Ovintiv Inc. (NYSE: OVV) ramps Q2 cash returns, raises 2026 output

Rhea-AI Filing Summary

Ovintiv Inc. reported strong second quarter 2026 results, with total revenues of US$3,013 million, net earnings of US$456 million and diluted earnings per share of US$1.62, up from US$307 million and US$1.18 a year earlier. Cash from operating activities was US$1.6 billion, Non-GAAP Cash Flow approximately US$1.3 billion, and Non-GAAP Free Cash Flow US$682 million after capital expenditures of US$574 million. Average production was 614.6 MBOE/d, essentially flat year over year, and results included a US$337 million pre-tax loss on the Anadarko asset divestiture, which generated about US$2.82 billion in cash proceeds.

Balance sheet metrics improved, with Net Debt at US$2.995 billion and Net Debt to Adjusted EBITDA at 0.6x, supported by total liquidity of approximately US$4.4 billion. Second quarter shareholder returns totaled US$429 million, or about 63% of Non-GAAP Free Cash Flow, through US$345 million of share repurchases (6.1 million shares) and US$84 million of dividends. The board declared a US$0.30 per share quarterly dividend payable September 29, 2026 to shareholders of record on September 15, 2026.

For 2026, Ovintiv issued third quarter guidance and raised full-year production guidance to 630–645 MBOE/d, including oil and condensate of 210–212 Mbbls/d, while keeping expected capital investment unchanged at US$2.25–US$2.35 billion, targeting approximately 4% oil production per-share growth.

Positive

• Non-GAAP Free Cash Flow US$682 million in Q2 2026, up from US$392 million in Q2 2025, showing significantly higher cash generation after capital expenditures.
• Net Debt reduced to US$2.995 billion with Net Debt to Adjusted EBITDA at 0.6x and total liquidity of about US$4.4 billion, indicating a stronger balance sheet.
• Returned about 63% of Q2 Non-GAAP Free Cash Flow to shareholders via US$345 million of buybacks and US$84 million of dividends, with full-year 2026 returns expected to exceed 60% of Non-GAAP Free Cash Flow.
• Raised full-year 2026 production guidance to 630–645 MBOE/d and oil and condensate of 210–212 Mbbls/d while keeping capital at US$2.25–US$2.35 billion, targeting roughly 4% production per share growth.

Negative

• For the first six months of 2026 Ovintiv recorded a net loss of US$174 million versus net earnings of US$148 million a year earlier, driven largely by US$1,485 million of impairments and a US$337 million loss on the Anadarko asset divestiture.

8-K Event Classification

3 items: 2.02, 8.01, 9.01

3 items

Item 2.02 Results of Operations and Financial Condition Financial

Disclosure of earnings results, typically an earnings press release or preliminary financials.

Item 8.01 Other Events Other

Voluntary disclosure of events the company deems important to shareholders but not covered by other items.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, and exhibit attachments filed with this report.

Key Figures

Total Revenues: US$3,013 million Net Earnings: US$456 million Diluted EPS: US$1.62 per share +5 more

8 metrics

Total Revenues US$3,013 million Three months ended June 30, 2026

Net Earnings US$456 million Q2 2026 net earnings attributable to common shareholders

Diluted EPS US$1.62 per share Q2 2026 net earnings per share diluted

Non-GAAP Free Cash Flow US$682 million Q2 2026 Non-GAAP Free Cash Flow after US$574 million of capital expenditures

Average Total Production 614.6 MBOE/d Q2 2026 companywide production volumes

Net Debt US$2,995 million Net Debt as of June 30, 2026

Net Debt to Adjusted EBITDA 0.6x Leverage ratio as of June 30, 2026

Quarterly Dividend US$0.30 per share Dividend declared payable September 29, 2026

Key Terms

Non-GAAP Free Cash Flow, Net Debt to Adjusted EBITDA, 3-Way Options, AECO Nominal Basis Swaps, +2 more

6 terms

Non-GAAP Free Cash Flow financial

"Non-GAAP Free Cash Flow of $682 million after capital expenditures of $574 million"

Non-GAAP free cash flow is a company’s reported cash generated from operations after paying for routine investments in property and equipment, adjusted by management to exclude or include certain items that aren’t part of standard accounting rules. Investors watch it as a practical measure of the cash a business has available for dividends, stock buybacks, debt repayment or reinvestment — like a household’s usable savings after adjusting for one-time or unusual expenses — but calculations vary between firms, so comparisons require caution.

Net Debt to Adjusted EBITDA financial

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

Net debt to adjusted EBITDA is a leverage ratio that compares a company’s net debt (total interest-bearing debt minus cash) to its recurring operating earnings after removing one-off items. Think of it like how many years of steady take-home pay the business would need to pay off its outstanding debt; investors use it to gauge debt burden, financial risk and relative creditworthiness, with lower ratios generally indicating a safer balance sheet.

3-Way Options financial

"WTI 3-Way Options Call Strike Put Strike Sold Put Strike"

AECO Nominal Basis Swaps financial

"AECO Nominal Basis Swaps | 338 MMcf/d ($1.25)"

asset retirement obligation financial

"Accretion of asset retirement obligation | 7 | 8 | 14 | 14"

A liability recorded for the future cost to retire, dismantle or clean up a long-lived asset — for example removing an oil rig, closing a mine, or decommissioning a plant. Investors care because it reduces reported profit and ties up capital: companies must estimate and set aside money now for a known future expense, and changes to that estimate can swing earnings, debt ratios and the company’s cash needs much like setting aside savings to repair or return a rented property later.

full cost accounting financial

"Oil and natural gas properties, based on full cost accounting"

An accounting approach that tallies not just immediate, out‑of‑pocket expenses but also indirect and long‑term costs—such as overhead, environmental cleanup, regulatory compliance, and other hidden liabilities—so the true cost of producing a good or running a business is visible. For investors, full cost accounting matters because it gives a clearer picture of future profit, risk and sustainability—like pricing a product to include expected repairs, fines, and cleanup rather than only its sticker price.

Earnings Snapshot

Total Revenues: US$3,013 million · Guidance included

Three months ended June 30, 2026

Total Revenues US$3,013 million up from US$2,318 million in Q2 2025

Net Earnings US$456 million up from US$307 million in Q2 2025

Diluted EPS US$1.62 per share diluted up from US$1.18 in Q2 2025

Non-GAAP Free Cash Flow US$682 million up from US$392 million in Q2 2025

Average Total Production 614.6 MBOE/d compared with 615.3 MBOE/d in Q2 2025

Guidance

For 2026, Ovintiv guided to Q3 production of 615–640 MBOE/d and full-year production of 630–645 MBOE/d with capital investment of US$2.25–US$2.35 billion, and expects full-year shareholder returns to exceed 60% of Non-GAAP Free Cash Flow.

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Available on EDGAR 07/23/2026 - 05:03 PM Accepted by SEC EDGAR 07/23/2026 - 05:03 PM Learn about SEC filing dates

FAQ

What were Ovintiv (OVV)'s key financial results for Q2 2026?

Ovintiv reported Q2 2026 total revenues of US$3,013 million and net earnings of US$456 million, or US$1.62 diluted EPS. Non-GAAP Cash Flow was about US$1.3 billion and Non-GAAP Free Cash Flow US$682 million after US$574 million of capital expenditures.

How much cash flow did Ovintiv (OVV) generate in Q2 2026?

In Q2 2026, Ovintiv generated US$1,632 million of cash from operating activities and US$1,256 million of Non-GAAP Cash Flow. After US$574 million in capital expenditures, this resulted in Non-GAAP Free Cash Flow of US$682 million for the quarter.

What is Ovintiv (OVV)'s 2026 production and capital guidance?

For full-year 2026, Ovintiv expects 630–645 MBOE/d of production, including 210–212 Mbbls/d of oil and condensate and 2,025–2,075 MMcf/d of natural gas. Planned capital investment remains US$2.25–US$2.35 billion, with similar ranges provided for third quarter volumes and spending.

How much capital is Ovintiv (OVV) returning to shareholders in 2026?

Second quarter 2026 shareholder returns were US$429 million, or about 63% of Non-GAAP Free Cash Flow, including US$345 million of buybacks and US$84 million of dividends. Year-to-date returns totaled US$598 million, and full-year 2026 returns are expected to exceed 60% of Non-GAAP Free Cash Flow.

What is Ovintiv (OVV)'s balance sheet position as of June 30, 2026?

As of June 30, 2026, Ovintiv reported Net Debt of US$2.995 billion and Net Debt to Adjusted EBITDA of 0.6x. Total liquidity was about US$4.4 billion, including US$3.5 billion of available credit facilities, US$159 million of uncommitted demand lines, and US$700 million in cash.

What dividend did Ovintiv (OVV) declare for Q3 2026?

The board declared a US$0.30 per share quarterly dividend on Ovintiv’s common stock, payable on September 29, 2026 to shareholders of record at the close of business on September 15, 2026. Second quarter base dividend payments totaled about US$84 million.

false000179258000017925802026-07-232026-07-23

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

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

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

Ovintiv Inc.

(Exact name of Registrant as Specified in Its Charter)

Delaware			001-39191	84-4427672
(State or Other Jurisdiction of Incorporation)			(Commission File Number)	(IRS Employer Identification No.)
Suite 1700, 370 17th Street
Denver, Colorado				80202
(Address of Principal Executive Offices)				(Zip Code)

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

Not Applicable

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

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

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

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

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

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

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

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
Common Stock, par value $0.01 per share		OVV		New York Stock Exchange

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

Emerging growth company ☐

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

Item 2.02 Results of Operations and Financial Condition.

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

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

Item 8.01 Other Events.

