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8-K

Ovintiv Inc. (OVV)

8-K 2026-02-23 For: 2026-02-23
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Added on April 07, 2026

UNITED STATESSECURITIES AND EXCHANGE COMMISSIONWASHINGTON, 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): February 23, 2026

Ovintiv Inc.

(Exact name of Registrant as Specified in Its Charter)

Delaware 001-39191 84-4427672
(State or Other Jurisdiction<br>of Incorporation) (Commission File Number) (IRS Employer<br>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
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Not Applicable
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(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<br>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 February 23, 2026, Ovintiv Inc. (the “Company”) issued a news release announcing its financial and operating results for its fourth quarter and full year ended December 31, 2025. 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 February 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 March 31, 2026 to holders of record at the close of business on March 13, 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 February 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.
Date: February 23, 2026 By: /s/ Dawna I. Gibb
--- --- --- ---
Name: Dawna I. Gibb<br>Title: Assistant Corporate Secretary

EX-99.1

Exhibit 99.1<br><br>news release

Ovintiv Reports Fourth Quarter and Year-End 2025 Financial and Operating Results

Strategic Transformation Complete, Driving Increased Shareholder Returns

Highlights:

Full Year 2025

  • Generated cash from operating activities of $3.7 billion, Non-GAAP Cash Flow of $3.8 billion and Non-GAAP Free Cash Flow of $1.6 billion after capital expenditures of $2.1 billion
  • Produced average total volumes of 615 thousand barrels of oil equivalent per day (“MBOE/d”), including 209 thousand barrels per day (“Mbbls/d”) of oil and condensate, 95 Mbbls/d of other NGLs (C2 to C4) and 1,862 million cubic feet per day (“MMcf/d”) of natural gas
  • Returned more than $600 million to shareholders through the combination of base dividend payments and share buybacks
  • Announced 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 $2.7 billion; the acquisition closed on February 3, 2026
  • Announced the planned sale of its Anadarko assets; subsequently announced in February 2026 that an agreement was reached to sell the assets for total cash proceeds of $3.0 billion

Fourth Quarter 2025

  • Generated fourth quarter cash from operating activities of $954 million, Non-GAAP Cash Flow of $973 million and Non-GAAP Free Cash Flow of $508 million after capital expenditures of $465 million
  • Delivered average quarterly production volumes of 623 MBOE/d, including 209 Mbbls/d of oil and condensate, 97 Mbbls/d of other NGLs and 1,905 MMcf/d of natural gas

2026 Outlook

  • Announced full year 2026 capital program of approximately $2.25 to $2.35 billion, which is expected to deliver total production volumes of 620 to 645 MBOE/d, including oil and condensate volumes of 205 to 212 Mbbls/d
  • Announced new shareholder return framework, which will increase 2026 shareholder returns to at least 75% of full year Non-GAAP Free Cash Flow through the combination of the base dividend and share buybacks; share buybacks are expected to commence immediately

DENVER, February 23, 2026 – Ovintiv Inc. (NYSE, TSX: OVV) (“Ovintiv” or the “Company”) today announced its fourth quarter and year-end 2025 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 February 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.

“We have transformed our company into an industry leader by executing at a high level, boosting our profitability, and completely transforming both our portfolio and balance sheet while deepening our inventory in the two most valuable basins by over 3,200 drilling locations at an unmatched cost per location,” said Ovintiv President and CEO, Brendan McCracken. “Now we are introducing a new shareholder return framework that will deliver increased returns to our shareholders. These actions set the stage for continued value creation.”

Full Year 2025 Financial and Operating Results

  • The Company recorded full year net earnings of $1.2 billion, or $4.78 per share diluted, including non-cash ceiling test impairments of $703 million, after tax, or $2.71 per share diluted.
  • Full year net gains on risk management in revenues totaled $172 million, before tax.
Ovintiv Inc. 1
  • Full year capital investment of $2,147 million was in line with the full year 2025 guidance range of approximately $2,125 million to $2,175 million.
  • Full year upstream operating expense was $3.80 per barrel of oil equivalent ("BOE"). Upstream transportation and processing costs were $7.51 per BOE. Production, mineral and other taxes were $1.27 per BOE, or 4.0% of upstream product revenue. These costs were at the low end of guidance on a combined basis.
  • Including the impact of hedges, full year average realized price for oil and condensate was $64.48 per barrel (99% of WTI), $18.94 per barrel for other NGLs, and $2.54 per Mcf (74% of NYMEX) for natural gas, resulting in a total average realized price of $32.59 per BOE.

Fourth Quarter 2025 Financial and Operating Results

  • Fourth quarter net earnings totaled $946 million, or $3.70 per share diluted, including non-cash ceiling test impairments of $38 million, after tax, or $0.15 per share diluted.
  • Fourth quarter net gains on risk management in revenues totaled $75 million, before tax.
  • Fourth quarter capital investment of $465 million was in line with the guidance range of approximately $440 million to $490 million.
  • Fourth quarter upstream operating expense was $3.80 per BOE. Upstream transportation and processing costs were $7.47 per BOE. Production, mineral and other taxes were $0.94 per BOE, or 3.2% of upstream product revenue. These costs were at the low end of guidance on a combined basis.
  • Including the impact of hedges, fourth quarter average realized price for oil and condensate was $59.55 per barrel (101% of WTI), $17.44 per barrel for other NGLs, and $2.65 per Mcf (75% of NYMEX) for natural gas, resulting in a total average realized price of $30.74 per BOE.

2026 Guidance

The Company issued the following 2026 guidance:

2026 Guidance (1) 1Q 2026 (2) Post-Anadarko Sale Close Quarterly<br><br>Run-Rate Full Year 2026
Total Production (MBOE/d) 660 – 680 610 – 635 620 – 645
Oil & Condensate (Mbbls/d) 220 – 225 202 – 208 205 – 212
NGLs (C2 to C4) (Mbbls/d) 96 – 100 75 – 80 80 – 85
Natural Gas (MMcf/d) 2,075 – 2,125 2,000 – 2,100 2,000 – 2,100
Capital Investment ($ Millions) $600 – $650 $540 – $590 $2,250 – $2,350
  • Assumes the Anadarko disposition closes April 1, 2026.
  • Includes volumes associated with the NuVista transaction following closing of the acquisition on February 3, 2026.

New Shareholder Return Framework

Full year 2025 shareholder returns totaled approximately $612 million, consisting of share buybacks of approximately $304 million, or approximately 7.8 million shares of common stock, and base dividend payments of approximately $308 million.

Ovintiv’s planned 2026 shareholder returns will increase to at least 75% of full year Non-GAAP Free Cash Flow. Longer term, the Company has revised its shareholder return framework, such that 50% to 100% of annual Non-GAAP Free Cash Flow is returned to shareholders via the combination of base dividend payments and share buybacks. To enable execution of the new framework, the Ovintiv Board of Directors has authorized a share buyback program totaling $3.0 billion. Ovintiv expects to commence share buybacks immediately.

Continued Balance Sheet Focus

Ovintiv had approximately $4.5 billion in total liquidity as at December 31, 2025, which included available credit facilities of $3.5 billion, an available Term Credit Agreement of $1.2 billion, available uncommitted demand lines of $125 million, and cash and cash equivalents of $35 million, net of outstanding commercial paper of $351 million.

Non-GAAP Debt to EBITDA was 1.6 times and Non-GAAP Debt to Adjusted EBITDA was 1.2 times as of December 31, 2025.

Following the close of the Anadarko disposition, Ovintiv expects its Net Det to total approximately $3.6 billion.

Ovintiv Inc. 2

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

Dividend Declared

On February 23, 2026, Ovintiv’s Board declared a quarterly dividend of $0.30 per share of common stock payable on March 31, 2026, to shareholders of record as of March 13, 2026.

Asset Highlights

Permian

Permian production averaged 219 MBOE/d (79% liquids) in the fourth quarter and 215 MBOE/d for the year. TheCompany had 30 net wells turned in line (“TIL”) in the quarter and 136 TILs for the year. 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 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 305 MBOE/d (25% liquids) in the fourth quarter and 299 MBOE/d for the year. The Company had 20 net wells TIL in the quarter and 96 TILs for the year. In 2026, Ovintiv plans to invest approximately $875 million to $925 million to run approximately 6 rigs and bring on 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.

