Debt cuts, NuVista deal and cash flow define Ovintiv (OVV) Q1 2026

Rhea-AI Filing Summary

Ovintiv Inc. reported first quarter 2026 results showing strong cash generation and higher production, but a GAAP net loss driven by non‑cash impairments. The company generated cash from operating activities of $1.1 billion, Non‑GAAP Cash Flow of $1.2 billion and Non‑GAAP Free Cash Flow of $634 million on capital expenditures of $605 million.

Average production rose to about 679 MBOE/d, with liquids and gas volumes at the high end of guidance. Ovintiv closed its $2.8 billion NuVista acquisition and an Anadarko asset sale for about $2.85 billion, then redeemed $700 million of 5.65% notes, cutting Net Debt to less than $3.3 billion by April 30, 2026. The company recorded a net loss of $630 million, or $2.35 per diluted share, mainly from an after‑tax ceiling test impairment of $1.2 billion, while Non‑GAAP Adjusted Earnings were $537 million. The Board declared a quarterly dividend of $0.30 per share, payable June 30, 2026, to holders of record on June 15, 2026.

Positive

• Balance sheet de‑risking: Anadarko sale proceeds and a $700 million note redemption reduced Net Debt to less than $3.3 billion by April 30, 2026, bringing Net Debt to Adjusted EBITDA below 0.8x based on trailing EBITDA.
• Stronger cash and production base: Q1 2026 Non‑GAAP Free Cash Flow reached $634 million and total production increased to 678.9 MBOE/d from 588.3 MBOE/d in Q1 2025, while costs per BOE remained tightly controlled.

Negative

• Large non‑cash impairment and leverage metrics: Q1 2026 included $1.485 billion of impairments, driving a net loss of $630 million and lifting Debt to EBITDA to 2.4x and Debt to Adjusted EBITDA to 1.5x on a trailing 12‑month basis.

Insights

Energy equity analyst

Ovintiv pairs strong Q1 cash flow and portfolio upgrades with a non‑cash impairment-driven loss.

Ovintiv delivered solid Q1 2026 operating performance. Non‑GAAP Cash Flow rose to $1.239 billion and Non‑GAAP Free Cash Flow to $634 million, supported by total production of 678.9 MBOE/d, up from 588.3 MBOE/d in Q1 2025, and realized prices that stayed relatively resilient.

Strategically, the company closed the $2.8 billion NuVista acquisition and sold Anadarko assets for about $2.85 billion, then redeemed $700 million of 5.65% notes. Net Debt fell to less than $3.3 billion by April 30, 2026 and Net Debt to Adjusted EBITDA was under 0.8x based on trailing EBITDA, reinforcing balance sheet strength.

The headline Q1 net loss of $630 million stems mainly from a $1.2 billion after‑tax ceiling test impairment tied to weaker SEC trailing oil prices, rather than weak underlying margins. Investors will likely focus on execution against 2026 guidance (620–645 MBOE/d and $2.25–$2.35 billion capital investment) and the sustainability of shareholder returns, including the $0.30 per‑share quarterly dividend, as subsequent quarters of 2026 are reported.

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

Cash from operating activities: $1.056 billion Non-GAAP Free Cash Flow: $634 million Net earnings (loss): -$630 million +5 more

8 metrics

Cash from operating activities $1.056 billion Q1 2026

Non-GAAP Free Cash Flow $634 million Q1 2026 after $605M capital expenditures

Net earnings (loss) -$630 million Q1 2026, driven by non-cash impairments

Non-GAAP Adjusted Earnings $537 million Q1 2026

Total production 678.9 MBOE/d Q1 2026 average, vs 588.3 MBOE/d in Q1 2025

NuVista acquisition value $2.8 billion Closed in Q1 2026

Anadarko asset sale proceeds $2.85 billion Cash proceeds after preliminary closing adjustments

Net Debt after portfolio actions <$3.3 billion As of April 30, 2026; Net Debt to Adjusted EBITDA <0.8x

Key Terms

Non-GAAP Free Cash Flow, Net Debt, Debt to Adjusted EBITDA, ceiling test impairments, +2 more

6 terms

Non-GAAP Free Cash Flow financial

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

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 financial

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

Net debt is the total amount a company owes after subtracting the cash and assets it has that can be used to pay off that debt. It shows how much debt is truly a burden, helping investors understand if a company is financially healthy or heavily borrowed. Think of it like calculating how much money you owe after using your savings to pay part of it.

Debt to Adjusted EBITDA financial

"Debt to Adjusted EBITDA is calculated as long-term debt, including the current portion, divided by Adjusted EBITDA."

A leverage ratio that compares a company’s total debt to its adjusted EBITDA, where adjusted EBITDA is the business’s operating profit before interest, taxes, depreciation and amortization after removing one-time or unusual items. It tells investors roughly how many years of normal operating cash flow would be needed to pay off the debt—like asking how many years of your after-tax salary it would take to clear a mortgage. Higher values mean more financial risk and can affect lending costs and investor confidence.

ceiling test impairments financial

"including non-cash ceiling test impairments of $1.2 billion, after tax, or $4.30 per share diluted"

Netback financial

"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."

Netback measures how much money a company keeps for each unit of product sold after subtracting direct selling costs such as transportation, processing and royalties, so it represents the effective cash earned per barrel, ton or unit rather than the raw market price. For investors it reveals the real profitability of production—like comparing take-home pay after taxes and commuting costs—making it easier to compare operational efficiency across companies and projects.

three-way options financial

"NYMEX 3-Way Options Call Strike Put Strike Sold Put Strike 450 MMcf/d $5.92 $3.33 $2.58"

Earnings Snapshot

Total Revenues: $2.532 billion · Guidance included

Q1 2026

Total Revenues $2.532 billion higher than Q1 2025

Net earnings (loss) -$630 million more negative than Q1 2025

Non-GAAP Adjusted Earnings $537 million higher than Q1 2025

Non-GAAP Free Cash Flow $634 million higher than Q1 2025

Total production 678.9 MBOE/d higher than Q1 2025

Guidance

For full-year 2026, Ovintiv expects average production of 620–645 MBOE/d and capital investment of $2.25–$2.35 billion.

Understanding 8-K Material Events →

0001792580false00017925802026-05-112026-05-11

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

FORM 8-K

CURRENT REPORT

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

Date of Report (Date of earliest event reported): May 11, 2026

Ovintiv Inc.

(Exact name of Registrant as Specified in Its Charter)

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

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

Not Applicable

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

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

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

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

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

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

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

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

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

Emerging growth company ☐

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

Item 2.02 Results of Operations and Financial Condition.

On May 11, 2026, Ovintiv Inc. (the “Company”) issued a news release announcing its financial and operating results for its first quarter ended March 31, 2026. In connection with this announcement, the Company provided an earnings release and certain selected and supplemental financial information. A copy of the news release and supplemental financial information are attached as Exhibit 99.1 and 99.2 to this Current Report on Form 8-K.

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

Item 8.01 Other Events.

