Ovintiv (OVV) lifts cash returns with NuVista deal, Anadarko sale and $3B buyback

Rhea-AI Filing Summary

Ovintiv Inc. reported strong fourth quarter and full-year 2025 results while completing a major portfolio reshaping and boosting capital returns. For 2025, the company generated cash from operating activities of $3.7 billion, Non-GAAP Cash Flow of $3.8 billion and Non-GAAP Free Cash Flow of $1.6 billion after $2.1 billion of capital investment. Total production averaged 615 MBOE/d, including 209 Mbbls/d of oil and condensate and 1,862 MMcf/d of natural gas. Net earnings were $1.2 billion, or $4.78 per diluted share, including non‑cash ceiling test impairments of $703 million after tax.

In fourth quarter 2025, Ovintiv earned $946 million, or $3.70 per diluted share, and generated $508 million of Non‑GAAP Free Cash Flow on $465 million of capital spending, with production of 623 MBOE/d. The company announced the $2.7 billion acquisition of NuVista Energy, adding about 100 MBOE/d of production and significant Montney inventory, and reached an agreement to sell its Anadarko assets for $3.0 billion of cash.

For 2026, Ovintiv plans a capital program of $2.25–$2.35 billion, targeting total production of 620–645 MBOE/d with oil and condensate of 205–212 Mbbls/d. The company introduced a new shareholder return framework, committing at least 75% of 2026 Non‑GAAP Free Cash Flow to dividends and buybacks and authorizing a $3.0 billion share repurchase program. Full‑year 2025 returns were about $612 million, split between dividends and repurchases of roughly 7.8 million shares. Ovintiv ended 2025 with $4.5 billion of liquidity, Debt to EBITDA of 1.6x and Debt to Adjusted EBITDA of 1.2x, and its Board declared a quarterly dividend of $0.30 per share payable March 31, 2026.

Positive

• Higher capital returns and large buyback authorization: Ovintiv plans to return at least 75% of 2026 Non‑GAAP Free Cash Flow to shareholders and has authorized a $3.0 billion share repurchase program, a material increase from approximately $612 million of returns in 2025.
• Major portfolio upgrades with balanced M&A and divestitures: The $2.7 billion NuVista acquisition adds about 100 MBOE/d and deep Montney inventory, while the agreed $3.0 billion Anadarko asset sale brings substantial cash proceeds and further focuses the asset base.
• Strong reserve and leverage metrics: Year‑end 2025 SEC proved reserves were 2.3 billion BOE with 150% reserve replacement, while Debt to Adjusted EBITDA was 1.2x, supporting both growth and enhanced shareholder distributions.

Negative

• None.

Insights

Energy sector equity analyst

Ovintiv pairs solid 2025 cash generation with a more aggressive, FCF-driven return and portfolio strategy.

Ovintiv delivered $3.8 billion of Non‑GAAP Cash Flow and $1.6 billion of Non‑GAAP Free Cash Flow in 2025 while holding capital at $2.1 billion. Average production of 614.5 MBOE/d with low unit operating costs underpins the cash profile despite non‑cash ceiling test impairments of $920 million before tax.

Strategically, the $2.7 billion NuVista acquisition adds about 100 MBOE/d and 930 long-lateral locations in the Montney, while the Anadarko sale for $3.0 billion cash simplifies the portfolio. Year‑end SEC proved reserves of 2.3 billion BOE, 64% developed, and a replacement ratio of 150% support long reserve life.

The new framework targets at least 75% of 2026 Non‑GAAP Free Cash Flow to shareholder returns and authorizes $3.0 billion of buybacks, a step-up from 2025’s roughly $612 million. With Net Debt around $5.2 billion and Debt to Adjusted EBITDA of 1.2x at December 31, 2025, balance sheet capacity appears ample for executing the plan alongside the announced asset sale and integration of NuVista.

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.

