# EDGAR Filing Document

**Accession Number:** 0001792580
**File Stem:** 0001193125-25-328926
**Filing Date:** 2025-12
**Character Count:** 36062
**Document Hash:** 72cb9792c62788497ee09cfbd888f4b5
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-328926.hdr.sgml**: 20251222

**ACCESSION NUMBER**: 0001193125-25-328926

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 13

**CONFORMED PERIOD OF REPORT**: 20251222

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20251222

**DATE AS OF CHANGE**: 20251222

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Ovintiv Inc.
- **CENTRAL INDEX KEY:** 0001792580
- **STANDARD INDUSTRIAL CLASSIFICATION:** CRUDE PETROLEUM & NATURAL GAS [1311]
- **ORGANIZATION NAME:** 01 Energy & Transportation
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-39191
- **FILM NUMBER:** 251593304

**BUSINESS ADDRESS:**
- **STREET 1:** SUITE 1700
- **STREET 2:** 370 - 17 STREET
- **CITY:** DENVER
- **STATE:** CO
- **BUSINESS PHONE:** (303) 623-2300

**MAIL ADDRESS:**
- **STREET 1:** SUITE 1700
- **STREET 2:** 370 - 17 STREET
- **CITY:** DENVER
- **STATE:** CO

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** 1847432 Alberta ULC
- **DATE OF NAME CHANGE:** 20191029

?xml version='1.0' encoding='ASCII'? 8-K

### 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): December 22, 2025

## Ovintiv Inc.

#### (Exact Name of Registrant as Specified in its Charter)

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| | | |
|:---|:---|:---|
| **Delaware** | **001-39191** | **84-4427672** |
| **(State or Other Jurisdiction**<br> **of Incorporation)** | **(Commission**<br> **File Number)** | **(I.R.S. Employer**<br> **Identification No.)** |

---

---

| | |
|:---|:---|
| **Suite 1700, 370 17th Street**<br> **Denver, Colorado** | **80202** |
| **(Address of principal executive offices)** | **(Zip Code)** |

---

(303) 623-2300

#### (Registrant's telephone number, including area code)

#### 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:

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| | | |
|:---|:---|:---|
| **Title of each class** | **Trading<br>Symbol(s)** | **Name of each exchange**<br> **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. ☐

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| | |
|:---|:---|
| **ITEM 7.01** | **Regulation FD Disclosure.**  |

---

As previously disclosed, on November 4, 2025, Ovintiv Inc. ("Ovintiv"), Ovintiv Canada ULC, a wholly-owned subsidiary of Ovintiv, and NuVista Energy Ltd., a corporation organized and existing under the laws of the Province of Alberta, Canada ("NuVista"), entered into an Arrangement Agreement, dated as of November 4, 2025 (the "Arrangement Agreement"), pursuant to which, on the terms and subject to the conditions set forth therein, Ovintiv has agreed to acquire NuVista in a stock-and-cash transaction, subject to satisfaction of certain closing conditions. The transaction will be effected by way of an arrangement (the "Arrangement") under the Business Corporations Act (Alberta) in accordance with the plan of arrangement attached to the Arrangement Agreement. The Arrangement is expected to close by the end of the first quarter of 2026.

On December 22, 2025, NuVista commenced mailing its management information circular and proxy statement with respect to the Arrangement (the "Circular"). The information in this Item 7.01 is being furnished to provide (a) certain unaudited pro forma operational information of Ovintiv as of and for the year ended December 31, 2024 and for the nine months ended September 30, 2025, and (b) the pro forma consolidated capitalization of Ovintiv as of September 30, 2025, each of which are included in the Circular.

The information in Item 7.01 of this Current Report on Form 8-K and Exhibit 99.1 attached hereto are being furnished and, along with information contained on Ovintiv's and NuVista's websites (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 Securities Act of 1933, as amended (the "Securities Act"), except as shall be expressly set forth by specific reference in such a filing.

