Ovintiv Q3 2026 earnings rise to $549M from $148M

Fourth-quarter guidance assumes the Montney third-party midstream outage lasts the quarter, with total production projected at 615–640 MBOE/d.

Available on EDGAR 11/03/2026 - 05:05 PM EST Accepted by SEC EDGAR 11/03/2026 - 05:04 PM EST Learn about SEC filing dates

Rhea-AI Filing Summary

Ovintiv Inc. (OVV) reported third-quarter 2026 net earnings of $549 million, compared with $148 million in Q3 2025, and total revenues of $2.602 billion versus $2.066 billion. Cash from operating activities was $1.070 billion, versus $812 million, and non-GAAP free cash flow was $680 million, versus $351 million. Third-quarter capital investment was $563 million.

Shareholder returns were $467 million, approximately 69% of non-GAAP free cash flow, including $386 million in share repurchases and $81 million in dividends. The board declared a $0.30 quarterly dividend payable December 31, 2026, to holders of record at close of business December 15, 2026. Ovintiv maintained full-year 2026 guidance except for a modest increase in expected NGL volumes; Q4 total production guidance is 615–640 MBOE/d and capital investment is $550–$600 million, assuming the Montney third-party midstream outage persists throughout the quarter. The company announced an agreement to acquire Logan Energy Corp. for C$1.40 per share in cash, at a total transaction value of approximately $890 million (C$1.26 billion), including the assumption of Net Debt.

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Positive

• Moderate pointNet earnings were $549 million, versus $148 million in Q3 2025.
• Moderate pointTotal revenues were $2.602 billion, versus $2.066 billion in Q3 2025.
• Moderate pointCash from operating activities was $1.070 billion, versus $812 million in Q3 2025.

Negative

• None.

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, or exhibit attachments filed with this report.

Key Figures

Net Earnings: $549 million Total Revenues: $2.602 billion Cash From Operating Activities: $1.070 billion +4 more

7 metrics

Net Earnings $549 million Q3 2026; $148 million in Q3 2025

Total Revenues $2.602 billion Q3 2026; $2.066 billion in Q3 2025

Cash From Operating Activities $1.070 billion Q3 2026; $812 million in Q3 2025

Non-GAAP Free Cash Flow $680 million Q3 2026; $351 million in Q3 2025

Capital Investment $563 million Q3 2026

Quarterly Dividend $0.30 per share Payable December 31, 2026

Logan Energy Corp. Transaction Value Approximately $890 million (C$1.26 billion) Announced agreement to acquire Logan Energy Corp.

Key Terms

Non-GAAP Free Cash Flow, Net Debt to Adjusted EBITDA, WTI 3-Way Options, BOE, +1 more

5 terms

Non-GAAP Free Cash Flow financial

"Non-GAAP Free Cash Flow is a non-GAAP measure defined as"

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

Net Debt to Adjusted EBITDA financial

"Net Debt to Adjusted EBITDA (times)"

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

WTI 3-Way Options financial

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

BOE technical

"barrels of oil equivalent (BOE)"

AECO Nominal Basis Swaps financial

"AECO Nominal Basis Swaps"

Earnings Snapshot

Net Earnings: $549 million · Guidance included

Third quarter 2026

Net Earnings $549 million Compared with $148 million in Q3 2025

Total Revenues $2.602 billion Compared with $2.066 billion in Q3 2025

Cash From Operating Activities $1.070 billion Compared with $812 million in Q3 2025

Non-GAAP Free Cash Flow $680 million Compared with $351 million in Q3 2025

Guidance

Q4 2026: total production 615–640 MBOE/d; oil and condensate 203–207 Mbbls/d; NGLs (C2 to C4) 78–82 Mbbls/d; natural gas 2,000–2,100 MMcf/d; capital investment $550–$600 million. Full-year 2026: total production 630–645 MBOE/d; oil and condensate 210–212 Mbbls/d; NGLs (C2 to C4) 85–87 Mbbls/d; natural gas 2,025–2,075 MMcf/d; capital investment $2.250–$2.350 billion. Full-year guidance was maintained except for a modest increase in expected NGL volumes. Guidance assumes the ongoing third-party midstream outage in Montney persists for the full duration of Q4.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

How much did OVV earn in Q3 2026?

Ovintiv reported $549 million in net earnings, or $1.99 per diluted share, for Q3 2026. In Q3 2025, net earnings were $148 million and diluted earnings per share were $0.57.

What dividend did OVV declare and when is it payable?

Ovintiv declared a quarterly dividend of $0.30 per share, payable December 31, 2026, to holders of record at the close of business December 15, 2026.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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0001792580false00017925802026-11-032026-11-03

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): November 03, 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 November 3, 2026, Ovintiv Inc. (the “Company”) issued a news release announcing its financial and operating results for its third quarter ended September 30, 2026. In connection with this announcement, the Company provided an earnings release and certain selected and supplemental financial information. A copy of the news release and supplemental financial information are attached as Exhibit 99.1 and 99.2 to this Current Report on Form 8-K.

The information contained in this report, including Exhibits 99.1 and 99.2 attached hereto, are being furnished and, along with information contained on the Company’s website (or linked therein or otherwise connected thereto), 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 November 3, 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 December 31, 2026 to holders of record at the close of business on December 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 November 3, 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:	November 3, 2026	By:	/s/ Dawna I. Gibb
			Name: Dawna I. Gibb Title: Assistant Corporate Secretary

Exhibit 99.1 News release

Ovintiv Reports Third Quarter 2026 Financial and Operating Results

Track Record of Strong Profitability Continues, Significant Additions Made to Premium Return Drilling Inventory

Highlights:

•Generated third quarter net earnings of $549 million, cash from operating activities of $1.1 billion, Non-GAAP Cash Flow of $1.2 billion and Non-GAAP Free Cash Flow of $680 million after capital expenditures of $563 million

•Produced average third quarter volumes of 631 thousand barrels of oil equivalent per day (“MBOE/d”), including oil and condensate volumes of 204 thousand barrels per day (“Mbbls/d”), along with 83 Mbbls/d of other NGLs (C2 to C4) and 2,062 million cubic feet per day (“MMcf/d”) of natural gas

•Announced agreement to acquire Logan Energy Corp. for C$1.40 per share in cash for total transaction value of approximately $890 million (C$1.26 billion) including the assumption of Net Debt

•Completed ground game acreage acquisitions in the third quarter totaling $457 million, adding approximately 120 net well locations in Montney, and approximately 120 net well locations in Permian for an average cost of $1.3 million to $1.7 million per 10,000 foot equivalent drilling location

•Net Debt of $3.4 billion as of September 30, 2026, Net Debt to Adjusted EBITDA of 0.7x

•Returned approximately 69% ($467 million) of third quarter Non-GAAP Free Cash Flow to shareholders via share repurchases of approximately $386 million (6.3 million shares) and dividend payments of $81 million

•Full year 2026 shareholder returns expected to exceed 60% of Non-GAAP Free Cash Flow

•Maintained full year 2026 guidance, generating approximately 6% oil and condensate production per share growth over the last six months and on pace for 8% to 9% per share growth by year end

DENVER, November 3, 2026 – Ovintiv Inc. (NYSE, TSX: OVV) (“Ovintiv” or the “Company”) today announced its third quarter 2026 financial and operating results. The Company plans to hold a conference call and webcast at 8:00 a.m. MST (10:00 a.m. EST) on November 4, 2026. Please see dial-in details within this release, as well as additional details on the Company's website at www.ovintiv.com under Presentations and Events – Ovintiv.

“Our third quarter results demonstrate the ongoing commitment of our team to create value across the business, and we are on track to achieve record annual free cash flow,” said Ovintiv President and CEO, Brendan McCracken. “We have continued to enhance our drilling inventory and future growth optionality in both the Permian and the Montney at an industry leading low-cost per undeveloped location in the core of the best basins. Bolstering our positions in these two basins where we have an operating advantage and demonstrated top performance means we are set to continue delivering superior and durable returns."

Third Quarter 2026 Financial and Operating Results

•Reported third quarter net earnings of $549 million, or $1.99 per share diluted

•Recognized net gains on risk management in revenues of $27 million, before tax

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

•Third quarter average total production volumes were approximately 631 MBOE/d, including 204 Mbbls/d of oil and condensate, 83 Mbbls/d of other NGLs (C2 to C4) and 2,062 MMcf/d of natural gas

Ovintiv Inc. 1

•Third quarter capital investment of $563 million was below the midpoint of the guidance range of $550 million to $600 million

•Reported third quarter upstream operating expense of $3.43 per barrel of oil equivalent (“BOE”), upstream transportation and processing costs of $8.12 per BOE, production, mineral and other taxes of $1.03 per BOE, or 2.7% of upstream product revenue

•Excluding the impact of hedges, third quarter average realized price for oil and condensate was $84.89 per barrel (99% of WTI), $20.26 per barrel for other NGLs, and $2.45 per Mcf (83% of NYMEX) for natural gas, resulting in a total average realized price of $38.10 per BOE

•Including the impact of hedges, third quarter average realized price for oil and condensate was $80.69 per barrel (94% of WTI), $20.26 per barrel for other NGLs, and $2.70 per Mcf (92% of NYMEX) for natural gas, resulting in a total average realized price of $37.56 per BOE

2026 Guidance

The Company issued its fourth quarter 2026 guidance and maintained its full year guidance other than a modest increase to expected NGL volumes. The guidance assumes that an ongoing third-party midstream outage in the Montney persists for the full duration of the fourth quarter.