Understanding 8-K Material Events →

false000179258000017925802026-02-232026-02-23

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): February 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 February 23, 2026, Ovintiv Inc. (the “Company”) issued a news release announcing its financial and operating results for its fourth quarter and full year ended December 31, 2025. In connection with this announcement, the Company provided an earnings release and certain selected and supplemental financial information. A copy of the news release and supplemental financial information are attached as Exhibit 99.1 and 99.2 to this Current Report on Form 8-K.

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

Item 8.01 Other Events.

In its February 23, 2026 news release, the Company also announced that its Board of Directors had declared a quarterly dividend of $0.30 per share of the Company’s outstanding common stock. The dividend is payable on March 31, 2026 to holders of record at the close of business on March 13, 2026. A copy of the news release is attached as Exhibit 99.1 to this Current Report on Form 8‑K.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits

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

SIGNATURE

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

Ovintiv Inc.

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

Exhibit 99.1 news release

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

Strategic Transformation Complete, Driving Increased Shareholder Returns

Highlights:

Full Year 2025

•Generated cash from operating activities of $3.7 billion, Non-GAAP Cash Flow of $3.8 billion and Non-GAAP Free Cash Flow of $1.6 billion after capital expenditures of $2.1 billion

•Produced average total volumes of 615 thousand barrels of oil equivalent per day (“MBOE/d”), including 209 thousand barrels per day (“Mbbls/d”) of oil and condensate, 95 Mbbls/d of other NGLs (C2 to C4) and 1,862 million cubic feet per day (“MMcf/d”) of natural gas

•Returned more than $600 million to shareholders through the combination of base dividend payments and share buybacks

•Announced the acquisition of NuVista Energy Ltd., adding approximately 100 MBOE/d of production, 930 net 10,000-foot equivalent well locations, and approximately 140,000 net acres of land for approximately $2.7 billion; the acquisition closed on February 3, 2026

•Announced the planned sale of its Anadarko assets; subsequently announced in February 2026 that an agreement was reached to sell the assets for total cash proceeds of $3.0 billion

Fourth Quarter 2025

•Generated fourth quarter cash from operating activities of $954 million, Non-GAAP Cash Flow of $973 million and Non-GAAP Free Cash Flow of $508 million after capital expenditures of $465 million

•Delivered average quarterly production volumes of 623 MBOE/d, including 209 Mbbls/d of oil and condensate, 97 Mbbls/d of other NGLs and 1,905 MMcf/d of natural gas

2026 Outlook

•Announced full year 2026 capital program of approximately $2.25 to $2.35 billion, which is expected to deliver total production volumes of 620 to 645 MBOE/d, including oil and condensate volumes of 205 to 212 Mbbls/d

•Announced new shareholder return framework, which will increase 2026 shareholder returns to at least 75% of full year Non-GAAP Free Cash Flow through the combination of the base dividend and share buybacks; share buybacks are expected to commence immediately

DENVER, February 23, 2026 – Ovintiv Inc. (NYSE, TSX: OVV) (“Ovintiv” or the “Company”) today announced its fourth quarter and year-end 2025 financial and operating results. The Company plans to hold a conference call and webcast at 8:00 a.m. MT (10:00 a.m. ET) on February 24, 2026. Please see dial-in details within this release, as well as additional details on the Company's website at www.ovintiv.com under Presentations and Events – Ovintiv.

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

Full Year 2025 Financial and Operating Results

•The Company recorded full year net earnings of $1.2 billion, or $4.78 per share diluted, including non-cash ceiling test impairments of $703 million, after tax, or $2.71 per share diluted.

•Full year net gains on risk management in revenues totaled $172 million, before tax.

Ovintiv Inc. 1

•Full year capital investment of $2,147 million was in line with the full year 2025 guidance range of approximately $2,125 million to $2,175 million.

•Full year upstream operating expense was $3.80 per barrel of oil equivalent ("BOE"). Upstream transportation and processing costs were $7.51 per BOE. Production, mineral and other taxes were $1.27 per BOE, or 4.0% of upstream product revenue. These costs were at the low end of guidance on a combined basis.