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

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits

Exhibit No.	Exhibit Description
Exhibit 99.1	News Release dated July 23, 2026.
Exhibit 99.2	Selected and Supplemental Financial Information.
Exhibit 104	Cover Page Interactive Data File (embedded within the Inline XBRL document).

SIGNATURE

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

Ovintiv Inc.

(Registrant)

Date:	July 23, 2026	By:	/s/ Dawna I. Gibb
			Name: Dawna I. Gibb Title: Assistant Corporate Secretary

Exhibit 99.1 news release

Ovintiv Reports Second Quarter 2026 Financial and Operating Results

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

Highlights:

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

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

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

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

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

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

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

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

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

Second Quarter 2026 Financial and Operating Results

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

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

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

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

Ovintiv Inc. 1

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

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

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

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

2026 Guidance

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

2026 Guidance	3Q 2026	Full Year 2026
Total Production (MBOE/d)	615 – 640	630 – 645
Oil & Condensate (Mbbls/d)	205 – 210	210 – 212
NGLs (C2 to C4) (Mbbls/d)	75 – 80	83 – 85
Natural Gas (MMcf/d)	2,000 – 2,100	2,025 – 2,075
Capital Investment ($ Millions)	$550 – $600	$2,250 – $2,350

Shareholder Returns

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

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

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

Continued Balance Sheet Focus

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

Ovintiv Inc. 2

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

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

Dividend Declared

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

Asset Highlights

Permian

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

Montney

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

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

Conference Call Information

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

To join the conference call without operator assistance, you may register and enter your phone number at https://emportal.ink/4jChG1W to receive an instant automated call back. You can also dial direct to be entered to the call by an Operator. Please dial 888-510-2154 (toll-free in North America) or 437-900-0527 (international) approximately 15 minutes prior to the call.

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

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

Ovintiv Inc. 3

Capital Investment and Production

(for the period ended June 30)	2Q 2026	2Q 2025
Capital Expenditures (1) ($ millions)	574	521
Oil (Mbbls/d)	123.0	142.0
NGLs – Plant Condensate (Mbbls/d)	82.8	69.2
Oil & Plant Condensate (Mbbls/d)	205.8	211.2
NGLs – Other (Mbbls/d)	82.4	95.5
Total Liquids (Mbbls/d)	288.2	306.7
Natural gas (MMcf/d)	1,959	1,851
Total production (MBOE/d)	614.6	615.3

1) Including capitalized directly attributable internal costs.

Second Quarter Financial Summary

(for the period ended June 30) ($ millions)	2Q 2026	2Q 2025
Cash From (Used In) Operating Activities Deduct (Add Back): Net change in other assets and liabilities Net change in non-cash working capital	1,632 (4) 380	1,013 (11) 111
Non-GAAP Cash Flow (1)	1,256	913
Non-GAAP Cash Flow (1)	1,256	913
Less: Capital Expenditures (2)	574	521
Non-GAAP Free Cash Flow (1)	682	392
Net Earnings (Loss) Before Income Tax Before-tax (Addition) Deduction: Unrealized gain (loss) on risk management Non-operating foreign exchange gain (loss) Gain (loss) on divestitures, net	539 190 (31) (337)	399 54 (3) -
Adjusted Earnings (Loss) Before Income Tax Income tax expense (recovery)	717 226	348 83
Non-GAAP Adjusted Earnings (1)	491	265

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

2) Including capitalized directly attributable internal costs.

Ovintiv Inc. 4

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

(for the period ended June 30)	2Q 2026	2Q 2025
Liquids ($/bbl)
WTI	92.79	63.74
Realized Liquids Prices
Oil	91.53	65.23
NGLs – Plant Condensate	90.74	60.79
Oil & Plant Condensate	91.22	63.77
NGLs – Other	21.67	18.28
Total NGLs	56.29	36.14
Natural Gas
NYMEX ($/MMBtu)	2.90	3.44
Realized Natural Gas Price ($/Mcf)	1.99	2.38

Cost Summary

(for the period ended June 30) ($/BOE)	2Q 2026	2Q 2025
Production, mineral and other taxes	1.43	1.31
Upstream transportation and processing	9.47	7.62
Upstream operating	3.25	3.84
Administrative, excluding long-term incentive, restructuring, transaction and legal costs	1.28	1.19

Debt to EBITDA (1)

($ millions, except as indicated)	June 30, 2026	December 31, 2025
Long-Term Debt, including Current Portion	3,695	5,202
Net Earnings (Loss)	920	1,242
Add back (Deduct):
Depreciation, depletion and amortization	2,158	2,179
Interest	388	376
Income tax expense (recovery)	(644)	(472)
EBITDA	2,822	3,325
Debt to EBITDA (times)	1.3	1.6

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

Ovintiv Inc. 5

Debt to Adjusted EBITDA (1)

($ millions, except as indicated)	June 30, 2026	December 31, 2025
Long-Term Debt, including Current Portion	3,695	5,202
Net Earnings (Loss)	920	1,242
Add back (Deduct):
Depreciation, depletion and amortization    Impairments	2,158 1,675	2,179 920
Accretion of asset retirement obligation	28	28
Interest	388	376
Unrealized (gains) losses on risk management	(135)	(6)
Foreign exchange (gain) loss, net    (Gain) loss on divestitures, net	20 337	31 -
Other (gains) losses, net	(72)	(46)
Income tax expense (recovery)	(644)	(472)
Adjusted EBITDA	4,675	4,252
Debt to Adjusted EBITDA (times)	0.8	1.2

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

Net Debt to Adjusted EBITDA (1)

($ millions, except as indicated)	June 30, 2026	December 31, 2025
Long-Term Debt, including Current Portion	3,695	5,202
Less:
Cash and cash equivalents	700	35
Net Debt	2,995	5,167
Adjusted EBITDA	4,675	4,252
Net Debt to Adjusted EBITDA (times)	0.6	1.2

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

Ovintiv Inc. 6

Hedge Details(1) as of June 30, 2026

Oil and Condensate Hedges ($/bbl)	3Q 2026	4Q 2026	1Q 2027	2Q 2027	3Q 2027	4Q 2027
WTI Fixed Price Swaps	4 Mbbls/d $61.67	4 Mbbls/d $61.93	0 -	0 -	0 -	0 -
WTI 3-Way Options Call Strike Put Strike Sold Put Strike	51 Mbbls/d $70.87 $59.26 $50.08	41 Mbbls/d $70.21 $57.22 $50.10	40 Mbbls/d $85.56 $59.34 $50.00	10 Mbbls/d $112.53 $60.00 $50.00	0 - - -	0 - - -
WTI Collars Call Strike Put Strike	1 Mbbls/d $67.79 $56.32	1 Mbbls/d $67.79 $56.32	0 - -	0 - -	0 - -	0 - -

Natural Gas Hedges ($/Mcf)	3Q 2026	4Q 2026	1Q 2027	2Q 2027	3Q 2027	4Q 2027
NYMEX Fixed Price Swaps	20 MMcf/d $4.07	20 MMcf/d $4.07	0 -	0 -	0 -	0 -
NYMEX 3-Way Options Call Strike Put Strike Sold Put Strike	450 MMcf/d $5.92 $3.33 $2.58	450 MMcf/d $5.92 $3.33 $2.58	300 MMcf/d $5.04 $3.50 $2.50	200 MMcf/d $4.49 $3.50 $2.50	200 MMcf/d $4.49 $3.50 $2.50	200 MMcf/d $4.49 $3.50 $2.50
NYMEX Collars Call Strike Put Strike	95 MMcf/d $5.27 $3.75	95 MMcf/d $5.27 $3.75	15 MMcf/d $4.72 $3.50	15 MMcf/d $4.72 $3.50	15 MMcf/d $4.72 $3.50	15 MMcf/d $4.72 $3.50
AECO Nominal Basis Swaps	338 MMcf/d ($1.25)	338 MMcf/d ($1.25)	260 MMcf/d ($1.17)	260 MMcf/d ($1.17)	260 MMcf/d ($1.17)	260 MMcf/d ($1.17)
AECO Fixed Price Swaps	152 MMcf/d $2.26	118 MMcf/d $2.30	100 MMcf/d $2.00	219 MMcf/d $1.78	219 MMcf/d $1.78	106 MMcf/d $2.00
AECO Collars Call Strike Put Strike	10 MMcf/d $2.15 $1.69	3 MMcf/d $2.15 $1.69	0 - -	0 - -	13 MMcf/d $2.36 $1.76	20 MMcf/d $2.36 $1.76
Waha Nominal Basis Swaps	0 -	50 MMcf/d ($1.98)	50 MMcf/d ($1.19)	0 -	0 -	0 -
Waha Fixed Price Swaps	50 MMcf/d $0.74	50 MMcf/d $1.77	0 -	0 -	0 -	0 -
NuVista Cash Flow Deduction ($MM)(2)	$34	$24	$16	$8	$12	$10

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

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

Ovintiv Inc. 7

Important information

Ovintiv reports in U.S. dollars unless otherwise noted. Production, sales and reserves estimates are reported on an after-royalties basis, unless otherwise noted. Unless otherwise specified or the context otherwise requires, references to “Ovintiv,” “we,” “its,” “our” or to “the Company” includes reference to subsidiaries of and partnership interests held by Ovintiv Inc. and its subsidiaries.