#### Forward-Looking Statements
This Form 8-K contains forward-looking statements or information (collectively, "forward-looking statements") within the meaning of applicable securities legislation, including Section 27A of the Securities Act and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). All statements, except for statements of historical fact, that relate to the Arrangement and the anticipated future activities, plans, strategies, objectives or expectations of Ovintiv are forward-looking statements. When used in this Form 8-K, the use of words and phrases including "anticipates," "believes," "estimates," "expects," "intends," "maintain," "may," "plans," "potential," "strategy," "targets," "will," "would" and other similar terminology is intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words or phrases.

The forward-looking statements included in this Form 8-K involve risks and uncertainties that could cause actual results to differ materially from projected results. Accordingly, investors should not place undue reliance on forward-looking statements as a prediction of actual results. Ovintiv has based these forward-looking statements on current expectations and assumptions about future events, including Ovintiv's ability to consummate any pending acquisition or divestment transactions (including the transactions described herein); Ovintiv's ability to integrate acquired assets and businesses and the timing thereof; the satisfaction of customary closing conditions and obtaining key regulatory, court and NuVista shareholder approvals; the payoff of NuVista's outstanding indebtedness, including the repayment of amounts outstanding under NuVista's credit agreement and the redemption of NuVista's outstanding senior unsecured notes; the ability of Ovintiv to access credit facilities, debt and equity markets and other sources of liquidity to fund operations or acquisitions and manage debt (including to consummate the transactions described herein); and the other assumptions contained herein. Risks and uncertainties with respect to the proposed transactions described herein include, among other things, the risk that the proposed transaction may not be completed in a timely basis or at all, which may adversely affect Ovintiv's and NuVista's businesses and the price of their respective securities; the effect of the announcement, pendency or completion of the proposed transaction on the market price of Ovintiv's and NuVista's stock or the ability of each of Ovintiv and NuVista to attract, motivate, retain and hire key personnel and maintain relationships with others whom they do business; that the proposed transaction may divert management's attention from each of Ovintiv's and NuVista's ongoing business operations; the risk of any legal proceedings related to the proposed transaction or otherwise, including resulting expense or delay; the occurrence of any event, change or other circumstance that could give rise to the termination of the definitive agreement for the transaction, including in circumstances which would require payment of a termination fee; the risk that restrictions during the pendency of the proposed transaction may impact Ovintiv's or

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NuVista's ability to pursue certain business opportunities or strategic transactions; risks associated with third party contracts containing consent and/or other provisions that may be triggered by the proposed transaction; the risk that the anticipated benefits and synergies of the proposed transaction may not be fully realized or may take longer to realize than expected; risks relating to the value of Ovintiv securities to be issued in the proposed transaction; and the risk that the integration of NuVista's business post-closing may not occur as anticipated. While Ovintiv considers these expectations and assumptions to be reasonable, they are inherently subject to significant business, economic, competitive, regulatory and other risks and uncertainties, many of which are difficult to predict and beyond Ovintiv's control. Additional risks and uncertainties that may affect the operations, performance and results of Ovintiv's business and forward-looking statements include, but are not limited to, those set forth in Item 1A. "Risk Factors" of Ovintiv's most recent Annual Report on Form 10-K and Quarterly Report on Form 10-Q, and other risks and uncertainties impacting Ovintiv's business as described from time to time in Ovintiv's other periodic filings with the SEC or Canadian securities regulators.

Although Ovintiv 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 Ovintiv's current beliefs and there can be no assurance that such expectations will prove to be correct. All forward-looking statements contained in this Form 8-K are made as of the date of this Form 8-K and, except as required by law, Ovintiv undertakes no obligation to update publicly or revise any forward-looking statements. The forward-looking statements contained or incorporated by reference in this Form 8-K, and all subsequent forward-looking statements attributable to Ovintiv, whether written or oral, are expressly qualified by these cautionary statements.