2026 Guidance	4Q 2026	Full Year 2026
Total Production (MBOE/d)	615 – 640	630 – 645
Oil & Condensate (Mbbls/d)	203 – 207	210 – 212
NGLs (C2 to C4) (Mbbls/d)	78 – 82	85 – 87
Natural Gas (MMcf/d)	2,000 – 2,100	2,025 – 2,075
Capital Investment ($ Millions)	$550 – $600	$2,250 – $2,350

Shareholder Returns

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

Third quarter shareholder returns totaled approximately $467 million, or approximately 69% of Non-GAAP Free Cash Flow, consisting of share buybacks of approximately $386 million, or approximately 6.3 million shares of common stock, and base dividend payments of approximately $81 million.

As of September 30, 2026, year-to-date shareholder returns totaled approximately $1.1 billion, or approximately 53% of Non-GAAP Free Cash Flow, consisting of share buybacks of approximately $815 million, or approximately 13.9 million shares of common stock, and base dividend payments of approximately $250 million. Ovintiv expects full year 2026 shareholder returns to total more than 60% of Non-GAAP Free Cash Flow.

Ovintiv Inc. 2

Continued Balance Sheet Focus

As of September 30, 2026, Ovintiv’s Net Debt was $3.4 billion and Net Debt to Adjusted EBITDA was approximately 0.7 times. The Company had approximately $3.8 billion in total liquidity, which included available credit facilities of $3.5 billion, available uncommitted demand lines of $141 million, and cash and cash equivalents of $176 million.

During the quarter, Ovintiv repurchased in the open market approximately $109 million in principal amount of the Company’s senior notes.

Dividend Declared

On November 3, 2026, Ovintiv’s Board declared a quarterly dividend of $0.30 per share of common stock payable on December 31, 2026, to shareholders of record as of December 15, 2026.

Asset Highlights

Permian

Permian production averaged 235 MBOE/d (77% liquids) in the third quarter with 31 net wells turned in line. Full year 2026 capital investment is expected to total approximately $1.375 billion to $1.425 billion in the play to run approximately 5 rigs and bring on an expected 130 to 140 net wells. In the fourth quarter, oil and condensate production is expected to average approximately 125 Mbbls/d to 130 Mbbls/d and natural gas production is expected to average 300 to 320 MMcf/d.

Montney

Montney production averaged 395 MBOE/d (27% liquids) in the third quarter with 28 net wells turned in line. Full year 2026 capital investment is expected to total approximately $825 million to $875 million in the play to run approximately 6 rigs and bring on an expected 120 to 130 net wells. In the fourth quarter, oil and condensate production is expected to average 75 to 80 Mbbls/d, reflecting lower volumes due to higher than originally expected royalty rates as a result of higher commodity prices, and an extended third-party midstream outage in the play, and natural gas production is expected to average 1.7 to 1.8 billion cubic feet per day (“Bcf/d”).

For additional information, please refer to the Third 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 third quarter 2026 results will be held at 8:00 a.m. MST (10:00 a.m. EST) on November 4, 2026.

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

Ovintiv Inc. 3

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

Capital Investment and Production

(for the period ended September 30)	3Q 2026	3Q 2025
Capital Expenditures (1) ($ millions)	563	544
Oil (Mbbls/d)	121.2	137.6
NGLs – Plant Condensate (Mbbls/d)	82.5	74.2
Oil & Plant Condensate (Mbbls/d)	203.7	211.8
NGLs – Other (Mbbls/d)	83.2	97.7
Total Liquids (Mbbls/d)	286.9	309.5
Natural Gas (MMcf/d)	2,062	1,925
Total Production (MBOE/d)	630.6	630.4

1) Including capitalized directly attributable internal costs.

Third Quarter Financial Summary

(for the period ended September 30) ($ millions)	3Q 2026	3Q 2025
Cash From (Used In) Operating Activities Deduct (Add Back): Net change in other assets and liabilities Net change in non-cash working capital	1,070 (12) (161)	812 (7) (76)
Non-GAAP Cash Flow (1)	1,243	895
Non-GAAP Cash Flow (1)	1,243	895
Less: Capital Expenditures (2)	563	544
Non-GAAP Free Cash Flow (1)	680	351
Net Earnings (Loss) Before Income Tax Before-tax (Addition) Deduction: Unrealized gain (loss) on risk management Impairments Non-operating foreign exchange gain (loss)	804 59 - 1	192 (20) (141) 2
Adjusted Earnings (Loss) Before Income Tax Income tax expense (recovery)	744 208	351 84
Non-GAAP Adjusted Earnings (1)	536	267

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 September 30)	3Q 2026	3Q 2025
Liquids ($/bbl)
WTI	85.79	64.93
Realized Liquids Prices
Oil	80.27	66.51
NGLs – Plant Condensate	81.31	60.73
Oil & Plant Condensate	80.69	64.49
NGLs – Other	20.26	17.22
Total NGLs	50.66	36.01
Natural Gas
NYMEX ($/MMBtu)	2.95	3.07
Realized Natural Gas Price ($/Mcf)	2.70	2.01

Cost Summary

(for the period ended September 30) ($/BOE)	3Q 2026	3Q 2025
Production, mineral and other taxes	1.03	1.24
Upstream transportation and processing	8.12	7.59
Upstream operating	3.43	3.71
Administrative, excluding long-term incentive, restructuring, transaction and legal costs	1.25	1.17

Debt to EBITDA (1)

($ millions, except as indicated)	September 30, 2026	December 31, 2025
Long-Term Debt, including Current Portion	3,588	5,202
Net Earnings (Loss)	1,321	1,242
Add back (Deduct):
Depreciation, depletion and amortization	2,163	2,179
Interest	372	376
Income tax expense (recovery)	(433)	(472)
EBITDA	3,423	3,325
Debt to EBITDA (times)	1.0	1.6

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

Ovintiv Inc. 5

Debt to Adjusted EBITDA (1)

($ millions, except as indicated)	September 30, 2026	December 31, 2025
Long-Term Debt, including Current Portion	3,588	5,202
Net Earnings (Loss)	1,321	1,242
Add back (Deduct):
Depreciation, depletion and amortization    Impairments	2,163 1,534	2,179 920
Accretion of asset retirement obligation	28	28
Interest	372	376
Unrealized (gains) losses on risk management	(214)	(6)
Foreign exchange (gain) loss, net    (Gain) loss on divestitures, net	31 337	31 -
Other (gains) losses, net	(75)	(46)
Income tax expense (recovery)	(433)	(472)
Adjusted EBITDA	5,064	4,252
Debt to Adjusted EBITDA (times)	0.7	1.2

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

Net Debt to Adjusted EBITDA (1)

($ millions, except as indicated)	September 30, 2026	December 31, 2025
Long-Term Debt, including Current Portion	3,588	5,202
Less:
Cash and cash equivalents	176	35
Net Debt	3,412	5,167
Adjusted EBITDA	5,064	4,252
Net Debt to Adjusted EBITDA (times)	0.7	1.2

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

Ovintiv Inc. 6

Hedge Details(1) as of September 30, 2026

Oil and Condensate Hedges ($/bbl)	4Q 2026	1Q 2027	2Q 2027	3Q 2027	4Q 2027
WTI Fixed Price Swaps	4 Mbbls/d $61.58	0 -	0 -	0 -	0 -
WTI 3-Way Options Call Strike Put Strike Sold Put Strike	41 Mbbls/d $70.23 $57.25 $50.13	40 Mbbls/d $85.56 $59.34 $50.00	30 Mbbls/d $101.56 $61.67 $50.00	18 Mbbls/d $101.03 $60.00 $50.00	0 - - -
WTI Collars Call Strike Put Strike	1 Mbbls/d $68.97 $57.30	0 - -	0 - -	0 - -	0 - -

Natural Gas Hedges ($/Mcf)	4Q 2026	1Q 2027	2Q 2027	3Q 2027	4Q 2027
NYMEX Fixed Price Swaps	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	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	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)	260 MMcf/d ($1.17)	260 MMcf/d ($1.17)	260 MMcf/d ($1.17)	260 MMcf/d ($1.17)
AECO Fixed Price Swaps	118 MMcf/d $2.30	100 MMcf/d $2.00	219 MMcf/d $1.78	219 MMcf/d $1.78	106 MMcf/d $2.00
AECO Collars Call Strike Put Strike	3 MMcf/d $2.18 $1.72	0 - -	0 - -	13 MMcf/d $2.40 $1.79	20 MMcf/d $2.40 $1.79
Waha Nominal Basis Swaps	50 MMcf/d ($1.98)	50 MMcf/d ($1.19)	50 MMcf/d ($1.41)	0 -	0 -
Waha Fixed Price Swaps	50 MMcf/d $1.77	0 -	0 -	0 -	0 -
NuVista Cash Flow Deduction ($MM)(2)	$24	$16	$8	$12	$10

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

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

Ovintiv Inc. 7

Important information

Ovintiv reports in U.S. dollars unless otherwise noted. Production, sales and reserves estimates are reported on an after-royalties basis, unless otherwise noted. Unless otherwise specified or the context otherwise requires, references to “Ovintiv,” “we,” “its,” “our” or to “the Company” include references 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 Exchange Commission (“SEC”), the Securities Act of 1933, the Securities and Exchange Act of 1934, the Sarbanes-Oxley Act of 2002 and the rules of the NYSE. The Decision also provides that Ovintiv is required to file all such oil and gas disclosures with the Canadian securities regulatory authorities on www.sedarplus.ca as soon as practicable after such disclosure is filed with the SEC.