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

NI 51-101 Exemption

The Canadian securities regulatory authorities have issued a decision document (the “Decision”) granting Ovintiv exemptive relief from the requirements contained in Canada’s National Instrument 51-101 Standards of Disclosure for Oil and Gas Activities (“NI 51-101”). As a result of the Decision, and provided that certain conditions set out in the Decision are met on an on-going basis, Ovintiv will not be required to comply with the Canadian requirements of NI 51-101 and the Canadian Oil and Gas Evaluation Handbook. The Decision permits Ovintiv to provide disclosure in respect of its oil and gas activities in the form permitted by, and in accordance with, the legal requirements imposed by the U.S. Securities and Exchange Commission (“SEC”), the Securities Act of 1933, the Securities and Exchange Act of 1934, the Sarbanes-Oxley Act of 2002 and the rules of the NYSE. The Decision also provides that Ovintiv is required to file all such oil and gas disclosures with the Canadian securities regulatory authorities on www.sedarplus.ca as soon as practicable after such disclosure is filed with the SEC.

NOTE 1: Non-GAAP Measures

Certain measures in this news release do not have any standardized meaning as prescribed by U.S. GAAP and, therefore, are considered non-GAAP measures. These measures may not be comparable to similar measures presented by other companies and should not be viewed as a substitute for measures reported under U.S. GAAP. These measures are commonly used in the oil and gas industry and/or by Ovintiv to provide shareholders and potential investors with additional information regarding the Company’s liquidity and its ability to generate funds to finance its operations. For additional information regarding non-GAAP measures, see the Company’s website. This news release contains references to non-GAAP measures as follows:

•Non-GAAP Cash Flow is a non-GAAP measure defined as cash from (used in) operating activities excluding net change in other assets and liabilities, and net change in non-cash working capital.

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

•Non-GAAP Adjusted Earnings is a non-GAAP measure defined as net earnings (loss) excluding non-cash items that management believes reduces the comparability of the Company's financial performance between periods. These items may include, but are not limited to, unrealized gains/losses on risk management, impairments, non-operating foreign exchange gains/losses, and gains/losses on divestitures. Income taxes includes adjustments to normalize the effect of income taxes calculated using the estimated annual effective income tax rate. In addition, valuation allowances and the effect of non-recurring discrete transactions are excluded in the calculation of income taxes.

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

Ovintiv Inc. 8

•Adjusted EBITDA, Debt to EBITDA, Debt to Adjusted EBITDA (Leverage Target/Ratio) and Net Debt to Adjusted EBITDA are non-GAAP measures. EBITDA is defined as trailing 12-month net earnings (loss) before income taxes, depreciation, depletion and amortization, and interest. Adjusted EBITDA is EBITDA adjusted for impairments, accretion of asset retirement obligation, unrealized gains/losses on risk management, foreign exchange gains/losses, gains/losses on divestitures and other gains/losses. Debt to EBITDA is calculated as long-term debt, including the current portion, divided by EBITDA. Debt to Adjusted EBITDA is calculated as long-term debt, including the current portion, divided by Adjusted EBITDA. Net Debt to Adjusted EBITDA is calculated as Net Debt, divided by Adjusted EBITDA. Debt to Adjusted EBITDA and Net Debt to Adjusted EBITDA are non-GAAP measures monitored by management as indicators of the Company’s overall financial strength.

ADVISORY REGARDING OIL AND GAS INFORMATION – The conversion of natural gas volumes to barrels of oil equivalent (BOE) is on the basis of six thousand cubic feet to one barrel. BOE is based on a generic energy equivalency conversion method primarily applicable at the burner tip and does not represent economic value equivalency at the wellhead. Readers are cautioned that BOE may be misleading, particularly if used in isolation.

ADVISORY REGARDING FORWARD-LOOKING STATEMENTS – This news release contains forward-looking statements or information (collectively, “forward-looking statements”) within the meaning of applicable securities legislation, including Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, except for statements of historical fact, that relate to the anticipated future activities, plans, strategies, objectives or expectations of the Company, including the third quarter and fiscal year 2026 guidance and expected free cash flow, the presence of recoverability of estimated reserves, the expectation of delivering sustainable durable returns to shareholders in future years, plans regarding share buybacks and debt reduction, and timing and expectations regarding capital efficiencies and well completion and performance, are forward-looking statements. When used in this news release, the use of words and phrases including “anticipates,” “believes,” “continue,” “could,” “estimates,” “expects,” “focused on,” “forecast,” “guidance,” “intends,” “maintain,” “may,” “opportunities,” “outlook,” “plans,” “potential,” “strategy,” “targets,” “will,” “would” and other similar terminology are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words or phrases. Readers are cautioned against unduly relying on forward-looking statements which, are based on current expectations and by their nature, involve numerous assumptions that are subject to both known and unknown risks and uncertainties (many of which are beyond our control) that may cause such statements not to occur, or actual results to differ materially and/or adversely from those expressed or implied. These assumptions include, without limitation: future commodity prices and basis differentials; the ability of the Company to access credit facilities and capital markets; the availability of attractive commodity or financial hedges and the enforceability of risk management programs; the Company's ability to capture and maintain gains in productivity and efficiency; the ability for the Company to generate cash returns and execute on its share buyback plan; expectations of plans, strategies and objectives of the Company, including anticipated production volumes and capital investment; the Company’s ability to manage cost inflation and expected cost structures, including expected operating, transportation, processing and labor expenses; the outlook of the oil and natural gas industry generally, including impacts from war and changes to the geopolitical environment, including tariffs between the United States and Canada; and projections made in light of, and generally consistent with, the Company's historical experience and its perception of historical industry trends; and the other assumptions contained herein.

Ovintiv Inc. 9

Although the Company believes the expectations represented by its forward-looking statements are reasonable based on the information available to it as of the date such statements are made, forward-looking statements are only predictions and statements of our current beliefs and there can be no assurance that such expectations will prove to be correct. All forward-looking statements contained in this news release are made as of the date of this news release and, except as required by law, the Company undertakes no obligation to update publicly, revise or keep current any forward-looking statements. The forward-looking statements contained or incorporated by reference in this news release, and all subsequent forward-looking statements attributable to the Company, whether written or oral, are expressly qualified by these cautionary statements.

The reader should carefully read the risk factors described in the “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections of the Company’s most recent Annual Report on Form 10-K, Quarterly Report on Form 10-Q, and in other filings with the SEC or Canadian securities regulators, for a description of certain risks that could, among other things, cause actual results to differ from these forward-looking statements. Other unpredictable or unknown factors not discussed in this news release could also have material adverse effects on forward-looking statements.

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

Investor contact: (888) 525-0304 Media contact: (403) 645-2252

Ovintiv Inc. 10

Exhibit 99.2

Ovintiv Inc.

Interim Selected Financial Information

(unaudited)

For the period ended June 30, 2026

U.S. Dollar / U.S. Protocol

Condensed Consolidated Statement of Earnings (unaudited)

				Three Months Ended								Six Months Ended
				June 30,								June 30,
(US$ millions, except per share amounts)				2026				2025				2026				2025
Revenues
Product and service revenues				$	2,297			$	1,764			$	4,518			$	3,729
Sales of purchased product					575				450				931				860
Gains (losses) on risk management, net					122				87				59				71
Sublease revenues					19				17				37				35
Total Revenues					3,013				2,318				5,545				4,695
Operating Expenses
Production, mineral and other taxes					81				73				160				160
Transportation and processing					540				435				1,011				833
Operating					183				219				410				424
Purchased product					563				440				907				842
Depreciation, depletion and amortization					519				556				1,080				1,101
Impairments					-				-				1,485				730
Accretion of asset retirement obligation					7				8				14				14
Administrative					126				76				238				169
Total Operating Expenses					2,019				1,807				5,305				4,273
Operating Income (Loss)					994				511				240				422
Other (Income) Expenses
Interest					100				95				204				192
Foreign exchange (gain) loss, net					23				22				21				32
(Gain) loss on divestitures, net					337				-				337				-
Other (gains) losses, net					(5	)			(5	)			(34	)			(8	)
Total Other (Income) Expenses					455				112				528				216
Net Earnings (Loss) Before Income Tax					539				399				(288	)			206
Income tax expense (recovery)					83				92				(114	)			58
Net Earnings (Loss)				$	456			$	307			$	(174	)		$	148
Net Earnings (Loss) per Share of Common Stock
Basic				$	1.63			$	1.19			$	(0.63	)		$	0.57
Diluted					1.62				1.18				(0.63	)			0.57
Weighted Average Shares of Common Stock Outstanding (millions)
Basic					280.0				259.0				274.1				259.7
Diluted					281.9				260.1				274.1				261.6

Condensed Consolidated Statement of Comprehensive Income (unaudited)

				Three Months Ended								Six Months Ended
				June 30,								June 30,
(US$ millions)				2026				2025				2026				2025
Net Earnings (Loss)				$	456			$	307			$	(174	)		$	148
Other Comprehensive Income (Loss), Net of Tax
Foreign currency translation adjustment					(99	)			194				(185	)			202
Pension and other post-employment benefit plans					(1	)			(1	)			(2	)			(2	)
Other Comprehensive Income (Loss)					(100	)			193				(187	)			200
Comprehensive Income (Loss)				$	356			$	500			$	(361	)		$	348

Ovintiv Inc. 1 Selected Financial Information

Condensed Consolidated Balance Sheet (unaudited)