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| | |
|:---|:---|
| **ITEM 9.01** | **Financial Statements and Exhibits.**  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Exhibits

---

| | |
|:---|:---|
| **Exhibit No.** | **Exhibit Description** |
| Exhibit 99.1 | [Unaudited Pro Forma Operational Information and Unaudited Pro Forma Consolidated Capitalization of Ovintiv (furnished pursuant to Item 7.01 hereof).](d46654dex991.htm) |
| Exhibit 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |

---

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#### 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.

Dated: December 22, 2025

---

| | |
|:---|:---|
| OVINTIV INC. | OVINTIV INC. |
| (Registrant) | (Registrant) |
| By: | /s/ Dawna I. Gibb |
| Name: | Dawna I. Gibb |
| Title: | Assistant Corporate Secretary |

---

## Exhibit 99.1

**Exhibit 99.1** 

**PRO FORMA INFORMATION REGARDING OVINTIV** 

On November 4, 2025, Ovintiv Inc. ("**Ovintiv**"), Ovintiv Canada ULC, a wholly-owned subsidiary of Ovintiv, and NuVista Energy Ltd., a corporation organized and existing under the laws of the Province of Alberta, Canada ("**NuVista**"), entered into an Arrangement Agreement, dated as of November 4, 2025 (the "**Arrangement Agreement**"), pursuant to which, on the terms and subject to the conditions set forth therein, Ovintiv has agreed to acquire NuVista in a stock-and-cash transaction, subject to satisfaction of certain closing conditions. The transaction will be effected by way of an arrangement (the "**Arrangement**") under the Business Corporations Act (Alberta) in accordance with the plan of arrangement attached to the Arrangement Agreement.

Other than the NuVista U.S. Reserves Data (as defined herein), information included herein pertaining to NuVista has been furnished by NuVista. For further information regarding NuVista, please refer to its filings available via its SEDAR+ issuer profile at <u>www.sedarplus.ca</u>.

Unless otherwise indicated, references herein to "$" or "dollars" are to Canadian dollars and references herein to "US$" or "U.S. dollars" are to United States dollars. Words importing the singular include the plural and vice versa and words importing any gender include all genders.

**Barrel of Oil Equivalency** 

"Boe" means barrel of oil equivalent. As included herein, all Boe conversions are derived by converting natural gas to crude oil at the ratio of six thousand cubic feet ("**mcf**") of natural gas to one barrel ("**bbl**") of crude oil. Boe may be misleading, particularly if used in isolation. A Boe conversion ratio of 6 mcf:1 bbl is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent value equivalency at the wellhead. Given that the value ratio based on the comparison of the current prices of natural gas and crude oil is significantly different from the energy equivalency conversion ratio of 6 mcf:1 bbl, utilizing a conversion ratio of 6 mcf:1 bbl may be misleading as an indication of value.

**Reserves Classification** 

Reserves are estimated remaining quantities of crude oil, natural gas and related substances anticipated to be recoverable from known accumulations, as of a given date, based on analysis of drilling, geological, geophysical and engineering data, the use of established technology and specified economic conditions, which are generally accepted as being reasonable. Reserves can be classified into proved, probable and possible, according to the degree of certainty associated with the estimates. Most relevant are the categories of proved and probable, where: (i) proved reserves are those reserves that can be estimated with a high degree of certainty to be recoverable and it is likely that the actual remaining quantities recovered will exceed the estimated proved reserves; and (ii) probable reserves are those additional reserves that are less certain to be recovered than proved reserves and it is equally likely that the actual remaining quantities recovered will be greater or less than the sum of the estimated proved plus probable reserves.