In its May 11, 2026 news release, the Company also announced that its Board of Directors had declared a quarterly dividend of $0.30 per share of the Company’s outstanding common stock. The dividend is payable on June 30, 2026 to holders of record at the close of business on June 15, 2026. A copy of the news release is attached as Exhibit 99.1 to this Current Report on Form 8‑K.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits

Exhibit No.	Exhibit Description
Exhibit 99.1	News Release dated May 11, 2026.
Exhibit 99.2	Selected and Supplemental Financial Information.
Exhibit 104	Cover Page Interactive Data File (embedded within the Inline XBRL document).

SIGNATURE

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

Ovintiv Inc.

(Registrant)

Date:	May 11, 2026	By:	/s/ Dawna I. Gibb
			Name: Dawna I. Gibb Title: Assistant Corporate Secretary

Exhibit 99.1 news release

Ovintiv Reports First Quarter 2026 Financial and Operating Results

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

Highlights:

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

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

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

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

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

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

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

•Released the 2025 Sustainability Report on the Company’s website

DENVER, May 11, 2026 – Ovintiv Inc. (NYSE, TSX: OVV) (“Ovintiv” or the “Company”) today announced its first quarter 2026 financial and operating results. The Company plans to hold a conference call and webcast at 8:00 a.m. MT (10:00 a.m. ET) on May 12, 2026. Please see dial-in details within this release, as well as additional details on the Company's website at www.ovintiv.com under Presentations and Events – Ovintiv.

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

Ovintiv Inc. 1

First Quarter 2026 Financial and Operating Results

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

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

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

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

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

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

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

2026 Guidance

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

2026 Guidance	2Q 2026	Full Year 2026
Total Production (MBOE/d)	610 – 635	620 – 645
Oil & Condensate (Mbbls/d)	200 – 205	205 – 212
NGLs (C2 to C4) (Mbbls/d)	75 – 80	80 – 85
Natural Gas (MMcf/d)	2,000 – 2,100	2,000 – 2,100
Capital Investment ($ Millions)	$550 – $600	$2,250 – $2,350

Shareholder Returns

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

Ovintiv Inc. 2

Continued Balance Sheet Focus

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

Following the receipt of proceeds from the Anadarko disposition on April 9, 2026, Ovintiv repaid the balance under its Term Credit Agreement and the facility was terminated. The Company also redeemed its $700 million, 5.65% senior notes due May 15, 2028 on April 20, 2026. Annualized interest savings from the note redemption are expected to total approximately $40 million.

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

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

Dividend Declared

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

Asset Highlights

Permian

Permian production averaged 221 MBOE/d (79% liquids) in the first quarter with 34 net wells turned in line (“TIL”). In 2026, Ovintiv plans to invest approximately $1.325 billion to $1.375 billion in the play to run approximately 5 rigs and bring on an expected 125 to 135 net wells. 2026 oil and condensate production is expected to average 117 to 123 Mbbls/d and natural gas production is expected to average 270 to 295 MMcf/d.

Montney

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

2025 Sustainability Report Released

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

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

Ovintiv Inc. 3

Key Sustainability Highlights

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

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

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

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

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

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

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

Conference Call Information

A conference call and webcast to discuss the Company’s first quarter 2026 results will be held at 8:00 a.m. MT (10:00 a.m. ET) on May 12, 2026.

To join the conference call without operator assistance, you may register and enter your phone number at https://emportal.ink/4aQ9VDs to receive an instant automated call back. You can also dial direct to be entered to the call by an Operator. Please dial 888-510-2154 (toll-free in North America) or 437-900-0527 (international) approximately 15 minutes prior to the call.

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

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

Ovintiv Inc. 4

Capital Investment and Production

(for the period ended March 31)	1Q 2026	1Q 2025
Capital Expenditures (1) ($ millions)	605	617
Oil (Mbbls/d)	141.8	150.5
NGLs – Plant Condensate (Mbbls/d)	83.5	55.2
Oil & Plant Condensate (Mbbls/d)	225.3	205.7
NGLs – Other (Mbbls/d)	99.6	88.7
Total Liquids (Mbbls/d)	324.9	294.4
Natural gas (MMcf/d)	2,124	1,764
Total production (MBOE/d)	678.9	588.3

1) Including capitalized directly attributable internal costs.

First Quarter Financial Summary

(for the period ended March 31) ($ millions)	1Q 2026	1Q 2025
Cash From (Used In) Operating Activities Deduct (Add Back): Net change in other assets and liabilities Net change in non-cash working capital	1,056 (14) (169)	873 (11) (120)
Non-GAAP Cash Flow (1)	1,239	1,004
Non-GAAP Cash Flow (1)	1,239	1,004
Less: Capital Expenditures (2)	605	617
Non-GAAP Free Cash Flow (1)	634	387
Net Earnings (Loss) Before Income Tax Before-tax (Addition) Deduction: Unrealized gain (loss) on risk management Impairments Non-operating foreign exchange gain (loss)	(827) (53) (1,485) 2	(193) (46) (730) 87
Adjusted Earnings (Loss) Before Income Tax Income tax expense (recovery)	709 172	496 126
Non-GAAP Adjusted Earnings (1)	537	370

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

2) Including capitalized directly attributable internal costs.

Ovintiv Inc. 5

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

(for the period ended March 31)	1Q 2026	1Q 2025
Liquids ($/bbl)
WTI	71.93	71.42
Realized Liquids Prices
Oil	70.78	71.79
NGLs – Plant Condensate	69.06	66.22
Oil & Plant Condensate	70.14	70.30
NGLs – Other	18.12	23.21
Total NGLs	41.35	39.71
Natural Gas
NYMEX ($/MMBtu)	5.04	3.65
Realized Natural Gas Price ($/Mcf)	3.24	3.16

Cost Summary

(for the period ended March 31) ($/BOE)	1Q 2026	1Q 2025
Production, mineral and other taxes	1.30	1.64
Upstream transportation and processing	7.53	7.36
Upstream operating	3.71	3.89
Administrative, excluding long-term incentive, restructuring, transaction and legal costs	1.31	1.36

Debt to EBITDA (1)

($ millions, except as indicated)	March 31, 2026	December 31, 2025
Long-Term Debt, including Current Portion	6,398	5,202
Net Earnings (Loss)	771	1,242
Add back (Deduct):
Depreciation, depletion and amortization	2,195	2,179
Interest	383	376
Income tax expense (recovery)	(635)	(472)
EBITDA	2,714	3,325
Debt to EBITDA (times)	2.4	1.6

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

Ovintiv Inc. 6

Debt to Adjusted EBITDA (1)

($ millions, except as indicated)	March 31, 2026	December 31, 2025
Long-Term Debt, including Current Portion	6,398	5,202
Net Earnings (Loss)	771	1,242
Add back (Deduct):
Depreciation, depletion and amortization    Impairments	2,195 1,675	2,179 920
Accretion of asset retirement obligation	29	28
Interest	383	376
Unrealized (gains) losses on risk management	1	(6)
Foreign exchange (gain) loss, net	19	31
Other (gains) losses, net	(72)	(46)
Income tax expense (recovery)	(635)	(472)
Adjusted EBITDA	4,366	4,252
Debt to Adjusted EBITDA (times)	1.5	1.2

