8-K

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): February 27, 2023

Ovintiv Inc.

(Exact Name of Registrant as Specified in its Charter)

Delaware	001-39191	84-4427672
(State or Other Jurisdiction<br> <br>of Incorporation)	(Commission<br> <br>File Number)	(I.R.S. Employer<br> <br>Identification No.)
Suite 1700, 370 - 17th Street<br> <br>Denver, Colorado	80202
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(Address of principal executive offices)	(Zip Code)

(303) 623-2300

(Registrant’s telephone number, including area code)

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)
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☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading<br>Symbol(s)	Name of each exchange<br> <br>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 27, 2023 Ovintiv Inc. (the “Company”) issued a news release announcing its financial and operating results for its fourth quarter and full year ended December 31, 2022. 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 Exhibits 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 they 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 9.01	Financial Statements and Exhibits.

(d) Exhibits

Exhibit No.	Exhibit Description
Exhibit 99.1	News Release dated February 27, 2023.
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.

Dated: February 27, 2023

OVINTIV INC.
(Registrant)
By:	/s/ Dawna I. Gibb
	Name:	Dawna I. Gibb
	Title:	Assistant Corporate Secretary

EX-99.1

Exhibit 99.1<br> <br><br><br><br>news release

Ovintiv Reports Fourth Quarter and Year-end 2022 Financial andOperating Results

Company Delivers Record Financial Results and Significant Inventory Additions

Highlights:

Full Year 2022

•	Generated net earnings of $3.6 billion, cash from operating activities of $3.9 billion, Non-GAAP Cash Flow of $4.1 billion and Non-GAAP Free Cash Flow of $2.3 billion after capital expenditures of $1.8 billion
•	Reduced total long-term debt by approximately $1.2 billion; Non-GAAP<br>Debt to Adjusted EBITDA ratio of 0.8 times at year-end, down from 1.5 times at year-end 2021
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•	Returned $958 million to shareholders through the combination of base dividend payments and share buybacks<br>
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•	Added approximately 450 net premium drilling locations through inventory renewal program, replacing approximately<br>200% of full-year 2022 net wells turned in line (“TIL”)
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•	Increased quarterly dividend payments by 25% to $1.00 per share annualized
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•	Delivered average annual production volumes of 510 thousand barrels of oil equivalent per day<br>(“MBOE/d”), including 176 thousand barrels per day (“Mbbls/d”) of oil and condensate, 86 Mbbls/d of other NGLs (C2 to C4) and 1,494 million cubic feet per day (“MMcf/d”) of natural gas; all in line with<br>Company guidance
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Fourth Quarter 2022

•	Generated fourth quarter net earnings of $1.3 billion, cash from operating activities of $875 million, Non-GAAP Cash Flow of $895 million and Non-GAAP Free Cash Flow of $537 million after capital expenditures of $358 million
•	Delivered average quarterly production volumes of 524 MBOE/d, including 175 Mbbls/d of oil and condensate, 89<br>Mbbls/d of other NGLs and 1,561 MMcf/d of natural gas; all in line with Company guidance
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2023 Outlook

•	Announced 2023 capital program of approximately $2.15 to $2.35 billion, which is expected to deliver total<br>production volumes of 500 to 525 MBOE/d

DENVER, February 27, 2023 – Ovintiv Inc. (NYSE, TSX: OVV) (“Ovintiv” or the “Company”) today announced its fourth quarter and year-end 2022 financial and operating results. The Company plans to hold a conference call and webcast at 9:00 a.m. MT (11:00 a.m. ET) on February 28, 2023. Please see dial-in details within this release, as well as additional details on the Company’s website at www.ovintiv.com.

Ovintiv CEO Brendan McCracken said, “2022 was a milestone year for Ovintiv. At $2.3 billion, our team delivered a record Non-GAAP Free Cash Flow. We returned nearly $1 billion directly to our shareholders through our base dividend and share buybacks, we reduced long-term debt by approximately $1.2 billion and we expanded our drilling inventory with approximately 450 new premium return locations. These results demonstrate that our strategy is working, and our strong financial performance is translating into durable returns for our shareholders.”

Full Year and Fourth Quarter 2022 Financial and Operating Results

•	The Company recorded full year net earnings of $3.6 billion, or $14.08 per diluted share of common stock.<br>
•	Fourth quarter net earnings totaled $1.3 billion, or $5.30 per diluted share of common stock.<br>
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•	Full year cash from operating activities was $3.9 billion, Non-GAAP<br>Cash Flow was $4.1 billion and capital investment totaled approximately $1.8 billion, resulting in $2.3 billion of Non-GAAP Free Cash Flow.
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•	Fourth quarter cash from operating activities was $875 million,<br>Non-GAAP Cash Flow was $895 million and capital investment totaled approximately $358 million, resulting in $537 million of Non-GAAP Free Cash Flow.<br>
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Ovintiv Inc.	1
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•	Average annual total production was approximately 510 MBOE/d, including 176 Mbbls/d of oil and condensate, 86<br>Mbbls/d of other NGLs and 1,494 MMcf/d of natural gas.
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•	Fourth quarter average total production was approximately 524 MBOE/d, including 175 Mbbls/d of oil and<br>condensate, 89 Mbbls/d of other NGLs and 1,561 MMcf/d of natural gas.
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2023 Guidance

The Company issued the following 2023 guidance:

	1Q 2023	Full Year 2023
Total Production (MBOE/d)	~500	500 - 525
Oil & Condensate (Mbbls/d)^^	~160	165 - 175
Other NGLs (Mbbls/d)	~84	80 - 85
Natural Gas (MMcf/d)	~1,525	1,525 - 1,575
Capital Investment ($ Millions)	$600 - $650	$2,150 - $2,350

2023 Outlook

With 2023 capital investment of approximately $2.25 billion at the midpoint, the Company expects to deliver total production volumes of 500 to 525 MBOE/d. This range reflects a flat production program relative to 2022. During the first half of the year, Ovintiv plans to bring wells online which were drilled but uncompleted in the fourth quarter of 2022. This will result in slightly higher capital expenditures in the first half of the year.

Inventory Renewal

Over the year, the Company made significant additions to its premium drilling inventory across its asset base. The combination of low-cost bolt-on transactions and organic inventory appraisal and assessment added approximately 450 net premium drilling locations, or approximately twice the number of net wells drilled in 2022 for only $286 million of acquisition capital. The largest share of those additions occurred in the Permian asset where the additions were all offsetting existing company acreage in Martin, Midland, Upton, and Howard counties.

Returns to Shareholders

Through Ovintiv’s capital allocation framework, the Company currently returns to shareholders 50% of the previous quarter’s Non-GAAP Free Cash Flow after base dividends through share buybacks.

In the fourth quarter of 2022, the Company returned approximately $249 million to shareholders through share buybacks totaling approximately $188 million and its base dividend of approximately $61 million.

Full year shareholder returns totaled approximately $958 million, consisting of share buybacks of approximately $719 million and base dividend payments of approximately $239 million.

During the year, Ovintiv purchased for cancellation, approximately 14.7 million common shares at an average price of $49.08 per share.

First quarter 2023 shareholder returns are expected to total approximately $300 million, consisting of share buybacks of approximately $238 million and base dividend payments of approximately $61 million, bringing total direct shareholder returns since the third quarter of 2021 to approximately $1.4 billion, or approximately 9% of common shares outstanding, assuming the closing share price on February 24, 2023.

Continued Debt Reduction

Ovintiv reduced total long-term debt by approximately $1.2 billion in 2022. This represents approximately $3.3 billion of debt reduction since year-end 2020.

At year-end, the Company had $3.3 billion in total liquidity, which included available credit facilities of $3.5 billion, available uncommitted demand lines of $195 million, and cash and cash equivalents of $5 million, net of outstanding commercial paper of $393 million.

As of year-end, Ovintiv remained investment grade rated by four credit ratings agencies.

Ovintiv Inc.	2

Dividend Declared

On February 27, 2023, Ovintiv’s Board declared a quarterly dividend of $0.25 per share of common stock payable on March 31, 2023, to shareholders of record as of March 15, 2023.

Asset Highlights

Permian

Permian production averaged 122 MBOE/d (79% liquids) in the fourth quarter. The company had 16 net wells TIL.

In 2023, the Company plans to spend $850 to $950 million in the basin to run an average of three gross rigs and bring on 70 to 80 net wells.

Montney

Montney production averaged 216 MBOE/d (21% liquids) in the fourth quarter. The Company had 11 net wells TIL.

In 2023, the Company plans to spend $500 to $600 million in the basin to run an average of four gross rigs and bring on 70 to 80 net wells.

Uinta & Bakken

Uinta production averaged 20 MBOE/d (84% liquids) in the fourth quarter. The Company had three net wells TIL.

Bakken production averaged 32 MBOE/d (80% liquids) in the fourth quarter. The Company had six net wells TIL.

In 2023, the Company plans to spend $500 to $600 million combined in the Uinta and Bakken assets to run an average of two gross rigs, shared between the plays, to bring on 40 to 50 net wells.

Anadarko

Anadarko production averaged 128 MBOE/d (63% liquids) in the fourth quarter. The Company had eight net wells TIL.

In 2023, the Company plans to spend $200 to $300 million in the basin to run an average of one gross rig and bring on 25 to 30 net wells.

Year-End 2022 Reserves

SEC proved reserves at year-end 2022 were 2.3 billion BOE, of which approximately 50% were liquids and 57% were proved developed. Total proved reserves replacement excluding the impact of commodity prices was 135% of 2022 production. Ovintiv’s reserve life index at year-end was 12.2 years.

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 and, accordingly, will not be required to file Form 51-101F1 Statement of Reserves Data and Other Oil and Gas Information or related forms and disclosure as part of its annual filings. In lieu of such filings, 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 New York Stock Exchange. The Decision also provides that Ovintiv is required to file all such oil and gas disclosures with the Canadian securities regulatory authorities on www.sedar.com as soon as practicable after such disclosure is filed with the SEC.

For additional information, please refer to the Fourth Quarter and Year-end 2022 Results Presentation available on Ovintiv’s website, www.ovintiv.com under Presentations and Events – Ovintiv.

Ovintiv Inc.	3

Conference Call Information

A conference call and webcast to discuss the Company’s fourth quarter and year-end results will be held at 9:00 a.m. MT (11:00 a.m. ET) on February 28, 2023.

To join the conference call without operator assistance, you may register and enter your phone number at https://bit.ly/3IGLDNX to receive an instant automated call back. You can also dial direct to be entered to the call by an Operator. Please dial 888-664-6383 (toll-free in North America) or 416-764-8650 (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 1Non-GAAP measures and the tables in this release for reconciliation to comparable GAAP financial measures.

