Ovintiv Inc. (OVV): Business Model Canvas [Jan-2025 Mise à jour]

Dans le paysage dynamique de la production d'énergie nord-américaine, Ovintiv Inc. (OVV) émerge comme une puissance stratégique, naviguant magistralement dans l'intersection complexe de l'innovation technologique, de la durabilité environnementale et de l'adaptabilité du marché. En tirant parti de sa toile complète du modèle commercial, la société s'est positionnée comme une force transformatrice dans l'exploration pétrolière et gazière, offrant des solutions d'hydrocarbures à faible efficacité et à faible teneur en carbone qui remettent en question les paradigmes traditionnels de l'industrie et répondent aux demandes évolutives des consommateurs d'énergie moderne.

Ovintiv Inc. (OVV) - Modèle commercial: partenariats clés

Alliances stratégiques avec des fournisseurs d'infrastructures intermédiaires

Ovintiv Inc. a établi des partenariats critiques avec des sociétés d'infrastructure intermédiaire pour optimiser le transport et la transformation des ressources pétrolières et gazières.

Partenaire	Type d'infrastructure	Région	Valeur du contrat
Enbridge Inc.	Transport de pipeline	Bassin permien	215 millions de dollars par an
Partners des produits d'entreprise	Traitement du gaz naturel	Bassin d'Anadarko	180 millions de dollars par an

Coentreprises dans les jeux de pétrole et de gaz non conventionnels nord-américains

Ovintiv s'est positionné stratégiquement par le biais de coentreprises dans des jeux de ressources non conventionnels clés.

• Permian Basin Joint Venture avec Chesapeake Energy: 50/50 Intérêt de travail
• Eagle Ford Shale Partnership avec Marathon Oil: 60/40 Structure de propriété
• Montney Play Collaboration avec les ressources naturelles canadiennes: 350 millions de dollars d'investissement

Partenariats technologiques pour les méthodes de forage et d'extraction améliorées

L'innovation technologique reste un objectif fondamental pour l'efficacité opérationnelle d'Ovintiv.

Partenaire technologique	Domaine de mise au point	Investissement	Gain d'efficacité attendu
Baker Hughes	Technologies de forage avancées	45 millions de dollars	15% de réduction des coûts de forage
Schlumberger	Innovation de fracturation hydraulique	62 millions de dollars	Amélioration de l'efficacité d'extraction à 20%

Collaboration avec les entreprises de technologie environnementale pour les initiatives de durabilité

Ovintiv démontre l'engagement envers la durabilité environnementale grâce à des partenariats technologiques stratégiques.

• Carbon Capture Partnership avec Carbon Engineering: 75 millions de dollars d'investissement
• Collaboration de réduction des émissions de méthane avec Crusoe Energy Systems: 40 millions de dollars Engagement
• Intégration d'énergie renouvelable avec NextEra Energy: 120 millions de dollars Programme conjoint

Ovintiv Inc. (OVV) - Modèle d'entreprise: activités clés

Exploration et production de pétrole et de gaz naturel

Ovintiv Inc. opère dans plusieurs bassins clés en Amérique du Nord, avec les principaux domaines d'intervention, notamment:

• Basin Permien au Texas et au Nouveau-Mexique
• Bassin d'Anadarko en Oklahoma
• Basin de Montney en Colombie-Britannique, Canada

Métrique de production	Valeur 2023
Volume de production total	278 000 BOE / Day
Production de pétrole brut	156 000 barils / jour
Production de gaz naturel	735 millions de pieds cubes / jour

Fracture hydraulique et opérations de forage horizontal

Techniques de forage avancées déployé par Ovintiv comprend:

• Fracturation hydraulique à plusieurs étapes
• Forage horizontal à portée prolongée
• Optimisation du forage du pad

Performance de forage	2023 métriques
Plates-formes de forage actif	12 plates-formes
Durée latérale moyenne	10 500 pieds
Efficacité de forage	14 jours par puits

Optimisation des actifs et gestion du portefeuille

La gestion stratégique des actifs d'Ovintiv se concentre sur:

• Actifs non conventionnels à rendement élevé
• Rationalisation continue du portefeuille
• Discipline capitale

Métrique de portefeuille	Valeur 2023
Total des réserves prouvées	637 millions de BOE
Ratio de remplacement de réserve	185%
Dépenses en capital	1,4 milliard de dollars

