Form 8-K

8-K — Ovintiv Inc.

Accession: 0001193125-26-314272

Filed: 2026-07-23

Period: 2026-07-23

CIK: 0001792580

SIC: 1311 (CRUDE PETROLEUM & NATURAL GAS)

Item: Results of Operations and Financial Condition

Item: Other Events

Item: Financial Statements and Exhibits

Documents

8-K — ovv-20260723.htm (Primary)

EX-99.1 (ovv-ex99_1.htm)

EX-99.2 (ovv-ex99_2.htm)

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8-K

8-K (Primary)

Filename: ovv-20260723.htm · Sequence: 1

8-K

false000179258000017925802026-07-232026-07-23

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): July 23, 2026

Ovintiv Inc.

(Exact name of Registrant as Specified in Its Charter)

Delaware

001-39191

84-4427672

(State or Other Jurisdiction

of Incorporation)

(Commission File Number)

(IRS Employer

Identification No.)

Suite 1700, 370 17th Street

Denver, Colorado

80202

(Address of Principal Executive Offices)

(Zip Code)

Registrant’s Telephone Number, Including Area Code: (303) 623-2300

Not Applicable

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading

Symbol(s)

Name of each exchange on which registered

Common Stock, par value $0.01 per share

OVV

New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02 Results of Operations and Financial Condition.

On July 23, 2026, Ovintiv Inc. (the “Company”) issued a news release announcing its financial and operating results for its second quarter ended June 30, 2026. In connection with this announcement, the Company provided an earnings release and certain selected and supplemental financial information. A copy of the news release and supplemental financial information are attached as Exhibit 99.1 and 99.2 to this Current Report on Form 8-K.

The information contained in this report, including Exhibits 99.1 and 99.2 attached hereto, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Exchange Act or Securities Act of 1933, as amended, except as expressly set forth by specific reference in such a filing.

Item 8.01 Other Events.

In its July 23, 2026 news release, the Company also announced that its Board of Directors had declared a quarterly dividend of $0.30 per share of the Company’s outstanding common stock. The dividend is payable on September 29, 2026 to holders of record at the close of business on September 15, 2026. A copy of the news release is attached as Exhibit 99.1 to this Current Report on Form 8‑K.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits

Exhibit No.

Exhibit Description

Exhibit 99.1

News Release dated July 23, 2026.

Exhibit 99.2

Selected and Supplemental Financial Information.

Exhibit 104

Cover Page Interactive Data File (embedded within the Inline XBRL document).

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Ovintiv Inc.

(Registrant)

Date:

July 23, 2026

By:

/s/ Dawna I. Gibb

Name: Dawna I. Gibb

Title: Assistant Corporate Secretary

EX-99.1

Filename: ovv-ex99_1.htm · Sequence: 2

EX-99.1

Exhibit 99.1

news release

Ovintiv Reports Second Quarter 2026 Financial and Operating Results

Increasing Share Buybacks; Full Year Production Guidance Raised; Capital Guidance Unchanged

Highlights:

•

Generated second quarter cash from operating activities of $1.6 billion, Non-GAAP Cash Flow of approximately $1.3 billion and Non-GAAP Free Cash Flow of $682 million after capital expenditures of $574 million

•

Produced average second quarter volumes of 615 thousand barrels of oil equivalent per day (“MBOE/d”), including oil and condensate volumes of 206 thousand barrels per day (“Mbbls/d”), above the high end of company guidance, along with 82 Mbbls/d of other NGLs (C2 to C4) and 1,959 million cubic feet per day (“MMcf/d”) of natural gas

•

Closed the sale of the Company’s Anadarko assets for total cash proceeds of approximately $2.82 billion after preliminary closing adjustments and transaction costs

•

Net Debt of $2.995 billion as of June 30, 2026, Net Debt to Adjusted EBITDA of 0.6x

•

Returned approximately 63% of second quarter Non-GAAP Free Cash Flow to shareholders via share repurchases of approximately $345 million (6.1 million shares) and dividend payments of $84 million

•

Full year 2026 shareholder returns expected to exceed 60% of Non-GAAP Free Cash Flow, up from 45% year-to-date

•

Revised full year 2026 guidance to reflect higher expected oil and condensate production for the same capital investment; representing 4% production per share growth

DENVER, July 23, 2026 – Ovintiv Inc. (NYSE, TSX: OVV) (“Ovintiv” or the “Company”) today announced its second quarter 2026 financial and operating results. The Company plans to hold a conference call and webcast at 9:00 a.m. MT (11:00 a.m. ET) on July 24, 2026. Please see dial-in details within this release, as well as additional details on the Company's website at www.ovintiv.com under Presentations and Events – Ovintiv.

“Our second quarter results continued to demonstrate industry-leading performance across the board driven by our stacked innovation approach,” said Ovintiv President and CEO, Brendan McCracken. “Our company is positioned with a deep inventory of superior-return drilling locations, a fortified balance sheet, and leading edge well costs and oil productivity performance. The outcomes of our strategic execution are reflected in our results. Halfway through the year, we've generated more than $1.3 billion of Free Cash Flow, organically replaced our full-year 2026 drilling locations in both the Permian and the Montney, and are set to grow oil production per share by 4% with no increase to activity or capital expenditure."

Second Quarter 2026 Financial and Operating Results

•

Reported second quarter net earnings of $456 million, or $1.62 per share diluted, which included a loss on the divestiture of the Company’s Anadarko assets of $337 million, before tax

•

Recognized a net gain on risk management in revenues of $122 million, before tax

•

Generated cash from operating activities of $1.6 billion and Non-GAAP Cash Flow of approximately $1.3 billion

•

Second quarter average total production volumes were approximately 615 MBOE/d, including 206 Mbbls/d of oil and condensate, 82 Mbbls/d of other NGLs (C2 to C4) and 1,959 MMcf/d of natural gas

Ovintiv Inc.

•

Second quarter capital investment of $574 million was at the midpoint of the guidance range of $550 million to $600 million

•

Reported second quarter upstream operating expense of $3.25 per BOE, upstream transportation and processing costs of $9.47 per BOE, production, mineral and other taxes of $1.43 per BOE, or 3.5% of upstream product revenue

•

Excluding the impact of hedges, second quarter average realized price for oil and condensate was $97.50 per barrel (105% of WTI), $21.67 per barrel for other NGLs, and $1.71 per Mcf (59% of NYMEX) for natural gas, resulting in a total average realized price of $41.00 per BOE

•

Including the impact of hedges, second quarter average realized price for oil and condensate was $91.22 per barrel (98% of WTI), $21.67 per barrel for other NGLs, and $1.99 per Mcf (69% of NYMEX) for natural gas, resulting in a total average realized price of $39.79 per BOE

2026 Guidance

The Company issued its third quarter 2026 guidance and revised its full year guidance. Full year production volumes are expected to average 630 MBOE/d to 645 MBOE/d, driven by increases in oil and condensate and NGL volumes. Full year expected capital investment is unchanged at $2.25 billion to $2.35 billion.

2026 Guidance

3Q 2026

Full Year 2026

Total Production (MBOE/d)

615 – 640

630 – 645

Oil & Condensate (Mbbls/d)

205 – 210

210 – 212

NGLs (C2 to C4) (Mbbls/d)

75 – 80

83 – 85

Natural Gas (MMcf/d)

2,000 – 2,100

2,025 – 2,075

Capital Investment ($ Millions)

$550 – $600

$2,250 – $2,350

Shareholder Returns

Ovintiv’s shareholder return framework commits to returning 50% to 100% of annual Non-GAAP Free Cash Flow to shareholders via the combination of base dividend payments and share buybacks.

Second quarter shareholder returns totaled approximately $429 million, or approximately 63% of Non-GAAP Free Cash Flow, consisting of share buybacks of approximately $345 million, or approximately 6.1 million shares of common stock, and base dividend payments of approximately $84 million.

As of June 30, 2026, year-to-date shareholder returns totaled approximately $598 million, or approximately 45% of Non-GAAP Free Cash Flow, consisting of share buybacks of approximately $429 million, or approximately 7.6 million shares of common stock, and base dividend payments of approximately $169 million. Ovintiv expects full year 2026 shareholder returns to total more than 60% of Non-GAAP Free Cash Flow.

Continued Balance Sheet Focus

As of June 30, 2026, Ovintiv’s Net Debt was $2.995 billion and Net Debt to Adjusted EBITDA was approximately 0.6 times. The Company had approximately $4.4 billion in total liquidity, which included available credit

Ovintiv Inc.

facilities of $3.5 billion, available uncommitted demand lines of $159 million, and cash and cash equivalents of $700 million.

Ovintiv redeemed its $700 million, 5.65% senior notes due May 15, 2028, on April 20, 2026. Annualized interest savings from the note redemption are expected to total approximately $40 million.

Dividend Declared

On July 23, 2026, Ovintiv’s Board declared a quarterly dividend of $0.30 per share of common stock payable on September 29, 2026, to shareholders of record as of September 15, 2026.