				As at				As at
				June 30,				December 31,
(US$ millions)				2026				2025
Assets
Current Assets
Cash and cash equivalents				$	700			$	35
Accounts receivable and accrued revenues (net of allowances
of $6 million (2025: $6 million))					1,302				1,128
Investment in marketable securities					-				245
Risk management					187				86
Income tax receivable					60				29
					2,249				1,523
Property, Plant and Equipment, at cost:
Oil and natural gas properties, based on full cost accounting
Proved properties					60,174				70,133
Unproved properties					624				434
Other					947				864
Property, plant and equipment					61,745				71,431
Less: Accumulated depreciation, depletion and amortization					(48,542	)			(57,187	)
Property, plant and equipment, net					13,203				14,244
Other Assets					1,290				1,299
Risk Management					185				4
Deferred Income Taxes					29				744
Goodwill					2,324				2,576
				$	19,280			$	20,390
Liabilities and Shareholders’ Equity
Current Liabilities
Accounts payable and accrued liabilities				$	2,093			$	1,861
Current portion of operating lease liabilities					105				117
Income tax payable					2				5
Risk management					32				2
Current portion of long-term debt					-				810
					2,232				2,795
Long-Term Debt					3,695				4,392
Operating Lease Liabilities					1,118				1,105
Other Liabilities and Provisions					220				100
Risk Management					14				13
Asset Retirement Obligation					385				388
Deferred Income Taxes					117				402
					7,781				9,195
Shareholders’ Equity
Share capital - authorized 775 million shares of stock
2026 issued and outstanding: 276.6 million shares (2025: 253.3 million shares)					3				3
Paid in surplus					8,613				7,779
Retained earnings					2,097				2,440
Accumulated other comprehensive income					786				973
Total Shareholders’ Equity					11,499				11,195
				$	19,280			$	20,390

Ovintiv Inc. 2 Selected Financial Information

Condensed Consolidated Statement of Cash Flows (unaudited)

				Three Months Ended								Six Months Ended
				June 30,								June 30,
(US$ millions)				2026				2025				2026				2025
Operating Activities
Net earnings (loss)				$	456			$	307			$	(174	)		$	148
Depreciation, depletion and amortization					519				556				1,080				1,101
Impairments					-				-				1,485				730
Accretion of asset retirement obligation					7				8				14				14
Deferred income taxes					61				66				(149	)			(11	)
Unrealized (gain) loss on risk management					(190	)			(54	)			(137	)			(8	)
Unrealized foreign exchange (gain) loss					29				2				28				(43	)
Foreign exchange (gain) loss on settlements					2				1				1				(41	)
(Gain) loss on divestitures, net					337				-				337				-
Other					35				27				10				27
Net change in other assets and liabilities					(4	)			(11	)			(18	)			(22	)
Net change in non-cash working capital					380				111				211				(9	)
Cash From (Used in) Operating Activities					1,632				1,013				2,688				1,886
Investing Activities
Capital expenditures					(574	)			(521	)			(1,179	)			(1,138	)
Acquisitions					(14	)			(3	)			(21	)			(2,313	)
Corporate acquisition, net of cash acquired					-				-				(1,192	)			-
Proceeds from divestitures					2,822				12				2,829				1,896
Net change in investments and other					(15	)			(46	)			44				102
Cash From (Used in) Investing Activities					2,219				(558	)			481				(1,453	)
Financing Activities
Net issuance (repayment) of revolving debt					(877	)			396				(580	)			481
Issuance of debt under the Term Credit Agreement					-				-				1,151				-
Repayment of debt under the Term Credit Agreement					(1,151	)			-				(1,151	)			-
Repayment of long-term debt					(720	)			(600	)			(1,179	)			(600	)
Purchase of shares of common stock					(345	)			(147	)			(429	)			(147	)
Dividends on shares of common stock					(84	)			(77	)			(169	)			(155	)
Other					1				(2	)			(147	)			(21	)
Cash From (Used in) Financing Activities					(3,176	)			(430	)			(2,504	)			(442	)
Foreign Exchange Gain (Loss) on Cash, Cash Equivalents
and Restricted Cash Held in Foreign Currency					(1	)			(13	)			-				(13	)
Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash					674				12				665				(22	)
Cash, Cash Equivalents and Restricted Cash, Beginning of Period					26				8				35				42
Cash, Cash Equivalents and Restricted Cash, End of Period				$	700			$	20			$	700			$	20
Cash, End of Period				$	31			$	19			$	31			$	19
Cash Equivalents, End of Period					669				1				669				1
Restricted Cash, End of Period					-				-				-				-
Cash, Cash Equivalents and Restricted Cash, End of Period				$	700			$	20			$	700			$	20

Ovintiv Inc. 3 Selected Financial Information

Ovintiv Inc.

Interim Supplemental Information

(unaudited)

For the period ended June 30, 2026

U.S. Dollar / U.S. Protocol

Second quarter report

for the period ended June 30, 2026

Supplemental Financial Information (unaudited)

Financial Results

			2026										2025
(US$ millions, unless otherwise specified)			Year-to- date			Q2			Q1				Year			Q4			Q3			Q2 Year- to-Date			Q2			Q1
Net Earnings (Loss)				(174	)		456			(630	)			1,242			946			148			148			307			(159	)
	Per share - basic (1)			(0.63	)		1.63			(2.35	)			4.83			3.73			0.58			0.57			1.19			(0.61	)
	Per share - diluted (1)			(0.63	)		1.62			(2.35	)			4.78			3.70			0.57			0.57			1.18			(0.61	)
Non-GAAP Adjusted Earnings (2)				1,028			491			537				1,257			355			267			635			265			370
	Per share - basic (1)			3.75			1.75			2.00				4.89			1.40			1.04			2.45			1.02			1.42
	Per share - diluted (1)			3.75			1.74			2.00				4.84			1.39			1.03			2.43			1.02			1.42
Non-GAAP Cash Flow (3)				2,495			1,256			1,239				3,785			973			895			1,917			913			1,004
	Per share - basic (1)			9.10			4.49			4.62				14.72			3.84			3.49			7.38			3.53			3.86
	Per share - diluted (1)			9.10			4.46			4.62				14.57			3.81			3.47			7.33			3.51			3.86
Foreign Exchange Rates (C$ per US$1)
	Average			1.378			1.384			1.372				1.398			1.395			1.377			1.409			1.384			1.435
	Period end			1.421			1.421			1.394				1.371			1.371			1.392			1.364			1.364			1.438
Non-GAAP Adjusted Earnings Summary
Net Earnings (Loss) Before Income Tax				(288	)		539			(827	)			770			372			192			206			399			(193	)
Before-tax (Addition) Deduction:
	Unrealized gain (loss) on risk management			137			190			(53	)			6			18			(20	)		8			54			(46	)
	Impairments			(1,485	)		-			(1,485	)			(920	)		(49	)		(141	)		(730	)		-			(730	)
	Non-operating foreign exchange gain (loss)			(29	)		(31	)		2				85			(1	)		2			84			(3	)		87
	Gain (loss) on divestitures			(337	)		(337	)		-				-			-			-			-			-			-
Adjusted Earnings (Loss) Before Income Tax				1,426			717			709				1,599			404			351			844			348			496
	Income tax expense (recovery) (4)			398			226			172				342			49			84			209			83			126
Non-GAAP Adjusted Earnings (2)				1,028			491			537				1,257			355			267			635			265			370
Non-GAAP Cash Flow Summary
Cash From (Used in) Operating Activities				2,688			1,632			1,056				3,652			954			812			1,886			1,013			873
(Add back) Deduct:
	Net change in other assets and liabilities			(18	)		(4	)		(14	)			(40	)		(11	)		(7	)		(22	)		(11	)		(11	)
	Net change in non-cash working capital			211			380			(169	)			(93	)		(8	)		(76	)		(9	)		111			(120	)
Non-GAAP Cash Flow (3)				2,495			1,256			1,239				3,785			973			895			1,917			913			1,004

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

				2026										2025
	(millions)			Year-to- date			Q2			Q1				Year			Q4			Q3			Q2 Year- to-Date			Q2			Q1
	Weighted Average Shares of Common Stock Outstanding
		Basic			274.1			280.0			268.2				257.2			253.3			256.2			259.7			259.0			260.4
		Diluted			274.1			281.9			268.2				259.7			255.6			258.1			261.6			260.1			260.4

(2)Non-GAAP Adjusted Earnings is a non-GAAP measure defined as net earnings (loss) excluding non-cash items that management believes reduces the comparability of the Company’s financial performance between periods. These items may include, but are not limited to, unrealized gains/losses on risk management, impairments, non‑operating foreign exchange gains/losses, and gains/losses on divestitures. Income taxes includes adjustments to normalize the effect of income taxes calculated using the estimated annual effective income tax rate. In addition, valuation allowances and the effect of non-recurring discrete transactions are excluded in the calculation of income taxes.

(3)Non-GAAP Cash Flow is a non-GAAP measure defined as cash from (used in) operating activities excluding net change in other assets and liabilities, and net change in non-cash working capital.

