Form 8-K

8-K — Ovintiv Inc.

Accession: 0001193125-26-217081

Filed: 2026-05-11

Period: 2026-05-11

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-20260511.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-20260511.htm · Sequence: 1

8-K

0001792580false00017925802026-05-112026-05-11

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): May 11, 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 May 11, 2026, Ovintiv Inc. (the “Company”) issued a news release announcing its financial and operating results for its first quarter ended March 31, 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 May 11, 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 June 30, 2026 to holders of record at the close of business on June 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 May 11, 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:

May 11, 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 First Quarter 2026 Financial and Operating Results

Efficiency, Best-in-Class Inventory, and Clean Balance Sheet Delivering Superior Returns

Highlights:

•

Generated first quarter cash from operating activities of $1.1 billion, Non-GAAP Cash Flow of $1.2 billion and Non-GAAP Free Cash Flow of $634 million after capital expenditures of $605 million

•

Produced average first quarter volumes of 679 thousand barrels of oil equivalent per day (“MBOE/d”), at the high end of company guidance across all products including 225 thousand barrels per day (“Mbbls/d”) of oil and condensate, 100 Mbbls/d of other NGLs (C2 to C4) and 2,124 million cubic feet per day (“MMcf/d”) of natural gas

•

Closed the acquisition of NuVista Energy Ltd., adding approximately 100 MBOE/d of production, 930 net 10,000-foot equivalent well locations, and approximately 140,000 net acres of land for approximately $2.8 billion

•

Closed the sale of the Company’s Anadarko assets in April for total cash proceeds of approximately $2.85 billion after preliminary closing adjustments

•

Redeemed the Company’s $700 million, 5.65% senior notes due May 15, 2028, on April 20, 2026, using proceeds from the Anadarko divestiture; annualized interest savings to total approximately $40 million

•

Net Debt of less than $3.3 billion as of April 30, 2026; approximately 40% lower than one year prior

•

Resumed share buybacks in March with the repurchase of approximately 1.5 million shares for total consideration of approximately $84 million; year-to-date share buybacks as of April 30, 2026, totaled 3.2 million shares for total consideration of $180 million

•

Released the 2025 Sustainability Report on the Company’s website

DENVER, May 11, 2026 – Ovintiv Inc. (NYSE, TSX: OVV) (“Ovintiv” or the “Company”) today announced its first quarter 2026 financial and operating results. The Company plans to hold a conference call and webcast at 8:00 a.m. MT (10:00 a.m. ET) on May 12, 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.

“We’ve built a track record of leading execution efficiency and disciplined capital allocation and now we’ve combined those strengths with best-in-class inventory depth in the two best E&P assets, and a clean balance sheet,” said Ovintiv President and CEO, Brendan McCracken. “With the enhanced stability of our business today, we are intensely focused on efficient execution and profitability. Our strong first quarter continues to demonstrate differentiated results that reflect the moat we have created through disciplined portfolio management and stacked innovation.”

Ovintiv Inc.

First Quarter 2026 Financial and Operating Results

•

Reported first quarter net loss of $630 million, or $2.35 per share diluted, including non-cash ceiling test impairments of $1.2 billion, after tax, or $4.30 per share diluted; impairment primarily driven by a weaker SEC 12-month trailing oil price relative to the previous quarter

•

Recognized a net loss on risk management in revenues of $63 million, before tax

•

Generated cash from operating activities of $1.1 billion and Non-GAAP Cash Flow of $1.2 billion

•

First quarter average total production volumes were approximately 679 MBOE/d, including 225 Mbbls/d of oil and condensate, 100 Mbbls/d of other NGLs (C2 to C4) and 2,124 MMcf/d of natural gas; all products were at the high end of guidance

•

First quarter capital investment of $605 million was at the low end of the guidance range of $600 million to $650 million

•

First quarter upstream operating expense of $3.71 per BOE, upstream transportation and processing costs of $7.53 per BOE, production, mineral and other taxes of $1.30 per BOE, or 3.6% of upstream product revenue; costs were at the low end of guidance on a combined basis.

•

Including the impact of hedges, first quarter average realized price for oil and condensate was $70.14 per barrel (98% of WTI), $18.12 per barrel for other NGLs, and $3.24 per Mcf (64% of NYMEX) for natural gas, resulting in a total average realized price of $36.08 per BOE

2026 Guidance

The Company issued its second quarter 2026 guidance and reiterated its full year guidance. Full year production volumes are expected to average 620 to 645 MBOE/d, with full year expected capital investment of $2.25 billion to $2.35 billion.

2026 Guidance

2Q 2026

Full Year 2026

Total Production (MBOE/d)

610 – 635

620 – 645

Oil & Condensate (Mbbls/d)

200 – 205

205 – 212

NGLs (C2 to C4) (Mbbls/d)

75 – 80

80 – 85

Natural Gas (MMcf/d)

2,000 – 2,100

Capital Investment ($ Millions)

$550 – $600

$2,250 – $2,350

Shareholder Returns

First quarter shareholder returns totaled approximately $169 million, consisting of share buybacks of approximately $84 million, or approximately 1.5 million shares of common stock, and base dividend payments of approximately $85 million. As of April 30, 2026, year to date share buybacks totaled $180 million, or approximately 3.2 million shares of common stock.

Ovintiv Inc.

Continued Balance Sheet Focus

Ovintiv had approximately $2.8 billion in total liquidity as of March 31, 2026, which included available credit facilities of $3.4 billion, available uncommitted demand lines of $162 million, and cash and cash equivalents of $26 million, net of outstanding commercial paper of $824 million. The Company’s Net Debt was approximately $6.4 billion of March 31, 2026.

Following the receipt of proceeds from the Anadarko disposition on April 9, 2026, Ovintiv repaid the balance under its Term Credit Agreement and the facility was terminated. The Company also 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.