Asset Highlights

Permian

Permian production averaged 231 MBOE/d (78% liquids) in the second quarter with 38 net wells turned in line (“TIL”). Full year 2026 capital investment is expected to total approximately $1.325 billion to $1.375 billion in the play to run approximately 5 rigs and bring on an expected 125 to 135 net wells. For the second half of the year, oil and condensate production is expected to average approximately 125 Mbbls/d and natural gas production is expected to average 280 to 305 MMcf/d.

Montney

Montney production averaged 374 MBOE/d (27% liquids) in the second quarter with 40 net wells TIL. Full year 2026 capital investment is expected to total approximately $875 million to $925 million in the play to run approximately 6 rigs and bring on an expected 130 to 140 net wells. For the second half of the year, oil and condensate production is expected to average 80 to 85 Mbbls/d and natural gas production is expected to average 1.7 to 1.8 Bcf/d.

For additional information, please refer to the Second Quarter 2026 Results Presentation available on Ovintiv's website, www.ovintiv.com under Presentations and Events – Ovintiv. Supplemental Information, and Non-GAAP Definitions and Reconciliations, are available on Ovintiv's website under Financial Document Library – Ovintiv.

Conference Call Information

A conference call and webcast to discuss the Company’s second quarter 2026 results will be held at 9:00 a.m. MT (11:00 a.m. ET) on July 24, 2026.

To join the conference call without operator assistance, you may register and enter your phone number at https://emportal.ink/4jChG1W 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 North America) or 437-900-0527 (international) approximately 15 minutes prior to the call.

The live audio webcast of the conference call, including slides and financial statements, will be available on Ovintiv's website, www.ovintiv.com under Investors/Presentations and Events. The webcast will be archived for approximately 90 days.

Refer to Note 1 Non-GAAP measures and the tables in this release for reconciliation to comparable GAAP financial measures.

Ovintiv Inc.

Capital Investment and Production

(for the period ended June 30)

2Q 2026

2Q 2025

Capital Expenditures (1) ($ millions)

574

521

Oil (Mbbls/d)

123.0

142.0

NGLs – Plant Condensate (Mbbls/d)

82.8

69.2

Oil & Plant Condensate (Mbbls/d)

205.8

211.2

NGLs – Other (Mbbls/d)

82.4

95.5

Total Liquids (Mbbls/d)

288.2

306.7

Natural gas (MMcf/d)

1,959

1,851

Total production (MBOE/d)

614.6

615.3

1) Including capitalized directly attributable internal costs.

Second Quarter Financial Summary

(for the period ended June 30)

($ millions)

2Q 2026

2Q 2025

Cash From (Used In) Operating Activities

Deduct (Add Back):

Net change in other assets and liabilities

Net change in non-cash working capital

1,632

(4)

380

1,013

(11)

111

Non-GAAP Cash Flow (1)

1,256

913

Non-GAAP Cash Flow (1)

1,256

913

Less: Capital Expenditures (2)

574

521

Non-GAAP Free Cash Flow (1)

682

392

Net Earnings (Loss) Before Income Tax

Before-tax (Addition) Deduction:

Unrealized gain (loss) on risk management

Non-operating foreign exchange gain (loss)

Gain (loss) on divestitures, net

539

190

(31)

(337)

399

(3)

Adjusted Earnings (Loss) Before Income Tax

Income tax expense (recovery)

717

226

348

Non-GAAP Adjusted Earnings (1)

491

265

1) Non-GAAP Cash Flow, Non-GAAP Free Cash Flow and Non-GAAP Adjusted Earnings are non-GAAP measures as defined in Note 1.

2) Including capitalized directly attributable internal costs.

Ovintiv Inc.

Realized Pricing Summary (Including the impact of realized gains (losses) on risk management)

(for the period ended June 30)

2Q 2026

2Q 2025

Liquids ($/bbl)

WTI

92.79

63.74

Realized Liquids Prices

Oil

91.53

65.23

NGLs – Plant Condensate

90.74

60.79

Oil & Plant Condensate

91.22

63.77

NGLs – Other

21.67

18.28

Total NGLs

56.29

36.14

Natural Gas

NYMEX ($/MMBtu)

2.90

3.44

Realized Natural Gas Price ($/Mcf)

1.99

2.38

Cost Summary

(for the period ended June 30)

($/BOE)

2Q 2026

2Q 2025

Production, mineral and other taxes

1.43

1.31

Upstream transportation and processing

9.47

7.62

Upstream operating

3.25

3.84

Administrative, excluding long-term incentive, restructuring, transaction and legal costs

1.28

1.19

Debt to EBITDA (1)

($ millions, except as indicated)

June 30, 2026

December 31, 2025

Long-Term Debt, including Current Portion

3,695

5,202

Net Earnings (Loss)

920

1,242

Add back (Deduct):

Depreciation, depletion and amortization

2,158

2,179

Interest

388

376

Income tax expense (recovery)

(644)

(472)

EBITDA

2,822

3,325

Debt to EBITDA (times)

1.3

1.6

1) Debt to EBITDA is a non-GAAP measure as defined in Note 1.

Ovintiv Inc.

Debt to Adjusted EBITDA (1)

($ millions, except as indicated)

June 30, 2026

December 31, 2025

Long-Term Debt, including Current Portion

3,695

5,202

Net Earnings (Loss)

920

1,242

Add back (Deduct):

Depreciation, depletion and amortization

Impairments

2,158

1,675

2,179

920

Accretion of asset retirement obligation

Interest

388

376

Unrealized (gains) losses on risk management

(135)

(6)

Foreign exchange (gain) loss, net

(Gain) loss on divestitures, net

337

Other (gains) losses, net

(72)

(46)

Income tax expense (recovery)

(644)

(472)

Adjusted EBITDA

4,675

4,252

Debt to Adjusted EBITDA (times)

0.8

1.2

1) Debt to Adjusted EBITDA is a non-GAAP measure as defined in Note 1.

Net Debt to Adjusted EBITDA (1)

($ millions, except as indicated)

June 30, 2026

December 31, 2025

Long-Term Debt, including Current Portion

3,695

5,202

Less:

Cash and cash equivalents

700

Net Debt

2,995

5,167

Adjusted EBITDA

4,675

4,252

Net Debt to Adjusted EBITDA (times)

0.6

1.2

1) Net Debt to Adjusted EBITDA is a non-GAAP measure as defined in Note 1.

Ovintiv Inc.

Hedge Details(1) as of June 30, 2026

Oil and Condensate Hedges ($/bbl)

3Q 2026

4Q 2026

1Q 2027

2Q 2027

3Q 2027

4Q 2027

WTI Fixed Price Swaps

4 Mbbls/d

$61.67

4 Mbbls/d

$61.93

WTI 3-Way Options

Call Strike

Put Strike

Sold Put Strike

51 Mbbls/d

$70.87

$59.26

$50.08

41 Mbbls/d

$70.21

$57.22

$50.10

40 Mbbls/d

$85.56

$59.34

$50.00

10 Mbbls/d

$112.53

$60.00

$50.00

WTI Collars

Call Strike

Put Strike

1 Mbbls/d

$67.79

$56.32

1 Mbbls/d

$67.79

$56.32

Natural Gas

Hedges ($/Mcf)

3Q 2026

4Q 2026

1Q 2027

2Q 2027

3Q 2027

4Q 2027

NYMEX Fixed Price Swaps

20 MMcf/d

$4.07

20 MMcf/d

$4.07

NYMEX 3-Way Options

Call Strike

Put Strike

Sold Put Strike

450 MMcf/d

$5.92

$3.33

$2.58

450 MMcf/d

$5.92

$3.33

$2.58

300 MMcf/d

$5.04

$3.50

$2.50

200 MMcf/d

$4.49

$3.50

$2.50

200 MMcf/d

$4.49

$3.50

$2.50

200 MMcf/d

$4.49

$3.50

$2.50

NYMEX Collars

Call Strike

Put Strike

95 MMcf/d

$5.27

$3.75

95 MMcf/d

$5.27

$3.75

15 MMcf/d

$4.72

$3.50

15 MMcf/d

$4.72

$3.50

15 MMcf/d

$4.72

$3.50

15 MMcf/d

$4.72

$3.50

AECO Nominal Basis Swaps

338 MMcf/d

($1.25)

338 MMcf/d

($1.25)

260 MMcf/d

($1.17)

260 MMcf/d

($1.17)

260 MMcf/d

($1.17)

260 MMcf/d

($1.17)

AECO Fixed Price Swaps

152 MMcf/d

$2.26

118 MMcf/d

$2.30

100 MMcf/d

$2.00

219 MMcf/d

$1.78

219 MMcf/d

$1.78

106 MMcf/d

$2.00

AECO Collars

Call Strike

Put Strike

10 MMcf/d

$2.15

$1.69

3 MMcf/d

$2.15

$1.69

13 MMcf/d

$2.36

$1.76

20 MMcf/d

$2.36

$1.76

Waha Nominal Basis Swaps

50 MMcf/d

($1.98)

50 MMcf/d

($1.19)

Waha Fixed Price Swaps

50 MMcf/d

$0.74

50 MMcf/d

$1.77

NuVista Cash Flow Deduction ($MM)(2)

$34

$24

$16

$12

$10

1) Ovintiv also manages other key market basis differential risks for gas, oil and condensate.

2) NuVista’s financial hedge position at close of the acquisition was valued at ~$199 MM. Those gains are booked as assets and realized into cash over time as they are settled but are not included in Non-GAAP Cash Flow.

