#12Q22 Results Conference Call Ovintiv™#2Ovintiv™ Highest Cash Flow & FCF in Over a Decade Increasing Shareholder Returns Returning 50% of Post-Base Dividend FCF Today Delivering Strong 2Q22 Results Maintaining Operational Excellence Across All Assets Reconfirming FY22 Capex Guidance Achieving Results Through Innovation & Efficiencies • • • ~$400 MM of shareholder returns in 3Q22¹ Cash Return Yield doubled to 13% in 3Q22¹ ⚫ $1,224 MM Cash Flow & $713 MM Free Cash FlowT 175 Mbbls/d oil & condensate, at high end of guidance 500 MBOE/d total production, at high end of guidance $511 MM capex, below low-end of guide $1,286 MM Adjusted EBITDA $1.7 - $1.8B FY22 capex guidance • Maintaining industry-leading capital efficiency Using innovation to navigate volatile market conditions + Non-GAAP measures defined in advisories. For additional information regarding non-GAAP measures see the Company's website. 1) Base dividends and share buybacks. Applicable market data as of July 26, 2022. 2#3Accelerating Cash Returns 3Q22 Returns Have Doubled and Poised to Double Again Quarterly Additional Shareholder Returns (Buyback or Var. Div.) $MM Quarterly Base Dividend (SMM) ~27% Cash Return Yield¹T ~7% Cash Return Yield¹T 50% Inflection (Actual) Executed ahead of schedule Program remains value focused ~13% Cash Return Yield¹T $325 $135 • • Continuing to execute buybacks $64 2Q22 $64 3Q22 Reduced Hedge Tailwind (illustrative) Reflects "Unhedged" FCF Profile Reduced hedge impact in 2023+ T Non-GAAP measures defined in advisories. For additional information regarding non-GAAP measures see the Company's website. 1) Cash Return Yields reflects annualized returns. 3Q22 Unhedged adds back $808 MM 2Q22 realized commodity hedge losses in 3Q22. Market data as of July 26, 2022. $729 $64 3Q22 Unhedged Ovintiv™ 3#4Ovintiv™ Balance Sheet Supports Higher Returns Proactive Absolute Debt Management Completed $1B redemption of '24 notes in June (~$55 MM annualized interest savings) ~$60 MM in opportunistic open market repurchases of additional notes in 1H22 Strengthening Leverage Profile 1.0x Net Debt to Adjusted EBITDA >$4B Adjusted EBITDA (trailing 12-month) Investment Grade rated from four agencies Long-Term Debt Profile ($MM) 10yrs Continued Net Debt Reduction ($B) $7.3 $3.0B Net Debt target to be achieved in '22¹ ✓ $3.0B is not a stopping point $5.2 $3.9 >$3B reduction vs. 2Q20 $850 $737 $688 Wtd Avg Maturity $462 $473 $300 $170 2027 2026 2025 2024 2023 2022 2041 2040 2039 2038 2037 2036 2035 2034 2033 2032 2031 2030 Continued Net Debt Reduction Unlocks >50% Cash Returns 2Q20 2Q21 2Q22 Go Forward in advisories. For additional information regarding non-GAAP measures see the Company's website. 2028 2029 T Non-GAAP measures defined 1) Assumes $100 WTI & $8.00 NYMEX in 3Q22-4Q22 4#5Higher Returns Through Capital Efficiency 12 10 '22 Capex ($MM)/ Total Production (Mboe/d)¹ 80 6 10% Better 27% Better 17% Better Ovintiv™ Efficiency edge regardless of calculation method: Oil & Condensate / 20:1 ratio / 6:1 ratio¹ ~$400 MM/yr more FCF³ than our peers (20:1 ratio) Higher ROIC & cash returns to shareholders 4 2 Peer Avg. Ovintiv Peer Avg. Ovintiv Peer Avg. Ovintiv Oil & Condensate (bbls) 20:1 Ratio (BOE) 6:1 Ratio (BOE) T Non-GAAP measures defined in advisories. For additional information regarding non-GAAP measures see the Company's website. Note: Public company data and FactSet consensus estimates as of July 26, 2022. ROIC reflects Return on Invested Capital. 1) "Oil & Condensate" includes oil for peers and Oil and Condensate for OVV, as OVV realizes condensate near parity to WTI. 20:1 Ratio reflects relative natural gas and oil prices. 