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

Ovintiv Inc. 7

Hedge Details(1) as of March 31, 2026

Oil and Condensate Hedges ($/bbl)	2Q 2026	3Q 2026	4Q 2026	1Q 2027	2Q 2027	3Q 2027	4Q 2027
WTI Fixed Price Swaps	4 Mbbls/d $62.86	4 Mbbls/d $63.29	4 Mbbls/d $63.59	0 -	0 -	0 -	0 -
WTI 3-Way Options Call Strike Put Strike Sold Put Strike	51 Mbbls/d $70.65 $61.25 $51.08	51 Mbbls/d $70.89 $59.28 $50.10	41 Mbbls/d $70.23 $57.25 $50.13	30 Mbbls/d $75.50 $59.11 $50.00	0 - - -	0 - - -	0 - - -
WTI Collars Call Strike Put Strike	1 Mbbls/d $69.01 $57.33	1 Mbbls/d $69.01 $57.33	1 Mbbls/d $69.01 $57.33	0 - -	0 - -	0 - -	0 - -

Natural Gas Hedges ($/Mcf)	2Q 2026	3Q 2026	4Q 2026	1Q 2027	2Q 2027	3Q 2027	4Q 2027
NYMEX Fixed Price Swaps	20 MMcf/d $4.07	20 MMcf/d $4.07	20 MMcf/d $4.07	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	450 MMcf/d $5.92 $3.33 $2.58	300 MMcf/d $5.04 $3.50 $2.50	200 MMcf/d $4.49 $3.50 $2.50	200 MMcf/d $4.49 $3.50 $2.50	200 MMcf/d $4.49 $3.50 $2.50
NYMEX Collars Call Strike Put Strike	95 MMcf/d $5.27 $3.75	95 MMcf/d $5.27 $3.75	95 MMcf/d $5.27 $3.75	15 MMcf/d $4.72 $3.50	15 MMcf/d $4.72 $3.50	15 MMcf/d $4.72 $3.50	15 MMcf/d $4.72 $3.50
AECO Nominal Basis Swaps	338 MMcf/d ($1.25)	338 MMcf/d ($1.25)	338 MMcf/d ($1.25)	260 MMcf/d ($1.17)	260 MMcf/d ($1.17)	260 MMcf/d ($1.17)	260 MMcf/d ($1.17)
AECO Fixed Price Swaps	133 MMcf/d $2.31	152 MMcf/d $2.28	118 MMcf/d $2.31	100 MMcf/d $2.00	119 MMcf/d $2.00	119 MMcf/d $2.00	106 MMcf/d $2.00
AECO Collars Call Strike Put Strike	10 MMcf/d $2.19 $1.72	10 MMcf/d $2.19 $1.72	3 MMcf/d $2.19 $1.72	0 - -	0 - -	13 MMcf/d $2.40 $1.79	20 MMcf/d $2.40 $1.79
NuVista Cash Flow Deduction ($MM)(2)	$30	$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. 8

Important information

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

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

NI 51-101 Exemption

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

NOTE 1: Non-GAAP Measures

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

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

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

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

Ovintiv Inc. 9

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

•Adjusted EBITDA, Debt to EBITDA, Debt to Adjusted EBITDA (Leverage Target/Ratio) and Net Debt to Adjusted EBITDA are non-GAAP measures. EBITDA is defined as trailing 12-month net earnings (loss) before income taxes, depreciation, depletion and amortization, and interest. Adjusted EBITDA is EBITDA adjusted for impairments, accretion of asset retirement obligation, unrealized gains/losses on risk management, foreign exchange gains/losses, gains/losses on divestitures and other gains/losses. Debt to EBITDA is calculated as long-term debt, including the current portion, divided by EBITDA. Debt to Adjusted EBITDA is calculated as long-term debt, including the current portion, divided by Adjusted EBITDA. Net Debt to Adjusted EBITDA is calculated as Net Debt, divided by Adjusted EBITDA. The forecasted April 30, 2026, Net Debt to Adjusted EBITDA is calculated using Net Debt as at April 30, 2026, divided by the 12-month trailing EBITDA as at March 31, 2026. Adjusted EBITDA, Debt to EBITDA, Debt to Adjusted EBITDA and Net Debt to Adjusted EBITDA are non-GAAP measures monitored by management as indicators of the Company’s overall financial strength.

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

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

Ovintiv Inc. 10

the oil and natural gas industry generally, including impacts from war and changes to the geopolitical environment, including tariffs between the United States and Canada; and projections made in light of, and generally consistent with, the Company's historical experience and its perception of historical industry trends; and the other assumptions contained herein.

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

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

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

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

Ovintiv Inc. 11

Exhibit 99.2

Ovintiv Inc.

Interim Selected Financial Information

(unaudited)

For the period ended March 31, 2026

U.S. Dollar / U.S. Protocol

Condensed Consolidated Statement of Earnings (unaudited)

				Three Months Ended
				March 31,
(US$ millions, except per share amounts)				2026				2025
Revenues
Product and service revenues				$	2,221			$	1,965
Sales of purchased product					356				410
Gains (losses) on risk management, net					(63	)			(16	)
Sublease revenues					18				18
Total Revenues					2,532				2,377
Operating Expenses
Production, mineral and other taxes					79				87
Transportation and processing					471				398
Operating					227				205
Purchased product					344				402
Depreciation, depletion and amortization					561				545
Impairments					1,485				730
Accretion of asset retirement obligation					7				6
Administrative					112				93
Total Operating Expenses					3,286				2,466
Operating Income (Loss)					(754	)			(89	)
Other (Income) Expenses
Interest					104				97
Foreign exchange (gain) loss, net					(2	)			10
Other (gains) losses, net					(29	)			(3	)
Total Other (Income) Expenses					73				104
Net Earnings (Loss) Before Income Tax					(827	)			(193	)
Income tax expense (recovery)					(197	)			(34	)
Net Earnings (Loss)				$	(630	)		$	(159	)
Net Earnings (Loss) per Share of Common Stock
Basic				$	(2.35	)		$	(0.61	)
Diluted					(2.35	)			(0.61	)
Weighted Average Shares of Common Stock Outstanding (millions)
Basic					268.2				260.4
Diluted					268.2				260.4

Condensed Consolidated Statement of Comprehensive Income (unaudited)

				Three Months Ended
				March 31,
(US$ millions)				2026				2025
Net Earnings (Loss)				$	(630	)		$	(159	)
Other Comprehensive Income (Loss), Net of Tax
Foreign currency translation adjustment					(86	)			8
Pension and other post-employment benefit plans					(1	)			(1	)
Other Comprehensive Income (Loss)					(87	)			7
Comprehensive Income (Loss)				$	(717	)		$	(152	)

Ovintiv Inc. 1 Selected Financial Information

Condensed Consolidated Balance Sheet (unaudited)

