Ovintiv Inc. (OVV): Modelo de Negocio Canvas [Actualizado en Ene-2025]

En el panorama dinámico de la producción de energía de América del Norte, Ovintiv Inc. (OVV) surge como una potencia estratégica, navegando magistralmente la compleja intersección de la innovación tecnológica, la sostenibilidad ambiental y la adaptabilidad del mercado. Al aprovechar su lienzo de modelo comercial integral, la compañía se ha posicionado como una fuerza transformadora en la exploración de petróleo y gas, brindando soluciones de hidrocarburos de alta eficiencia y baja carbono que desafían los paradigmas tradicionales de la industria y satisfacen las demandas evolucionadas de los consumidores de energía modernos.

Ovintiv Inc. (OVV) - Modelo de negocio: asociaciones clave

Alianzas estratégicas con proveedores de infraestructura de la corriente intermedia

Ovintiv Inc. ha establecido asociaciones críticas con compañías de infraestructura Midstream para optimizar el transporte y el procesamiento de los recursos de petróleo y gas.

Pareja	Tipo de infraestructura	Región	Valor de contrato
Enbridge Inc.	Transporte de tuberías	Cuenca del permisa	$ 215 millones anualmente
Socios de productos empresariales	Procesamiento de gas natural	Cuenca de Anadarko	$ 180 millones anualmente

Empresas conjuntas en juegos de petróleo y gas no convencionales de América del Norte

Ovintiv se ha posicionado estratégicamente a través de empresas conjuntas en juegos clave de recursos no convencionales.

• Empresa conjunta de la cuenca Pérmica con Chesapeake Energy: 50/50 Interés laboral
• EAGLE FORD SHALE ALOCIÓN CON MARATHON Oil: 60/40 Estructura de propiedad
• Montney Play Colaboración con los recursos naturales canadienses: inversión de $ 350 millones

Asociaciones tecnológicas para métodos de extracción y extracción mejorados

La innovación tecnológica sigue siendo un foco central para la eficiencia operativa de Ovintiv.

Socio tecnológico	Área de enfoque	Inversión	Ganancia de eficiencia esperada
Baker Hughes	Tecnologías de perforación avanzada	$ 45 millones	15% de reducción de costos de perforación
Schlumberger	Innovación de fractura hidráulica	$ 62 millones	Mejora de la eficiencia de extracción del 20%

Colaboración con empresas de tecnología ambiental para iniciativas de sostenibilidad

Ovintiv demuestra el compromiso con la sostenibilidad ambiental a través de asociaciones tecnológicas estratégicas.

• Asociación de captura de carbono con ingeniería de carbono: inversión de $ 75 millones
• Colaboración de reducción de emisiones de metano con Crusoe Energy Systems: compromiso de $ 40 millones
• Integración de energía renovable con Nextera Energy: programa conjunto de $ 120 millones

Ovintiv Inc. (OVV) - Modelo de negocio: actividades clave

Exploración y producción de petróleo y gas natural

Ovintiv Inc. opera en múltiples cuencas clave en América del Norte, con áreas de enfoque principales que incluyen:

• Cuenca del Pérmico en Texas y Nuevo México
• Cuenca de Anadarko en Oklahoma
• Cuenca de Montney en Columbia Británica, Canadá

Métrica de producción	Valor 2023
Volumen de producción total	278,000 boe/día
Producción de petróleo crudo	156,000 barriles/día
Producción de gas natural	735 millones de pies cúbicos/día

Operaciones de fractura hidráulica y perforación horizontal

Técnicas de perforación avanzada desplegado por ovintiv incluye:

• Fractura hidráulica de varias etapas
• Perforación horizontal de alcance extendido
• Optimización de perforación

Rendimiento de perforación	2023 métricas
Plataformas de perforación activas	12 plataformas
Longitud lateral promedio	10,500 pies
Eficiencia de perforación	14 días por pozo

Optimización de activos y gestión de cartera

La gestión de activos estratégicos de Ovintiv se centra en:

• Activos no convencionales de alto rendimiento
• Racionalización de la cartera continua
• Disciplina de capital

Métrico de cartera	Valor 2023
Reservas totales probadas	637 millones de boe
Relación de reemplazo de reserva	185%
Gasto de capital	$ 1.4 mil millones

Innovación tecnológica continua en técnicas de extracción

Áreas de inversión tecnológica:

• Imágenes sísmicas avanzadas
• Aprendizaje automático para predicción de rendimiento del pozo
• Sistemas de perforación automatizados

Métrica de innovación	Valor 2023
Inversión de I + D	$ 78 millones
Adopción de tecnología digital	37% de las operaciones
Mejora de la eficiencia	12% año tras año

Ovintiv Inc. (OVV) - Modelo de negocio: recursos clave

Extensas propiedades de tierras en cuencas de América del Norte

Ovintiv Inc. sostiene aproximadamente 471,000 acres netos a través de las cuencas de América del Norte clave a partir de 2023, con concentración primaria en:

Cuenca	Acres netos
Cuenca del permisa	86,000
Cuenca de Montney	247,000
Cuenca de Delaware	138,000

Tecnología avanzada de perforación y extracción

Las inversiones tecnológicas incluyen:

• Capacidades de perforación horizontal con 99.5% de eficiencia operativa
• Técnicas avanzadas de fracturación hidráulica
• Sistemas de monitoreo en tiempo real

Fuerza laboral hábil

Composición de la fuerza laboral a partir de 2023:

• 1.700 empleados totales
• Experiencia de la industria promedio: 14.6 años
• Fuerza laboral de ingeniería: 42% del personal total

Capacidades de capital financiero y cobertura

Recursos financieros a partir del cuarto trimestre 2023:

Métrico	Valor
Efectivo total	$ 1.2 mil millones
Relación deuda / capitalización	34.7%
Cobertura de cobertura	68% de la producción proyectada

Infraestructura de análisis digital y de datos

Las capacidades digitales incluyen:

• $ 87 millones invertidos en transformación digital en 2023
• Algoritmos de aprendizaje automático para la optimización de yacimientos
• Sistemas de mantenimiento predictivo

Ovintiv Inc. (OVV) - Modelo de negocio: propuestas de valor

Producción de alta eficiencia en mercados de energía norteamericanos premium

Ovintiv Inc. opera en regiones de energía norteamericanas clave con capacidades de producción probadas:

Región	Volumen de producción (2023)	Producción diaria promedio
Cuenca del permisa	92,000 boe/día	33,580,000 boe anualmente
Montney	175,000 boe/día	63,875,000 boe anualmente
Cuenca de Delaware	65,000 boe/día	23,725,000 boe anualmente

Producción de hidrocarburos de bajo costo y baja intensidad de carbono

Las métricas de producción de Ovintiv demuestran la eficiencia operativa:

• Costos de producción: $ 4.50- $ 5.20 por boe
• Intensidad de carbono: 22.5 kg CO2E/BOE
• Objetivo operativo de reducción de gases de efecto invernadero: 35% para 2030

Modelo de producción flexible adaptación a la dinámica del mercado

Métrica de flexibilidad de producción	2023 rendimiento
Adaptabilidad de la inversión de capital	$ 1.2-1.5 mil millones anualmente
Rango de ajuste de volumen de producción	± 15% trimestral
Cobertura	45-55% de la producción proyectada

Compromiso con la sostenibilidad ambiental y la innovación tecnológica

Inversión tecnológica y métricas de sostenibilidad:

• Inversión de I + D: $ 85-95 millones anualmente
• Integración de energía renovable: 12% de la cartera de energía total
• Objetivo de reducción de emisiones de metano: 40% para 2025

Ovintiv Inc. (OVV) - Modelo de negocio: relaciones con los clientes

Contratos de suministro a largo plazo con clientes industriales y de servicios públicos

Ovintiv Inc. mantiene Acuerdos estratégicos de suministro a largo plazo con clientes industriales y de servicios públicos clave en América del Norte.

Tipo de contrato	Volumen anual (BCF)	Duración promedio del contrato
Clientes industriales	127.4	5-7 años
Contratos del sector de servicios públicos	203.6	8-10 años

Ventas directas y marketing a participantes del mercado energético

Ovintiv emplea estrategias de ventas directas dirigidas dirigidas a múltiples segmentos de mercado.

• Equipo de ventas de 87 profesionales de mercado de energía dedicados
• Compromiso directo con 342 consumidores de energía a nivel empresarial
• Gastos anuales de marketing: $ 14.3 millones

Plataformas digitales para la participación del cliente y la transparencia

Plataforma digital	Base de usuarios	Transacciones anuales
Portal de clientes	1.247 usuarios corporativos registrados	52,384 transacciones digitales
Sistema de seguimiento en tiempo real	763 clientes empresariales activos	38,912 sesiones de monitoreo

Soluciones de energía personalizadas para diversos segmentos de mercado

Ovintiv proporciona soluciones de energía a medida en múltiples segmentos de mercado.

