Investor Presentaiton

Benchmark 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

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