				As at				As at
				March 31,				December 31,
(US$ millions)				2026				2025
Assets
Current Assets
Cash and cash equivalents				$	26			$	35
Accounts receivable and accrued revenues (net of allowances
of $6 million (2025: $6 million))					1,481				1,128
Investment in marketable securities					-				245
Risk management					226				86
Income tax receivable					81				29
					1,814				1,523
Property, Plant and Equipment, at cost:
Oil and natural gas properties, based on full cost accounting
Proved properties					73,069				70,133
Unproved properties					814				434
Other					972				864
Property, plant and equipment					74,855				71,431
Less: Accumulated depreciation, depletion and amortization					(58,926	)			(57,187	)
Property, plant and equipment, net					15,929				14,244
Other Assets					1,373				1,299
Risk Management					180				4
Deferred Income Taxes					155				744
Goodwill					2,843				2,576
				$	22,294			$	20,390
Liabilities and Shareholders’ Equity
Current Liabilities
Accounts payable and accrued liabilities				$	1,925			$	1,861
Current portion of operating lease liabilities					129				117
Income tax payable					41				5
Risk management					241				2
Current portion of long-term debt					877				810
					3,213				2,795
Long-Term Debt					5,521				4,392
Operating Lease Liabilities					1,169				1,105
Other Liabilities and Provisions					224				100
Risk Management					-				13
Asset Retirement Obligation					427				388
Deferred Income Taxes					182				402
					10,736				9,195
Shareholders’ Equity
Share capital - authorized 775 million shares of stock
2026 issued and outstanding: 282.7 million shares (2025: 253.3 million shares)					3				3
Paid in surplus					8,944				7,779
Retained earnings					1,725				2,440
Accumulated other comprehensive income					886				973
Total Shareholders’ Equity					11,558				11,195
				$	22,294			$	20,390

Ovintiv Inc. 2 Selected Financial Information

Condensed Consolidated Statement of Cash Flows (unaudited)

				Three Months Ended
				March 31,
(US$ millions)				2026				2025
Operating Activities
Net earnings (loss)				$	(630	)		$	(159	)
Depreciation, depletion and amortization					561				545
Impairments					1,485				730
Accretion of asset retirement obligation					7				6
Deferred income taxes					(210	)			(77	)
Unrealized (gain) loss on risk management					53				46
Unrealized foreign exchange (gain) loss					(1	)			(45	)
Foreign exchange (gain) loss on settlements					(1	)			(42	)
Other					(25	)			-
Net change in other assets and liabilities					(14	)			(11	)
Net change in non-cash working capital					(169	)			(120	)
Cash From (Used in) Operating Activities					1,056				873
Investing Activities
Capital expenditures					(605	)			(617	)
Acquisitions					(7	)			(2,310	)
Corporate acquisition, net of cash acquired					(1,192	)			-
Proceeds from divestitures					7				1,884
Net change in investments and other					59				148
Cash From (Used in) Investing Activities					(1,738	)			(895	)
Financing Activities
Net issuance (repayment) of revolving debt					297				85
Issuance of debt under the Term Credit Agreement					1,151				-
Repayment of long-term debt					(459	)			-
Purchase of shares of common stock					(84	)			-
Dividends on shares of common stock					(85	)			(78	)
Other					(148	)			(19	)
Cash From (Used in) Financing Activities					672				(12	)
Foreign Exchange Gain (Loss) on Cash, Cash Equivalents
and Restricted Cash Held in Foreign Currency					1				-
Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash					(9	)			(34	)
Cash, Cash Equivalents and Restricted Cash, Beginning of Year					35				42
Cash, Cash Equivalents and Restricted Cash, End of Period				$	26			$	8
Cash, End of Period				$	23			$	7
Cash Equivalents, End of Period					3				1
Restricted Cash, End of Period					-				-
Cash, Cash Equivalents and Restricted Cash, End of Period				$	26			$	8

Ovintiv Inc. 3 Selected Financial Information

Ovintiv Inc.

Interim Supplemental Information

(unaudited)

For the period ended March 31, 2026

U.S. Dollar / U.S. Protocol

First quarter report

for the period ended March 31, 2026

Supplemental Financial Information (unaudited)

Financial Results

						2026				2025
(US$ millions, unless otherwise specified)						Q1				Year			Q4			Q3			Q2			Q1
Net Earnings (Loss)							(630	)			1,242			946			148			307			(159	)
	Per share - basic (1)						(2.35	)			4.83			3.73			0.58			1.19			(0.61	)
	Per share - diluted (1)						(2.35	)			4.78			3.70			0.57			1.18			(0.61	)
Non-GAAP Adjusted Earnings (2)							537				1,257			355			267			265			370
	Per share - basic (1)						2.00				4.89			1.40			1.04			1.02			1.42
	Per share - diluted (1)						2.00				4.84			1.39			1.03			1.02			1.42
Non-GAAP Cash Flow (3)							1,239				3,785			973			895			913			1,004
	Per share - basic (1)						4.62				14.72			3.84			3.49			3.53			3.86
	Per share - diluted (1)						4.62				14.57			3.81			3.47			3.51			3.86
Foreign Exchange Rates (C$ per US$1)
	Average						1.372				1.398			1.395			1.377			1.384			1.435
	Period end						1.394				1.371			1.371			1.392			1.364			1.438
Non-GAAP Adjusted Earnings Summary
Net Earnings (Loss) Before Income Tax							(827	)			770			372			192			399			(193	)
Before-tax (Addition) Deduction:
	Unrealized gain (loss) on risk management						(53	)			6			18			(20	)		54			(46	)
	Impairments						(1,485	)			(920	)		(49	)		(141	)		-			(730	)
	Non-operating foreign exchange gain (loss)						2				85			(1	)		2			(3	)		87
Adjusted Earnings (Loss) Before Income Tax							709				1,599			404			351			348			496
	Income tax expense (recovery) (4)						172				342			49			84			83			126
Non-GAAP Adjusted Earnings (2)							537				1,257			355			267			265			370
Non-GAAP Cash Flow Summary
Cash From (Used in) Operating Activities							1,056				3,652			954			812			1,013			873
(Add back) Deduct:
	Net change in other assets and liabilities						(14	)			(40	)		(11	)		(7	)		(11	)		(11	)
	Net change in non-cash working capital						(169	)			(93	)		(8	)		(76	)		111			(120	)
Non-GAAP Cash Flow (3)							1,239				3,785			973			895			913			1,004

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

							2026				2025
	(millions)						Q1				Year			Q4			Q3			Q2			Q1
	Weighted Average Shares of Common Stock Outstanding
		Basic						268.2				257.2			253.3			256.2			259.0			260.4
		Diluted						268.2				259.7			255.6			258.1			260.1			260.4

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

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

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

Financial Metrics

2026

2025

Q1

Year

Debt to Capitalization

36%

32%

Debt to Adjusted Capitalization (1)

25%

22%

Debt to EBITDA (1)

2.4x

1.6x

Debt to Adjusted EBITDA (1)

1.5x

1.2x

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

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

First quarter report

for the period ended March 31, 2026

Supplemental Operating Information (unaudited)