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

Financial Metrics

2026

2025

Year-to- date

Year

Debt to Capitalization

24%

32%

Debt to Adjusted Capitalization (1)

16%

22%

Debt to EBITDA (1)

1.3x

1.6x

Debt to Adjusted EBITDA (1)

0.8x

1.2x

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

Ovintiv Inc. 1 Supplemental Information (prepared in US$)

Second quarter report

for the period ended June 30, 2026

Supplemental Operating Information (unaudited)

Production Volumes by Product

							2026										2025
(average)		% of Oil & NGLs					Year-to- date			Q2			Q1				Year			Q4			Q3			Q2 Year- to-Date			Q2			Q1
	Oil (Mbbls/d)				43			132.4			123.0			141.8				142.7			140.9			137.6			146.3			142.0			150.5
	NGLs - Plant Condensate (Mbbls/d)				27			83.1			82.8			83.5				66.7			67.8			74.2			62.2			69.2			55.2
Oil & Plant Condensate (Mbbls/d)					70			215.5			205.8			225.3				209.4			208.7			211.8			208.5			211.2			205.7
	Butane (Mbbls/d)				8			24.2			22.3			26.1				23.2			23.7			23.6			22.7			23.3			22.2
	Propane (Mbbls/d)				12			35.4			31.7			39.1				36.0			37.0			37.4			34.7			36.3			33.1
	Ethane (Mbbls/d)				10			31.3			28.4			34.4				35.6			36.5			36.7			34.7			35.9			33.4
NGLs - Other (Mbbls/d)					30			90.9			82.4			99.6				94.8			97.2			97.7			92.1			95.5			88.7
Oil & NGLs (Mbbls/d)					100			306.4			288.2			324.9				304.2			305.9			309.5			300.6			306.7			294.4
Natural Gas (MMcf/d)								2,041			1,959			2,124				1,862			1,905			1,925			1,807			1,851			1,764
Total (MBOE/d)								646.6			614.6			678.9				614.5			623.4			630.4			601.9			615.3			588.3

Production Volumes by Segment

					2026										2025
(average)					Year-to- date			Q2			Q1				Year			Q4			Q3			Q2 Year- to-Date			Q2			Q1
Oil (Mbbls/d)
	USA Operations					131.8			122.6			141.2				142.3			140.4			137.0			146.0			141.6			150.3
	Canadian Operations					0.6			0.4			0.6				0.4			0.5			0.6			0.3			0.4			0.2
						132.4			123.0			141.8				142.7			140.9			137.6			146.3			142.0			150.5
NGLs - Plant Condensate (Mbbls/d)
	USA Operations					9.2			7.2			11.3				11.3			11.7			11.7			10.8			11.4			10.3
	Canadian Operations					73.9			75.6			72.2				55.4			56.1			62.5			51.4			57.8			44.9
						83.1			82.8			83.5				66.7			67.8			74.2			62.2			69.2			55.2
Oil & Plant Condensate (Mbbls/d)
	USA Operations					141.0			129.8			152.5				153.6			152.1			148.7			156.8			153.0			160.6
	Canadian Operations					74.5			76.0			72.8				55.8			56.6			63.1			51.7			58.2			45.1
						215.5			205.8			225.3				209.4			208.7			211.8			208.5			211.2			205.7
NGLs - Other (Mbbls/d)
	USA Operations					65.1			55.6			74.8				76.0			78.8			77.9			73.6			76.8			70.4
	Canadian Operations					25.8			26.8			24.8				18.8			18.4			19.8			18.5			18.7			18.3
						90.9			82.4			99.6				94.8			97.2			97.7			92.1			95.5			88.7
NGLs - Total (Mbbls/d)
	USA Operations					74.3			62.8			86.1				87.3			90.5			89.6			84.4			88.2			80.7
	Canadian Operations					99.7			102.4			97.0				74.2			74.5			82.3			69.9			76.5			63.2
						174.0			165.2			183.1				161.5			165.0			171.9			154.3			164.7			143.9
Oil & NGLs (Mbbls/d)
	USA Operations					206.1			185.4			227.3				229.6			230.9			226.6			230.4			229.8			231.0
	Canadian Operations					100.3			102.8			97.6				74.6			75.0			82.9			70.2			76.9			63.4
						306.4			288.2			324.9				304.2			305.9			309.5			300.6			306.7			294.4
Natural Gas (MMcf/d)
	USA Operations					424			329			520				515			528			512			509			508			510
	Canadian Operations					1,617			1,630			1,604				1,347			1,377			1,413			1,298			1,343			1,254
						2,041			1,959			2,124				1,862			1,905			1,925			1,807			1,851			1,764
Total (MBOE/d)
	USA Operations					276.9			240.2			314.0				315.3			318.8			311.9			315.3			314.7			315.9
	Canadian Operations					369.7			374.4			364.9				299.2			304.6			318.5			286.6			300.6			272.4
						646.6			614.6			678.9				614.5			623.4			630.4			601.9			615.3			588.3

Ovintiv Inc. 2 Supplemental Information (prepared in US$)

Second quarter report

for the period ended June 30, 2026

Supplemental Financial & Operating Information (unaudited)

Results of Operations

Revenues and Realized Gains (Losses) on Risk Management

			2026										2025
(US$ millions)			Year-to- date			Q2			Q1				Year			Q4			Q3			Q2 Year- to-Date			Q2			Q1
USA Operations
Revenues, excluding Realized Gains (Losses) on Risk Management (1)
	Oil			2,047			1,124			923				3,413			772			835			1,806			831			975
	NGLs (2)			305			143			162				693			162			164			367			177			190
	Natural Gas			142			1			141				447			102			96			249			104			145
				2,494			1,268			1,226				4,553			1,036			1,095			2,422			1,112			1,310
Realized Gains (Losses) on Risk Management (3)
	Oil			(126	)		(103	)		(23	)			40			27			4			9			9			-
	NGLs (2)			-			-			-				8			5			3			-			-			-
	Natural Gas			-			-			-				3			1			2			-			-			-
				(126	)		(103	)		(23	)			51			33			9			9			9			-
Canadian Operations
Revenues, excluding Realized Gains (Losses) on Risk Management (1)
	Oil			7			2			5				10			3			3			4			2			2
	NGLs (2)			1,242			719			523				1,422			329			403			690			367			323
	Natural Gas			764			304			460				1,159			337			221			601			274			327
				2,013			1,025			988				2,591			669			627			1,295			643			652
Realized Gains (Losses) on Risk Management (3)
	Oil			-			-			-				-			-			-			-			-			-
	NGLs (2)			(20	)		(15	)		(5	)			-			-			-			-			-			-
	Natural Gas			68			50			18				115			24			37			54			24			30
				48			35			13				115			24			37			54			24			30

(1)Excludes other revenues with no associated production volumes.

(2)Includes plant condensate.

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

Ovintiv Inc. 3 Supplemental Information (prepared in US$)

Second quarter report

for the period ended June 30, 2026

Supplemental Financial & Operating Information (unaudited)

Results of Operations (continued)

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

			2026										2025
(US$/BOE)			Year-to- date			Q2			Q1				Year			Q4			Q3			Q2 Year- to-Date			Q2			Q1
Total USA Operations Netback
	Price			49.78			58.01			43.41				39.54			35.32			38.17			42.40			38.81			46.02
	Production, mineral and other taxes			2.83			3.22			2.53				2.30			1.67			2.29			2.64			2.36			2.91
	Transportation and processing			4.10			4.12			4.08				3.91			3.96			3.74			3.96			4.01			3.92
	Operating			6.15			6.09			6.20				6.01			6.00			6.07			5.99			6.03			5.97
	Netback			36.70			44.58			30.60				27.32			23.69			26.07			29.81			26.41			33.22
Total Canadian Operations Netback
	Price			30.08			30.10			30.06				23.73			23.92			21.39			24.95			23.47			26.59
	Production, mineral and other taxes			0.26			0.28			0.24				0.19			0.17			0.20			0.19			0.21			0.16
	Transportation and processing			11.71			12.89			10.49				11.31			11.14			11.35			11.38			11.40			11.37
	Operating			1.49			1.42			1.56				1.48			1.50			1.39			1.52			1.56			1.46
	Netback			16.62			15.51			17.77				10.75			11.11			8.45			11.86			10.30			13.60
Total Operations Netback
	Price			38.51			41.00			36.24				31.85			29.75			29.69			34.10			31.32			37.03
	Production, mineral and other taxes			1.36			1.43			1.30				1.27			0.94			1.24			1.47			1.31			1.64
	Transportation and processing			8.45			9.47			7.53				7.51			7.47			7.59			7.50			7.62			7.36
	Operating			3.49			3.25			3.71				3.80			3.80			3.71			3.86			3.84			3.89
	Netback			25.21			26.85			23.70				19.27			17.54			17.15			21.27			18.55			24.14

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

Other Per-Unit Results

			2026										2025
(US$/BOE)			Year-to- date			Q2			Q1				Year			Q4			Q3			Q2 Year- to-Date			Q2			Q1
Administrative Expense (1)				2.03			2.25			1.84				1.48			1.47			1.34			1.56			1.37			1.75
Administrative Expense, Excluding Long-Term Incentive,
	Restructuring, Transaction and Legal Costs (1) (2)			1.29			1.28			1.31				1.26			1.32			1.17			1.28			1.19			1.36

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

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

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

Second quarter report

for the period ended June 30, 2026

Supplemental Oil and Gas Operating Statistics (unaudited)

Operating Statistics

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

			2026										2025
(US$)			Year-to- date			Q2			Q1				Year			Q4			Q3			Q2 Year- to-Date			Q2			Q1
Oil Price ($/bbl)
	USA Operations			85.78			100.78			72.62				65.66			59.82			66.23			68.24			64.50			71.79
	Canadian Operations			73.30			75.39			71.82				63.17			57.79			64.35			66.40			63.42			71.46
	Total Operations			85.74			100.69			72.62				65.65			59.81			66.22			68.24			64.50			71.79
NGLs - Plant Condensate Price ($/bbl)
	USA Operations			65.03			77.39			57.10				50.99			46.21			49.67			54.34			50.76			58.35
	Canadian Operations			83.25			94.20			71.66				62.22			56.47			62.81			65.05			62.76			68.02
	Total Operations			81.24			92.75			69.69				60.32			54.69			60.73			63.18			60.79			66.22
Oil & Plant Condensate Price ($/bbl)
	USA Operations			84.43			99.49			71.47				64.58			58.77			64.92			67.28			63.48			70.93
	Canadian Operations			83.18			94.10			71.66				62.23			56.48			62.82			65.05			62.77			68.04
	Total Operations			84.00			97.50			71.53				63.95			58.15			64.30			66.73			63.28			70.30
NGLs - Other Price ($/bbl)
	USA Operations			16.68			18.19			15.54				17.40			15.43			15.46			19.52			17.52			21.70
	Canadian Operations			27.46			28.90			25.90				23.94			23.02			22.62			25.12			21.44			28.92
	Total Operations			19.73			21.67			18.12				18.70			16.87			16.91			20.64			18.28			23.21
NGLs - Total Price ($/bbl)
	USA Operations			22.66			24.94			20.98				21.75			19.43			19.93			23.99			21.81			26.40
	Canadian Operations			68.83			77.15			59.97				52.53			48.21			53.16			54.49			52.68			56.71
	Total Operations			49.11			57.30			41.64				35.88			32.42			35.83			37.79			36.14			39.71
Oil & NGLs Price ($/bbl)
	USA Operations			63.02			75.10			53.06				48.97			43.98			47.92			52.03			48.11			55.97
	Canadian Operations			68.86			77.14			60.05				52.59			48.27			53.24			54.54			52.73			56.76
	Total Operations			64.93			75.83			55.16				49.86			45.04			49.34			52.62			49.27			56.14
Natural Gas Price ($/Mcf)
	USA Operations			1.86			0.03			3.03				2.38			2.10			2.04			2.70			2.26			3.15
	Canadian Operations			2.61			2.05			3.19				2.36			2.66			1.70			2.56			2.24			2.91
	Total Operations			2.45			1.71			3.14				2.36			2.50			1.79			2.60			2.24			2.98
Total Price ($/BOE)
	USA Operations			49.78			58.01			43.41				39.54			35.32			38.17			42.40			38.81			46.02
	Canadian Operations			30.08			30.10			30.06				23.73			23.92			21.39			24.95			23.47			26.59
	Total Operations			38.51			41.00			36.24				31.85			29.75			29.69			34.10			31.32			37.03

