure is useful to the Company and its investors as a measure of financial leverage and the Company’s ability to service its debt and other
obligations.

• Operating Margin/Operating Netback is a non-GAAP measure defined as product revenues less costs associated with delivering the product to market, including production, mineral and other taxes,
transportation and processing and operating expenses. When presented on a per BOE basis, Operating Netback is defined as indicated divided by average barrels of oil equivalent sales volumes. Operating
Margin/Operating Netback is used by management as an internal measure of the profitability of a play.

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Delivering on Key Value Drivers

• Accretive Premium inventory life extension

Durable • Acquired 800 Premium & 250 high-potential net 10k locations
in our recent Permian Basin acquisition

Returns • >750 Premium net 10k locations in last 2-yrs from bolt-ons and
organic assessment & appraisal program built into annual budget

Execution • Leading well performance in all four basins

• Innovation leadership driving ROIC outperformance

Excellence • Seamless acquisition integration

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Note: Premium reflects >35% IRR at $55/bbl WTI oil and $2.75/MMBtu NYMEX
Continued Execution Excellence

 Beat
3Q23 Guidance
Beat on all guidance items
All production streams, capex and total production costs
Production beats driven by well performance and efficient integration

Strong well performance continues

Continued
 Execution
Seeing outperformance in every asset

Another quarter of record efficiencies

Completions innovation continues with “Trimulfrac” in the Permian

Permian acquisition integration complete

Rapid and Efficient
 Integration
At expected 2024 activity levels today – 5 rigs, 1 frac crew

WIPs1 turned in line ahead of schedule

Helping push 2023 production higher, stabilizing production sooner in 2024

Second consecutive production beat & raise

Raised
 4Q and FY 2023 Guide
4% increase since acquisition close, all production streams up

FY capital flat with extra completions activity

15-20 More TILs2 (Permian WIP’s and Anadarko DUC’s)

1) WIP = Wells In Progress from 2023 Permian acquisition

2) TIL = Turned in line

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Beat Across the Board in 3Q23
3Q23 Operational Performance
Guidance Actuals
Realizing Operational Efficiencies Total Production 540 – 560  572
(MBOE/d)
Setting efficiency records throughout the portfolio
Capex below low-end of guide Oil & Condensate
116 net TILs in 3Q (+16 vs. expectations - primarily Permian) (Mbbls/d)
202 – 208  214
Other NGLs (C2-C4)
Strong Well Performance Continues (Mbbls/d)
80 – 85  87

Seeing strong performance across all assets Natural Gas

Permian performance leading the way (MMcf/d)
1,575 – 1,625 1,625
Capital
Base Production Outperformance ($MM)
$840 - $890 $834
Continuously optimizing base production
Oil & Condensate: Accelerated Peak TIL timing & strong well performance
Older wells outperforming expectations Other NGLs (C2-C4): Strong performance across all assets
Detailed
Comments Natural Gas: Well performance and Montney royalty tailwinds
Capital: Leading edge operational efficiencies driving costs lower

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 3Q23 Financial Highlights – Strong Cash Flow
$ MM

Cash FlowŦ $1,112 $4.02/sh, beating consensus & up ~45% over 2Q

Capex $834 $31 MM below midpoint of guidance

Free Cash FlowŦ $278 Providing strong shareholder returns in 4Q23

Shareholder Returns $127 Base dividend & buybacks in 3Q23

1.0 MM shares bought in 3Q23 & 8.7 MM shares YTD

Debt $6,163 Investment Grade rated

1.0x mid-cycle leverage targetŦ (~$4B debt)

Ŧ Non-GAAP measures defined in advisories. For additional information regarding non-GAAP measures see the Company’s website. 7
Seamless Permian Asset Integration

Integration Completed Ahead of Schedule

TIL Acceleration Supporting 3Q23 Beat & FY23 Raise

 At Level-Loaded Rig & Frac Crew Program Today

~180k 800 5
OVV’s
Permian By
The Numbers Net Acres Acquired Premium1 Rigs Running
1
Frac Crew
Net 10K Locations Today Running Today
+250 additional high potential upside locations