Innovation technologique continue dans les techniques d'extraction

Zones d'investissement technologique:

• Imagerie sismique avancée
• Apprentissage automatique pour la prédiction des performances des puits
• Systèmes de forage automatisés

Métrique d'innovation	Valeur 2023
Investissement en R&D	78 millions de dollars
Adoption de la technologie numérique	37% des opérations
Amélioration de l'efficacité	12% d'une année à l'autre

Ovintiv Inc. (OVV) - Modèle commercial: Ressources clés

De vastes propriétés foncières dans les bassins nord-américains

Ovintiv Inc. tient Environ 471 000 acres nets à travers les principaux bassins nord-américains en 2023, avec une concentration primaire dans:

Bassin	Acres nets
Bassin permien	86,000
Bassin de Montney	247,000
Bassin du Delaware	138,000

Technologie avancée de forage et d'extraction

Les investissements technologiques comprennent:

• Capacités de forage horizontal avec 99,5% d'efficacité opérationnelle
• Techniques de fracturation hydrauliques avancées
• Systèmes de surveillance en temps réel

Main-d'œuvre qualifiée

Composition de la main-d'œuvre en 2023:

• 1 700 employés au total
• Expérience moyenne de l'industrie: 14,6 ans
• Travail d'ingénierie: 42% du personnel total

Capitaux financiers et capacités de couverture

Ressources financières au quatrième trimestre 2023:

Métrique	Valeur
Total de trésorerie	1,2 milliard de dollars
Ratio dette / capitalisation	34.7%
Couverture de couverture	68% de la production projetée

Infrastructure d'analyse numérique et de données

Les capacités numériques comprennent:

• 87 millions de dollars investis dans la transformation numérique en 2023
• Algorithmes d'apprentissage automatique pour l'optimisation des réservoirs
• Systèmes de maintenance prédictive

Ovintiv Inc. (OVV) - Modèle d'entreprise: propositions de valeur

Production à haute efficacité sur les marchés énergétiques nord-américains premium

Ovintiv Inc. opère dans les principales régions de l'énergie nord-américaine avec des capacités de production éprouvées:

Région	Volume de production (2023)	Production quotidienne moyenne
Bassin permien	92 000 BOE / Day	33 580 000 BOE annuellement
Montney	175 000 BOE / Day	63 875 000 BOE annuellement
Bassin du Delaware	65 000 BOE / Day	23 725 000 BOE annuellement

Production d'hydrocarbures à faible coût et à faible intensité

Les mesures de production d'Ovintiv démontrent l'efficacité opérationnelle:

• Coûts de production: 4,50 $ - 5,20 $ par BOE
• Intensité du carbone: 22,5 kg CO2E / BOE
• Cible de réduction des gaz à effet de serre opérationnelle: 35% d'ici 2030

Modèle de production flexible s'adaptant à la dynamique du marché

Métrique de la flexibilité de la production	Performance de 2023
Adaptabilité d'investissement en capital	1,2 à 1,5 milliard de dollars par an
Plage de réglage du volume de production	± 15% trimestriellement
Couverture de couverture	45 à 55% de la production projetée

Engagement envers la durabilité environnementale et l'innovation technologique

Investissement technologique et mesures de durabilité:

• Investissement en R&D: 85 à 95 millions de dollars par an
• Intégration d'énergie renouvelable: 12% du portefeuille d'énergie total
• Cible de réduction des émissions de méthane: 40% d'ici 2025

Ovintiv Inc. (OVV) - Modèle d'entreprise: relations avec les clients

Contrats d'approvisionnement à long terme avec des clients industriels et des services publics

Ovintiv Inc. maintient Accords d'approvisionnement à long terme stratégiques avec les principaux clients industriels et utilitaires à travers l'Amérique du Nord.

Type de contrat	Volume annuel (BCF)	Durée du contrat moyen
Clients industriels	127.4	5-7 ans
Contrats du secteur des services publics	203.6	8-10 ans

Ventes directes et marketing auprès des participants au marché de l'énergie

Ovintiv utilise des stratégies de vente directes ciblées ciblant plusieurs segments de marché.