Ovintiv Inc.	4

Capital Investment and Production

(for the period ended December 31)		4Q 2021		2022		2021
Capital Expenditures (1) (<br>millions)	358		421	****	1,831		1,519
Oil (Mbbls/d)	132.0		129.8	****	131.6		140.3
NGLs – Plant Condensate (Mbbls/d)	42.7		47.8	****	44.0		50.9
Oil & Plant Condensate (Mbbls/d)	174.7		177.6	****	175.6		191.2
NGLs – Other (Mbbls/d)	88.7		84.6	****	85.5		83.3
Total Liquids (Mbbls/d)	263.4		262.2	****	261.1		274.5
Natural gas (MMcf/d)	1,561		1,476	****	1,494		1,556
Total production (MBOE/d)	523.6		508.2	****	510.0		533.9

All values are in US Dollars.

(1)	Including capitalized directly attributable internal costs.

Fourth Quarter and Year-End Summary

(for the period ended December 31)<br><br><br>($ millions, except as indicated)	4Q 2022			4Q 2021			2022			2021
Cash From (Used In) Operating Activities	****	875	****		740		****	3,866	****		3,129
Deduct (Add Back):
Net change in other assets and liabilities	****	(15	)		(18	)	****	(57	)		(39	)
Net change in non-cash working capital	****	(5	)		17		****	(187	)		(41	)
Non-GAAP Cash Flow ^(1)^	****	895	****		741		****	4,110	****		3,209
Non-GAAP Cash Flow ^(1)^	****	895	****		741		****	4,110	****		3,209
Less: Capital Expenditures^(2)^	****	358	****		421		****	1,831	****		1,519
Non-GAAP Free Cash Flow ^(1)^	****	537	****		320		****	2,279	****		1,690
Net Earnings (Loss) Before Income Tax	****	1,110	****		1,382		****	3,560	****		1,239
Before-tax (Addition) Deduction:
Unrealized gain (loss) on risk management	****	530	****		938		****	741	****		(488	)
Non-operating foreign exchange gain (loss)	****	10	****		(1	)	****	(14	)		(18	)
Adjusted Earnings (Loss) Before Income Tax	****	570	****		445		****	2,833	****		1,745
Income tax expense (recovery)	****	342	****		115		****	1,064	****		451
Non-GAAP Adjusted Earnings ^(1)^	****	228	****		330		****	1,769	****		1,294
(1)	Non-GAAP Cash Flow, Non-GAAP<br>Free Cash Flow and Non-GAAP Adjusted Earnings are non-GAAP measures as defined in Note 1.
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(2)	Including capitalized directly attributable internal costs.
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Realized Pricing Summary (Including the impact of realized gains (losses) on risk management)

(for the period ended December 31)		4Q 2021		2022		2021
Liquids (/bbl)
WTI	82.65		77.19	****	94.23		67.91
Realized Liquids Prices
Oil	75.85		53.43	****	81.88		51.28
NGLs – Plant Condensate	72.01		64.04	****	80.74		57.33
Oil & Plant Condensate	74.91		56.27	****	81.59		52.89
NGLs – Other	22.95		26.65	****	31.45		22.07
Total NGLs	38.88		40.15	****	48.20		35.44
Natural Gas
NYMEX (/MMBtu)	6.26		5.83	****	6.64		3.84
Realized Natural Gas Price (/Mcf)	2.49		2.84	****	2.42		2.92

All values are in US Dollars.

Ovintiv Inc.	5

Cost Summary

(for the year ended December 31)<br><br><br>($/BOE, except as indicated)	2022		2021
Production, mineral and other taxes	****	2.23		1.51
Upstream transportation and processing	****	8.75		7.42
Upstream operating, excluding long-term incentive costs	****	3.99		2.94
Administrative, excluding long-term incentive, restructuring and legal costs, and current expected<br>credit losses	****	1.39		1.55

Debt to Capitalization

($ millions, except as indicated)	December 31, 2022			December 31, 2021
Long-Term Debt, including current portion	****	3,570	****		4,786
Total Shareholders’ Equity	****	7,689	****		5,074
Capitalization	****	11,259	****		9,860
Debt to Capitalization	****	32	%		49	%

Debt to Adjusted Capitalization

($ millions, except as indicated)	December 31, 2022			December 31, 2021
Long-Term Debt, including current portion	****	3,570	****		4,786
Total Shareholders’ Equity	****	7,689	****		5,074
Equity Adjustment for Impairments at December 31, 2011	****	7,746	****		7,746
Adjusted Capitalization	****	19,005	****		17,606
Debt to Adjusted Capitalization^(1)^	****	19	%		27	%
(1)	Debt to Adjusted Capitalization is a non-GAAP measure as defined in<br>Note 1.
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Debt to Adjusted EBITDA

($ millions, except as indicated)	December 31, 2022			December 31, 2021
Debt (Long-Term Debt, including current portion)	$	3,570		$	4,786
Net Earnings (Loss)		3,637			1,416
Add back (deduct):
Depreciation, depletion and amortization		1,113			1,190
Accretion of asset retirement obligation		18			22
Interest		311			340
Unrealized (gains) losses on risk management		(741	)		488
Foreign exchange (gain) loss, net		15			(23	)
Other (gains) losses, net		(33	)		(37	)
Income tax expense (recovery)		(77	)		(177	)
Adjusted EBITDA	$	4,243		$	3,219
Debt to Adjusted EBITDA ^(1)^ (times)		0.8			1.5
(1)	Debt to Adjusted EBITDA is a non-GAAP measure as defined in Note 1.
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Year-End 2022 Reserves Estimates

2022 Proved Reserves Estimates – U.S. Protocols(Net, After Royalties)^(1)^
Using constant prices and costs; simplified table	Oil<br>(MMbbls)			NGLs<br>(MMbbls)			NaturalGas<br>(Bcf)			Total<br>(MMBOE)
December 31, 2021	****	558.6	****	****	604.7	****	****	6,570	****	****	2,258.2	****
Revisions and improved recovery ^(2)^		(65.5	)		(33.2	)		(544	)	****	(189.2	)
Extensions and discoveries		95.2			68.5			1,241		****	370.6	****
Purchase of reserves in place		15.8			15.4			88		****	45.9	****
Sale of reserves in place		(20.8	)		(1.3	)		(22	)	****	(25.7	)
Production		(48.0	)		(47.3	)		(545	)	****	(186.2	)
December 31, 2022	****	535.3	****	****	606.9	****	****	6,789	****	****	2,273.6	****
(1)	Numbers may not add due to rounding.
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(2)	Changes in reserve estimates resulting from application of improved recovery techniques are included in<br>revisions of previous estimates.
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Ovintiv Inc.	6
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Hedge Volumes as of December 31, 2022

Oil and Condensate Hedges ($/bbl)	1Q 2023	2Q 2023	3Q 2023	4Q 2023
WTI 3-Way Options	40 Mbbls/d	40 Mbbls/d	40 Mbbls/d	32 Mbbls/d
Short Call	$114.74	$112.95	$119.01	$105.08
Long Put	$65.00	$65.00	$66.25	$65.00
Short Put	$50.00	$50.00	$50.00	$50.00
Natural Gas Hedges ($/Mcf)	1Q 2023	2Q 2023	3Q 2023	4Q 2023
NYMEX 3-Way Options	400 MMcf/d	400 MMcf/d	390 MMcf/d	400 MMcf/d
Short Call	$10.46	$4.86	$7.72	$10.05
Long Put	$3.88	$3.13	$3.71	$4.00
Short Put	$2.75	$2.25	$2.51	$3.00
Waha Basis Swaps	30 MMcf/d	30 MMcf/d	30 MMcf/d	30 MMcf/d
	($0.61)	($0.61)	($0.61)	($0.61)
Malin Basis Swaps	50 MMcf/d	50 MMcf/d	50 MMcf/d	50 MMcf/d
	($0.26)	($0.26)	($0.26)	($0.26)
AECO Basis Swaps	260 MMcf/d	260 MMcf/d	260 MMcf/d	260 MMcf/d
	($1.07)	($1.07)	($1.07)	($1.07)
AECO % of NYMEX Swaps	50 MMcf/d	50 MMcf/d	50 MMcf/d	50 MMcf/d
	71%	71%	71%	71%

Price Sensitivities for WTI Oil ^(1)^ ($MM)

WTI Oil Hedge Gains(Losses)
	$40	$50	$60	$70	$80	$90	$100	$110	$120
1Q 2023	$54	$54	$18	$0	$0	$0	$0	($14)	($38)
2Q 2023	$55	$55	$18	$0	$0	$0	$0	($15)	($40)
3Q 2023	$60	$60	$23	$0	$0	$0	$0	($4)	($21)
4Q 2023	$44	$44	$15	$0	$0	$0	$0	($15)	($44)
(1)	Hedge positions and hedge sensitivity estimates as at 12/31/2022. Does not include impact of basis positions.<br>
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Price Sensitivities for NYMEX Natural Gas ^(1)^ ($MM)

NYMEX Natural Gas Hedge Gains(Losses)
	$1.50	$2.00	$2.50	$3.00	$3.50	$4.00	$4.50	$5.00	$5.50
1Q 2023	$41	$41	$41	$32	$14	$0	$0	$0	$0
2Q 2023	$32	$32	$23	$5	$0	($1)	($10)	($21)	($35)
3Q 2023	$43	$43	$39	$25	$9	$0	$0	$0	$0
4Q 2023	$37	$37	$37	$37	$18	$0	$0	$0	$0
(1)	Hedge positions and hedge sensitivity estimates as at 12/31/2022. Does not include impact of basis positions.<br>
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Ovintiv Inc.	7
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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.

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<br>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.<br>
•	Non-GAAP Free Cash Flow is a<br>non-GAAP measure defined as Non-GAAP Cash Flow in excess of capital expenditures, excluding net acquisitions and divestitures.
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•	Non-GAAP Adjusted Earnings is a<br>non-GAAP measure defined as net earnings (loss) excluding non-cash items that Management believes reduces the comparability of the Company’s financial performance<br>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<br>taxes includes adjustments to normalize the effect of income taxes calculated using the estimated annual effective income tax rate. In addition, any valuation allowances are excluded in the calculation of income taxes.
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•	Debt to Adjusted Capitalization is a non-GAAP measure which<br>adjusts capitalization for historical ceiling test impairments that were recorded as at December 31, 2011. Management monitors Debt to Adjusted Capitalization as a proxy for the Company’s financial covenant under the Credit Facilities<br>which require debt to adjusted capitalization to be less than 60 percent. Adjusted Capitalization incudes debt, total shareholders’ equity and an equity adjustment for cumulative historical ceiling test impairments recorded as at<br>December 31, 2011 in conjunction with the Company’s January 1, 2012 adoption of U.S. GAAP.
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•	Debt to Adjusted EBITDA is a non-GAAP measure which is calculated<br>as long-term debt, including the current portion, divided by Adjusted EBITDA. Adjusted EBITDA is defined as trailing 12-month net earnings (loss) before income taxes, depreciation, depletion and amortization,<br>impairments, accretion of asset retirement obligation, interest, unrealized gains/losses on risk management, foreign exchange gains/losses, gains/losses on divestitures and other gains/losses. Debt to Adjusted EBITDA is a non-GAAP measure monitored by management as an indicator 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 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 is intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words or phrases. Without limiting the generality of the foregoing, forward-looking statements contained in this news release include: expectations of plans, strategies and objectives of the Company, including anticipated reserves shares; the Company’s ability to manage cost inflation and expected cost structures, including expected operating, transportation, processing and labor expenses; and the outlook of the oil and natural gas industry generally, including impacts from changes to the geopolitical environment.