6:1 Ratio reflects natural gas heat content. Peers Include: CLR,, CTRA, DVN, EOG, FANG, MRO, PXD. LO 5#6Ovintiv™ Leading Innovator on Key Drivers of ROIC 1st Innovations stack together to deliver differentiated performance Drilling & Completion Execution Simul-Frac⚫Wet Sand Drilling Speed Supply Chain Sophistication De-risked Procurement Unmatched Logistics Execution Effective Cube Development More NPV per Acre ⚫ Higher ROIC Permian Case Study - Real-Time Innovation Challenge: Sand Trucking Shortage In 1Q22 Solution: Step Change in Onsite Sand Inventory BY THE NUMBERS >1 Mile of Lateral Completed per Day per Location Truck Made Possible Through Stacked Innovation Every 4 Minutes 200,000 Bbl/d of Frac Water Pumped per Location Note: ROIC reflects Return on Invested Capital. 6 CO#7Innovation Setting the Pace Top tier completions efficiencies Permian Record completion performance: 5,462 ft/day Innovating to solve supply chain challenges Record sand pumped: 16.1 MMlbs/day +20% 2Q22 Performance 2Q22 Avg vs. 2021 Avg Anadarko Montney Continuing to achieve strong drilling results Record drilling performance: 2,834 ft/day Efficient simul-frac program Record water pumped: 205K Bbls/d +20% 2Q22 Performance 2Q22 Avg vs. 2021 Avg Stacked innovation setting drilling records Record drilling performance: 2,769 ft/day Continued LL extension driving efficiencies Record TIL average of >10.3K feet in FY22 is up ~9% YoY +7% 2Q22 performance 2Q22 Avg vs. 2021 Avg Ovintiv™ Completion Speed (ft/day) 5,462 2,826 3,379 2021 2Q22 Pacesetter Drilling Speed (ft/day) 2,834 2,129 1,760 2021 2Q22 Pacesetter Drilling Speed (ft/day) 2,769 1,812 1,933 2021 2Q22 Pacesetter Drilling & Completions Efficiencies Critical In Today's Inflationary Environment 7#8Continued Margin Expansion ~90% Of Higher Prices Preserved in Margin OVV Realizable Margin ($/BOE) $63 Ovintiv™ $52 $17 2Q22 unhedged $46 $15 $40 $15 Unhedged $33 $34 BOE Price $13 Total Costs T $/BOET $13 $13 Margin Expansion Multi-basin Price Advantage realized oil & condensate price (% WTI) 2Q22 unhedged realized natural gas price (% NYMEX) 99% Canada: 100% 95% Canada: 94% ~135% of AECO $47 $36 $31 $27 Realizable Margin¹ $20 $21 61% 62% 67% 68% 70% 74% Realizable Percent of Unhedged BOE Price 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 + Non-GAAP measures defined in advisories. For additional information regarding non-GAAP measures see the Company's website. 1) Realizable Margin represents unhedged BOE price less Total Costs. Realizable Margin plus Total Costs may not sum to Unhedged BOE price due to independent rounding.. 8#9Ovintiv™ Incremental Market Access for OVV Montney • • Acquired Incremental Transport to Chicago Direct flow, Montney plant outlets to Chicago on Alliance >10-year term beginning Nov 1, 2022 @ 245 BBtu/d Price diversification Supplements access to Dawn, Malin and Sumas Enhanced margins By accessing premium markets in the U.S. Midwest 2023 - 2025 Montney Price Management¹ ~80-85% Priced Outside AECO ~65% Physical transport to markets outside AECO 15-20% Covered by AECO basis hedges (NYMEX minus $1.00 to $1.10) Montney Natural Gas Price Points & Outlets 1) Reflects flat 2022 production and 2023-2025 firm transport and AECO basis hedges. Station 2 Montney Sumas AECO Added Capacity on Alliance to Chicago Malin Dawn Other OVV Firm Transport Chicago#10• • Highlighting Our World Class Montney In response to direct feedback from investors that they want to know more about our Montney Asset >$2B Upstream Operating Free Cash Flow¹¹ Strong Returns across Multiple Commodities OVV drills top Montney wells - either oil or gas >30 MMcf/d IP30 natural gas wells to >1,000 bbls/d IP30 oil and condensate wells OVV drilled 13 of the top 15 industry wells in the Montney Basin in the last 12 months2 #1 Capital Efficiency in the Play Driven by cross basin learnings & proven culture of innovation Scale & Development Runway >10 yrs premium oil & condensate & >20 yrs premium gas inventory T Non-GAAP measures defined in advisories. For additional information regarding non-GAAP measures see the Company's website. 