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1) Premium reflects >35% IRR at $55/bbl WTI oil and $2.75/MMBtu NYMEX
Peer Leading Permian Well Performance
Continued Strong Performance Across the Permian Legacy Permian Performance
• Builds on 2H22 & 1H23 Permian well performance momentum
• Driven by optimized completions design and stage architecture >20% Higher oil productivity / ft in 2023
vs. 20222
• Efficiency gains offsetting completion design optimization well costs
#1
Midland Basin oil productivity / ft
vs. peers3
Leading Operational Execution Creating Value
•
•
Continuously setting industry leading operational performance
Proven performance across both drilling and completions activities
 Cube development approach
consistent YoY

Gaines Dawson Borden

 Well spacing unchanged

Acquired Permian Performance

Mitchell
Substantial Core Midland
Basin Acreage Position
Andrews
Martin

Howard ~20 Top performing wells since close each

have an oil IP30 of >1,100 Bbls/d
Glasscock

OVV Acreage
Ector Midland
Sterling  Average oil IP30 / ft exceeding
‘22 & ’23 Midland Basin average4
Core OOIP1
Well performance aligned
Crane Upton Reagan
 with expectations
Irion
First OVV drilled and completed
1) OOIP = Original oil in place
 wells online in 4Q23
2) 53 Wells online YTD23 across OVV’s legacy acreage footprint. Uplift reflects projected cumulative oil / ft outperformance after 1-year
3) Reflects Legacy Permian acreage position and Enverus 2023 Oil IP90 / 1,000 ft. as of November 6, 2023. Midland Basin Peers include COP, CrownQuest, CVX, Endeavor, FANG, HighPeak, PXD, SM, Surge, Vital and XOM 9
4) Midland Basin average based on Enverus data as of November 6, 2023
Record Permian “Trimulfrac” Performance
“Trimulfrac” = 3 wells completed at the same time (next iteration of “Simulfrac”)

Relentless Pursuit of Innovation and Efficiencies Permian Completions Speed

• Leading Trimulfrac operations in execution across Permian position 4.5
3Q23 Driftwood Pad
• Go-forward operations a mix of Trimulfrac & Simulfrac based on pad design 4.0
• Culmination of multiple innovations and initiatives: 3.5
• Local wet sand, sand pile, auger design, logistics efficiencies, facilities design, real-time frac
monitoring & more 3.0

000’s Feet / day

2.5
Efficient Permian Operations
2.0
• Operations optimized with ~1 completion crew & ~5 high-spec rigs
1.5

3Q23 Driftwood Trimulfrac Case Study 1.0

Completed
0.5 4 Pads in 3Q23

$125k Savings per well (vs. Simulfrac) 0.0

Zipper Simulfrac Trimulfrac

4,185 Completed feet per day

Permian Completions Mix
55 Extra producing well days in ’23

“Wet Sand Pile” is a simple but critical innovation

5 Days with >1 mile completed 25%
Trimulfrac in
>50%
Trimulfrac in
for completions efficiency & Trimulfrac 2023 2024

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Top Tier Montney Operations and Realizations
Operational Excellence and Leading Well Results
Leading Well Performance Continues4
• Industry leading OVV well results continue across the acreage Montney IP90 Cumulative MBOE

~90% of Gas De-Linked from AECO (’23 – ’25)1

OVINTIV

OVINTIV

OVINTIV

OVINTIV

• ~65% has physical transport to advantaged pricing hubs outside the basin OVINTIV

