# EDGAR Filing Document

**Accession Number:** 0001792580
**File Stem:** 0000950170-25-098398
**Filing Date:** 2025-7
**Character Count:** 115658
**Document Hash:** 5d4a2230066c9db11e987da4153555f1
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000950170-25-098398.hdr.sgml**: 20250724

**ACCESSION NUMBER**: 0000950170-25-098398

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 16

**CONFORMED PERIOD OF REPORT**: 20250724

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Other Events

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20250724

**DATE AS OF CHANGE**: 20250724

**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:** 251147780

**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**

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## **FORM** 8-K

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**CURRENT REPORT**

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

**Date of Report (Date of earliest event reported):** July 24, 2025<br>

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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 File Number)** | **(IRS Employer<br>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<br>

Not Applicable

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

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

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## **Item 2.02 Results of Operations and Financial Condition.** 
On July 24, 2025, Ovintiv Inc. (the "Company") issued a news release announcing its financial and operating results for its second quarter ended June 30, 2025. In connection with this announcement, the Company provided an earnings release and certain selected and supplemental financial information. A copy of the news release and supplemental financial information are attached as Exhibit 99.1 and 99.2 to this Current Report on Form 8-K.

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

## **Item 8.01 Other Events.** 
In its July 24, 2025 news release, the Company also announced that its Board of Directors had declared a quarterly dividend of $0.30 per share on the Company's outstanding common stock. The dividend is payable on September 29, 2025 to holders of record at the close of business on September 15, 2025. 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

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| | |
|:---|:---|
| &nbsp;&nbsp;**Exhibit No.** | &nbsp;&nbsp;**Exhibit Description** |
| &nbsp;&nbsp;Exhibit 99.1 | &nbsp;&nbsp;[<u>News Release dated July 24, 2025.</u>](ovv-ex99_1.htm) |
| &nbsp;&nbsp;Exhibit 99.2 | &nbsp;&nbsp;[<u>Selected and Supplemental Financial Information.</u>](ovv-ex99_2.htm) |
| &nbsp;&nbsp;Exhibit 104 | &nbsp;&nbsp;Cover Page Interactive Data File (embedded within the Inline XBRL document). |

---

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**SIGNATURES**

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.

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| | | | |
|:---|:---|:---|:---|
| Date: | July 24, 2025 | By:  | /s/ Dawna I. Gibb |
|  |  |  | Name: Dawna I. Gibb<br>Title: Assistant Corporate Secretary |

---

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## Exhibit 99.1

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| | |
|:---|:---|
| &nbsp;&nbsp;![img100551318_0.jpg](img100551318_0.jpg) | &nbsp;&nbsp;**Exhibit 99.1**<br>news release |

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**Ovintiv Reports Second Quarter 2025 Financial and Operating Results**

*Full Year Capital Guidance Lowered; Production Guidance Increased*

**Highlights:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Generated cash from operating activities of $1,013 million, Non-GAAP Cash Flow of $913 million and Non-GAAP Free Cash Flow of $392 million after capital expenditures of $521 million

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Second quarter production was above the guidance range on every product with average total production volumes of 615 thousand barrels of oil equivalent per day ("MBOE/d"), including 211 thousand barrels per day ("Mbbls/d") of oil and condensate, 96 Mbbls/d of other NGLs (C2 to C4) and 1,851 million cubic feet per day ("MMcf/d") of natural gas

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Reduced Net Debt by $217 million during the quarter to approximately $5.31 billion

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Returned $223 million to shareholders through the combination of base dividend payments and share buybacks

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Raised full year production guidance to a range of 600 MBOE/d to 620 MBOE/d, including oil and condensate of 205 Mbbls/d to 209 Mbbls/d and natural gas of 1,825 MMcf/d to 1,875 MMcf/d

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Full year capital guidance range lowered to $2.125 billion to $2.175 billion, $50 million lower at the midpoint

**DENVER,** July 24, 2025 – Ovintiv Inc. (NYSE, TSX: OVV) ("Ovintiv" or the "Company") today announced its second quarter 2025 financial and operating results. The Company plans to hold a conference call and webcast at 8:00 a.m. MT (10:00 a.m. ET) on July 25, 2025. Please see dial-in details within this release, as well as additional details on the Company's website at <u>www.ovintiv.com</u> under <u>Presentations and Events – Ovintiv</u>.