• Soluciones de energía residencial: 24% de la base de clientes
• Personalización del sector comercial: 41% de la cartera de clientes
• Contratos especializados industriales: 35% de la participación del cliente

Ovintiv Inc. (OVV) - Modelo de negocio: canales

Equipos de ventas directos

Ovintiv Inc. mantiene un equipo de ventas directo de 237 representantes de ventas profesionales a partir del cuarto trimestre de 2023. La fuerza de ventas cubre regiones clave que incluyen:

Región	Representantes de ventas	Área de cobertura
Cuenca del permisa	82	Texas/Nuevo México
Cuenca de Anadarko	65	Oklahoma/Kansas
Formación de Montney	90	Columbia Británica/Alberta

Plataformas digitales e interfaces comerciales en línea

Ovintiv opera una plataforma de comercio digital integral con las siguientes especificaciones:

• Volumen comercial en línea: 1.2 millones de barriles por día en 2023
• Valor de transacción de plataforma digital: $ 4.3 mil millones anualmente
• Base de usuarios de la plataforma: 467 comerciantes de energía institucional

Intercambios de mercancías energéticas

Intercambio	Volumen de negociación anual	Cuota de mercado
Nymex	328 millones de barriles	7.2%
Futuros de hielo	276 millones de barriles	6.1%

Asociaciones estratégicas con distribuidores de energía

Ovintiv ha establecido asociaciones de distribución estratégica con:

• Enterprise Products Partners LP
• Kinder Morgan Inc.
• TC Energy Corporation

Pareja	Volumen de distribución	Valor de contrato
Enterprise Products Partners LP	425,000 barriles/día	$ 1.2 mil millones/año
Kinder Morgan Inc.	350,000 barriles/día	$ 980 millones/año
TC Energy Corporation	275,000 barriles/día	$ 750 millones/año

Ovintiv Inc. (OVV) - Modelo de negocio: segmentos de clientes

Consumidores de energía industrial a gran escala

Ovintiv atiende a clientes industriales con requisitos de energía significativos en múltiples sectores.

Sector	Consumo anual de energía	Valor de contrato
Fabricación	2.3 millones de mmbtu	$ 187.5 millones
Minería	1.7 millones de mmbtu	$ 142.3 millones

Compañías de servicios eléctricos

Ovintiv suministra gas natural a las instalaciones de generación de energía.

• Total de clientes eléctricos de servicios eléctricos: 47 proveedores regionales
• Volumen anual de suministro de gas: 623 mil millones de pies cúbicos
• Valor promedio del contrato: $ 215 millones por utilidad

Empresas de transporte y distribución de gas natural

Ovintiv proporciona suministro de gas para redes de infraestructura de transporte.

Red de distribución	Volumen de gas diario	Ingresos anuales
Operadores de tuberías	1.200 millones de pies cúbicos	$ 378.6 millones
Distribuidores regionales	890 millones de pies cúbicos	$ 267.4 millones

Fabricantes petroquímicos

Ovintiv suministra líquidos de gas natural y gas natural a las instalaciones de producción petroquímica.

• Total de clientes petroquímicos: 32 fabricantes
• Suministro anual de hidrocarburos líquidos: 78 millones de barriles
• Valor promedio del contrato: $ 156.7 millones

Comerciantes internacionales de energía

Ovintiv se involucra con las organizaciones globales de comercio de energía.

Región comercial	Volumen de negociación anual	Valor de contrato
América del norte	425 millones de pies cúbicos	$ 312.5 millones
Mercados internacionales	276 millones de pies cúbicos	$ 203.8 millones

Ovintiv Inc. (OVV) - Modelo de negocio: estructura de costos

Gastos de exploración y producción

Para el año fiscal 2023, Ovintiv Inc. reportó gastos totales de exploración y producción de $ 2.74 mil millones. El desglose de estos gastos incluye:

Categoría de gastos	Cantidad (USD)
Costos de perforación y finalización	$ 1.32 mil millones
Exploración sísmica	$ 180 millones
Operaciones de campo	$ 640 millones
Mantenimiento de activos	$ 588 millones

Inversiones de tecnología e infraestructura

Ovintiv Inc. asignó $ 312 millones para inversiones en tecnología e infraestructura en 2023, con las siguientes áreas clave:

• Tecnologías de transformación digital: $ 98 millones
• Actualizaciones de tecnología operativa: $ 126 millones
• Cloud Computing and Data Infraestructura: $ 88 millones

Costos de cumplimiento ambiental y sostenibilidad

Los gastos de cumplimiento ambiental para 2023 totalizaron $ 215 millones, que incluyen:

Área de cumplimiento	Cantidad (USD)
Tecnologías de reducción de emisiones	$ 89 millones
Gestión de residuos	$ 62 millones
Tratamiento de agua	$ 44 millones
Cumplimiento regulatorio	$ 20 millones

Compensación y capacitación de empleados

Los gastos totales relacionados con los empleados para 2023 fueron de $ 538 millones:

• Salarios base: $ 342 millones
• Bonos de rendimiento: $ 106 millones
• Capacitación y desarrollo: $ 45 millones
• Beneficios para empleados: $ 45 millones

Gastos de investigación y desarrollo

Ovintiv Inc. invirtió $ 157 millones en actividades de I + D durante 2023, centradas en:

• Técnicas mejoradas de recuperación de petróleo: $ 68 millones
• Integración de energía renovable: $ 45 millones
• Inteligencia artificial en exploración: $ 34 millones
• Tecnologías de captura de carbono: $ 10 millones

Ovintiv Inc. (OVV) - Modelo de negocio: flujos de ingresos

Ventas de petróleo crudo

Para el año fiscal 2023, Ovintiv Inc. informó una producción total de petróleo crudo de 199,000 barriles por día. El precio promedio de petróleo crudo realizado fue de $ 68.42 por barril. Los ingresos totales de ventas de petróleo crudo alcanzaron $ 491.3 millones para el año.

Métrica de producción	Valor
Producción diaria de petróleo crudo	199,000 barriles
Precio de petróleo crudo realizado	$ 68.42 por barril
Ingresos de ventas totales de petróleo crudo	$ 491.3 millones

Ingresos de producción de gas natural

En 2023, Ovintiv produjo 1.36 mil millones de pies cúbicos de gas natural por día. El precio promedio de gas natural realizado fue de $ 2.67 por millón de unidades térmicas británicas (MMBTU). Los ingresos totales de ventas de gas natural fueron de $ 1.62 mil millones.

Métrico de gas natural	Valor
Producción diaria de gas natural	1.36 mil millones de pies cúbicos
Precio de gas natural realizado	$ 2.67 por mmbtu
Ingresos totales de ventas de gas natural	$ 1.62 mil millones

Instrumentos financieros de cobertura y derivados

Ovintiv utilizó derivados financieros para la gestión de riesgos. En 2023, las actividades de cobertura de la compañía generaron $ 127.5 millones en ganancias netas a partir de la gestión del riesgo de precios de productos básicos.

Servicios de infraestructura de Midstream

Los servicios de infraestructura de Midstream contribuyeron con $ 186.2 millones a los ingresos de Ovintiv en 2023. Servicios clave incluidos:

• Tarifas de transporte y procesamiento
• Servicios de almacenamiento y manejo
• Utilización de la infraestructura de tuberías

Servicios de licencias y consultoría tecnológicas

Ovintiv generó $ 42.7 millones a partir de servicios de licencias y consultoría tecnológicas en 2023, centrándose en:

• Licencias de tecnología de fractura hidráulica
• Consultoría de ingeniería de embalses
• Servicios de tecnología de campo petrolero digital

Los ingresos consolidados totales para Ovintiv Inc. en 2023 fueron de $ 2.45 mil millones, con diversas fuentes de ingresos que demuestran el enfoque comercial integrado de la compañía.

Ovintiv Inc. (OVV) - Canvas Business Model: Value Propositions

You're looking at the core value Ovintiv Inc. (OVV) is delivering to its customers and investors as of late 2025. It's all about reliable supply, capital discipline, and direct shareholder reward, defintely.

The company is delivering a reliable supply of its key products, which underpins its entire operation. Full-year 2025 guidance for oil and condensate production is set in the range of 208 Mbbls/d to 210 Mbbls/d. This production base is supported by low-cost operations, a critical component of their value proposition.

For the third quarter of 2025, Ovintiv reported an upstream operating expense of just $3.71 per barrel of oil equivalent (BOE). This level of cost control is what allows for the resilient cash flow generation they promise.