NOTE 1: Non-GAAP Measures

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

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

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

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

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

Ovintiv Inc. 8

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

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

ADVISORY REGARDING FORWARD-LOOKING STATEMENTS – This news release contains forward-looking statements or information (collectively, “forward-looking statements”) within the meaning of applicable securities legislation, including Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, except for statements of historical fact, that relate to the anticipated future activities, plans, strategies, objectives or expectations of the Company, including the fourth quarter and fiscal year 2026 guidance and expected free cash flow, the presence and 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 Company’s ability to successfully integrate the Logan assets; the ability of the Company to access credit facilities and capital markets; the availability of attractive commodity or financial hedges and the enforceability of risk management programs; the Company's ability to capture and maintain gains in productivity and efficiency; the ability for the Company to generate cash returns and execute on its share buyback plan; expectations of plans, strategies and objectives of the Company, including anticipated production volumes and capital investment; the Company’s ability to manage cost inflation and expected cost structures, including expected operating, transportation, processing and labor expenses; the outlook of the oil and natural gas industry generally, including impacts from war and changes to the geopolitical environment, including tariffs between the United States and Canada; and projections made in light of, and generally consistent with, the Company's

Ovintiv Inc. 9

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. 10

Exhibit 99.2

Ovintiv Inc.

Interim Selected Financial Information

(unaudited)

For the period ended September 30, 2026

U.S. Dollar / U.S. Protocol

Condensed Consolidated Statement of Earnings (unaudited)

				Three Months Ended								Nine Months Ended
				September 30,								September 30,
(US$ millions, except per share amounts)				2026				2025				2026				2025
Revenues
Product and service revenues				$	2,215			$	1,731			$	6,733			$	5,460
Sales of purchased product					343				289				1,274				1,149
Gains (losses) on risk management, net					27				26				86				97
Sublease revenues					17				20				54				55
Total Revenues					2,602				2,066				8,147				6,761
Operating Expenses
Production, mineral and other taxes					59				72				219				232
Transportation and processing					481				452				1,492				1,285
Operating					201				220				611				644
Purchased product					333				278				1,240				1,120
Depreciation, depletion and amortization					550				545				1,630				1,646
Impairments					-				141				1,485				871
Accretion of asset retirement obligation					7				7				21				21
Administrative					94				78				332				247
Total Operating Expenses					1,725				1,793				7,030				6,066
Operating Income (Loss)					877				273				1,117				695
Other (Income) Expenses
Interest					75				91				279				283
Foreign exchange (gain) loss, net					4				(7	)			25				25
(Gain) loss on divestitures, net					-				-				337				-
Other (gains) losses, net					(6	)			(3	)			(40	)			(11	)
Total Other (Income) Expenses					73				81				601				297
Net Earnings (Loss) Before Income Tax					804				192				516				398
Income tax expense (recovery)					255				44				141				102
Net Earnings (Loss)				$	549			$	148			$	375			$	296
Net Earnings (Loss) per Share of Common Stock
Basic				$	2.01			$	0.58			$	1.37			$	1.14
Diluted					1.99				0.57				1.36				1.13
Weighted Average Shares of Common Stock Outstanding (millions)
Basic					273.2				256.2				273.8				258.6
Diluted					275.4				258.1				276.4				260.8

Condensed Consolidated Statement of Comprehensive Income (unaudited)

				Three Months Ended								Nine Months Ended
				September 30,								September 30,
(US$ millions)				2026				2025				2026				2025
Net Earnings (Loss)				$	549			$	148			$	375			$	296
Other Comprehensive Income (Loss), Net of Tax
Foreign currency translation adjustment					5				(73	)			(180	)			129
Pension and other post-employment benefit plans					(1	)			(1	)			(3	)			(3	)
Other Comprehensive Income (Loss)					4				(74	)			(183	)			126
Comprehensive Income (Loss)				$	553			$	74			$	192			$	422

Ovintiv Inc. 1 Selected Financial Information

Condensed Consolidated Balance Sheet (unaudited)

				As at				As at
				September 30,				December 31,
(US$ millions)				2026				2025
Assets
Current Assets
Cash and cash equivalents				$	176			$	35
Accounts receivable and accrued revenues (net of allowances
of $6 million (2025: $6 million))					1,469				1,128
Investment in marketable securities					-				245
Risk management					248				86
Income tax receivable					27				29
					1,920				1,523
Property, Plant and Equipment, at cost:
Oil and natural gas properties, based on full cost accounting
Proved properties					60,995				70,133
Unproved properties					858				434
Other					943				864
Property, plant and equipment					62,796				71,431
Less: Accumulated depreciation, depletion and amortization					(49,117	)			(57,187	)
Property, plant and equipment, net					13,679				14,244
Other Assets					1,436				1,299
Risk Management					224				4
Deferred Income Taxes					26				744
Goodwill					2,319				2,576
				$	19,604			$	20,390
Liabilities and Shareholders’ Equity
Current Liabilities
Accounts payable and accrued liabilities				$	2,012			$	1,861
Current portion of operating lease liabilities					133				117
Income tax payable					19				5
Risk management					121				2
Current portion of long-term debt					-				810
					2,285				2,795
Long-Term Debt					3,588				4,392
Operating Lease Liabilities					1,238				1,105
Other Liabilities and Provisions					223				100
Risk Management					-				13
Asset Retirement Obligation					383				388
Deferred Income Taxes					284				402
					8,001				9,195
Shareholders’ Equity
Share capital - authorized 775 million shares of stock
2026 issued and outstanding: 270.3 million shares (2025: 253.3 million shares)					3				3
Paid in surplus					8,245				7,779
Retained earnings					2,565				2,440
Accumulated other comprehensive income					790				973
Total Shareholders’ Equity					11,603				11,195
				$	19,604			$	20,390

Ovintiv Inc. 2 Selected Financial Information

Condensed Consolidated Statement of Cash Flows (unaudited)

				Three Months Ended								Nine Months Ended
				September 30,								September 30,
(US$ millions)				2026				2025				2026				2025
Operating Activities
Net earnings (loss)				$	549			$	148			$	375			$	296
Depreciation, depletion and amortization					550				545				1,630				1,646
Impairments					-				141				1,485				871
Accretion of asset retirement obligation					7				7				21				21
Deferred income taxes					170				30				21				19
Unrealized (gain) loss on risk management					(59	)			20				(196	)			12
Unrealized foreign exchange (gain) loss					(1	)			(2	)			27				(45	)
Foreign exchange (gain) loss on settlements					1				-				2				(41	)
(Gain) loss on divestitures, net					-				-				337				-
Other					26				6				36				33
Net change in other assets and liabilities					(12	)			(7	)			(30	)			(29	)
Net change in non-cash working capital					(161	)			(76	)			50				(85	)
Cash From (Used in) Operating Activities					1,070				812				3,758				2,698
Investing Activities
Capital expenditures					(563	)			(544	)			(1,742	)			(1,682	)
Acquisitions					(457	)			31				(478	)			(2,282	)
Corporate acquisition, net of cash acquired					-				-				(1,192	)			-
Proceeds from divestitures					2				26				2,831				1,922
Net change in investments and other					8				34				52				136
Cash From (Used in) Investing Activities					(1,010	)			(453	)			(529	)			(1,906	)
Financing Activities
Net issuance (repayment) of revolving debt					-				(121	)			(580	)			360
Issuance of debt under the Term Credit Agreement					-				-				1,151				-
Repayment of debt under the Term Credit Agreement					-				-				(1,151	)			-
Repayment of long-term debt					(112	)			-				(1,291	)			(600	)
Purchase of shares of common stock					(386	)			(160	)			(815	)			(307	)
Dividends on shares of common stock					(81	)			(77	)			(250	)			(232	)
Other					(1	)			-				(148	)			(21	)
Cash From (Used in) Financing Activities					(580	)			(358	)			(3,084	)			(800	)
Foreign Exchange Gain (Loss) on Cash, Cash Equivalents
and Restricted Cash Held in Foreign Currency					(4	)			4				(4	)			(9	)
Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash					(524	)			5				141				(17	)
Cash, Cash Equivalents and Restricted Cash, Beginning of Period					700				20				35				42
Cash, Cash Equivalents and Restricted Cash, End of Period				$	176			$	25			$	176			$	25
Cash, End of Period				$	22			$	15			$	22			$	15
Cash Equivalents, End of Period					154				10				154				10
Restricted Cash, End of Period					-				-				-				-
Cash, Cash Equivalents and Restricted Cash, End of Period				$	176			$	25			$	176			$	25

Ovintiv Inc. 3 Selected Financial Information

Ovintiv Inc.

