Investor Presentaiton

Ovintiv™ 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

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