Year-End 2025 Reserves

SEC proved reserves at year-end 2025 were 2.3 billion BOE, of which approximately 50% were liquids and 64% were proved developed. Total proved reserves replacement excluding the impact of acquisitions and divestitures was 150% of 2025 production. Ovintiv's reserve life index at year end was greater than 10 years.

For additional information, please refer to the Fourth Quarter and Year-end 2025 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 Documents Library.

Conference Call Information

A conference call and webcast to discuss the Company’s fourth quarter and year-end 2025 results will be held at 8:00 a.m. MT (10:00 a.m. ET) on February 24, 2026.

To join the conference call without operator assistance, you may register and enter your phone number at https://emportal.ink/4bsVAgj 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. 3

Capital Investment and Production

(for the period ended December 31) 4Q 2025 4Q 2024 2025 2024
Capital Expenditures (1)($ millions) 465 552 2,147 2,303
Oil (Mbbls/d) 140.9 167.1 142.7 168.3
NGLs – Plant Condensate (Mbbls/d) 67.8 42.6 66.7 42.9
Oil & Plant Condensate (Mbbls/d) 208.7 209.7 209.4 211.2
NGLs – Other (Mbbls/d) 97.2 90.1 94.8 90.8
Total Liquids (Mbbls/d) 305.9 299.8 304.2 302.0
Natural Gas (MMcf/d) 1,905 1,680 1,862 1,698
Total Production (MBOE/d) 623.4 579.9 614.5 585.0

(1) Including capitalized directly attributable internal costs.

Financial Summary

(for the period ended December 31)<br><br>($ millions) 4Q 2025 4Q 2024 2025 2024
Cash From (Used In) Operating Activities 954 1,020 3,652 3,721
Deduct (Add Back):
Net change in other assets and liabilities (11) (39) (40) (74)
Net change in non-cash working capital (8) 55 (93) (247)
Non-GAAP Cash Flow (1) 973 1,004 3,785 4,042
Non-GAAP Cash Flow (1) 973 1,004 3,785 4,042
Less: Capital Expenditures (2) 465 552 2,147 2,303
Non-GAAP Free Cash Flow (1) 508 452 1,638 1,739
Net Earnings (Loss) Before Income Tax 372 (101) 770 1,351
Before-tax (Addition) Deduction:
Unrealized gain (loss) on risk management 18 (75) 6 (136)
Impairments (49) (450) (920) (450)
Non-operating foreign exchange gain (loss) (1) (14) 85 6
Adjusted Earnings (Loss) Before Income Tax 404 438 1,599 1,931
Income tax expense (recovery) 49 87 342 371
Non-GAAP Adjusted Earnings (1) 355 351 1,257 1,560

(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. 4

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

(for the period ended December 31) 4Q 2024 2025 2024
Liquids (/bbl)
WTI 70.27 64.81 75.72
Realized Liquids Prices
Oil 67.93 66.42 73.35
NGLs – Plant Condensate 65.81 60.32 68.24
Oil & Plant Condensate 67.50 64.48 72.31
NGLs – Other 20.88 18.94 19.70
Total NGLs 35.34 36.03 35.28
Natural Gas
NYMEX (/MMBtu) 2.79 3.43 2.27
Realized Natural Gas Price (/Mcf) 2.42 2.54 2.17

All values are in US Dollars.

Cost Summary

(for the period ended December 31)<br><br>($/BOE) 2025 2024
Production, mineral and other taxes 1.27 1.56
Upstream transportation and processing 7.51 7.25
Upstream operating 3.80 4.24
Administrative, excluding long-term incentive, restructuring, transaction and legal costs 1.26 1.32

Debt to EBITDA (1)

($ millions, except as indicated) December 31, 2025 December 31, 2024
Long-Term Debt, including Current Portion 5,202 5,453
Net Earnings (Loss) 1,242 1,125
Add back (Deduct):
Depreciation, depletion and amortization 2,179 2,290
Interest 376 412
Income tax expense (recovery) (472) 226
EBITDA 3,325 4,053
Debt to EBITDA (times) 1.6 1.3

Debt to Adjusted EBITDA (1)

($ millions, except as indicated) December 31, 2025 December 31, 2024
Long-Term Debt, including Current Portion 5,202 5,453
Net Earnings (Loss) 1,242 1,125
Add back (Deduct):
Depreciation, depletion and amortization 2,179 2,290
Impairments<br><br>Accretion of asset retirement obligation 920<br><br>28 450<br><br>19
Interest 376 412
Unrealized (gains) losses on risk management (6) 136
Foreign exchange (gain) loss, net 31 (19)
Other (gains) losses, net (46) (165)
Income tax expense (recovery) (472) 226
Adjusted EBITDA 4,252 4,474
Debt to Adjusted EBITDA (times) 1.2 1.2
  • Debt to EBITDA and Debt to Adjusted EBITDA are non-GAAP measures as defined in Note 1.
Ovintiv Inc. 5

Hedge Details(1) as of February 20, 2026

Oil and Condensate Hedges ($/bbl) 1Q 2026 2Q 2026 3Q 2026 4Q 2026 1Q 2027 2Q 2027 3Q 2027 4Q 2027
WTI Fixed Price Swaps 3 Mbbls/d<br><br>$63.90 4 Mbbls/d<br><br>$64.48 4 Mbbls/d<br><br>$64.36 4 Mbbls/d<br><br>$64.42 0<br><br>- 0<br><br>- 0<br><br>- 0<br><br>-
WTI 3-Way Options<br>Call Strike<br><br>Put Strike<br><br>Sold Put Strike 46 Mbbls/d<br><br>$72.28<br><br>$62.04<br><br>$51.74 51 Mbbls/d<br><br>$70.70<br><br>$61.28<br><br>$51.11 51 Mbbls/d<br><br>$70.95<br><br>$59.31<br><br>$50.13 41 Mbbls/d<br><br>$70.28<br><br>$57.29<br><br>$50.16 20 Mbbls/d<br><br>$70.44<br><br>$58.67<br><br>$50.00 0<br><br>-<br><br>-<br><br>- 0<br><br>-<br><br>-<br><br>- 0<br><br>-<br><br>-<br><br>-
WTI Costless Collar<br><br>Ceiling Price<br><br>Floor Price 0.7 Mbbls/d<br><br>$70.68<br><br>$58.71 1 Mbbls/d<br><br>$70.68<br><br>$58.71 1 Mbbls/d<br><br>$70.68<br><br>$58.71 1 Mbbls/d<br><br>$70.68<br><br>$58.71 0<br><br>-<br><br>- 0<br><br>-<br><br>- 0<br><br>-<br><br>- 0<br><br>-<br><br>-
Natural Gas Hedges ($/Mcf) 1Q 2026 2Q 2026 3Q 2026 4Q 2026 1Q 2027 2Q 2027 3Q 2027 4Q 2027
--- --- --- --- --- --- --- --- ---
NYMEX Fixed Price Swaps 13 MMcf/d<br><br>$4.07 20 MMcf/d<br><br>$4.07 20 MMcf/d<br><br>$4.07 20 MMcf/d<br><br>$4.07 0<br><br>- 0<br><br>- 0<br><br>- 0<br><br>-
NYMEX 3-Way Options<br>Call Strike<br><br>Put Strike<br><br>Sold Put Strike 500 MMcf/d<br><br>$7.95<br><br>$3.33<br><br>$2.70 450 MMcf/d<br><br>$5.92<br><br>$3.33<br><br>$2.58 450 MMcf/d<br><br>$5.92<br><br>$3.33<br><br>$2.58 450 MMcf/d<br><br>$5.92<br><br>$3.33<br><br>$2.58 300 MMcf/d<br><br>$5.04<br><br>$3.50<br><br>$2.50 200 MMcf/d<br><br>$4.49<br><br>$3.50<br><br>$2.50 200 MMcf/d<br><br>$4.49<br><br>$3.50<br><br>$2.50 200 MMcf/d<br><br>$4.49<br><br>$3.50<br><br>$2.50
NYMEX Collars<br><br>Call Strike<br><br>Put Strike 62 MMcf/d<br><br>$5.27<br><br>$3.75 95 MMcf/d<br><br>$5.27<br><br>$3.75 95 MMcf/d<br><br>$5.27<br><br>$3.75 95 MMcf/d<br><br>$5.27<br><br>$3.75 15 MMcf/d<br><br>$4.72<br><br>$3.50 15 MMcf/d<br><br>$4.72<br><br>$3.50 15 MMcf/d<br><br>$4.72<br><br>$3.50 15 MMcf/d<br><br>$4.72<br><br>$3.50
AECO Nominal Basis Swaps 238 MMcf/d<br><br>($1.28) 338 MMcf/d<br><br>($1.25) 338 MMcf/d<br><br>($1.25) 338 MMcf/d<br><br>($1.25) 260 MMcf/d<br><br>($1.17) 260 MMcf/d<br><br>($1.17) 260 MMcf/d<br><br>($1.17) 260 MMcf/d<br><br>($1.17)
AECO Fixed Price Swaps 100 MMcf/d<br><br>$2.33 133 MMcf/d<br><br>$2.32 152 MMcf/d<br><br>$2.29 118 MMcf/d<br><br>$2.31 0<br><br>- 19 MMcf/d<br><br>$2.02 19 MMcf/d<br><br>$2.03 6 MMcf/d<br><br>$2.01
AECO Collars<br><br>Call Strike<br><br>Put Strike 0<br><br>-<br><br>- 10 MMcf/d<br><br>$2.24<br><br>$1.76 10 MMcf/d<br><br>$2.24<br><br>$1.76 3 MMcf/d<br><br>$2.24<br><br>$1.76 0<br><br>-<br><br>- 0<br><br>-<br><br>- 13 MMcf/d<br><br>$2.46<br><br>$1.83 20 MMcf/d<br><br>$2.46<br><br>$1.83
NuVista Cash Flow Deduct ($MM)(2) $27 $30 $34 $24 $16 $8 $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. 6