1) FY22 Before hedges and corporate costs. WTI of $100 and NYMEX of $8.00 2) Enverus data 6 mos. cumulative BOE. 1-1 Ovintiv SEPT 19 2022 11 AM ET MARK YOUR CALENDAR Montney Webcast 10#11Ovintiv™ Delivering on our Strategy Returns Based Strategy Delivering Value to our Shareholders ☑ Industry-Leading Value Proposition Superior ROIC and return of cash to our shareholders Inflection to Higher Cash Returns Today ~$400 MM of shareholder returns in 3Q22¹ Rapid Net Debt Reduction $3.0 B Net Debt to be achieved in '222 Operational Excellence Leading capital efficiency Culture of Innovation D&C execution, supply chain sophistication, cube development Ovintiv™ T Non-GAAP measures defined in advisories. For additional information regarding non-GAAP measures see the Company's website. Note: ROIC reflects Return on Invested Capital 1) Cash returns include base dividends and share buybacks O $100 WTI and $8.00 NYMEX for 2H22. Top Tier Multi-Basin Portfolio >10-yrs premium inventory & multi-product commodity exposure 11#12Ovintiv™ Cautionary Statements For convenience, references in this presentation to "Ovintiv", 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, 2021 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. These measures have been provided for meaningful comparisons between current results and other periods and should not be viewed as a substitute for measures reported under U.S. GAAP. For additional information regarding non-GAAP measures, including reconciliations, see the Company's website and Ovintiv's most recent Annual Report on Form 10-K as filed on SEDAR and EDGAR. This presentation contains references to non-GAAP measures as follows: • • • • Non-GAAP Cash Flow, Non-GAAP Free Cash Flow and Non-GAAP Free Cash Flow Yield - Non-GAAP Cash Flow (or Cash Flow) is defined as cash from (used in) operating activities excluding net change in other assets and liabilities, net change in non-cash working capital and current tax on sale of assets. Non-GAAP Free Cash Flow (or Free Cash Flow) is Non-GAAP Cash Flow in excess of capital expenditures, excluding net acquisitions and divestitures. Non-GAAP Free Cash Flow Yield is annualized Non-GAAP Free Cash Flow compared to current market capitalization. Management believes these measures are useful to the company and its investors as a measure of operating and financial performance across periods and against other companies in the industry, and are an indication of the company's ability to generate cash to finance capital programs, to service debt and to meet other financial obligations. These measures may be used, along with other measures, in the calculation of certain performance targets for the company's management and employees. Due to the forward-looking nature of projected free cash flow used herein, management cannot reliably predict certain of the necessary components of the most directly comparable forward-looking GAAP measures, such as changes in operating assets and liabilities. Accordingly, Ovintiv is unable to present a quantitative reconciliation of such forward-looking non-GAAP financial measures to their most directly comparable forward-looking GAAP financial measures. Amounts excluded from this non-GAAP measure in future periods could be significant. Reinvestment Ratio is a non-GAAP measure which is calculated as the percentage of Non-GAAP Cash Flow allocated to capital expenditures. Upstream Operating Cash Flow, excluding Risk Management and Upstream Operating Free Cash Flow - Upstream Operating Cash Flow, excluding Risk Management is a measure that adjusts the USA and Canadian Operations revenues for production, mineral and other taxes, transportation and processing expense, operating expense and the impacts of realized risk management activities. It is calculated as total upstream operating income excluding upstream depreciation, depletion and amortization, and the impact of risk management activities. Upstream Operating Free Cash Flow is defined as Upstream Operating Cash Flow, excluding Risk Management, in excess of upstream capital investment, excluding net acquisitions and divestitures. Management monitors these measures as it reflects operating performance