• Équipe de vente de 87 professionnels du marché de l'énergie dédié
• Engagement direct avec 342 consommateurs d'énergie au niveau de l'entreprise
• Dépenses de marketing annuelles: 14,3 millions de dollars

Plateformes numériques pour l'engagement et la transparence des clients

Plate-forme numérique	Base d'utilisateurs	Transactions annuelles
Portail client	1 247 utilisateurs d'entreprise enregistrés	52 384 transactions numériques
Système de suivi en temps réel	763 Clients d'entreprise actifs	38 912 séances de surveillance

Solutions énergétiques personnalisées pour divers segments de marché

Ovintiv fournit des solutions énergétiques sur mesure sur plusieurs segments de marché.

• Solutions d'énergie résidentielle: 24% de la clientèle
• Personnalisation du secteur commercial: 41% du portefeuille de clients
• Contrats spécialisés industriels: 35% de l'engagement client

Ovintiv Inc. (OVV) - Modèle d'entreprise: canaux

Équipes de vente directes

Ovintiv Inc. maintient une équipe de vente directe de 237 représentants commerciaux professionnels au T2 2023. La force de vente couvre les régions clés, notamment:

Région	Représentants des ventes	Zone de couverture
Bassin permien	82	Texas / Nouveau-Mexique
Bassin d'Anadarko	65	Oklahoma / Kansas
Formation de Montney	90	Colombie-Britannique / Alberta

Plates-formes numériques et interfaces de trading en ligne

Ovintiv exploite une plate-forme de trading numérique complète avec les spécifications suivantes:

• Volume de trading en ligne: 1,2 million de barils par jour en 2023
• Valeur de transaction de plate-forme numérique: 4,3 milliards de dollars par an
• Base d'utilisateurs de plate-forme: 467 Traders d'énergie institutionnels

Échanges de produits d'énergie

Échange	Volume de trading annuel	Part de marché
Nymex	328 millions de barils	7.2%
À terme sur la glace	276 millions de barils	6.1%

Partenariats stratégiques avec les distributeurs d'énergie

Ovintiv a établi des partenariats de distribution stratégique avec:

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

Partenaire	Volume de distribution	Valeur du contrat
Enterprise Products Partners LP	425 000 barils / jour	1,2 milliard de dollars / an
Kinder Morgan Inc.	350 000 barils / jour	980 millions de dollars / an
TC Energy Corporation	275 000 barils / jour	750 millions de dollars / an

Ovintiv Inc. (OVV) - Modèle d'entreprise: segments de clientèle

Consommateurs d'énergie industrielle à grande échelle

Ovintiv dessert les clients industriels ayant des besoins énergétiques importants dans plusieurs secteurs.

Secteur	Consommation d'énergie annuelle	Valeur du contrat
Fabrication	2,3 millions de mmbtu	187,5 millions de dollars
Exploitation minière	1,7 million de MMBTU	142,3 millions de dollars

Entreprises de services publics électriques

Ovintiv fournit du gaz naturel aux installations de production d'électricité.

• Clients totaux des services publics électriques: 47 fournisseurs régionaux
• Volume annuel sur l'approvisionnement en gaz: 623 milliards de pieds cubes
• Valeur du contrat moyen: 215 millions de dollars par utilitaire

Entreprises de transport et de distribution de gaz naturel

Ovintiv fournit une alimentation en gaz pour les réseaux d'infrastructures de transport.

Réseau de distribution	Volume de gaz quotidien	Revenus annuels
Pipeliner	1,2 milliard de pieds cubes	378,6 millions de dollars
Distributeurs régionaux	890 millions de pieds cubes	267,4 millions de dollars

Fabricants pétrochimiques

Ovintiv fournit des liquides de gaz naturel et de gaz naturel aux installations de production pétrochimiques.

• Total des clients pétrochimiques: 32 fabricants
• Alimentation annuelle des hydrocarbures liquides: 78 millions de barils
• Valeur du contrat moyen: 156,7 millions de dollars

Traders internationaux d'énergie

Ovintiv s'engage avec les organisations mondiales de trading d'énergie.

