{"id":847763,"date":"2025-05-06T17:04:04","date_gmt":"2025-05-06T21:04:04","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/ovintiv-reports-first-quarter-2025-financial-and-operating-results\/"},"modified":"2025-05-06T17:04:04","modified_gmt":"2025-05-06T21:04:04","slug":"ovintiv-reports-first-quarter-2025-financial-and-operating-results","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/ovintiv-reports-first-quarter-2025-financial-and-operating-results\/","title":{"rendered":"Ovintiv Reports First Quarter 2025 Financial and Operating Results"},"content":{"rendered":"<div class=\"xn-newslines\">\n<p class=\"xn-distributor\">PR Newswire<\/p>\n<\/p><\/div>\n<div class=\"xn-content\">\n<p class=\"prntac\">\n        <i>Continued Maintenance Investment to Drive Free Cash Flow; High-Graded Portfolio Bolsters Financial Resiliency<\/i>\n      <\/p>\n<p>\n        <b>Highlights:<\/b>\n      <\/p>\n<ul type=\"disc\">\n<li>Generated cash from operating activities of <span class=\"xn-money\">$873 million<\/span>, Non-GAAP Cash Flow of <span class=\"xn-money\">$1,004 million<\/span> and Non-GAAP Free Cash Flow of <span class=\"xn-money\">$387 million<\/span> after capital expenditures of <span class=\"xn-money\">$617 million<\/span><\/li>\n<li>First quarter oil and condensate production was above the guidance range at 206 thousand barrels per day (&#8220;Mbbls\/d&#8221;)<\/li>\n<li>Average total production of approximately 588 thousand barrels of oil equivalent per day (&#8220;MBOE\/d&#8221;) was above the midpoint of the guidance range and included 89 Mbbls\/d of other NGLs (C2 to C4) and 1,764 million cubic feet per day (&#8220;MMcf\/d&#8221;) of natural gas<\/li>\n<li>Closed the previously announced acquisition of certain <span class=\"xn-location\">Montney<\/span> assets in an all-cash transaction for approximately <span class=\"xn-money\">$2.3 billion<\/span> after preliminary closing adjustments<\/li>\n<li>Closed the previously announced divestiture of Uinta assets for approximately <span class=\"xn-money\">$1.9 billion<\/span> after preliminary closing adjustments<\/li>\n<li>Released the Company&#8217;s 2024 Sustainability Report on the Company&#8217;s website<\/li>\n<\/ul>\n<p>\n        <span class=\"legendSpanClass\"><br \/>\n          <span class=\"xn-location\">DENVER<\/span><br \/>\n        <\/span>, <span class=\"legendSpanClass\"><span class=\"xn-chron\">May 6, 2025<\/span><\/span> \/PRNewswire\/ &#8211; Ovintiv Inc. (NYSE: OVV) (TSX: OVV) (&#8220;Ovintiv&#8221; or the &#8220;Company&#8221;) today announced its first quarter 2025 financial and operating results. The Company plans to hold a conference call and webcast at <span class=\"xn-chron\">8:00 a.m. MT<\/span> (<span class=\"xn-chron\">10:00 a.m. ET<\/span>) on <span class=\"xn-chron\">May 7, 2025<\/span>. Please see dial-in details within this release, as well as additional details on the Company&#8217;s website at <a href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=4421087-1&amp;h=2266915035&amp;u=http%3A%2F%2Fwww.ovintiv.com%2F&amp;a=www.ovintiv.com\" target=\"_blank\" rel=\"nofollow\">www.ovintiv.com<\/a>\u00a0under\u00a0<a href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=4421087-1&amp;h=561826929&amp;u=https%3A%2F%2Finvestor.ovintiv.com%2Fpresentations-events&amp;a=Presentations+and+Events+%E2%80%93+Ovintiv\" target=\"_blank\" rel=\"nofollow\">Presentations and Events \u2013 Ovintiv<\/a>.<\/p>\n<p>&#8220;Our strong first quarter results continue to build our\u00a0track record of driving operational excellence to maximize free cash flow,&#8221; said Ovintiv President and CEO, <span class=\"xn-person\">Brendan McCracken<\/span>. &#8220;We have seamlessly integrated the newly acquired <span class=\"xn-location\">Montney<\/span> assets into our existing operations and our team is well on its way to achieving the targeted <span class=\"xn-money\">$1.5 million<\/span> per well cost reduction synergies. Our business was built using mid-cycle prices of <span class=\"xn-money\">$55<\/span> WTI and <span class=\"xn-money\">$2.75<\/span> NYMEX. This was purposeful to ensure we can continue to generate superior returns and free cash flow throughout the cycle. The recent volatility has validated our choice of maintenance level investment in 2025. We are maintaining our capital investment plans today, but we have full flexibility to lower capital and will do so if commodity prices deteriorate.&#8221;<\/p>\n<p>\n        <b>First Quarter 2025 Financial and Operating Results<\/b>\n      <\/p>\n<ul type=\"disc\">\n<li>The Company recorded a net loss of <span class=\"xn-money\">$159 million<\/span>, or <span class=\"xn-money\">$(0.61)<\/span> per diluted share of common stock. Included in the net loss was a non-cash ceiling test impairment of <span class=\"xn-money\">$557 million<\/span>, after tax.<\/li>\n<li>Cash from operating activities was <span class=\"xn-money\">$873 million<\/span>, Non-GAAP Cash Flow was <span class=\"xn-money\">$1,004 million<\/span> and capital investment totaled approximately <span class=\"xn-money\">$617 million<\/span>, resulting in <span class=\"xn-money\">$387 million<\/span> of Non-GAAP Free Cash Flow.<\/li>\n<li>First quarter average total production volumes were approximately 588\u00a0MBOE\/d, including 206 Mbbls\/d of oil and condensate, 89 Mbbls\/d of other NGLs (C2 to C4) and 1,764 MMcf\/d of natural gas.<\/li>\n<li>Upstream operating expense was <span class=\"xn-money\">$3.89<\/span> per barrel of oil equivalent (&#8220;BOE&#8221;). Upstream transportation and processing costs were <span class=\"xn-money\">$7.36<\/span> per BOE. Production, mineral and other taxes were <span class=\"xn-money\">$1.64<\/span> per BOE, or 4.4% of upstream revenue. These costs were at the low-end of guidance on a combined basis.<\/li>\n<li>Excluding the impact of hedges, first quarter average realized prices were <span class=\"xn-money\">$70.30<\/span> per barrel for oil and condensate (98% of\u00a0WTI), <span class=\"xn-money\">$23.21<\/span> per barrel for other NGLs (C2-C4) and <span class=\"xn-money\">$2.98<\/span> per thousand cubic feet (&#8220;Mcf&#8221;) for natural gas (82% of NYMEX) resulting in a total average realized price of <span class=\"xn-money\">$37.03<\/span> per BOE.<\/li>\n<li>Including the impact of hedges, the average realized prices for oil and condensate and other\u00a0NGLs were unchanged, and the average realized price for natural gas was <span class=\"xn-money\">$3.16<\/span> per Mcf (87% of NYMEX) resulting in a total average realized price of <span class=\"xn-money\">$37.59<\/span> per BOE.<\/li>\n<\/ul>\n<p>\n        <b>Guidance<br \/><\/b><br \/>\n        <span>The Company issued its second quarter 2025 guidance and reiterated its full year guidance. Full year production volumes are expected to average 595 to 615 <\/span>MBOE<span>\/d, with full year capital investment of <span class=\"xn-money\">$2.15 billion<\/span> to <span class=\"xn-money\">$2.25 billion<\/span>.<\/span><\/p>\n<div>\n<table border=\"0\" cellspacing=\"0\" cellpadding=\"1\" class=\"prnbcc\">\n<tr>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\">\n              \n            <\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>2Q 2025<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\">\n              \n            <\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Full Year 2025<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Total Production (MBOE\/d)<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\">\n              \n            <\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>585 \u2013 605\u00a0 <\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\">\n              \n            <\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>595 \u2013 615<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Oil &amp; Condensate (Mbbls\/d)<\/b>\u00a0<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\">\n              \n            <\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>202 \u2013 208<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\">\n              \n            <\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>202 \u2013 208<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>NGLs (C2 &#8211; C4) (Mbbls\/d)<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\">\n              \n            <\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>87 \u2013 92<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\">\n              \n            <\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>87 \u2013 92<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Natural Gas (MMcf\/d)<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\">\n              \n            <\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>1,775 \u2013 1,825<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\">\n              \n            <\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>1,825 \u2013 1,875<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prnpr2 prnpl2 prnvat prntal prnsbtb1 prnrbrb1 prnbbbs prnsblb1\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Capital Investment (Millions)<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\">\n              \n            <\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>\u00a0$550 \u2013 $600<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\">\n              \n            <\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>$2,150 \u2013 $2,250<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n<p>\n        <b>Returns to Shareholders<br \/><\/b>Ovintiv remains committed to its capital allocation framework, which is expected to return at least 50% of post base dividend Non-GAAP Free Cash Flow to shareholders through buybacks and\/or variable dividends.<\/p>\n<p>The Company&#8217;s share buyback program was temporarily paused in the fourth quarter of 2024 to recover the transaction proceeds differential between the <span class=\"xn-location\">Montney<\/span> acquisition and the Uinta divestiture of <span class=\"xn-money\">$377 million<\/span>. By the end of the first quarter, approximately <span class=\"xn-money\">$368 million<\/span> was redirected to debt reduction from the buyback pause. The Company has resumed share buybacks in the second quarter and expects to repurchase approximately <span class=\"xn-money\">$146 million<\/span> after recovering the remaining transaction proceeds differential of <span class=\"xn-money\">$9 million<\/span>. In April, the Company repurchased approximately 1.2 million shares of common stock for <span class=\"xn-money\">$40 million<\/span>, at an average price of <span class=\"xn-money\">$32.40<\/span> per share.<\/p>\n<p>\n        <b>Continued Balance Sheet Focus<br \/><\/b>Ovintiv had approximately <span class=\"xn-money\">$3.5 billion<\/span> in total liquidity as of <span class=\"xn-chron\">March 31, 2025<\/span>, which included available credit facilities of <span class=\"xn-money\">$3.5 billion<\/span>, available uncommitted demand lines of <span class=\"xn-money\">$92 million<\/span>, and cash and cash equivalents of <span class=\"xn-money\">$8 million<\/span>, net of outstanding commercial paper of <span class=\"xn-money\">$85 million<\/span>.<\/p>\n<p>Ovintiv reported Debt to EBITDA of 1.6 times and Non-GAAP Debt to Adjusted EBITDA of 1.2 times.<\/p>\n<p>The Company remains committed to maintaining a strong balance sheet and is currently rated investment grade by four credit rating agencies. Ovintiv 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 <span class=\"xn-money\">$4.0 billion<\/span>.<\/p>\n<p>\n        <b>Dividend Declared<br \/><\/b>On <span class=\"xn-chron\">May 6, 2025<\/span>, Ovintiv&#8217;s Board declared a quarterly dividend of <span class=\"xn-money\">$0.30<\/span> per share of common stock payable on <span class=\"xn-chron\">June 30, 2025<\/span>, to shareholders of record as of <span class=\"xn-chron\">June 13, 2025<\/span>.<\/p>\n<p>\n        <b>Asset Highlights <\/b>\n      <\/p>\n<p>\n        <b>Permian<br \/><\/b>Permian production averaged 217 MBOE\/d (81% liquids) in the first quarter. The\u00a0Company had 53 net wells turned in line (&#8220;TIL&#8221;). In 2025, Ovintiv plans to invest approximately <span class=\"xn-money\">$1.2 billion<\/span> to <span class=\"xn-money\">$1.3 billion<\/span> in the play to bring on 130 to 140 net wells.<\/p>\n<p>\n        <b><br \/>\n          <span class=\"xn-location\">Montney<\/span> \u00a0<br \/><\/b><br \/>\n        <span class=\"xn-location\">Montney<\/span><br \/>\n        <span> production averaged 272 <\/span>MBOE<span>\/d (23% liquids) in the first quarter. The Company had 18 net wells <\/span>TIL<span>. In 2025, <\/span>Ovintiv<span> plans to invest approximately <span class=\"xn-money\">$575 million<\/span> to <span class=\"xn-money\">$625 million<\/span> in the play to bring on 75 to 85 net wells.<\/span><\/p>\n<p>\n        <b>Anadarko<br \/><\/b>Anadarko<span> production averaged 91 <\/span>MBOE<span>\/d (55% liquids) in the first quarter. The Company had ten net wells <\/span>TIL<span>. In 2025, <\/span>Ovintiv<span> plans to invest approximately <span class=\"xn-money\">$300 million<\/span> to <span class=\"xn-money\">$325 million<\/span> in the play to bring on 25 to 35 net wells.<\/span><\/p>\n<p>\n        <b>2024 Sustainability Report Released<\/b>\n      <\/p>\n<p>Today, the Company released its 20<sup>th<\/sup> annual Sustainability Report, highlighting its progress and performance on several key initiatives related to the environment, social responsibility and corporate governance.<\/p>\n<p>&#8220;2024 marked another year of strong strategic execution as we continued to provide the safe, affordable, and secure energy that fuels the world,&#8221; said McCracken. &#8220;Our Sustainability Report reflects the tremendous efforts of our team to innovate, drive continuous improvement, and be a responsible producer while generating durable returns for our shareholders.&#8221;\u202f\u202f\u202f<\/p>\n<p>\n        <b>Key Sustainability Highlights<\/b>\n      <\/p>\n<p>\n        <b>Environment\u00a0<\/b>\n      <\/p>\n<ul type=\"disc\">\n<li>Achieved a greater than 45% reduction in Scope 1 &amp; 2 greenhouse gas (GHG) emissions intensity since 2019, continuing progress toward the Company&#8217;s goal of a 50% reduction by 2030<\/li>\n<li>Reduced methane intensity by approximately 73% from 2019\u00a0<\/li>\n<\/ul>\n<p>\n        <b>Social\u00a0<\/b>\n      <\/p>\n<ul type=\"disc\">\n<li>Celebrated the first anniversary of a three-year <span class=\"xn-money\">$10.2 million<\/span> sponsorship with the children&#8217;s hospitals in the Company&#8217;s three operating areas \u2013 Alberta Children&#8217;s, Children&#8217;s <span class=\"xn-location\">Colorado<\/span> and Texas Children&#8217;s\u00a0<\/li>\n<li>Improved safety performance through a company-wide focus on serious incident prevention, including the addition of new safety protocols, training programs and the execution of the first annual Safety Commitment Day\u00a0<\/li>\n<\/ul>\n<p>\n        <b>Governance\u00a0<\/b>\n      <\/p>\n<ul type=\"disc\">\n<li>In January of 2025, added a new independent director, <span class=\"xn-person\">Terri King<\/span>, to the Board of Directors, which marks the third new independent director in as many years<\/li>\n<\/ul>\n<p>Ovintiv&#8217;s sustainability report can be found on the Company&#8217;s website at <a href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=4421087-1&amp;h=2205334817&amp;u=https%3A%2F%2Fsustainability.ovintiv.com%2F&amp;a=Home+%E2%80%93+Ovintiv\" target=\"_blank\" rel=\"nofollow\">Home \u2013 Ovintiv<\/a>.<\/p>\n<p>For additional information on the Company&#8217;s quarterly results, please refer to the First Quarter 2025 Results Presentation\u00a0available on Ovintiv&#8217;s website, <a href=\"http:\/\/www.ovintiv.com\" rel=\"nofollow\">www.ovintiv.com<\/a> under\u00a0<u><a href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=4421087-1&amp;h=561826929&amp;u=https%3A%2F%2Finvestor.ovintiv.com%2Fpresentations-events&amp;a=Presentations+and+Events+%E2%80%93+Ovintiv\" target=\"_blank\" rel=\"nofollow\">Presentations and Events \u2013 Ovintiv<\/a><\/u>. Supplemental Information, and Non-GAAP Definitions and Reconciliations, are available on Ovintiv&#8217;s website under <a href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=4421087-1&amp;h=3904923366&amp;u=https%3A%2F%2Finvestor.ovintiv.com%2Fquarterly-reports&amp;a=Financial+Documents+Library.\" target=\"_blank\" rel=\"nofollow\">Financial Documents Library.<\/a><\/p>\n<p>\n        <b>Conference Call Information<br \/><\/b><br \/>\n        <span>A conference call and webcast to discuss the Company&#8217;s first quarter results will be held at <span class=\"xn-chron\">8:00 a.m. MT<\/span> (<span class=\"xn-chron\">10:00 a.m. ET<\/span>) on <span class=\"xn-chron\">May 7, 2025<\/span>.