Ovintiv Inc.

Important information

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 “Ovintiv,” “we,” “its,” “our” or to “the Company” includes reference to subsidiaries of and partnership interests held by Ovintiv Inc. and its subsidiaries.

Please visit Ovintiv’s website and Investor Relations page at www.ovintiv.com and investor.ovintiv.com, where Ovintiv often discloses important information about the Company, its business, and its results of operations.

NI 51-101 Exemption

The Canadian securities regulatory authorities have issued a decision document (the “Decision”) granting Ovintiv exemptive relief from the requirements contained in Canada’s National Instrument 51-101 Standards of Disclosure for Oil and Gas Activities (“NI 51-101”). 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 (“SEC”), 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 www.sedarplus.ca as soon as practicable after such disclosure is filed with the SEC.

NOTE 1: Non-GAAP Measures

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’s liquidity and its ability to generate funds to finance its operations. For additional information regarding non-GAAP measures, see the Company’s website. This news release contains references to non-GAAP measures as follows:

•

Non-GAAP Cash Flow is 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.

•

Non-GAAP Free Cash Flow is a non-GAAP measure defined as Non-GAAP Cash Flow in excess of capital expenditures, excluding net acquisitions and divestitures.

•

Non-GAAP Adjusted Earnings is a non-GAAP measure defined as net earnings (loss) excluding non-cash items that management believes reduces the comparability of the Company'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, valuation allowances and the effect of non-recurring discrete transactions are excluded in the calculation of income taxes.

•

Net Debt is defined as long-term debt, including the current portion, less cash and cash equivalents.

Ovintiv Inc.

•

Adjusted EBITDA, Debt to EBITDA, Debt to Adjusted EBITDA (Leverage Target/Ratio) and Net Debt to Adjusted EBITDA are 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. Net Debt to Adjusted EBITDA is calculated as Net Debt, divided by Adjusted EBITDA. Debt to Adjusted EBITDA and Net Debt to Adjusted EBITDA are non-GAAP measures monitored by management as indicators of the Company’s overall financial strength.

ADVISORY REGARDING OIL AND GAS INFORMATION – The 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.

ADVISORY REGARDING FORWARD-LOOKING STATEMENTS – This news release contains forward-looking statements or information (collectively, “forward-looking statements”) 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 the third quarter and fiscal year 2026 guidance and expected free cash flow, the presence of recoverability of estimated reserves, the expectation of delivering sustainable durable returns to shareholders in future years, plans regarding share buybacks and debt reduction, and timing and expectations regarding capital efficiencies and well completion and performance, are forward-looking statements. When used in this news release, the use of words and phrases including “anticipates,” “believes,” “continue,” “could,” “estimates,” “expects,” “focused on,” “forecast,” “guidance,” “intends,” “maintain,” “may,” “opportunities,” “outlook,” “plans,” “potential,” “strategy,” “targets,” “will,” “would” 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: future commodity prices and basis differentials; 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'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’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 war and changes to the geopolitical environment, including tariffs between the United States and Canada; and projections made in light of, and generally consistent with, the Company's historical experience and its perception of historical industry trends; and the other assumptions contained herein.

Ovintiv Inc.

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.

The reader should carefully read the risk factors described in the “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections of the Company’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.

Further information on Ovintiv Inc. is available on the Company’s website, www.ovintiv.com, or by contacting:

Investor contact:

(888) 525-0304

Media contact:

(403) 645-2252

Ovintiv Inc.

EX-99.2

Filename: ovv-ex99_2.htm · Sequence: 3

EX-99.2

Exhibit 99.2

Ovintiv Inc.

Interim Selected Financial Information

(unaudited)

For the period ended June 30, 2026

U.S. Dollar / U.S. Protocol

Condensed Consolidated Statement of Earnings (unaudited)

Three Months Ended

Six Months Ended

June 30,

(US$ millions, except per share amounts)

2026

2025

2026

2025

Revenues

Product and service revenues

2,297

1,764

4,518

3,729

Sales of purchased product

575

450

931

860

Gains (losses) on risk management, net

122

Sublease revenues

Total Revenues

3,013

2,318

5,545

4,695

Operating Expenses

Production, mineral and other taxes

160

Transportation and processing

540

435

1,011

833

Operating

183

219

410

424

Purchased product

563

440

907

842

Depreciation, depletion and amortization

519

556

1,080

1,101

Impairments

1,485

730

Accretion of asset retirement obligation

Administrative

126

238

169

Total Operating Expenses

2,019

1,807

5,305

4,273

Operating Income (Loss)

994

511

240

422

Other (Income) Expenses

Interest

100

204

192

Foreign exchange (gain) loss, net

(Gain) loss on divestitures, net

337

Other (gains) losses, net

)

(34

)

Total Other (Income) Expenses

455

112

528

216

Net Earnings (Loss) Before Income Tax

539

399

(288

)

206

Income tax expense (recovery)

(114

)

Net Earnings (Loss)

456

307

(174

)

148

Net Earnings (Loss) per Share of Common Stock

Basic

1.63

1.19

(0.63

)

0.57

Diluted

1.62

1.18

(0.63

)

0.57

Weighted Average Shares of Common Stock Outstanding (millions)

Basic

280.0

259.0

274.1

259.7

Diluted

281.9

260.1

274.1

261.6

Condensed Consolidated Statement of Comprehensive Income (unaudited)

Three Months Ended

Six Months Ended

June 30,

(US$ millions)

2026

2025

2026

2025

Net Earnings (Loss)

456

307

(174

)

148

Other Comprehensive Income (Loss), Net of Tax

Foreign currency translation adjustment

(99

)

194

(185

)

202

Pension and other post-employment benefit plans

)

Other Comprehensive Income (Loss)

(100

)

193

(187

)

200

Comprehensive Income (Loss)

356

500

(361

)

348

Ovintiv Inc.

Selected Financial Information

Condensed Consolidated Balance Sheet (unaudited)

As at

June 30,

December 31,

(US$ millions)

2026

2025

Assets

Current Assets

Cash and cash equivalents

700

Accounts receivable and accrued revenues (net of allowances

of $6 million (2025: $6 million))

1,302

1,128

Investment in marketable securities

245

Risk management

187

Income tax receivable

2,249

1,523

Property, Plant and Equipment, at cost:

Oil and natural gas properties, based on full cost accounting

Proved properties

60,174

70,133

Unproved properties

624

434

Other

947

864

Property, plant and equipment

61,745

71,431

Less: Accumulated depreciation, depletion and amortization

(48,542

)

(57,187

)

Property, plant and equipment, net

13,203

14,244

Other Assets

1,290

1,299

Risk Management

185

Deferred Income Taxes

744

Goodwill

2,324

2,576

19,280

20,390

Liabilities and Shareholders’ Equity

Current Liabilities

Accounts payable and accrued liabilities

2,093

1,861

Current portion of operating lease liabilities

105

117

Income tax payable

Risk management

Current portion of long-term debt

810

2,232

2,795

Long-Term Debt

3,695

4,392

Operating Lease Liabilities

1,118

1,105

Other Liabilities and Provisions

220

100

Risk Management

Asset Retirement Obligation

385

388

Deferred Income Taxes

117

402

7,781

9,195

Shareholders’ Equity

Share capital - authorized 775 million shares of stock

2026 issued and outstanding: 276.6 million shares (2025: 253.3 million shares)

Paid in surplus

8,613

7,779

Retained earnings

2,097

2,440

Accumulated other comprehensive income

786

973

Total Shareholders’ Equity

11,499

11,195

19,280

20,390

Ovintiv Inc.

Selected Financial Information

Condensed Consolidated Statement of Cash Flows (unaudited)

Three Months Ended

Six Months Ended

June 30,

(US$ millions)

2026

2025

2026

2025

Operating Activities

Net earnings (loss)

456

307

(174

)

148

Depreciation, depletion and amortization

519

556

1,080

1,101

Impairments

1,485

730

Accretion of asset retirement obligation

Deferred income taxes

(149

)

(11

)

Unrealized (gain) loss on risk management

(190

)

(54

)

(137

)

Unrealized foreign exchange (gain) loss

(43

)

Foreign exchange (gain) loss on settlements

(41

)

(Gain) loss on divestitures, net

337

Other

Net change in other assets and liabilities

)

(11

)

(18

)

(22

)

Net change in non-cash working capital

380

111

211

)

Cash From (Used in) Operating Activities

1,632

1,013

2,688

1,886

Investing Activities

Capital expenditures

(574

)

(521

)

(1,179

)

(1,138

)

Acquisitions

(14

)

(21

)

(2,313

)

Corporate acquisition, net of cash acquired

(1,192

)

Proceeds from divestitures

2,822

2,829

1,896

Net change in investments and other

(15

)

(46

)

102

Cash From (Used in) Investing Activities

2,219

(558

)

481

(1,453

)

Financing Activities

Net issuance (repayment) of revolving debt

(877

)

396

(580

)

481

Issuance of debt under the Term Credit Agreement

1,151

Repayment of debt under the Term Credit Agreement

(1,151

)

(1,151

)

Repayment of long-term debt

(720

)

(600

)

(1,179

)

(600

)

Purchase of shares of common stock

(345

)

(147

)

(429

)

(147

)

Dividends on shares of common stock

(84

)

(77

)

(169

)

(155

)

Other

)

(147

)

(21

)

Cash From (Used in) Financing Activities

(3,176

)

(430

)

(2,504

)

(442

)

Foreign Exchange Gain (Loss) on Cash, Cash Equivalents

and Restricted Cash Held in Foreign Currency

)

(13

)

(13

)

Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash

674

665

(22

)

Cash, Cash Equivalents and Restricted Cash, Beginning of Period

Cash, Cash Equivalents and Restricted Cash, End of Period

700

Cash, End of Period

Cash Equivalents, End of Period

669

Restricted Cash, End of Period

Cash, Cash Equivalents and Restricted Cash, End of Period

700

Ovintiv Inc.