Production Volumes by Product

										2026				2025
(average)		% of Oil & NGLs								Q1				Year			Q4			Q3			Q2			Q1
	Oil (Mbbls/d)							43			141.8				142.7			140.9			137.6			142.0			150.5
	NGLs - Plant Condensate (Mbbls/d)							26			83.5				66.7			67.8			74.2			69.2			55.2
Oil & Plant Condensate (Mbbls/d)								69			225.3				209.4			208.7			211.8			211.2			205.7
	Butane (Mbbls/d)							8			26.1				23.2			23.7			23.6			23.3			22.2
	Propane (Mbbls/d)							12			39.1				36.0			37.0			37.4			36.3			33.1
	Ethane (Mbbls/d)							11			34.4				35.6			36.5			36.7			35.9			33.4
NGLs - Other (Mbbls/d)								31			99.6				94.8			97.2			97.7			95.5			88.7
Oil & NGLs (Mbbls/d)								100			324.9				304.2			305.9			309.5			306.7			294.4
Natural Gas (MMcf/d)											2,124				1,862			1,905			1,925			1,851			1,764
Total (MBOE/d)											678.9				614.5			623.4			630.4			615.3			588.3

Production Volumes by Segment

								2026				2025
(average)								Q1				Year			Q4			Q3			Q2			Q1
Oil (Mbbls/d)
	USA Operations								141.2				142.3			140.4			137.0			141.6			150.3
	Canadian Operations								0.6				0.4			0.5			0.6			0.4			0.2
									141.8				142.7			140.9			137.6			142.0			150.5
NGLs - Plant Condensate (Mbbls/d)
	USA Operations								11.3				11.3			11.7			11.7			11.4			10.3
	Canadian Operations								72.2				55.4			56.1			62.5			57.8			44.9
									83.5				66.7			67.8			74.2			69.2			55.2
Oil & Plant Condensate (Mbbls/d)
	USA Operations								152.5				153.6			152.1			148.7			153.0			160.6
	Canadian Operations								72.8				55.8			56.6			63.1			58.2			45.1
									225.3				209.4			208.7			211.8			211.2			205.7
NGLs - Other (Mbbls/d)
	USA Operations								74.8				76.0			78.8			77.9			76.8			70.4
	Canadian Operations								24.8				18.8			18.4			19.8			18.7			18.3
									99.6				94.8			97.2			97.7			95.5			88.7
NGLs - Total (Mbbls/d)
	USA Operations								86.1				87.3			90.5			89.6			88.2			80.7
	Canadian Operations								97.0				74.2			74.5			82.3			76.5			63.2
									183.1				161.5			165.0			171.9			164.7			143.9
Oil & NGLs (Mbbls/d)
	USA Operations								227.3				229.6			230.9			226.6			229.8			231.0
	Canadian Operations								97.6				74.6			75.0			82.9			76.9			63.4
									324.9				304.2			305.9			309.5			306.7			294.4
Natural Gas (MMcf/d)
	USA Operations								520				515			528			512			508			510
	Canadian Operations								1,604				1,347			1,377			1,413			1,343			1,254
									2,124				1,862			1,905			1,925			1,851			1,764
Total (MBOE/d)
	USA Operations								314.0				315.3			318.8			311.9			314.7			315.9
	Canadian Operations								364.9				299.2			304.6			318.5			300.6			272.4
									678.9				614.5			623.4			630.4			615.3			588.3

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

First quarter report

for the period ended March 31, 2026

Supplemental Financial & Operating Information (unaudited)

Results of Operations

Revenues and Realized Gains (Losses) on Risk Management

						2026				2025
(US$ millions)						Q1				Year			Q4			Q3			Q2			Q1
USA Operations
Revenues, excluding Realized Gains (Losses) on Risk Management (1)
	Oil						923				3,413			772			835			831			975
	NGLs (2)						162				693			162			164			177			190
	Natural Gas						141				447			102			96			104			145
							1,226				4,553			1,036			1,095			1,112			1,310
Realized Gains (Losses) on Risk Management (3)
	Oil						(23	)			40			27			4			9			-
	NGLs (2)						-				8			5			3			-			-
	Natural Gas						-				3			1			2			-			-
							(23	)			51			33			9			9			-
Canadian Operations
Revenues, excluding Realized Gains (Losses) on Risk Management (1)
	Oil						5				10			3			3			2			2
	NGLs (2)						523				1,422			329			403			367			323
	Natural Gas						460				1,159			337			221			274			327
							988				2,591			669			627			643			652
Realized Gains (Losses) on Risk Management (3)
	Oil						-				-			-			-			-			-
	NGLs (2)						(5	)			-			-			-			-			-
	Natural Gas						18				115			24			37			24			30
							13				115			24			37			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$)

First quarter report

for the period ended March 31, 2026

Supplemental Financial & Operating Information (unaudited)

Results of Operations (continued)

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

						2026				2025
(US$/BOE)						Q1				Year			Q4			Q3			Q2			Q1
Total USA Operations Netback
	Price						43.41				39.54			35.32			38.17			38.81			46.02
	Production, mineral and other taxes						2.53				2.30			1.67			2.29			2.36			2.91
	Transportation and processing						4.08				3.91			3.96			3.74			4.01			3.92
	Operating						6.20				6.01			6.00			6.07			6.03			5.97
	Netback						30.60				27.32			23.69			26.07			26.41			33.22
Total Canadian Operations Netback
	Price						30.06				23.73			23.92			21.39			23.47			26.59
	Production, mineral and other taxes						0.24				0.19			0.17			0.20			0.21			0.16
	Transportation and processing						10.49				11.31			11.14			11.35			11.40			11.37
	Operating						1.56				1.48			1.50			1.39			1.56			1.46
	Netback						17.77				10.75			11.11			8.45			10.30			13.60
Total Operations Netback
	Price						36.24				31.85			29.75			29.69			31.32			37.03
	Production, mineral and other taxes						1.30				1.27			0.94			1.24			1.31			1.64
	Transportation and processing						7.53				7.51			7.47			7.59			7.62			7.36
	Operating						3.71				3.80			3.80			3.71			3.84			3.89
	Netback						23.70				19.27			17.54			17.15			18.55			24.14

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

Other Per-Unit Results

						2026				2025
(US$/BOE)						Q1				Year			Q4			Q3			Q2			Q1
Administrative Expense							1.84				1.48			1.47			1.34			1.37			1.75
Administrative Expense, Excluding Long-Term Incentive,
	Restructuring, Transaction and Legal Costs						1.31				1.26			1.32			1.17			1.19			1.36

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

First quarter report

for the period ended March 31, 2026

Supplemental Oil and Gas Operating Statistics (unaudited)