Ovintiv's reserves estimates as at and for the year ended December 31, 2024 contained in Ovintiv's Annual Report for the year ended December 31, 2024 (the "**Ovintiv Annual Report**") have been prepared in accordance with the United States Financial Accounting Standards Board's ASC Topic 932 – Extractive Activities – Oil and Natural Gas under U.S. GAAP and subpart 1200 of Regulation S-K promulgated by the SEC (the "**U.S. Standards**"). The Canadian securities regulatory authorities have issued a decision document granting Ovintiv exemptive relief from the requirements contained in 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 ongoing basis, Ovintiv is not required to comply with the Canadian requirements of NI 51-101 and the Canadian Oil and Gas Evaluation Handbook prepared jointly by The Society of Petroleum Evaluation Engineers (Calgary Chapter) and the Canadian Institute of Mining, Metallurgy & Petroleum (Petroleum Society) as amended or superseded from time to time (the "**COGE Handbook**"). The decision permits Ovintiv to provide disclosure in respect of its oil and gas activities in the form permitted by, and in accordance with, the legal requirements imposed by the U.S. Securities and Exchange Commission (the "**SEC**"), the U.S. Securities Act of 1933, as amended, the U.S. Exchange Act of 1934, as amended, the Sarbanes-Oxley Act of 2002 and the rules of the New York Stock Exchange.

------

The information concerning NuVista's reserves included herein was derived from the report prepared by GLJ Ltd. ("GLJ") dated February 14, 2025, evaluating NuVista's proved and probable reserves as at December 31, 2024 (the "**NuVista Reserves Report**"), which has been prepared in accordance with NI 51-101 and in accordance with the procedures and standards contained in the COGE Handbook and is contained in the annual information form of NuVista for the year ended December 31, 2024 and dated March 21, 2025 (the "**NuVista AIF**").

Certain of NuVista's historical reserves set forth herein were adjusted to comply with U.S. Standards and prepared as if the Arrangement had occurred on January 1, 2024 (the "**NuVista U.S. Reserves Data**").

Estimates of reserves and future net revenue made in accordance with NI 51-101 will differ from corresponding U.S. Standards, and those differences may be material. For example, the U.S. Standards require United States oil and gas reporting companies, in their filings with the SEC, to disclose only proved reserves after the deduction of royalties and production due to others but permits the optional disclosure of probable and possible reserves in accordance with SEC's definitions. Additionally, the COGE Handbook and NI 51-101 require disclosure of reserves and related future net revenue estimates based on forecast prices and costs, whereas the U.S. Standards require that reserves and related future net revenue be estimated using average first-day-of-the-month prices for the previous 12 months and that the standardized measure reflect discounted future net income Taxes related to Ovintiv's operations. In addition, the COGE Handbook and NI 51-101 permit the presentation of reserves estimates and production volumes on a "company gross" basis, representing NuVista's working interest share before deduction of royalties, and a "company net" basis, reflecting the deduction of royalties and similar payments, whereas the U.S. Standards require the presentation of net reserve estimates and production volumes after the deduction of royalties and similar payments. There are also differences in the technical reserves estimation standards applicable under NI 51-101 and, pursuant thereto, the COGE Handbook, and those applicable under the U.S. Standards. Along with NI 51-101 requiring more granular product type classification than required by U.S. Standards, NI 51-101 also requires that proved undeveloped reserves be reviewed annually for retention or reclassification if development has not proceeded as previously planned, while the U.S. Standards specify a five-year limit after initial booking for the development of proved undeveloped reserves. Additionally, the SEC prohibits disclosure of oil and natural gas resources in SEC filings, including contingent resources, whereas Canadian securities regulatory authorities permit disclosure of oil and natural gas resources. Resources are different than, and should not be construed as, reserves.

**Selected Unaudited Pro Forma Operational Information for the Combined Company** 

The following is a summary of selected: (i) reserves and production information for NuVista and Ovintiv before giving effect to the Arrangement; (ii) pro forma reserves and production information for Ovintiv and its subsidiaries, including NuVista, after completion of the Arrangement (the "**Combined Company**") for the year ended December 31, 2024 after giving effect to the completion of the Arrangement as if the Arrangement occurred on January 1, 2024; and (iii) pro forma production information for the Combined Company for the nine months ended September 30, 2025 after giving effect to the completion of the Arrangement as if the Arrangement occurred on January 1, 2024.