<\/span>\n      <\/p>\n<p>To join the conference call without operator assistance, you may register and enter your phone number at <a href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=4421087-1&amp;h=2321502314&amp;u=https%3A%2F%2Femportal.ink%2F4gNVVu0&amp;a=https%3A%2F%2Femportal.ink%2F4gNVVu0\" target=\"_blank\" rel=\"nofollow\">https:\/\/emportal.ink\/4gNVVu0<\/a> to receive an instant automated call back. You can also dial direct to be entered to the call by an Operator. Please dial 888-510-2154 (toll-free in <span class=\"xn-location\">North America<\/span>) or 437-900-0527 (international) approximately 15 minutes prior to the call.<\/p>\n<p>The live audio webcast of the conference call, including slides and financial statements, will be available on Ovintiv&#8217;s website, <a href=\"http:\/\/www.ovintiv.com\" rel=\"nofollow\">www.ovintiv.com<\/a> under Investors\/Presentations and Events. The webcast will be archived for approximately 90 days.<\/p>\n<p>\n        <i>Refer to Note 1 Non-GAAP measures and the tables in this release for reconciliation to comparable GAAP financial measures. <\/i>\n      <\/p>\n<p>\n        <b>Capital Investment and Production<\/b>\n      <\/p>\n<div>\n<table border=\"0\" cellspacing=\"0\" cellpadding=\"1\" class=\"prnbcc\">\n<tr>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">(for the period ended March 31)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>1Q 2025<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">1Q 2024<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Capital Expenditures <span class=\"prnews_span\"><sup>(1)<\/sup><\/span> ($ millions)<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>617<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">591<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Oil (Mbbls\/d) <\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>150.5<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">170.4<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>NGLs \u2013 Plant Condensate (Mbbls\/d)<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>55.2<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">40.5<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Oil &amp; Plant Condensate (Mbbls\/d)<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>205.7<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">210.9<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>NGLs \u2013 Other (Mbbls\/d)<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>88.7<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">88.4<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Total Liquids (Mbbls\/d)<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>294.4<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">299.3<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Natural gas (MMcf\/d)<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>1,764<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">1,648<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Total production (MBOE\/d)<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>588.3<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">573.8<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n<div>\n<table border=\"0\" cellspacing=\"0\" cellpadding=\"1\" class=\"prnbcc\">\n<tr>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">(1)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen15\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">Including capitalized directly attributable internal costs.<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n<p>\n        <b>First Quarter Financial Summary<\/b>\n      <\/p>\n<div>\n<table border=\"0\" cellspacing=\"0\" cellpadding=\"1\" class=\"prnbcc\">\n<tr>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">(for the period ended March 31) <\/span>\n              <\/p>\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">($ millions)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen16\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>1Q 2025<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen16\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">1Q 2024<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Cash From (Used In) Operating Activities<\/b><br \/>\n                <\/span>\n              <\/p>\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">Deduct (Add Back):<\/span>\n              <\/p>\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">Net change in other assets and liabilities <\/span>\n              <\/p>\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">Net change in non-cash working capital <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen17\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>873<\/b><br \/>\n                <\/span>\n              <\/p>\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">\u00a0<\/span>\n              <\/p>\n<p class=\"prnml4\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>(11)<\/b><br \/>\n                <\/span>\n              <\/p>\n<p class=\"prnml4\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>(120)<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen17\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">659<\/span>\n              <\/p>\n<p class=\"prnml4\">\u00a0<\/p>\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">(12)<\/span>\n              <\/p>\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">(364)<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Non-GAAP Cash Flow <span class=\"prnews_span\"><sup>(1)<\/sup><\/span><\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen17\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>1,004<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen17\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">1,035<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen17\" colspan=\"1\" rowspan=\"1\">\n              \n            <\/td>\n<td class=\"prngen17\" colspan=\"1\" rowspan=\"1\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Non-GAAP Cash Flow <\/b><br \/>\n                  <b><br \/>\n                    <span class=\"prnews_span\"><br \/>\n                      <sup>(1)<\/sup><br \/>\n                    <\/span><br \/>\n                  <\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen17\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>1,004<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen17\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">1,035<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Less: Capital Expenditures <span class=\"prnews_span\"><sup>(2)<\/sup><\/span><\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen17\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>617<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen17\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">591<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Non-GAAP Free Cash Flow <\/b><br \/>\n                  <b><br \/>\n                    <span class=\"prnews_span\"><br \/>\n                      <sup>(1)<\/sup><br \/>\n                    <\/span><br \/>\n                  <\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen17\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>387<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen17\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">444<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen17\" colspan=\"1\" rowspan=\"1\">\n              \n            <\/td>\n<td class=\"prngen17\" colspan=\"1\" rowspan=\"1\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Net Earnings (Loss) Before Income Tax<\/b><br \/>\n                <\/span>\n              <\/p>\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">Before-tax (Addition) Deduction:<\/span>\n              <\/p>\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">Unrealized gain (loss) on risk management<\/span>\n              <\/p>\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">Impairments<\/span>\n              <\/p>\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">Non-operating foreign exchange gain (loss) <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen17\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>(193)<\/b><br \/>\n                <\/span>\n              <\/p>\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">\u00a0<\/span>\n              <\/p>\n<p class=\"prnml4\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>(46)<\/b><br \/>\n                <\/span>\n              <\/p>\n<p