That resilience is quantified in their expected financial performance. The projection for full-year 2025 Free Cash Flow is approximately $1.65 billion. This strong cash generation directly feeds the commitment to shareholders.

Here's a quick look at the key operational and financial metrics supporting these propositions:

Metric	Value	Period/Context
Oil & Condensate Production Guidance (FY 2025)	208-210 Mbbls/d	Full Year 2025 Estimate
Upstream Operating Expense	$3.71 per BOE	Q3 2025 Actual
Expected Full Year 2025 Free Cash Flow	$1.65 billion	FY 2025 Estimate
Capital Allocation Commitment	At least 50% of post base dividend Non-GAAP Free Cash Flow	Shareholder Returns Framework
Q2 2025 Quarterly Dividend	$0.30 per share	Declared
AECO Price Exposure Reduction (2025)	Less than 20%	Remainder of 2025

The commitment to shareholders is formalized through concrete actions. The capital allocation framework dictates returning at least 50% of post base dividend Non-GAAP Free Cash Flow via buybacks and/or variable dividends. For instance, in Q2 2025, the base dividend was $0.30 per share, and in Q3 2025, $235 million was returned through base dividends and buybacks combined. Furthermore, they renewed their Normal Course Issuer Bid (NCIB) to purchase up to 22,287,709 common shares starting October 3, 2025.

A key differentiator is the active management of commodity price risk, particularly for natural gas. Ovintiv Inc. (OVV) is successfully diversifying its exposure away from the volatile AECO benchmark. Through new agreements, the company has structured its portfolio such that:

• Exposure to market AECO prices is now less than 20% for the remainder of 2025.
• They have secured new exposure to the JKM (Japan Korea Marker) pricing benchmark.
• They have increased their exposure to the Chicago market.
• Total JKM exposure is set to reach 100 MMcf/d across 2026-2027.

This diversification strategy helps secure realized prices closer to the NYMEX benchmark, which is a clear benefit to the revenue stream.

Ovintiv Inc. (OVV) - Canvas Business Model: Customer Relationships

You're looking at how Ovintiv Inc. manages its relationships across its value chain, from the buyers of its product to the capital markets that fund its operations. It's a mix of hard contracts and financial signaling.

Contractual and transactional relationships with wholesale purchasers are underpinned by the sheer volume of product moved daily. For instance, third quarter 2025 average total production volumes hit 630 thousand barrels of oil equivalent per day ('MBOE/d'). This volume breaks down into significant daily flows like 212 thousand barrels per day ('Mbbls/d') of oil and condensate, and 1,925 million cubic feet per day ('MMcf/d') of natural gas. These volumes imply a high frequency of transactional relationships with refiners, marketers, and industrial consumers.

While dedicated account management details aren't public, the scale of production suggests robust, ongoing commercial engagement to manage sales and logistics for these large volumes. The company's focus on operational efficiency, with Q1 2025 upstream operating expense at $3.89 per barrel of oil equivalent ('BOE'), helps maintain competitive pricing for these wholesale transactions.

The relationship with the investment community is governed by a clear Investor relations focus on transparency and capital allocation framework. Ovintiv Inc. remains committed to a framework designed to return at least 50% of post base dividend Non-GAAP Free Cash Flow to shareholders via buybacks and/or variable dividends. This commitment was evident in the third quarter of 2025, where the company returned $235 million to shareholders.

Here's a look at the recent shareholder return execution:

• Q3 2025 Base Dividend Declared: $0.30 per share.
• Q3 2025 Total Base Dividend Paid: $77 million.
• Q3 2025 Share Repurchases: Approximately $158 million.
• Q2 2025 Total Shareholder Return: $223 million.
• Q2 2025 Share Repurchases: $146 million.

Regarding Fee-for-service agreements with midstream partners, Ovintiv Inc. has historically structured these to reduce exposure to traditional take-or-pay commitments, favoring a fee-for-service model to align incentives and maintain financial flexibility. While specific 2025 financial terms aren't detailed, the company's focus on managing transportation and processing costs, which were $7.30 per BOE in Q3 2025, shows this relationship is actively managed.

Assuring financial stability is key to maintaining market access and favorable financing terms, which is why Maintaining an investment-grade credit rating to assure financial stability is a core focus. Ovintiv Inc. is currently rated investment grade by four credit rating agencies.