•Including the impact of hedges, full year average realized price for oil and condensate was $64.48 per barrel (99% of WTI), $18.94 per barrel for other NGLs, and $2.54 per Mcf (74% of NYMEX) for natural gas, resulting in a total average realized price of $32.59 per BOE.

Fourth Quarter 2025 Financial and Operating Results

•Fourth quarter net earnings totaled $946 million, or $3.70 per share diluted, including non-cash ceiling test impairments of $38 million, after tax, or $0.15 per share diluted.

•Fourth quarter net gains on risk management in revenues totaled $75 million, before tax.

•Fourth quarter capital investment of $465 million was in line with the guidance range of approximately $440 million to $490 million.

•Fourth quarter upstream operating expense was $3.80 per BOE. Upstream transportation and processing costs were $7.47 per BOE. Production, mineral and other taxes were $0.94 per BOE, or 3.2% of upstream product revenue. These costs were at the low end of guidance on a combined basis.

•Including the impact of hedges, fourth quarter average realized price for oil and condensate was $59.55 per barrel (101% of WTI), $17.44 per barrel for other NGLs, and $2.65 per Mcf (75% of NYMEX) for natural gas, resulting in a total average realized price of $30.74 per BOE.

2026 Guidance

The Company issued the following 2026 guidance:

2026 Guidance (1)	1Q 2026 (2)	Post-Anadarko Sale Close Quarterly Run-Rate	Full Year 2026
Total Production (MBOE/d)	660 – 680	610 – 635	620 – 645
Oil & Condensate (Mbbls/d)	220 – 225	202 – 208	205 – 212
NGLs (C2 to C4) (Mbbls/d)	96 – 100	75 – 80	80 – 85
Natural Gas (MMcf/d)	2,075 – 2,125	2,000 – 2,100	2,000 – 2,100
Capital Investment ($ Millions)	$600 – $650	$540 – $590	$2,250 – $2,350

1.Assumes the Anadarko disposition closes April 1, 2026.

2.Includes volumes associated with the NuVista transaction following closing of the acquisition on February 3, 2026.

New Shareholder Return Framework

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

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

Continued Balance Sheet Focus

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

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

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

Ovintiv Inc. 2

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

Dividend Declared

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

Asset Highlights

Permian

Permian production averaged 219 MBOE/d (79% liquids) in the fourth quarter and 215 MBOE/d for the year. TheCompany had 30 net wells turned in line (“TIL”) in the quarter and 136 TILs for the year. In 2026, Ovintiv plans to invest approximately $1.325 billion to $1.375 billion in the play to run approximately 5 rigs and bring on 125 to 135 net wells. 2026 oil and condensate production is expected to average 117 to 123 Mbbls/d and natural gas production is expected to average 270 to 295 MMcf/d.

Montney

Montney production averaged 305 MBOE/d (25% liquids) in the fourth quarter and 299 MBOE/d for the year. The Company had 20 net wells TIL in the quarter and 96 TILs for the year. In 2026, Ovintiv plans to invest approximately $875 million to $925 million to run approximately 6 rigs and bring on 130 to 140 net wells. 2026 oil and condensate production is expected to average 80 to 84 Mbbls/d and natural gas production is expected to average 1.7 to 1.8 Bcf/d.

Year-End 2025 Reserves

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

For additional information, please refer to the Fourth Quarter and Year-end 2025 Results Presentation available on Ovintiv's website, www.ovintiv.com under Presentations and Events – Ovintiv. Supplemental Information, and Non-GAAP Definitions and Reconciliations, are available on Ovintiv's website under Financial Documents Library.

Conference Call Information

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

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

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

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

Ovintiv Inc. 3

Capital Investment and Production

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

(1) Including capitalized directly attributable internal costs.

Financial Summary

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

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

(2) Including capitalized directly attributable internal costs.