Operating Statistics

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

						2026				2025
(US$)						Q1				Year			Q4			Q3			Q2			Q1
Oil Price ($/bbl)
	USA Operations						72.62				65.66			59.82			66.23			64.50			71.79
	Canadian Operations						71.82				63.17			57.79			64.35			63.42			71.46
	Total Operations						72.62				65.65			59.81			66.22			64.50			71.79
NGLs - Plant Condensate Price ($/bbl)
	USA Operations						57.10				50.99			46.21			49.67			50.76			58.35
	Canadian Operations						71.66				62.22			56.47			62.81			62.76			68.02
	Total Operations						69.69				60.32			54.69			60.73			60.79			66.22
Oil & Plant Condensate Price ($/bbl)
	USA Operations						71.47				64.58			58.77			64.92			63.48			70.93
	Canadian Operations						71.66				62.23			56.48			62.82			62.77			68.04
	Total Operations						71.53				63.95			58.15			64.30			63.28			70.30
NGLs - Other Price ($/bbl)
	USA Operations						15.54				17.40			15.43			15.46			17.52			21.70
	Canadian Operations						25.90				23.94			23.02			22.62			21.44			28.92
	Total Operations						18.12				18.70			16.87			16.91			18.28			23.21
NGLs - Total Price ($/bbl)
	USA Operations						20.98				21.75			19.43			19.93			21.81			26.40
	Canadian Operations						59.97				52.53			48.21			53.16			52.68			56.71
	Total Operations						41.64				35.88			32.42			35.83			36.14			39.71
Oil & NGLs Price ($/bbl)
	USA Operations						53.06				48.97			43.98			47.92			48.11			55.97
	Canadian Operations						60.05				52.59			48.27			53.24			52.73			56.76
	Total Operations						55.16				49.86			45.04			49.34			49.27			56.14
Natural Gas Price ($/Mcf)
	USA Operations						3.03				2.38			2.10			2.04			2.26			3.15
	Canadian Operations						3.19				2.36			2.66			1.70			2.24			2.91
	Total Operations						3.14				2.36			2.50			1.79			2.24			2.98
Total Price ($/BOE)
	USA Operations						43.41				39.54			35.32			38.17			38.81			46.02
	Canadian Operations						30.06				23.73			23.92			21.39			23.47			26.59
	Total Operations						36.24				31.85			29.75			29.69			31.32			37.03

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

First quarter report

for the period ended March 31, 2026

Supplemental Oil and Gas Operating Statistics (unaudited)

Operating Statistics (continued)

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

						2026				2025
(US$)						Q1				Year			Q4			Q3			Q2			Q1
Oil ($/bbl)
	USA Operations						(1.84	)			0.77			2.09			0.29			0.73			-
	Canadian Operations						-				-			-			-			-			-
	Total Operations						(1.84	)			0.77			2.08			0.29			0.73			-
NGLs - Plant Condensate ($/bbl)
	USA Operations						-				-			-			-			-			-
	Canadian Operations						(0.74	)			-			-			-			-			-
	Total Operations						(0.63	)			-			-			-			-			-
Oil & Plant Condensate ($/bbl)
	USA Operations						(1.70	)			0.72			1.93			0.27			0.67			-
	Canadian Operations						(0.74	)			-			-			-			-			-
	Total Operations						(1.39	)			0.53			1.40			0.19			0.49			-
NGLs - Other ($/bbl)
	USA Operations						-				0.30			0.71			0.39			-			-
	Canadian Operations						-				-			-			-			-			-
	Total Operations						-				0.24			0.57			0.31			-			-
NGLs - Total ($/bbl)
	USA Operations						-				0.26			0.61			0.34			-			-
	Canadian Operations						(0.55	)			-			-			-			-			-
	Total Operations						(0.29	)			0.15			0.34			0.18			-			-
Oil & NGLs ($/bbl)
	USA Operations						(1.14	)			0.58			1.52			0.31			0.47			-
	Canadian Operations						(0.55	)			-			-			-			-			-
	Total Operations						(0.96	)			0.43			1.14			0.23			0.35			-
Natural Gas ($/Mcf)
	USA Operations						-				0.02			0.02			0.04			-			-
	Canadian Operations						0.12				0.23			0.19			0.29			0.20			0.26
	Total Operations						0.10				0.18			0.15			0.22			0.14			0.18
Total ($/BOE)
	USA Operations						(0.81	)			0.45			1.14			0.28			0.34			-
	Canadian Operations						0.41				1.05			0.83			1.28			0.87			1.22
	Total Operations						(0.16	)			0.74			0.99			0.79			0.59			0.56

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

First quarter report

for the period ended March 31, 2026

Supplemental Oil and Gas Operating Statistics (unaudited)

Operating Statistics (continued)

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

						2026				2025
(US$)						Q1				Year			Q4			Q3			Q2			Q1
Oil Price ($/bbl)
	USA Operations						70.78				66.43			61.91			66.52			65.23			71.79
	Canadian Operations						71.82				63.17			57.79			64.35			63.42			71.46
	Total Operations						70.78				66.42			61.89			66.51			65.23			71.79
NGLs - Plant Condensate Price ($/bbl)
	USA Operations						57.10				50.99			46.21			49.67			50.76			58.35
	Canadian Operations						70.92				62.22			56.47			62.81			62.76			68.02
	Total Operations						69.06				60.32			54.69			60.73			60.79			66.22
Oil & Plant Condensate Price ($/bbl)
	USA Operations						69.77				65.30			60.70			65.19			64.15			70.93
	Canadian Operations						70.92				62.23			56.48			62.82			62.77			68.04
	Total Operations						70.14				64.48			59.55			64.49			63.77			70.30
NGLs - Other Price ($/bbl)
	USA Operations						15.54				17.70			16.14			15.85			17.52			21.70
	Canadian Operations						25.90				23.94			23.02			22.62			21.44			28.92
	Total Operations						18.12				18.94			17.44			17.22			18.28			23.21
NGLs - Total Price ($/bbl)
	USA Operations						20.98				22.01			20.04			20.27			21.81			26.40
	Canadian Operations						59.42				52.53			48.21			53.16			52.68			56.71
	Total Operations						41.35				36.03			32.76			36.01			36.14			39.71
Oil & NGLs Price ($/bbl)
	USA Operations						51.92				49.55			45.50			48.23			48.58			55.97
	Canadian Operations						59.50				52.59			48.27			53.24			52.73			56.76
	Total Operations						54.20				50.29			46.18			49.57			49.62			56.14
Natural Gas Price ($/Mcf)
	USA Operations						3.03				2.40			2.12			2.08			2.26			3.15
	Canadian Operations						3.31				2.59			2.85			1.99			2.44			3.17
	Total Operations						3.24				2.54			2.65			2.01			2.38			3.16
Total Price ($/BOE)
	USA Operations						42.60				39.99			36.46			38.45			39.15			46.02
	Canadian Operations						30.47				24.78			24.75			22.67			24.34			27.81
	Total Operations						36.08				32.59			30.74			30.48			31.91			37.59
Total Netback ($/BOE)
	USA Operations						29.79				27.77			24.83			26.35			26.75			33.22
	Canadian Operations						18.18				11.80			11.94			9.73			11.17			14.82
	Total Operations						23.54				20.01			18.53			17.94			19.14			24.70

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

First quarter report

for the period ended March 31, 2026

Supplemental Oil and Gas Operating Statistics (unaudited)