Interim Supplemental Information

(unaudited)

For the period ended September 30, 2026

U.S. Dollar / U.S. Protocol

Third quarter report

for the period ended September 30, 2026

Supplemental Financial Information (unaudited)

Financial Results

		2026													2025
(US$ millions, unless otherwise specified)		Year-to- date			Q3			Q2			Q1				Year			Q4			Q3 Year- to-Date			Q3			Q2			Q1
Net Earnings (Loss)			375			549			456			(630	)			1,242			946			296			148			307			(159	)
	Per share - basic (1)		1.37			2.01			1.63			(2.35	)			4.83			3.73			1.14			0.58			1.19			(0.61	)
	Per share - diluted (1)		1.36			1.99			1.62			(2.35	)			4.78			3.70			1.13			0.57			1.18			(0.61	)
Non-GAAP Adjusted Earnings (2)			1,564			536			491			537				1,257			355			902			267			265			370
	Per share - basic (1)		5.71			1.96			1.75			2.00				4.89			1.40			3.49			1.04			1.02			1.42
	Per share - diluted (1)		5.66			1.95			1.74			2.00				4.84			1.39			3.46			1.03			1.02			1.42
Non-GAAP Cash Flow (3)			3,738			1,243			1,256			1,239				3,785			973			2,812			895			913			1,004
	Per share - basic (1)		13.65			4.55			4.49			4.62				14.72			3.84			10.87			3.49			3.53			3.86
	Per share - diluted (1)		13.52			4.51			4.46			4.62				14.57			3.81			10.78			3.47			3.51			3.86
Foreign Exchange Rates (C$ per US$1)
	Average		1.385			1.399			1.384			1.372				1.398			1.395			1.399			1.377			1.384			1.435
	Period end		1.419			1.419			1.421			1.394				1.371			1.371			1.392			1.392			1.364			1.438
Non-GAAP Adjusted Earnings Summary
Net Earnings (Loss) Before Income Tax			516			804			539			(827	)			770			372			398			192			399			(193	)
Before-tax (Addition) Deduction:
	Unrealized gain (loss) on risk management		196			59			190			(53	)			6			18			(12	)		(20	)		54			(46	)
	Impairments		(1,485	)		-			-			(1,485	)			(920	)		(49	)		(871	)		(141	)		-			(730	)
	Non-operating foreign exchange gain (loss)		(28	)		1			(31	)		2				85			(1	)		86			2			(3	)		87
	Gain (loss) on divestitures		(337	)		-			(337	)		-				-			-			-			-			-			-
Adjusted Earnings (Loss) Before Income Tax			2,170			744			717			709				1,599			404			1,195			351			348			496
	Income tax expense (recovery) (4)		606			208			226			172				342			49			293			84			83			126
Non-GAAP Adjusted Earnings (2)			1,564			536			491			537				1,257			355			902			267			265			370
Non-GAAP Cash Flow Summary
Cash From (Used in) Operating Activities			3,758			1,070			1,632			1,056				3,652			954			2,698			812			1,013			873
(Add back) Deduct:
	Net change in other assets and liabilities		(30	)		(12	)		(4	)		(14	)			(40	)		(11	)		(29	)		(7	)		(11	)		(11	)
	Net change in non-cash working capital		50			(161	)		380			(169	)			(93	)		(8	)		(85	)		(76	)		111			(120	)
Non-GAAP Cash Flow (3)			3,738			1,243			1,256			1,239				3,785			973			2,812			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)	Year-to- date			Q3			Q2			Q1				Year			Q4			Q3 Year- to-Date			Q3			Q2			Q1
	Weighted Average Shares of Common Stock Outstanding
	Basic		273.8			273.2			280.0			268.2				257.2			253.3			258.6			256.2			259.0			260.4
	Diluted		276.4			275.4			281.9			268.2				259.7			255.6			260.8			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
		Year-to- date													Year
Debt to Capitalization		24%													32%
Debt to Adjusted Capitalization (1)		16%													22%
Debt to EBITDA (1)		1.0x													1.6x
Debt to Adjusted EBITDA (1)		0.7x													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$)

Third quarter report

for the period ended September 30, 2026

Supplemental Operating Information (unaudited)

Production Volumes by Product

						2026													2025
(average)		% of Oil & NGLs				Year-to- date			Q3			Q2			Q1				Year			Q4			Q3 Year- to-Date			Q3			Q2			Q1
	Oil (Mbbls/d)			43			128.6			121.2			123.0			141.8				142.7			140.9			143.3			137.6			142.0			150.5
	NGLs - Plant Condensate (Mbbls/d)			28			82.9			82.5			82.8			83.5				66.7			67.8			66.3			74.2			69.2			55.2
Oil & Plant Condensate (Mbbls/d)				71			211.5			203.7			205.8			225.3				209.4			208.7			209.6			211.8			211.2			205.7
	Butane (Mbbls/d)			8			23.6			22.6			22.3			26.1				23.2			23.7			23.0			23.6			23.3			22.2
	Propane (Mbbls/d)			11			34.4			32.6			31.7			39.1				36.0			37.0			35.7			37.4			36.3			33.1
	Ethane (Mbbls/d)			10			30.3			28.0			28.4			34.4				35.6			36.5			35.3			36.7			35.9			33.4
NGLs - Other (Mbbls/d)				29			88.3			83.2			82.4			99.6				94.8			97.2			94.0			97.7			95.5			88.7
Oil & NGLs (Mbbls/d)				100			299.8			286.9			288.2			324.9				304.2			305.9			303.6			309.5			306.7			294.4
Natural Gas (MMcf/d)							2,048			2,062			1,959			2,124				1,862			1,905			1,847			1,925			1,851			1,764
Total (MBOE/d)							641.2			630.6			614.6			678.9				614.5			623.4			611.5			630.4			615.3			588.3

Production Volumes by Segment

				2026													2025
(average)				Year-to- date			Q3			Q2			Q1				Year			Q4			Q3 Year- to-Date			Q3			Q2			Q1
Oil (Mbbls/d)
	USA Operations				127.9			120.0			122.6			141.2				142.3			140.4			142.9			137.0			141.6			150.3
	Canadian Operations				0.7			1.2			0.4			0.6				0.4			0.5			0.4			0.6			0.4			0.2
					128.6			121.2			123.0			141.8				142.7			140.9			143.3			137.6			142.0			150.5
NGLs - Plant Condensate (Mbbls/d)
	USA Operations				8.5			7.2			7.2			11.3				11.3			11.7			11.1			11.7			11.4			10.3
	Canadian Operations				74.4			75.3			75.6			72.2				55.4			56.1			55.2			62.5			57.8			44.9
					82.9			82.5			82.8			83.5				66.7			67.8			66.3			74.2			69.2			55.2
Oil & Plant Condensate (Mbbls/d)
	USA Operations				136.4			127.2			129.8			152.5				153.6			152.1			154.0			148.7			153.0			160.6
	Canadian Operations				75.1			76.5			76.0			72.8				55.8			56.6			55.6			63.1			58.2			45.1
					211.5			203.7			205.8			225.3				209.4			208.7			209.6			211.8			211.2			205.7
NGLs - Other (Mbbls/d)
	USA Operations				61.7			55.0			55.6			74.8				76.0			78.8			75.1			77.9			76.8			70.4
	Canadian Operations				26.6			28.2			26.8			24.8				18.8			18.4			18.9			19.8			18.7			18.3
					88.3			83.2			82.4			99.6				94.8			97.2			94.0			97.7			95.5			88.7
NGLs - Total (Mbbls/d)
	USA Operations				70.2			62.2			62.8			86.1				87.3			90.5			86.2			89.6			88.2			80.7
	Canadian Operations				101.0			103.5			102.4			97.0				74.2			74.5			74.1			82.3			76.5			63.2
					171.2			165.7			165.2			183.1				161.5			165.0			160.3			171.9			164.7			143.9
Oil & NGLs (Mbbls/d)
	USA Operations				198.1			182.2			185.4			227.3				229.6			230.9			229.1			226.6			229.8			231.0
	Canadian Operations				101.7			104.7			102.8			97.6				74.6			75.0			74.5			82.9			76.9			63.4
					299.8			286.9			288.2			324.9				304.2			305.9			303.6			309.5			306.7			294.4
Natural Gas (MMcf/d)
	USA Operations				388			319			329			520				515			528			510			512			508			510
	Canadian Operations				1,660			1,743			1,630			1,604				1,347			1,377			1,337			1,413			1,343			1,254
					2,048			2,062			1,959			2,124				1,862			1,905			1,847			1,925			1,851			1,764
Total (MBOE/d)
	USA Operations				262.9			235.4			240.2			314.0				315.3			318.8			314.2			311.9			314.7			315.9
	Canadian Operations				378.3			395.2			374.4			364.9				299.2			304.6			297.3			318.5			300.6			272.4
					641.2			630.6			614.6			678.9				614.5			623.4			611.5			630.4			615.3			588.3

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

Third quarter report

for the period ended September 30, 2026

Supplemental Financial & Operating Information (unaudited)

