Investor Presentaiton

Accelerating 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

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