Results by Play

							2026				2025
(average)							Q1				Year			Q4			Q3			Q2			Q1
Oil Production (Mbbls/d)
USA Operations
	Permian							119.5				118.6			116.6			113.8			118.3			126.0
	Anadarko							21.4				22.2			23.7			23.1			23.2			18.9
	Other (1)							0.3				1.5			0.1			0.1			0.1			5.4
Total USA Operations								141.2				142.3			140.4			137.0			141.6			150.3
Canadian Operations
	Montney							0.6				0.4			0.5			0.6			0.4			0.2
	Other (1)							-				-			-			-			-			-
Total Canadian Operations								0.6				0.4			0.5			0.6			0.4			0.2
Total								141.8				142.7			140.9			137.6			142.0			150.5
NGLs - Plant Condensate Production (Mbbls/d)
USA Operations
	Permian							6.0				5.9			6.0			6.0			6.1			5.3
	Anadarko							5.3				5.4			5.7			5.7			5.3			4.9
	Other (1)							-				-			-			-			-			0.1
Total USA Operations								11.3				11.3			11.7			11.7			11.4			10.3
Canadian Operations
	Montney							72.1				55.3			56.1			62.5			57.7			44.6
	Other (1)							0.1				0.1			-			-			0.1			0.3
Total Canadian Operations								72.2				55.4			56.1			62.5			57.8			44.9
Total								83.5				66.7			67.8			74.2			69.2			55.2
Oil & Plant Condensate Production (Mbbls/d)
USA Operations
	Permian							125.5				124.5			122.6			119.8			124.4			131.3
	Anadarko							26.7				27.6			29.4			28.8			28.5			23.8
	Other (1)							0.3				1.5			0.1			0.1			0.1			5.5
Total USA Operations								152.5				153.6			152.1			148.7			153.0			160.6
Canadian Operations
	Montney							72.7				55.7			56.6			63.1			58.1			44.8
	Other (1)							0.1				0.1			-			-			0.1			0.3
Total Canadian Operations								72.8				55.8			56.6			63.1			58.2			45.1
Total								225.3				209.4			208.7			211.8			211.2			205.7

(1)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$)

First quarter report

for the period ended March 31, 2026

Supplemental Oil and Gas Operating Statistics (unaudited)

Results by Play (continued)

							2026				2025
(average)							Q1				Year			Q4			Q3			Q2			Q1
NGLs - Other Production (Mbbls/d)
USA Operations
	Permian							48.6				46.6			49.7			45.9			46.3			44.5
	Anadarko							26.2				29.3			29.1			32.0			30.6			25.7
	Other (1)							-				0.1			-			-			(0.1	)		0.2
Total USA Operations								74.8				76.0			78.8			77.9			76.8			70.4
Canadian Operations
	Montney							24.8				18.8			18.4			19.8			18.7			18.3
	Other (1)							-				-			-			-			-			-
Total Canadian Operations								24.8				18.8			18.4			19.8			18.7			18.3
Total								99.6				94.8			97.2			97.7			95.5			88.7
NGLs - Total Production (Mbbls/d)
USA Operations
	Permian							54.6				52.5			55.7			51.9			52.4			49.8
	Anadarko							31.5				34.7			34.8			37.7			35.9			30.6
	Other (1)							-				0.1			-			-			(0.1	)		0.3
Total USA Operations								86.1				87.3			90.5			89.6			88.2			80.7
Canadian Operations
	Montney							96.9				74.1			74.5			82.3			76.4			62.9
	Other (1)							0.1				0.1			-			-			0.1			0.3
Total Canadian Operations								97.0				74.2			74.5			82.3			76.5			63.2
Total								183.1				161.5			165.0			171.9			164.7			143.9
Oil & NGLs Production (Mbbls/d)
USA Operations
	Permian							174.1				171.1			172.3			165.7			170.7			175.8
	Anadarko							52.9				56.9			58.5			60.8			59.1			49.5
	Other (1)							0.3				1.6			0.1			0.1			-			5.7
Total USA Operations								227.3				229.6			230.9			226.6			229.8			231.0
Canadian Operations
	Montney							97.5				74.5			75.0			82.9			76.8			63.1
	Other (1)							0.1				0.1			-			-			0.1			0.3
Total Canadian Operations								97.6				74.6			75.0			82.9			76.9			63.4
Total								324.9				304.2			305.9			309.5			306.7			294.4

(1)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$)

First quarter report

for the period ended March 31, 2026

Supplemental Oil and Gas Operating Statistics (unaudited)

Results by Play (continued)

							2026				2025
(average)							Q1				Year			Q4			Q3			Q2			Q1
Natural Gas Production (MMcf/d)
USA Operations
	Permian							281				265			279			267			263			248
	Anadarko							238				246			248			245			245			247
	Other (1)							1				4			1			-			-			15
Total USA Operations								520				515			528			512			508			510
Canadian Operations
	Montney							1,603				1,346			1,377			1,413			1,342			1,251
	Other (1)							1				1			-			-			1			3
Total Canadian Operations								1,604				1,347			1,377			1,413			1,343			1,254
Total								2,124				1,862			1,905			1,925			1,851			1,764
Total Production (MBOE/d)
USA Operations
	Permian							220.9				215.2			218.9			210.2			214.5			217.1
	Anadarko							92.5				98.0			99.7			101.6			99.9			90.7
	Other (1)							0.6				2.1			0.2			0.1			0.3			8.1
Total USA Operations								314.0				315.3			318.8			311.9			314.7			315.9
Canadian Operations
	Montney							364.6				298.9			304.5			318.4			300.3			271.6
	Other (1)							0.3				0.3			0.1			0.1			0.3			0.8
Total Canadian Operations								364.9				299.2			304.6			318.5			300.6			272.4
Total								678.9				614.5			623.4			630.4			615.3			588.3

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

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

First quarter report

for the period ended March 31, 2026

Supplemental Oil and Gas Operating Statistics (unaudited)

Results by Play (continued)

							2026				2025
(US$ millions)							Q1				Year			Q4			Q3			Q2			Q1
Capital Expenditures, Excluding Capitalized Internal Costs
USA Operations
	Permian							342				1,136			265			298			246			327
	Anadarko							47				270			20			90			77			83
	Other (1)							1				24			3			2			1			18
Total USA Operations								390				1,430			288			390			324			428
Canadian Operations
	Montney							178				583			147			119			166			151
	Other (1)							3				1			-			-			(1	)		2
Total Canadian Operations								181				584			147			119			165			153
Total Capital Expenditures, Excluding Capitalized Internal Costs								571				2,014			435			509			489			581
Capitalized Directly Attributable Internal Costs
USA Operations
	Permian							24				83			20			21			19			23
	Anadarko							3				23			6			5			6			6
	Other (1)							-				1			(1	)		-			1			1
Total USA Operations								27				107			25			26			26			30
Canadian Operations
	Montney							6				22			5			7			5			5
	Other (1)							-				-			-			-			-			-
Total Canadian Operations								6				22			5			7			5			5
Total Capitalized Directly Attributable Internal Costs								33				129			30			33			31			35
Total Capital Expenditures
USA Operations
	Permian							366				1,219			285			319			265			350
	Anadarko							50				293			26			95			83			89
	Other (1)							1				25			2			2			2			19
Total USA Operations								417				1,537			313			416			350			458
Canadian Operations
	Montney							184				605			152			126			171			156
	Other (1)							3				1			-			-			(1	)		2
Total Canadian Operations								187				606			152			126			170			158
Corporate & Other								1				4			-			2			1			1
Total Capital Expenditures								605				2,147			465			544			521			617
Net Acquisitions & (Divestitures)								-				610			250			(57	)		(9	)		426
Net Capital Investment								605				2,757			715			487			512			1,043

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

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

First quarter report

for the period ended March 31, 2026

Supplemental Oil and Gas Operating Statistics (unaudited)

Results by Play (continued)

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

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

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

Ovintiv Inc.