OVINTIV

~25% is covered by AECO basis hedges

OVINTIV

• OVINTIV

OVINTIV

OVINTIV

OVINTIV

Program Fully Targeting High-Value Oil

OVINTIV

OVINTIV

OVINTIV

Western Canadian Import market drives condensate realizations near or

OVINTIV

• OVINTIV

OVINTIV

above WTI pricing OVINTIV

OVINTIV

OVINTIV

• Over a decade of Premium2 oil & condensate inventory OVINTIV

OVINTIV

OVINTIV

OVINTIV

OVINTIV

MURPHY OIL

OVINTIV

Strong YTD23 Realizations3

MURPHY OIL

OVINTIV

SHELL

130% Gas % of AECO

SHELL

Track Record
OVINTIV

OVINTIV

Top Montney Basin Wells

CANADIAN NATURAL RESOURCES

OVINTIV

of Maximizing
MURPHY OIL

over the Past Year

110% Gas % of NYMEX
CANADIAN NATURAL RESOURCES

OVINTIV

MURPHY OIL

Value
ADVANTAGE ENERGY

SHELL

SHELL

97% Condensate % of WTI

MURPHY OIL

SHELL

OVINTIV

TOURMALINE

MURPHY OIL
OVV
Peers
OVINTIV

TOURMALINE

OVINTIV

1) ~90% calculation reflects YTD23 production vs, transport and AECO hedges through 2025 0 100 200 300 400 500
2) Premium defined as >35% at $55 WTI and $2.75 NYMEX
3) Unhedged Montney realizations
4) Enverus data for new wells from August 2023 – August 2024
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Increased Uinta Activity Exceeding Expectations
Premier Undeveloped Oil Resource
• Multiple horizontal intervals with ~1,000 Ft of collective pay
OVV Uinta Outperforming Delaware
2023 OVV Uinta TILs (17 Wells)

Top Tier North American Hz Oil Wells

• Ovintiv well performance exceeding Delaware Basin wells
30 ’22 & ’23 Total Delaware Basin Average (~4,250 wells)1

Core Oil Acreage Position Primed for Development

• 130k net contiguous acres >80% undeveloped (~130 Historic Hz OVV wells)
25

Cume. Oil Mbbls / 1,000 ft

• 2023 activity 2H23 weighted with 2 rigs running today
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 Unlocked Gulf Coast Capacity Supports Strong Margins
• ~30% - 40% of oil railed to Gulf Coast & opening new markets
• Competing with Permian for top YTD23 BOE operating marginsŦ (~80% oil mix)
15

Duchesne Uintah
10
Substantial Core Uinta
Acreage Position
5
1,490bbls/d
3Q23 Tomlin 9 Well Pad
OVV Acreage Average Oil IP30 (~10k)
Core OOIP
0
0 1 2 3 4 5 6 7 8 9 10 11 12
Months
Ŧ Non-GAAP measures defined in advisories. For additional information regarding non-GAAP measures see the Company’s website. 12
1) Represents all Enverus Delaware Basin 2022 & 2023 wells
Anadarko Provides Gas/NGL Optionality
Capital Efficient Completions Activity in 4Q23
Kunneman Pad Completions
• Sourced attractively priced completions crew to complete 4.4 net DUCs in 4Q23
• ~$30 MM of DUC, base and other capital spend in 4Q23

Substantial Free Cash FlowŦ Generation

• Shallowing base decline reinforces cash flow generation and reduces capital intensity
• Strong midstream access generates narrow differentials across all products

2023 Activity Reduced due to Weak Gas/NGL Prices

• Remains gas/NGL option that is optimized for cash flow
• Well delineated asset footprint and contiguous acreage position

3Q23 Production Mix Shallowing Base Decline

BOE
Oil & Condensate 38%
Other NGLs (C2 – C4) 30%
Natural Gas
20%

119
MBOE/d
2021 2022 2023
Shallowing Decline Rate Reinforces
Cash Flow Generation

Ŧ Non-GAAP measures defined in advisories. For additional information regarding non-GAAP measures see the Company’s website, www.ovintiv.com under Financial Documents Library.
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Updated Guide Driven by Strong Execution

New Old FY 20231 New FY 2023

4Q23 At Close As of 2Q23 FY 2023 Improvement2
Total Production
(MBOE/d)
560 – 580 521 – 546 535 – 550 550 – 560 +4%
Oil & Condensate
(Mbbls/d)
220 – 227 186 – 196 190 – 196 196 – 198 +3%
NGLs C2 – C4
(Mbbls/d)
84 – 88 80-85 83 – 87 87 – 89 +7%
Natural Gas
(MMcf/d)
1,550 – 1,600 1,525 – 1,575 1,575 – 1,625 1,615 – 1,630 +5%
Capital
($MM)
$660 - $700 $2,680 – $2,980 $2,680 – $2,850 $2,745 – $2,785 (2%)