Ovintiv Inc. 4

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

(for the period ended December 31)	4Q 2025	4Q 2024	2025	2024
Liquids ($/bbl)
WTI	59.14	70.27	64.81	75.72
Realized Liquids Prices
Oil	61.89	67.93	66.42	73.35
NGLs – Plant Condensate	54.69	65.81	60.32	68.24
Oil & Plant Condensate	59.55	67.50	64.48	72.31
NGLs – Other	17.44	20.88	18.94	19.70
Total NGLs	32.76	35.34	36.03	35.28
Natural Gas
NYMEX ($/MMBtu)	3.55	2.79	3.43	2.27
Realized Natural Gas Price ($/Mcf)	2.65	2.42	2.54	2.17

Cost Summary

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

Debt to EBITDA (1)

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

Debt to Adjusted EBITDA (1)

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

(1)Debt to EBITDA and Debt to Adjusted EBITDA are non-GAAP measures as defined in Note 1.

Ovintiv Inc. 5

Hedge Details(1) as of February 20, 2026

Oil and Condensate Hedges ($/bbl)	1Q 2026	2Q 2026	3Q 2026	4Q 2026	1Q 2027	2Q 2027	3Q 2027	4Q 2027
WTI Fixed Price Swaps	3 Mbbls/d $63.90	4 Mbbls/d $64.48	4 Mbbls/d $64.36	4 Mbbls/d $64.42	0 -	0 -	0 -	0 -
WTI 3-Way Options Call Strike Put Strike Sold Put Strike	46 Mbbls/d $72.28 $62.04 $51.74	51 Mbbls/d $70.70 $61.28 $51.11	51 Mbbls/d $70.95 $59.31 $50.13	41 Mbbls/d $70.28 $57.29 $50.16	20 Mbbls/d $70.44 $58.67 $50.00	0 - -   -	0 - - -	0 - - -
WTI Costless Collar Ceiling Price Floor Price	0.7 Mbbls/d $70.68 $58.71	1 Mbbls/d $70.68 $58.71	1 Mbbls/d $70.68 $58.71	1 Mbbls/d $70.68 $58.71	0 - -	0 - -	0 - -	0 - -

Natural Gas Hedges ($/Mcf)	1Q 2026	2Q 2026	3Q 2026	4Q 2026	1Q 2027	2Q 2027	3Q 2027	4Q 2027
NYMEX Fixed Price Swaps	13 MMcf/d $4.07	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	500 MMcf/d $7.95 $3.33 $2.70	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	62 MMcf/d $5.27 $3.75	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	238 MMcf/d ($1.28)	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	100 MMcf/d $2.33	133 MMcf/d $2.32	152 MMcf/d $2.29	118 MMcf/d $2.31	0 -	19 MMcf/d $2.02	19 MMcf/d $2.03	6 MMcf/d $2.01
AECO Collars Call Strike Put Strike	0 - -	10 MMcf/d $2.24 $1.76	10 MMcf/d $2.24 $1.76	3 MMcf/d $2.24 $1.76	0 - -	0 - -	13 MMcf/d $2.46 $1.83	20 MMcf/d $2.46 $1.83
NuVista Cash Flow Deduct ($MM)(2)	$27	$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. 6

Important information

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

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

NI 51-101 Exemption

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

NOTE 1: Non-GAAP Measures

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

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

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

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

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

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

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

Ovintiv Inc. 7

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

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

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

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

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

Ovintiv Inc. 8

Exhibit 99.2

Ovintiv Inc.

Selected Financial Information

(unaudited)

For the year ended December 31, 2025

U.S. Dollar / U.S. Protocol

Consolidated Statement of Earnings (unaudited)

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

Consolidated Statement of Comprehensive Income (unaudited)

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

Ovintiv Inc. 1 Selected Financial Information

Consolidated Balance Sheet (unaudited)

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

Ovintiv Inc. 2 Selected Financial Information

Consolidated Statement of Cash Flows (unaudited)

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

Ovintiv Inc. 3 Selected Financial Information

Ovintiv Inc.