and measures the amount of cash generated from the Company's upstream operations. Total Costs is a non-GAAP measure which includes the summation of production, mineral and other taxes, upstream transportation and processing expense, upstream operating expense and administrative expense, excluding the impact of long-term incentive, restructuring and legal costs, and current expected credit losses. It is calculated as total operating expenses excluding non-upstream operating costs and non-cash items, which include operating expenses from the Market Optimization and Corporate and Other segments, depreciation, depletion and amortization, impairments, accretion of asset retirement obligation, long-term incentive, restructuring and legal costs, and current expected credit losses. When presented on a per BOE basis, Total Costs is divided by production volumes. Management believes this measure is useful to the company and its investors as a measure of operational efficiency across periods. Net Debt, Adjusted EBITDA and Net Debt to Adjusted EBITDA - Net Debt is defined as long-term debt, including the current portion, less cash and cash equivalents. Management uses this measure as a substitute for total long-term debt in certain internal debt metrics as a measure of the company's ability to service debt obligations and as an indicator of the company's overall financial strength. Adjusted EBITDA is defined as trailing 12-month net earnings (loss) before income taxes, DD&A, 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. Net Debt to Adjusted EBITDA is monitored by management as an indicator of the company's overall financial strength. 12#13Ovintiv™ 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 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 is 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, by their nature, involve numerous assumptions and 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: future commodity prices and basis differentials; future foreign exchange rates; the ability of the Company to access credit facilities and shelf prospectuses; 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; 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; 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, NGL and natural gas; availability of equipment, services, resources and personnel required to perform the Company's operating activities; 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 (such as the ongoing COVID-19 pandemic) on commodity prices and the Company's operations; our ability to secure adequate transportation and storage for oil, NGL and natural gas, as well as access to end markets or physical sales locations; interruptions to oil, 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, NGLS and natural gas production and the resulting impacts on oil, 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 1A. Risk Factors 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 periodic 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 in this presentation and all subsequent forward-looking statements attributable to the Company, whether written or oral, are expressly qualified by these cautionary statements. 13#14Ovintiv TM Ovintiv™ 14#15Appendix Ovintiv™#162022 Guidance (Adjusted for Dispositions) 2022 Guidance Details Ovintiv™ Oil & Condensate (Mbbls/d) NGLS C2-C4 (Mbbls/d) Natural Gas (MMcf/d) Capital ($ MM) Total Costs ($/BOE) 3Q22 178-183 80-84 1,440 - 1,500 $450 - $500 - $16.50 $17.00 $100 WTI & $8 NYMEX 2022 Capital Program Rigs Capital (SMM) Net TILS Permian 3 $650-$700 60-65 Anadarko 2 $350-$400 55-60 Montney 2-3 $300 $350 60-65 Bakken 2 $200-$250 25-30 4Q22 180-187 FY22 177-180 80-84 1,440-1,500 $300 $350 - $16.75 $17.25 @$100 WTI & $8 NYMEX 82-84 1,450 - 1,475 $1,700 $1,800 $16.35 $16.60 Corporate Items Market Optimization (Cash Flow³) Corporate G&A (Excluding LTI) Less Sublease Revenue Corp. G&A Less Sublease Rev. Interest Expense on Debt Consolidated DD&A Quarterly Run Rate $30 - $35 MM $64 $68 MM ~$18 MM $46 $50 MM ~$60 MM ~$6/BOE T Non-GAAP measures defined in advisories. For additional information regarding non-GAAP measures see the Company's website. 