Ovintiv Inc.	8

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 or revise 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, and in other filings with the SEC, 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><br>(888) 525-0304	Media contact:<br> <br>(403)645-2252

SOURCE: Ovintiv Inc.

Ovintiv Inc.	9

EX-99.2

Exhibit 99.2

Ovintiv Inc.

Selected Financial Information

For the year ended December 31, 2022

(U.S. Dollars)

Consolidated Statement of Earnings

For the years ended December 31 (US$ millions, except per share<br>amounts)	2022			2021			2020
Revenues
Product and service revenues	$	14,263	****	$	10,468		$	5,509
Gains (losses) on risk management, net	****	(1,867	)		(1,883	)		507
Sublease revenues	****	68	****		73			71
Total Revenues	****	12,464	****		8,658			6,087
Operating Expenses
Production, mineral and other taxes	****	415	****		293			173
Transportation and processing	****	1,786	****		1,616			1,502
Operating	****	802	****		625			605
Purchased product	****	4,055	****		2,951			1,366
Depreciation, depletion and amortization	****	1,113	****		1,190			1,834
Impairments	****	—	****		—			5,580
Accretion of asset retirement obligation	****	18	****		22			29
Administrative	****	422	****		442			395
Total Operating Expenses	****	8,611	****		7,139			11,484
Operating Income (Loss)	****	3,853	****		1,519			(5,397	)
Other (Income) Expenses
Interest	****	311	****		340			371
Foreign exchange (gain) loss, net	****	15	****		(23	)		17
Other (gains) losses, net	****	(33	)		(37	)		(55	)
Total Other (Income) Expenses	****	293	****		280			333
Net Earnings (Loss) Before Income Tax	****	3,560	****		1,239			(5,730	)
Income tax expense (recovery)	****	(77	)		(177	)		367
Net Earnings (Loss)	$	3,637	****	$	1,416		$	(6,097	)
Net Earnings (Loss) per Share of Common Stock
Basic	$	14.34	****	$	5.44		$	(23.47	)
Diluted	****	14.08	****		5.32			(23.47	)
Weighted Average Shares of Common Stock Outstanding (millions)
Basic	****	253.6	****		260.4			259.8
Diluted	****	258.4	****		266.4			259.8

Consolidated Statement of Comprehensive Income

For the years ended December 31 (US$<br>millions)	2022			2021		2020
Net Earnings (Loss)	$	3,637	****	$	1,416	$	(6,097	)
Other Comprehensive Income (Loss), Net of Tax
Foreign currency translation adjustment	****	(107	)		2		38
Pension and other post-employment benefit plans	****	6	****		14		(8	)
Other Comprehensive Income (Loss)	****	(101	)		16		30
Comprehensive Income (Loss)	$	3,536	****	$	1,432	$	(6,067	)

.

Ovintiv Inc.	1	Selected Financial Information

Consolidated Balance Sheet

As at December 31 (US millions)			2021
Assets
Current Assets
Cash and cash equivalents	5	****	$	195
Accounts receivable and accrued revenues (net of allowancesof 4 million (2021: 5<br>million))	1,594	****		1,294
Risk management	53	****		1
Income tax receivable	43	****		97
	1,695	****		1,587
Property, Plant and Equipment, at cost:
Oil and natural gas properties, based on full cost accountingProved properties	57,054	****		55,475
Unproved properties	1,172	****		1,944
Other	882	****		903
Property, plant and equipment	59,108	****		58,322
Less: Accumulated depreciation, depletion and amortization	(49,640	)		(49,561	)
Property, plant and equipment, net	9,468	****		8,761
Other Assets	1,004	****		1,079
Risk Management	34	****		—
Deferred Income Taxes	271	****		—
Goodwill	2,584	****		2,628
	15,056	****	$	14,055
Liabilities and Shareholders’ Equity
Current Liabilities
Accounts payable and accrued liabilities	2,221	****	$	1,979
Current portion of operating lease liabilities	76	****		62
Income tax payable	4	****		4
Risk management	86	****		703
Current portion of long-term debt	393	****		—
	2,780	****		2,748
Long-Term Debt	3,177	****		4,786
Operating Lease Liabilities	814	****		889
Other Liabilities and Provisions	131	****		190
Risk Management	—	****		25
Asset Retirement Obligation	281	****		339
Deferred Income Taxes	184	****		4
	7,367	****		8,981
Shareholders’ Equity
Share capital—authorized 775 million shares of stock2022 issued and outstanding:<br>245.7 million shares (2021: 258.0 million shares)	3	****		3
Paid in surplus	7,776	****		8,458
Retained earnings (Accumulated deficit)	(1,081	)		(4,479	)
Accumulated other comprehensive income	991	****		1,092
Total Shareholders’ Equity	7,689	****		5,074
	15,056	****	$	14,055

All values are in US Dollars.

Ovintiv Inc.	2	Selected Financial Information

Consolidated Statement of Cash Flows

For the years ended December 31 (US$<br>millions)	2022			2021			2020
Operating Activities
Net earnings (loss)	$	3,637	****	$	1,416		$	(6,097	)
Depreciation, depletion and amortization	****	1,113	****		1,190			1,834
Impairments	****	—	****		—			5,580
Accretion of asset retirement obligation	****	18	****		22			29
Deferred income taxes	****	(87	)		(21	)		381
Unrealized (gain) loss on risk management	****	(741	)		488			204
Unrealized foreign exchange (gain) loss	****	14	****		21			11
Foreign exchange (gain) loss on settlements	****	8	****		(11	)		6
Other	****	148	****		104			(19	)
Net change in other assets and liabilities	****	(57	)		(39	)		(173	)
Net change in non-cash working capital	****	(187	)		(41	)		139
Cash From (Used in) Operating Activities	****	3,866	****		3,129			1,895
Investing Activities
Capital expenditures	****	(1,831	)		(1,519	)		(1,736	)
Acquisitions	****	(286	)		(11	)		(19	)
Proceeds from divestitures	****	228	****		1,025			89
Net change in investments and other	****	103	****		(20	)		(198	)
Cash From (Used in) Investing Activities	****	(1,786	)		(525	)		(1,864	)
Financing Activities
Net issuance (repayment) of revolving long-term debt	****	393	****		(950	)		252
Repayment of long-term debt	****	(1,634	)		(1,137	)		(272	)
Purchase of shares of common stock	****	(719	)		(111	)		—
Dividends on shares of common stock	****	(239	)		(122	)		(97	)
Finance lease payments and other	****	(69	)		(99	)		(89	)
Cash From (Used in) Financing Activities	****	(2,268	)		(2,419	)		(206	)
Foreign Exchange Gain (Loss) on Cash, Cash Equivalentsand Restricted Cash Held in ForeignCurrency	****	(2	)	****	—	****	****	(5	) ****
Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash	****	(190	)		185			(180	)
Cash, Cash Equivalents and Restricted Cash, Beginning of Year	****	195	****		10			190
Cash, Cash Equivalents and Restricted Cash, End of Year	$	5	****	$	195		$	10
Cash, End of Year	$	5	****	$	26		$	9
Cash Equivalents, End of Year	****	—	****		169			1
Restricted Cash, End of Year	****	—	****		—			—
Cash, Cash Equivalents and Restricted Cash, End of Year	$	5	****	$	195		$	10
Ovintiv Inc.	3	Selected Financial Information
---	---	---

Ovintiv Inc.

Supplemental Information

(unaudited)

For the year ended December 31, 2022

U.S. Dollar / U.S. Protocol

Supplemental Financial Information (unaudited)

Financial Results

															2021
(US millions, unless otherwise specified)			Q4			Q3			Q2			Q1			Year			Q4			Q3			Q2			Q1
Net Earnings (Loss)	3,637	****		1,335			1,186			1,357			(241	)		1,416			1,384			(72	)		(205	)		309
Per share—basic (1)	14.34	****	****	5.39	****		4.70			5.28			(0.94	)		5.44			5.33			(0.28	)		(0.79	)		1.19
Per share—diluted (1)	14.08	****	****	5.30	****		4.63			5.21			(0.94	)		5.32			5.21			(0.28	)		(0.79	)		1.16
Non-GAAP Adjusted Earnings (2)	1,769	****	****	228	****		353			628			560			1,294			330			389			287			288
Per share—basic (1)	6.98	****	****	0.92	****		1.40			2.44			2.18			4.97			1.27			1.49			1.10			1.11
Per share—diluted (1)	6.85	****	****	0.91	****		1.38			2.41			2.18			4.86			1.24			1.49			1.10			1.08
Non-GAAP Cash Flow (3)	4,110	****	****	895	****		948			1,224			1,043			3,209			741			845			733			890
Per share—basic (1)	16.21	****	****	3.62	****		3.75			4.76			4.05			12.32			2.86			3.24			2.81			3.42
Per share—diluted (1)	15.91	****	****	3.55	****		3.70			4.70			4.05			12.05			2.79			3.24			2.81			3.35
Foreign Exchange Rates (C per US1)
Average	1.301	****	****	1.358	****		1.306			1.277			1.266			1.254			1.260			1.260			1.228			1.266
Period end	1.354	****	****	1.354	****		1.371			1.289			1.250			1.268			1.268			1.274			1.239			1.258
Non-GAAP Adjusted Earnings Summary
Net Earnings (Loss) Before Income Tax	3,560	****	****	1,110	****		1,274			1,422			(246	)		1,239			1,382			(71	)		(205	)		133
Before-tax (Addition) Deduction:
Unrealized gain (loss) on risk management	741	****	****	530	****		710			513			(1,012	)		(488	)		938			(579	)		(576	)		(271	)
Non-operating foreign exchange gain (loss)	(14	)	****	10	****		(20	)		(7	)		3			(18	)		(1	)		(11	)		(4	)		(2	)
Adjusted Earnings (Loss) Before Income Tax	2,833	****	****	570	****		584			916			763			1,745			445			519			375			406
Income tax expense (recovery) (4)	1,064	****	****	342	****		231			288			203			451			115			130			88			118
Non-GAAP Adjusted Earnings (2)	1,769	****	****	228	****		353			628			560			1,294			330			389			287			288
Non-GAAP Cash Flow Summary
Cash From (Used in) Operating Activities	3,866	****	****	875	****		962			1,344			685			3,129			740			812			750			827
(Add back) Deduct:
Net change in other assets and liabilities	(57	)	****	(15	)		(17	)		(13	)		(12	)		(39	)		(18	)		(10	)		(5	)		(6	)
Net change in non-cash working capital	(187	)	****	(5	)		31			133			(346	)		(41	)		17			(23	)		22			(57	)
Non-GAAP Cash Flow (3)	4,110	****	****	895	****		948			1,224			1,043			3,209			741			845			733			890
(1)   Net Earnings (Loss), Non-GAAP Adjusted Earnings and Non-GAAP Cash Flow per<br>share are calculated using the weighted average number of shares of common stock outstanding as follows:
															2021
(millions)			Q4			Q3			Q2			Q1			Year			Q4			Q3			Q2			Q1
Weighted Average Shares of Common Stock Outstanding
Basic	253.6	****	****	247.5	****		252.5			257.2			257.4			260.4			259.5			261.1			261.1			260.1
Diluted	258.4	****	****	251.8	****		256.2			260.6			257.4			266.4			265.7			261.1			261.1			266.0
(2)   Ovintiv has revised the definition and calculation of its Non-GAAP Adjusted<br>Earnings based on recent SEC guidance regarding non-GAAP measures. Accordingly, prior periods have been restated. Non-GAAP Adjusted Earnings, previously Non-GAAP Operating Earnings, is a non-GAAP measure defined as net earnings (loss) excluding<br>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<br>foreign exchange gains/losses, and gains/losses on divestitures. Income taxes includes adjustments to normalize the effect of income taxes calculated using the estimated annual effective income tax rate. In addition, any valuation allowances are<br>excluded in the calculation of income taxes. (3)   Non-GAAP Cash Flow is a<br>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.<br>(4)   Calculated using the applicable U.S. federal and state statutory income tax<br>rate of 23.0 percent and the applicable Canadian federal and provincial statutory income tax rate of 23.9 percent (2021 - 24.0 percent and 23.9 percent, respectively).<br>  Financial Metrics																													****
															2021
															Year
Debt to Capitalization	32%	****														49%
Debt to Adjusted Capitalization (1)	19%	****														27%
Debt to EBITDA (1)	0.7x	****														1.7x
Debt to Adjusted EBITDA (1)	0.8x	****														1.5x