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

Second quarter report

for the period ended June 30, 2026

Supplemental Oil and Gas Operating Statistics (unaudited)

Operating Statistics (continued)

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

			2026										2025
(US$)			Year-to- date			Q2			Q1				Year			Q4			Q3			Q2 Year- to-Date			Q2			Q1
Oil ($/bbl)
	USA Operations			(5.27	)		(9.20	)		(1.84	)			0.77			2.09			0.29			0.35			0.73			-
	Canadian Operations			-			-			-				-			-			-			-			-			-
	Total Operations			(5.26	)		(9.16	)		(1.84	)			0.77			2.08			0.29			0.35			0.73			-
NGLs - Plant Condensate ($/bbl)
	USA Operations			-			-			-				-			-			-			-			-			-
	Canadian Operations			(1.49	)		(2.20	)		(0.74	)			-			-			-			-			-			-
	Total Operations			(1.32	)		(2.01	)		(0.63	)			-			-			-			-			-			-
Oil & Plant Condensate ($/bbl)
	USA Operations			(4.93	)		(8.69	)		(1.70	)			0.72			1.93			0.27			0.33			0.67			-
	Canadian Operations			(1.48	)		(2.18	)		(0.74	)			-			-			-			-			-			-
	Total Operations			(3.74	)		(6.28	)		(1.39	)			0.53			1.40			0.19			0.25			0.49			-
NGLs - Other ($/bbl)
	USA Operations			-			-			-				0.30			0.71			0.39			-			-			-
	Canadian Operations			-			-			-				-			-			-			-			-			-
	Total Operations			-			-			-				0.24			0.57			0.31			-			-			-
NGLs - Total ($/bbl)
	USA Operations			-			-			-				0.26			0.61			0.34			-			-			-
	Canadian Operations			(1.10	)		(1.63	)		(0.55	)			-			-			-			-			-			-
	Total Operations			(0.63	)		(1.01	)		(0.29	)			0.15			0.34			0.18			-			-			-
Oil & NGLs ($/bbl)
	USA Operations			(3.37	)		(6.08	)		(1.14	)			0.58			1.52			0.31			0.24			0.47			-
	Canadian Operations			(1.10	)		(1.61	)		(0.55	)			-			-			-			-			-			-
	Total Operations			(2.63	)		(4.49	)		(0.96	)			0.43			1.14			0.23			0.18			0.35			-
Natural Gas ($/Mcf)
	USA Operations			-			-			-				0.02			0.02			0.04			-			-			-
	Canadian Operations			0.23			0.33			0.12				0.23			0.19			0.29			0.23			0.20			0.26
	Total Operations			0.18			0.28			0.10				0.18			0.15			0.22			0.16			0.14			0.18
Total ($/BOE)
	USA Operations			(2.50	)		(4.68	)		(0.81	)			0.45			1.14			0.28			0.17			0.34			-
	Canadian Operations			0.72			1.04			0.41				1.05			0.83			1.28			1.03			0.87			1.22
	Total Operations			(0.67	)		(1.21	)		(0.16	)			0.74			0.99			0.79			0.57			0.59			0.56

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

Second quarter report

for the period ended June 30, 2026

Supplemental Oil and Gas Operating Statistics (unaudited)

Operating Statistics (continued)

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

			2026										2025
(US$)			Year-to- date			Q2			Q1				Year			Q4			Q3			Q2 Year- to-Date			Q2			Q1
Oil Price ($/bbl)
	USA Operations			80.51			91.58			70.78				66.43			61.91			66.52			68.59			65.23			71.79
	Canadian Operations			73.30			75.39			71.82				63.17			57.79			64.35			66.40			63.42			71.46
	Total Operations			80.48			91.53			70.78				66.42			61.89			66.51			68.59			65.23			71.79
NGLs - Plant Condensate Price ($/bbl)
	USA Operations			65.03			77.39			57.10				50.99			46.21			49.67			54.34			50.76			58.35
	Canadian Operations			81.76			92.00			70.92				62.22			56.47			62.81			65.05			62.76			68.02
	Total Operations			79.92			90.74			69.06				60.32			54.69			60.73			63.18			60.79			66.22
Oil & Plant Condensate Price ($/bbl)
	USA Operations			79.50			90.80			69.77				65.30			60.70			65.19			67.61			64.15			70.93
	Canadian Operations			81.70			91.92			70.92				62.23			56.48			62.82			65.05			62.77			68.04
	Total Operations			80.26			91.22			70.14				64.48			59.55			64.49			66.98			63.77			70.30
NGLs - Other Price ($/bbl)
	USA Operations			16.68			18.19			15.54				17.70			16.14			15.85			19.52			17.52			21.70
	Canadian Operations			27.46			28.90			25.90				23.94			23.02			22.62			25.12			21.44			28.92
	Total Operations			19.73			21.67			18.12				18.94			17.44			17.22			20.64			18.28			23.21
NGLs - Total Price ($/bbl)
	USA Operations			22.66			24.94			20.98				22.01			20.04			20.27			23.99			21.81			26.40
	Canadian Operations			67.73			75.52			59.42				52.53			48.21			53.16			54.49			52.68			56.71
	Total Operations			48.48			56.29			41.35				36.03			32.76			36.01			37.79			36.14			39.71
Oil & NGLs Price ($/bbl)
	USA Operations			59.65			69.02			51.92				49.55			45.50			48.23			52.27			48.58			55.97
	Canadian Operations			67.76			75.53			59.50				52.59			48.27			53.24			54.54			52.73			56.76
	Total Operations			62.30			71.34			54.20				50.29			46.18			49.57			52.80			49.62			56.14
Natural Gas Price ($/Mcf)
	USA Operations			1.86			0.03			3.03				2.40			2.12			2.08			2.70			2.26			3.15
	Canadian Operations			2.84			2.38			3.31				2.59			2.85			1.99			2.79			2.44			3.17
	Total Operations			2.63			1.99			3.24				2.54			2.65			2.01			2.76			2.38			3.16
Total Price ($/BOE)
	USA Operations			47.28			53.33			42.60				39.99			36.46			38.45			42.57			39.15			46.02
	Canadian Operations			30.80			31.14			30.47				24.78			24.75			22.67			25.98			24.34			27.81
	Total Operations			37.84			39.79			36.08				32.59			30.74			30.48			34.67			31.91			37.59
Total Netback ($/BOE)
	USA Operations			34.20			39.90			29.79				27.77			24.83			26.35			29.98			26.75			33.22
	Canadian Operations			17.34			16.55			18.18				11.80			11.94			9.73			12.89			11.17			14.82
	Total Operations			24.54			25.64			23.54				20.01			18.53			17.94			21.84			19.14			24.70

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

Second quarter report

for the period ended June 30, 2026

Supplemental Oil and Gas Operating Statistics (unaudited)

Results by Play

				2026										2025
(average)				Year-to- date			Q2			Q1				Year			Q4			Q3			Q2 Year- to-Date			Q2			Q1
Oil Production (Mbbls/d)
USA Operations
	Permian				120.0			120.5			119.5				118.6			116.6			113.8			122.1			118.3			126.0
	Anadarko (1)				11.6			2.0			21.4				22.2			23.7			23.1			21.0			23.2			18.9
	Other (2)				0.2			0.1			0.3				1.5			0.1			0.1			2.9			0.1			5.4
Total USA Operations					131.8			122.6			141.2				142.3			140.4			137.0			146.0			141.6			150.3
Canadian Operations
	Montney				0.6			0.4			0.6				0.4			0.5			0.6			0.3			0.4			0.2
	Other (2)				-			-			-				-			-			-			-			-			-
Total Canadian Operations					0.6			0.4			0.6				0.4			0.5			0.6			0.3			0.4			0.2
Total					132.4			123.0			141.8				142.7			140.9			137.6			146.3			142.0			150.5
NGLs - Plant Condensate Production (Mbbls/d)
USA Operations
	Permian				6.3			6.8			6.0				5.9			6.0			6.0			5.7			6.1			5.3
	Anadarko (1)				2.9			0.4			5.3				5.4			5.7			5.7			5.1			5.3			4.9
	Other (2)				-			-			-				-			-			-			-			-			0.1
Total USA Operations					9.2			7.2			11.3				11.3			11.7			11.7			10.8			11.4			10.3
Canadian Operations
	Montney				73.9			75.6			72.1				55.3			56.1			62.5			51.2			57.7			44.6
	Other (2)				-			-			0.1				0.1			-			-			0.2			0.1			0.3
Total Canadian Operations					73.9			75.6			72.2				55.4			56.1			62.5			51.4			57.8			44.9
Total					83.1			82.8			83.5				66.7			67.8			74.2			62.2			69.2			55.2
Oil & Plant Condensate Production (Mbbls/d)
USA Operations
	Permian				126.3			127.3			125.5				124.5			122.6			119.8			127.8			124.4			131.3
	Anadarko (1)				14.5			2.4			26.7				27.6			29.4			28.8			26.1			28.5			23.8
	Other (2)				0.2			0.1			0.3				1.5			0.1			0.1			2.9			0.1			5.5
Total USA Operations					141.0			129.8			152.5				153.6			152.1			148.7			156.8			153.0			160.6
Canadian Operations
	Montney				74.5			76.0			72.7				55.7			56.6			63.1			51.5			58.1			44.8
	Other (2)				-			-			0.1				0.1			-			-			0.2			0.1			0.3
Total Canadian Operations					74.5			76.0			72.8				55.8			56.6			63.1			51.7			58.2			45.1
Total					215.5			205.8			225.3				209.4			208.7			211.8			208.5			211.2			205.7