Results of Operations

Revenues and Realized Gains (Losses) on Risk Management

		2026													2025
(US$ millions)		Year-to- date			Q3			Q2			Q1				Year			Q4			Q3 Year- to-Date			Q3			Q2			Q1
USA Operations
Revenues, excluding Realized Gains (Losses) on    Risk Management (1)
	Oil		3,003			956			1,124			923				3,413			772			2,641			835			831			975
	NGLs (2)		454			149			143			162				693			162			531			164			177			190
	Natural Gas (3)		199			57			1			141				447			102			345			96			104			145
			3,656			1,162			1,268			1,226				4,553			1,036			3,517			1,095			1,112			1,310
Realized Gains (Losses) on Risk Management (4)
	Oil		(196	)		(70	)		(103	)		(23	)			40			27			13			4			9			-
	NGLs (2)		-			-			-			-				8			5			3			3			-			-
	Natural Gas		(3	)		(3	)		-			-				3			1			2			2			-			-
			(199	)		(73	)		(103	)		(23	)			51			33			18			9			9			-
Canadian Operations
Revenues, excluding Realized Gains (Losses) on    Risk Management (1)
	Oil		16			9			2			5				10			3			7			3			2			2
	NGLs (2)		1,875			633			719			523				1,422			329			1,093			403			367			323
	Natural Gas (3)		1,171			407			304			460				1,159			337			822			221			274			327
			3,062			1,049			1,025			988				2,591			669			1,922			627			643			652
Realized Gains (Losses) on Risk Management (4)
	Oil		-			-			-			-				-			-			-			-			-			-
	NGLs (2)		(29	)		(9	)		(15	)		(5	)			-			-			-			-			-			-
	Natural Gas		118			50			50			18				115			24			91			37			24			30
			89			41			35			13				115			24			91			37			24			30

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

(2)Includes plant condensate.

(3)Includes by-product revenues.

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

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

Third quarter report

for the period ended September 30, 2026

Supplemental Financial & Operating Information (unaudited)

Results of Operations (continued)

Per-Unit Results, Excluding the Impact of Realized Gains (Losses) on Risk Management (1) (2)

		2026													2025
(US$/BOE)		Year-to- date			Q3			Q2			Q1				Year			Q4			Q3 Year- to-Date			Q3			Q2			Q1
Total USA Operations Netback
	Price		50.94			53.63			58.01			43.41				39.54			35.32			40.99			38.17			38.81			46.02
	Production, mineral and other taxes		2.73			2.49			3.22			2.53				2.30			1.67			2.52			2.29			2.36			2.91
	Transportation and processing		3.93			3.55			4.12			4.08				3.91			3.96			3.89			3.74			4.01			3.92
	Operating		6.21			6.37			6.09			6.20				6.01			6.00			6.02			6.07			6.03			5.97
	Netback		38.07			41.22			44.58			30.60				27.32			23.69			28.56			26.07			26.41			33.22
Total Canadian Operations Netback
	Price		29.65			28.85			30.10			30.06				23.73			23.92			23.66			21.39			23.47			26.59
	Production, mineral and other taxes		0.23			0.16			0.28			0.24				0.19			0.17			0.19			0.20			0.21			0.16
	Transportation and processing		11.40			10.84			12.89			10.49				11.31			11.14			11.37			11.35			11.40			11.37
	Operating		1.56			1.69			1.42			1.56				1.48			1.50			1.47			1.39			1.56			1.46
	Netback		16.46			16.16			15.51			17.77				10.75			11.11			10.63			8.45			10.30			13.60
Total Operations Netback
	Price		38.38			38.10			41.00			36.24				31.85			29.75			32.57			29.69			31.32			37.03
	Production, mineral and other taxes		1.25			1.03			1.43			1.30				1.27			0.94			1.39			1.24			1.31			1.64
	Transportation and processing		8.34			8.12			9.47			7.53				7.51			7.47			7.53			7.59			7.62			7.36
	Operating		3.47			3.43			3.25			3.71				3.80			3.80			3.81			3.71			3.84			3.89
	Netback		25.32			25.52			26.85			23.70				19.27			17.54			19.84			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.

(2)Includes by-product revenues.

Other Per-Unit Results

		2026													2025
(US$/BOE)		Year-to- date			Q3			Q2			Q1				Year			Q4			Q3 Year- to-Date			Q3			Q2			Q1
Administrative Expense (1)			1.90			1.62			2.25			1.84				1.48			1.47			1.48			1.34			1.37			1.75
Administrative Expense, Excluding Long-Term Incentive,
	Restructuring, Transaction and Legal Costs (1) (2)		1.28			1.25			1.28			1.31				1.26			1.32			1.23			1.17			1.19			1.36

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

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

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

Third quarter report

for the period ended September 30, 2026

Supplemental Oil and Gas Operating Statistics (unaudited)

Operating Statistics

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

		2026													2025
(US$)		Year-to- date			Q3			Q2			Q1				Year			Q4			Q3 Year- to-Date			Q3			Q2			Q1
Oil Price ($/bbl)
	USA Operations		86.03			86.57			100.78			72.62				65.66			59.82			67.59			66.23			64.50			71.79
	Canadian Operations		78.21			82.41			75.39			71.82				63.17			57.79			65.37			64.35			63.42			71.46
	Total Operations		85.99			86.53			100.69			72.62				65.65			59.81			67.58			66.22			64.50			71.79
NGLs - Plant Condensate Price ($/bbl)
	USA Operations		67.67			74.31			77.39			57.10				50.99			46.21			52.69			49.67			50.76			58.35
	Canadian Operations		83.26			83.27			94.20			71.66				62.22			56.47			64.19			62.81			62.76			68.02
	Total Operations		81.66			82.48			92.75			69.69				60.32			54.69			62.26			60.73			60.79			66.22
Oil & Plant Condensate Price ($/bbl)
	USA Operations		84.88			85.87			99.49			71.47				64.58			58.77			66.51			64.92			63.48			70.93
	Canadian Operations		83.21			83.25			94.10			71.66				62.23			56.48			64.20			62.82			62.77			68.04
	Total Operations		84.29			84.89			97.50			71.53				63.95			58.15			65.90			64.30			63.28			70.30
NGLs - Other Price ($/bbl)
	USA Operations		17.55			19.59			18.19			15.54				17.40			15.43			18.10			15.46			17.52			21.70
	Canadian Operations		25.35			21.56			28.90			25.90				23.94			23.02			24.24			22.62			21.44			28.92
	Total Operations		19.90			20.26			21.67			18.12				18.70			16.87			19.34			16.91			18.28			23.21
NGLs - Total Price ($/bbl)
	USA Operations		23.63			25.92			24.94			20.98				21.75			19.43			22.57			19.93			21.81			26.40
	Canadian Operations		68.02			66.47			77.15			59.97				52.53			48.21			53.99			53.16			52.68			56.71
	Total Operations		49.81			51.24			57.30			41.64				35.88			32.42			37.08			35.83			36.14			39.71
Oil & NGLs Price ($/bbl)
	USA Operations		63.90			65.87			75.10			53.06				48.97			43.98			50.66			47.92			48.11			55.97
	Canadian Operations		68.10			66.65			77.14			60.05				52.59			48.27			54.05			53.24			52.73			56.76
	Total Operations		65.33			66.15			75.83			55.16				49.86			45.04			51.49			49.34			49.27			56.14
Natural Gas Price ($/Mcf) (1)
	USA Operations		1.88			1.94			0.03			3.03				2.38			2.10			2.48			2.04			2.26			3.15
	Canadian Operations		2.58			2.54			2.05			3.19				2.36			2.66			2.25			1.70			2.24			2.91
	Total Operations		2.45			2.45			1.71			3.14				2.36			2.50			2.32			1.79			2.24			2.98
Total Price ($/BOE) (1)
	USA Operations		50.94			53.63			58.01			43.41				39.54			35.32			40.99			38.17			38.81			46.02
	Canadian Operations		29.65			28.85			30.10			30.06				23.73			23.92			23.66			21.39			23.47			26.59
	Total Operations		38.38			38.10			41.00			36.24				31.85			29.75			32.57			29.69			31.32			37.03

(1)Includes by-product revenues.