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 measuredefined 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.
  • Net Debt is defined as long-term debt, including the current portion, less cash and cash equivalents.
  • Adjusted EBITDA, Debt to EBITDA and Debt to Adjusted EBITDA (Leverage Target/Ratio) 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. Adjusted EBITDA, Debt to EBITDA and 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.

Ovintiv Inc. 7

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, plans to complete the Anadarko disposition, use of proceeds and the expected timing thereof, 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 Company's ability to successfully integrate the Montney assets; the Company’s ability to consummate any pending acquisition or divestment transactions (including the transactions described herein); 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 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:<br><br>(888) 525-0304 Media contact:<br><br>(403) 645-2252
Ovintiv Inc. 8
--- ---

EX-99.2

Exhibit 99.2

img101474839_0.gif

Ovintiv Inc.

Selected Financial Information

(unaudited)

For the year ended December 31, 2025

U.S. Dollar / U.S. Protocol

Consolidated Statement of Earnings (unaudited)

For the years ended December 31 (US$ millions, except per share amounts) 2025 2024 2023
Revenues
Product and service revenues $ 7,176 $ 7,358 $ 7,812
Sales of purchased product 1,487 1,585 2,849
Gains (losses) on risk management, net 172 135 151
Sublease revenues 73 74 71
Total Revenues 8,908 9,152 10,883
Operating Expenses
Production, mineral and other taxes 286 333 342
Transportation and processing 1,724 1,639 1,766
Operating 862 931 859
Purchased product 1,447 1,546 2,815
Depreciation, depletion and amortization 2,179 2,290 1,825
Impairments 920 450 -
Accretion of asset retirement obligation 28 19 19
Administrative 331 365 393
Total Operating Expenses 7,777 7,573 8,019
Operating Income (Loss) 1,131 1,579 2,864
Other (Income) Expenses
Interest 376 412 355
Foreign exchange (gain) loss, net 31 (19 ) 19
Other (gains) losses, net (46 ) (165 ) (20 )
Total Other (Income) Expenses 361 228 354
Net Earnings (Loss) Before Income Tax 770 1,351 2,510
Income tax expense (recovery) (472 ) 226 425
Net Earnings (Loss) $ 1,242 $ 1,125 $ 2,085
Net Earnings (Loss) per Share of Common Stock
Basic $ 4.83 $ 4.25 $ 8.02
Diluted 4.78 4.21 7.90
Weighted Average Shares of Common Stock Outstanding (millions)
Basic 257.2 264.6 259.9
Diluted 259.7 267.4 263.9

Consolidated Statement of Comprehensive Income (unaudited)

For the years ended December 31 (US$ millions) 2025 2024 2023
Net Earnings (Loss) $ 1,242 $ 1,125 $ 2,085
Other Comprehensive Income (Loss), Net of Tax
Foreign currency translation adjustment 199 (269 ) 63
Pension and other post-employment benefit plans (3 ) (4 ) (4 )
Other Comprehensive Income (Loss) 196 (273 ) 59
Comprehensive Income (Loss) $ 1,438 $ 852 $ 2,144
Ovintiv Inc. 1 Selected Financial Information
--- --- ---

Consolidated Balance Sheet (unaudited)

As at
December 31,
(US millions) 2024
Assets
Current Assets
Cash and cash equivalents 35 $ 42
Accounts receivable and accrued revenues (net of allowances
of 6 million (2024: 5 million)) 1,128 1,183
Investment in marketable securities 245 -
Risk management 86 108
Income tax receivable 29 36
1,523 1,369
Property, Plant and Equipment, at cost:
Oil and natural gas properties, based on full cost accounting
Proved properties 70,133 66,009
Unproved properties 434 764
Other 864 865
Property, plant and equipment 71,431 67,638
Less: Accumulated depreciation, depletion and amortization (57,187 ) (53,274 )
Property, plant and equipment, net 14,244 14,364
Other Assets 1,299 965
Risk Management 4 -
Deferred Income Taxes 744 10
Goodwill 2,576 2,546
20,390 $ 19,254
Liabilities and Shareholders’ Equity
Current Liabilities
Accounts payable and accrued liabilities 1,861 $ 1,883
Current portion of operating lease liabilities 117 82
Income tax payable 5 9
Risk management 2 107
Current portion of long-term debt 810 600
2,795 2,681
Long-Term Debt 4,392 4,853
Operating Lease Liabilities 1,105 737
Other Liabilities and Provisions 100 114
Risk Management 13 21
Asset Retirement Obligation 388 315
Deferred Income Taxes 402 202
9,195 8,923
Shareholders’ Equity
Share capital - authorized 775 million shares of stock
2025 issued and outstanding: 253.3 million shares (2024: 260.4 million shares) 3 3
Paid in surplus 7,779 8,045
Retained earnings 2,440 1,506
Accumulated other comprehensive income 973 777
Total Shareholders’ Equity 11,195 10,331
20,390 $ 19,254

All values are in US Dollars.

Ovintiv Inc. 2 Selected Financial Information

Consolidated Statement of Cash Flows (unaudited)

For the years ended December 31 (US$ millions) 2025 2024 2023
Operating Activities
Net earnings (loss) $ 1,242 $ 1,125 $ 2,085
Depreciation, depletion and amortization 2,179 2,290 1,825
Impairments 920 450 -
Accretion of asset retirement obligation 28 19 19
Deferred income taxes (514 ) 144 144
Unrealized (gain) loss on risk management (6 ) 136 (194 )
Unrealized foreign exchange (gain) loss (43 ) 35 (6 )
Foreign exchange (gain) loss on settlements (42 ) (42 ) 6
Other 21 (115 ) 20
Net change in other assets and liabilities (40 ) (74 ) (62 )
Net change in non-cash working capital (93 ) (247 ) 330
Cash From (Used in) Operating Activities 3,652 3,721 4,167
Investing Activities
Capital expenditures (2,147 ) (2,303 ) (2,744 )
Acquisitions (2,537 ) (205 ) (277 )
Corporate acquisition, net of cash acquired - 12 (3,225 )
Proceeds from divestitures 1,927 163 772
Net change in investments and other (127 ) (124 ) (45 )
Cash From (Used in) Investing Activities (2,884 ) (2,457 ) (5,519 )
Financing Activities
Net issuance (repayment) of revolving debt 351 (284 ) (109 )
Issuance of long-term debt - - 2,278
Repayment of long-term debt (600 ) - -
Purchase of shares of common stock (307 ) (597 ) (426 )
Dividends on shares of common stock (308 ) (316 ) (307 )
Other 102 (34 ) (77 )
Cash From (Used in) Financing Activities (762 ) (1,231 ) 1,359
Foreign Exchange Gain (Loss) on Cash, Cash Equivalents
and Restricted Cash Held in Foreign Currency (13 ) 6 (9 )
Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash (7 ) 39 (2 )
Cash, Cash Equivalents and Restricted Cash, Beginning of Year 42 3 5
Cash, Cash Equivalents and Restricted Cash, End of Year $ 35 $ 42 $ 3
Cash, End of Year $ 23 $ 4 $ 3
Cash Equivalents, End of Year 12 38 -
Restricted Cash, End of Year - - -
Cash, Cash Equivalents and Restricted Cash, End of Year $ 35 $ 42 $ 3
Ovintiv Inc. 3 Selected Financial Information
--- --- ---

img101474839_1.gif

Ovintiv Inc.