Selected Financial Information

Ovintiv Inc.

Interim Supplemental Information

(unaudited)

For the period ended June 30, 2026

U.S. Dollar / U.S. Protocol

Second quarter report

for the period ended June 30, 2026

Supplemental Financial Information (unaudited)

Financial Results

2026

2025

(US$ millions, unless otherwise specified)

Year-to-

date

Year

Q2 Year-

to-Date

Net Earnings (Loss)

(174

)

456

(630

)

1,242

946

148

307

(159

)

Per share - basic (1)

(0.63

)

1.63

(2.35

)

4.83

3.73

0.58

0.57

1.19

(0.61

)

Per share - diluted (1)

(0.63

)

1.62

(2.35

)

4.78

3.70

0.57

1.18

(0.61

)

Non-GAAP Adjusted Earnings (2)

1,028

491

537

1,257

355

267

635

265

370

Per share - basic (1)

3.75

1.75

2.00

4.89

1.40

1.04

2.45

1.02

1.42

Per share - diluted (1)

3.75

1.74

2.00

4.84

1.39

1.03

2.43

1.02

1.42

Non-GAAP Cash Flow (3)

2,495

1,256

1,239

3,785

973

895

1,917

913

1,004

Per share - basic (1)

9.10

4.49

4.62

14.72

3.84

3.49

7.38

3.53

3.86

Per share - diluted (1)

9.10

4.46

4.62

14.57

3.81

3.47

7.33

3.51

3.86

Foreign Exchange Rates (C$ per US$1)

Average

1.378

1.384

1.372

1.398

1.395

1.377

1.409

1.384

1.435

Period end

1.421

1.394

1.371

1.392

1.364

1.438

Non-GAAP Adjusted Earnings Summary

Net Earnings (Loss) Before Income Tax

(288

)

539

(827

)

770

372

192

206

399

(193

)

Before-tax (Addition) Deduction:

Unrealized gain (loss) on risk management

137

190

(53

)

(20

)

(46

)

Impairments

(1,485

)

(1,485

)

(920

)

(49

)

(141

)

(730

)

(730

)

Non-operating foreign exchange gain (loss)

(29

)

(31

)

Gain (loss) on divestitures

(337

)

(337

)

Adjusted Earnings (Loss) Before Income Tax

1,426

717

709

1,599

404

351

844

348

496

Income tax expense (recovery) (4)

398

226

172

342

209

126

Non-GAAP Adjusted Earnings (2)

1,028

491

537

1,257

355

267

635

265

370

Non-GAAP Cash Flow Summary

Cash From (Used in) Operating Activities

2,688

1,632

1,056

3,652

954

812

1,886

1,013

873

(Add back) Deduct:

Net change in other assets and liabilities

(18

)

(14

)

(40

)

(11

)

(22

)

(11

)

(11

)

Net change in non-cash working capital

211

380

(169

)

(93

)

(76

)

111

(120

)

Non-GAAP Cash Flow (3)

2,495

1,256

1,239

3,785

973

895

1,917

913

1,004

(1)

Net Earnings (Loss), Non-GAAP Adjusted Earnings and Non-GAAP Cash Flow per share are calculated using the weighted average number of shares of common stock outstanding as follows:

2026

2025

(millions)

Year-to-

date

Year

Q2 Year-

to-Date

Weighted Average Shares of Common Stock Outstanding

Basic

274.1

280.0

268.2

257.2

253.3

256.2

259.7

259.0

260.4

Diluted

274.1

281.9

268.2

259.7

255.6

258.1

261.6

260.1

260.4

(2)

Non-GAAP Adjusted Earnings is a non-GAAP measure defined as net earnings (loss) excluding non-cash items that management believes reduces the comparability of the Company’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, valuation allowances and the effect of non-recurring discrete transactions are excluded in the calculation of income taxes.

(3)

Non-GAAP Cash Flow is 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.

(4)

Calculated using the applicable U.S. federal and state statutory income tax rate of 21.75 percent and the applicable Canadian federal and provincial statutory income tax rate of 23.7 percent (2025 - 21.75 percent and 23.7 percent, respectively).

Financial Metrics

2026

2025

Year-to-

date

Year

Debt to Capitalization

24%

32%

Debt to Adjusted Capitalization (1)

16%

22%

Debt to EBITDA (1)

1.3x

1.6x

Debt to Adjusted EBITDA (1)

0.8x

1.2x

(1)

Debt to Adjusted Capitalization, Debt to EBITDA and Debt to Adjusted EBITDA are non-GAAP measures monitored by management as indicators of the Company’s overall financial strength. Non-GAAP measures are defined and calculated in the Non-GAAP Definitions and Reconciliations document following this Supplemental Information report.

Ovintiv Inc.

Supplemental Information (prepared in US$)

Second quarter report

for the period ended June 30, 2026

Supplemental Operating Information (unaudited)

Production Volumes by Product

2026

2025

(average)

% of

Oil & NGLs

Year-to-

date

Year

Q2 Year-

to-Date

Oil (Mbbls/d)

132.4

123.0

141.8

142.7

140.9

137.6

146.3

142.0

150.5

NGLs - Plant Condensate (Mbbls/d)

83.1

82.8

83.5

66.7

67.8

74.2

62.2

69.2

55.2

Oil & Plant Condensate (Mbbls/d)

215.5

205.8

225.3

209.4

208.7

211.8

208.5

211.2

205.7

Butane (Mbbls/d)

24.2

22.3

26.1

23.2

23.7

23.6

22.7

23.3

22.2

Propane (Mbbls/d)

35.4

31.7

39.1

36.0

37.0

37.4

34.7

36.3

33.1

Ethane (Mbbls/d)

31.3

28.4

34.4

35.6

36.5

36.7

34.7

35.9

33.4

NGLs - Other (Mbbls/d)

90.9

82.4

99.6

94.8

97.2

97.7

92.1

95.5

88.7

Oil & NGLs (Mbbls/d)

100

306.4

288.2

324.9

304.2

305.9

309.5

300.6

306.7

294.4

Natural Gas (MMcf/d)

2,041

1,959

2,124

1,862

1,905

1,925

1,807

1,851

1,764

Total (MBOE/d)

646.6

614.6

678.9

614.5

623.4

630.4

601.9

615.3

588.3

Production Volumes by Segment

2026

2025

(average)

Year-to-

date

Year

Q2 Year-

to-Date

Oil (Mbbls/d)

USA Operations

131.8

122.6

141.2

142.3

140.4

137.0

146.0

141.6

150.3

Canadian Operations

0.6

0.4

0.6

0.4

0.5

0.6

0.3

0.4

0.2

132.4

123.0

141.8

142.7

140.9

137.6

146.3

142.0

150.5

NGLs - Plant Condensate (Mbbls/d)

USA Operations

9.2

7.2

11.3

11.7

10.8

11.4

10.3

Canadian Operations

73.9

75.6

72.2

55.4

56.1

62.5

51.4

57.8

44.9

83.1

82.8

83.5

66.7

67.8

74.2

62.2

69.2

55.2

Oil & Plant Condensate (Mbbls/d)

USA Operations

141.0

129.8

152.5

153.6

152.1

148.7

156.8

153.0

160.6

Canadian Operations

74.5

76.0

72.8

55.8

56.6

63.1

51.7

58.2

45.1

215.5

205.8

225.3

209.4

208.7

211.8

208.5

211.2

205.7

NGLs - Other (Mbbls/d)

USA Operations

65.1

55.6

74.8

76.0

78.8

77.9

73.6

76.8

70.4

Canadian Operations

25.8

26.8

24.8

18.8

18.4

19.8

18.5

18.7

18.3

90.9

82.4

99.6

94.8

97.2

97.7

92.1

95.5

88.7

NGLs - Total (Mbbls/d)

USA Operations

74.3

62.8

86.1

87.3

90.5

89.6

84.4

88.2

80.7

Canadian Operations

99.7

102.4

97.0

74.2

74.5

82.3

69.9

76.5

63.2

174.0

165.2

183.1

161.5

165.0

171.9

154.3

164.7

143.9

Oil & NGLs (Mbbls/d)

USA Operations

206.1

185.4

227.3

229.6

230.9

226.6

230.4

229.8

231.0

Canadian Operations

100.3

102.8

97.6

74.6

75.0

82.9

70.2

76.9

63.4

306.4

288.2

324.9

304.2

305.9

309.5

300.6

306.7

294.4

Natural Gas (MMcf/d)

USA Operations

424

329

520

515

528

512

509

508

510

Canadian Operations

1,617

1,630

1,604

1,347

1,377

1,413

1,298

1,343

1,254

2,041

1,959

2,124

1,862

1,905

1,925

1,807

1,851

1,764

Total (MBOE/d)

USA Operations

276.9

240.2

314.0

315.3

318.8

311.9

315.3

314.7

315.9

Canadian Operations

369.7

374.4

364.9

299.2

304.6

318.5

286.6

300.6

272.4

646.6

614.6

678.9

614.5

623.4

630.4

601.9

615.3

588.3

Ovintiv Inc.