~6%
Efficiency
Improvement vs.
Guide at Close

1) Guidance at close as of June 12, 2023 for total production, oil & condensate production and capital. Guidance at close as of 1Q23 release for NGLs C2-C4 and natural gas production, Guidance as of 2Q23 as of July 27, 2023 14
2) Midpoint of guidance at close to midpoint of guidance as of November 7, 2023
Well Positioned Into 2024
Reaffirming
2024 Scale
>200
Oil & Condensate Production
$2.1-$2.5 Capex
~15%
Capital Efficiency Improvement
(Mbbls/d) ($ B) (Oil & C5+ vs. pre-acquisition ’23 guide)

At Targeted Run-Rate in 2Q24

Seamless Integration Accelerates FY23 Production
Oil & Condensate (Mbbls/d)
• 2H23 oil & condensate production 9 Mbbls/d above prior guide1
225 220-227
214
• Advanced 2023 TIL peak from 4Q23 to 3Q23
200 186
• >90% of 4Q23 TILs in Oct-Nov
175 166
• +15 net Permian TILs for same capital in 2023
150
• No acquisition WIPs into 2024 125
100
Strong Setup for 2024 75
• Level-loaded 2024 capital program 50
• ~100 fewer net TILs in 2024 vs. 2023 25 Net 200 Mbbls/d Run Rate
46 74 116 ~80 TILs
• ~$465 MM less capital in 2024 vs. 2023 0

• 200 Mbbls/d of oil & condensate in 2Q24+ 1Q23 2Q23 3Q23 4Q232 1Q24 2Q24 3Q24 4Q24

1) 3Q23 production actuals and midpoint of 4Q23 guidance vs. prior 2H23 guidance of 210 Mbbls/d 15
2) Reflects midpoints of production and net TIL guidance
OVV’s Keys to Success
 High-Quality Portfolio
• Four top-tier assets with substantial operating scale Montney
• Innovations distributed across the portfolio to drive results Strong production across all
products & advantaged costs
 Operational Excellence Drives Efficiencies
• Proven operational flexibility and margin enhancement
• Optimized development programs across asset base

Multi-Product Commodity Exposure

• Premium return options across both oil & condensate and gas
• Maximizing price realizations through market diversification Uinta
Emerging and undeveloped

 Deep Premium Inventory

• 10-15 yrs of oil & condensate & >20 yrs of natural gas Premium inventory
high-margin oil option

• Proven organic assessment and appraisal program

Anadarko
Strong cash flows &
Premium Multi-Basin Portfolio & Resource multi-product option
Durable Expertise & Culture to Convert Resource to Free Cash Flow
Returns Disciplined Capital Allocation
Recipe
= Durable Return on Invested Capital &
Return of Cash to Shareholders
Permian
Strong oil mix, substantial
resource & proven well results 16
Note: Premium reflects >35% IRR at $55/bbl WTI oil and $2.75/MMBtu NYMEX
17
Appendix
Projected Activity Allocation
Rigs FY23 Capital FY23 TILs
(#) ($MM) (Net)
• Production peak in 4Q23

Permian 5 $1,430 - $1,470 170 – 180 • First fully OVV designed and developed cube online in late 4Q23

• Strong well performance continues across the asset

• Capital program allocated to oil & condensate wells

Montney 4-5 $540 - $580 75 – 80 • Advantaged gas egress & pricing

• Continuing to deliver industry leading well results

• Strong well performance, unlocked market access & high oil mix

Uinta 2 $415 - $435 21 – 26 • Recent rig ramp means capital spent on wells that TIL in 2024