class=\"prnml4\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>(730)<\/b><br \/>\n                <\/span>\n              <\/p>\n<p class=\"prnml4\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>87<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen17\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">428<\/span>\n              <\/p>\n<p class=\"prnml4\">\u00a0<\/p>\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">(100)<\/span>\n              <\/p>\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">&#8211;<\/span>\n              <\/p>\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">25<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">Adjusted Earnings (Loss) Before Income Tax<\/span>\n              <\/p>\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">Income tax expense (recovery)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen17\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>496<\/b><br \/>\n                <\/span>\n              <\/p>\n<p class=\"prnml4\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>126<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen17\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">503<\/span>\n              <\/p>\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">114<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Non-GAAP Adjusted Earnings <span class=\"prnews_span\"><sup>(1)<\/sup><\/span><\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen17\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>370<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen17\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">389<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n<div>\n<table border=\"0\" cellspacing=\"0\" cellpadding=\"1\" class=\"prnbcc\">\n<tr>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">(1)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen15\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">Non-GAAP Cash Flow, Non-GAAP Free Cash Flow and Non-GAAP Adjusted Earnings are non-GAAP measures as defined in <br \/>Note 1.<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">(2)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen15\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">Including capitalized directly attributable internal costs.<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n<p>\n        <b>Realized Pricing Summary (Including<\/b><br \/>\n        <b>the impact of realized gains (losses) on risk management)<\/b>\n      <\/p>\n<div>\n<table border=\"0\" cellspacing=\"0\" cellpadding=\"1\" class=\"prnbcc\">\n<tr>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">(for the period ended March 31)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>1Q 2025<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">1Q 2024<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Liquids<\/b><br \/>\n                  <b>($\/bbl)<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen12\" colspan=\"1\" rowspan=\"1\">\n              \n            <\/td>\n<td class=\"prngen10\" colspan=\"1\" rowspan=\"1\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">WTI <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen18\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>71.42<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">76.96<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Realized Liquids Prices <\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen18\" colspan=\"1\" rowspan=\"1\">\n              \n            <\/td>\n<td class=\"prngen18\" colspan=\"1\" rowspan=\"1\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Oil<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>71.79<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">75.66<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>NGLs \u2013 Plant Condensate<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>66.22<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">68.10<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Oil &amp; Plant Condensate<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>70.30<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">74.20<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>NGLs \u2013 Other<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>23.21<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">21.16<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Total NGLs<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>39.71<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">35.91<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen10\" colspan=\"1\" rowspan=\"1\">\n              \n            <\/td>\n<td class=\"prngen10\" colspan=\"1\" rowspan=\"1\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Natural Gas<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\" colspan=\"1\" rowspan=\"1\">\n              \n            <\/td>\n<td class=\"prngen10\" colspan=\"1\" rowspan=\"1\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">NYMEX ($\/MMBtu)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>3.65<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">2.24<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Realized Natural Gas Price ($\/Mcf)<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>3.16<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">2.56<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n<p>\n        <b>Cost Summary<\/b>\n      <\/p>\n<div>\n<table border=\"0\" cellspacing=\"0\" cellpadding=\"1\" class=\"prnbcc\">\n<tr>\n<td class=\"prngen19\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\"><br \/>\n                  <b><br \/>\n                    <span class=\"prnews_span\">(for the period ended March 31)<\/span><br \/>\n                  <\/b><br \/>\n                <\/span>\n              <\/p>\n<p class=\"prnml4\">\n                <span class=\"prnews_span\"><br \/>\n                  <b><br \/>\n                    <span class=\"prnews_span\">($\/BOE)<\/span><br \/>\n                  <\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen16\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prngen36\">\n                <span class=\"prnews_span\"><br \/>\n                  <b><br \/>\n                    <span class=\"prnews_span\">1Q 2025<\/span><br \/>\n                  <\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen16\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prngen36\">\n                <span class=\"prnews_span\">1Q 2024<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen20\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\"><br \/>\n                  <b><br \/>\n                    <span class=\"prnews_span\">Production, mineral and other taxes<\/span><br \/>\n                  <\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>1.64<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">1.60<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen20\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\"><br \/>\n                  <b><br \/>\n                    <span class=\"prnews_span\">Upstream transportation and processing<\/span><br \/>\n                  <\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>7.36<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">7.25<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen20\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\"><br \/>\n                  <b><br \/>\n                    <span class=\"prnews_span\">Upstream operating<\/span><br \/>\n                  <\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>3.89<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">4.52<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen22\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\"><br \/>\n                  <b><br \/>\n                    <span class=\"prnews_span\">Administrative, excluding long-term incentive, <br \/>restructuring and legal costs<\/span><br \/>\n                  <\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen17\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>1.36<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen17\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">1.43<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n<p>\n        <b>Debt to EBITDA <sup>(1)<\/sup><\/b>\n      <\/p>\n<div>\n<table border=\"0\" cellspacing=\"0\" cellpadding=\"1\" class=\"prnbcc\">\n<tr>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">($ millions, except as indicated)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>March 