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

(2)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$)

Second quarter report

for the period ended June 30, 2026

Supplemental Oil and Gas Operating Statistics (unaudited)

Results by Play (continued)

				2026										2025
(average)				Year-to- date			Q2			Q1				Year			Q4			Q3			Q2 Year- to-Date			Q2			Q1
NGLs - Other Production (Mbbls/d)
USA Operations
	Permian				50.7			52.8			48.6				46.6			49.7			45.9			45.4			46.3			44.5
	Anadarko (1)				14.4			2.8			26.2				29.3			29.1			32.0			28.1			30.6			25.7
	Other (2)				-			-			-				0.1			-			-			0.1			(0.1	)		0.2
Total USA Operations					65.1			55.6			74.8				76.0			78.8			77.9			73.6			76.8			70.4
Canadian Operations
	Montney				25.8			26.8			24.8				18.8			18.4			19.8			18.5			18.7			18.3
	Other (2)				-			-			-				-			-			-			-			-			-
Total Canadian Operations					25.8			26.8			24.8				18.8			18.4			19.8			18.5			18.7			18.3
Total					90.9			82.4			99.6				94.8			97.2			97.7			92.1			95.5			88.7
NGLs - Total Production (Mbbls/d)
USA Operations
	Permian				57.0			59.6			54.6				52.5			55.7			51.9			51.1			52.4			49.8
	Anadarko (1)				17.3			3.2			31.5				34.7			34.8			37.7			33.2			35.9			30.6
	Other (2)				-			-			-				0.1			-			-			0.1			(0.1	)		0.3
Total USA Operations					74.3			62.8			86.1				87.3			90.5			89.6			84.4			88.2			80.7
Canadian Operations
	Montney				99.7			102.4			96.9				74.1			74.5			82.3			69.7			76.4			62.9
	Other (2)				-			-			0.1				0.1			-			-			0.2			0.1			0.3
Total Canadian Operations					99.7			102.4			97.0				74.2			74.5			82.3			69.9			76.5			63.2
Total					174.0			165.2			183.1				161.5			165.0			171.9			154.3			164.7			143.9
Oil & NGLs Production (Mbbls/d)
USA Operations
	Permian				177.0			180.1			174.1				171.1			172.3			165.7			173.2			170.7			175.8
	Anadarko (1)				28.9			5.2			52.9				56.9			58.5			60.8			54.2			59.1			49.5
	Other (2)				0.2			0.1			0.3				1.6			0.1			0.1			3.0			-			5.7
Total USA Operations					206.1			185.4			227.3				229.6			230.9			226.6			230.4			229.8			231.0
Canadian Operations
	Montney				100.3			102.8			97.5				74.5			75.0			82.9			70.0			76.8			63.1
	Other (2)				-			-			0.1				0.1			-			-			0.2			0.1			0.3
Total Canadian Operations					100.3			102.8			97.6				74.6			75.0			82.9			70.2			76.9			63.4
Total					306.4			288.2			324.9				304.2			305.9			309.5			300.6			306.7			294.4

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

(2)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$)

Second quarter report

for the period ended June 30, 2026

Supplemental Oil and Gas Operating Statistics (unaudited)

Results by Play (continued)

				2026										2025
(average)				Year-to- date			Q2			Q1				Year			Q4			Q3			Q2 Year- to-Date			Q2			Q1
Natural Gas Production (MMcf/d)
USA Operations
	Permian				293			306			281				265			279			267			255			263			248
	Anadarko (1)				130			22			238				246			248			245			246			245			247
	Other (2)				1			1			1				4			1			-			8			-			15
Total USA Operations					424			329			520				515			528			512			509			508			510
Canadian Operations
	Montney				1,616			1,630			1,603				1,346			1,377			1,413			1,296			1,342			1,251
	Other (2)				1			-			1				1			-			-			2			1			3
Total Canadian Operations					1,617			1,630			1,604				1,347			1,377			1,413			1,298			1,343			1,254
Total					2,041			1,959			2,124				1,862			1,905			1,925			1,807			1,851			1,764
Total Production (MBOE/d)
USA Operations
	Permian				226.0			231.0			220.9				215.2			218.9			210.2			215.8			214.5			217.1
	Anadarko (1)				50.5			8.9			92.5				98.0			99.7			101.6			95.3			99.9			90.7
	Other (2)				0.4			0.3			0.6				2.1			0.2			0.1			4.2			0.3			8.1
Total USA Operations					276.9			240.2			314.0				315.3			318.8			311.9			315.3			314.7			315.9
Canadian Operations
	Montney				369.5			374.3			364.6				298.9			304.5			318.4			286.0			300.3			271.6
	Other (2)				0.2			0.1			0.3				0.3			0.1			0.1			0.6			0.3			0.8
Total Canadian Operations					369.7			374.4			364.9				299.2			304.6			318.5			286.6			300.6			272.4
Total					646.6			614.6			678.9				614.5			623.4			630.4			601.9			615.3			588.3

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

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

Ovintiv Inc. 10 Supplemental Information (prepared in US$)

Second quarter report

for the period ended June 30, 2026

Supplemental Oil and Gas Operating Statistics (unaudited)

Results by Play (continued)

				2026										2025
(US$ millions)				Year-to- date			Q2			Q1				Year			Q4			Q3			Q2 Year- to-Date			Q2			Q1
Capital Expenditures, Excluding Capitalized Internal Costs
USA Operations
	Permian				647			305			342				1,136			265			298			573			246			327
	Anadarko (1)				50			3			47				270			20			90			160			77			83
	Other (2)				2			1			1				24			3			2			19			1			18
Total USA Operations					699			309			390				1,430			288			390			752			324			428
Canadian Operations
	Montney				414			236			178				583			147			119			317			166			151
	Other (2)				3			-			3				1			-			-			1			(1	)		2
Total Canadian Operations					417			236			181				584			147			119			318			165			153
Total Capital Expenditures, Excluding Capitalized Internal Costs					1,116			545			571				2,014			435			509			1,070			489			581
Capitalized Directly Attributable Internal Costs
USA Operations
	Permian				46			22			24				83			20			21			42			19			23
	Anadarko (1)				3			-			3				23			6			5			12			6			6
	Other (2)				-			-			-				1			(1	)		-			2			1			1
Total USA Operations					49			22			27				107			25			26			56			26			30
Canadian Operations
	Montney				12			6			6				22			5			7			10			5			5
	Other (2)				-			-			-				-			-			-			-			-			-
Total Canadian Operations					12			6			6				22			5			7			10			5			5
Total Capitalized Directly Attributable Internal Costs					61			28			33				129			30			33			66			31			35
Total Capital Expenditures
USA Operations
	Permian				693			327			366				1,219			285			319			615			265			350
	Anadarko (1)				53			3			50				293			26			95			172			83			89
	Other (2)				2			1			1				25			2			2			21			2			19
Total USA Operations					748			331			417				1,537			313			416			808			350			458
Canadian Operations
	Montney				426			242			184				605			152			126			327			171			156
	Other (2)				3			-			3				1			-			-			1			(1	)		2
Total Canadian Operations					429			242			187				606			152			126			328			170			158
Corporate & Other					2			1			1				4			-			2			2			1			1
Total Capital Expenditures					1,179			574			605				2,147			465			544			1,138			521			617
Net Acquisitions & (Divestitures)					(2,808	)		(2,808	)		-				610			250			(57	)		417			(9	)		426
Net Capital Investment					(1,629	)		(2,234	)		605				2,757			715			487			1,555			512			1,043

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

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

Ovintiv Inc. 11 Supplemental Information (prepared in US$)

Second quarter report

for the period ended June 30, 2026

Supplemental Oil and Gas Operating Statistics (unaudited)

Results by Play (continued)

				2026										2025
				Year-to- date			Q2			Q1				Year			Q4			Q3			Q2 Year- to-Date			Q2			Q1
														`
Drilling Activity (net wells drilled)
USA Operations
	Permian				65			35			30				117			30			30			57			21			36
	Anadarko (1)				4			1			3				33			4			7			22			15			7
	Other (2)				-			-			-				1			-			-			1			-			1
Total USA Operations					69			36			33				151			34			37			80			36			44
Canadian Operations
	Montney				62			33			29				80			20			20			40			19			21
Total Canadian Operations					62			33			29				80			20			20			40			19			21
Total					131			69			62				231			54			57			120			55			65
Completions Activity (net wells on production)
USA Operations
	Permian				72			38			34				136			30			30			76			23			53
	Anadarko (1)				6			-			6				37			2			14			21			11			10
Total USA Operations					78			38			40				173			32			44			97			34			63
Canadian Operations
	Montney				66			40			26				96			20			19			57			39			18
Total Canadian Operations					66			40			26				96			20			19			57			39			18
Total					144			78			66				269			52			63			154			73			81

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

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

Ovintiv Inc. 12 Supplemental Information (prepared in US$)

Ovintiv Inc.