• Oil weighting drives strong margins

• Sourced advantaged next-gen crew to complete DUCs in 4Q23

Anadarko 0 $190 - $210 26
• Significantly reduced base decline to ~20%

Bakken – ~$110 16 • Disposition closed June 12

19
Additional Guidance
Operating Expenses Corporate Items (Quarterly Run Rate)
3Q23A 3Q23 Guide Go Forward ($MM unless otherwise noted) 3Q23A Go Forward
PMOT Market Optimization3 $34 $30 - $35
4.3% 4% - 5% 4% - 5% Corp. G&A ex LTI & Transaction Costs $66 $68 - $72
(% of Upstream Revenue1) Lower with Efficiencies
Less Sublease Revenue $18 ~$18
Upstream T&P2 $7.40 $8.25 – $8.75 $8.00 - $8.50
($/BOE) Corp. G&A Less Sublease Rev. $48 $50 - $54
Interest Expense on Debt $105 $100 - $110
Upstream Opex2 $4.48 $4.00 - $4.50 $4.00 - $4.50
($/BOE) Consolidated DD&A ($/BOE) $9.15 $8.50 - $9.50

Tax Guidance ($ MM)

@ $75 WTI & $3.00 NYMEX FY23 FY24
Upstream T&P Sensitivities2 Canadian Cash Tax $200 – $250 $125 - $150
4Q23 Sensitivity Upstream T&P ($/BOE) US Cash Tax ~$10 $100 - $1254
F/X Rate Total OVV Cash Tax $210 - $260 $225 - $275
~0.75 +/- 0.01 CAD/USD $0.10/BOE
(CAD/USD)
WTI ~$75 +/- $10/bbl $0.10/BOE
($/bbl)
NYMEX ~$3.00 +/- $0.25/MMBtu $0.10/BOE
Non-GAAP Cash FlowŦ Sensitivities5
($/MMBtu)
Unhedged Quarterly
WTI +$5 +$100 MM
NYMEX +$0.25 +$20 MM

Ŧ Non-GAAP measures defined in advisories. For additional information regarding non-GAAP measures see the Company’s website, www.ovintiv.com under Financial Documents Library.
1) Excludes Gains (Losses) on Risk Management
2) Excludes the Market Optimization segment
3) Impact of the Rockies Express pipeline commitment that ends in May ’24
4) Reflects R&D credits that are expected to reduce 2024 US cash taxes by $122 MM
5) FY23 and FY24. Pre-tax. Includes all liquids production 20
Durable Cash Return Framework
Committed to Our
4Q23 Cash Returns ($ MM) Proven Framework
3Q23 Results
Post Base Dividend
$1,112 Non-GAAP Cash FlowŦ Free Cash FlowŦ
($834) Capex
$278 Non-GAAP Free Cash FlowŦ
($82) 3Q23 Base Dividend
$196 Available Shareholder Returns
$98 50% Allocated to Share Buybacks
($45) Accelerated Buyback in 3Q23 (1 MM Shs) 50% At least
Share Buybacks

Variable Dividend
$53 Remaining for 4Q23 Buybacks

Balance Sheet

$135 Total Shareholder Return in 4Q23

50%
Debt Paydown
$53 Buybacks + $82 Base Dividend Low-cost
property bolt-ons
Up to

Ŧ Non-GAAP measures defined in advisories. For additional information regarding non-GAAP measures see the Company’s website, www.ovintiv.com under Financial Documents Library
Note: Future dividends are subject to Board approval. 21
Long-Term Debt Profile
3Q23 Long-Term Debt Profile ($MM)
Resilient Capital Structure
$1,368

$6,163 MM
Debt @ 9.30.23
$850
Investment Grade Rating
$700
~10-yr wtd. avg. LT Debt maturity $600 $600 $599
$459
1.0x Mid-Cycle Leverage TargetŦ
(~$4B Debt) $300
Maturity Profile Optimized for Efficient
Debt Paydown