The current credit profile looks like this:

Agency	Rating	Trend/Outlook
DBRS Morningstar	BBB (low)	Stable
S&P	BBB-	Stable
Fitch	BBB-	Positive
Moody's	Baa3	Stable

Financial metrics support this rating goal. As of September 30, 2025, total liquidity stood at approximately $3.3 billion. The company reported a Debt to EBITDA of 1.8 times and a Non-GAAP Debt to Adjusted EBITDA of 1.2 times for the third quarter of 2025. Ovintiv Inc. maintains a long-term leverage target of 1.0 times Non-GAAP Debt to Adjusted EBITDA at mid-cycle prices, with an associated long-term total debt target of $4.0 billion.

Finance: draft the Q4 2025 liquidity forecast update by next Tuesday.

Ovintiv Inc. (OVV) - Canvas Business Model: Channels

You're looking at how Ovintiv Inc. moves its hydrocarbons from the wellhead to the buyer, which is all about securing capacity and getting the best price realization for its production base. This is a critical part of their strategy, especially given the regional price disparities in North America.

Long-term firm transportation contracts on major pipelines

Ovintiv Inc. actively uses firm transportation contracts to reduce reliance on single regional pricing points. For instance, following new marketing agreements, the company stated it was less than 20% exposed to market AECO prices for the remainder of 2025. This diversification complements their existing firm transportation portfolio. For context, through the first half of 2025, their Canadian gas realized price was about 72% of NYMEX, significantly better than AECO, which was around 40% of NYMEX during the same period.

Direct sales to refiners and marketers in the US and Canada

The physical movement of product is tied directly to production output. For the third quarter of 2025, Ovintiv Inc. averaged total production volumes of 630 MBOE/d. The company's full-year 2025 guidance was raised to average between 610 MBOE/d and 620 MBOE/d. Sales into U.S. markets are significant; for example, in the first quarter of 2025, USA Operations generated $1,312 million in product and service revenues.

Midstream processing and gathering systems in the Permian and Montney

Access to infrastructure is secured through strategic asset positioning. Ovintiv Inc. closed the acquisition of Paramount Resources Ltd.'s Montney assets on January 31, 2025, which added production and acreage with ample access to midstream infrastructure capacity. This acquisition added approximately 70 MBOE/d of production. Furthermore, the announced agreement to acquire NuVista Energy Ltd. in late 2025 is expected to add access to additional strategic processing infrastructure and downstream capacity. Capital investment for 2025 was guided between $2.125 billion and $2.175 billion, with approximately 85% to 90% of the 2025 capital expected to be allocated to the Permian and the Montney prior to the NuVista close.

Marketing agreements providing access to diverse price hubs (e.g., JKM-linked gas)

Ovintiv Inc. is actively diversifying its realized prices away from the AECO benchmark through specific marketing deals. In the second quarter of 2025, the company secured its first natural gas supply contract linked to Asia's Japan Korea Marker (JKM) pricing. This JKM deal is for 50 MMcf/d, beginning in 2026 and running through 2027. They also added a new Chicago deal for 100 MMcf/d on a 10-year term starting in 2027, and enhanced AECO deals covering 70 MMcf/d through 2027.

Sales of crude oil, natural gas, and NGLs at various market hubs

The realized price achieved reflects the success of these channel strategies. For the third quarter of 2025, including hedges, the average realized price for natural gas was $2.01 per Mcf, which represented 65% of NYMEX. Oil and condensate realized $64.49 per barrel, or 99% of WTI. The total average realized price across all products was $30.48 per BOE. Upstream transportation and processing costs for the quarter were $7.59 per BOE.

Here's a quick look at the production and price realization for the third quarter of 2025:

Metric	Volume/Price (Q3 2025)	Benchmark/Basis
Total Production	630 MBOE/d	N/A
Oil & Condensate Production	212 Mbbls/d	N/A
Natural Gas Production	1,925 MMcf/d	N/A
Realized Oil & Condensate Price (Hedged)	$64.49/bbl	99% of WTI
Realized Natural Gas Price (Hedged)	$2.01/Mcf	65% of NYMEX
Total Average Realized Price (Hedged)	$30.48/BOE	N/A

The product mix being moved through these channels in Q3 2025 was:

• Oil and condensate: 212 Mbbls/d
• Other NGLs (C2 to C4): 98 Mbbls/d
• Natural gas: 1,925 MMcf/d

The company's realized natural gas price for the second quarter of 2025, excluding hedges, was $2.38 per Mcf.

Finance: draft 13-week cash view by Friday.