Supplemental Information (prepared in US$)

Second quarter report

for the period ended June 30, 2026

Supplemental Financial & Operating Information (unaudited)

Results of Operations

Revenues and Realized Gains (Losses) on Risk Management

2026

2025

(US$ millions)

Year-to-

date

Year

Q2 Year-

to-Date

USA Operations

Revenues, excluding Realized Gains (Losses) on Risk Management (1)

Oil

2,047

1,124

923

3,413

772

835

1,806

831

975

NGLs (2)

305

143

162

693

162

164

367

177

190

Natural Gas

142

141

447

102

249

104

145

2,494

1,268

1,226

4,553

1,036

1,095

2,422

1,112

1,310

Realized Gains (Losses) on Risk Management (3)

Oil

(126

)

(103

)

(23

)

NGLs (2)

Natural Gas

(126

)

(103

)

(23

)

Canadian Operations

Revenues, excluding Realized Gains (Losses) on Risk Management (1)

Oil

NGLs (2)

1,242

719

523

1,422

329

403

690

367

323

Natural Gas

764

304

460

1,159

337

221

601

274

327

2,013

1,025

988

2,591

669

627

1,295

643

652

Realized Gains (Losses) on Risk Management (3)

Oil

NGLs (2)

(20

)

(15

)

Natural Gas

115

(1)

Excludes other revenues with no associated production volumes.

(2)

Includes plant condensate.

(3)

Excludes realized gains or losses from foreign exchange risk management positions.

Ovintiv Inc.

Supplemental Information (prepared in US$)

Second quarter report

for the period ended June 30, 2026

Supplemental Financial & Operating Information (unaudited)

Results of Operations (continued)

Per-Unit Results, Excluding the Impact of Realized Gains (Losses) on Risk Management (1)

2026

2025

(US$/BOE)

Year-to-

date

Year

Q2 Year-

to-Date

Total USA Operations Netback

Price

49.78

58.01

43.41

39.54

35.32

38.17

42.40

38.81

46.02

Production, mineral and other taxes

2.83

3.22

2.53

2.30

1.67

2.29

2.64

2.36

2.91

Transportation and processing

4.10

4.12

4.08

3.91

3.96

3.74

3.96

4.01

3.92

Operating

6.15

6.09

6.20

6.01

6.00

6.07

5.99

6.03

5.97

Netback

36.70

44.58

30.60

27.32

23.69

26.07

29.81

26.41

33.22

Total Canadian Operations Netback

Price

30.08

30.10

30.06

23.73

23.92

21.39

24.95

23.47

26.59

Production, mineral and other taxes

0.26

0.28

0.24

0.19

0.17

0.20

0.19

0.21

0.16

Transportation and processing

11.71

12.89

10.49

11.31

11.14

11.35

11.38

11.40

11.37

Operating

1.49

1.42

1.56

1.48

1.50

1.39

1.52

1.56

1.46

Netback

16.62

15.51

17.77

10.75

11.11

8.45

11.86

10.30

13.60

Total Operations Netback

Price

38.51

41.00

36.24

31.85

29.75

29.69

34.10

31.32

37.03

Production, mineral and other taxes

1.36

1.43

1.30

1.27

0.94

1.24

1.47

1.31

1.64

Transportation and processing

8.45

9.47

7.53

7.51

7.47

7.59

7.50

7.62

7.36

Operating

3.49

3.25

3.71

3.80

3.71

3.86

3.84

3.89

Netback

25.21

26.85

23.70

19.27

17.54

17.15

21.27

18.55

24.14

(1)

Netback is a common metric used in the oil and gas industry to measure operating performance on a per-unit basis and is considered a non-GAAP measure. The netbacks disclosed above have been calculated on a BOE basis using upstream product revenues, excluding the impact of realized gains and losses on risk management, less costs associated with delivering the product to market, including production, mineral and other taxes, upstream transportation and processing expense and upstream operating expense. For additional information regarding non-GAAP measures, including Netback reconciliations, see the Non-GAAP Definitions and Reconciliations document following this Supplemental Information report.

Other Per-Unit Results

2026

2025

(US$/BOE)

Year-to-

date

Year

Q2 Year-

to-Date

Administrative Expense (1)

2.03

2.25

1.84

1.48

1.47

1.34

1.56

1.37

1.75

Administrative Expense, Excluding Long-Term Incentive,

Restructuring, Transaction and Legal Costs (1) (2)

1.29

1.28

1.31

1.26

1.32

1.17

1.28

1.19

1.36

(1)

Additional information on administrative expenses can be found in the Results of Operations section of Management's Discussion and Analysis included in Part I, Item 2 of Ovintiv's Quarterly Report on Form 10-Q.

(2)

Transaction costs refer to costs primarily incurred to facilitate the NuVista Acquisition as defined in Note 9 of the Interim Condensed Consolidated Financial Statements included in Part I, Item 1 of Ovintiv’s Quarterly Report on Form 10-Q.

Ovintiv Inc.

Supplemental Information (prepared in US$)

Second quarter report

for the period ended June 30, 2026

Supplemental Oil and Gas Operating Statistics (unaudited)

Operating Statistics

Per-Unit Prices, Excluding the Impact of Realized Gains (Losses) on Risk Management

2026

2025

(US$)

Year-to-

date

Year

Q2 Year-

to-Date

Oil Price ($/bbl)

USA Operations

85.78

100.78

72.62

65.66

59.82

66.23

68.24

64.50

71.79

Canadian Operations

73.30

75.39

71.82

63.17

57.79

64.35

66.40

63.42

71.46

Total Operations

85.74

100.69

72.62

65.65

59.81

66.22

68.24

64.50

71.79

NGLs - Plant Condensate Price ($/bbl)

USA Operations

65.03

77.39

57.10

50.99

46.21

49.67

54.34

50.76

58.35

Canadian Operations

83.25

94.20

71.66

62.22

56.47

62.81

65.05

62.76

68.02

Total Operations

81.24

92.75

69.69

60.32

54.69

60.73

63.18

60.79

66.22

Oil & Plant Condensate Price ($/bbl)

USA Operations

84.43

99.49

71.47

64.58

58.77

64.92

67.28

63.48

70.93

Canadian Operations

83.18

94.10

71.66

62.23

56.48

62.82

65.05

62.77

68.04

Total Operations

84.00

97.50

71.53

63.95

58.15

64.30

66.73

63.28

70.30

NGLs - Other Price ($/bbl)

USA Operations

16.68

18.19

15.54

17.40

15.43

15.46

19.52

17.52

21.70

Canadian Operations

27.46

28.90

25.90

23.94

23.02

22.62

25.12

21.44

28.92

Total Operations

19.73

21.67

18.12

18.70

16.87

16.91

20.64

18.28

23.21

NGLs - Total Price ($/bbl)

USA Operations

22.66

24.94

20.98

21.75

19.43

19.93

23.99

21.81

26.40

Canadian Operations

68.83

77.15

59.97

52.53

48.21

53.16

54.49

52.68

56.71

Total Operations

49.11

57.30

41.64

35.88

32.42

35.83

37.79

36.14

39.71

Oil & NGLs Price ($/bbl)

USA Operations

63.02

75.10

53.06

48.97

43.98

47.92

52.03

48.11

55.97

Canadian Operations

68.86

77.14

60.05

52.59

48.27

53.24

54.54

52.73

56.76

Total Operations

64.93

75.83

55.16

49.86

45.04

49.34

52.62

49.27

56.14

Natural Gas Price ($/Mcf)

USA Operations

1.86

0.03

3.03

2.38

2.10

2.04

2.70

2.26

3.15

Canadian Operations

2.61

2.05

3.19

2.36

2.66

1.70

2.56

2.24

2.91

Total Operations

2.45

1.71

3.14

2.36

2.50

1.79

2.60

2.24

2.98

Total Price ($/BOE)

USA Operations

49.78

58.01

43.41

39.54

35.32

38.17

42.40

38.81

46.02

Canadian Operations

30.08

30.10

30.06

23.73

23.92

21.39

24.95

23.47

26.59

Total Operations

38.51

41.00

36.24

31.85

29.75

29.69

34.10

31.32

37.03

Ovintiv Inc.