50% of post base dividend Free Cash

2037+
2025

2035
2023

2024

2026

2027

2029

2032

2036
2028

2030

2031

2033

2034
Flow allocated to balance sheet

Ŧ Non-GAAP measures defined in advisories. For additional information regarding non-GAAP measures see the Company’s website, www.ovintiv.com under Financial Documents Library 22
Hedge Positions as of September 30, 2023
Oil and Condensate Hedge Positions1 Natural Gas Hedge Positions1
Oil and Condensate 4Q23 1Q24 2Q24 3Q24 4Q24 Natural Gas 4Q23 1Q24 2Q24 3Q24 4Q24
Volume Mbbls/d 35 25 25 0 0 Volume MMcf/d 0 200 200 200 200
WTI Swaps NYMEX Swaps
Price $/bbl $76.94 $73.69 $73.69 - - Price $/Mcf - $3.62 $3.62 $3.62 $3.62
Volume Mbbls/d 35 75 75 10 0 Volume MMcf/d 200 400 400 400 400
WTI Collars Call Strike $/bbl $87.60 $82.29 $80.39 $92.06 - NYMEX Collars Call Strike $/Mcf $3.68 $5.10 $3.40 $3.40 $5.57
Put Strike $/bbl $65.00 $64.33 $65.00 $60.00 - Put Strike $/Mcf $3.00 $3.00 $3.00 $3.00 $3.00
Volume Mbbls/d 40 0 0 40 10
Volume MMcf/d 400 100 200 200 100
WTI 3-Way Call Strike $/bbl $104.19 - - $89.76 $89.79
NYMEX Call Strike $/Mcf $10.05 $4.79 $4.44 $4.44 $4.79
Options Put Strike $/bbl $65.00 - - $65.00 $65.00
3-Way Options Put Strike $/Mcf $4.00 $3.00 $3.00 $3.00 $3.00
Sold Put Strike $/bbl $50.00 - - $50.00 $50.00
Sold Put Strike $/Mcf $3.00 $2.25 $2.25 $2.25 $2.25
Volume MMcf/d 30 0 0 0 0
Waha Basis Swaps
Price $/Mcf ($0.61) - - - -
WTI & NYMEX Only – Realized Gain / (Loss) Sensitivities ($ MM)2
Waha % of Volume MMcf/d 0 50 50 50 50
WTI Oil $40 $50 $60 $70 $80 $90 $100 $110 $120 NYMEX Swaps Price % of NYMEX - 71% 71% 71% 71%
4Q23 $255 $190 $89 $22 ($10) ($50) ($114) ($200) ($301)
Malin Basis Volume MMcf/d 50 0 0 0 0
1Q24 $243 $152 $61 $8 ($14) ($90) ($181) ($272) ($363) Swaps Price $/Mcf ($0.26) - - - -
2Q24 $247 $156 $65 $8 ($14) ($103) ($194) ($285) ($376)
3Q24 $74 $64 $18 - - ($2) ($45) ($91) ($137) AECO Basis Volume MMcf/d 260 190 190 190 190
Swaps Price $/Mcf ($1.07) ($1.08) ($1.08) ($1.08) ($1.08)
4Q24 $14 $14 $5 - - ($0) ($9) ($19) ($28)
AECO % of Volume MMcf/d 50 100 100 100 100
NYMEX Swaps Price % of NYMEX 71% 72% 72% 72% 72%
NYMEX Gas $1.50 $2.00 $2.50 $3.00 $3.50 $4.00 $4.50 $5.00 $5.50
4Q23 $64 $55 $46 $37 $18 ($6) ($15) ($24) ($33)
1Q24 $100 $73 $43 $11 $2 ($7) ($16) ($27) ($55)
2Q24 $107 $79 $48 $11 ($2) ($29) ($60) ($94) ($130)
3Q24 $108 $80 $48 $11 ($2) ($29) ($60) ($95) ($131)
4Q24 $101 $73 $44 $11 $2 ($7) ($16) ($27) ($41)
1) OVV also manages other key market basis differential risks for gas, oil and condensate. 23
2) Sensitivities do not include impact of other hedge contract positions. Includes hedges executed through September 30, 2023
Proactive AECO & Waha Risk Management
Successfully Managing ~100% transport to market secured
Gas Flow & Price Risk Minimal exposure to local market prices
2024 - 2025 Montney Price Exposures1 2024 Permian Price Exposures1
~65% ~55%
Physical Transport Outside AECO Physical Transport Outside Waha
AECO
Malin ~25% ~25%
Covered by AECO Basis Hedges WAHA Covered by Waha Basis Hedges