The unaudited pro forma combined reserves and production information is provided for illustrative purposes only and is not intended to represent what the Combined Company's reserves and production information would have been had the Arrangement actually been consummated on January 1, 2024, nor is it indicative of Ovintiv's future operational results. Because the pro forma reserves and production information set forth below has been prepared based upon preliminary estimates and the information available to NuVista and Ovintiv as of the date of the Circular, the impact of the Arrangement and the timing thereof could cause material differences from the information presented herein.

Important information concerning the oil and natural gas properties and operations of Ovintiv is contained in the Ovintiv Annual Report which is available on the SEDAR+ issuer profile of Ovintiv at www.sedarplus.ca and on Ovintiv's EDGAR profile at www.sec.gov. Readers are encouraged to carefully review the Ovintiv Annual Report as the information set forth in the table below is a summary only and is qualified in its entirety by the Ovintiv Annual Report.

NuVista's historical reserves were adjusted to comply with U.S. Standards, which NuVista U.S. Reserves Data is set forth below. The NuVista U.S. Reserves Data was prepared by GLJ at the direction of and for use by Ovintiv based on NuVista's oil and gas information contained in the NuVista Reserves Report. While the NuVista U.S. Reserves

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Data was prepared using certain of NuVista's oil and gas information, NuVista did not participate in the preparation of the NuVista U.S. Reserves Data nor has the NuVista U.S. Reserves Data been reviewed or approved by the board of directors of NuVista or any committee thereof. NuVista's historical reserves for the year ended December 31, 2024 prepared in accordance with NI 51-101 and in accordance with the procedures and standards contained in the COGE Handbook are set forth in the NuVista AIF, which is available on NuVista's SEDAR+ profile at <u>www.sedarplus.ca</u>. Readers are cautioned that estimates of reserves made in accordance with NI 51-101 will differ from corresponding U.S. Standards and those differences may be material.

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| | | | |
|:---|:---|:---|:---|
|  | As of and for the year ended December 31, 2024 | As of and for the year ended December 31, 2024 | As of and for the year ended December 31, 2024 |
|  | Ovintiv<br>(Historical) | NuVista<br>(Historical) | Pro Forma<br>Combined**<sup>(1)</sup>**<br>**Company** |
|  **Total Proved Reserves** <sup>(2)(3)(4)(5)</sup> |  |  |  |
|  Oil (MMbbls) | 580.0 |  | 580.0 |
|  NGLs (MMbbls) | 634.2 | 131.3 | 765.5 |
|  Natural Gas (Bcf) | 5057 | 1582 | 6639 |
|  Total Proved Reserves (Mboe) | 2057.1 | 395.0 | 2452.0 |
|  Developed (Mboe) | 1207.1 | 174.7 | 1381.8 |
|  Undeveloped (Mboe) | 850.0 | 220.3 | 1070.3 |
|  Total Proved Reserves (Mboe) | 2057.1 | 395.0 | 2452.0 |
|  **Average Daily Production** <sup>(4)(5)</sup> |  |  |  |
|  Oil (Mbbls/d) | 168.3 | 22.1 | 190.4 |
|  NGLs (Mbbls/d) | 133.7 | 6.8 | 140.5 |
|  Natural Gas (MMcf/d) | 1698 | 272 | 1970 |
|  Total (BOE/d) | 585.0 | 74.1 | 659.1 |
|  | For the nine months ended September 30, 2025 | For the nine months ended September 30, 2025 | For the nine months ended September 30, 2025 |
|  | Ovintiv<br> (Historical) | NuVista<br>(Historical) | Pro Forma<br>Combined**<sup>(1)</sup>**<br> Company |
|  **Average Daily Production** <sup>(4)</sup> |  |  |  |
|  Oil (Mbbls/d) | 143.3 | 21.0 | 164.3 |
|  NGLs (Mbbls/d) | 160.3 | 6.7 | 167.0 |
|  Natural Gas (MMcf/d) | 1847 | 266 | 2113 |
|  Total (BOE/d) | 611.5 | 72.0 | 683.5 |