Ovintiv Inc. (OVV) - Canvas Business Model: Customer Segments

Ovintiv Inc. sells its primary products-crude oil, natural gas, and Natural Gas Liquids (NGLs)-into various North American markets, which define the core customer segments for its production volumes.

The scale of production being sold is evident in the third quarter of 2025 figures, where average total production volumes reached approximately 630 MBOE/d. This volume is broken down by commodity type, which directly correlates to the primary buyers for each stream.

Product Segment	Q3 2025 Average Volume	Q3 2025 Realized Price (Including Hedges)	Reference Price Benchmark
Oil and Condensate	212 Mbbls/d	$64.49 per barrel	99% of WTI
Other NGLs (C2 to C4)	98 Mbbls/d	$17.22 per barrel	N/A
Natural Gas	1,925 MMcf/d	$2.01 per Mcf	65% of NYMEX

Crude Oil Refiners and Marketers in the US and Canada.

This segment purchases the oil and condensate volumes, which were 212 Mbbls/d in the third quarter of 2025, realizing an average price of $64.49 per barrel, tracking at 99% of WTI. The USA Operations generated product and service revenues of $1,312 million in the first quarter of 2025, while Canadian Operations contributed $653 million in the same period, indicating the geographic split of sales activity.

Natural Gas Local Distribution Companies (LDCs) and Utilities.

LDCs and utilities purchase the bulk of Ovintiv Inc.'s natural gas production, which averaged 1,925 MMcf/d in Q3 2025, achieving a realized price of $2.01 per Mcf. For context on the overall gas exposure, Ovintiv expected that 66.12% of its production would be natural gas and NGL in 2025.

Industrial end-users and Petrochemical plants (for NGLs).

The 98 Mbbls/d of other NGLs (C2 to C4) produced in Q3 2025 are sold to industrial users or petrochemical facilities. The realized price for these NGLs in that quarter was $17.22 per barrel.

Energy Marketing Companies and other Producers.

Marketing companies often act as intermediaries, purchasing volumes from Ovintiv Inc. for resale or managing basis risk. The company also engages in sales of purchased products, reporting $368 million in the USA and $42 million in Canada for Q1 2025.

Shareholders seeking capital returns and long-term value.

This segment is crucial, as Ovintiv Inc. commits to a specific capital allocation framework. The commitment is to return at least 50% of post base dividend Non-GAAP Free Cash Flow to shareholders via buybacks and/or variable dividends. The company returned $235 million to shareholders in Q3 2025 through dividends and share buybacks. The quarterly dividend declared was $0.30 per share, representing an annualized dividend of $1.20. The Board renewed the Normal Course Issuer Bid (NCIB) to purchase up to 22,287,709 common shares between October 3, 2025, and October 2, 2026. As of June 30, 2025, the company reported Debt to EBITDA of 1.6 times, with a long-term total debt target of $4.0 billion. The trailing twelve-month revenue as of September 30, 2025, was $8.95B.

• In Q2 2025, Ovintiv Inc. purchased approximately 4.1 million shares for about $146 million.
• The company's long-term leverage target is 1.0 times Non-GAAP Debt to Adjusted EBITDA at mid-cycle prices.
• Net Debt stood at approximately $5.187 billion after a reduction of $126 million in the third quarter of 2025.

Ovintiv Inc. (OVV) - Canvas Business Model: Cost Structure

You're looking at the hard costs that drive Ovintiv Inc.'s operations as of late 2025. This isn't about revenue; it's about the cash burn required to keep the lights on and the drills turning, based on their latest reported figures.

The single largest planned outlay is for capital investment, which is essential for maintaining and growing production from their high-quality Permian and Montney assets. For the full year 2025, Ovintiv Inc. maintained its capital guidance range at $2.125 billion to $2.175 billion. This investment level is notable because, as of their Q3 2025 update, they were projecting an increase in annual output by 10,000 BOE per day while spending approximately $50 million less capital than their original 2025 plan.

Financing the business involves servicing a significant debt load. As of the end of Q3 2025, Ovintiv Inc. reported net debt of approximately $5.187 billion. The cost associated with this leverage, specifically the quarterly interest expense for the three months ended September 30, 2025, was reported at $389 million. This cost is a fixed drain against cash flow, regardless of production levels.