Supplemental Information

(unaudited)

For the year ended December 31, 2025

U.S. Dollar / U.S. Protocol

Fourth quarter report

for the year ended December 31, 2025

Supplemental Financial Information (unaudited)

Financial Results

2025 2024
(US millions, unless otherwise specified) Year Q4 Q3 Q2 Q1 Year Q4 Q3 Q2 Q1
Net Earnings (Loss) 1,242 946 148 307 (159 ) 1,125 (60 ) 507 340 338
4.83 3.73 0.58 1.19 (0.61 ) 4.25 (0.23 ) 1.93 1.28 1.25
4.78 3.70 0.57 1.18 (0.61 ) 4.21 (0.23 ) 1.92 1.27 1.24
Non-GAAP Adjusted Earnings (2) 1,257 355 267 265 370 1,560 351 489 331 389
4.89 1.40 1.04 1.02 1.42 5.90 1.35 1.87 1.24 1.44
4.84 1.39 1.03 1.02 1.42 5.83 1.35 1.85 1.23 1.43
Non-GAAP Cash Flow (3) 3,785 973 895 913 1,004 4,042 1,004 978 1,025 1,035
14.72 3.84 3.49 3.53 3.86 15.28 3.86 3.73 3.85 3.84
14.57 3.81 3.47 3.51 3.86 15.12 3.86 3.70 3.82 3.80
Foreign Exchange Rates (C per US1)
1.398 1.395 1.377 1.384 1.435 1.370 1.398 1.364 1.368 1.349
1.371 1.371 1.392 1.364 1.438 1.439 1.439 1.350 1.369 1.355
Non-GAAP Adjusted Earnings Summary
Net Earnings (Loss) Before Income Tax 770 372 192 399 (193 ) 1,351 (101 ) 558 466 428
Before-tax (Addition) Deduction:
6 18 (20 ) 54 (46 ) (136 ) (75 ) 31 8 (100 )
(920 ) (49 ) (141 ) - (730 ) (450 ) (450 ) - - -
85 (1 ) 2 (3 ) 87 6 (14 ) (16 ) 11 25
Adjusted Earnings (Loss) Before Income Tax 1,599 404 351 348 496 1,931 438 543 447 503
342 49 84 83 126 371 87 54 116 114
Non-GAAP Adjusted Earnings (2) 1,257 355 267 265 370 1,560 351 489 331 389
Non-GAAP Cash Flow Summary
Cash From (Used in) Operating Activities 3,652 954 812 1,013 873 3,721 1,020 1,022 1,020 659
(Add back) Deduct:
(40 ) (11 ) (7 ) (11 ) (11 ) (74 ) (39 ) 19 (42 ) (12 )
(93 ) (8 ) (76 ) 111 (120 ) (247 ) 55 25 37 (364 )
Non-GAAP Cash Flow (3) 3,785 973 895 913 1,004 4,042 1,004 978 1,025 1,035

All values are in US Dollars.

  • 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:
2025 2024
(millions) Year Q4 Q3 Q2 Q1 Year Q4 Q3 Q2 Q1
Weighted Average Shares of Common Stock Outstanding
Basic 257.2 253.3 256.2 259.0 260.4 264.6 260.3 262.1 266.2 269.7
Diluted 259.7 255.6 258.1 260.1 260.4 267.4 260.3 264.0 268.1 272.3
  • 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.
  • 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.
  • 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 (2024 - 21.75 percent and 23.7 percent, respectively).

Financial Metrics

2025 2024
Year Year
Debt to Capitalization 32% 35%
Debt to Adjusted Capitalization (1) 22% 23%
Debt to EBITDA (1) 1.6x 1.3x
Debt to Adjusted EBITDA (1) 1.2x 1.2x
  • 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. 1 Supplemental Information (prepared in US$)

Fourth quarter report

for the year ended December 31, 2025

Supplemental Operating Information (unaudited)

Production Volumes by Product

2025 2024
(average) % of<br>Oil & NGLs Year Q4 Q3 Q2 Q1 Year Q4 Q3 Q2 Q1
Oil (Mbbls/d) 47 142.7 140.9 137.6 142.0 150.5 168.3 167.1 168.4 167.3 170.4
NGLs - Plant Condensate (Mbbls/d) 22 66.7 67.8 74.2 69.2 55.2 42.9 42.6 44.0 44.6 40.5
Oil & Plant Condensate (Mbbls/d) 69 209.4 208.7 211.8 211.2 205.7 211.2 209.7 212.4 211.9 210.9
Butane (Mbbls/d) 7 23.2 23.7 23.6 23.3 22.2 21.2 21.5 21.6 21.3 20.6
Propane (Mbbls/d) 12 36.0 37.0 37.4 36.3 33.1 34.7 34.5 35.0 35.3 34.0
Ethane (Mbbls/d) 12 35.6 36.5 36.7 35.9 33.4 34.9 34.1 36.0 35.4 33.8
NGLs - Other (Mbbls/d) 31 94.8 97.2 97.7 95.5 88.7 90.8 90.1 92.6 92.0 88.4
Oil & NGLs (Mbbls/d) 100 304.2 305.9 309.5 306.7 294.4 302.0 299.8 305.0 303.9 299.3
Natural Gas (MMcf/d) 1,862 1,905 1,925 1,851 1,764 1,698 1,680 1,725 1,740 1,648
Total (MBOE/d) 614.5 623.4 630.4 615.3 588.3 585.0 579.9 592.6 593.8 573.8

Production Volumes by Segment

2025 2024
(average) Year Q4 Q3 Q2 Q1 Year Q4 Q3 Q2 Q1
Oil (Mbbls/d)
USA Operations 142.3 140.4 137.0 141.6 150.3 167.9 166.6 168.0 166.8 170.2
Canadian Operations 0.4 0.5 0.6 0.4 0.2 0.4 0.5 0.4 0.5 0.2
142.7 140.9 137.6 142.0 150.5 168.3 167.1 168.4 167.3 170.4
NGLs - Plant Condensate (Mbbls/d)
USA Operations 11.3 11.7 11.7 11.4 10.3 11.2 11.6 11.7 10.9 10.6
Canadian Operations 55.4 56.1 62.5 57.8 44.9 31.7 31.0 32.3 33.7 29.9
66.7 67.8 74.2 69.2 55.2 42.9 42.6 44.0 44.6 40.5
Oil & Plant Condensate (Mbbls/d)
USA Operations 153.6 152.1 148.7 153.0 160.6 179.1 178.2 179.7 177.7 180.8
Canadian Operations 55.8 56.6 63.1 58.2 45.1 32.1 31.5 32.7 34.2 30.1
209.4 208.7 211.8 211.2 205.7 211.2 209.7 212.4 211.9 210.9
NGLs - Other (Mbbls/d)
USA Operations 76.0 78.8 77.9 76.8 70.4 75.8 75.1 77.7 75.7 74.6
Canadian Operations 18.8 18.4 19.8 18.7 18.3 15.0 15.0 14.9 16.3 13.8
94.8 97.2 97.7 95.5 88.7 90.8 90.1 92.6 92.0 88.4
NGLs - Total (Mbbls/d)
USA Operations 87.3 90.5 89.6 88.2 80.7 87.0 86.7 89.4 86.6 85.2
Canadian Operations 74.2 74.5 82.3 76.5 63.2 46.7 46.0 47.2 50.0 43.7
161.5 165.0 171.9 164.7 143.9 133.7 132.7 136.6 136.6 128.9
Oil & NGLs (Mbbls/d)
USA Operations 229.6 230.9 226.6 229.8 231.0 254.9 253.3 257.4 253.4 255.4
Canadian Operations 74.6 75.0 82.9 76.9 63.4 47.1 46.5 47.6 50.5 43.9
304.2 305.9 309.5 306.7 294.4 302.0 299.8 305.0 303.9 299.3
Natural Gas (MMcf/d)
USA Operations 515 528 512 508 510 537 548 543 531 526
Canadian Operations 1,347 1,377 1,413 1,343 1,254 1,161 1,132 1,182 1,209 1,122
1,862 1,905 1,925 1,851 1,764 1,698 1,680 1,725 1,740 1,648
Total (MBOE/d)
USA Operations 315.3 318.8 311.9 314.7 315.9 344.4 344.7 348.0 341.9 343.0
Canadian Operations 299.2 304.6 318.5 300.6 272.4 240.6 235.2 244.6 251.9 230.8
614.5 623.4 630.4 615.3 588.3 585.0 579.9 592.6 593.8 573.8
Ovintiv Inc. 2 Supplemental Information (prepared in US$)
--- --- ---