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

Third quarter report

for the period ended September 30, 2026

Supplemental Oil and Gas Operating Statistics (unaudited)

Operating Statistics (continued)

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

		2026													2025
(US$)		Year-to- date			Q3			Q2			Q1				Year			Q4			Q3 Year- to-Date			Q3			Q2			Q1
Oil ($/bbl)
	USA Operations		(5.61	)		(6.32	)		(9.20	)		(1.84	)			0.77			2.09			0.34			0.29			0.73			-
	Canadian Operations		-			-			-			-				-			-			-			-			-			-
	Total Operations		(5.58	)		(6.26	)		(9.16	)		(1.84	)			0.77			2.08			0.34			0.29			0.73			-
NGLs - Plant Condensate ($/bbl)
	USA Operations		-			-			-			-				-			-			-			-			-			-
	Canadian Operations		(1.42	)		(1.28	)		(2.20	)		(0.74	)			-			-			-			-			-			-
	Total Operations		(1.27	)		(1.17	)		(2.01	)		(0.63	)			-			-			-			-			-			-
Oil & Plant Condensate ($/bbl)
	USA Operations		(5.25	)		(5.95	)		(8.69	)		(1.70	)			0.72			1.93			0.32			0.27			0.67			-
	Canadian Operations		(1.41	)		(1.26	)		(2.18	)		(0.74	)			-			-			-			-			-			-
	Total Operations		(3.90	)		(4.20	)		(6.28	)		(1.39	)			0.53			1.40			0.23			0.19			0.49			-
NGLs - Other ($/bbl)
	USA Operations		-			-			-			-				0.30			0.71			0.16			0.39			-			-
	Canadian Operations		-			-			-			-				-			-			-			-			-			-
	Total Operations		-			-			-			-				0.24			0.57			0.12			0.31			-			-
NGLs - Total ($/bbl)
	USA Operations		-			-			-			-				0.26			0.61			0.13			0.34			-			-
	Canadian Operations		(1.05	)		(0.93	)		(1.63	)		(0.55	)			-			-			-			-			-			-
	Total Operations		(0.64	)		(0.58	)		(1.01	)		(0.29	)			0.15			0.34			0.08			0.18			-			-
Oil & NGLs ($/bbl)
	USA Operations		(3.61	)		(4.16	)		(6.08	)		(1.14	)			0.58			1.52			0.26			0.31			0.47			-
	Canadian Operations		(1.04	)		(0.92	)		(1.61	)		(0.55	)			-			-			-			-			-			-
	Total Operations		(2.76	)		(2.97	)		(4.49	)		(0.96	)			0.43			1.14			0.20			0.23			0.35			-
Natural Gas ($/Mcf)
	USA Operations		(0.03	)		(0.07	)		-			-				0.02			0.02			0.01			0.04			-			-
	Canadian Operations		0.26			0.31			0.33			0.12				0.23			0.19			0.25			0.29			0.20			0.26
	Total Operations		0.20			0.25			0.28			0.10				0.18			0.15			0.18			0.22			0.14			0.18
Total ($/BOE)
	USA Operations		(2.76	)		(3.31	)		(4.68	)		(0.81	)			0.45			1.14			0.21			0.28			0.34			-
	Canadian Operations		0.85			1.11			1.04			0.41				1.05			0.83			1.12			1.28			0.87			1.22
	Total Operations		(0.63	)		(0.54	)		(1.21	)		(0.16	)			0.74			0.99			0.65			0.79			0.59			0.56

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

Third quarter report

for the period ended September 30, 2026

Supplemental Oil and Gas Operating Statistics (unaudited)

Operating Statistics (continued)

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

		2026													2025
(US$)		Year-to- date			Q3			Q2			Q1				Year			Q4			Q3 Year- to-Date			Q3			Q2			Q1
Oil Price ($/bbl)
	USA Operations		80.42			80.25			91.58			70.78				66.43			61.91			67.93			66.52			65.23			71.79
	Canadian Operations		78.21			82.41			75.39			71.82				63.17			57.79			65.37			64.35			63.42			71.46
	Total Operations		80.41			80.27			91.53			70.78				66.42			61.89			67.92			66.51			65.23			71.79
NGLs - Plant Condensate Price ($/bbl)
	USA Operations		67.67			74.31			77.39			57.10				50.99			46.21			52.69			49.67			50.76			58.35
	Canadian Operations		81.84			81.99			92.00			70.92				62.22			56.47			64.19			62.81			62.76			68.02
	Total Operations		80.39			81.31			90.74			69.06				60.32			54.69			62.26			60.73			60.79			66.22
Oil & Plant Condensate Price ($/bbl)
	USA Operations		79.63			79.92			90.80			69.77				65.30			60.70			66.83			65.19			64.15			70.93
	Canadian Operations		81.80			81.99			91.92			70.92				62.23			56.48			64.20			62.82			62.77			68.04
	Total Operations		80.39			80.69			91.22			70.14				64.48			59.55			66.13			64.49			63.77			70.30
NGLs - Other Price ($/bbl)
	USA Operations		17.55			19.59			18.19			15.54				17.70			16.14			18.26			15.85			17.52			21.70
	Canadian Operations		25.35			21.56			28.90			25.90				23.94			23.02			24.24			22.62			21.44			28.92
	Total Operations		19.90			20.26			21.67			18.12				18.94			17.44			19.46			17.22			18.28			23.21
NGLs - Total Price ($/bbl)
	USA Operations		23.63			25.92			24.94			20.98				22.01			20.04			22.70			20.27			21.81			26.40
	Canadian Operations		66.97			65.54			75.52			59.42				52.53			48.21			53.99			53.16			52.68			56.71
	Total Operations		49.17			50.66			56.29			41.35				36.03			32.76			37.16			36.01			36.14			39.71
Oil & NGLs Price ($/bbl)
	USA Operations		60.29			61.71			69.02			51.92				49.55			45.50			50.92			48.23			48.58			55.97
	Canadian Operations		67.06			65.73			75.53			59.50				52.59			48.27			54.05			53.24			52.73			56.76
	Total Operations		62.57			63.18			71.34			54.20				50.29			46.18			51.69			49.57			49.62			56.14
Natural Gas Price ($/Mcf) (1)
	USA Operations		1.85			1.87			0.03			3.03				2.40			2.12			2.49			2.08			2.26			3.15
	Canadian Operations		2.84			2.85			2.38			3.31				2.59			2.85			2.50			1.99			2.44			3.17
	Total Operations		2.65			2.70			1.99			3.24				2.54			2.65			2.50			2.01			2.38			3.16
Total Price ($/BOE) (1)
	USA Operations		48.18			50.32			53.33			42.60				39.99			36.46			41.20			38.45			39.15			46.02
	Canadian Operations		30.50			29.96			31.14			30.47				24.78			24.75			24.78			22.67			24.34			27.81
	Total Operations		37.75			37.56			39.79			36.08				32.59			30.74			33.22			30.48			31.91			37.59
Total Netback ($/BOE) (1)
	USA Operations		35.31			37.91			39.90			29.79				27.77			24.83			28.77			26.35			26.75			33.22
	Canadian Operations		17.31			17.27			16.55			18.18				11.80			11.94			11.75			9.73			11.17			14.82
	Total Operations		24.69			24.98			25.64			23.54				20.01			18.53			20.49			17.94			19.14			24.70

(1)Includes by-product revenues.

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

Third quarter report

for the period ended September 30, 2026

Supplemental Oil and Gas Operating Statistics (unaudited)

Results by Play

			2026													2025
(average)			Year-to- date			Q3			Q2			Q1				Year			Q4			Q3 Year- to-Date			Q3			Q2			Q1
Oil Production (Mbbls/d)
USA Operations
	Permian			120.0			120.0			120.5			119.5				118.6			116.6			119.3			113.8			118.3			126.0
	Anadarko (1)			7.7			-			2.0			21.4				22.2			23.7			21.8			23.1			23.2			18.9
	Other (2)			0.2			-			0.1			0.3				1.5			0.1			1.8			0.1			0.1			5.4
Total USA Operations				127.9			120.0			122.6			141.2				142.3			140.4			142.9			137.0			141.6			150.3
Canadian Operations
	Montney			0.7			1.2			0.4			0.6				0.4			0.5			0.4			0.6			0.4			0.2
	Other (2)			-			-			-			-				-			-			-			-			-			-
Total Canadian Operations				0.7			1.2			0.4			0.6				0.4			0.5			0.4			0.6			0.4			0.2
Total				128.6			121.2			123.0			141.8				142.7			140.9			143.3			137.6			142.0			150.5
NGLs - Plant Condensate Production (Mbbls/d)
USA Operations
	Permian			6.6			7.2			6.8			6.0				5.9			6.0			5.8			6.0			6.1			5.3
	Anadarko (1)			1.9			-			0.4			5.3				5.4			5.7			5.3			5.7			5.3			4.9
	Other (2)			-			-			-			-				-			-			-			-			-			0.1
Total USA Operations				8.5			7.2			7.2			11.3				11.3			11.7			11.1			11.7			11.4			10.3
Canadian Operations
	Montney			74.4			75.3			75.6			72.1				55.3			56.1			55.1			62.5			57.7			44.6
	Other (2)			-			-			-			0.1				0.1			-			0.1			-			0.1			0.3
Total Canadian Operations				74.4			75.3			75.6			72.2				55.4			56.1			55.2			62.5			57.8			44.9
Total				82.9			82.5			82.8			83.5				66.7			67.8			66.3			74.2			69.2			55.2
Oil & Plant Condensate Production (Mbbls/d)
USA Operations
	Permian			126.6			127.2			127.3			125.5				124.5			122.6			125.1			119.8			124.4			131.3
	Anadarko (1)			9.6			-			2.4			26.7				27.6			29.4			27.1			28.8			28.5			23.8
	Other (2)			0.2			-			0.1			0.3				1.5			0.1			1.8			0.1			0.1			5.5
Total USA Operations				136.4			127.2			129.8			152.5				153.6			152.1			154.0			148.7			153.0			160.6
Canadian Operations
	Montney			75.1			76.5			76.0			72.7				55.7			56.6			55.5			63.1			58.1			44.8
	Other (2)			-			-			-			0.1				0.1			-			0.1			-			0.1			0.3
Total Canadian Operations				75.1			76.5			76.0			72.8				55.8			56.6			55.6			63.1			58.2			45.1
Total				211.5			203.7			205.8			225.3				209.4			208.7			209.6			211.8			211.2			205.7

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

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

Ovintiv Inc. 8 Supplemental Information (prepared in US$)

