Investor Presentaiton

Ovintiv™ • 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

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