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• The ExxonMobil or Chevron of pure oil and natural gas exploration and production.
• Essentially, the oil and gas drilling arm of a major like Shell or BP, operating independently.

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• Crude Oil: A naturally occurring fossil fuel, extracted from the earth and refined into various petroleum products.
• Natural Gas: A fossil fuel composed primarily of methane, extracted and used for heating, electricity generation, and industrial purposes.
• Natural Gas Liquids (NGLs): A group of hydrocarbons, including ethane, propane, butane, and natural gasoline, which are separated from natural gas and sold for various uses.

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Ovintiv (OVV) is an independent energy producer that sells its crude oil, natural gas, and natural gas liquids (NGLs) primarily to other companies in the energy sector.

Based on their public financial filings, Ovintiv does not publicly disclose the specific names of its major customers. This is a common practice in the upstream oil and gas industry, where commodities are often sold to a diverse group of buyers and through various market channels.

However, Ovintiv's 2023 annual report (10-K filing) indicates that their top three purchasers collectively accounted for approximately 25% of their total revenue in 2023. While specific names are not provided, these customers typically fall into the following categories:

• Marketers and Trading Firms: Companies that buy crude oil, natural gas, and NGLs from producers and sell them to end-users or other intermediaries in various markets.
• Gatherers and Processors: Midstream companies that collect raw production, separate the components (e.g., natural gas from NGLs), and process them into marketable products.
• Refiners: Companies that purchase crude oil to process it into refined petroleum products such as gasoline, diesel, and jet fuel.

Due to the fungible nature of their products and the competitive market, Ovintiv states that they believe alternative purchasers are generally available, even with some concentration in a given market at a given time.

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Brendan McCracken President & Chief Executive Officer

Brendan McCracken has served as President & Chief Executive Officer of Ovintiv since 2021, bringing over 25 years of industry experience. He has held various senior leadership positions at Ovintiv and its predecessor company, Encana, where he began as a summer student in 1997. He was part of a strategy team that significantly increased Encana's value.

Corey Code Executive Vice President & Chief Financial Officer

Corey Code is the Executive Vice President and Chief Financial Officer, and has been with Ovintiv and its predecessor company for over 25 years, having joined in 1999. He has held numerous leadership roles within the company, including vice president of investor relations and strategy, and treasurer and vice president, portfolio management.

Meghan Eilers Executive Vice President, Midstream & Marketing & General Counsel

Meghan Eilers joined Ovintiv in 2019 through the Newfield merger, where she previously served as Newfield's Associate General Counsel.

Greg Givens Executive Vice President & Chief Operating Officer

Greg Givens was a founding officer of EP Energy, where he served as vice president of the Eagle Ford division. He began his career at Sonat Exploration, which later merged with El Paso Production Company.

Rachel Moore Executive Vice-President, Corporate Services

Rachel Moore joined Ovintiv in 2015. Prior to this, she held senior leadership positions at other companies, including executive vice president, human resources, at Savanna Energy Services Corporation, and vice president, human resources, at Enerflex Systems Ltd.

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The key risks to Ovintiv's (OVV) business are primarily rooted in commodity price volatility, the company's debt and liquidity, and operational execution challenges.

1. Commodity Price Volatility: Ovintiv's financial performance is substantially dependent on the fluctuating prices of oil, natural gas liquids (NGLs), and natural gas. These prices are influenced by global supply and demand dynamics, geopolitical events, and trade policies. A significant or prolonged decline in these commodity prices or an increase in price differentials could materially and adversely affect Ovintiv's business, financial condition, and results of operations.
2. Debt and Liquidity: The company faces risks related to its ability to meet and service its debt obligations, which are reliant on future operational performance. As of September 30, 2025, Ovintiv's net debt was approximately $5.187 billion, indicating that the balance sheet remains a significant risk. Additionally, uncertainties within capital markets for exploration and production companies could pose liquidity challenges for Ovintiv.
3. Operational and Execution Risks: Ovintiv's operations are subject to inherent risks, including unforeseen interruptions, substantial costs, and potential liabilities arising from oil and natural gas exploration and production activities. These operational hazards extend to the drilling and completion of wells, as well as the production, transportation, marketing, and sale of its commodities. Specific execution risks include those associated with the integration of acquired assets, such as the Montney integration, and challenges like declining Permian production or reductions in well productivity. The availability of essential equipment, services, resources, and personnel also presents an ongoing risk to the company's operating activities.