31, 2025<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">December 31, 2024<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">Long-Term Debt, including Current Portion<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>5,538<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">5,453<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen12\" colspan=\"1\" rowspan=\"1\">\n              \n            <\/td>\n<td class=\"prngen12\" colspan=\"1\" rowspan=\"1\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">Net Earnings (Loss)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>628<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">1,125<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">Add back (Deduct):<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen12\" colspan=\"1\" rowspan=\"1\">\n              \n            <\/td>\n<td class=\"prngen12\" colspan=\"1\" rowspan=\"1\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">\u00a0\u00a0 Depreciation, depletion and amortization<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>2,269<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">2,290<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">\u00a0\u00a0 Interest<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>411<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">412<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">\u00a0\u00a0 Income tax expense (recovery)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>102<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">226<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">EBITDA <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>3,410<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">4,053<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Debt to EBITDA (times)<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>1.6<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">1.3<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n<div>\n<table border=\"0\" cellspacing=\"0\" cellpadding=\"1\" class=\"prnbcc\">\n<tr>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">1)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen15\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">\u00a0 Debt to EBITDA is a non-GAAP measure as defined in Note 1.<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n<p>\n        <b>Debt to Adjusted EBITDA <sup>(1)<\/sup><\/b>\n      <\/p>\n<div>\n<table border=\"0\" cellspacing=\"0\" cellpadding=\"1\" class=\"prnbcc\">\n<tr>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">($ millions, except as indicated)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>March 31, 2025<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">December 31, 2024<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">Long-Term Debt, including Current Portion<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>5,538<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">5,453<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prnpr4 prnpl2 prnvat prntal prnsbtb1 prnbrbrs prnsbbb1 prnbsbls\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              \n            <\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\">\n              \n            <\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">Net Earnings (Loss)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>628<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">1,125<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">Add back (Deduct):<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\">\n              \n            <\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">\u00a0\u00a0 Depreciation, depletion and amortization<\/span>\n              <\/p>\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">\u00a0\u00a0 Impairments<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>2,269<\/b><br \/>\n                <\/span>\n              <\/p>\n<p class=\"prnml4\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>1,180<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">2,290<\/span>\n              <\/p>\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">450<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">\u00a0\u00a0 Accretion of asset retirement obligation<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>20<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">19<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">\u00a0\u00a0 Interest<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>411<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">412<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">\u00a0\u00a0 Unrealized (gains) losses on risk management<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>82<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">136<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">\u00a0\u00a0 Foreign exchange (gain) loss, net<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>19<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">(19)<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">\u00a0\u00a0 Other (gains) losses, net<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>(164)<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">(165)<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">\u00a0\u00a0 Income tax expense (recovery)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>102<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">226<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">Adjusted EBITDA <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>4,547<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">4,474<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Debt to Adjusted EBITDA (times)<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen26\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>1.2<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen26\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">1.2<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n<div>\n<table border=\"0\" cellspacing=\"0\" cellpadding=\"1\" class=\"prnbcc\">\n<tr>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">1)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen15\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">Debt to Adjusted EBITDA is a non-GAAP measure as defined in Note 1.<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n<p>\n        <b>Hedge Details as of <span class=\"xn-chron\">March 31, 2025<\/span><\/b>\n      <\/p>\n<div>\n<table border=\"0\" cellspacing=\"0\" cellpadding=\"1\" class=\"prnbcc\">\n<tr>\n<td class=\"prngen19\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Oil and Condensate <br \/>Hedges ($\/bbl)<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen27\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>2Q 2025<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen27\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>3Q 2025<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen27\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>4Q 2025<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen27\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>1Q 2026<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen27\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>2Q 2026<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen27\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>3Q 2026<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen27\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>4Q 2026<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen22\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>WTI 3-Way Options<\/b><br \/>\n                  <br \/>Call Strike<\/span>\n              <\/p>\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">Put Strike<\/span>\n              <\/p>\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">Sold Put Strike<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen28\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>50 Mbbls\/d<\/b><br \/>\n                <\/span>\n              <\/p>\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">$86.48<\/span>\n              <\/p>\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">$65.00<\/span>\n              <\/p>\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">$50.00<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen28\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>50 Mbbls\/d<\/b><br \/>\n                <\/span>\n              <\/p>\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">$80.59<\/span>\n              <\/p>\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">$65.00<\/span>\n              <\/p>\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">$50.00<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen28\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>50 Mbbls\/d<\/b><br \/>\n                <\/span>\n              <\/p>\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">$76.57<\/span>\n              <\/p>\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">$65.00<\/span>\n              <\/p>\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">$50.00<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen28\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>15 Mbbls\/d<\/b><br \/>\n                <\/span>\n              <\/p>\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">$75.00<\/span>\n              <\/p>\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">$60.74<\/span>\n              <\/p>\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">$50.00<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen28\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>0<\/b><br \/>\n                <\/span>\n              <\/p>\n<p class=\"prnml4\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>&#8211;<\/b><br \/>\n                <\/span>\n              <\/p>\n<p class=\"prnml4\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>&#8211;<\/b><br \/>\n                <\/span>\n              <\/p>\n<p class=\"prnml4\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>&#8211;<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen28\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>0<\/b><br \/>\n                <\/span>\n              <\/p>\n<p class=\"prnml4\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>&#8211;<\/b><br \/>\n                <\/span>\n              <\/p>\n<p class=\"prnml4\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>&#8211;<\/b><br \/>\n                <\/span>\n              <\/p>\n<p class=\"prnml4\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>&#8211;<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen28\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>0<\/b><br \/>\n                <\/span>\n              <\/p>\n<p class=\"prnml4\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>&#8211;<\/b><br \/>\n                <\/span>\n              <\/p>\n<p class=\"prnml4\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>&#8211;<\/b><br \/>\n                <\/span>\n              <\/p>\n<p class=\"prnml4\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>&#8211;<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n<div>\n<table border=\"0\" cellspacing=\"0\" cellpadding=\"1\" class=\"prnbcc\">\n<tr>\n<td class=\"prnpr2 prnpl2 prnvam prntal prnsbtb1 prnrbrb1 prnbbbs prnsblb1\" colspan=\"1\" rowspan=\"1\">\n              \n            <\/td>\n<td class=\"prngen30\" colspan=\"1\" rowspan=\"1\">\n              \n            <\/td>\n<td class=\"prngen30\" colspan=\"1\" rowspan=\"1\">\n              \n            <\/td>\n<td class=\"prngen30\" colspan=\"1\" rowspan=\"1\">\n              \n            <\/td>\n<td class=\"prngen30\" colspan=\"1\" rowspan=\"1\">\n              \n            <\/td>\n<td class=\"prngen30\" colspan=\"1\" rowspan=\"1\">\n              \n            <\/td>\n<td class=\"prngen30\" colspan=\"1\" rowspan=\"1\">\n              \n            <\/td>\n<td class=\"prngen30\" colspan=\"1\" rowspan=\"1\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prnpr2 prnpl2 prnvam prntal prncbts prnbrbrs prnbbbs prnbsbls\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n              <span class=\"prnews_span\"><br \/>\n                <br \/>\n              <\/span><\/p>\n<p class=\"prnml4\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Natural Gas <br \/>Hedges ($\/Mcf)<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen27\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>2Q 2025<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen27\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>3Q 2025<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen27\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>4Q 2025<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen27\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>1Q 2026<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen27\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>2Q 2026<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen27\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>3Q 2026<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen27\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>4Q 2026<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen32\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>\u00a0NYMEX 3-Way <br \/>Options<\/b><br \/>\n                  <br \/>Call Strike<\/span>\n              <\/p>\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">Put Strike<\/span>\n              <\/p>\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">Sold Put Strike<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen28\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>500 MMcf\/d<\/b><br \/>\n                <\/span>\n              <\/p>\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">$4.47<\/span>\n              <\/p>\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">$3.00<\/span>\n              <\/p>\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">$2.25<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen28\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>500 MMcf\/d<\/b><br \/>\n                <\/span>\n              <\/p>\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">$4.47<\/span>\n              <\/p>\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">$3.00<\/span>\n              <\/p>\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">$2.25<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen28\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>500 MMcf\/d<\/b><br \/>\n                <\/span>\n              <\/p>\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">$4.47<\/span>\n              <\/p>\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">$3.00<\/span>\n              <\/p>\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">$2.25<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen28\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>500 MMcf\/d<\/b><br \/>\n                <\/span>\n              <\/p>\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">$7.95<\/span>\n              <\/p>\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">$3.33<\/span>\n              <\/p>\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">$2.70<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen28\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>450 MMcf\/d<\/b><br \/>\n                <\/span>\n              <\/p>\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">$5.92<\/span>\n              <\/p>\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">$3.33<\/span>\n              <\/p>\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">$2.58<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen28\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>450 MMcf\/d<\/b><br \/>\n                <\/span>\n              <\/p>\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">$5.92<\/span>\n              <\/p>\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">$3.33<\/span>\n              <\/p>\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">$2.58<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen28\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>450 MMcf\/d<\/b><br \/>\n                <\/span>\n              <\/p>\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">$5.92<\/span>\n              <\/p>\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">$3.33<\/span>\n              <\/p>\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">$2.58<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen32\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>AECO Nominal <br \/>Basis Swaps<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen28\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>190 MMcf\/d<\/b><br \/>\n                <\/span>\n              <\/p>\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">($1.08)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen28\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>190 MMcf\/d<\/b><br \/>\n                <\/span>\n              <\/p>\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">($1.08)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen28\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>190 MMcf\/d<\/b><br \/>\n                <\/span>\n              <\/p>\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">($1.08)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen28\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>0<\/b><br \/>\n                <\/span>\n              <\/p>\n<p class=\"prnml4\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>&#8211;<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen28\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>0<\/b><br \/>\n                <\/span>\n              <\/p>\n<p class=\"prnml4\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>&#8211;<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen28\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>0<\/b><br \/>\n                <\/span>\n              <\/p>\n<p class=\"prnml4\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>&#8211;<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen28\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>0<\/b><br \/>\n                <\/span>\n              <\/p>\n<p class=\"prnml4\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>&#8211;<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen32\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>AECO % of NYMEX <br \/>Swaps<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen28\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>100 MMcf\/d<\/b><br \/>\n                <\/span>\n              <\/p>\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">72%<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen28\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>100 MMcf\/d<\/b><br \/>\n                <\/span>\n              <\/p>\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">72%<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen28\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>100 MMcf\/d<\/b><br \/>\n                <\/span>\n              <\/p>\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">72%<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen28\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>0<\/b><br \/>\n                <\/span>\n              <\/p>\n<p class=\"prnml4\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>&#8211;<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen28\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>0<\/b><br \/>\n                <\/span>\n              <\/p>\n<p class=\"prnml4\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>&#8211;<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen28\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>0<\/b><br \/>\n                <\/span>\n              <\/p>\n<p class=\"prnml4\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>&#8211;<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen28\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>0<\/b><br \/>\n                <\/span>\n              <\/p>\n<p class=\"prnml4\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>&#8211;<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n<p>\n        <b>Important information<br \/><\/b>Ovintiv reports in U.S. dollars unless otherwise noted. Production, sales and reserves estimates are reported on an after-royalties basis, unless otherwise noted. Unless otherwise specified or the context otherwise requires, references to &#8220;Ovintiv,&#8221; &#8220;we,&#8221; &#8220;its,&#8221; &#8220;our&#8221; or to &#8220;the Company&#8221; includes reference to subsidiaries of and partnership interests held by Ovintiv Inc. and its subsidiaries.<\/p>\n<p>Please visit Ovintiv&#8217;s website and Investor Relations page at <a href=\"http:\/\/www.ovintiv.com\" rel=\"nofollow\">www.ovintiv.com<\/a> and investor.ovintiv.com, where Ovintiv often discloses important information about the Company, its business, and its results of operations.<\/p>\n<p>\n        <b>NI 51-101 Exemption<br \/><\/b>The Canadian securities regulatory authorities have issued a decision document (the &#8220;Decision&#8221;) granting Ovintiv exemptive relief from the requirements contained in <span class=\"xn-location\">Canada&#8217;s<\/span> National Instrument 51-101 Standards of Disclosure for Oil and Gas Activities (&#8220;NI 51-101&#8221;).\u00a0 As a result of the Decision, and provided that certain conditions set out in the Decision are met on an on-going basis, Ovintiv will not be required to comply with the Canadian requirements of NI 51-101 and the Canadian Oil and Gas Evaluation Handbook. The Decision permits Ovintiv to provide disclosure in respect of its oil and gas activities in the form permitted by, and in accordance with, the legal requirements imposed by the U.S. Securities and Exchange Commission (&#8220;SEC&#8221;), the Securities Act of 1933, the Securities and Exchange Act of 1934, the Sarbanes-Oxley Act of 2002 and the rules of the NYSE. The Decision also provides that Ovintiv is required to file all such oil and gas disclosures with the Canadian securities regulatory authorities on <a href=\"http:\/\/www.sedar.com\" rel=\"nofollow\">www.sedar.com<\/a> as soon as practicable after such disclosure is filed with the SEC.<\/p>\n<p>\n        <b>NOTE 1: Non-GAAP Measures \u00a0\u00a0 <\/b>\n      <\/p>\n<p>Certain measures in this news release do not have any standardized meaning as prescribed by U.S. GAAP and, therefore, are considered non-GAAP measures. These measures may not be comparable to similar measures presented by other companies and should not be viewed as a substitute for measures reported under U.S. GAAP. These measures are commonly used in the oil and gas industry and\/or by Ovintiv to provide shareholders and potential investors with additional information regarding the Company&#8217;s liquidity and its ability to generate funds to finance its operations. For additional information regarding non-GAAP measures, see the Company&#8217;s website. This news release contains references to non-GAAP measures as follows:<\/p>\n<ul type=\"disc\">\n<li>\n          <b>Non-GAAP Cash Flow<\/b>\u00a0is a non-GAAP measure defined as cash from (used in) operating activities excluding net change in other assets and liabilities, and net change in non-cash working capital.<\/li>\n<li>\n          <b>Non-GAAP Free Cash Flow <\/b>is a non-GAAP measure\u00a0defined as Non-GAAP Cash Flow in excess of capital expenditures, excluding net acquisitions and divestitures.<\/li>\n<li>\n          <b>Non-GAAP Adjusted Earnings<\/b>\u00a0is a non-GAAP measure defined as net earnings (loss) excluding non-cash items that the Company&#8217;s management believes reduces the comparability of the Company&#8217;s financial performance between periods. These items may include, but are not limited to, unrealized gains\/losses on risk management, impairments, non-operating foreign exchange gains\/losses, and gains\/losses on divestitures. Income taxes includes adjustments to normalize the effect of income taxes calculated using the estimated annual effective income tax rate. In addition, any valuation allowances are excluded in the calculation of income taxes.<\/li>\n<li>\n          <b>Adjusted EBITDA, Debt to EBITDA and Debt to Adjusted EBITDA (Leverage Target\/Ratio)<\/b>\u00a0are non-GAAP measures. EBITDA is defined as trailing 12-month net earnings (loss) before income taxes, depreciation, depletion and amortization, and interest. Adjusted EBITDA is EBITDA adjusted for impairments, accretion of asset retirement obligation, unrealized gains\/losses on risk management, foreign exchange gains\/losses, gains\/losses on divestitures and other gains\/losses. Debt to EBITDA is calculated as long-term debt, including the current portion, divided by EBITDA. Debt to Adjusted EBITDA is calculated as long-term debt, including the current portion, divided by Adjusted EBITDA. Adjusted EBITDA, Debt to EBITDA and Debt to Adjusted EBITDA are non-GAAP measures monitored by management as indicators of the Company&#8217;s overall financial strength.