Fourth quarter report

for the year ended December 31, 2025

Supplemental Financial & Operating Information (unaudited)

Results of Operations

Revenues and Realized Gains (Losses) on Risk Management

2025 2024
(US millions) Year Q4 Q3 Q2 Q1 Year Q4 Q3 Q2 Q1
USA Operations
Revenues, excluding Realized Gains (Losses) on   Risk Management (1)
3,413 772 835 831 975 4,549 1,041 1,135 1,192 1,181
693 162 164 177 190 740 196 180 176 188
447 102 96 104 145 318 103 63 55 97
4,553 1,036 1,095 1,112 1,310 5,607 1,340 1,378 1,423 1,466
Realized Gains (Losses) on Risk Management (3)
40 27 4 9 - (34 ) (1 ) - (25 ) (8 )
8 5 3 - - 4 - 2 1 1
3 1 2 - - 145 21 42 51 31
51 33 9 9 - 115 20 44 27 24
Canadian Operations
Revenues, excluding Realized Gains (Losses) on   Risk Management (1)
10 3 3 2 2 10 2 3 4 1
1,422 329 403 367 323 992 238 249 271 234
1,159 337 221 274 327 741 214 142 150 235
2,591 669 627 643 652 1,743 454 394 425 470
Realized Gains (Losses) on Risk Management (3)
- - - - - - - - - -
- - - - - (1 ) (1 ) - - -
115 24 37 24 30 153 40 53 38 22
115 24 37 24 30 152 39 53 38 22

All values are in US Dollars.

  • Excludes other revenues with no associated production volumes.
  • Includes plant condensate.
  • Excludes realized gains or losses from other derivative contracts with no associated production volumes and foreign exchange risk management positions.
Ovintiv Inc. 3 Supplemental Information (prepared in US$)

Fourth quarter report

for the year ended December 31, 2025

Supplemental Financial & Operating Information (unaudited)

Results of Operations (continued)

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

2025 2024
(US/BOE) Year Q4 Q3 Q2 Q1 Year Q4 Q3 Q2 Q1
Total USA Operations Netback
39.54 35.32 38.17 38.81 46.02 44.39 42.20 42.97 45.61 46.85
2.30 1.67 2.29 2.36 2.91 2.53 2.27 2.55 2.74 2.56
3.91 3.96 3.74 4.01 3.92 4.04 4.03 4.02 4.05 4.07
6.01 6.00 6.07 6.03 5.97 6.34 6.02 6.02 6.58 6.77
27.32 23.69 26.07 26.41 33.22 31.48 29.88 30.38 32.24 33.45
Total Canadian Operations Netback
23.73 23.92 21.39 23.47 26.59 19.67 20.84 17.39 18.40 22.30
0.19 0.17 0.20 0.21 0.16 0.16 0.16 0.15 0.17 0.17
11.31 11.14 11.35 11.40 11.37 11.85 12.09 12.00 11.37 11.96
1.48 1.50 1.39 1.56 1.46 1.24 1.02 1.55 1.18 1.19
10.75 11.11 8.45 10.30 13.60 6.42 7.57 3.69 5.68 8.98
Total Operations Netback
31.85 29.75 29.69 31.32 37.03 34.22 33.53 32.41 34.08 36.97
1.27 0.94 1.24 1.31 1.64 1.56 1.41 1.56 1.65 1.60
7.51 7.47 7.59 7.62 7.36 7.25 7.30 7.31 7.15 7.25
3.80 3.80 3.71 3.84 3.89 4.24 3.99 4.17 4.29 4.52
19.27 17.54 17.15 18.55 24.14 21.17 20.83 19.37 20.99 23.60

All values are in US Dollars.

  • 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

2025 2024
(US/BOE) Year Q4 Q3 Q2 Q1 Year Q4 Q3 Q2 Q1
Administrative Expense 1.48 1.47 1.34 1.37 1.75 1.71 2.16 1.33 1.41 1.95
Administrative Expense, Excluding Long-Term Incentive,
1.26 1.32 1.17 1.19 1.36 1.32 1.38 1.24 1.28 1.43

All values are in US Dollars.

Ovintiv Inc. 4 Supplemental Information (prepared in US$)

Fourth quarter report

for the year ended December 31, 2025

Supplemental Oil and Gas Operating Statistics (unaudited)

Operating Statistics

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

2025 2024
(US) Year Q4 Q3 Q2 Q1 Year Q4 Q3 Q2 Q1
Oil Price (/bbl)
65.66 59.82 66.23 64.50 71.79 73.90 68.01 73.23 78.20 76.17
63.17 57.79 64.35 63.42 71.46 70.38 65.05 71.07 74.86 72.34
65.65 59.81 66.22 64.50 71.79 73.90 68.00 73.23 78.19 76.17
NGLs - Plant Condensate Price (/bbl)
50.99 46.21 49.67 50.76 58.35 57.83 57.34 56.73 59.43 57.97
62.22 56.47 62.81 62.76 68.02 71.97 69.20 71.13 75.61 71.70
60.32 54.69 60.73 60.79 66.22 68.28 65.97 67.30 71.66 68.10
Oil & Plant Condensate Price (/bbl)
64.58 58.77 64.92 63.48 70.93 72.90 67.31 72.16 77.05 75.10
62.23 56.48 62.82 62.77 68.04 71.95 69.14 71.13 75.60 71.71
63.95 58.15 64.30 63.28 70.30 72.75 67.59 72.00 76.82 74.62
NGLs - Other Price (/bbl)
17.40 15.43 15.46 17.52 21.70 18.02 19.51 16.44 16.84 19.35
23.94 23.02 22.62 21.44 28.92 27.45 27.75 26.97 25.36 30.13
18.70 16.87 16.91 18.28 23.21 19.57 20.88 18.13 18.35 21.03
NGLs - Total Price (/bbl)
21.75 19.43 19.93 21.81 26.40 23.15 24.57 21.73 22.20 24.16
52.53 48.21 53.16 52.68 56.71 57.69 55.71 57.22 59.21 58.59
35.88 32.42 35.83 36.14 39.71 35.21 35.35 33.99 35.74 35.82
Oil & NGLs Price (/bbl)
48.97 43.98 47.92 48.11 55.97 56.57 53.10 55.35 59.09 58.79
52.59 48.27 53.24 52.73 56.76 57.80 55.81 57.34 59.35 58.65
49.86 45.04 49.34 49.27 56.14 56.76 53.52 55.66 59.13 58.77
Natural Gas Price (/Mcf)
2.38 2.10 2.04 2.26 3.15 1.62 2.00 1.29 1.16 2.02
2.36 2.66 1.70 2.24 2.91 1.73 2.04 1.29 1.36 2.30
2.36 2.50 1.79 2.24 2.98 1.70 2.03 1.29 1.30 2.21
Total Price (/BOE)
39.54 35.32 38.17 38.81 46.02 44.39 42.20 42.97 45.61 46.85
23.73 23.92 21.39 23.47 26.59 19.67 20.84 17.39 18.40 22.30
31.85 29.75 29.69 31.32 37.03 34.22 33.53 32.41 34.08 36.97

All values are in US Dollars.