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Notes:

(1) The numbers in this column were calculated by adding the numbers in the columns for each of Ovintiv and NuVista
and may not sum due to rounding.

(2) Pro forma reserves presented are based on reserves estimates set forth in the Ovintiv Annual Report and the
NuVista U.S. Reserves Data. With respect to the pro forma reserves information presented in the table above, Ovintiv and NuVista did not construct a consolidated reserves report of the combined assets of Ovintiv and NuVista and did not engage an
independent reserves evaluator.

(3) All reserves information presented herein was prepared in accordance with U.S. Standards. These estimates were
calculated using SEC trailing prices as adjusted for location and quality differentials. Any significant price changes will have a material effect on the quantity and present value of the reserves. These estimates depend on a number of variable
factors and assumptions, including historical production from the area compared with production from other comparable producing areas, the assumed effects of regulations by governmental agencies, assumptions concerning future oil and gas prices, and
assumptions concerning future operating costs, transportation costs, severance and excise taxes, development costs and workover and remedial costs. There are numerous uncertainties inherent in estimating quantities and values of proved reserves and
in projecting future rates of production and the amount and timing of development expenditures, including many factors beyond the property owner's control. The reserve data set forth above represents estimates only and should not be construed
as being precise. The assumptions used in preparing these estimates may not be realized, causing the quantities of oil and gas that are ultimately recovered, the timing of the recovery of oil and gas reserves, the production and operating costs
incurred and the amount and timing of future development expenditures to vary from the estimates presented herein. Actual production, revenues and expenditures with respect to reserves will vary from estimates and the variances may be material. The
estimated pro forma combined reserves are not necessarily indicative of the results that might have occurred had the Arrangement been completed on January 1, 2024 and is not intended to be a projection of future results. As a result, future
results may vary significantly from the pro forma results reflected herein.

(4) Reserves volumes and production volumes are reported on an after-royalties basis.

(5) Ovintiv's historical reserves and production information as at and for the year ended December 31,
2024, and as a result, the pro forma reserves and production information for the Combined Company as at and for the year ended December 31, 2024, do not reflect any changes in Ovintiv's reserves and production related to
(i) Ovintiv's acquisition of undivided interests in oil and gas properties, rights and related assets in the Montney formation from Paramount which closed on January 31, 2025; or (ii) Ovintiv's disposition of the Uinta oil
and gas properties, which closed on January 22, 2025. Readers should refer to Ovintiv's Current Report on Form 8-K dated February 4, 2025, which is available on Ovintiv's SEDAR+ issuer profile
at www.sedarplus.ca and on Ovintiv's EDGAR profile at <u>www.sec.gov</u>.

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**Pro Forma Consolidated Capitalization** 

There have not been any material changes in the share and loan capital of Ovintiv since September 30, 2025, the date of the Quarterly Report on Form 10-Q of Ovintiv for the quarterly period ended September 30, 2025 filed with the SEC on November 4, 2025 (the "**Ovintiv Quarterly Report**"), including Ovintiv's interim consolidated unaudited financial statements as at and for the three and nine months ended September 30, 2025, together with the notes thereto, included in Item 1 of the Ovintiv Quarterly Report (the "**Ovintiv Q3 Interim Financial Statements**"), other than the issuance of US$212 million ($296 million) under Ovintiv's Commercial Paper Program to fund the acquisition of 18.5 million NuVista Shares purchased in a private transaction for $16.00 per NuVista Share on October 1, 2025 (the "**Private Transaction**"). The following table sets forth the consolidated capitalization of Ovintiv as at September 30, 2025, before and after being adjusted on a pro forma basis to give effect to: (i) the Private Transaction; (ii) the Arrangement; and (iii) the borrowings under the Ovintiv Lending Arrangements (as defined below) in connection with the Arrangement. The following table should be read in conjunction with the Ovintiv Quarterly Report, which is available on Ovintiv's SEDAR+ profile at www.sedarplus.ca and on Ovintiv's EDGAR profile at www.sec.gov.