Supplemental Information

(unaudited)

For the year ended December 31, 2025

U.S. Dollar / U.S. Protocol

Fourth quarter report

for the year ended December 31, 2025

Supplemental Financial Information (unaudited)

Financial Results

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

(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:

			2025																2024
	(millions)		Year			Q4			Q3			Q2			Q1				Year			Q4			Q3			Q2			Q1
	Weighted Average Shares of Common Stock Outstanding
		Basic		257.2			253.3			256.2			259.0			260.4				264.6			260.3			262.1			266.2			269.7
		Diluted		259.7			255.6			258.1			260.1			260.4				267.4			260.3			264.0			268.1			272.3

(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 (2024 - 21.75 percent and 23.7 percent, respectively).

Financial Metrics

2025

2024

Year

Year

Debt to Capitalization

32%

35%

Debt to Adjusted Capitalization (1)

22%

23%

Debt to EBITDA (1)

1.6x

1.3x

Debt to Adjusted EBITDA (1)

1.2x

1.2x

(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$)

Fourth quarter report

for the year ended December 31, 2025

Supplemental Operating Information (unaudited)

Production Volumes by Product

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

Production Volumes by Segment

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

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

Fourth quarter report

for the year ended December 31, 2025

Supplemental Financial & Operating Information (unaudited)

Results of Operations

Revenues and Realized Gains (Losses) on Risk Management

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

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

(2)Includes plant condensate.

(3)Excludes realized gains or losses from other derivative contracts with no associated production volumes and foreign exchange risk management positions.

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

Fourth quarter report

for the year ended December 31, 2025

Supplemental Financial & Operating Information (unaudited)

Results of Operations (continued)

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

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

(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

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

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

Fourth quarter report

for the year ended December 31, 2025

Supplemental Oil and Gas Operating Statistics (unaudited)

Operating Statistics

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

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

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

Fourth quarter report

for the year ended December 31, 2025

Supplemental Oil and Gas Operating Statistics (unaudited)

Operating Statistics (continued)

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

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

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

Fourth quarter report

for the year ended December 31, 2025

Supplemental Oil and Gas Operating Statistics (unaudited)

Operating Statistics (continued)

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

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

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

Fourth quarter report

for the year ended December 31, 2025

Supplemental Oil and Gas Operating Statistics (unaudited)

Results by Play

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

(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$)

Fourth quarter report

for the year ended December 31, 2025

Supplemental Oil and Gas Operating Statistics (unaudited)

Results by Play (continued)

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

(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$)

Fourth quarter report

for the year ended December 31, 2025

Supplemental Oil and Gas Operating Statistics (unaudited)

Results by Play (continued)

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

(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$)

Fourth quarter report

for the year ended December 31, 2025

Supplemental Oil and Gas Operating Statistics (unaudited)

Results by Play (continued)

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

(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$)

Fourth quarter report

for the year ended December 31, 2025

Supplemental Oil and Gas Operating Statistics (unaudited)

Results by Play (continued)

			2025																2024
			Year			Q4			Q3			Q2			Q1				Year			Q4			Q3			Q2			Q1
Drilling Activity (net wells drilled)
USA Operations
	Permian			117			30			30			21			36				167			40			50			45			32
	Anadarko			33			4			7			15			7				17			4			7			6			-
	Other (1)			1			-			-			-			1				20			4			-			1			15
Total USA Operations				151			34			37			36			44				204			48			57			52			47
Canadian Operations
	Montney			80			20			20			19			21				64			18			12			13			21
Total Canadian Operations				80			20			20			19			21				64			18			12			13			21
Total				231			54			57			55			65				268			66			69			65			68
Completions Activity (net wells on production)
USA Operations
	Permian			136			30			30			23			53				135			42			32			40			21
	Anadarko			37			2			14			11			10				9			-			9			-			-
	Other (1)			-			-			-			-			-				27			-			11			7			9
Total USA Operations				173			32			44			34			63				171			42			52			47			30
Canadian Operations
	Montney			96			20			19			39			18				68			13			11			33			11
Total Canadian Operations				96			20			19			39			18				68			13			11			33			11
Total				269			52			63			73			81				239			55			63			80			41

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

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

Ovintiv Inc.

