OVV 1Q26 Earnings recap: In-line; OVV adjusts windfall cash return to the b/sheet. OP, PT to $67

Research evidence excerpt

OVV 1Q26 Earnings recap: In-line; OVV adjusts windfall cash return to the b/sheet. OP, PT to $67

Oil & Gas Exploration & Production

Oil Exploration & Production - Market Weight

OVINTIV, INC. (OVV) May 11, 2026

OVV 1Q26 Earnings recap: In-line; OVV adjusts windfall Rating:

cash return to the b/sheet. OP, PT to $67 Outperform

Price:

$59.09

The Wolfe Byte Price Target:

We see 1Q26 as in-line on adj. EBITDA. OVV has (appropriately in our view) $67

Prior: $69dialed back share repurchases given rise in oil prices. One issue to watch: cash % Upside:

tax guidance moves higher, particularly in Canada, which tweaks our PT to $67/ 13.4%

sh from $69/sh. Remain OP View OVV Model

View Comp Table

Following through on its commitment to avoid pro-cyclical buy backs With the rise Company Information

in oil prices, OVV is adjusting its prior plan to return ~75% of FcF to a framework 52-Week Range $36 - $63

$16,742 Cap. (MM)that provides flexibility between 50% - 100%, depending on commodity prices. In Market $20,059 Enterprise Value (MM)

our view this move is consistent with management's commentary on the 1Q26 call to Shares Out. (MM) 283.3

avoid pro-cyclical buybacks, and instead allocates windfall FcF to the b/sheet. As of Avg. Value Traded (MM) $277.66

Adj. Debt to Cap 19.9%

4/30 OVV had net debt of <$3.3bn post the sale of its Anadarko assets that closed SI% of Float 3.5%

earlier in April. In an otherwise in-line quarter, the only modest negative is that the FY FCF Yield 11.0%

cash tax guide moves higher ($165-$200mm from $90-110mm prior) particularly in EV/ EBITDA 4.0x

Canada where it is already a full cash taxpayer. Note it would expect to be a US full Price Performance

cash taxer payer in 2028 if it has a repeat of 2026 commodity strength next year. Our YTD LTM