Ovintiv Inc. 5 Supplemental Information (prepared in US$)

Fourth quarter report

for the year ended December 31, 2025

Supplemental Oil and Gas Operating Statistics (unaudited)

Operating Statistics (continued)

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

2025 2024
(US) Year Q4 Q3 Q2 Q1 Year Q4 Q3 Q2 Q1
Oil (/bbl)
0.77 2.09 0.29 0.73 - (0.55 ) (0.07 ) - (1.62 ) (0.51 )
- - - - - - - - - -
0.77 2.08 0.29 0.73 - (0.55 ) (0.07 ) - (1.61 ) (0.51 )
NGLs - Plant Condensate (/bbl)
- - - - - - - - - -
- - - - - (0.05 ) (0.22 ) - - -
- - - - - (0.04 ) (0.16 ) - - -
Oil & Plant Condensate (/bbl)
0.72 1.93 0.27 0.67 - (0.52 ) (0.06 ) - (1.52 ) (0.48 )
- - - - - - - - - -
0.53 1.40 0.19 0.49 - (0.44 ) (0.09 ) - (1.27 ) (0.42 )
NGLs - Other (/bbl)
0.30 0.71 0.39 - - 0.15 - 0.24 0.15 0.15
- - - - - - - - - -
0.24 0.57 0.31 - - 0.13 - 0.20 0.12 0.13
NGLs - Total (/bbl)
0.26 0.61 0.34 - - 0.13 - 0.21 0.13 0.13
- - - - - (0.04 ) (0.15 ) - - -
0.15 0.34 0.18 - - 0.07 (0.01 ) 0.13 0.08 0.09
Oil & NGLs (/bbl)
0.58 1.52 0.31 0.47 - (0.32 ) (0.02 ) 0.07 (1.02 ) (0.30 )
- - - - - (0.04 ) (0.15 ) - - -
0.43 1.14 0.23 0.35 - (0.27 ) (0.04 ) 0.06 (0.85 ) (0.26 )
Natural Gas (/Mcf)
0.02 0.02 0.04 - - 0.74 0.41 0.83 1.05 0.65
0.23 0.19 0.29 0.20 0.26 0.36 0.38 0.48 0.35 0.22
0.18 0.15 0.22 0.14 0.18 0.47 0.39 0.59 0.56 0.35
Total (/BOE)
0.45 1.14 0.28 0.34 - 0.91 0.64 1.35 0.87 0.77
1.05 0.83 1.28 0.87 1.22 1.73 1.83 2.32 1.69 1.03
0.74 0.99 0.79 0.59 0.56 1.25 1.12 1.76 1.21 0.87

All values are in US Dollars.

Ovintiv Inc. 6 Supplemental Information (prepared in US$)

Fourth quarter report

for the year ended December 31, 2025

Supplemental Oil and Gas Operating Statistics (unaudited)

Operating Statistics (continued)

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

2025 2024
(US) Year Q4 Q3 Q2 Q1 Year Q4 Q3 Q2 Q1
Oil Price (/bbl)
66.43 61.91 66.52 65.23 71.79 73.35 67.94 73.23 76.58 75.66
63.17 57.79 64.35 63.42 71.46 70.38 65.05 71.07 74.86 72.34
66.42 61.89 66.51 65.23 71.79 73.35 67.93 73.23 76.58 75.66
NGLs - Plant Condensate Price (/bbl)
50.99 46.21 49.67 50.76 58.35 57.83 57.34 56.73 59.43 57.97
62.22 56.47 62.81 62.76 68.02 71.92 68.98 71.13 75.61 71.70
60.32 54.69 60.73 60.79 66.22 68.24 65.81 67.30 71.66 68.10
Oil & Plant Condensate Price (/bbl)
65.30 60.70 65.19 64.15 70.93 72.38 67.25 72.16 75.53 74.62
62.23 56.48 62.82 62.77 68.04 71.95 69.14 71.13 75.60 71.71
64.48 59.55 64.49 63.77 70.30 72.31 67.50 72.00 75.55 74.20
NGLs - Other Price (/bbl)
17.70 16.14 15.85 17.52 21.70 18.17 19.51 16.68 16.99 19.50
23.94 23.02 22.62 21.44 28.92 27.45 27.75 26.97 25.36 30.13
18.94 17.44 17.22 18.28 23.21 19.70 20.88 18.33 18.47 21.16
NGLs - Total Price (/bbl)
22.01 20.04 20.27 21.81 26.40 23.28 24.57 21.94 22.33 24.29
52.53 48.21 53.16 52.68 56.71 57.65 55.56 57.22 59.21 58.59
36.03 32.76 36.01 36.14 39.71 35.28 35.34 34.12 35.82 35.91
Oil & NGLs Price (/bbl)
49.55 45.50 48.23 48.58 55.97 56.25 53.08 55.42 58.07 58.49
52.59 48.27 53.24 52.73 56.76 57.76 55.66 57.34 59.35 58.65
50.29 46.18 49.57 49.62 56.14 56.49 53.48 55.72 58.28 58.51
Natural Gas Price (/Mcf)
2.40 2.12 2.08 2.26 3.15 2.36 2.41 2.12 2.21 2.67
2.59 2.85 1.99 2.44 3.17 2.09 2.42 1.77 1.71 2.52
2.54 2.65 2.01 2.38 3.16 2.17 2.42 1.88 1.86 2.56
Total Price (/BOE)
39.99 36.46 38.45 39.15 46.02 45.30 42.84 44.32 46.48 47.62
24.78 24.75 22.67 24.34 27.81 21.40 22.67 19.71 20.09 23.33
32.59 30.74 30.48 31.91 37.59 35.47 34.65 34.17 35.29 37.84
Total Netback (/BOE)
27.77 24.83 26.35 26.75 33.22 32.39 30.52 31.73 33.11 34.22
11.80 11.94 9.73 11.17 14.82 8.15 9.40 6.01 7.37 10.01
20.01 18.53 17.94 19.14 24.70 22.42 21.95 21.13 22.20 24.47

All values are in US Dollars.

Ovintiv Inc. 7 Supplemental Information (prepared in US$)

Fourth quarter report

for the year ended December 31, 2025

Supplemental Oil and Gas Operating Statistics (unaudited)

Results by Play

2025 2024
(average) Year Q4 Q3 Q2 Q1 Year Q4 Q3 Q2 Q1
Oil Production (Mbbls/d)
USA Operations
Permian 118.6 116.6 113.8 118.3 126.0 119.6 117.9 117.9 117.5 124.9
Anadarko 22.2 23.7 23.1 23.2 18.9 21.9 21.1 21.0 21.2 24.4
Other (1) 1.5 0.1 0.1 0.1 5.4 26.4 27.6 29.1 28.1 20.9
Total USA Operations 142.3 140.4 137.0 141.6 150.3 167.9 166.6 168.0 166.8 170.2
Canadian Operations
Montney 0.4 0.5 0.6 0.4 0.2 0.4 0.5 0.4 0.5 0.2
Other (1) - - - - - - - - - -
Total Canadian Operations 0.4 0.5 0.6 0.4 0.2 0.4 0.5 0.4 0.5 0.2
Total 142.7 140.9 137.6 142.0 150.5 168.3 167.1 168.4 167.3 170.4
NGLs - Plant Condensate Production (Mbbls/d)
USA Operations
Permian 5.9 6.0 6.0 6.1 5.3 5.2 5.6 5.6 5.2 4.7
Anadarko 5.4 5.7 5.7 5.3 4.9 5.6 5.5 5.6 5.5 5.6
Other (1) - - - - 0.1 0.4 0.5 0.5 0.2 0.3
Total USA Operations 11.3 11.7 11.7 11.4 10.3 11.2 11.6 11.7 10.9 10.6
Canadian Operations
Montney 55.3 56.1 62.5 57.7 44.6 31.6 30.9 32.2 33.6 29.8
Other (1) 0.1 - - 0.1 0.3 0.1 0.1 0.1 0.1 0.1
Total Canadian Operations 55.4 56.1 62.5 57.8 44.9 31.7 31.0 32.3 33.7 29.9
Total 66.7 67.8 74.2 69.2 55.2 42.9 42.6 44.0 44.6 40.5
Oil & Plant Condensate Production (Mbbls/d)
USA Operations
Permian 124.5 122.6 119.8 124.4 131.3 124.8 123.5 123.5 122.7 129.6
Anadarko 27.6 29.4 28.8 28.5 23.8 27.5 26.6 26.6 26.7 30.0
Other (1) 1.5 0.1 0.1 0.1 5.5 26.8 28.1 29.6 28.3 21.2
Total USA Operations 153.6 152.1 148.7 153.0 160.6 179.1 178.2 179.7 177.7 180.8
Canadian Operations
Montney 55.7 56.6 63.1 58.1 44.8 32.0 31.4 32.6 34.1 30.0
Other (1) 0.1 - - 0.1 0.3 0.1 0.1 0.1 0.1 0.1
Total Canadian Operations 55.8 56.6 63.1 58.2 45.1 32.1 31.5 32.7 34.2 30.1
Total 209.4 208.7 211.8 211.2 205.7 211.2 209.7 212.4 211.9 210.9
  • 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.
Ovintiv Inc. 8 Supplemental Information (prepared in US$)