Third quarter report

for the period ended September 30, 2026

Supplemental Oil and Gas Operating Statistics (unaudited)

Results by Play (continued)

			2026													2025
(average)			Year-to- date			Q3			Q2			Q1				Year			Q4			Q3 Year- to-Date			Q3			Q2			Q1
NGLs - Other Production (Mbbls/d)
USA Operations
	Permian			52.1			55.0			52.8			48.6				46.6			49.7			45.6			45.9			46.3			44.5
	Anadarko (1)			9.6			-			2.8			26.2				29.3			29.1			29.4			32.0			30.6			25.7
	Other (2)			-			-			-			-				0.1			-			0.1			-			(0.1	)		0.2
Total USA Operations				61.7			55.0			55.6			74.8				76.0			78.8			75.1			77.9			76.8			70.4
Canadian Operations
	Montney			26.6			28.2			26.8			24.8				18.8			18.4			18.9			19.8			18.7			18.3
	Other (2)			-			-			-			-				-			-			-			-			-			-
Total Canadian Operations				26.6			28.2			26.8			24.8				18.8			18.4			18.9			19.8			18.7			18.3
Total				88.3			83.2			82.4			99.6				94.8			97.2			94.0			97.7			95.5			88.7
NGLs - Total Production (Mbbls/d)
USA Operations
	Permian			58.7			62.2			59.6			54.6				52.5			55.7			51.4			51.9			52.4			49.8
	Anadarko (1)			11.5			-			3.2			31.5				34.7			34.8			34.7			37.7			35.9			30.6
	Other (2)			-			-			-			-				0.1			-			0.1			-			(0.1	)		0.3
Total USA Operations				70.2			62.2			62.8			86.1				87.3			90.5			86.2			89.6			88.2			80.7
Canadian Operations
	Montney			101.0			103.5			102.4			96.9				74.1			74.5			74.0			82.3			76.4			62.9
	Other (2)			-			-			-			0.1				0.1			-			0.1			-			0.1			0.3
Total Canadian Operations				101.0			103.5			102.4			97.0				74.2			74.5			74.1			82.3			76.5			63.2
Total				171.2			165.7			165.2			183.1				161.5			165.0			160.3			171.9			164.7			143.9
Oil & NGLs Production (Mbbls/d)
USA Operations
	Permian			178.7			182.2			180.1			174.1				171.1			172.3			170.7			165.7			170.7			175.8
	Anadarko (1)			19.2			-			5.2			52.9				56.9			58.5			56.5			60.8			59.1			49.5
	Other (2)			0.2			-			0.1			0.3				1.6			0.1			1.9			0.1			-			5.7
Total USA Operations				198.1			182.2			185.4			227.3				229.6			230.9			229.1			226.6			229.8			231.0
Canadian Operations
	Montney			101.7			104.7			102.8			97.5				74.5			75.0			74.4			82.9			76.8			63.1
	Other (2)			-			-			-			0.1				0.1			-			0.1			-			0.1			0.3
Total Canadian Operations				101.7			104.7			102.8			97.6				74.6			75.0			74.5			82.9			76.9			63.4
Total				299.8			286.9			288.2			324.9				304.2			305.9			303.6			309.5			306.7			294.4

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

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

Ovintiv Inc. 9 Supplemental Information (prepared in US$)

Third quarter report

for the period ended September 30, 2026

Supplemental Oil and Gas Operating Statistics (unaudited)

Results by Play (continued)

			2026													2025
(average)			Year-to- date			Q3			Q2			Q1				Year			Q4			Q3 Year- to-Date			Q3			Q2			Q1
Natural Gas Production (MMcf/d)
USA Operations
	Permian			301			318			306			281				265			279			259			267			263			248
	Anadarko (1)			86			-			22			238				246			248			246			245			245			247
	Other (2)			1			1			1			1				4			1			5			-			-			15
Total USA Operations				388			319			329			520				515			528			510			512			508			510
Canadian Operations
	Montney			1,659			1,740			1,630			1,603				1,346			1,377			1,335			1,413			1,342			1,251
	Other (2)			1			3			-			1				1			-			2			-			1			3
Total Canadian Operations				1,660			1,743			1,630			1,604				1,347			1,377			1,337			1,413			1,343			1,254
Total				2,048			2,062			1,959			2,124				1,862			1,905			1,847			1,925			1,851			1,764
Total Production (MBOE/d)
USA Operations
	Permian			229.0			235.1			231.0			220.9				215.2			218.9			214.0			210.2			214.5			217.1
	Anadarko (1)			33.6			0.1			8.9			92.5				98.0			99.7			97.4			101.6			99.9			90.7
	Other (2)			0.3			0.2			0.3			0.6				2.1			0.2			2.8			0.1			0.3			8.1
Total USA Operations				262.9			235.4			240.2			314.0				315.3			318.8			314.2			311.9			314.7			315.9
Canadian Operations
	Montney			378.0			394.7			374.3			364.6				298.9			304.5			296.9			318.4			300.3			271.6
	Other (2)			0.3			0.5			0.1			0.3				0.3			0.1			0.4			0.1			0.3			0.8
Total Canadian Operations				378.3			395.2			374.4			364.9				299.2			304.6			297.3			318.5			300.6			272.4
Total				641.2			630.6			614.6			678.9				614.5			623.4			611.5			630.4			615.3			588.3

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

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

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

Third quarter report

for the period ended September 30, 2026

Supplemental Oil and Gas Operating Statistics (unaudited)

Results by Play (continued)

			2026													2025
(US$ millions)			Year-to- date			Q3			Q2			Q1				Year			Q4			Q3 Year- to-Date			Q3			Q2			Q1
Capital Expenditures, Excluding Capitalized Internal Costs
USA Operations
	Permian			980			333			305			342				1,136			265			871			298			246			327
	Anadarko (1)			50			-			3			47				270			20			250			90			77			83
	Other (2)			2			-			1			1				24			3			21			2			1			18
Total USA Operations				1,032			333			309			390				1,430			288			1,142			390			324			428
Canadian Operations
	Montney			612			198			236			178				583			147			436			119			166			151
	Other (2)			3			-			-			3				1			-			1			-			(1	)		2
Total Canadian Operations				615			198			236			181				584			147			437			119			165			153
Total Capital Expenditures, Excluding Capitalized Internal Costs				1,647			531			545			571				2,014			435			1,579			509			489			581
Capitalized Directly Attributable Internal Costs
USA Operations
	Permian			69			23			22			24				83			20			63			21			19			23
	Anadarko (1)			3			-			-			3				23			6			17			5			6			6
	Other (2)			-			-			-			-				1			(1	)		2			-			1			1
Total USA Operations				72			23			22			27				107			25			82			26			26			30
Canadian Operations
	Montney			19			7			6			6				22			5			17			7			5			5
	Other (2)			-			-			-			-				-			-			-			-			-			-
Total Canadian Operations				19			7			6			6				22			5			17			7			5			5
Total Capitalized Directly Attributable Internal Costs				91			30			28			33				129			30			99			33			31			35
Total Capital Expenditures
USA Operations
	Permian			1,049			356			327			366				1,219			285			934			319			265			350
	Anadarko (1)			53			-			3			50				293			26			267			95			83			89
	Other (2)			2			-			1			1				25			2			23			2			2			19
Total USA Operations				1,104			356			331			417				1,537			313			1,224			416			350			458
Canadian Operations
	Montney			631			205			242			184				605			152			453			126			171			156
	Other (2)			3			-			-			3				1			-			1			-			(1	)		2
Total Canadian Operations				634			205			242			187				606			152			454			126			170			158
Corporate & Other				4			2			1			1				4			-			4			2			1			1
Total Capital Expenditures				1,742			563			574			605				2,147			465			1,682			544			521			617
Net Acquisitions & (Divestitures)				(2,353	)		455			(2,808	)		-				610			250			360			(57	)		(9	)		426
Net Capital Investment				(611	)		1,018			(2,234	)		605				2,757			715			2,042			487			512			1,043

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

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

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

Third quarter report

for the period ended September 30, 2026

Supplemental Oil and Gas Operating Statistics (unaudited)

Results by Play (continued)

			2026													2025
			Year-to- date			Q3			Q2			Q1				Year			Q4			Q3 Year- to-Date			Q3			Q2			Q1
Drilling Activity (net wells drilled)
USA Operations
	Permian			100			35			35			30				117			30			87			30			21			36
	Anadarko (1)			4			-			1			3				33			4			29			7			15			7
	Other (2)			-			-			-			-				1			-			1			-			-			1
Total USA Operations				104			35			36			33				151			34			117			37			36			44
Canadian Operations
	Montney			94			32			33			29				80			20			60			20			19			21
Total Canadian Operations				94			32			33			29				80			20			60			20			19			21
Total				198			67			69			62				231			54			177			57			55			65
Completions Activity (net wells on production)
USA Operations
	Permian			103			31			38			34				136			30			106			30			23			53
	Anadarko (1)			6			-			-			6				37			2			35			14			11			10
Total USA Operations				109			31			38			40				173			32			141			44			34			63
Canadian Operations
	Montney			94			28			40			26				96			20			76			19			39			18
Total Canadian Operations				94			28			40			26				96			20			76			19			39			18
Total				203			59			78			66				269			52			217			63			73			81

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

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

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

Ovintiv Inc.