16#172022 Financial & Operational Detail Total Costs ($/BOE)¹ $16.71 $15.75 $16.25 Flat $16.50 $17.00 +$0.25 $16.75 $17.25 Upstream T&P PMOT Upstream OPEX G&A 2Q22 vs. Original Guide 3Q22 vs. 2Q22 • Higher NYMEX • Higher WTI Higher NYMEX ⚫ Lower WTI 4Q22 vs. 3Q22 Incremental transport (starting Nov 1) Lower F/X 2Q22-4Q22 @$100/$6 2Q22 Actual @$108/$7.17 (Guidance Released in 1Q22) Total Costs Sensitivities ⚫2Q22 dispositions 3Q22 @$100/$8 4Q22 @$100/$8 Cash Flow Sensitivities² FY22 F/X Rate ~0.80 Sensitivity +/- 0.01 CAD/USD $/BOE Change 3Q22-4Q22 Unhedged $0.10 Oil: +$5 $180 MM (CAD/USD) WTI ~$100 +/- $10/Bbl $0.25 Natural Gas: +$0.25 $65 MM ($/Bbl) NYMEX ~$8.00 +/- $0.25/MMBtu $0.10 ($/MMBtu) * Non-GAAP measures defined in advisories. For additional information regarding non-GAAP measures see the Company's website. Note: Total Costs include BOW lease in G&A, before sublease revenues. Total Costs upstream Opex excludes LTI and G&A excludes LTI and restructuring costs. 1) Prices are representative of WTI / NYMEX pricing. 2) Oil sensitivity includes Cash Flow impact to all liquids production. Ovintiv™ 17#18Benchmark Hedge Positions Hedge Positions (as of June 30, 2022) Oil and Condensate WTI 3-Way Options Volume Mbbls/d Call Strike $/bbl WTI Swaps Put Strike $/bbl Sold Put Strike $/bbl Volume Mbbls/d Price $/bbl 3Q22 4Q22 1Q23 2Q23 3Q23 75 75 40 40 20 $70.79 $70.79 $114.74 $112.95 $126.15 $60.82 $60.82 $65.00 $65.00 $67.50 $49.33 $49.33 $50.00 $50.00 $50.00 5 0 0 5 $60.16 $60.16 0 Realized Hedge Gains / (Losses) ($ MM)¹ WTI Oil 2023 $40 3Q22-4Q22 $177 $141 $0 $0 $50 $60 $70 $80 $90 $100 $110 $120 $149 $21 ($27) ($145) ($293) ($440) ($587) ($734) $141 $50 $0 $0 ($29) ($84) NYMEX Gas $3.00 3Q22-4Q22 2023 $43 $4.00 $5.00 $6.00 $7.00 $8.00 $9.00 $10.00 ($70) ($310) ($552) ($793) ($1,035) ($1,276) ($1,518) ($1,759) ($1) ($21) ($50) ($84) ($124) ($172) ($225) 1) Sensitivities do not include impact of other hedge contract positions. Includes hedges executed through June 30, 2022. Ovintiv™ Natural Gas NYMEX 3-Way Options NYMEX Swaps NYMEX Costless Collars NYMEX Call Options Volume MMcf/d Call Strike $/mcf Put Strike $/mcf Sold Put Strike $/mcf Volume MMcf/d Price $/mcf Volume MMcf/d Call Strike $/mcf Put Strike $/mcf Volume MMcf/d 330 3Q22 4Q22 1Q23 2Q23 3Q23 425 410 400 400 190 $3.03 $3.01 $10.46 $4.86 $8.41 $2.76 $2.75 $3.88 $3.13 $3.39 $2.00 $2.00 $2.75 365 365 0 $2.60 $2.60 200 200 $2.85 $2.85 $2.55 $2.55 330 $2.25 $2.25 0 0 0 0 0 0 0 0 Sold Call Strike $/mcf $2.38 $2.38 Maintaining upside exposure • Utilizing 3-way options in 2023 No C2-C4 hedges OVV also manages other key market basis differential risks for natural gas, oil and condensate No collateral posting requirements 18#19Ovintiv™ Track Record of Environmental Leadership Scope 1&2 GHG Intensity Reduction Target ΣΣ 50% Intensity Reduction¹ (from '19 - '30) Achieved 24% Reduction Through '21; Gross Annual Reduction of >2 MM Metric Tons of CO₂e Tied to Compensation For All Employees >50% Methane Intensity Reduction² in '21 vs. '19 Leading LDAR Program Venting & Flaring (<0.4% FY21 & YTD22) Replacing High-Bleed Devices Real-time Emissions Tracking 2022 Sustainability Report Out Fully Aligned with World Bank's Zero Routine Flaring Initiative TCFD Reporting Aligned with Task Force on Climate-related (9-yrs ahead of WB's 2030 Target) Financial Disclosure (TCFD) 1) Measured in Tons CO₂e / MBOE. 2) Measured in Tons CH4/MBOE. SASB Utilizing Sustainability Accounting Standards Board (SASB) guidance 18yrs of Transparent Sustainability Reporting 8th Consecutive Safest Year in '21 19#20Ovintiv™ Return Framework Focused on Value Creation Free Cash Flow After Base Dividend Incremental Shareholder Returns in action TODAY Based on prior quarter FCFT Framework Underpinned by Reinvestment Ratio Shareholder Returns Previous Started July 1 | Share Buybacks 25% 50% At least Balance Sheet 75% 50% Up to Variable Dividend | Debt Paydown Small low-cost property bolt-ons (Up to $300 MM/yr) Reinvestment Ratio <75% Drives Free Cash Flow through-cycle ☑ No expensive/dilutive M&A ☑ >10-years premium inventory maintained T Non-GAAP measures defined in advisories. For additional information regarding non-GAAP measures see the Company's website. 