All values are in US Dollars.

(1)	Debt to Adjusted Capitalization, Debt to EBITDA and Debt to Adjusted EBITDA are non-GAAP measures monitored<br>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.<br>
Ovintiv Inc.	1	Supplemental Information (prepared in US$)
---	---	---

Supplemental Operating Information (unaudited)

Production Volumes by Product

			2022										2021
(average)	% of<br>Oil & NGLs		Year		Q4		Q3		Q2		Q1		Year		Q4		Q3		Q2		Q1
Oil (Mbbls/d)	****	50	****	131.6	****	132.0		133.4		132.8		128.3		140.3		129.8		136.8		148.5		146.5
NGLs—Plant Condensate (Mbbls/d)	****	17	****	44.0	****	42.7		46.0		42.6		44.6		50.9		47.8		51.9		52.3		51.4
Oil & Plant Condensate (Mbbls/d)	****	67	****	175.6	****	174.7		179.4		175.4		172.9		191.2		177.6		188.7		200.8		197.9
Butane (Mbbls/d)	****	8	****	19.3	****	19.0		19.8		19.8		18.7		20.5		20.3		20.7		20.9		20.1
Propane (Mbbls/d)	****	12	****	31.5	****	32.2		31.0		31.3		31.3		31.5		31.5		31.8		32.5		30.1
Ethane (Mbbls/d)	****	13	****	34.7	****	37.5		36.1		35.9		29.2		31.3		32.8		32.4		32.5		27.5
NGLs—Other (Mbbls/d)	****	33	****	85.5	****	88.7		86.9		87.0		79.2		83.3		84.6		84.9		85.9		77.7
Oil & NGLs (Mbbls/d)	****	100	****	261.1	****	263.4		266.3		262.4		252.1		274.5		262.2		273.6		286.7		275.6
Natural Gas (MMcf/d)			****	1,494	****	1,561		1,500		1,426		1,487		1,556		1,476		1,566		1,607		1,576
Total (MBOE/d)			****	510.0	****	523.6		516.3		500.0		499.9		533.9		508.2		534.7		554.6		538.3

Production Volumes by Segment

	2022										2021
(average)	Year		Q4		Q3		Q2		Q1		Year		Q4		Q3		Q2		Q1
Oil (Mbbls/d)
USA Operations	****	131.5	****	131.9		133.3		132.7		128.2		140.0		129.7		136.7		148.2		145.6
Canadian Operations	****	0.1	****	0.1		0.1		0.1		0.1		0.3		0.1		0.1		0.3		0.9
	****	131.6	****	132.0		133.4		132.8		128.3		140.3		129.8		136.8		148.5		146.5
NGLs—Plant Condensate (Mbbls/d)
USA Operations	****	10.4	****	11.0		11.1		10.1		9.2		10.5		10.5		11.3		10.5		9.7
Canadian Operations	****	33.6	****	31.7		34.9		32.5		35.4		40.4		37.3		40.6		41.8		41.7
	****	44.0	****	42.7		46.0		42.6		44.6		50.9		47.8		51.9		52.3		51.4
Oil & Plant Condensate (Mbbls/d)
USA Operations	****	141.9	****	142.9		144.4		142.8		137.4		150.5		140.2		148.0		158.7		155.3
Canadian Operations	****	33.7	****	31.8		35.0		32.6		35.5		40.7		37.4		40.7		42.1		42.6
	****	175.6	****	174.7		179.4		175.4		172.9		191.2		177.6		188.7		200.8		197.9
NGLs—Other (Mbbls/d)
USA Operations	****	71.7	****	75.1		74.1		72.6		64.8		67.5		70.0		69.4		69.2		61.0
Canadian Operations	****	13.8	****	13.6		12.8		14.4		14.4		15.8		14.6		15.5		16.7		16.7
	****	85.5	****	88.7		86.9		87.0		79.2		83.3		84.6		84.9		85.9		77.7
NGLs—Total (Mbbls/d)
USA Operations	****	82.1	****	86.1		85.2		82.7		74.0		78.0		80.5		80.7		79.7		70.7
Canadian Operations	****	47.4	****	45.3		47.7		46.9		49.8		56.2		51.9		56.1		58.5		58.4
	****	129.5	****	131.4		132.9		129.6		123.8		134.2		132.4		136.8		138.2		129.1
Oil & NGLs (Mbbls/d)
USA Operations	****	213.6	****	218.0		218.5		215.4		202.2		218.0		210.2		217.4		227.9		216.3
Canadian Operations	****	47.5	****	45.4		47.8		47.0		49.9		56.5		52.0		56.2		58.8		59.3
	****	261.1	****	263.4		266.3		262.4		252.1		274.5		262.2		273.6		286.7		275.6
Natural Gas (MMcf/d)
USA Operations	****	492	****	506		502		485		475		490		509		495		497		459
Canadian Operations	****	1,002	****	1,055		998		941		1,012		1,066		967		1,071		1,110		1,117
	****	1,494	****	1,561		1,500		1,426		1,487		1,556		1,476		1,566		1,607		1,576
Total (MBOE/d)
USA Operations	****	295.5	****	302.3		302.1		296.1		281.3		299.7		295.0		300.0		310.8		292.8
Canadian Operations	****	214.5	****	221.3		214.2		203.9		218.6		234.2		213.2		234.7		243.8		245.5
	****	510.0	****	523.6		516.3		500.0		499.9		533.9		508.2		534.7		554.6		538.3
Ovintiv Inc.	2	Supplemental Information (prepared in US$)
---	---	---

Supplemental Financial & Operating Information (unaudited)

Results of Operations

Revenues and Realized Gains (Losses) on Risk Management

	2022															2021
(US$ millions)	Year			Q4			Q3			Q2			Q1			Year			Q4			Q3			Q2			Q1
USA Operations
Revenues, excluding Realized Gains (Losses) on Risk Management ^(1)^
Oil	****	4,524	****	****	995	****		1,143			1,311			1,075			3,357			897			864			858			738
NGLs ^(2)^	****	1,045	****	****	198	****		270			311			266			862			276			250			179			157
Natural Gas	****	1,108	****	****	251	****		349			302			206			664			251			172			118			123
	****	6,677	****	****	1,444	****		1,762			1,924			1,547			4,883			1,424			1,286			1,155			1,018
Realized Gains (Losses) on Risk Management
Oil	****	(594	)	****	(75	)		(141	)		(235	)		(143	)		(737	)		(259	)		(194	)		(167	)		(117	)
NGLs ^(2)^	****	—	****	****	—	****		—			—			—			(131	)		(50	)		(42	)		(20	)		(19	)
Natural Gas	****	(529	)	****	(122	)		(183	)		(148	)		(76	)		(115	)		(84	)		(29	)		(2	)		—
	****	(1,123	)	****	(197	)		(324	)		(383	)		(219	)		(983	)		(393	)		(265	)		(189	)		(136	)
Canadian Operations
Revenues, excluding Realized Gains (Losses) on Risk Management ^(1)^
Oil	****	3	****	****	1	****		1			1			—			7			—			1			1			5
NGLs ^(2)^	****	1,358	****	****	290	****		326			382			360			1,158			318			302			283			255
Natural Gas	****	2,104	****	****	550	****		562			577			415			1,368			413			358			283			314
	****	3,465	****	****	841	****		889			960			775			2,533			731			661			567			574
Realized Gains (Losses) on Risk Management<br>^(3)^
Oil	****	—	****	****	—	****		—			—			—			—			—			—			—			—
NGLs ^(2)^	****	(125	)	****	(16	)		(26	)		(51	)		(32	)		(155	)		(56	)		(39	)		(35	)		(25	)
Natural Gas	****	(1,366	)	****	(324	)		(471	)		(374	)		(197	)		(258	)		(193	)		(68	)		—			3
	****	(1,491	)	****	(340	)		(497	)		(425	)		(229	)		(413	)		(249	)		(107	)		(35	)		(22	)
(1)	Excludes other revenues with no associated production volumes, but includes intercompany marketing fees<br>transacted between the Company’s operating segments.
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(2)	Includes plant condensate.
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(3)	Excludes realized gains or losses from other derivative contracts with no associated production volumes and<br>foreign exchange risk management positions.
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Ovintiv Inc.	3	Supplemental Information (prepared in US$)
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Supplemental Financial & Operating Information (unaudited)

Results of Operations (continued)