Non-GAAP Definitions and Reconciliations

(unaudited)

For the period ended June 30, 2026

U.S. Dollar / U.S. Protocol

For the period ended June 30, 2026

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

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

Non-GAAP Cash Flow											Q2 2026				YTD 2026
Cash From (Used in) Operating Activities										$		1,632		$		2,688
Deduct (Add back):
		Net change in other assets and liabilities										(4	)			(18	)
		Net change in non-cash working capital										380				211
Non-GAAP Cash Flow										$		1,256		$		2,495
Per Share - Basic										$		4.49		$		9.10
Per Share - Diluted												4.46				9.10
Non-GAAP Free Cash Flow
Non-GAAP Cash Flow										$		1,256		$		2,495
Deduct:
		Capital expenditures										574				1,179
Non-GAAP Free Cash Flow										$		682		$		1,316

Non-GAAP Adjusted Earnings - is defined as Net Earnings (Loss) excluding non-cash items that management believes reduces the comparability of the Company’s financial performance between periods. These items may include, but are not limited to, unrealized gains/losses on risk management, impairments, non-operating foreign exchange gains/losses, and gains/losses on divestitures. Income taxes includes adjustments to normalize the effect of income taxes calculated using the estimated annual effective income tax rate. In addition, valuation allowances and the effect of non-recurring discrete transactions are excluded in the calculation of income taxes.

Non-GAAP Adjusted Earnings											Q2 2026				YTD 2026
Net Earnings (Loss) Before Income Tax										$		539		$		(288	)
Before-tax (Addition) Deduction:
		Unrealized gains (losses) on risk management										190				137
		Impairments										-				(1,485	)
		Non-operating foreign exchange gain (loss)										(31	)			(29	)
		Gain (loss) on divestitures										(337	)			(337	)
Adjusted Earnings (Loss) Before Income Tax												717				1,426
		Income tax expense (recovery)										226				398
Non-GAAP Adjusted Earnings										$		491		$		1,028
Per Share - Basic										$		1.75		$		3.75
Per Share - Diluted												1.74				3.75

Ovintiv Inc. 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													YTD 2026
Long-Term Debt, Including Current Portion												$		3,695
Total Shareholders’ Equity														11,499
Capitalization												$		15,194
Debt to Capitalization													24%

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

Debt to Adjusted Capitalization													YTD 2026
Long-Term Debt, Including Current Portion												$		3,695
Total Shareholders’ Equity														11,499
Equity Adjustment for Impairments at December 31, 2011														7,746
Adjusted Capitalization												$		22,940
Debt to Adjusted Capitalization													16%

EBITDA, Debt to EBITDA, Adjusted EBITDA and Debt to Adjusted EBITDA (Leverage Ratio/Target) - EBITDA is defined as trailing 12-month net earnings (loss) before income taxes, DD&A, and interest. Adjusted EBITDA is defined as EBITDA adjusted for impairments, accretion of asset retirement obligation, unrealized gains/losses on risk management, foreign exchange gains/losses, gains/losses on divestitures and other gains/losses. Debt to EBITDA and Debt to Adjusted EBITDA are non-GAAP measures monitored by management as an indicator of the Company’s overall financial strength.

					Q3 2025				Q4 2025				Q1 2026				Q2 2026				Trailing 12- Months
Long-Term Debt, Including Current Portion																				$		3,695
Net Earnings (Loss)				$		148		$		946		$		(630	)	$		456		$		920
Add back (deduct):
		Depreciation, depletion and amortization				545				533				561				519				2,158
		Interest				91				93				104				100				388
		Income tax expense (recovery)				44				(574	)			(197	)			83				(644	)
EBITDA				$		828		$		998		$		(162	)	$		1,158		$		2,822
Debt to EBITDA (times)																						1.3

					Q3 2025				Q4 2025				Q1 2026				Q2 2026				Trailing 12- Months
Long-Term Debt, Including Current Portion																				$		3,695
Net Earnings (Loss)				$		148		$		946		$		(630	)	$		456		$		920
Add back (deduct):
		Depreciation, depletion and amortization				545				533				561				519				2,158
		Impairments				141				49				1,485				-				1,675
		Accretion of asset retirement obligation				7				7				7				7				28
		Interest				91				93				104				100				388
		Unrealized (gains) losses on risk management				20				(18	)			53				(190	)			(135	)
		Foreign exchange (gain) loss, net				(7	)			6				(2	)			23				20
		(Gain) loss on divestitures, net				-				-				-				337				337
		Other (gains) losses, net				(3	)			(35	)			(29	)			(5	)			(72	)
		Income tax expense (recovery)				44				(574	)			(197	)			83				(644	)
Adjusted EBITDA				$		986		$		1,007		$		1,352		$		1,330		$		4,675
Debt to Adjusted EBITDA (times)																						0.8

Ovintiv Inc. 2 Non-GAAP Definitions and Reconciliations

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

Net Debt													YTD 2026
Long-Term Debt, Including Current Portion												$		3,695
Less:
		Cash and cash equivalents												700
Net Debt												$		2,995
Adjusted EBITDA (trailing 12-months)												$		4,675
Net Debt to Adjusted EBITDA (times)														0.6

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

Ovintiv Inc. 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)
					2026									2025
(US$ millions)					Year-to- Date			Q2			Q1			Year			Q4			Q3			Q2			Q1
USA Operations
	Upstream Product Revenue (2) (3)					2,494			1,268			1,226			4,553			1,036			1,095			1,112			1,310
	Production, mineral and other taxes					142			71			71			265			49			66			67			83
	Transportation and processing					205			90			115			450			116			108			114			112
	Operating					309			133			176			692			177			173			173			169
						1,838			974			864			3,146			694			748			758			946
Canadian Operations
	Upstream Product Revenue (2) (3)					2,013			1,025			988			2,591			669			627			643			652
	Production, mineral and other taxes					18			10			8			21			5			6			6			4
	Transportation and processing					784			439			345			1,235			312			332			312			279
	Operating					99			48			51			161			41			42			42			36
						1,112			528			584			1,174			311			247			283			333
Total Operations
	Upstream Product Revenue (2) (3)					4,507			2,293			2,214			7,144			1,705			1,722			1,755			1,962
	Production, mineral and other taxes					160			81			79			286			54			72			73			87
	Transportation and processing					989			529			460			1,685			428			440			426			391
	Operating					408			181			227			853			218			215			215			205
						2,950			1,502			1,448			4,320			1,005			995			1,041			1,279
(1)		Segmented financial information per the notes to Ovintiv's financial statements and/or management's discussion and analysis.
(2)		Excludes the impact of realized gains and losses on risk management.
(3)		Excludes service revenues and certain other revenues with no associated production volumes.
Sales Volumes (1)
					2026									2025
(BOE)					Year-to- Date			Q2			Q1			Year			Q4			Q3			Q2			Q1
USA Operations						50,112,746			21,854,560			28,258,290			115,145,820			29,334,752			28,696,548			28,635,880			28,478,970
Canadian Operations						66,923,121			34,078,499			32,844,600			109,191,575			28,020,348			29,297,952			27,360,151			24,512,940
Total						117,035,867			55,933,059			61,102,890			224,337,395			57,355,100			57,994,500			55,996,031			52,991,910
(1)		Numbers may not add due to the calculation of volumes, which is based on sales volumes per day on a BOE basis times the number of days in the period.
Calculated Operating Netback, excluding the Impact of Realized Gains (Losses) on Risk Management (1)
					2026									2025
(US$/BOE)					Year-to- Date			Q2			Q1			Year			Q4			Q3			Q2			Q1
Total USA Operations
	Price					49.77			58.02			43.39			39.54			35.32			38.16			38.83			46.00
	Production, mineral and other taxes					2.83			3.25			2.51			2.30			1.67			2.30			2.34			2.91
	Transportation and processing					4.09			4.12			4.07			3.91			3.95			3.76			3.98			3.93
	Operating					6.17			6.09			6.23			6.01			6.03			6.03			6.04			5.93
	Netback					36.68			44.57			30.58			27.32			23.66			26.07			26.47			33.22
Total Canadian Operations
	Price					30.08			30.08			30.08			23.73			23.88			21.40			23.50			26.60
	Production, mineral and other taxes					0.27			0.29			0.24			0.19			0.18			0.20			0.22			0.16
	Transportation and processing					11.71			12.88			10.50			11.31			11.13			11.33			11.40			11.38
	Operating					1.48			1.41			1.55			1.47			1.46			1.43			1.54			1.47
	Netback					16.62			15.49			17.78			10.75			11.10			8.43			10.34			13.58
Total Operations
	Price					38.51			41.00			36.23			31.84			29.73			29.69			31.34			37.02
	Production, mineral and other taxes					1.37			1.45			1.29			1.27			0.94			1.24			1.30			1.64
	Transportation and processing					8.45			9.46			7.53			7.51			7.46			7.59			7.61			7.38
	Operating					3.49			3.24			3.72			3.80			3.80			3.71			3.84			3.87
Netback						25.21			26.85			23.70			19.26			17.52			17.16			18.59			24.14
(1)		May not add due to rounding. Ovintiv calculates reported netbacks using whole dollars and sales volumes. Accordingly, the calculations above may differ from the reported netbacks due to the effects of rounding both dollars and volumes.

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