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| | | |
|:---|:---|:---|
|  | September 30, 2025 | September 30, 2025 |
| (US $ millions, except share amounts) | Ovintiv Actual | Ovintiv<br>Adjusted<sup>(1)</sup> |
|  **Cash and cash equivalents** | 25 | 25 |
|  **Short-Term Borrowings** |  |  |
|  Ovintiv uncommitted demand facilities <sup>(2)</sup> |  |  |
|  Ovintiv Lending Arrangements and Commercial Paper Program <sup>(3)(6)</sup> | 360 | 2043 |
|  Ovintiv 2026 Notes <sup>(4)</sup> | 459 | 459 |
|  NuVista Notes <sup>(5)</sup> |  |  |
|  **Total Short-Term Borrowings** | 819 | 2502 |
|  **Long-Term Debt** |  |  |
|  Ovintiv U.S. dollar denominated unsecured notes | 4417 | 4417 |
|  NuVista covenant-based credit facility<sup>(5)</sup> |  |  |
|  Ovintiv debt premiums (discounts), net of transaction costs | (24) | (24) |
|  **Total Long-Term Debt** | 4393 | 4393 |
|  **Shareholders' Equity** |  |  |
|  Ovintiv share capital | 3 | 3 |
|  Ovintiv paid in surplus<sup>(6)</sup> | 7758 | 8956 |
|  Ovintiv retained earnings <sup>(7)</sup> | 1570 | 1546 |
|  Ovintiv accumulated other comprehensive income | 903 | 903 |
|  **Total Shareholders' Equity** | 10234 | 11408 |
|  **Total Net Capitalization** | 15421 | 18278 |
|  **Share Units** (in millions) <sup>(8)</sup> | 253.3 | 283.3 |

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Notes:

(1) After giving effect to: (i) the issuance of 29,977,258 Ovintiv Shares and US$1,126,709,167
($1,568,577,429) in consideration for all of the issued and outstanding NuVista Shares not already owned by Ovintiv or its affiliates pursuant to the Arrangement; (ii) a draw down of US$1,126,709,167 ($1,568,577,429) on either the Ovintiv Term
Loan or the Ovintiv Revolving Credit Facility (collectively, the "**Ovintiv Lending Arrangements**") to fund the Cash Consideration under the Arrangement; (iii) the issuance of US$212 million ($296 million) under the Ovintiv
Commercial Paper Program to fund the Private Transaction; and (iv) a draw down of US$274 million ($381 million) on either the Ovintiv Lending Arrangements to repay all amounts payable under the NuVista Note Indenture and the NuVista Credit
Agreement which includes an assumed payment by NuVista in respect of all NuVista Incentives exercised or settled between the Agreement Date and the Effective Time. The aggregate Cash Consideration payable for the acquisition of all of the issued and
outstanding NuVista Shares not already owned by Ovintiv or its affiliates pursuant to the Arrangement has been converted to U.S. dollars using the daily average exchange rate, as reported by the Bank of Canada on September 29, 2025 of $0.7183
per Canadian $1.00. Ovintiv has announced the divestiture process for Ovintiv's Anadarko assets expected to commence in the first quarter of 2026, with proceeds expected to be used to pay down the Ovintiv Revolving Credit Facility and to repay
the Ovintiv 2026 Notes (as defined below).