Supplemental Information (prepared in US$)

Second quarter report

for the period ended June 30, 2026

Supplemental Oil and Gas Operating Statistics (unaudited)

Operating Statistics (continued)

Per-Unit Impact of Realized Gains (Losses) on Risk Management

2026

2025

(US$)

Year-to-

date

Year

Q2 Year-

to-Date

Oil ($/bbl)

USA Operations

(5.27

)

(9.20

)

(1.84

)

0.77

2.09

0.29

0.35

0.73

Canadian Operations

Total Operations

(5.26

)

(9.16

)

(1.84

)

0.77

2.08

0.29

0.35

0.73

NGLs - Plant Condensate ($/bbl)

USA Operations

Canadian Operations

(1.49

)

(2.20

)

(0.74

)

Total Operations

(1.32

)

(2.01

)

(0.63

)

Oil & Plant Condensate ($/bbl)

USA Operations

(4.93

)

(8.69

)

(1.70

)

0.72

1.93

0.27

0.33

0.67

Canadian Operations

(1.48

)

(2.18

)

(0.74

)

Total Operations

(3.74

)

(6.28

)

(1.39

)

0.53

1.40

0.19

0.25

0.49

NGLs - Other ($/bbl)

USA Operations

0.30

0.71

0.39

Canadian Operations

Total Operations

0.24

0.57

0.31

NGLs - Total ($/bbl)

USA Operations

0.26

0.61

0.34

Canadian Operations

(1.10

)

(1.63

)

(0.55

)

Total Operations

(0.63

)

(1.01

)

(0.29

)

0.15

0.34

0.18

Oil & NGLs ($/bbl)

USA Operations

(3.37

)

(6.08

)

(1.14

)

0.58

1.52

0.31

0.24

0.47

Canadian Operations

(1.10

)

(1.61

)

(0.55

)

Total Operations

(2.63

)

(4.49

)

(0.96

)

0.43

1.14

0.23

0.18

0.35

Natural Gas ($/Mcf)

USA Operations

0.02

0.04

Canadian Operations

0.23

0.33

0.12

0.23

0.19

0.29

0.23

0.20

0.26

Total Operations

0.18

0.28

0.10

0.18

0.15

0.22

0.16

0.14

0.18

Total ($/BOE)

USA Operations

(2.50

)

(4.68

)

(0.81

)

0.45

1.14

0.28

0.17

0.34

Canadian Operations

0.72

1.04

0.41

1.05

0.83

1.28

1.03

0.87

1.22

Total Operations

(0.67

)

(1.21

)

(0.16

)

0.74

0.99

0.79

0.57

0.59

0.56

Ovintiv Inc.

Supplemental Information (prepared in US$)

Second quarter report

for the period ended June 30, 2026

Supplemental Oil and Gas Operating Statistics (unaudited)

Operating Statistics (continued)

Per-Unit Results, Including the Impact of Realized Gains (Losses) on Risk Management

2026

2025

(US$)

Year-to-

date

Year

Q2 Year-

to-Date

Oil Price ($/bbl)

USA Operations

80.51

91.58

70.78

66.43

61.91

66.52

68.59

65.23

71.79

Canadian Operations

73.30

75.39

71.82

63.17

57.79

64.35

66.40

63.42

71.46

Total Operations

80.48

91.53

70.78

66.42

61.89

66.51

68.59

65.23

71.79

NGLs - Plant Condensate Price ($/bbl)

USA Operations

65.03

77.39

57.10

50.99

46.21

49.67

54.34

50.76

58.35

Canadian Operations

81.76

92.00

70.92

62.22

56.47

62.81

65.05

62.76

68.02

Total Operations

79.92

90.74

69.06

60.32

54.69

60.73

63.18

60.79

66.22

Oil & Plant Condensate Price ($/bbl)

USA Operations

79.50

90.80

69.77

65.30

60.70

65.19

67.61

64.15

70.93

Canadian Operations

81.70

91.92

70.92

62.23

56.48

62.82

65.05

62.77

68.04

Total Operations

80.26

91.22

70.14

64.48

59.55

64.49

66.98

63.77

70.30

NGLs - Other Price ($/bbl)

USA Operations

16.68

18.19

15.54

17.70

16.14

15.85

19.52

17.52

21.70

Canadian Operations

27.46

28.90

25.90

23.94

23.02

22.62

25.12

21.44

28.92

Total Operations

19.73

21.67

18.12

18.94

17.44

17.22

20.64

18.28

23.21

NGLs - Total Price ($/bbl)

USA Operations

22.66

24.94

20.98

22.01

20.04

20.27

23.99

21.81

26.40

Canadian Operations

67.73

75.52

59.42

52.53

48.21

53.16

54.49

52.68

56.71

Total Operations

48.48

56.29

41.35

36.03

32.76

36.01

37.79

36.14

39.71

Oil & NGLs Price ($/bbl)

USA Operations

59.65

69.02

51.92

49.55

45.50

48.23

52.27

48.58

55.97

Canadian Operations

67.76

75.53

59.50

52.59

48.27

53.24

54.54

52.73

56.76

Total Operations

62.30

71.34

54.20

50.29

46.18

49.57

52.80

49.62

56.14

Natural Gas Price ($/Mcf)

USA Operations

1.86

0.03

3.03

2.40

2.12

2.08

2.70

2.26

3.15

Canadian Operations

2.84

2.38

3.31

2.59

2.85

1.99

2.79

2.44

3.17

Total Operations

2.63

1.99

3.24

2.54

2.65

2.01

2.76

2.38

3.16

Total Price ($/BOE)

USA Operations

47.28

53.33

42.60

39.99

36.46

38.45

42.57

39.15

46.02

Canadian Operations

30.80

31.14

30.47

24.78

24.75

22.67

25.98

24.34

27.81

Total Operations

37.84

39.79

36.08

32.59

30.74

30.48

34.67

31.91

37.59

Total Netback ($/BOE)

USA Operations

34.20

39.90

29.79

27.77

24.83

26.35

29.98

26.75

33.22

Canadian Operations

17.34

16.55

18.18

11.80

11.94

9.73

12.89

11.17

14.82

Total Operations

24.54

25.64

23.54

20.01

18.53

17.94

21.84

19.14

24.70

Ovintiv Inc.

Supplemental Information (prepared in US$)

Second quarter report

for the period ended June 30, 2026

Supplemental Oil and Gas Operating Statistics (unaudited)

Results by Play

2026

2025

(average)

Year-to-

date

Year

Q2 Year-

to-Date

Oil Production (Mbbls/d)

USA Operations

Permian

120.0

120.5

119.5

118.6

116.6

113.8

122.1

118.3

126.0

Anadarko (1)

11.6

2.0

21.4

22.2

23.7

23.1

21.0

23.2

18.9

Other (2)

0.2

0.1

0.3

1.5

0.1

2.9

0.1

5.4

Total USA Operations

131.8

122.6

141.2

142.3

140.4

137.0

146.0

141.6

150.3

Canadian Operations

Montney

0.6

0.4

0.6

0.4

0.5

0.6

0.3

0.4

0.2

Other (2)

Total Canadian Operations

0.6

0.4

0.6

0.4

0.5

0.6

0.3

0.4

0.2

Total

132.4

123.0

141.8

142.7

140.9

137.6

146.3

142.0

150.5

NGLs - Plant Condensate Production (Mbbls/d)

USA Operations

Permian

6.3

6.8

6.0

5.9

6.0

5.7

6.1

5.3

Anadarko (1)

2.9

0.4

5.3

5.4

5.7

5.1

5.3

4.9

Other (2)

0.1

Total USA Operations

9.2

7.2

11.3

11.7

10.8

11.4

10.3

Canadian Operations

Montney

73.9

75.6

72.1

55.3

56.1

62.5

51.2

57.7

44.6

Other (2)

0.1

0.2

0.1

0.3

Total Canadian Operations

73.9

75.6

72.2

55.4

56.1

62.5

51.4

57.8

44.9

Total

83.1

82.8

83.5

66.7

67.8

74.2

62.2

69.2

55.2

Oil & Plant Condensate Production (Mbbls/d)

USA Operations

Permian

126.3

127.3

125.5

124.5

122.6

119.8

127.8

124.4

131.3

Anadarko (1)

14.5

2.4

26.7

27.6

29.4

28.8

26.1

28.5

23.8

Other (2)

0.2

0.1

0.3

1.5

0.1

2.9

0.1

5.5

Total USA Operations

141.0

129.8

152.5

153.6

152.1

148.7

156.8

153.0

160.6

Canadian Operations

Montney

74.5

76.0

72.7

55.7

56.6

63.1

51.5

58.1

44.8

Other (2)

0.1

0.2

0.1

0.3

Total Canadian Operations

74.5

76.0

72.8

55.8

56.6

63.1

51.7

58.2

45.1

Total

215.5

205.8

225.3

209.4

208.7

211.8

208.5

211.2

205.7

(1)

Production volumes associated with Anadarko were included until the asset was divested on April 9, 2026.

(2)

Ovintiv Inc.

