Investor Presentaiton

2022 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

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