Fourth quarter report

for the year ended December 31, 2025

Supplemental Oil and Gas Operating Statistics (unaudited)

Results by Play (continued)

2025 2024
(average) Year Q4 Q3 Q2 Q1 Year Q4 Q3 Q2 Q1
NGLs - Other Production (Mbbls/d)
USA Operations
Permian 46.6 49.7 45.9 46.3 44.5 42.1 43.0 43.1 41.6 40.3
Anadarko 29.3 29.1 32.0 30.6 25.7 31.9 29.6 32.5 32.8 32.9
Other (1) 0.1 - - (0.1 ) 0.2 1.8 2.5 2.1 1.3 1.4
Total USA Operations 76.0 78.8 77.9 76.8 70.4 75.8 75.1 77.7 75.7 74.6
Canadian Operations
Montney 18.8 18.4 19.8 18.7 18.3 15.0 15.0 14.9 16.3 13.8
Other (1) - - - - - - - - - -
Total Canadian Operations 18.8 18.4 19.8 18.7 18.3 15.0 15.0 14.9 16.3 13.8
Total 94.8 97.2 97.7 95.5 88.7 90.8 90.1 92.6 92.0 88.4
NGLs - Total Production (Mbbls/d)
USA Operations
Permian 52.5 55.7 51.9 52.4 49.8 47.3 48.6 48.7 46.8 45.0
Anadarko 34.7 34.8 37.7 35.9 30.6 37.5 35.1 38.1 38.3 38.5
Other (1) 0.1 - - (0.1 ) 0.3 2.2 3.0 2.6 1.5 1.7
Total USA Operations 87.3 90.5 89.6 88.2 80.7 87.0 86.7 89.4 86.6 85.2
Canadian Operations
Montney 74.1 74.5 82.3 76.4 62.9 46.6 45.9 47.1 49.9 43.6
Other (1) 0.1 - - 0.1 0.3 0.1 0.1 0.1 0.1 0.1
Total Canadian Operations 74.2 74.5 82.3 76.5 63.2 46.7 46.0 47.2 50.0 43.7
Total 161.5 165.0 171.9 164.7 143.9 133.7 132.7 136.6 136.6 128.9
Oil & NGLs Production (Mbbls/d)
USA Operations
Permian 171.1 172.3 165.7 170.7 175.8 166.9 166.5 166.6 164.3 169.9
Anadarko 56.9 58.5 60.8 59.1 49.5 59.4 56.2 59.1 59.5 62.9
Other (1) 1.6 0.1 0.1 - 5.7 28.6 30.6 31.7 29.6 22.6
Total USA Operations 229.6 230.9 226.6 229.8 231.0 254.9 253.3 257.4 253.4 255.4
Canadian Operations
Montney 74.5 75.0 82.9 76.8 63.1 47.0 46.4 47.5 50.4 43.8
Other (1) 0.1 - - 0.1 0.3 0.1 0.1 0.1 0.1 0.1
Total Canadian Operations 74.6 75.0 82.9 76.9 63.4 47.1 46.5 47.6 50.5 43.9
Total 304.2 305.9 309.5 306.7 294.4 302.0 299.8 305.0 303.9 299.3
  • 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.
Ovintiv Inc. 9 Supplemental Information (prepared in US$)

Fourth quarter report

for the year ended December 31, 2025

Supplemental Oil and Gas Operating Statistics (unaudited)

Results by Play (continued)

2025 2024
(average) Year Q4 Q3 Q2 Q1 Year Q4 Q3 Q2 Q1
Natural Gas Production (MMcf/d)
USA Operations
Permian 265 279 267 263 248 236 248 243 232 220
Anadarko 246 248 245 245 247 265 260 264 269 267
Other (1) 4 1 - - 15 36 40 36 30 39
Total USA Operations 515 528 512 508 510 537 548 543 531 526
Canadian Operations
Montney 1,346 1,377 1,413 1,342 1,251 1,152 1,131 1,182 1,203 1,093
Other (1) 1 - - 1 3 9 1 - 6 29
Total Canadian Operations 1,347 1,377 1,413 1,343 1,254 1,161 1,132 1,182 1,209 1,122
Total 1,862 1,905 1,925 1,851 1,764 1,698 1,680 1,725 1,740 1,648
Total Production (MBOE/d)
USA Operations
Permian 215.2 218.9 210.2 214.5 217.1 206.1 207.8 207.3 203.0 206.3
Anadarko 98.0 99.7 101.6 99.9 90.7 103.6 99.6 103.1 104.4 107.5
Other (1) 2.1 0.2 0.1 0.3 8.1 34.7 37.3 37.6 34.5 29.2
Total USA Operations 315.3 318.8 311.9 314.7 315.9 344.4 344.7 348.0 341.9 343.0
Canadian Operations
Montney 298.9 304.5 318.4 300.3 271.6 239.0 235.0 244.5 250.8 225.8
Other (1) 0.3 0.1 0.1 0.3 0.8 1.6 0.2 0.1 1.1 5.0
Total Canadian Operations 299.2 304.6 318.5 300.6 272.4 240.6 235.2 244.6 251.9 230.8
Total 614.5 623.4 630.4 615.3 588.3 585.0 579.9 592.6 593.8 573.8
  • 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. 10 Supplemental Information (prepared in US$)

Fourth quarter report

for the year ended December 31, 2025

Supplemental Oil and Gas Operating Statistics (unaudited)

Results by Play (continued)

2025 2024
(US millions) Year Q4 Q3 Q2 Q1 Year Q4 Q3 Q2 Q1
Capital Expenditures, Excluding Capitalized Internal Costs
USA Operations
1,136 265 298 246 327 1,336 347 350 361 278
270 20 90 77 83 108 28 51 23 6
24 3 2 1 18 290 44 22 88 136
Total USA Operations 1,430 288 390 324 428 1,734 419 423 472 420
Canadian Operations
583 147 119 166 151 408 95 79 108 126
1 - - (1 ) 2 (2 ) (2 ) - - -
Total Canadian Operations 584 147 119 165 153 406 93 79 108 126
Total Capital Expenditures, Excluding Capitalized Internal Costs 2,014 435 509 489 581 2,140 512 502 580 546
Capitalized Directly Attributable Internal Costs
USA Operations
83 20 21 19 23 96 23 24 23 26
23 6 5 6 6 10 1 3 3 3
1 (1 ) - 1 1 28 7 7 6 8
Total USA Operations 107 25 26 26 30 134 31 34 32 37
Canadian Operations
22 5 7 5 5 22 5 1 9 7
- - - - - - - - - -
Total Canadian Operations 22 5 7 5 5 22 5 1 9 7
Total Capitalized Directly Attributable Internal Costs 129 30 33 31 35 156 36 35 41 44
Total Capital Expenditures
USA Operations
1,219 285 319 265 350 1,432 370 374 384 304
293 26 95 83 89 118 29 54 26 9
25 2 2 2 19 318 51 29 94 144
Total USA Operations 1,537 313 416 350 458 1,868 450 457 504 457
Canadian Operations
605 152 126 171 156 430 100 80 117 133
1 - - (1 ) 2 (2 ) (2 ) - - -
Total Canadian Operations 606 152 126 170 158 428 98 80 117 133
Corporate & Other 4 - 2 1 1 7 4 1 1 1
Total Capital Expenditures 2,147 465 544 521 617 2,303 552 538 622 591
Net Acquisitions & (Divestitures) 610 250 (57 ) (9 ) 426 198 3 4 3 188
Net Capital Investment 2,757 715 487 512 1,043 2,501 555 542 625 779

All values are in US Dollars.

  • 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. 11 Supplemental Information (prepared in US$)

Fourth quarter report

for the year ended December 31, 2025

Supplemental Oil and Gas Operating Statistics (unaudited)

Results by Play (continued)

2025 2024
Year Q4 Q3 Q2 Q1 Year Q4 Q3 Q2 Q1
Drilling Activity (net wells drilled)
USA Operations
Permian 117 30 30 21 36 167 40 50 45 32
Anadarko 33 4 7 15 7 17 4 7 6 -
Other (1) 1 - - - 1 20 4 - 1 15
Total USA Operations 151 34 37 36 44 204 48 57 52 47
Canadian Operations
Montney 80 20 20 19 21 64 18 12 13 21
Total Canadian Operations 80 20 20 19 21 64 18 12 13 21
Total 231 54 57 55 65 268 66 69 65 68
Completions Activity (net wells on production)
USA Operations
Permian 136 30 30 23 53 135 42 32 40 21
Anadarko 37 2 14 11 10 9 - 9 - -
Other (1) - - - - - 27 - 11 7 9
Total USA Operations 173 32 44 34 63 171 42 52 47 30
Canadian Operations
Montney 96 20 19 39 18 68 13 11 33 11
Total Canadian Operations 96 20 19 39 18 68 13 11 33 11
Total 269 52 63 73 81 239 55 63 80 41
  • Other Operations includes net wells drilled and net wells on production in plays that are not part of the Company’s current focus. Net wells drilled and net wells on production associated with Uinta were included in USA Other Operations until the asset was divested on January 22, 2025.
Ovintiv Inc. 12 Supplemental Information (prepared in US$)

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Ovintiv Inc.