Supplemental Information (prepared in US$)

Second quarter report

for the period ended June 30, 2026

Supplemental Oil and Gas Operating Statistics (unaudited)

Results by Play (continued)

2026

2025

(average)

Year-to-

date

Year

Q2 Year-

to-Date

NGLs - Other Production (Mbbls/d)

USA Operations

Permian

50.7

52.8

48.6

46.6

49.7

45.9

45.4

46.3

44.5

Anadarko (1)

14.4

2.8

26.2

29.3

29.1

32.0

28.1

30.6

25.7

Other (2)

0.1

(0.1

)

0.2

Total USA Operations

65.1

55.6

74.8

76.0

78.8

77.9

73.6

76.8

70.4

Canadian Operations

Montney

25.8

26.8

24.8

18.8

18.4

19.8

18.5

18.7

18.3

Other (2)

Total Canadian Operations

25.8

26.8

24.8

18.8

18.4

19.8

18.5

18.7

18.3

Total

90.9

82.4

99.6

94.8

97.2

97.7

92.1

95.5

88.7

NGLs - Total Production (Mbbls/d)

USA Operations

Permian

57.0

59.6

54.6

52.5

55.7

51.9

51.1

52.4

49.8

Anadarko (1)

17.3

3.2

31.5

34.7

34.8

37.7

33.2

35.9

30.6

Other (2)

0.1

(0.1

)

0.3

Total USA Operations

74.3

62.8

86.1

87.3

90.5

89.6

84.4

88.2

80.7

Canadian Operations

Montney

99.7

102.4

96.9

74.1

74.5

82.3

69.7

76.4

62.9

Other (2)

0.1

0.2

0.1

0.3

Total Canadian Operations

99.7

102.4

97.0

74.2

74.5

82.3

69.9

76.5

63.2

Total

174.0

165.2

183.1

161.5

165.0

171.9

154.3

164.7

143.9

Oil & NGLs Production (Mbbls/d)

USA Operations

Permian

177.0

180.1

174.1

171.1

172.3

165.7

173.2

170.7

175.8

Anadarko (1)

28.9

5.2

52.9

56.9

58.5

60.8

54.2

59.1

49.5

Other (2)

0.2

0.1

0.3

1.6

0.1

3.0

5.7

Total USA Operations

206.1

185.4

227.3

229.6

230.9

226.6

230.4

229.8

231.0

Canadian Operations

Montney

100.3

102.8

97.5

74.5

75.0

82.9

70.0

76.8

63.1

Other (2)

0.1

0.2

0.1

0.3

Total Canadian Operations

100.3

102.8

97.6

74.6

75.0

82.9

70.2

76.9

63.4

Total

306.4

288.2

324.9

304.2

305.9

309.5

300.6

306.7

294.4

(1)

Production volumes associated with Anadarko were included until the asset was divested on April 9, 2026.

(2)

Ovintiv Inc.

Supplemental Information (prepared in US$)

Second quarter report

for the period ended June 30, 2026

Supplemental Oil and Gas Operating Statistics (unaudited)

Results by Play (continued)

2026

2025

(average)

Year-to-

date

Year

Q2 Year-

to-Date

Natural Gas Production (MMcf/d)

USA Operations

Permian

293

306

281

265

279

267

255

263

248

Anadarko (1)

130

238

246

248

245

246

245

247

Other (2)

Total USA Operations

424

329

520

515

528

512

509

508

510

Canadian Operations

Montney

1,616

1,630

1,603

1,346

1,377

1,413

1,296

1,342

1,251

Other (2)

Total Canadian Operations

1,617

1,630

1,604

1,347

1,377

1,413

1,298

1,343

1,254

Total

2,041

1,959

2,124

1,862

1,905

1,925

1,807

1,851

1,764

Total Production (MBOE/d)

USA Operations

Permian

226.0

231.0

220.9

215.2

218.9

210.2

215.8

214.5

217.1

Anadarko (1)

50.5

8.9

92.5

98.0

99.7

101.6

95.3

99.9

90.7

Other (2)

0.4

0.3

0.6

2.1

0.2

0.1

4.2

0.3

8.1

Total USA Operations

276.9

240.2

314.0

315.3

318.8

311.9

315.3

314.7

315.9

Canadian Operations

Montney

369.5

374.3

364.6

298.9

304.5

318.4

286.0

300.3

271.6

Other (2)

0.2

0.1

0.3

0.1

0.6

0.3

0.8

Total Canadian Operations

369.7

374.4

364.9

299.2

304.6

318.5

286.6

300.6

272.4

Total

646.6

614.6

678.9

614.5

623.4

630.4

601.9

615.3

588.3

(1)

Production volumes associated with Anadarko were included until the asset was divested on April 9, 2026.

(2)

Other Operations includes production volumes from plays that are not part of the Company’s current focus. Production volumes associated with Uinta were included in USA Other Operations until the asset was divested on January 22, 2025. Canadian Other Operations primarily included natural gas volumes in Horn River until the asset was divested on January 31, 2025.

Ovintiv Inc.

Supplemental Information (prepared in US$)

Second quarter report

for the period ended June 30, 2026

Supplemental Oil and Gas Operating Statistics (unaudited)

Results by Play (continued)

2026

2025

(US$ millions)

Year-to-

date

Year

Q2 Year-

to-Date

Capital Expenditures, Excluding Capitalized Internal Costs

USA Operations

Permian

647

305

342

1,136

265

298

573

246

327

Anadarko (1)

270

160

Other (2)

Total USA Operations

699

309

390

1,430

288

390

752

324

428

Canadian Operations

Montney

414

236

178

583

147

119

317

166

151

Other (2)

)

Total Canadian Operations

417

236

181

584

147

119

318

165

153

Total Capital Expenditures, Excluding Capitalized Internal Costs

1,116

545

571

2,014

435

509

1,070

489

581

Capitalized Directly Attributable Internal Costs

USA Operations

Permian

Anadarko (1)

Other (2)

)

Total USA Operations

107

Canadian Operations

Montney

Other (2)

Total Canadian Operations

Total Capitalized Directly Attributable Internal Costs

129

Total Capital Expenditures

USA Operations

Permian

693

327

366

1,219

285

319

615

265

350

Anadarko (1)

293

172

Other (2)

Total USA Operations

748

331

417

1,537

313

416

808

350

458

Canadian Operations

Montney

426

242

184

605

152

126

327

171

156

Other (2)

)

Total Canadian Operations

429

242

187

606

152

126

328

170

158

Corporate & Other

Total Capital Expenditures

1,179

574

605

2,147

465

544

1,138

521

617

Net Acquisitions & (Divestitures)

(2,808

)

(2,808

)

610

250

(57

)

417

)

426

Net Capital Investment

(1,629

)

(2,234

)

605

2,757

715

487

1,555

512

1,043

(1)

Capital expenditures associated with Anadarko were included until the asset was divested on April 9, 2026.

(2)

Other Operations includes capital expenditures in plays that are not part of the Company’s current focus. Capital expenditures associated with Uinta were included in USA Other Operations until the asset was divested on January 22, 2025.

Ovintiv Inc.

Supplemental Information (prepared in US$)

Second quarter report

for the period ended June 30, 2026

Supplemental Oil and Gas Operating Statistics (unaudited)

Results by Play (continued)

2026

2025

Year-to-

date

Year

Q2 Year-

to-Date

Drilling Activity (net wells drilled)

USA Operations

Permian

117

Anadarko (1)

Other (2)

Total USA Operations

151

Canadian Operations

Montney

Total Canadian Operations

Total

131

231

120

Completions Activity (net wells on production)

USA Operations

Permian

136

Anadarko (1)

Total USA Operations

173

Canadian Operations

Montney

Total Canadian Operations

Total

144

269

154

(1)

Net wells drilled and net wells on production associated with Anadarko were included until the asset was divested on April 9, 2026.

(2)

Other Operations includes net wells drilled in plays that are not part of the Company’s current focus. Net wells drilled associated with Uinta were included in USA Other Operations until the asset was divested on January 22, 2025.

Ovintiv Inc.

Supplemental Information (prepared in US$)

Ovintiv Inc.

Non-GAAP Definitions and Reconciliations

(unaudited)

For the period ended June 30, 2026

U.S. Dollar / U.S. Protocol

For the period ended June 30, 2026

(US$ millions, except per share amounts or as indicated)

Non-GAAP Cash Flow, Non-GAAP Cash Flow Per Share (CFPS) and Non-GAAP Free Cash Flow - Non-GAAP Cash Flow is defined as cash from (used in) operating activities excluding net change in other assets and liabilities, and net change in non-cash working capital. Non-GAAP CFPS is Non-GAAP Cash Flow divided by the weighted average number of shares of common stock outstanding. Non-GAAP Free Cash Flow is defined as Non-GAAP Cash Flow in excess of capital expenditures, excluding net acquisitions and divestitures. Management believes these measures are useful to the Company and its investors as a measure of operating and financial performance across periods and against other companies in the industry, and are an indication of the Company’s ability to generate cash to finance capital programs, to service debt and to meet other financial obligations. These measures are used, along with other measures, in the calculation of certain performance targets for the Company’s management and employees.

Non-GAAP Cash Flow

Q2 2026

YTD 2026

Cash From (Used in) Operating Activities

1,632

2,688

Deduct (Add back):

Net change in other assets and liabilities

)

(18

)

Net change in non-cash working capital

380

211

Non-GAAP Cash Flow

1,256

2,495

Per Share - Basic

4.49

9.10

Per Share - Diluted

4.46

9.10

Non-GAAP Free Cash Flow

Non-GAAP Cash Flow

1,256

2,495

Deduct:

Capital expenditures

574

1,179

Non-GAAP Free Cash Flow

682

1,316

Non-GAAP Adjusted Earnings - is defined as Net Earnings (Loss) excluding non-cash items that management believes reduces the comparability of the Company’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, valuation allowances and the effect of non-recurring discrete transactions are excluded in the calculation of income taxes.