As of April 30, 2026, Ovintiv’s Net Debt was less than $3.3 billion and Net Debt to Adjusted EBITDA was less than 0.8 times using twelve-month trailing EBITDA as of March 31, 2026.

The Company remains committed to maintaining a strong balance sheet and is currently rated investment grade by four credit rating agencies.

Dividend Declared

On May 11, 2026, Ovintiv’s Board declared a quarterly dividend of $0.30 per share of common stock payable on June 30, 2026, to shareholders of record as of June 15, 2026.

Asset Highlights

Permian

Permian production averaged 221 MBOE/d (79% liquids) in the first quarter with 34 net wells turned in line (“TIL”). In 2026, Ovintiv plans to invest 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. 2026 oil and condensate production is expected to average 117 to 123 Mbbls/d and natural gas production is expected to average 270 to 295 MMcf/d.

Montney

Montney production averaged 365 MBOE/d (27% liquids) in the first quarter with 26 net wells TIL. In 2026, Ovintiv plans to invest approximately $875 million to $925 million in the play to run approximately 6 rigs and bring on an expected 130 to 140 net wells. 2026 oil and condensate production is expected to average 80 to 84 Mbbls/d and natural gas production is expected to average 1.7 to 1.8 Bcf/d.

2025 Sustainability Report Released

Today, the Company released its 21st annual Sustainability Report, highlighting its progress and performance on several key sustainability initiatives.

“We take our role as a responsible producer seriously,” said McCracken. “We are proud of our track record of integrating tangible actions into our business that allow us to deliver superior returns to our shareholders while continuing to make progress on sustainability outcomes.”

Ovintiv Inc.

Key Sustainability Highlights

•

Achieved greater than 85% of the Company’s goal to reduce Scope 1 & 2 greenhouse gas (GHG) emissions intensity by 50% by 2030, relative to 2019 levels

•

Continued advancing Ovintiv’s safety culture through collective dedication to serious injury prevention with the expansion of the Leading with Safety program and the introduction of Safe Decision-Making training

•

Announced investment in the Ovintiv Tool Hub at Northwestern Polytechnic, supporting skilled-trades training and equipping students with practical experience for the workforce

•

Announced the retirement of current Board Chair and the unanimous election of a new Chair, Steven Nance

•

Welcomed a new independent director, Gregory Hill, in January 2026, adding a wealth of energy industry and leadership experience to the Board, maintaining an ongoing Board refreshment process

Ovintiv's sustainability report can be found on the Company's website at Download Sustainability Report – Ovintiv.

For additional information, please refer to the First 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 first quarter 2026 results will be held at 8:00 a.m. MT (10:00 a.m. ET) on May 12, 2026.

To join the conference call without operator assistance, you may register and enter your phone number at https://emportal.ink/4aQ9VDs 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 March 31)

1Q 2026

1Q 2025

Capital Expenditures (1) ($ millions)

605

617

Oil (Mbbls/d)

141.8

150.5

NGLs – Plant Condensate (Mbbls/d)

83.5

55.2

Oil & Plant Condensate (Mbbls/d)

225.3

205.7

NGLs – Other (Mbbls/d)

99.6

88.7

Total Liquids (Mbbls/d)

324.9

294.4

Natural gas (MMcf/d)

2,124

1,764

Total production (MBOE/d)

678.9

588.3

1) Including capitalized directly attributable internal costs.

First Quarter Financial Summary

(for the period ended March 31)

($ millions)

1Q 2026

1Q 2025

Cash From (Used In) Operating Activities

Deduct (Add Back):

Net change in other assets and liabilities

Net change in non-cash working capital

1,056

(14)

(169)

873

(11)

(120)

Non-GAAP Cash Flow (1)

1,239

1,004

Non-GAAP Cash Flow (1)

1,239

1,004

Less: Capital Expenditures (2)

605

617

Non-GAAP Free Cash Flow (1)

634

387

Net Earnings (Loss) Before Income Tax

Before-tax (Addition) Deduction:

Unrealized gain (loss) on risk management

Impairments

Non-operating foreign exchange gain (loss)

(827)

(53)

(1,485)

(193)

(46)

(730)

Adjusted Earnings (Loss) Before Income Tax

Income tax expense (recovery)

709

172

496

126

Non-GAAP Adjusted Earnings (1)

537

370

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 March 31)

1Q 2026

1Q 2025

Liquids ($/bbl)

WTI

71.93

71.42

Realized Liquids Prices

Oil

70.78

71.79

NGLs – Plant Condensate

69.06

66.22

Oil & Plant Condensate

70.14

70.30

NGLs – Other

18.12

23.21

Total NGLs

41.35

39.71

Natural Gas

NYMEX ($/MMBtu)

5.04

3.65

Realized Natural Gas Price ($/Mcf)

3.24

3.16

Cost Summary

(for the period ended March 31)

($/BOE)

1Q 2026

1Q 2025

Production, mineral and other taxes

1.30

1.64

Upstream transportation and processing

7.53

7.36

Upstream operating

3.71

3.89

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

1.31

1.36

Debt to EBITDA (1)

($ millions, except as indicated)

March 31, 2026

December 31, 2025

Long-Term Debt, including Current Portion

6,398

5,202

Net Earnings (Loss)

771

1,242

Add back (Deduct):

Depreciation, depletion and amortization

2,195

2,179

Interest

383

376

Income tax expense (recovery)

(635)

(472)

EBITDA

2,714

3,325

Debt to EBITDA (times)

2.4

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)

March 31, 2026

December 31, 2025

Long-Term Debt, including Current Portion

6,398

5,202

Net Earnings (Loss)

771

1,242

Add back (Deduct):

Depreciation, depletion and amortization

Impairments

2,195

1,675

2,179

920

Accretion of asset retirement obligation

Interest

383

376

Unrealized (gains) losses on risk management

(6)

Foreign exchange (gain) loss, net

Other (gains) losses, net

(72)

(46)

Income tax expense (recovery)

(635)

(472)

Adjusted EBITDA

4,366

4,252

Debt to Adjusted EBITDA (times)

1.5

1.2

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

Ovintiv Inc.