Non-GAAP Definitions and Reconciliations

(unaudited)

For the year ended December 31, 2025

U.S. Dollar / U.S. Protocol

For the year ended December 31, 2025

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

Non-GAAP Cash Flow, Non-GAAP Cash Flow Per Share (CFPS), Non-GAAP Free Cash Flow and Non-GAAP Free Cash Flow Per Share (FCFPS) - 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. Non-GAAP FCFPS is Non-GAAP Free Cash Flow divided by the weighted average number of shares of common stock outstanding. 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
Cash From (Used in) Operating Activities 954 3,652
Deduct (Add back):
Net change in other assets and liabilities (11 ) (40 )
Net change in non-cash working capital (8 ) (93 )
Non-GAAP Cash Flow 973 3,785
Per Share - Basic 3.84 14.72
Per Share - Diluted 3.81 14.57
Non-GAAP Free Cash Flow
Non-GAAP Cash Flow 973 3,785
Deduct:
Capital expenditures 465 2,147
Non-GAAP Free Cash Flow 508 1,638

All values are in US Dollars.

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
Net Earnings (Loss) Before Income Tax 372 770
Before-tax (Addition) Deduction:
Unrealized gains (losses) on risk management 18 6
Impairments (49 ) (920 )
Non-operating foreign exchange gain (loss) (1 ) 85
Adjusted Earnings (Loss) Before Income Tax 404 1,599
Income tax expense (recovery) 49 342
Non-GAAP Adjusted Earnings 355 1,257
Per Share - Basic 1.40 4.89
Per Share - Diluted 1.39 4.84

All values are in US Dollars.

Ovintiv Inc. 1 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
Long-Term Debt, Including Current Portion 5,202
Total Shareholders’ Equity 11,195
Capitalization 16,397
Debt to Capitalization

All values are in US Dollars.

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
Long-Term Debt, Including Current Portion 5,202
Total Shareholders’ Equity 11,195
Equity Adjustment for Impairments at December 31, 2011 7,746
Adjusted Capitalization 24,143
Debt to Adjusted Capitalization

All values are in US Dollars.

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.
Long-Term Debt, Including Current Portion 5,202
Net Earnings (Loss) (159 ) 307 148 946 1,242
Add back (deduct):
Depreciation, depletion and amortization 545 556 545 533 2,179
Interest 97 95 91 93 376
Income tax expense (recovery) (34 ) 92 44 (574 ) (472 )
EBITDA 449 1,050 828 998 3,325
Debt to EBITDA (times) 1.6

All values are in US Dollars.
Long-Term Debt, Including Current Portion 5,202
Net Earnings (Loss) (159 ) 307 148 946 1,242
Add back (deduct):
Depreciation, depletion and amortization 545 556 545 533 2,179
Impairments 730 - 141 49 920
Accretion of asset retirement obligation 6 8 7 7 28
Interest 97 95 91 93 376
Unrealized (gains) losses on risk management 46 (54 ) 20 (18 ) (6 )
Foreign exchange (gain) loss, net 10 22 (7 ) 6 31
Other (gains) losses, net (3 ) (5 ) (3 ) (35 ) (46 )
Income tax expense (recovery) (34 ) 92 44 (574 ) (472 )
Adjusted EBITDA 1,238 1,021 986 1,007 4,252
Debt to Adjusted EBITDA (times) 1.2

All values are in US Dollars.

Ovintiv Inc. 2 Non-GAAP Definitions and Reconciliations

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

Net Debt
Long-Term Debt, Including Current Portion 5,202
Less:
Cash and cash equivalents 35
Net Debt 5,167

All values are in US Dollars.

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. 3 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)
2024
(US millions) Q4 Q3 Q2 Q1 Year Q4 Q3 Q2 Q1
USA Operations
4,553 1,036 1,095 1,112 1,310 5,607 1,340 1,378 1,423 1,466
265 49 66 67 83 319 72 82 85 80
450 116 108 114 112 510 128 129 126 127
692 177 173 173 169 799 190 193 205 211
3,146 694 748 758 946 3,979 950 974 1,007 1,048
Canadian Operations
2,591 669 627 643 652 1,743 454 394 425 470
21 5 6 6 4 14 3 4 4 3
1,235 312 332 312 279 1,043 262 270 260 251
161 41 42 42 36 109 22 36 26 25
1,174 311 247 283 333 577 167 84 135 191
Total Operations
7,144 1,705 1,722 1,755 1,962 7,350 1,794 1,772 1,848 1,936
286 54 72 73 87 333 75 86 89 83
1,685 428 440 426 391 1,553 390 399 386 378
853 218 215 215 205 908 212 229 231 236
4,320 1,005 995 1,041 1,279 4,556 1,117 1,058 1,142 1,239
(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, certain other revenues and royalty adjustments with no associated production volumes.
Sales Volumes (1)
2024
(BOE) Q4 Q3 Q2 Q1 Year Q4 Q3 Q2 Q1
USA Operations 115,145,820 29,334,752 28,696,548 28,635,880 28,478,970 126,001,722 31,667,596 32,027,500 31,141,019 31,165,771
Canadian Operations 109,191,575 28,020,348 29,297,952 27,360,151 24,512,940 88,059,600 21,638,124 22,502,832 22,919,260 20,999,433
Total 224,337,395 57,355,100 57,994,500 55,996,031 52,991,910 214,061,322 53,305,720 54,530,332 54,060,279 52,165,204
(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)
2024 (2)
(US/BOE) Q4 Q3 Q2 Q1 Year Q4 Q3 Q2 Q1
Total USA Operations
39.54 35.32 38.16 38.83 46.00 44.40 42.22 42.96 45.60 46.88
2.30 1.67 2.30 2.34 2.91 2.53 2.27 2.56 2.73 2.57
3.91 3.95 3.76 3.98 3.93 4.05 4.04 4.03 4.05 4.07
6.01 6.03 6.03 6.04 5.93 6.34 6.00 6.03 6.58 6.77
27.32 23.66 26.07 26.47 33.22 31.48 29.90 30.35 32.24 33.47
Total Canadian Operations
23.73 23.88 21.40 23.50 26.60 19.67 20.84 17.38 18.41 22.29
0.19 0.18 0.20 0.22 0.16 0.16 0.14 0.18 0.17 0.14
11.31 11.13 11.33 11.40 11.38 11.84 12.11 12.00 11.34 11.95
1.47 1.46 1.43 1.54 1.47 1.24 1.02 1.60 1.13 1.19
10.75 11.10 8.43 10.34 13.58 6.43 7.58 3.60 5.76 9.00
Total Operations
31.84 29.73 29.69 31.34 37.02 34.22 33.54 32.40 34.07 36.98
1.27 0.94 1.24 1.30 1.64 1.56 1.41 1.58 1.65 1.59
7.51 7.46 7.59 7.61 7.38 7.25 7.32 7.32 7.14 7.25
3.80 3.80 3.71 3.84 3.87 4.24 3.98 4.20 4.27 4.52
Netback 19.26 17.52 17.16 18.59 24.14 21.17 20.84 19.31 21.01 23.62
(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.
(2) As part of the Company's reassessment of its reporting segments (see Note 2 of the audited Consolidated Financial Statements included in Item 8 of Ovintiv's 2024 Annual Report on Form 10-K), intercompany marketing fees formerly transacted between operating segments are excluded from the Selected Financial Data table above but included in the reported netbacks. For the year ended December 31, 2024, intercompany marketing fees totaled 24 million, and for the quarterly periods presented, they ranged from 5 million to 7 million.

All values are in US Dollars.

Ovintiv Inc. 4 Non-GAAP Definitions and Reconciliations

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