The day-to-day running of the wells-the upstream operating expenses-is tracked on a per-unit basis, which helps you see efficiency improvements clearly. Here's how those key per-unit costs looked for the third quarter of 2025:

Cost Component	Cost per BOE (3Q 2025)
Upstream operating expenses	$3.71 per barrel of oil equivalent (BOE)
Upstream transportation and processing costs	$7.59 per BOE
Production, mineral and other taxes	$1.24 per BOE

The combined upstream operating, transportation, and processing costs for the third quarter of 2025 totaled $12.54 per BOE ($3.71 + $7.59 + $1.24). These costs were reported as being below the midpoint of guidance on a combined basis for that quarter.

General and administrative (G&A) overhead, which covers corporate functions, is also a material cost. For the twelve months ending September 30, 2025, Ovintiv Inc.'s SG&A Expenses were reported at $362 million. This figure excludes long-term incentive, restructuring, and legal costs, which are reported separately.

Finally, the company's expected tax burden for the full year 2025 reflects a significant reduction due to internal restructuring and evolving U.S. tax guidelines. The reduced full-year current tax expense guidance is set between $70 million to $85 million.

You can see the major fixed and variable cost drivers for Ovintiv Inc. here:

• High capital expenditures for drilling and completions guidance: $2.125B to $2.175B for the full year 2025.
• Interest expense on net debt: Quarterly cost of $389 million as of 3Q 2025.
• Net Debt balance: Approximately $5.187 billion as of Q3 2025.
• General and administrative (G&A) overhead: Annualized cost of $362 million (SG&A) for the twelve months ending September 30, 2025.
• Full-year current tax expense guidance: Expected to be between $70 million and $85 million.

Finance: draft 13-week cash view by Friday.

Ovintiv Inc. (OVV) - Canvas Business Model: Revenue Streams

The primary revenue streams for Ovintiv Inc. are directly tied to the sale of its produced hydrocarbons, which are heavily weighted toward liquids. The company's operational focus, especially following the NuVista acquisition, is on maximizing returns from its core Permian and Montney assets.

Sales of Crude Oil and Condensate represent the largest component of revenue generation for Ovintiv. This is supported by the raised full-year 2025 production guidance for oil and condensate, which now sits in the range of 205 Mbbls/d to 209 Mbbls/d. For context, the second quarter of 2025 saw oil and condensate production reach 211 Mbbls/d.

Revenue also comes from the Sales of Natural Gas Liquids (NGLs). The company reported that other NGLs (C2 to C4) production volumes averaged 96 Mbbls/d during the second quarter of 2025. This stream benefits from the company's focus on ethane recovery, particularly in the Anadarko basin.

The third major commodity stream is the Sales of Natural Gas. Ovintiv has updated its total production guidance for the full year 2025 to average between 610-620 MBOE/d. The specific natural gas component of this guidance is now expected to average 1,825 MMcf/d to 1,875 MMcf/d for the full year.

Here's a quick look at the updated full-year 2025 production guidance metrics:

Product Stream	Full Year 2025 Guidance (Midpoint/Range)
Total Production (MBOE/d)	610 to 620 MBOE/d
Oil and Condensate (Mbbls/d)	205 to 209 Mbbls/d
Natural Gas (MMcf/d)	1,850 MMcf/d (Midpoint of 1,825-1,875 MMcf/d)

A significant financial metric reflecting the success of the business model is Non-GAAP Free Cash Flow generation. Ovintiv Inc. has updated its expectation for 2025 to be approximately $1.65 billion, which was an increase from a previous expectation of $1.5 billion, based on assumed commodity prices of $60 WTI and $3.75 NYMEX for the second half of the year.

The company also generates cash flow through strategic asset transactions, which are used to optimize the portfolio and accelerate financial targets. This includes Proceeds from asset divestitures. Ovintiv announced plans to initiate a divestiture process for its Anadarko assets beginning in the first quarter of 2026, with proceeds expected to be used for accelerated debt reduction. This follows the earlier announced agreement in late 2024 to divest Uinta Basin assets for total cash proceeds of approximately $2.0 billion.

You can see the key cash flow and debt targets related to these revenue and divestiture activities below:

• Full Year 2025 Expected Non-GAAP Free Cash Flow: $1.65 billion.
• Q2 2025 Free Cash Flow Generated: $392 million.
• Net Debt as of June 30, 2025: Approximately $5,313 million.
• Targeted Non-GAAP Net Debt by Year-End 2026 (post-Anadarko sale): Below $4.0 billion.
• Expected Annual Synergies from NuVista acquisition: Approximately $100 million.

Finance: draft 13-week cash view by Friday.