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

	2022										2021
(US$/BOE)	Year		Q4		Q3		Q2		Q1		Year		Q4		Q3		Q2		Q1
Total USA Operations Netback
Price	****	61.91	****	51.96		63.44		71.39		61.08		44.65		52.45		46.59		40.87		38.66
Production, mineral and other taxes	****	3.72	****	3.23		3.83		4.25		3.56		2.54		2.94		2.71		2.43		2.09
Transportation and processing	****	5.80	****	5.81		6.14		5.91		5.31		4.64		5.39		4.43		4.44		4.31
Operating	****	5.99	****	6.05		6.73		5.53		5.58		4.48		4.51		4.38		4.16		4.89
Netback	****	46.40	****	36.87		46.74		55.70		46.63		32.99		39.61		35.07		29.84		27.37
Total Canadian Operations Netback
Price	****	44.26	****	41.30		45.11		51.70		39.44		29.66		37.31		30.61		25.67		25.92
Production, mineral and other taxes	****	0.18	****	0.19		0.12		0.15		0.19		0.18		0.22		0.13		0.17		0.21
Transportation and processing	****	12.80	****	12.85		13.01		13.67		11.72		10.97		11.95		10.68		11.24		10.12
Operating	****	1.62	****	1.52		1.69		1.35		1.90		1.27		1.60		1.20		1.11		1.23
Netback	****	29.66	****	26.74		30.29		36.53		25.63		17.24		23.54		18.60		13.15		14.36
Total Operations Netback
Price	****	54.49	****	47.45		55.83		63.36		51.62		38.08		46.09		39.57		34.20		32.85
Production, mineral and other taxes	****	2.23	****	1.95		2.29		2.58		2.08		1.51		1.80		1.57		1.44		1.23
Transportation and processing	****	8.75	****	8.78		8.99		9.08		8.12		7.42		8.14		7.17		7.42		6.96
Operating	****	4.15	****	4.13		4.64		3.83		3.98		3.07		3.29		2.98		2.82		3.22
Netback	****	39.36	****	32.59		39.91		47.87		37.44		26.08		32.86		27.85		22.52		21.44
(1)	Netback is a common metric used in the oil and gas industry to measure operating performance on a per-unit<br>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<br>the product to market, including production, mineral and other taxes, transportation and processing expense and operating expense. For additional information regarding non-GAAP measures, including Netback reconciliations, see the Non-GAAP<br>Definitions and Reconciliations document following this Supplemental Information report.
---	---

Other Per-unit Results

	2022										2021
(US$/BOE)	Year		Q4		Q3		Q2		Q1		Year		Q4		Q3		Q2		Q1
Upstream Operating Expense	****	4.15	****	4.13		4.64		3.83		3.98		3.07		3.29		2.98		2.82		3.22
Upstream Operating Expense, Excluding Long-Term Incentive Costs	****	3.99	****	3.97		4.49		3.69		3.80		2.94		3.21		2.85		2.68		3.07
Administrative Expense	****	2.27	****	2.17		2.16		1.56		3.20		2.27		2.04		2.06		2.44		2.52
Administrative Expense, Excluding Long-Term Incentive, Restructuring and Legal Costs, and Current<br>Expected Credit Losses	****	1.39	****	1.35		1.39		1.36		1.48		1.55		1.74		1.44		1.36		1.67
Non-GAAP Total Costs ^(1)^	****	16.36	****	16.05		17.16		16.71		15.48		13.42		14.89		13.03		12.90		12.93
(1)	Total Costs is a non-GAAP measure which includes the summation of production, mineral and other taxes,<br>upstream transportation and processing expense, upstream operating expense and administrative expense, excluding the impact of long-term incentive, restructuring and legal costs, and current expected credit losses. It is calculated as total<br>operating expenses excluding non-upstream operating costs and non-cash items which include operating expenses from the Market Optimization, and Corporate and Other segments, depreciation, depletion and amortization, impairments, accretion of asset<br>retirement obligation, long-term incentive, restructuring and legal costs, and current expected credit losses. When presented on a per BOE basis, Total Costs is divided by production volumes.
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Ovintiv Inc.	4	Supplemental Information (prepared in US$)
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Supplemental Oil and Gas Operating Statistics (unaudited)

Operating Statistics

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

										2021
(US)		Q4		Q3		Q2		Q1		Year		Q4		Q3		Q2		Q1
Oil Price (/bbl)
USA Operations	94.25	****	82.08		93.22		108.58		93.16		65.69		75.13		68.69		63.65		56.32
Canadian Operations	87.28	****	81.48		82.86		100.11		82.80		56.71		75.89		64.95		60.68		52.84
Total Operations	94.25	****	82.08		93.21		108.57		93.15		65.67		75.13		68.69		63.65		56.30
NGLs—Plant Condensate Price (/bbl)
USA Operations	73.22	****	57.95		66.62		86.56		85.09		60.18		70.04		62.84		55.54		51.14
Canadian Operations	93.22	****	82.41		86.65		107.78		96.22		67.11		78.60		68.78		64.85		57.24
Total Operations	88.52	****	76.14		81.82		102.74		93.93		65.68		76.72		67.49		62.98		56.09
Oil & Plant Condensate Price (/bbl)
USA Operations	92.72	****	80.24		91.18		107.02		92.62		65.31		74.74		68.24		63.12		56.00
Canadian Operations	93.20	****	82.41		86.64		107.76		96.19		67.02		78.60		68.77		64.82		57.15
Total Operations	92.81	****	80.63		90.29		107.16		93.35		65.67		75.55		68.36		63.47		56.24
NGLs—Other Price (/bbl)
USA Operations	29.35	****	20.03		29.82		34.88		33.55		25.66		32.39		28.77		20.10		20.56
Canadian Operations	42.39	****	39.07		41.12		47.84		41.23		29.45		36.28		31.73		23.88		26.79
Total Operations	31.45	****	22.95		31.49		37.03		34.94		26.38		33.06		29.31		20.83		21.90
NGLs—Total Price (/bbl)
USA Operations	34.88	****	24.85		34.61		41.21		39.95		30.32		37.33		33.52		24.76		24.76
Canadian Operations	78.44	****	69.42		74.41		89.37		80.36		56.48		66.66		58.56		53.16		48.55
Total Operations	50.84	****	40.22		48.91		58.64		56.21		41.28		48.83		43.78		36.79		35.51
Oil & NGLs Price (/bbl)
USA Operations	71.44	****	59.49		70.37		82.70		73.68		53.04		60.65		55.63		50.05		45.99
Canadian Operations	78.46	****	69.44		74.43		89.39		80.37		56.48		66.68		58.57		53.19		48.62
Total Operations	72.72	****	61.20		71.10		83.90		75.00		53.75		61.85		56.23		50.70		46.56
Natural Gas Price (/Mcf)
USA Operations	6.18	****	5.42		7.55		6.87		4.82		3.71		5.35		3.80		2.60		2.98
Canadian Operations	5.75	****	5.67		6.11		6.73		4.56		3.52		4.64		3.63		2.81		3.12
Total Operations	5.89	****	5.59		6.60		6.78		4.64		3.58		4.88		3.69		2.75		3.08
Total Price (/BOE)
USA Operations	61.91	****	51.96		63.44		71.39		61.08		44.65		52.45		46.59		40.87		38.66
Canadian Operations	44.26	****	41.30		45.11		51.70		39.44		29.66		37.31		30.61		25.67		25.92
Total Operations	54.49	****	47.45		55.83		63.36		51.62		38.08		46.09		39.57		34.20		32.85

All values are in US Dollars.

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

Supplemental Oil and Gas Operating Statistics (unaudited)

Operating Statistics (continued)

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

															2021
(US)			Q4			Q3			Q2			Q1			Year			Q4			Q3			Q2			Q1
Oil (/bbl)
USA Operations	(12.38	)	****	(6.24	)		(11.48	)		(19.42	)		(12.43	)		(14.42	)		(21.72	)		(15.39	)		(12.41	)		(8.92	)
Canadian Operations	—	****	****	—	****		—			—			—			—			—			—			—			—
Total Operations	(12.37	)	****	(6.23	)		(11.47	)		(19.41	)		(12.41	)		(14.39	)		(21.70	)		(15.38	)		(12.38	)		(8.86	)
NGLs—Plant Condensate (/bbl)
USA Operations	—	****	****	—	****		—			—			—			—			—			—			—			—
Canadian Operations	(10.15	)	****	(5.57	)		(8.02	)		(17.14	)		(10.06	)		(10.53	)		(16.28	)		(10.40	)		(9.25	)		(6.71	)
Total Operations	(7.78	)	****	(4.13	)		(6.09	)		(13.07	)		(7.99	)		(8.35	)		(12.68	)		(8.15	)		(7.39	)		(5.44	)
Oil & Plant Condensate (/bbl)
USA Operations	(11.48	)	****	(5.76	)		(10.60	)		(18.05	)		(11.59	)		(13.41	)		(20.08	)		(14.22	)		(11.59	)		(8.36	)
Canadian Operations	(10.13	)	****	(5.56	)		(8.00	)		(17.10	)		(10.03	)		(10.44	)		(16.24	)		(10.37	)		(9.19	)		(6.56	)
Total Operations	(11.22	)	****	(5.72	)		(10.09	)		(17.87	)		(11.27	)		(12.78	)		(19.28	)		(13.39	)		(11.08	)		(7.97	)
NGLs—Other (/bbl)
USA Operations	—			—			—			—			—			(5.32	)		(7.75	)		(6.66	)		(3.06	)		(3.51	)
Canadian Operations	—			—			—			—			—			—			—			—			—			—
Total Operations	—			—			—			—			—			(4.31	)		(6.41	)		(5.45	)		(2.46	)		(2.76	)
NGLs—Total (/bbl)
USA Operations	—	****	****	—	****		—			—			—			(4.60	)		(6.74	)		(5.73	)		(2.66	)		(3.03	)
Canadian Operations	(7.20	)	****	(3.89	)		(5.86	)		(11.87	)		(7.16	)		(7.56	)		(11.68	)		(7.54	)		(6.61	)		(4.79	)
Total Operations	(2.64	)	****	(1.34	)		(2.10	)		(4.30	)		(2.88	)		(5.84	)		(8.68	)		(6.47	)		(4.33	)		(3.82	)
Oil & NGLs (/bbl)
USA Operations	(7.62	)	****	(3.78	)		(7.00	)		(11.96	)		(7.88	)		(10.91	)		(15.98	)		(11.81	)		(9.00	)		(6.99	)
Canadian Operations	(7.19	)	****	(3.89	)		(5.85	)		(11.85	)		(7.14	)		(7.51	)		(11.67	)		(7.52	)		(6.58	)		(4.72	)
Total Operations	(7.55	)	****	(3.79	)		(6.80	)		(11.94	)		(7.74	)		(10.21	)		(15.13	)		(10.93	)		(8.50	)		(6.50	)
Natural Gas (/Mcf)
USA Operations	(2.94	)	****	(2.57	)		(3.97	)		(3.39	)		(1.78	)		(0.64	)		(1.79	)		(0.65	)		(0.03	)		(0.01	)
Canadian Operations	(3.74	)	****	(3.35	)		(5.12	)		(4.35	)		(2.16	)		(0.66	)		(2.17	)		(0.69	)		—			0.03
Total Operations	(3.47	)	****	(3.10	)		(4.75	)		(4.00	)		(2.04	)		(0.66	)		(2.04	)		(0.67	)		(0.01	)		0.02
Total (/BOE)
USA Operations	(10.50	)	****	(7.00	)		(11.68	)		(14.24	)		(8.66	)		(8.99	)		(14.48	)		(9.63	)		(6.64	)		(5.19	)
Canadian Operations	(18.91	)	****	(16.80	)		(25.19	)		(22.62	)		(11.65	)		(4.83	)		(12.68	)		(4.93	)		(1.61	)		(0.99	)
Total Operations	(14.04	)	****	(11.14	)		(17.28	)		(17.66	)		(9.97	)		(7.17	)		(13.72	)		(7.57	)		(4.44	)		(3.27	)

All values are in US Dollars.