<\/li>\n<\/ul>\n<p>\n        <b>ADVISORY REGARDING OIL AND GAS INFORMATION <\/b>\u2013\u00a0The conversion of natural gas volumes to barrels of oil equivalent (BOE) is on the basis of six thousand cubic feet to one barrel. BOE is based on a generic energy equivalency conversion method primarily applicable at the burner tip and does not represent economic value equivalency at the wellhead. Readers are cautioned that BOE may be misleading, particularly if used in isolation.<\/p>\n<p>\n        <b>ADVISORY REGARDING FORWARD-LOOKING STATEMENTS <\/b>\u2013 This news release contains forward-looking statements or information (collectively, &#8220;forward-looking statements&#8221;) within the meaning of applicable securities legislation, including Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, except for statements of historical fact, that relate to the anticipated future activities, plans, strategies, objectives or expectations of the Company, including second quarter and fiscal year 2025 guidance and expected free cash flow, the expectation of delivering sustainable durable returns to shareholders in future years, plans regarding share buybacks and debt reduction, the ability of the Company to timely achieve its stated environmental, social and governance goals, targets and initiatives, the anticipated timing of bringing wells online, and the ability to achieve targeted per well cost reduction synergies, are forward-looking statements. When used in this news release, the use of words and phrases including &#8220;anticipates,&#8221; &#8220;believes,&#8221; &#8220;continue,&#8221; &#8220;could,&#8221; &#8220;estimates,&#8221; &#8220;expects,&#8221; &#8220;focused on,&#8221; &#8220;forecast,&#8221; &#8220;guidance,&#8221; &#8220;intends,&#8221; &#8220;maintain,&#8221; &#8220;may,&#8221; &#8220;opportunities,&#8221; &#8220;outlook,&#8221; &#8220;plans,&#8221; &#8220;potential,&#8221; &#8220;strategy,&#8221; &#8220;targets,&#8221; &#8220;will,&#8221; &#8220;would&#8221; and other similar terminology are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words or phrases. Readers are cautioned against unduly relying on forward-looking statements which, are based on current expectations and by their nature, involve numerous assumptions that are subject to both known and unknown risks and uncertainties (many of which are beyond our control) that may cause such statements not to occur, or actual results to differ materially and\/or adversely from those expressed or implied. These assumptions include, without limitation: \u00a0future commodity prices and basis differentials; the Company&#8217;s ability to successfully integrate the <span class=\"xn-location\">Montney<\/span> assets;\u00a0 the ability of the Company to access credit facilities and capital markets; the availability of attractive commodity or financial hedges and the enforceability of risk management programs; the Company&#8217;s ability to capture and maintain gains in productivity and efficiency; the ability for the Company to generate cash returns and execute on its share buyback plan; expectations of plans, strategies and objectives of the Company, including anticipated production volumes and capital investment; the Company&#8217;s ability to manage cost inflation and expected cost structures, including expected operating, transportation, processing and labor expenses; the outlook of the oil and natural gas industry generally, including impacts from changes to the geopolitical environment; the impact of changes in federal, state, provincial, local and tribal laws, rules and regulations, including the impact of changes in trade policies and tariffs; and projections made in light of, and generally consistent with, the Company&#8217;s historical experience and its perception of historical industry trends; and the other assumptions contained herein.<\/p>\n<p>Although the Company believes the expectations represented by its forward-looking statements are reasonable based on the information available to it as of the date such statements are made, forward-looking statements are only predictions and statements of our current beliefs and there can be no assurance that such expectations will prove to be correct. All forward-looking statements contained in this news release are made as of the date of this news release and, except as required by law, the Company undertakes no obligation to update publicly; revise or keep current any forward-looking statements. The forward-looking statements contained or incorporated by reference in this news release, and all subsequent forward-looking statements attributable to the Company, whether written or oral, are expressly qualified by these cautionary statements.<\/p>\n<p>The reader should carefully read the risk factors described in the &#8220;Risk Factors&#8221; and &#8220;Management&#8217;s Discussion and Analysis of Financial Condition and Results of Operations&#8221; sections of the Company&#8217;s most recent Annual Report on Form 10-K, Quarterly Report on Form 10-Q, and in other filings with the SEC or Canadian securities regulators, for a description of certain risks that could, among other things, cause actual results to differ from these forward-looking statements. Other unpredictable or unknown factors not discussed in this news release could also have material adverse effects on forward-looking statements.<\/p>\n<p>Further information on Ovintiv Inc. is available on the Company&#8217;s website, <a href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=4421087-1&amp;h=2266915035&amp;u=http%3A%2F%2Fwww.ovintiv.com%2F&amp;a=www.ovintiv.com\" target=\"_blank\" rel=\"nofollow\">www.ovintiv.com<\/a>, or by contacting:<\/p>\n<div>\n<table border=\"0\" cellspacing=\"0\" cellpadding=\"1\" class=\"prnbcc\">\n<tr>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\"><br \/>\n                  <b><br \/>\n                    <i>Investor contact:<\/i><br \/>\n                  <\/b><br \/>\n                <\/span>\n              <\/p>\n<p class=\"prnml4\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>(888) 525-0304\u00a0<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\"><br \/>\n                  <b><br \/>\n                    <i>Media contact:<\/i><br \/>\n                  <\/b><br \/>\n                <\/span>\n              <\/p>\n<p class=\"prnml4\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>(403) 645-2252<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n<p id=\"PURL\">\n        <img loading=\"lazy\" decoding=\"async\" title=\"Cision\" width=\"12\" height=\"12\" alt=\"Cision\" src=\"https:\/\/c212.net\/c\/img\/favicon.png?sn=CA81035&amp;sd=2025-05-06\" \/> View original content to download multimedia:<a id=\"PRNURL\" rel=\"nofollow\" href=\"https:\/\/www.prnewswire.com\/news-releases\/ovintiv-reports-first-quarter-2025-financial-and-operating-results-302447635.html\" target=\"_blank\">https:\/\/www.prnewswire.com\/news-releases\/ovintiv-reports-first-quarter-2025-financial-and-operating-results-302447635.html<\/a><\/p>\n<p>SOURCE  Ovintiv Inc.<\/p>\n<\/p><\/div>\n<p>    <img decoding=\"async\" alt=\"\" src=\"https:\/\/rt.prnewswire.com\/rt.gif?NewsItemId=CA81035&amp;Transmission_Id=202505061700PR_NEWS_USPR_____CA81035&amp;DateId=20250506\" style=\"border:0px;width:1px;height:1px\" \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>PR Newswire Continued Maintenance Investment to Drive Free Cash Flow; High-Graded Portfolio Bolsters Financial Resiliency Highlights: Generated cash from operating activities of $873 million, Non-GAAP Cash Flow of $1,004 million and Non-GAAP Free Cash Flow of $387 million after capital expenditures of $617 million First quarter oil and condensate production was above the guidance range at 206 thousand barrels per day (&#8220;Mbbls\/d&#8221;) Average total production of approximately 588 thousand barrels of oil equivalent per day (&#8220;MBOE\/d&#8221;) was above the midpoint of the guidance range and included 89 Mbbls\/d of other NGLs (C2 to C4) and 1,764 million cubic feet per day (&#8220;MMcf\/d&#8221;) of natural gas Closed the previously announced acquisition of certain Montney assets in an all-cash transaction for approximately &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.marketnewsdesk.com\/index.php\/ovintiv-reports-first-quarter-2025-financial-and-operating-results\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Ovintiv Reports First Quarter 2025 Financial and Operating Results&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-847763","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - 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