Hedge Details(1) as of March 31, 2026

Oil and Condensate Hedges ($/bbl)

2Q 2026

3Q 2026

4Q 2026

1Q 2027

2Q 2027

3Q 2027

4Q 2027

WTI Fixed Price Swaps

4 Mbbls/d

$62.86

4 Mbbls/d

$63.29

4 Mbbls/d

$63.59

WTI 3-Way Options

Call Strike

Put Strike

Sold Put Strike

51 Mbbls/d

$70.65

$61.25

$51.08

51 Mbbls/d

$70.89

$59.28

$50.10

41 Mbbls/d

$70.23

$57.25

$50.13

30 Mbbls/d

$75.50

$59.11

$50.00

WTI Collars

Call Strike

Put Strike

1 Mbbls/d

$69.01

$57.33

1 Mbbls/d

$69.01

$57.33

1 Mbbls/d

$69.01

$57.33

Natural Gas

Hedges ($/Mcf)

2Q 2026

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

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

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

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)

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

133 MMcf/d

$2.31

152 MMcf/d

$2.28

118 MMcf/d

$2.31

100 MMcf/d

$2.00

119 MMcf/d

$2.00

119 MMcf/d

$2.00

106 MMcf/d

$2.00

AECO Collars

Call Strike

Put Strike

10 MMcf/d

$2.19

$1.72

10 MMcf/d

$2.19

$1.72

3 MMcf/d

$2.19

$1.72

13 MMcf/d

$2.40

$1.79

20 MMcf/d

$2.40

$1.79

NuVista Cash Flow Deduction ($MM)(2)

$30

$34

$24

$16

$12

$10

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

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 the Company’s 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.

Ovintiv Inc.

•

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

•

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. The forecasted April 30, 2026, Net Debt to Adjusted EBITDA is calculated using Net Debt as at April 30, 2026, divided by the 12-month trailing EBITDA as at March 31, 2026. Adjusted EBITDA, Debt to 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 first 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

Ovintiv Inc.

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.

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 March 31, 2026

U.S. Dollar / U.S. Protocol

Condensed Consolidated Statement of Earnings (unaudited)

Three Months Ended

March 31,

(US$ millions, except per share amounts)

2026

2025

Revenues

Product and service revenues

2,221

1,965

Sales of purchased product

356

410

Gains (losses) on risk management, net

(63

)

(16

)

Sublease revenues

Total Revenues

2,532

2,377

Operating Expenses

Production, mineral and other taxes

Transportation and processing

471

398

Operating

227

205

Purchased product

344

402

Depreciation, depletion and amortization

561

545

Impairments

1,485

730

Accretion of asset retirement obligation

Administrative

112

Total Operating Expenses

3,286

2,466

Operating Income (Loss)

(754

)

(89

)

Other (Income) Expenses

Interest

104

Foreign exchange (gain) loss, net

)

Other (gains) losses, net

(29

)

Total Other (Income) Expenses

104

Net Earnings (Loss) Before Income Tax

(827

)

(193

)

Income tax expense (recovery)

(197

)

(34

)

Net Earnings (Loss)

(630

)

(159

)

Net Earnings (Loss) per Share of Common Stock

Basic

(2.35

)

(0.61

)

Diluted

(2.35

)

(0.61

)

Weighted Average Shares of Common Stock Outstanding (millions)

Basic

268.2

260.4

Diluted

268.2

260.4

Condensed Consolidated Statement of Comprehensive Income (unaudited)

Three Months Ended

March 31,

(US$ millions)

2026

2025

Net Earnings (Loss)

(630

)

(159

)

Other Comprehensive Income (Loss), Net of Tax

Foreign currency translation adjustment

(86

)

Pension and other post-employment benefit plans

)

Other Comprehensive Income (Loss)

(87

)

Comprehensive Income (Loss)

(717

)

(152

)

Ovintiv Inc.

Selected Financial Information

Condensed Consolidated Balance Sheet (unaudited)

As at

March 31,

December 31,

(US$ millions)

2026

2025

Assets

Current Assets

Cash and cash equivalents

Accounts receivable and accrued revenues (net of allowances

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

1,481

1,128

Investment in marketable securities

245

Risk management

226

Income tax receivable

1,814

1,523

Property, Plant and Equipment, at cost:

Oil and natural gas properties, based on full cost accounting

Proved properties

73,069

70,133

Unproved properties

814

434

Other

972

864

Property, plant and equipment

74,855

71,431

Less: Accumulated depreciation, depletion and amortization

(58,926

)

(57,187

)

Property, plant and equipment, net

15,929

14,244

Other Assets

1,373

1,299

Risk Management

180

Deferred Income Taxes

155

744

Goodwill

2,843

2,576

22,294

20,390

Liabilities and Shareholders’ Equity

Current Liabilities

Accounts payable and accrued liabilities

1,925

1,861

Current portion of operating lease liabilities

129

117

Income tax payable

Risk management

241

Current portion of long-term debt

877

810

3,213

2,795

Long-Term Debt

5,521

4,392

Operating Lease Liabilities

1,169

1,105

Other Liabilities and Provisions

224

100

Risk Management

Asset Retirement Obligation

427

388

Deferred Income Taxes

182

402

10,736

9,195

Shareholders’ Equity

Share capital - authorized 775 million shares of stock

2026 issued and outstanding: 282.7 million shares (2025: 253.3 million shares)

Paid in surplus

8,944

7,779

Retained earnings

1,725

2,440

Accumulated other comprehensive income

886

973

Total Shareholders’ Equity

11,558

11,195

22,294

20,390

Ovintiv Inc.