Non-GAAP Definitions and Reconciliations

(unaudited)

For the year ended December 31, 2025

U.S. Dollar / U.S. Protocol

For the year ended December 31, 2025

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

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

Non-GAAP Cash Flow											Q4 2025				YTD 2025
Cash From (Used in) Operating Activities										$		954		$		3,652
Deduct (Add back):
		Net change in other assets and liabilities										(11	)			(40	)
		Net change in non-cash working capital										(8	)			(93	)
Non-GAAP Cash Flow										$		973		$		3,785
Per Share - Basic										$		3.84		$		14.72
Per Share - Diluted												3.81				14.57
Non-GAAP Free Cash Flow
Non-GAAP Cash Flow										$		973		$		3,785
Deduct:
		Capital expenditures										465				2,147
Non-GAAP Free Cash Flow										$		508		$		1,638

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											Q4 2025				YTD 2025
Net Earnings (Loss) Before Income Tax										$		372		$		770
Before-tax (Addition) Deduction:
		Unrealized gains (losses) on risk management										18				6
		Impairments										(49	)			(920	)
		Non-operating foreign exchange gain (loss)										(1	)			85
Adjusted Earnings (Loss) Before Income Tax												404				1,599
		Income tax expense (recovery)										49				342
Non-GAAP Adjusted Earnings										$		355		$		1,257
Per Share - Basic										$		1.40		$		4.89
Per Share - Diluted												1.39				4.84

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 2025
Long-Term Debt, Including Current Portion												$		5,202
Total Shareholders’ Equity														11,195
Capitalization												$		16,397
Debt to Capitalization													32%

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

Debt to Adjusted Capitalization													YTD 2025
Long-Term Debt, Including Current Portion												$		5,202
Total Shareholders’ Equity														11,195
Equity Adjustment for Impairments at December 31, 2011														7,746
Adjusted Capitalization												$		24,143
Debt to Adjusted Capitalization													22%

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.

					Q1 2025				Q2 2025				Q3 2025				Q4 2025				YTD 2025
Long-Term Debt, Including Current Portion																				$		5,202
Net Earnings (Loss)				$		(159	)	$		307		$		148		$		946		$		1,242
Add back (deduct):
		Depreciation, depletion and amortization				545				556				545				533				2,179
		Interest				97				95				91				93				376
		Income tax expense (recovery)				(34	)			92				44				(574	)			(472	)
EBITDA				$		449		$		1,050		$		828		$		998		$		3,325
Debt to EBITDA (times)																						1.6

					Q1 2025				Q2 2025				Q3 2025				Q4 2025				YTD 2025
Long-Term Debt, Including Current Portion																				$		5,202
Net Earnings (Loss)				$		(159	)	$		307		$		148		$		946		$		1,242
Add back (deduct):
		Depreciation, depletion and amortization				545				556				545				533				2,179
		Impairments				730				-				141				49				920
		Accretion of asset retirement obligation				6				8				7				7				28
		Interest				97				95				91				93				376
		Unrealized (gains) losses on risk management				46				(54	)			20				(18	)			(6	)
		Foreign exchange (gain) loss, net				10				22				(7	)			6				31
		Other (gains) losses, net				(3	)			(5	)			(3	)			(35	)			(46	)
		Income tax expense (recovery)				(34	)			92				44				(574	)			(472	)
Adjusted EBITDA				$		1,238		$		1,021		$		986		$		1,007		$		4,252
Debt to Adjusted EBITDA (times)																						1.2

Ovintiv Inc. 2 Non-GAAP Definitions and Reconciliations

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

Net Debt													YTD 2025
Long-Term Debt, Including Current Portion												$		5,202
Less:
		Cash and cash equivalents												35
Net Debt												$		5,167