20 20#21Ovintiv Continued Delivery on Cash Return Framework Cash Return Framework ($ MM) 2Q22 Results $1,224 ($511) $713 ($64) $649 Cash FlowT Capex Free Cash FlowT 2Q22 Base Dividend Available Capital Allocation Framework $325 $325 "New" 50% Balance Sheet Allocation 50% 3Q22 Share Buybacks ~$389 Total Shareholder Return in 3Q22 $325 Buybacks + $64 Base Dividend In action TODAY! (Returns Since Framework Announced) ~$900 MM Base Dividend & Buybacks through 3Q22 7.6 MM Shares Repurchased through 2Q22 T Non-GAAP measures defined in advisories. For additional information regarding non-GAAP measures see the Company's website. Note: Future dividends are subject to Board approval. 1) Framework announced September 9, 2021. Cash returns includes base dividend in September 2021 and base dividend and share buybacks in 4Q21, 1Q22, 2Q22 and 3Q22. Shares repurchased reflects data through June 30, 2022. 21#22Ovintiv™ Successfully Maximizing Gas Realizations Permian Natural Gas Landscape Permian Firm Transport (FT)¹ Bal 22 2023 2024 Montney Natural Gas Landscape Montney Firm Transport (FT)¹ Bal 22 2023 2024 Permian Firm Transport USGC 147 109 109 Total FT 147 109 109 U.S. Gulf Coast (USGC) FT Extends Beyond 2024 ~100% Takeaway Capacity ~80% Physical Transport to Markets outside of Waha² 2Q22 Permian unhedged gas realizations: 91% of NYMEX 1) BBtu/d. Montney FT values are calculated from AECO. 2) Based on 2022 volumes and 2023 Firm Transport Montney More Capacity Added during 2Q22, begins Nov 1, 22 Sumas & Malin Dawn & Chicago Dawn 330 330 330 Sumas 21 21 21 Malin 113 113 113 Chicago 128 245 245 Total FT 592 709 709 FT Extends Beyond 2024 ~100% Takeaway Capacity ~65% Physical Transport to Markets outside of AECO² 2Q22 Montney unhedged gas realizations: 94% of NYMEX & ~135% of AECO 22 22#23High Quality Balanced Multi-Basin Portfolio • Deep Premium Inventory¹ >10 years Oil & Condensate 20 years Natural Gas Opportunities across the portfolio Premium Portfolio • Each asset generates substantial FCFT2 Provides risk mitigation against single basin headwinds Multi-Basin Advantage Cross-basin learnings reinforce innovative culture Operational best practices distributed across the portfolio ✓ Multi-Product Commodity Exposure Balanced production across oil & condensate and gas Maximized price realizations through market diversification 2Q22 Production Montney 198 MBOE/d Bakken 28 MBOE/d Uinta 23 MBOE/d Anadarko 128 MBOE/d Permian 116 MBOE/d Ovintiv™ I Non-GAAP measures defined in advisories. For additional information regarding non-GAAP measures see the Company's website. 1) Premium defined as 35% after-tax return at $55 WTI and $2.75 NYMEX 2) Assumes $100 WTI & $8 NYMEX 23 23#242Q22 Net DebtⓇ Bridge $ Million $4,504 Ovintiv™ ($713) $34 $3,894 $199 $3 ($133) 1Q22 FCFT Net Debt T Τ Working Capital Change Shareholder Returns A&D Other 2Q22 Net Debt T * Non-GAAP measures defined in advisories. For additional information regarding non-GAAP measures see the Company's website. 24 24#25Ovintiv™ • Cost Savings Momentum Continues Declining Legacy Costs boost cash flow No execution risk, only subject to time Legacy Cost Profile Accelerates Debt Reduction Declining Legacy Costs ($ MM) • ~$600 MM of cumulative savings in '22 - '25 vs. '21 run-rate Legacy Cost profile • Panuke expenditures fully wound down ~$600 MM Cumulative Legacy Cost Savings ('22-25 vs. '21 run-rate) $235 Panuke Lease Other REX ~$600 MM of cumulative cost savings '22 '25 vs. '21 Run-Rate $147 $147 $55 $0 2021 2022 2023 2024 2025 Actual Forecast 25 45