Selected Financial Information

Condensed Consolidated Statement of Cash Flows (unaudited)

Three Months Ended

March 31,

(US$ millions)

2026

2025

Operating Activities

Net earnings (loss)

(630

)

(159

)

Depreciation, depletion and amortization

561

545

Impairments

1,485

730

Accretion of asset retirement obligation

Deferred income taxes

(210

)

(77

)

Unrealized (gain) loss on risk management

Unrealized foreign exchange (gain) loss

)

(45

)

Foreign exchange (gain) loss on settlements

)

(42

)

Other

(25

)

Net change in other assets and liabilities

(14

)

(11

)

Net change in non-cash working capital

(169

)

(120

)

Cash From (Used in) Operating Activities

1,056

873

Investing Activities

Capital expenditures

(605

)

(617

)

Acquisitions

)

(2,310

)

Corporate acquisition, net of cash acquired

(1,192

)

Proceeds from divestitures

1,884

Net change in investments and other

148

Cash From (Used in) Investing Activities

(1,738

)

(895

)

Financing Activities

Net issuance (repayment) of revolving debt

297

Issuance of debt under the Term Credit Agreement

1,151

Repayment of long-term debt

(459

)

Purchase of shares of common stock

(84

)

Dividends on shares of common stock

(85

)

(78

)

Other

(148

)

(19

)

Cash From (Used in) Financing Activities

672

(12

)

Foreign Exchange Gain (Loss) on Cash, Cash Equivalents

and Restricted Cash Held in Foreign Currency

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

)

(34

)

Cash, Cash Equivalents and Restricted Cash, Beginning of Year

Cash, Cash Equivalents and Restricted Cash, End of Period

Cash, End of Period

Cash Equivalents, End of Period

Restricted Cash, End of Period

Cash, Cash Equivalents and Restricted Cash, End of Period

Ovintiv Inc.

Selected Financial Information

Ovintiv Inc.

Interim Supplemental Information

(unaudited)

For the period ended March 31, 2026

U.S. Dollar / U.S. Protocol

First quarter report

for the period ended March 31, 2026

Supplemental Financial Information (unaudited)

Financial Results

2026

2025

(US$ millions, unless otherwise specified)

Year

Net Earnings (Loss)

(630

)

1,242

946

148

307

(159

)

Per share - basic (1)

(2.35

)

4.83

3.73

0.58

1.19

(0.61

)

Per share - diluted (1)

(2.35

)

4.78

3.70

0.57

1.18

(0.61

)

Non-GAAP Adjusted Earnings (2)

537

1,257

355

267

265

370

Per share - basic (1)

2.00

4.89

1.40

1.04

1.02

1.42

Per share - diluted (1)

2.00

4.84

1.39

1.03

1.02

1.42

Non-GAAP Cash Flow (3)

1,239

3,785

973

895

913

1,004

Per share - basic (1)

4.62

14.72

3.84

3.49

3.53

3.86

Per share - diluted (1)

4.62

14.57

3.81

3.47

3.51

3.86

Foreign Exchange Rates (C$ per US$1)

Average

1.372

1.398

1.395

1.377

1.384

1.435

Period end

1.394

1.371

1.392

1.364

1.438

Non-GAAP Adjusted Earnings Summary

Net Earnings (Loss) Before Income Tax

(827

)

770

372

192

399

(193

)

Before-tax (Addition) Deduction:

Unrealized gain (loss) on risk management

(53

)

(20

)

(46

)

Impairments

(1,485

)

(920

)

(49

)

(141

)

(730

)

Non-operating foreign exchange gain (loss)

)

Adjusted Earnings (Loss) Before Income Tax

709

1,599

404

351

348

496

Income tax expense (recovery) (4)

172

342

126

Non-GAAP Adjusted Earnings (2)

537

1,257

355

267

265

370

Non-GAAP Cash Flow Summary

Cash From (Used in) Operating Activities

1,056

3,652

954

812

1,013

873

(Add back) Deduct:

Net change in other assets and liabilities

(14

)

(40

)

(11

)

(11

)

(11

)

Net change in non-cash working capital

(169

)

(93

)

(76

)

111

(120

)

Non-GAAP Cash Flow (3)

1,239

3,785

973

895

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

Weighted Average Shares of Common Stock Outstanding

Basic

268.2

257.2

253.3

256.2

259.0

260.4

Diluted

268.2

259.7

255.6

258.1

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

Debt to Capitalization

36%

32%

Debt to Adjusted Capitalization (1)

25%

22%

Debt to EBITDA (1)

2.4x

1.6x

Debt to Adjusted EBITDA (1)

1.5x

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$)

First quarter report

for the period ended March 31, 2026

Supplemental Operating Information (unaudited)

Production Volumes by Product

2026

2025

(average)

% of

Oil & NGLs

Year

Oil (Mbbls/d)

141.8

142.7

140.9

137.6

142.0

150.5

NGLs - Plant Condensate (Mbbls/d)

83.5

66.7

67.8

74.2

69.2

55.2

Oil & Plant Condensate (Mbbls/d)

225.3

209.4

208.7

211.8

211.2

205.7

Butane (Mbbls/d)

26.1

23.2

23.7

23.6

23.3

22.2

Propane (Mbbls/d)

39.1

36.0

37.0

37.4

36.3

33.1

Ethane (Mbbls/d)

34.4

35.6

36.5

36.7

35.9

33.4

NGLs - Other (Mbbls/d)

99.6

94.8

97.2

97.7

95.5

88.7

Oil & NGLs (Mbbls/d)

100

324.9

304.2

305.9

309.5

306.7

294.4

Natural Gas (MMcf/d)

2,124

1,862

1,905

1,925

1,851

1,764

Total (MBOE/d)