Chicago
NYMEX
(Hedges)
>90% >80%
Priced outside of AECO Priced outside of Waha
USGC
<10% NYMEX <20%
Exposed to AECO (Hedges) Exposed to Waha
Dawn

Montney Firm Transport (FT)2 Permian Firm Transport (FT)2

2024 – 2025+ 2024 – 2025+
Dawn 330 Houston Ship Channel 109
Sumas 21 Total FT 109
Malin 113
Chicago 245
Total FT 709
24
1) Expected percentages based on 3Q23 actuals.
2) BBtu/d for Montney and Permian. Montney FT values are calculated from AECO.
Canadian Royalty Sensitivity
Royalty Sensitivity1
Royalty Rates Vary Based on Commodity Prices 24 – 26%
US Basin Average (20 – 25%)
• OVV Reports “NRI” volumes after royalties across its US and Canadian assets
• Changes in royalty rates seen in changes to reported net production

Observed Montney Rates at or Below US Basins MAX

Effective
• US royalties are traditionally a “fixed” percentage Royalties

• Even in a “high” scenario Montney royalties screen in-line with US basins

Incentives Programs Exist to Lower Realized Royalties 13 – 15%

• Upfront & early life royalty incentives derived from development costs
• Additional royalty incentives from infrastructure and facility cost credits

6 – 8%

$55/ $2.75 $85 / $5.00 $135 / $9.00

WTI / Condensate $55 / $54 $70 / $69 $135 / $134
NYMEX / AECO $2.75 / $2.15 $5.00 / $4.00 $9.00 / $7.00

Note: Royalty calculations assume AECO benchmark prices of approximately 80% of NYMEX. Royalties reflect “Net Effective Royalties to OVV” after incentives 25
1) Total BOE Production
Track Record of Responsible Operations

50%
Scope 1&2 Achieved >30% Reduction Through YE22
GHG Intensity
Reduction Target Intensity Reduction1
(from ‘19 – ‘30)
Tied to Compensation For All Employees
>50% Methane Intensity
 Reduction2 (‘22 vs. ’19) Inclusion in ’23
Bloomberg Gender
 Achieved 33% Reduction
from ’19 Target Four Years Early  Replacing
High-Bleed Devices
Equality Index (GEI)
 Leading LDAR
Program  Real-time Emissions
Tracking

Aligned TCFD SASB 18yrs Top Quartile

with World Bank’s Zero Reporting Aligned with Task Utilizing Sustainability of Transparent Safety performance among
Routine Flaring Initiative3 Force on Climate-related Accounting Standards Sustainability Reporting peers4
(9-yrs ahead of WB’s 2030 Target) Financial Disclosure (TCFD) Board (SASB) guidance
Note: the data utilized in calculating reduction metrics is subject to certain reporting rules, regulatory reviews, definitions, calculation methodologies, adjustments and other factors. Such factors may change over time, which could
result in significant revisions to our reduction metrics, targets, goals, reported progress in achieving such targets or goals, or ability to achieve such targets or goals in the future.
1) Measured in Tons CO2e / MBOE.
2) Measured in Tons CH4 / MBOE. 26
3) Legacy operations fully aligned today; full alignment on acquired assets in progress
4) Based on AXPC membership.
Cost Savings Momentum Continues
Declining Legacy Costs Legacy Cost Profile ($ MM)
• Non-GAAP Cash FlowŦ tailwind Declining Legacy Rex Costs

• No execution risk, only subject to time $147 $147

• REX commitment declines ~$100 MM from FY23 – FY24,

commitment ends May ‘24

~$250 MM
Estimated Cumulative Legacy Cost Savings
$55

(’24 – ’25 vs. ’22 run-rate)

$0

2022 2023 2024 2025

Actual Forecast
Ŧ Non-GAAP measures defined in advisories. For additional information regarding non-GAAP measures see the Company’s website, www.ovintiv.com under Financial Documents Library 27