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(2) As at September 30, 2025, Ovintiv had net uncommitted demand lines of US$122 million. This includes
three available uncommitted demand lines totaling US$305 million in place, net of US$183 million in relation to undrawn letters of credit.

(3) As at September 30, 2025, Ovintiv had undrawn credit facilities of US$3.5 billion maturing in
December 2029 (the "**Ovintiv Revolving Credit Facility** "). As at September 30, 2025, there was US$360 million of commercial paper issued under the Ovintiv Revolving Credit Facility. Ovintiv intends to draw down:
(i) US$1,126,709,167 ($1,568,577,429) under the Ovintiv Lending Arrangements to fund the aggregate Cash Consideration under the Arrangement; and (ii) US$274 million ($381 million) under the Ovintiv Lending Arrangements to repay
all amounts payable under the NuVista Note Indenture and the NuVista Credit Agreement which includes an assumed payment by NuVista in respect of all NuVista Incentives exercised or settled between the Agreement Date and the Effective Time. The
(i) aggregate Cash Consideration payable for the acquisition of all of the issued and outstanding NuVista Shares not already owned by Ovintiv or its affiliates pursuant to the Arrangement, and (ii) aggregate amounts payable under the
NuVista Note Indenture and the NuVista Credit Agreement, have been converted to U.S. dollars using the daily average exchange rate, as reported by the Bank of Canada on September 29, 2025 of $0.7183 per Canadian $1.00. In addition, on
October 1, 2025, Ovintiv acquired 18.5 million NuVista Shares in the Private Transaction which was funded by the Ovintiv Commercial Paper Program.

(4) As at September 30, 2025, Ovintiv had unsecured notes in the aggregate principal amount of
US$459 million due January 1, 2026 (the "**Ovintiv 2026 Notes**") issued and outstanding.

(5) As at September 30, 2025, NuVista had: (i) an aggregate principal amount of $165 million (US$119
million) NuVista Notes outstanding; and (ii) $143 million (US$103 million) drawn under the NuVista Credit Agreement. Prior to the completion of the Arrangement, it is expected that NuVista will, upon request of Ovintiv, send a conditional
notice of redemption to each holder of NuVista Notes, pursuant to the optional redemption provisions set forth in, and in accordance with the NuVista Note Indenture and the Arrangement Agreement. NuVista is expected to pay approximately
$73 million (US$52 million) upon the exercise or settlement of NuVista Incentives between the Agreement Date and the Effective Time (assuming all NuVista Incentives are settled in cash) with funds drawn under the NuVista Credit Agreement and
any cash on hand. In conjunction with the completion of the Arrangement, Ovintiv expects to draw down $381 million (US$274 million) under the Ovintiv Lending Arrangements in connection with the redemption of the NuVista Notes and to repay all
amounts payable under the NuVista Credit Agreement. The aggregate principal amount outstanding on the NuVista Notes and the amounts owing under NuVista Credit Agreement have been converted to U.S. dollars using the daily average exchange rate, as
reported by the Bank of Canada on September 29, 2025 of $0.7183 per Canadian $1.00.

(6) Reflects the issuance of Ovintiv Shares using the closing stock price on the TSX of $55.48 on December 12,
2025. (7) Includes the estimated impact of costs of US$69 million ($96 million) by Ovintiv and NuVista associated
with the Arrangement. The estimated transaction costs have been converted to U.S. dollars using the daily average exchange rate, as reported by the Bank of Canada on September 29, 2025 of $0.7183 per Canadian $1.00.

(8) As of September 30, 2025, there were 253,258,560 Ovintiv Shares issued and outstanding. There have been no
Ovintiv Shares repurchased for cancellation between September 30, 2025 to December 12, 2025, under Ovintiv's normal course issuer bid program. As of December 12, 2025, there were 253,258,560 Ovintiv Shares issued and
outstanding.