Non-GAAP Definitions and Reconciliations

(unaudited)

For the period ended September 30, 2026

U.S. Dollar / U.S. Protocol

For the period ended September 30, 2026

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

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

Non-GAAP Cash Flow											Q3 2026				YTD 2026
Cash From (Used in) Operating Activities										$		1,070		$		3,758
Deduct (Add back):
		Net change in other assets and liabilities										(12	)			(30	)
		Net change in non-cash working capital										(161	)			50
Non-GAAP Cash Flow										$		1,243		$		3,738
Per Share - Basic										$		4.55		$		13.65
Per Share - Diluted												4.51				13.52
Non-GAAP Free Cash Flow
Non-GAAP Cash Flow										$		1,243		$		3,738
Deduct:
		Capital expenditures										563				1,742
Non-GAAP Free Cash Flow										$		680		$		1,996

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											Q3 2026				YTD 2026
Net Earnings (Loss) Before Income Tax										$		804		$		516
Before-tax (Addition) Deduction:
		Unrealized gains (losses) on risk management										59				196
		Impairments										-				(1,485	)
		Non-operating foreign exchange gain (loss)										1				(28	)
		Gain (loss) on divestitures										-				(337	)
Adjusted Earnings (Loss) Before Income Tax												744				2,170
		Income tax expense (recovery)										208				606
Non-GAAP Adjusted Earnings										$		536		$		1,564
Per Share - Basic										$		1.96		$		5.71
Per Share - Diluted												1.95				5.66

Ovintiv Inc. 1 Non-GAAP Definitions and Reconciliations

Debt to Capitalization - Capitalization includes debt and total shareholders’ equity. Debt to Capitalization is monitored by management as an indicator of the Company’s overall financial strength.

Debt to Capitalization													YTD 2026
Long-Term Debt, Including Current Portion												$		3,588
Total Shareholders’ Equity														11,603
Capitalization												$		15,191
Debt to Capitalization													24%

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

Debt to Adjusted Capitalization													YTD 2026
Long-Term Debt, Including Current Portion												$		3,588
Total Shareholders’ Equity														11,603
Equity Adjustment for Impairments at December 31, 2011														7,746
Adjusted Capitalization												$		22,937
Debt to Adjusted Capitalization													16%

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

					Q4 2025				Q1 2026				Q2 2026				Q3 2026				Trailing 12- Months
Long-Term Debt, Including Current Portion																				$		3,588
Net Earnings (Loss)				$		946		$		(630	)	$		456		$		549		$		1,321
Add back (deduct):
		Depreciation, depletion and amortization				533				561				519				550				2,163
		Interest				93				104				100				75				372
		Income tax expense (recovery)				(574	)			(197	)			83				255				(433	)
EBITDA				$		998		$		(162	)	$		1,158		$		1,429		$		3,423
Debt to EBITDA (times)																						1.0

					Q4 2025				Q1 2026				Q2 2026				Q3 2026				Trailing 12- Months
Long-Term Debt, Including Current Portion																				$		3,588
Net Earnings (Loss)				$		946		$		(630	)	$		456		$		549		$		1,321
Add back (deduct):
		Depreciation, depletion and amortization				533				561				519				550				2,163
		Impairments				49				1,485				-				-				1,534
		Accretion of asset retirement obligation				7				7				7				7				28
		Interest				93				104				100				75				372
		Unrealized (gains) losses on risk management				(18	)			53				(190	)			(59	)			(214	)
		Foreign exchange (gain) loss, net				6				(2	)			23				4				31
		(Gain) loss on divestitures, net				-				-				337				-				337
		Other (gains) losses, net				(35	)			(29	)			(5	)			(6	)			(75	)
		Income tax expense (recovery)				(574	)			(197	)			83				255				(433	)
Adjusted EBITDA				$		1,007		$		1,352		$		1,330		$		1,375		$		5,064
Debt to Adjusted EBITDA (times)																						0.7

Ovintiv Inc. 2 Non-GAAP Definitions and Reconciliations

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

Net Debt													YTD 2026
Long-Term Debt, Including Current Portion												$		3,588
Less:
		Cash and cash equivalents												176
Net Debt												$		3,412
Adjusted EBITDA (trailing 12-months)												$		5,064
Net Debt to Adjusted EBITDA (times)														0.7

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

Ovintiv Inc. 3 Non-GAAP Definitions and Reconciliations

Netback Calculation

Netback is a common metric used in the oil and gas industry to measure operating performance on a per-unit basis and is considered a non-GAAP measure. The netbacks disclosed below have been calculated on a BOE basis using upstream product revenues, excluding the impact of realized gains and losses on risk management, less costs associated with delivering the product to market, including production, mineral and other taxes, upstream transportation and processing expense and upstream operating expense.

Selected Financial Data (1)
				2026												2025
(US$ millions)				Year-to- Date			Q3			Q2			Q1			Year			Q4			Q3			Q2			Q1
USA Operations
	Upstream Product Revenue (2) (3)				3,656			1,162			1,268			1,226			4,553			1,036			1,095			1,112			1,310
	Production, mineral and other taxes				196			54			71			71			265			49			66			67			83
	Transportation and processing				282			77			90			115			450			116			108			114			112
	Operating				446			137			133			176			692			177			173			173			169
					2,732			894			974			864			3,146			694			748			758			946
Canadian Operations
	Upstream Product Revenue (2) (3)				3,062			1,049			1,025			988			2,591			669			627			643			652
	Production, mineral and other taxes				23			5			10			8			21			5			6			6			4
	Transportation and processing				1,178			394			439			345			1,235			312			332			312			279
	Operating				162			63			48			51			161			41			42			42			36
					1,699			587			528			584			1,174			311			247			283			333
Total Operations
	Upstream Product Revenue (2) (3)				6,718			2,211			2,293			2,214			7,144			1,705			1,722			1,755			1,962
	Production, mineral and other taxes				219			59			81			79			286			54			72			73			87
	Transportation and processing				1,460			471			529			460			1,685			428			440			426			391
	Operating				608			200			181			227			853			218			215			215			205
					4,431			1,481			1,502			1,448			4,320			1,005			995			1,041			1,279
(1)		Segmented financial information per the notes to Ovintiv's financial statements and/or management's discussion and analysis.
(2)		Includes by-product revenues.
(3)		Excludes service revenues, certain other revenues with no associated production volumes, and the impact of realized gains and losses on risk management.
Sales Volumes (1)
				2026												2025
(BOE)				Year-to- Date			Q3			Q2			Q1			Year			Q4			Q3			Q2			Q1
USA Operations					71,762,964			21,650,176			21,854,560			28,258,290			115,145,820			29,334,752			28,696,548			28,635,880			28,478,970
Canadian Operations					103,284,909			36,361,712			34,078,499			32,844,600			109,191,575			28,020,348			29,297,952			27,360,151			24,512,940
Total					175,047,873			58,011,888			55,933,059			61,102,890			224,337,395			57,355,100			57,994,500			55,996,031			52,991,910
(1)		Numbers may not add due to the calculation of volumes, which is based on sales volumes per day on a BOE basis times the number of days in the period.
Calculated Operating Netback, excluding the Impact of Realized Gains (Losses) on Risk Management (1)
				2026												2025
(US$/BOE)				Year-to- Date			Q3			Q2			Q1			Year			Q4			Q3			Q2			Q1
Total USA Operations
	Price				50.95			53.67			58.02			43.39			39.54			35.32			38.16			38.83			46.00
	Production, mineral and other taxes				2.73			2.49			3.25			2.51			2.30			1.67			2.30			2.34			2.91
	Transportation and processing				3.93			3.56			4.12			4.07			3.91			3.95			3.76			3.98			3.93
	Operating				6.21			6.33			6.09			6.23			6.01			6.03			6.03			6.04			5.93
	Netback				38.07			41.29			44.57			30.58			27.32			23.66			26.07			26.47			33.22
Total Canadian Operations
	Price				29.65			28.85			30.08			30.08			23.73			23.88			21.40			23.50			26.60
	Production, mineral and other taxes				0.22			0.14			0.29			0.24			0.19			0.18			0.20			0.22			0.16
	Transportation and processing				11.41			10.84			12.88			10.50			11.31			11.13			11.33			11.40			11.38
	Operating				1.57			1.73			1.41			1.55			1.47			1.46			1.43			1.54			1.47
	Netback				16.45			16.14			15.49			17.78			10.75			11.10			8.43			10.34			13.58
Total Operations
	Price				38.38			38.11			41.00			36.23			31.84			29.73			29.69			31.34			37.02
	Production, mineral and other taxes				1.25			1.02			1.45			1.29			1.27			0.94			1.24			1.30			1.64
	Transportation and processing				8.34			8.12			9.46			7.53			7.51			7.46			7.59			7.61			7.38
	Operating				3.47			3.45			3.24			3.72			3.80			3.80			3.71			3.84			3.87
Netback					25.31			25.53			26.85			23.70			19.26			17.52			17.16			18.59			24.14
(1)		May not add due to rounding. Ovintiv calculates reported netbacks using whole dollars and sales volumes. Accordingly, the calculations above may differ from the reported netbacks due to the effects of rounding both dollars and volumes.

Ovintiv Inc. 4 Non-GAAP Definitions and Reconciliations

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