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The accelerating global energy transition poses a clear emerging threat. This transition is driven by the rapid decline in costs and improvements in efficiency of renewable energy technologies, particularly solar and wind, coupled with significant advancements in energy storage solutions. These factors are making renewables increasingly competitive and scalable for electricity generation, directly impacting the demand for natural gas, a key product for Ovintiv. Concurrently, the accelerating adoption of electric vehicles (EVs) globally threatens the long-term demand for crude oil by displacing internal combustion engine vehicles in the transportation sector. This rapid shift in the energy landscape, fueled by technological disruption, challenges the core business model of fossil fuel producers like Ovintiv by eroding demand for their primary products.

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• Increased Production Volumes, particularly Oil and Condensate: Ovintiv has consistently focused on increasing its overall production, with a notable emphasis on oil and condensate. The company has revised its full-year production outlook, projecting an increase in output. Ovintiv's forward guidance includes a 2026 pro forma production target of approximately 620,000 barrels of oil equivalent per day, with oil and condensate production expected to reach 206,000 barrels per day. The company anticipates over 5% growth in Montney oil and condensate production over the next five years.
• Strategic Acquisition of NuVista Energy: The recent acquisition of NuVista Energy is a significant driver for future growth. This acquisition enhances Ovintiv's Montney oil window operations and is expected to add approximately 140,000 net acres and around 100 thousand barrels of oil equivalent per day (MBOE/d) in the core of the oil-rich Alberta Montney. This strategic move provides Ovintiv with the operational scale to potentially grow its Canadian volumes by approximately 5% compound annual growth rate over the next 2-3 years.
• Enhanced Capital Efficiency and Operational Advancements: Ovintiv has demonstrated a commitment to capital discipline and operational efficiency. The company's focus on capital-efficient development has led to higher netbacks from its Montney oil assets, contributing to increased production and significant free cash flow generation. Ovintiv has also lowered its full-year capital expenditure guidance while simultaneously raising its production estimates, reflecting efficiency savings and strong operational execution.
• Favorable Commodity Prices and Diversified Market Access: While facing some price pressures in certain natural gas regions, Ovintiv has benefited from higher average realized natural gas prices in recent periods. Analysts anticipate a potential for a considerable increase in natural gas prices over the next two years. Furthermore, the NuVista acquisition includes downstream firm transportation agreements and hedging arrangements, which are expected to lower Ovintiv's exposure to volatile local natural gas markets, thereby diversifying its market access and potentially stabilizing revenues.

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Share Repurchases

• Ovintiv authorized a new share buyback program in September 2025, allowing for the repurchase of up to 22,287,709 common shares (10% of its public float) between October 3, 2025, and October 2, 2026.
• Under the previous program (October 2024 to October 2025), Ovintiv purchased 7,836,011 common shares at a weighted average price of US$38.80 per share. In 2024, the company repurchased approximately 12.7 million shares for $597 million.
• The company's capital allocation framework commits to returning at least 50% of post-base dividend Non-GAAP Free Cash Flow to shareholders through buybacks and/or variable dividends. Ovintiv temporarily paused its share buyback program for two quarters in late 2025 to help fund the NuVista acquisition.

Share Issuance

• In November 2025, as part of the acquisition of NuVista Energy Ltd. for approximately $2.7 billion, Ovintiv plans to issue a maximum of 29,977,258 shares of common stock, representing 50% of the total consideration.
• Ovintiv's shares outstanding increased by 1.33% from 2023 to 2024, reaching 0.267 billion, and by 2.13% from 2022 to 2023, totaling 0.264 billion.

Outbound Investments

• Ovintiv agreed to acquire NuVista Energy Ltd. in November 2025 for approximately $2.7 billion (C$3.8 billion) in a cash and stock transaction, significantly expanding its oil-weighted position in the Alberta Montney region by adding 140,000 net acres and 100 thousand barrels of oil equivalent per day (MBOE/d) of production.
• In June 2023, Ovintiv acquired core Midland Basin assets for $4.275 billion through a cash and stock transaction, adding approximately 1,050 net 10,000-foot well locations and 65,000 net acres.
• Ovintiv completed the acquisition of approximately 109,000 net acres of Alberta Montney assets and 70 MBOE/d of production, which was expected to close before the end of Q1 2025.

Capital Expenditures

• Ovintiv's full-year capital investment for 2025 is expected to be between $2.125 billion and $2.175 billion, maintaining its guidance despite increased production expectations. The company plans to focus these investments on high-margin oil and condensate production, primarily in the Permian, Montney, and Anadarko regions.
• In 2024, Ovintiv's full-year capital investment was $2.303 billion, consistent with its guidance range.
• For 2023, the full-year capital investment guidance was revised upwards to $2.680 billion to $2.980 billion, reflecting the early close of the Midland Basin acquisition.