Non-GAAP Definitions and Reconciliations

(unaudited)

For the period ended March 31, 2026

U.S. Dollar / U.S. Protocol

For the period ended March 31, 2026

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

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

Non-GAAP Cash Flow											YTD 2026
Cash From (Used in) Operating Activities										$		1,056
Deduct (Add back):
		Net change in other assets and liabilities										(14	)
		Net change in non-cash working capital										(169	)
Non-GAAP Cash Flow										$		1,239
Per Share - Basic										$		4.62
Per Share - Diluted												4.62
Non-GAAP Free Cash Flow
Non-GAAP Cash Flow										$		1,239
Deduct:
		Capital expenditures										605
Non-GAAP Free Cash Flow										$		634

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

Non-GAAP Adjusted Earnings											YTD 2026
Net Earnings (Loss) Before Income Tax										$		(827	)
Before-tax (Addition) Deduction:
		Unrealized gains (losses) on risk management										(53	)
		Impairments										(1,485	)
		Non-operating foreign exchange gain (loss)										2
Adjusted Earnings (Loss) Before Income Tax												709
		Income tax expense (recovery)										172
Non-GAAP Adjusted Earnings										$		537
Per Share - Basic										$		2.00
Per Share - Diluted												2.00

Ovintiv Inc. 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												$		6,398
Total Shareholders’ Equity														11,558
Capitalization												$		17,956
Debt to Capitalization													36%

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

Debt to Adjusted Capitalization													YTD 2026
Long-Term Debt, Including Current Portion												$		6,398
Total Shareholders’ Equity														11,558
Equity Adjustment for Impairments at December 31, 2011														7,746
Adjusted Capitalization												$		25,702
Debt to Adjusted Capitalization													25%

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

					Q2 2025				Q3 2025				Q4 2025				Q1 2026				Trailing 12- Months
Long-Term Debt, Including Current Portion																				$		6,398
Net Earnings (Loss)				$		307		$		148		$		946		$		(630	)	$		771
Add back (deduct):
		Depreciation, depletion and amortization				556				545				533				561				2,195
		Interest				95				91				93				104				383
		Income tax expense (recovery)				92				44				(574	)			(197	)			(635	)
EBITDA				$		1,050		$		828		$		998		$		(162	)	$		2,714
Debt to EBITDA (times)																						2.4

					Q2 2025				Q3 2025				Q4 2025				Q1 2026				Trailing 12- Months
Long-Term Debt, Including Current Portion																				$		6,398
Net Earnings (Loss)				$		307		$		148		$		946		$		(630	)	$		771
Add back (deduct):
		Depreciation, depletion and amortization				556				545				533				561				2,195
		Impairments				-				141				49				1,485				1,675
		Accretion of asset retirement obligation				8				7				7				7				29
		Interest				95				91				93				104				383
		Unrealized (gains) losses on risk management				(54	)			20				(18	)			53				1
		Foreign exchange (gain) loss, net				22				(7	)			6				(2	)			19
		Other (gains) losses, net				(5	)			(3	)			(35	)			(29	)			(72	)
		Income tax expense (recovery)				92				44				(574	)			(197	)			(635	)
Adjusted EBITDA				$		1,021		$		986		$		1,007		$		1,352		$		4,366
Debt to Adjusted EBITDA (times)																						1.5

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												$		6,398
Less:
		Cash and cash equivalents												26
Net Debt												$		6,372
Adjusted EBITDA (trailing 12-months)												$		4,366
Net Debt to Adjusted EBITDA (times)														1.5

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

Return on Capital Employed (ROCE) - ROCE is defined as Adjusted Earnings divided by Capital Employed. Adjusted Earnings is defined as trailing 12-month Non-GAAP Adjusted Earnings plus after-tax interest expense. Non-GAAP Adjusted Earnings is defined as Net Earnings (Loss) excluding non-cash items that management believes reduces the comparability of the Company’s financial performance between periods. These items may include, but are not limited to, unrealized gains/losses on risk management, impairments, non-operating foreign exchange gains/losses, and gains/losses on divestitures. Income taxes includes adjustments to normalize the effect of income taxes calculated using the estimated annual effective income tax rate. In addition, valuation allowances and the effect of non-recurring discrete transactions are excluded in the calculation of income taxes. Capital Employed is defined as average debt plus average shareholders’ equity.

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

Ovintiv Inc. 4 Non-GAAP Definitions and Reconciliations

FAQ

How did Ovintiv (OVV) perform financially in Q1 2026?

Ovintiv posted a Q1 2026 net loss of $630 million, or $2.35 per diluted share, mainly from non‑cash impairments. Underlying performance was stronger, with Non‑GAAP Adjusted Earnings of $537 million and Non‑GAAP Cash Flow of $1.239 billion supporting significant free cash generation.

What were Ovintiv’s cash flow and free cash flow in Q1 2026?

Ovintiv generated cash from operating activities of $1.056 billion in Q1 2026. After adjusting for working capital, Non‑GAAP Cash Flow was $1.239 billion. With capital expenditures of $605 million, Non‑GAAP Free Cash Flow reached $634 million, providing capacity for debt reduction and shareholder returns.

How did Ovintiv’s production change in Q1 2026 versus Q1 2025?

Total production averaged 678.9 MBOE/d in Q1 2026, up from 588.3 MBOE/d in Q1 2025. Volumes included 225.3 Mbbls/d of oil and plant condensate, 99.6 Mbbls/d of other NGLs, and 2,124 MMcf/d of natural gas, all near the top of guidance ranges.

What major portfolio moves did Ovintiv make around Q1 2026?

Ovintiv closed the NuVista Energy acquisition for approximately $2.8 billion, adding about 100 MBOE/d of production and significant well inventory and acreage. It also sold Anadarko assets for roughly $2.85 billion in cash proceeds, helping fund debt reduction and reshape the portfolio focus.

How is Ovintiv managing its debt and leverage after Q1 2026?

As of March 31, 2026, long‑term debt including current portion was $6.398 billion, with Net Debt of $6.372 billion. After the Anadarko sale and a $700 million note redemption, Net Debt fell to less than $3.3 billion by April 30, 2026, with Net Debt to Adjusted EBITDA below 0.8x.

What dividend did Ovintiv declare with its Q1 2026 results?

Ovintiv’s Board declared a quarterly dividend of $0.30 per share of common stock. The dividend is payable on June 30, 2026, to shareholders of record at the close of business on June 15, 2026, continuing the company’s shareholder return framework.

What 2026 guidance did Ovintiv provide for production and capital spending?

For full‑year 2026, Ovintiv expects average production of 620–645 MBOE/d, including 205–212 Mbbls/d of oil and condensate and 2,000–2,100 MMcf/d of natural gas. Planned capital investment is $2.25–$2.35 billion, with Q2 2026 capital projected between $550–$600 million.

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