Non-GAAP Adjusted Earnings

Q2 2026

YTD 2026

Net Earnings (Loss) Before Income Tax

539

(288

)

Before-tax (Addition) Deduction:

Unrealized gains (losses) on risk management

190

137

Impairments

(1,485

)

Non-operating foreign exchange gain (loss)

(31

)

(29

)

Gain (loss) on divestitures

(337

)

(337

)

Adjusted Earnings (Loss) Before Income Tax

717

1,426

Income tax expense (recovery)

226

398

Non-GAAP Adjusted Earnings

491

1,028

Per Share - Basic

1.75

3.75

Per Share - Diluted

1.74

3.75

Ovintiv Inc.

Non-GAAP Definitions and Reconciliations

Debt to Capitalization - Capitalization includes debt and total shareholders’ equity. Debt to Capitalization is monitored by management as an indicator of the Company’s overall financial strength.

Debt to Capitalization

YTD 2026

Long-Term Debt, Including Current Portion

3,695

Total Shareholders’ Equity

11,499

Capitalization

15,194

Debt to Capitalization

24%

Debt to Adjusted Capitalization - Debt to Adjusted Capitalization is a non-GAAP measure and is a proxy for Ovintiv’s financial covenant under the Company’s credit facilities which require Debt to Adjusted Capitalization to be less than 60 percent. Adjusted Capitalization includes debt, total shareholders’ equity and an equity adjustment for cumulative historical ceiling test impairments recorded as at December 31, 2011, in conjunction with the Company’s January 1, 2012, adoption of U.S. GAAP.

Debt to Adjusted Capitalization

YTD 2026

Long-Term Debt, Including Current Portion

3,695

Total Shareholders’ Equity

11,499

Equity Adjustment for Impairments at December 31, 2011

7,746

Adjusted Capitalization

22,940

Debt to Adjusted Capitalization

16%

EBITDA, Debt to EBITDA, Adjusted EBITDA and Debt to Adjusted EBITDA (Leverage Ratio/Target) - EBITDA is defined as trailing 12-month net earnings (loss) before income taxes, DD&A, and interest. Adjusted EBITDA is defined as 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 and Debt to Adjusted EBITDA are non-GAAP measures monitored by management as an indicator of the Company’s overall financial strength.

Q3 2025

Q4 2025

Q1 2026

Q2 2026

Trailing 12-

Months

Long-Term Debt, Including Current Portion

3,695

Net Earnings (Loss)

148

946

(630

)

456

920

Add back (deduct):

Depreciation, depletion and amortization

545

533

561

519

2,158

Interest

104

100

388

Income tax expense (recovery)

(574

)

(197

)

(644

)

EBITDA

828

998

(162

)

1,158

2,822

Debt to EBITDA (times)

1.3

Q3 2025

Q4 2025

Q1 2026

Q2 2026

Trailing 12-

Months

Long-Term Debt, Including Current Portion

3,695

Net Earnings (Loss)

148

946

(630

)

456

920

Add back (deduct):

Depreciation, depletion and amortization

545

533

561

519

2,158

Impairments

141

1,485

1,675

Accretion of asset retirement obligation

Interest

104

100

388

Unrealized (gains) losses on risk management

(18

)

(190

)

(135

)

Foreign exchange (gain) loss, net

)

(Gain) loss on divestitures, net

337

Other (gains) losses, net

)

(35

)

(29

)

(72

)

Income tax expense (recovery)

(574

)

(197

)

(644

)

Adjusted EBITDA

986

1,007

1,352

1,330

4,675

Debt to Adjusted EBITDA (times)

0.8

Ovintiv Inc.

Non-GAAP Definitions and Reconciliations

Net Debt and Net Debt to Adjusted EBITDA - Net Debt is defined as long-term debt, including the current portion, less cash and cash equivalents. Net Debt to Adjusted EBITDA is defined as Net Debt divided by Adjusted EBITDA, as previously defined.

Net Debt

YTD 2026

Long-Term Debt, Including Current Portion

3,695

Less:

Cash and cash equivalents

700

Net Debt

2,995

Adjusted EBITDA (trailing 12-months)

4,675

Net Debt to Adjusted EBITDA (times)

0.6

Operating Margin/Operating Netback - Product revenues less costs associated with delivering the product to market, including production, mineral and other taxes, upstream transportation and processing and upstream operating expenses. When presented on a per BOE basis, Operating Netback is defined as indicated divided by average barrels of oil equivalent sales volumes. Operating Margin/Operating Netback is used by management as an internal measure of the profitability of a play.

Ovintiv Inc.

Non-GAAP Definitions and Reconciliations

Netback Calculation

Netback is a common metric used in the oil and gas industry to measure operating performance on a per-unit basis and is considered a non-GAAP measure. The netbacks disclosed below have been calculated on a BOE basis using upstream product revenues, excluding the impact of realized gains and losses on risk management, less costs associated with delivering the product to market, including production, mineral and other taxes, upstream transportation and processing expense and upstream operating expense.

Selected Financial Data (1)

2026

2025

(US$ millions)

Year-to-

Date

Year

USA Operations

Upstream Product Revenue (2) (3)

2,494

1,268

1,226

4,553

1,036

1,095

1,112

1,310

Production, mineral and other taxes

142

265

Transportation and processing

205

115

450

116

108

114

112

Operating

309

133

176

692

177

173

169

1,838

974

864

3,146

694

748

758

946

Canadian Operations

Upstream Product Revenue (2) (3)

2,013

1,025

988

2,591

669

627

643

652

Production, mineral and other taxes

Transportation and processing

784

439

345

1,235

312

332

312

279

Operating

161

1,112

528

584

1,174

311

247

283

333

Total Operations

Upstream Product Revenue (2) (3)

4,507

2,293

2,214

7,144

1,705

1,722

1,755

1,962

Production, mineral and other taxes

160

286

Transportation and processing

989

529

460

1,685

428

440

426

391

Operating

408

181

227

853

218

215

205

2,950

1,502

1,448

4,320

1,005

995

1,041

1,279

(1)

Segmented financial information per the notes to Ovintiv's financial statements and/or management's discussion and analysis.

(2)

Excludes the impact of realized gains and losses on risk management.

(3)

Excludes service revenues and certain other revenues with no associated production volumes.

Sales Volumes (1)

2026

2025

(BOE)

Year-to-

Date

Year

USA Operations

50,112,746

21,854,560

28,258,290

115,145,820

29,334,752

28,696,548

28,635,880

28,478,970

Canadian Operations

66,923,121

34,078,499

32,844,600

109,191,575

28,020,348

29,297,952

27,360,151

24,512,940

Total

117,035,867

55,933,059

61,102,890

224,337,395

57,355,100

57,994,500

55,996,031

52,991,910

(1)

Numbers may not add due to the calculation of volumes, which is based on sales volumes per day on a BOE basis times the number of days in the period.

Calculated Operating Netback, excluding the Impact of Realized Gains (Losses) on Risk Management (1)

2026

2025

(US$/BOE)

Year-to-

Date

Year

Total USA Operations

Price

49.77

58.02

43.39

39.54

35.32

38.16

38.83

46.00

Production, mineral and other taxes

2.83

3.25

2.51

2.30

1.67

2.30

2.34

2.91

Transportation and processing

4.09

4.12

4.07

3.91

3.95

3.76

3.98

3.93

Operating

6.17

6.09

6.23

6.01

6.03

6.04

5.93

Netback

36.68

44.57

30.58

27.32

23.66

26.07

26.47

33.22

Total Canadian Operations

Price

30.08

23.73

23.88

21.40

23.50

26.60

Production, mineral and other taxes

0.27

0.29

0.24

0.19

0.18

0.20

0.22

0.16

Transportation and processing

11.71

12.88

10.50

11.31

11.13

11.33

11.40

11.38

Operating

1.48

1.41

1.55

1.47

1.46

1.43

1.54

1.47

Netback

16.62

15.49

17.78

10.75

11.10

8.43

10.34

13.58

Total Operations

Price

38.51

41.00

36.23

31.84

29.73

29.69

31.34

37.02

Production, mineral and other taxes

1.37

1.45

1.29

1.27

0.94

1.24

1.30

1.64

Transportation and processing

8.45

9.46

7.53

7.51

7.46

7.59

7.61

7.38

Operating

3.49

3.24

3.72

3.80

3.71

3.84

3.87

Netback

25.21

26.85

23.70

19.26

17.52

17.16

18.59

24.14

(1)

May not add due to rounding. Ovintiv calculates reported netbacks using whole dollars and sales volumes. Accordingly, the calculations above may differ from the reported netbacks due to the effects of rounding both dollars and volumes.

Ovintiv Inc.

Non-GAAP Definitions and Reconciliations

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dei:tradingSymbolItemType

Balance Type:

Period Type:

duration

- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Securities Act

-Number 230

-Section 425

+ Details

Name:

dei_WrittenCommunications

Namespace Prefix:

dei_

Data Type:

xbrli:booleanItemType

Balance Type:

Period Type:

duration