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

Supplemental Oil and Gas Operating Statistics (unaudited)

Operating Statistics (continued)

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

										2021
(US)		Q4		Q3		Q2		Q1		Year		Q4		Q3		Q2		Q1
Oil Price (/bbl)
USA Operations	81.87	****	75.84		81.74		89.16		80.73		51.27		53.41		53.30		51.24		47.40
Canadian Operations	87.28	****	81.48		82.86		100.11		82.80		56.71		75.89		64.95		60.68		52.84
Total Operations	81.88	****	75.85		81.74		89.16		80.74		51.28		53.43		53.31		51.27		47.44
NGLs—Plant Condensate Price (/bbl)
USA Operations	73.22	****	57.95		66.62		86.56		85.09		60.18		70.04		62.84		55.54		51.14
Canadian Operations	83.07	****	76.84		78.63		90.64		86.16		56.58		62.32		58.38		55.60		50.53
Total Operations	80.74	****	72.01		75.73		89.67		85.94		57.33		64.04		59.34		55.59		50.65
Oil & Plant Condensate Price (/bbl)
USA Operations	81.24	****	74.48		80.58		88.97		81.03		51.90		54.66		54.02		51.53		47.64
Canadian Operations	83.07	****	76.85		78.64		90.66		86.16		56.58		62.36		58.40		55.63		50.59
Total Operations	81.59	****	74.91		80.20		89.29		82.08		52.89		56.27		54.97		52.39		48.27
NGLs—Other Price (/bbl)
USA Operations	29.35	****	20.03		29.82		34.88		33.55		20.34		24.64		22.11		17.04		17.05
Canadian Operations	42.39	****	39.07		41.12		47.84		41.23		29.45		36.28		31.73		23.88		26.79
Total Operations	31.45	****	22.95		31.49		37.03		34.94		22.07		26.65		23.86		18.37		19.14
NGLs—Total Price (/bbl)
USA Operations	34.88	****	24.85		34.61		41.21		39.95		25.72		30.59		27.79		22.10		21.73
Canadian Operations	71.24	****	65.53		68.55		77.50		73.20		48.92		54.98		51.02		46.55		43.76
Total Operations	48.20	****	38.88		46.81		54.34		53.33		35.44		40.15		37.31		32.46		31.69
Oil & NGLs Price (/bbl)
USA Operations	63.82	****	55.71		63.37		70.74		65.80		42.13		44.67		43.82		41.05		39.00
Canadian Operations	71.27	****	65.55		68.58		77.54		73.23		48.97		55.01		51.05		46.61		43.90
Total Operations	65.17	****	57.41		64.30		71.96		67.26		43.54		46.72		45.30		42.20		40.06
Natural Gas Price (/Mcf)
USA Operations	3.24	****	2.85		3.58		3.48		3.04		3.07		3.56		3.15		2.57		2.97
Canadian Operations	2.01	****	2.32		0.99		2.38		2.40		2.86		2.47		2.94		2.81		3.15
Total Operations	2.42	****	2.49		1.85		2.78		2.60		2.92		2.84		3.02		2.74		3.10
Total Price (/BOE)
USA Operations	51.41	****	44.96		51.76		57.15		52.42		35.66		37.97		36.96		34.23		33.47
Canadian Operations	25.35	****	24.50		19.92		29.08		27.79		24.83		24.63		25.68		24.06		24.93
Total Operations	40.45	****	36.31		38.55		45.70		41.65		30.91		32.37		32.00		29.76		29.58
Total Netback (/BOE)
USA Operations	35.90	****	29.87		35.06		41.46		37.97		24.00		25.13		25.44		23.20		22.18
Canadian Operations	10.75	****	9.94		5.10		13.91		13.98		12.41		10.86		13.67		11.54		13.37
Total Operations	25.32	****	21.45		22.63		30.21		27.47		18.91		19.14		20.28		18.08		18.17

All values are in US Dollars.

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

Supplemental Oil and Gas Operating Statistics (unaudited)

Results by Play

	2022										2021
(average)	Year		Q4		Q3		Q2		Q1		Year		Q4		Q3		Q2		Q1
Oil Production (Mbbls/d)
USA Operations
Permian	****	62.7	****	65.4		60.8		62.6		61.8		68.5		65.4		72.2		75.2		61.1
Anadarko	****	35.5	****	34.4		35.9		36.5		35.4		39.5		37.3		39.9		40.6		40.4
Bakken	****	15.3	****	16.5		16.5		14.0		14.3		13.3		13.2		13.4		13.3		13.5
Uinta	****	17.9	****	15.4		19.9		19.6		16.6		12.7		13.8		11.1		11.5		14.7
Other ^(1)^	****	0.1	****	0.2		0.2		—		0.1		6.0		—		0.1		7.6		15.9
Total USA Operations	****	131.5	****	131.9		133.3		132.7		128.2		140.0		129.7		136.7		148.2		145.6
Canadian Operations
Montney	****	0.1	****	0.1		0.1		0.1		0.1		0.1		0.1		0.1		0.1		0.1
Other ^(1)^		—		—		—		—		—		0.2		—		—		0.2		0.8
Total Canadian Operations	****	0.1	****	0.1		0.1		0.1		0.1		0.3		0.1		0.1		0.3		0.9
Total	****	131.6	****	132.0		133.4		132.8		128.3		140.3		129.8		136.8		148.5		146.5
NGLs—Plant Condensate Production (Mbbls/d)
USA Operations
Permian	****	3.1	****	3.2		3.4		3.1		2.7		3.0		3.1		3.6		3.0		2.4
Anadarko	****	5.9	****	6.2		6.3		5.7		5.4		6.2		6.4		6.6		6.0		5.8
Bakken	****	1.1	****	1.1		1.2		1.1		0.9		0.8		0.8		0.8		0.8		0.7
Uinta	****	0.2	****	0.4		0.2		0.2		0.2		0.2		0.2		0.2		0.2		0.1
Other ^(1)^	****	0.1	****	0.1		—		—		—		0.3		—		0.1		0.5		0.7
Total USA Operations	****	10.4	****	11.0		11.1		10.1		9.2		10.5		10.5		11.3		10.5		9.7
Canadian Operations
Montney	****	33.6	****	31.7		34.9		32.5		35.3		39.6		37.3		40.6		41.1		39.4
Other ^(1)^		—		—		—		—		0.1		0.8		—		—		0.7		2.3
Total Canadian Operations	****	33.6	****	31.7		34.9		32.5		35.4		40.4		37.3		40.6		41.8		41.7
Total	****	44.0	****	42.7		46.0		42.6		44.6		50.9		47.8		51.9		52.3		51.4
(1)	Other Operations includes production volumes from plays that are not part of the Company’s current<br>focus. Production volumes associated with Eagle Ford were included in USA Other Operations until the asset was divested on May 19, 2021. Production volumes associated with Duvernay were included in Canadian Other Operations until the asset was<br>divested on April 28, 2021.
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Ovintiv Inc.	8	Supplemental Information (prepared in US$)
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Supplemental Oil and Gas Operating Statistics (unaudited)

Results by Play (continued)

	2022										2021
(average)	Year		Q4		Q3		Q2		Q1		Year		Q4		Q3		Q2		Q1
Oil & Plant Condensate Production (Mbbls/d)
USA Operations
Permian	****	65.8	****	68.6		64.2		65.7		64.5		71.5		68.5		75.8		78.2		63.5
Anadarko	****	41.4	****	40.6		42.2		42.2		40.8		45.7		43.7		46.5		46.6		46.2
Bakken	****	16.4	****	17.6		17.7		15.1		15.2		14.1		14.0		14.2		14.1		14.2
Uinta	****	18.1	****	15.8		20.1		19.8		16.8		12.9		14.0		11.3		11.7		14.8
Other ^(1)^	****	0.2	****	0.3		0.2		—		0.1		6.3		—		0.2		8.1		16.6
Total USA Operations	****	141.9	****	142.9		144.4		142.8		137.4		150.5		140.2		148.0		158.7		155.3
Canadian Operations
Montney	****	33.7	****	31.8		35.0		32.6		35.4		39.7		37.4		40.7		41.2		39.5
Other ^(1)^		—		—		—		—		0.1		1.0		—		—		0.9		3.1
Total Canadian Operations	****	33.7	****	31.8		35.0		32.6		35.5		40.7		37.4		40.7		42.1		42.6
Total	****	175.6	****	174.7		179.4		175.4		172.9		191.2		177.6		188.7		200.8		197.9
NGLs—Other Production (Mbbls/d)
USA Operations
Permian	****	26.3	****	27.0		26.8		26.2		25.4		24.6		26.4		26.5		25.8		19.5
Anadarko	****	37.3	****	39.3		38.6		38.2		32.7		35.9		36.9		36.8		36.1		33.5
Bakken	****	7.1	****	7.9		7.6		7.3		5.9		5.0		5.8		5.3		4.8		4.1
Uinta	****	0.9	****	0.9		1.0		0.8		0.7		0.6		0.7		0.6		0.6		0.5
Other ^(1)^	****	0.1	****	—		0.1		0.1		0.1		1.4		0.2		0.2		1.9		3.4
Total USA Operations	****	71.7	****	75.1		74.1		72.6		64.8		67.5		70.0		69.4		69.2		61.0
Canadian Operations
Montney	****	13.8	****	13.6		12.8		14.4		14.4		15.7		14.6		15.5		16.6		16.2
Other ^(1)^		—		—		—		—		—		0.1		—		—		0.1		0.5
Total Canadian Operations	****	13.8	****	13.6		12.8		14.4		14.4		15.8		14.6		15.5		16.7		16.7
Total	****	85.5	****	88.7		86.9		87.0		79.2		83.3		84.6		84.9		85.9		77.7
(1)	Other Operations includes production volumes from plays that are not part of the Company’s current<br>focus. Production volumes associated with Eagle Ford were included in USA Other Operations until the asset was divested on May 19, 2021. Production volumes associated with Duvernay were included in Canadian Other Operations until the asset was<br>divested on April 28, 2021.
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Ovintiv Inc.	9	Supplemental Information (prepared in US$)
---	---	---

Supplemental Oil and Gas Operating Statistics (unaudited) ****

Results by Play (continued)