678.9

614.5

623.4

630.4

615.3

588.3

Production Volumes by Segment

2026

2025

(average)

Year

Oil (Mbbls/d)

USA Operations

141.2

142.3

140.4

137.0

141.6

150.3

Canadian Operations

0.6

0.4

0.5

0.6

0.4

0.2

141.8

142.7

140.9

137.6

142.0

150.5

NGLs - Plant Condensate (Mbbls/d)

USA Operations

11.3

11.7

11.4

10.3

Canadian Operations

72.2

55.4

56.1

62.5

57.8

44.9

83.5

66.7

67.8

74.2

69.2

55.2

Oil & Plant Condensate (Mbbls/d)

USA Operations

152.5

153.6

152.1

148.7

153.0

160.6

Canadian Operations

72.8

55.8

56.6

63.1

58.2

45.1

225.3

209.4

208.7

211.8

211.2

205.7

NGLs - Other (Mbbls/d)

USA Operations

74.8

76.0

78.8

77.9

76.8

70.4

Canadian Operations

24.8

18.8

18.4

19.8

18.7

18.3

99.6

94.8

97.2

97.7

95.5

88.7

NGLs - Total (Mbbls/d)

USA Operations

86.1

87.3

90.5

89.6

88.2

80.7

Canadian Operations

97.0

74.2

74.5

82.3

76.5

63.2

183.1

161.5

165.0

171.9

164.7

143.9

Oil & NGLs (Mbbls/d)

USA Operations

227.3

229.6

230.9

226.6

229.8

231.0

Canadian Operations

97.6

74.6

75.0

82.9

76.9

63.4

324.9

304.2

305.9

309.5

306.7

294.4

Natural Gas (MMcf/d)

USA Operations

520

515

528

512

508

510

Canadian Operations

1,604

1,347

1,377

1,413

1,343

1,254

2,124

1,862

1,905

1,925

1,851

1,764

Total (MBOE/d)

USA Operations

314.0

315.3

318.8

311.9

314.7

315.9

Canadian Operations

364.9

299.2

304.6

318.5

300.6

272.4

678.9

614.5

623.4

630.4

615.3

588.3

Ovintiv Inc.

Supplemental Information (prepared in US$)

First quarter report

for the period ended March 31, 2026

Supplemental Financial & Operating Information (unaudited)

Results of Operations

Revenues and Realized Gains (Losses) on Risk Management

2026

2025

(US$ millions)

Year

USA Operations

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

Oil

923

3,413

772

835

831

975

NGLs (2)

162

693

162

164

177

190

Natural Gas

141

447

102

104

145

1,226

4,553

1,036

1,095

1,112

1,310

Realized Gains (Losses) on Risk Management (3)

Oil

(23

)

NGLs (2)

Natural Gas

(23

)

Canadian Operations

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

Oil

NGLs (2)

523

1,422

329

403

367

323

Natural Gas

460

1,159

337

221

274

327

988

2,591

669

627

643

652

Realized Gains (Losses) on Risk Management (3)

Oil

NGLs (2)

)

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$)

First quarter report

for the period ended March 31, 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

Total USA Operations Netback

Price

43.41

39.54

35.32

38.17

38.81

46.02

Production, mineral and other taxes

2.53

2.30

1.67

2.29

2.36

2.91

Transportation and processing

4.08

3.91

3.96

3.74

4.01

3.92

Operating

6.20

6.01

6.00

6.07

6.03

5.97

Netback

30.60

27.32

23.69

26.07

26.41

33.22

Total Canadian Operations Netback

Price

30.06

23.73

23.92

21.39

23.47

26.59

Production, mineral and other taxes

0.24

0.19

0.17

0.20

0.21

0.16

Transportation and processing

10.49

11.31

11.14

11.35

11.40

11.37

Operating

1.56

1.48

1.50

1.39

1.56

1.46

Netback

17.77

10.75

11.11

8.45

10.30

13.60

Total Operations Netback

Price

36.24

31.85

29.75

29.69

31.32

37.03

Production, mineral and other taxes

1.30

1.27

0.94

1.24

1.31

1.64

Transportation and processing

7.53

7.51

7.47

7.59

7.62

7.36

Operating

3.71

3.80

3.71

3.84

3.89

Netback

23.70

19.27

17.54

17.15

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

Administrative Expense

1.84

1.48

1.47

1.34

1.37

1.75

Administrative Expense, Excluding Long-Term Incentive,

Restructuring, Transaction and Legal Costs

1.31

1.26

1.32

1.17

1.19

1.36

Ovintiv Inc.

Supplemental Information (prepared in US$)

First quarter report

for the period ended March 31, 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

Oil Price ($/bbl)

USA Operations

72.62

65.66

59.82

66.23

64.50

71.79

Canadian Operations

71.82

63.17

57.79

64.35

63.42

71.46

Total Operations

72.62

65.65

59.81

66.22

64.50

71.79

NGLs - Plant Condensate Price ($/bbl)

USA Operations

57.10

50.99

46.21

49.67

50.76

58.35

Canadian Operations

71.66

62.22

56.47

62.81

62.76

68.02

Total Operations

69.69

60.32

54.69

60.73

60.79

66.22

Oil & Plant Condensate Price ($/bbl)

USA Operations

71.47

64.58

58.77

64.92

63.48

70.93

Canadian Operations

71.66

62.23

56.48

62.82

62.77

68.04

Total Operations

71.53

63.95

58.15

64.30

63.28

70.30

NGLs - Other Price ($/bbl)

USA Operations

15.54

17.40

15.43

15.46

17.52

21.70

Canadian Operations

25.90

23.94

23.02

22.62

21.44

28.92

Total Operations

18.12

18.70

16.87

16.91

18.28

23.21

NGLs - Total Price ($/bbl)