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)
			2025															2024
(US$ millions)			Year			Q4			Q3			Q2			Q1			Year			Q4			Q3			Q2			Q1
USA Operations
	Upstream Product Revenue (2) (3)			4,553			1,036			1,095			1,112			1,310			5,607			1,340			1,378			1,423			1,466
	Production, mineral and other taxes			265			49			66			67			83			319			72			82			85			80
	Transportation and processing			450			116			108			114			112			510			128			129			126			127
	Operating			692			177			173			173			169			799			190			193			205			211
				3,146			694			748			758			946			3,979			950			974			1,007			1,048
Canadian Operations
	Upstream Product Revenue (2) (3)			2,591			669			627			643			652			1,743			454			394			425			470
	Production, mineral and other taxes			21			5			6			6			4			14			3			4			4			3
	Transportation and processing			1,235			312			332			312			279			1,043			262			270			260			251
	Operating			161			41			42			42			36			109			22			36			26			25
				1,174			311			247			283			333			577			167			84			135			191
Total Operations
	Upstream Product Revenue (2) (3)			7,144			1,705			1,722			1,755			1,962			7,350			1,794			1,772			1,848			1,936
	Production, mineral and other taxes			286			54			72			73			87			333			75			86			89			83
	Transportation and processing			1,685			428			440			426			391			1,553			390			399			386			378
	Operating			853			218			215			215			205			908			212			229			231			236
				4,320			1,005			995			1,041			1,279			4,556			1,117			1,058			1,142			1,239
(1)		Segmented financial information per the notes to Ovintiv's financial statements and/or management's discussion and analysis.
(2)		Excludes the impact of realized gains and losses on risk management.
(3)		Excludes service revenues, certain other revenues and royalty adjustments with no associated production volumes.
Sales Volumes (1)
			2025															2024
(BOE)			Year			Q4			Q3			Q2			Q1			Year			Q4			Q3			Q2			Q1
USA Operations				115,145,820			29,334,752			28,696,548			28,635,880			28,478,970			126,001,722			31,667,596			32,027,500			31,141,019			31,165,771
Canadian Operations				109,191,575			28,020,348			29,297,952			27,360,151			24,512,940			88,059,600			21,638,124			22,502,832			22,919,260			20,999,433
Total				224,337,395			57,355,100			57,994,500			55,996,031			52,991,910			214,061,322			53,305,720			54,530,332			54,060,279			52,165,204
(1)		Numbers may not add due to the calculation of volumes, which is based on sales volumes per day on a BOE basis times the number of days in the period.
Calculated Operating Netback, excluding the Impact of Realized Gains (Losses) on Risk Management (1)
			2025															2024 (2)
(US$/BOE)			Year			Q4			Q3			Q2			Q1			Year			Q4			Q3			Q2			Q1
Total USA Operations
	Price			39.54			35.32			38.16			38.83			46.00			44.40			42.22			42.96			45.60			46.88
	Production, mineral and other taxes			2.30			1.67			2.30			2.34			2.91			2.53			2.27			2.56			2.73			2.57
	Transportation and processing			3.91			3.95			3.76			3.98			3.93			4.05			4.04			4.03			4.05			4.07
	Operating			6.01			6.03			6.03			6.04			5.93			6.34			6.00			6.03			6.58			6.77
	Netback			27.32			23.66			26.07			26.47			33.22			31.48			29.90			30.35			32.24			33.47
Total Canadian Operations
	Price			23.73			23.88			21.40			23.50			26.60			19.67			20.84			17.38			18.41			22.29
	Production, mineral and other taxes			0.19			0.18			0.20			0.22			0.16			0.16			0.14			0.18			0.17			0.14
	Transportation and processing			11.31			11.13			11.33			11.40			11.38			11.84			12.11			12.00			11.34			11.95
	Operating			1.47			1.46			1.43			1.54			1.47			1.24			1.02			1.60			1.13			1.19
	Netback			10.75			11.10			8.43			10.34			13.58			6.43			7.58			3.60			5.76			9.00
Total Operations
	Price			31.84			29.73			29.69			31.34			37.02			34.22			33.54			32.40			34.07			36.98
	Production, mineral and other taxes			1.27			0.94			1.24			1.30			1.64			1.56			1.41			1.58			1.65			1.59
	Transportation and processing			7.51			7.46			7.59			7.61			7.38			7.25			7.32			7.32			7.14			7.25
	Operating			3.80			3.80			3.71			3.84			3.87			4.24			3.98			4.20			4.27			4.52
Netback				19.26			17.52			17.16			18.59			24.14			21.17			20.84			19.31			21.01			23.62
(1)		May not add due to rounding. Ovintiv calculates reported netbacks using whole dollars and sales volumes. Accordingly, the calculations above may differ from the reported netbacks due to the effects of rounding both dollars and volumes.
(2)		As part of the Company's reassessment of its reporting segments (see Note 2 of the audited Consolidated Financial Statements included in Item 8 of Ovintiv's 2024 Annual Report on Form 10-K), intercompany marketing fees formerly transacted between operating segments are excluded from the Selected Financial Data table above but included in the reported netbacks. For the year ended December 31, 2024, intercompany marketing fees totaled $24 million, and for the quarterly periods presented, they ranged from $5 million to $7 million.