	2022										2021
(average)	Year		Q4		Q3		Q2		Q1		Year		Q4		Q3		Q2		Q1
NGLs—Total Production (Mbbls/d)
USA Operations
Permian	****	29.4	****	30.2		30.2		29.3		28.1		27.6		29.5		30.1		28.8		21.9
Anadarko	****	43.2	****	45.5		44.9		43.9		38.1		42.1		43.3		43.4		42.1		39.3
Bakken	****	8.2	****	9.0		8.8		8.4		6.8		5.8		6.6		6.1		5.6		4.8
Uinta	****	1.1	****	1.3		1.2		1.0		0.9		0.8		0.9		0.8		0.8		0.6
Other ^(1)^	****	0.2	****	0.1		0.1		0.1		0.1		1.7		0.2		0.3		2.4		4.1
Total USA Operations	****	82.1	****	86.1		85.2		82.7		74.0		78.0		80.5		80.7		79.7		70.7
Canadian Operations
Montney	****	47.4	****	45.3		47.7		46.9		49.7		55.3		51.9		56.1		57.7		55.6
Other ^(1)^	****	—	****	—		—		—		0.1		0.9		—		—		0.8		2.8
Total Canadian Operations	****	47.4	****	45.3		47.7		46.9		49.8		56.2		51.9		56.1		58.5		58.4
Total	****	129.5	****	131.4		132.9		129.6		123.8		134.2		132.4		136.8		138.2		129.1
Oil & NGLs Production (Mbbls/d)
USA Operations
Permian	****	92.1	****	95.6		91.0		91.9		89.9		96.1		94.9		102.3		104.0		83.0
Anadarko	****	78.7	****	79.9		80.8		80.4		73.5		81.6		80.6		83.3		82.7		79.7
Bakken	****	23.5	****	25.5		25.3		22.4		21.1		19.1		19.8		19.5		18.9		18.3
Uinta	****	19.0	****	16.7		21.1		20.6		17.5		13.5		14.7		11.9		12.3		15.3
Other ^(1)^	****	0.3	****	0.3		0.3		0.1		0.2		7.7		0.2		0.4		10.0		20.0
Total USA Operations	****	213.6	****	218.0		218.5		215.4		202.2		218.0		210.2		217.4		227.9		216.3
Canadian Operations
Montney	****	47.5	****	45.4		47.8		47.0		49.8		55.4		52.0		56.2		57.8		55.7
Other ^(1)^	****	—	****	—		—		—		0.1		1.1		—		—		1.0		3.6
Total Canadian Operations	****	47.5	****	45.4		47.8		47.0		49.9		56.5		52.0		56.2		58.8		59.3
Total	****	261.1	****	263.4		266.3		262.4		252.1		274.5		262.2		273.6		286.7		275.6
(1)	Other Operations includes production volumes from plays that are not part of the Company’s current<br>focus. Production volumes associated with Eagle Ford were included in USA Other Operations until the asset was divested on May 19, 2021. Production volumes associated with Duvernay were included in Canadian Other Operations until the asset was<br>divested on April 28, 2021.
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Ovintiv Inc.	10	Supplemental Information (prepared in US$)
---	---	---

Supplemental Oil and Gas Operating Statistics (unaudited) ****

Results by Play (continued)

	2022										2021
(average)	Year		Q4		Q3		Q2		Q1		Year		Q4		Q3		Q2		Q1
Natural Gas Production (MMcf/d)
USA Operations
Permian	****	149	****	156		149		146		145		132		148		142		133		106
Anadarko	****	286	****	286		290		287		279		301		313		307		304		278
Bakken	****	36	****	39		41		32		32		30		31		30		29		28
Uinta	****	16	****	19		16		15		13		12		11		11		11		13
Other ^(1)^	****	5	****	6		6		5		6		15		6		5		20		34
Total USA Operations	****	492	****	506		502		485		475		490		509		495		497		459
Canadian Operations
Montney	****	970	****	1,023		970		907		978		1,020		929		1,038		1,063		1,049
Other ^(1)^	****	32	****	32		28		34		34		46		38		33		47		68
Total Canadian Operations	****	1,002	****	1,055		998		941		1,012		1,066		967		1,071		1,110		1,117
Total	****	1,494	****	1,561		1,500		1,426		1,487		1,556		1,476		1,566		1,607		1,576
Total Production (MBOE/d)
USA Operations
Permian	****	117.0	****	121.7		115.9		116.2		114.0		118.3		119.5		126.0		126.2		100.8
Anadarko	****	126.3	****	127.6		129.1		128.2		120.1		131.6		132.8		134.4		133.3		125.9
Bakken	****	29.6	****	32.0		32.1		27.7		26.4		24.1		25.0		24.5		23.8		22.9
Uinta	****	21.6	****	19.8		23.6		23.0		19.7		15.5		16.5		13.8		14.2		17.4
Other ^(1)^	****	1.0	****	1.2		1.4		1.0		1.1		10.2		1.2		1.3		13.3		25.8
Total USA Operations	****	295.5	****	302.3		302.1		296.1		281.3		299.7		295.0		300.0		310.8		292.8
Canadian Operations
Montney	****	209.1	****	215.8		209.5		198.2		212.9		225.3		206.9		229.2		235.0		230.5
Other ^(1)^	****	5.4	****	5.5		4.7		5.7		5.7		8.9		6.3		5.5		8.8		15.0
Total Canadian Operations	****	214.5	****	221.3		214.2		203.9		218.6		234.2		213.2		234.7		243.8		245.5
Total	****	510.0	****	523.6		516.3		500.0		499.9		533.9		508.2		534.7		554.6		538.3
(1)	Other Operations includes total production volumes from plays that are not part of the Company’s<br>current focus. Canadian Other Operations primarily includes natural gas volumes in Horn River. Production volumes associated with Eagle Ford were included in USA Other Operations until the asset was divested on May 19, 2021. Production<br>volumes associated with Duvernay were included in Canadian Other Operations until the asset was divested on April 28, 2021.
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Ovintiv Inc.	11	Supplemental Information (prepared in US$)
---	---	---

Supplemental Oil and Gas Operating Statistics (unaudited) ****

Results by Play (continued)

	2022												2021
(US$ millions)	Year		Q4		Q3			Q2			Q1		Year			Q4		Q3			Q2			Q1
Capital Expenditures, Excluding Capitalized Internal Costs
USA Operations
Permian	****	632	****	130		181			165			156		576			154		115			147			160
Anadarko	****	375	****	55		99			118			103		291			72		86			78			55
Bakken	****	243	****	73		81			42			47		72			33		22			9			8
Uinta	****	117	****	3		27			58			29		55			25		15			10			5
Other ^(1)^	****	7	****	3		—			2			2		8			5		(1	)		2			2
Total USA Operations	****	1,374	****	264		388			385			337		1,002			289		237			246			230
Canadian Operations
Montney	****	295	****	50		81			97			67		353			89		89			95			80
Other ^(1)^	****	5	****	—		7			(2	)		—		4			2		3			(1	)		—
Total Canadian Operations	****	300	****	50		88			95			67		357			91		92			94			80
Total Capital Expenditures, Excluding Capitalized Internal Costs	****	1,674	****	314		476			480			404		1,359			380		329			340			310
Capitalized Directly Attributable Internal Costs
USA Operations
Permian	****	60	****	15		15			13			17		70			17		16			18			19
Anadarko	****	31	****	9		7			7			8		38			9		9			11			9
Bakken	****	18	****	4		5			4			5		6			2		—			3			1
Uinta	****	9	****	3		1			2			3		8			3		3			1			1
Other ^(1)^	****	1	****	—		—			(1	)		2		1			—		—			—			1
Total USA Operations	****	119	****	31		28			25			35		123			31		28			33			31
Canadian Operations
Montney	****	33	****	10		7			5			11		34			9		7			9			9
Other ^(1)^	****	1	****	—		—			1			—		—			—		—			—			—
Total Canadian Operations	****	34	****	10		7			6			11		34			9		7			9			9
Total Capitalized Directly Attributable Internal Costs	****	153	****	41		35			31			46		157			40		35			42			40
Total Capital Expenditures
USA Operations
Permian	****	692	****	145		196			178			173		646			171		131			165			179
Anadarko	****	406	****	64		106			125			111		329			81		95			89			64
Bakken	****	261	****	77		86			46			52		78			35		22			12			9
Uinta	****	126	****	6		28			60			32		63			28		18			11			6
Other ^(1)^	****	8	****	3		—			1			4		9			5		(1	)		2			3
Total USA Operations	****	1,493	****	295		416			410			372		1,125			320		265			279			261
Canadian Operations
Montney	****	328	****	60		88			102			78		387			98		96			104			89
Other ^(1)^	****	6	****	—		7			(1	)		—		4			2		3			(1	)		—
Total Canadian Operations	****	334	****	60		95			101			78		391			100		99			103			89
Corporate & Other	****	4	****	3		—			—			1		3			1		1			1			—
Total Capital Expenditures	****	1,831	****	358		511			511			451		1,519			421		365			383			350
Net Acquisitions & (Divestitures)	****	58	****	254		(213	)		3			14		(1,014	)		—		8			(1,021	)		(1	)
Net Capital Investment	****	1,889	****	612		298			514			465		505			421		373			(638	)		349
(1)	Other Operations includes capital expenditures in plays that are not part of the Company’s current<br>focus. Capital expenditures in Eagle Ford were included in USA Other Operations until the asset was divested on May 19, 2021. Capital expenditures in Duvernay were included in Canadian Other Operations until the asset was divested on<br>April 28, 2021.
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Ovintiv Inc.	12	Supplemental Information (prepared in US$)
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Supplemental Oil and Gas Operating Statistics (unaudited) ****

Results by Play (continued)

	2022										2021
	Year		Q4		Q3		Q2		Q1		Year		Q4		Q3		Q2		Q1
Drilling Activity (net wells drilled)
USA Operations
Permian	****	62	****	15		18		16		13		80		20		17		21		22
Anadarko	****	54	****	10		13		18		13		51		9		12		16		14
Bakken	****	25	****	7		8		8		2		11		4		4		1		2
Uinta	****	12	****	—		2		5		5		6		—		6		—		—
Total USA Operations	****	153	****	32		41		47		33		148		33		39		38		38
Canadian Operations
Montney	****	52	****	8		12		16		16		84		17		23		18		26
Other ^(1)^	****	3	****	—		3		—		—		1		—		1		—		—
Total Canadian Operations	****	55	****	8		15		16		16		85		17		24		18		26
Total	****	208	****	40		56		63		49		233		50		63		56		64
Completions Activity (net wells on production)
USA Operations
Permian	****	66	****	16		21		11		18		93		16		20		33		24
Anadarko	****	57	****	8		16		15		18		53		14		10		22		7
Bakken	****	19	****	6		9		—		4		10		6		2		2		—
Uinta	****	11	****	3		2		6		—		6		6		—		—		—
Total USA Operations	****	153	****	33		48		32		40		162		42		32		57		31
Canadian Operations
Montney	****	63	****	11		21		12		19		78		14		16		30		18
Total Canadian Operations	****	63	****	11		21		12		19		78		14		16		30		18
Total	****	216	****	44		69		44		59		240		56		48		87		49
(1)	Other Operations includes net wells drilled in plays that are not part of the Company’s current focus.<br>
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Ovintiv Inc.	13	Supplemental Information (prepared in US$)
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Ovintiv Inc.