USA Operations

20.98

21.75

19.43

19.93

21.81

26.40

Canadian Operations

59.97

52.53

48.21

53.16

52.68

56.71

Total Operations

41.64

35.88

32.42

35.83

36.14

39.71

Oil & NGLs Price ($/bbl)

USA Operations

53.06

48.97

43.98

47.92

48.11

55.97

Canadian Operations

60.05

52.59

48.27

53.24

52.73

56.76

Total Operations

55.16

49.86

45.04

49.34

49.27

56.14

Natural Gas Price ($/Mcf)

USA Operations

3.03

2.38

2.10

2.04

2.26

3.15

Canadian Operations

3.19

2.36

2.66

1.70

2.24

2.91

Total Operations

3.14

2.36

2.50

1.79

2.24

2.98

Total Price ($/BOE)

USA Operations

43.41

39.54

35.32

38.17

38.81

46.02

Canadian Operations

30.06

23.73

23.92

21.39

23.47

26.59

Total Operations

36.24

31.85

29.75

29.69

31.32

37.03

Ovintiv Inc.

Supplemental Information (prepared in US$)

First quarter report

for the period ended March 31, 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

Oil ($/bbl)

USA Operations

(1.84

)

0.77

2.09

0.29

0.73

Canadian Operations

Total Operations

(1.84

)

0.77

2.08

0.29

0.73

NGLs - Plant Condensate ($/bbl)

USA Operations

Canadian Operations

(0.74

)

Total Operations

(0.63

)

Oil & Plant Condensate ($/bbl)

USA Operations

(1.70

)

0.72

1.93

0.27

0.67

Canadian Operations

(0.74

)

Total Operations

(1.39

)

0.53

1.40

0.19

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

(0.55

)

Total Operations

(0.29

)

0.15

0.34

0.18

Oil & NGLs ($/bbl)

USA Operations

(1.14

)

0.58

1.52

0.31

0.47

Canadian Operations

(0.55

)

Total Operations

(0.96

)

0.43

1.14

0.23

0.35

Natural Gas ($/Mcf)

USA Operations

0.02

0.04

Canadian Operations

0.12

0.23

0.19

0.29

0.20

0.26

Total Operations

0.10

0.18

0.15

0.22

0.14

0.18

Total ($/BOE)

USA Operations

(0.81

)

0.45

1.14

0.28

0.34

Canadian Operations

0.41

1.05

0.83

1.28

0.87

1.22

Total Operations

(0.16

)

0.74

0.99

0.79

0.59

0.56

Ovintiv Inc.

Supplemental Information (prepared in US$)

First quarter report

for the period ended March 31, 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

Oil Price ($/bbl)

USA Operations

70.78

66.43

61.91

66.52

65.23

71.79

Canadian Operations

71.82

63.17

57.79

64.35

63.42

71.46

Total Operations

70.78

66.42

61.89

66.51

65.23

71.79

NGLs - Plant Condensate Price ($/bbl)

USA Operations

57.10

50.99

46.21

49.67

50.76

58.35

Canadian Operations

70.92

62.22

56.47

62.81

62.76

68.02

Total Operations

69.06

60.32

54.69

60.73

60.79

66.22

Oil & Plant Condensate Price ($/bbl)

USA Operations

69.77

65.30

60.70

65.19

64.15

70.93

Canadian Operations

70.92

62.23

56.48

62.82

62.77

68.04

Total Operations

70.14

64.48

59.55

64.49

63.77

70.30

NGLs - Other Price ($/bbl)

USA Operations

15.54

17.70

16.14

15.85

17.52

21.70

Canadian Operations

25.90

23.94

23.02

22.62

21.44

28.92

Total Operations

18.12

18.94

17.44

17.22

18.28

23.21

NGLs - Total Price ($/bbl)

USA Operations

20.98

22.01

20.04

20.27

21.81

26.40

Canadian Operations

59.42

52.53

48.21

53.16

52.68

56.71

Total Operations

41.35

36.03

32.76

36.01

36.14

39.71

Oil & NGLs Price ($/bbl)

USA Operations

51.92

49.55

45.50

48.23

48.58

55.97

Canadian Operations

59.50

52.59

48.27

53.24

52.73

56.76

Total Operations

54.20

50.29

46.18

49.57

49.62

56.14

Natural Gas Price ($/Mcf)

USA Operations

3.03

2.40

2.12

2.08

2.26

3.15

Canadian Operations

3.31

2.59

2.85

1.99

2.44

3.17

Total Operations

3.24

2.54

2.65

2.01

2.38

3.16

Total Price ($/BOE)

USA Operations

42.60

39.99

36.46

38.45

39.15

46.02

Canadian Operations

30.47

24.78

24.75

22.67

24.34

27.81

Total Operations

36.08

32.59

30.74

30.48

31.91

37.59

Total Netback ($/BOE)

USA Operations

29.79

27.77

24.83

26.35

26.75

33.22

Canadian Operations

18.18

11.80

11.94

9.73

11.17

14.82

Total Operations

23.54

20.01

18.53

17.94

19.14

24.70

Ovintiv Inc.

