[Form 4] Ovintiv Inc. Insider Trading Activity

Rhea-AI Filing Summary

Brian Gordon Shaw, a director of Ovintiv Inc. (OVV), acquired 251 Deferred Share Units (DSUs) on 09/29/2025 as dividend equivalents. Each DSU is economically equivalent to one share of Ovintiv common stock and yields dividend-equivalent DSUs. After the reported acquisition the reporting person beneficially owns 36,702 shares of common stock, held in a direct ownership form. DSUs are retained until the director retires from the Board, so these units do not convert into tradable shares immediately but represent future economic interest tied to Ovintiv common stock.

Insights

Financial Analyst

TL;DR: Director reinvested dividends into DSUs, modestly increasing direct economic exposure to Ovintiv stock.

The transaction is routine and reflects a common director compensation choice to receive dividend equivalents as Deferred Share Units rather than cash. The 251 DSUs increase the director's direct economic stake to 36,702 shares, which marginally aligns his interests with shareholders without creating immediate market supply pressure because DSUs are held until retirement. This disclosure does not indicate any change in control, material insider selling, or large-scale accumulation that would be material to valuation or liquidity.

Corporate Governance Expert

TL;DR: Routine governance practice: dividend equivalents credited as DSUs to preserve long-term alignment with shareholders.

Granting dividend equivalents as DSUs is a standard board compensation mechanism that promotes retention and alignment. The units vest as described by company practice (held until board retirement), which supports long-term stewardship without immediate share issuance. There is no indication of accelerated vesting, special payments, or unusual arrangements in the filing text provided.

SEC Form 4

FORM 4

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

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person^*

Shaw Brian Gordon

(Last) (First) (Middle)

C/O 370 17TH STREET, SUITE 1700

(Street)

DENVER CO 80202

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Ovintiv Inc. [ OVV ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
09/29/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Deferred Share Unit	(1)	09/29/2025		A		251		(1)	(1)	Common Stock	251	$0(2)	36,702	D

Explanation of Responses:

1. Each Deferred Share Unit ("DSU") is the economic equivalent of one share of common stock of Ovintiv Inc. and yields dividend equivalent DSUs. DSUs are held until retirement from the Board.

2. Dividend equivalent DSUs received in lieu of cash dividends for the third quarter of 2025.

	/s/Dawna Gibb, by Power of Attorney	10/01/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
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