Non-GAAP Definitions and Reconciliations

(unaudited)

For the year ended December 31, 2022

(U.S. Dollars)

For the year ended December 31, 2022

(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	Q4 2022			YTD 2022
Cash from (used in) Operating Activities	$	875		$	3,866
Deduct (add back):
Net change in other assets and liabilities		(15	)		(57	)
Net change in non-cash working capital		(5	)		(187	)
Non-GAAP Cash Flow	$	895		$	4,110
Per Share—Basic	$	3.62		$	16.21
Per Share—Diluted		3.55			15.91
Non-GAAP Free Cash Flow
Non-GAAP Cash Flow	$	895		$	4,110
Deduct:
Capital expenditures		358			1,831
Non-GAAP Free Cash Flow	$	537		$	2,279

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, any valuation allowances are excluded in the calculation of income taxes.

Non-GAAP Adjusted Earnings	Q4 2022		YTD 2022
Net Earnings (Loss) Before Income Tax	$	1,110	$	3,560
Before-tax (Addition) Deduction:
Unrealized gain (loss) on risk management		530		741
Non-operating foreign exchange gain (loss)		10		(14	)
Adjusted Earnings (Loss) Before Income Tax		570		2,833
Income tax expense (recovery)		342		1,064
Non-GAAP Adjusted Earnings	$	228	$	1,769
Per Share—Basic	$	0.92	$	6.98
Per Share—Diluted		0.91		6.85
Ovintiv Inc.	1	Non-GAAP Definitions and Reconciliations
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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 2022
Long-Term Debt, including current portion	$	3,570
Total shareholders’ equity		7,689
Capitalization	$	11,259
Debt to Capitalization		32%

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 2022
Long-Term Debt, including current portion	$	3,570
Total shareholders’ equity		7,689
Equity adjustment for impairments at December 31, 2011		7,746
Adjusted Capitalization	$	19,005
Debt to Adjusted Capitalization		19%

EBITDA, Debt to EBITDA, Adjusted EBITDA and Debt to Adjusted EBITDA – 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.

	Q1 2022			Q2 2022		Q3 2022		Q4 2022			YTD 2022
Long-Term Debt, including current portion											$	3,570
Net Earnings (Loss)	$	(241	)	$	1,357	$	1,186	$	1,335		$	3,637
Add back (deduct):
Depreciation, depletion and amortization		264			278		291		280			1,113
Interest		74			91		83		63			311
Income tax expense (recovery)		(5	)		65		88		(225	)		(77	)
EBITDA	$	92		$	1,791	$	1,648	$	1,453		$	4,984
Debt to EBITDA (times)												0.7
	Q1 2022			Q2 2022			Q3 2022			Q4 2022			YTD 2022
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
Long-Term Debt, including current portion													$	3,570
Net Earnings (Loss)	$	(241	)	$	1,357		$	1,186		$	1,335		$	3,637
Add back (deduct):
Depreciation, depletion and amortization		264			278			291			280			1,113
Accretion of asset retirement obligation		5			5			4			4			18
Interest		74			91			83			63			311
Unrealized (gains) losses on risk management		1,012			(513	)		(710	)		(530	)		(741	)
Foreign exchange (gain) loss, net		(1	)		3			19			(6	)		15
Other (gains) losses, net		(27	)		—			(3	)		(3	)		(33	)
Income tax expense (recovery)		(5	)		65			88			(225	)		(77	)
Adjusted EBITDA	$	1,081		$	1,286		$	958		$	918		$	4,243
Debt to Adjusted EBITDA (times)														0.8
Ovintiv Inc.	2	Non-GAAP Definitions and Reconciliations
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Non-GAAP Total Costs – is a non-GAAP measure which includes the summation of production, mineral and other taxes, upstream transportation and processing expense, upstream operating expense and administrative expense, excluding the impact of long-term incentive, restructuring and legal costs, and current expected credit losses. It is calculated as total operating expenses excluding non-upstream operating costs and non-cash items which include operating expenses from the Market Optimization, and Corporate and Other segments, depreciation, depletion and amortization, impairments, accretion of asset retirement obligation, long-term incentive, restructuring and legal costs, and current expected credit losses. When presented on a per BOE basis, Total Costs is divided by production volumes. Management believes this measure is useful to the Company and its investors as a measure of operational efficiency across periods.

Non-GAAP Total Costs per BOE	Q4 2022			YTD 2022
Total Operating Expenses	$	2,048		$	8,611
Deduct (add back):
Market optimization operating expenses		944			4,242
Depreciation, depletion and amortization		280			1,113
Accretion of asset retirement obligation		4			18
Long-term incentive costs		48			193
Restructuring and legal costs		2			1
Current expected credit losses		(3	)		(1	)
Non-GAAP Total Costs		773			3,045
Divided by:
Production volumes (MMBOE)		48.2			186.2
Non-GAAP Total Costs per BOE *	$	16.05		$	16.36
*	Calculated using whole dollars and volumes.
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Non-GAAP Total Costs per BOE (alternate presentation disclosed in prior periods)	Q4 2022			YTD 2022
---	---	---	---	---	---	---
Production, mineral and other taxes	$	94		$	415
Upstream transportation and processing		423			1,628
Upstream operating		199			773
Administrative		104			422
Deduct (add back):
Long-term incentive costs		48			193
Restructuring and legal costs		2			1
Current expected credit losses		(3	)		(1	)
Non-GAAP Total Costs		773			3,045
Divided by:
Production volumes (MMBOE)		48.2			186.2
Non-GAAP Total Costs per BOE *	$	16.05		$	16.36
*	Calculated using whole dollars and volumes.
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Operating Margin/Operating Netback – Product revenues less costs associated with delivering the product to market, including production, mineral and other taxes, transportation and processing and 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.

Cash Return Yield – The sum of Ovintiv’s base dividend and expected cash returned to shareholders under the Company’s capital allocation framework, divided by the Company’s market capitalization.

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, transportation and processing expense and operating expense.

Selected Financial Data ^(1)^

	2022										2021
(US$ millions)	Year		Q4		Q3		Q2		Q1		Year		Q4		Q3		Q2		Q1
USA Operations
Upstream Product Revenue^(2,3)^	****	6,677	****	1,444		1,762		1,924		1,547		4,883		1,424		1,286		1,155		1,018
Production, mineral and other taxes	****	401	****	90		106		115		90		278		79		75		69		55
Transportation and processing	****	626	****	162		170		159		135		507		146		122		126		113
Operating^(4)^	****	646	****	168		187		149		142		490		122		122		117		129
	****	5,004	****	1,024		1,299		1,501		1,180		3,608		1,077		967		843		721
Canadian Operations
Upstream Product Revenue^(2,3)^	****	3,465	****	841		889		960		775		2,533		731		661		567		574
Production, mineral and other taxes	****	14	****	4		3		3		4		15		4		2		4		5
Transportation and processing	****	1,002	****	261		257		253		231		937		234		231		248		224
Operating^(4)^	****	127	****	31		34		25		37		111		33		25		25		28
	****	2,322	****	545		595		679		503		1,470		460		403		290		317
Total Operations
Upstream Product Revenue^(2,3)^	****	10,142	****	2,285		2,651		2,884		2,322		7,416		2,155		1,947		1,722		1,592
Production, mineral and other taxes	****	415	****	94		109		118		94		293		83		77		73		60
Transportation and processing	****	1,628	****	423		427		412		366		1,444		380		353		374		337
Operating^(4)^	****	773	****	199		221		174		179		601		155		147		142		157
	****	7,326	****	1,569		1,894		2,180		1,683		5,078		1,537		1,370		1,133		1,038
^(1)^	Segmented financial information per the notes to Ovintiv’s financial statements.
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^(2)^	Excludes the impact of realized gains and losses on risk management.
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^(3)^	Excludes service revenues, certain other revenues and royalty adjustments with no associated production<br>volumes.
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^(4)^	Excludes other operating expenses with no associated production volumes.
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Sales Volumes ^(1)^

	2022										2021
(BOE)	Year		Q4		Q3		Q2		Q1		Year		Q4		Q3		Q2		Q1
USA Operations	****	107,860,420	****	27,807,460		27,788,876		26,946,920		25,317,450		109,363,490		27,137,332		27,599,724		28,278,705		26,347,680
Canadian Operations	****	78,306,370	****	20,363,280		19,710,448		18,555,628		19,677,060		85,420,585		19,616,516		21,592,952		22,098,531		22,112,820
Total	****	186,166,790	****	48,170,740		47,499,324		45,502,548		44,994,510		194,784,075		46,753,848		49,192,676		50,377,236		48,460,500
^(1)^	Numbers may not add due to the calculation of volumes, which is based on sales volumes per day on a BOE<br>basis times the number of days in the period.
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Calculated Operating Netback, excluding the Impact of Realized Gains(Losses) on Risk Management^(1)^

	2022										2021
(US$/BOE)	Year		Q4		Q3		Q2		Q1		Year		Q4		Q3		Q2		Q1
Total USA Operations
Price	****	61.90	****	51.93		63.41		71.40		61.10		44.65		52.47		46.59		40.84		38.64
Production, mineral and other taxes	****	3.72	****	3.24		3.81		4.27		3.55		2.54		2.91		2.72		2.44		2.09
Transportation and processing	****	5.80	****	5.83		6.12		5.90		5.33		4.64		5.38		4.42		4.46		4.29
Operating	****	5.99	****	6.04		6.73		5.53		5.61		4.48		4.50		4.42		4.14		4.90
Netback	****	46.39	****	36.82		46.75		55.70		46.61		32.99		39.69		35.04		29.81		27.36
Total Canadian Operations
Price	****	44.25	****	41.30		45.10		51.74		39.39		29.65		37.26		30.61		25.66		25.96
Production, mineral and other taxes	****	0.18	****	0.20		0.15		0.16		0.20		0.18		0.20		0.09		0.18		0.23
Transportation and processing	****	12.80	****	12.82		13.04		13.63		11.74		10.97		11.93		10.70		11.22		10.13
Operating	****	1.62	****	1.52		1.72		1.35		1.88		1.30		1.68		1.16		1.13		1.27
Netback	****	29.65	****	26.76		30.19		36.59		25.56		17.21		23.45		18.66		13.12		14.34
Total Operations
Price	****	54.48	****	47.44		55.81		63.38		51.61		38.07		46.09		39.58		34.18		32.85
Production, mineral and other taxes	****	2.23	****	1.95		2.29		2.59		2.09		1.50		1.78		1.57		1.45		1.24
Transportation and processing	****	8.74	****	8.78		8.99		9.05		8.13		7.41		8.13		7.18		7.42		6.95
Operating	****	4.15	****	4.13		4.65		3.82		3.98		3.09		3.32		2.99		2.82		3.24
Netback	****	39.35	****	32.57		39.87		47.91		37.40		26.07		32.87		27.85		22.49		21.42
^(1)^	May not add due to rounding. Ovintiv calculates reported netbacks using whole dollars and sales volumes.<br>Accordingly, the calculations above may differ from the reported netbacks due to the effects of rounding both dollars and volumes.
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Ovintiv Inc.	4	Non-GAAP Definitions and Reconciliations
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