Supplemental Information (prepared in US$)

First quarter report

for the period ended March 31, 2026

Supplemental Oil and Gas Operating Statistics (unaudited)

Results by Play

2026

2025

(average)

Year

Oil Production (Mbbls/d)

USA Operations

Permian

119.5

118.6

116.6

113.8

118.3

126.0

Anadarko

21.4

22.2

23.7

23.1

23.2

18.9

Other (1)

0.3

1.5

0.1

5.4

Total USA Operations

141.2

142.3

140.4

137.0

141.6

150.3

Canadian Operations

Montney

0.6

0.4

0.5

0.6

0.4

0.2

Other (1)

Total Canadian Operations

0.6

0.4

0.5

0.6

0.4

0.2

Total

141.8

142.7

140.9

137.6

142.0

150.5

NGLs - Plant Condensate Production (Mbbls/d)

USA Operations

Permian

6.0

5.9

6.0

6.1

5.3

Anadarko

5.3

5.4

5.7

5.3

4.9

Other (1)

0.1

Total USA Operations

11.3

11.7

11.4

10.3

Canadian Operations

Montney

72.1

55.3

56.1

62.5

57.7

44.6

Other (1)

0.1

0.3

Total Canadian Operations

72.2

55.4

56.1

62.5

57.8

44.9

Total

83.5

66.7

67.8

74.2

69.2

55.2

Oil & Plant Condensate Production (Mbbls/d)

USA Operations

Permian

125.5

124.5

122.6

119.8

124.4

131.3

Anadarko

26.7

27.6

29.4

28.8

28.5

23.8

Other (1)

0.3

1.5

0.1

5.5

Total USA Operations

152.5

153.6

152.1

148.7

153.0

160.6

Canadian Operations

Montney

72.7

55.7

56.6

63.1

58.1

44.8

Other (1)

0.1

0.3

Total Canadian Operations

72.8

55.8

56.6

63.1

58.2

45.1

Total

225.3

209.4

208.7

211.8

211.2

205.7

(1)

Ovintiv Inc.

Supplemental Information (prepared in US$)

First quarter report

for the period ended March 31, 2026

Supplemental Oil and Gas Operating Statistics (unaudited)

Results by Play (continued)

2026

2025

(average)

Year

NGLs - Other Production (Mbbls/d)

USA Operations

Permian

48.6

46.6

49.7

45.9

46.3

44.5

Anadarko

26.2

29.3

29.1

32.0

30.6

25.7

Other (1)

0.1

(0.1

)

0.2

Total USA Operations

74.8

76.0

78.8

77.9

76.8

70.4

Canadian Operations

Montney

24.8

18.8

18.4

19.8

18.7

18.3

Other (1)

Total Canadian Operations

24.8

18.8

18.4

19.8

18.7

18.3

Total

99.6

94.8

97.2

97.7

95.5

88.7

NGLs - Total Production (Mbbls/d)

USA Operations

Permian

54.6

52.5

55.7

51.9

52.4

49.8

Anadarko

31.5

34.7

34.8

37.7

35.9

30.6

Other (1)

0.1

(0.1

)

0.3

Total USA Operations

86.1

87.3

90.5

89.6

88.2

80.7

Canadian Operations

Montney

96.9

74.1

74.5

82.3

76.4

62.9

Other (1)

0.1

0.3

Total Canadian Operations

97.0

74.2

74.5

82.3

76.5

63.2

Total

183.1

161.5

165.0

171.9

164.7

143.9

Oil & NGLs Production (Mbbls/d)

USA Operations

Permian

174.1

171.1

172.3

165.7

170.7

175.8

Anadarko

52.9

56.9

58.5

60.8

59.1

49.5

Other (1)

0.3

1.6

0.1

5.7

Total USA Operations

227.3

229.6

230.9

226.6

229.8

231.0

Canadian Operations

Montney

97.5

74.5

75.0

82.9

76.8

63.1

Other (1)

0.1

0.3

Total Canadian Operations

97.6

74.6

75.0

82.9

76.9

63.4

Total

324.9

304.2

305.9

309.5

306.7

294.4

(1)

Ovintiv Inc.

Supplemental Information (prepared in US$)

First quarter report

for the period ended March 31, 2026

Supplemental Oil and Gas Operating Statistics (unaudited)

Results by Play (continued)

2026

2025

(average)

Year

Natural Gas Production (MMcf/d)

USA Operations

Permian

281

265

279

267

263

248

Anadarko

238

246

248

245

247

Other (1)

Total USA Operations

520

515

528

512

508

510

Canadian Operations

Montney

1,603

1,346

1,377

1,413

1,342

1,251

Other (1)

Total Canadian Operations

1,604

1,347

1,377

1,413

1,343

1,254

Total

2,124

1,862

1,905

1,925

1,851

1,764

Total Production (MBOE/d)

USA Operations

Permian

220.9

215.2

218.9

210.2

214.5

217.1

Anadarko

92.5

98.0

99.7

101.6

99.9

90.7

Other (1)

0.6

2.1

0.2

0.1

0.3

8.1

Total USA Operations

314.0

315.3

318.8

311.9

314.7

315.9

Canadian Operations

Montney

364.6

298.9

304.5

318.4

300.3

271.6

Other (1)

0.3

0.1

0.3

0.8

Total Canadian Operations

364.9

299.2

304.6

318.5

300.6

272.4

Total

678.9

614.5

623.4

630.4

615.3

588.3

(1)

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$)

First quarter report

for the period ended March 31, 2026

Supplemental Oil and Gas Operating Statistics (unaudited)

Results by Play (continued)

2026

2025

(US$ millions)

Year

Capital Expenditures, Excluding Capitalized Internal Costs

USA Operations

Permian

342

1,136

265

298

246

327

Anadarko

270

Other (1)

Total USA Operations

390

1,430

288

390

324

428

Canadian Operations

Montney

178

583

147

119

166

151

Other (1)

)

Total Canadian Operations

181

584

147

119

165

153

Total Capital Expenditures, Excluding Capitalized Internal Costs

571

2,014

435

509

489

581

Capitalized Directly Attributable Internal Costs

USA Operations

Permian

Anadarko

Other (1)

)

Total USA Operations

107

Canadian Operations

Montney

Other (1)

Total Canadian Operations

Total Capitalized Directly Attributable Internal Costs

129

Total Capital Expenditures

USA Operations

Permian

366

1,219

285

319

265

350

Anadarko

293

Other (1)

Total USA Operations

417

1,537

313

416

350

458

Canadian Operations

Montney

184

605

152

126

171

156

Other (1)

)