Ovintiv Inc. 4 Non-GAAP Definitions and Reconciliations

FAQ

How did Ovintiv (OVV) perform financially in full-year 2025?

Ovintiv generated $3.7 billion of cash from operating activities and $3.8 billion of Non-GAAP Cash Flow in 2025, yielding $1.6 billion of Non-GAAP Free Cash Flow after $2.1 billion of capital investment. Net earnings were $1.2 billion, or $4.78 per diluted share, including non-cash impairments.

What were Ovintiv’s key production and pricing metrics for 2025?

Total 2025 production averaged 614.5 MBOE/d, including 142.7 Mbbls/d of oil, 94.8 Mbbls/d of other NGLs, and 1,862 MMcf/d of natural gas. Including hedges, realized prices averaged $64.48 per barrel for oil and condensate and $2.54 per Mcf for natural gas, or $32.59 per BOE overall.

What major acquisitions or divestitures did Ovintiv (OVV) announce?

Ovintiv announced the approximately $2.7 billion acquisition of NuVista Energy, adding about 100 MBOE/d of production, 930 long-lateral locations and 140,000 net acres. It also agreed to sell its Anadarko assets for $3.0 billion in cash, assuming closing as outlined in its 2026 guidance footnotes.

How is Ovintiv changing its shareholder return framework for 2026?

For 2026, Ovintiv plans to return at least 75% of full-year Non-GAAP Free Cash Flow through base dividends and share buybacks. Longer term, the framework targets returning 50% to 100% of annual Non-GAAP Free Cash Flow, supported by a newly authorized $3.0 billion share repurchase program.

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

Ovintiv’s 2026 outlook calls for $2.25–$2.35 billion of capital investment and total production of 620–645 MBOE/d, including 205–212 Mbbls/d of oil and condensate. First-quarter 2026 guidance is higher, reflecting NuVista volumes, with lower post-Anadarko sale run-rate volumes assumed from April 1, 2026.

What is Ovintiv’s leverage and liquidity position at year-end 2025?

At December 31, 2025, Ovintiv had approximately $4.5 billion of total liquidity, including $3.5 billion of credit facilities, a $1.2 billion term credit agreement and $35 million of cash. Long-term debt including current portion was $5.2 billion, with Debt to EBITDA of 1.6x and Debt to Adjusted EBITDA of 1.2x.

Did Ovintiv (OVV) declare a dividend in connection with these results?

Ovintiv’s Board declared a quarterly dividend of $0.30 per share of common stock, payable March 31, 2026 to shareholders of record on March 13, 2026. This base dividend forms part of the company’s enhanced shareholder return framework alongside ongoing share repurchases.

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