Région commerciale	Volume de trading annuel	Valeur du contrat
Amérique du Nord	425 millions de pieds cubes	312,5 millions de dollars
Marchés internationaux	276 millions de pieds cubes	203,8 millions de dollars

Ovintiv Inc. (OVV) - Modèle d'entreprise: Structure des coûts

Frais d'exploration et de production

Pour l'exercice 2023, Ovintiv Inc. a déclaré des frais d'exploration et de production totaux de 2,74 milliards de dollars. La répartition de ces dépenses comprend:

Catégorie de dépenses	Montant (USD)
Forage et frais d'achèvement	1,32 milliard de dollars
Exploration sismique	180 millions de dollars
Opérations sur le terrain	640 millions de dollars
Maintenance des actifs	588 millions de dollars

Investissements technologiques et infrastructures

Ovintiv Inc. a alloué 312 millions de dollars pour les investissements technologiques et infrastructures en 2023, avec les domaines clés suivants:

• Technologies de transformation numérique: 98 millions de dollars
• Mises à niveau de la technologie opérationnelle: 126 millions de dollars
• Cloud Computing and Data Infrastructure: 88 millions de dollars

Coûts de conformité environnementale et de durabilité

Les dépenses de conformité environnementale pour 2023 ont totalisé 215 millions de dollars, notamment:

Zone de conformité	Montant (USD)
Technologies de réduction des émissions	89 millions de dollars
Gestion des déchets	62 millions de dollars
Traitement de l'eau	44 millions de dollars
Conformité réglementaire	20 millions de dollars

Compensation et formation des employés

Les dépenses totales liées aux employés pour 2023 étaient de 538 millions de dollars:

• Salaires de base: 342 millions de dollars
• Bonus de performance: 106 millions de dollars
• Formation et développement: 45 millions de dollars
• Avantages sociaux: 45 millions de dollars

Dépenses de recherche et développement

Ovintiv Inc. a investi 157 millions de dollars dans les activités de R&D en 2023, axée sur:

• Techniques de récupération de pétrole améliorées: 68 millions de dollars
• Intégration d'énergie renouvelable: 45 millions de dollars
• Intelligence artificielle dans l'exploration: 34 millions de dollars
• Technologies de capture de carbone: 10 millions de dollars

Ovintiv Inc. (OVV) - Modèle d'entreprise: Strots de revenus

Ventes de pétrole brut

Pour l'exercice 2023, Ovintiv Inc. a signalé une production totale de pétrole brut de 199 000 barils par jour. Le prix moyen réalisé du pétrole brut était de 68,42 $ le baril. Le chiffre d'affaires total des ventes de pétrole brut a atteint 491,3 millions de dollars pour l'année.

Métrique de production	Valeur
Production quotidienne de pétrole brut	199 000 barils
Prix ​​du pétrole brut réalisé	68,42 $ par baril
Revenus de vente totale de pétrole brut	491,3 millions de dollars

Revenus de production de gaz naturel

En 2023, Ovintiv a produit 1,36 milliard de pieds cubes de gaz naturel par jour. Le prix moyen réalisé du gaz naturel était de 2,67 $ par million d'unités thermiques britanniques (MMBTU). Le chiffre d'affaires total des ventes de gaz naturel était de 1,62 milliard de dollars.

Métrique du gaz naturel	Valeur
Production quotidienne de gaz naturel	1,36 milliard de pieds cubes
Prix ​​du gaz naturel réalisé	2,67 $ par MMBTU
Revenu total des ventes de gaz naturel	1,62 milliard de dollars

Hedging and Derivative Financial Instruments

Ovintiv a utilisé des dérivés financiers pour la gestion des risques. En 2023, les activités de couverture de l'entreprise ont généré 127,5 millions de dollars de gains nets de la gestion des risques de prix des produits de base.

Services d'infrastructure intermédiaire

Les services d'infrastructure Midstream ont contribué 186,2 millions de dollars aux revenus d'Ovintiv en 2023. Les services clés comprenaient:

• Frais de transport et de traitement
• Services de stockage et de manutention
• Utilisation des infrastructures de pipeline

Services de licence technologique et de conseil

Ovintiv a généré 42,7 millions de dollars auprès des services de licence et de conseil technologiques en 2023, en se concentrant sur:

• Licence de technologie de fracturation hydraulique
• Conseil d'ingénierie des réservoirs
• Services technologiques numériques sur les champs pétroliers

Le chiffre d'affaires consolidé total d'Ovintiv Inc. en 2023 était de 2,45 milliards de dollars, avec divers sources de revenus démontrant l'approche commerciale intégrée de la société.

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.