Total Canadian Operations

187

606

152

126

170

158

Corporate & Other

Total Capital Expenditures

605

2,147

465

544

521

617

Net Acquisitions & (Divestitures)

610

250

(57

)

426

Net Capital Investment

605

2,757

715

487

512

1,043

(1)

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$)

First quarter report

for the period ended March 31, 2026

Supplemental Oil and Gas Operating Statistics (unaudited)

Results by Play (continued)

2026

2025

Year

Drilling Activity (net wells drilled)

USA Operations

Permian

117

Anadarko

Other (1)

Total USA Operations

151

Canadian Operations

Montney

Total Canadian Operations

Total

231

Completions Activity (net wells on production)

USA Operations

Permian

136

Anadarko

Total USA Operations

173

Canadian Operations

Montney

Total Canadian Operations

Total

269

(1)

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 March 31, 2026

U.S. Dollar / U.S. Protocol

For the period ended March 31, 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

YTD 2026

Cash From (Used in) Operating Activities

1,056

Deduct (Add back):

Net change in other assets and liabilities

(14

)

Net change in non-cash working capital

(169

)

Non-GAAP Cash Flow

1,239

Per Share - Basic

4.62

Per Share - Diluted

4.62

Non-GAAP Free Cash Flow

Non-GAAP Cash Flow

1,239

Deduct:

Capital expenditures

605

Non-GAAP Free Cash Flow

634

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

YTD 2026

Net Earnings (Loss) Before Income Tax

(827

)

Before-tax (Addition) Deduction:

Unrealized gains (losses) on risk management

(53

)

Impairments

(1,485

)

Non-operating foreign exchange gain (loss)

Adjusted Earnings (Loss) Before Income Tax

709

Income tax expense (recovery)

172

Non-GAAP Adjusted Earnings

537

Per Share - Basic

2.00

Per Share - Diluted

2.00

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

6,398

Total Shareholders’ Equity

11,558

Capitalization

17,956

Debt to Capitalization

36%

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

6,398

Total Shareholders’ Equity

11,558

Equity Adjustment for Impairments at December 31, 2011

7,746

Adjusted Capitalization

25,702

Debt to Adjusted Capitalization

25%

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.

Q2 2025

Q3 2025

Q4 2025

Q1 2026

Trailing 12-

Months

Long-Term Debt, Including Current Portion

6,398

Net Earnings (Loss)

307

148

946

(630

)

771

Add back (deduct):

Depreciation, depletion and amortization

556

545

533

561

2,195

Interest

104

383

Income tax expense (recovery)

(574

)

(197

)

(635

)

EBITDA

1,050

828

998

(162

)

2,714

Debt to EBITDA (times)

2.4

Q2 2025

Q3 2025

Q4 2025

Q1 2026

Trailing 12-

Months

Long-Term Debt, Including Current Portion

6,398

Net Earnings (Loss)

307

148

946

(630

)

771

Add back (deduct):

Depreciation, depletion and amortization

556

545

533

561

2,195

Impairments

141

1,485

1,675

Accretion of asset retirement obligation

Interest

104

383

Unrealized (gains) losses on risk management

(54

)

(18

)

Foreign exchange (gain) loss, net

)

Other (gains) losses, net

)

(35

)

(29

)

(72

)

Income tax expense (recovery)

(574

)

(197

)

(635

)

Adjusted EBITDA

1,021

986

1,007

1,352

4,366

Debt to Adjusted EBITDA (times)

1.5

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

6,398

Less:

Cash and cash equivalents

Net Debt

6,372

Adjusted EBITDA (trailing 12-months)

4,366

Net Debt to Adjusted EBITDA (times)

1.5

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.

Return on Capital Employed (ROCE) - ROCE is defined as Adjusted Earnings divided by Capital Employed. Adjusted Earnings is defined as trailing 12-month Non-GAAP Adjusted Earnings plus after-tax interest expense. 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. Capital Employed is defined as average debt plus average shareholders’ equity.

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

USA Operations

Upstream Product Revenue (2) (3)

1,226

4,553

1,036

1,095

1,112

1,310

Production, mineral and other taxes

265

Transportation and processing

115

450

116

108

114

112

Operating

176

692

177

173

169

864

3,146

694

748

758

946

Canadian Operations

Upstream Product Revenue (2) (3)

988

2,591

669

627

643

652

Production, mineral and other taxes

Transportation and processing

345

1,235

312

332

312

279

Operating

161

584

1,174

311

247

283

333

Total Operations

Upstream Product Revenue (2) (3)

2,214

7,144

1,705

1,722

1,755

1,962

Production, mineral and other taxes

286

Transportation and processing

460

1,685

428

440

426

391

Operating

227

853

218

215

205

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

USA Operations

28,258,290

115,145,820

29,334,752

28,696,548

28,635,880

28,478,970

Canadian Operations

32,844,600

109,191,575

28,020,348

29,297,952

27,360,151

24,512,940

Total

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

Total USA Operations

Price

43.39

39.54

35.32

38.16

38.83

46.00

Production, mineral and other taxes

2.51

2.30

1.67

2.30

2.34

2.91

Transportation and processing

4.07

3.91

3.95

3.76

3.98

3.93

Operating

6.23

6.01

6.03

6.04

5.93

Netback

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

0.24

0.19

0.18

0.20

0.22

0.16

Transportation and processing

10.50

11.31

11.13

11.33

11.40

11.38

Operating

1.55

1.47

1.46

1.43

1.54

1.47

Netback

17.78

10.75

11.10

8.43

10.34

13.58

Total Operations

Price

36.23

31.84

29.73

29.69

31.34

37.02

Production, mineral and other taxes

1.29

1.27

0.94

1.24

1.30

1.64

Transportation and processing

7.53

7.51

7.46

7.59

7.61

7.38

Operating

3.72

3.80

3.71

3.84

3.87

Netback

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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