"Our second quarter results are a reflection of the quality of the business we have built," said Ovintiv President and CEO, Brendan McCracken. "Strong well performance across our portfolio, the rapid integration of our new Montney assets and enhanced capital efficiency have enabled us to reduce our expected 2025 capital investment and operating costs while increasing our full year production guidance. As a result, assuming commodity prices of $60 WTI and $3.75 NYMEX for the second half of the year, we now expect to generate $1.65 billion of Free Cash Flow, up $150 million from our previous estimate."

**Second Quarter 2025 Financial and Operating Results**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The Company recorded net earnings of $307 million, or $1.18 per diluted share of common stock, including net gains on risk management in revenues of $87 million, before tax.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Cash from operating activities was $1,013 million, Non-GAAP Cash Flow was $913 million, and capital investment totaled approximately $521 million, resulting in $392 million of Non-GAAP Free Cash Flow.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Second quarter average total production volumes were approximately 615 MBOE/d, including 211 Mbbls/d of oil and condensate, 96 Mbbls/d of other NGLs (C2 to C4) and 1,851 MMcf/d of natural gas.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Upstream operating expense was $3.84 per barrel of oil equivalent ("BOE"). Upstream transportation and processing costs were $7.62 per BOE. Production, mineral and other taxes were $1.31 per BOE, or 4.1% of upstream revenue. These costs were below the midpoint of guidance on a combined basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Excluding the impact of hedges, second quarter average realized prices were $63.28 per barrel for oil and condensate (99% of WTI), $18.28 per barrel for other NGLs (C2 to C4) and $2.24 per thousand cubic feet ("Mcf") for natural gas (65% of NYMEX) resulting in a total average realized price of $31.32 per BOE.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Including the impact of hedges, the average realized prices for oil and condensate was $63.77 (100% of WTI), the average realized price for other NGLs (C2 to C4) was unchanged, and the average realized price for natural gas was $2.38 per Mcf (69% of NYMEX) resulting in a total average realized price of $31.91 per BOE.

Ovintiv Inc. 1

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**Guidance** 

The Company issued its third quarter 2025 guidance and increased its full year production guidance while reducing expected capital investment. Full year production volumes are now expected to average 600 to 620 MBOE/d, with full year expected capital investment of $2.125 billion to $2.175 billion.

---

| | | | |
|:---|:---|:---|:---|
|  | **3Q 2025E** | Prior Full Year 2025E | **Updated Full Year 2025E** |
| &nbsp;&nbsp;**Total Production (MBOE/d)** | **610 – 630**  | 595 – 615 | **600 – 620** |
| &nbsp;&nbsp;**Oil & Condensate (Mbbls/d)**  | **202 – 208** | 202 – 208 | **205 – 209** |
| &nbsp;&nbsp;**NGLs (C2 - C4) (Mbbls/d)** | **94 – 98** | 87 – 92 | **93 – 96** |
| &nbsp;&nbsp;**Natural Gas (MMcf/d)** | **1875 – 1925** | 1825 – 1875 | **1825 – 1875** |
| &nbsp;&nbsp;**Capital Investment (Millions)** | **$525 – $575** | $2150 – $2250 | **$2125 – $2175** |

---

**Returns to Shareholders**

Ovintiv remains committed to its capital allocation framework, which is expected to return at least 50% of post base dividend Non-GAAP Free Cash Flow to shareholders through buybacks and/or variable dividends.

In the second quarter, the Company purchased for cancellation, approximately 4.1 million shares of common stock for consideration of approximately $146 million and paid dividends of $0.30 per share of common stock totaling $77 million. Share buybacks in the third quarter are expected to total approximately $158 million.

**Continued Balance Sheet Focus** 

Ovintiv had approximately $3.2 billion in total liquidity as of June 30, 2025, which included available credit facilities of $3,350 million, available uncommitted demand lines of $132 million, and cash and cash equivalents of $20 million, net of outstanding commercial paper of $331 million.

Ovintiv reported Debt to EBITDA of 1.6 times and Non-GAAP Debt to Adjusted EBITDA of 1.2 times.

The Company remains committed to maintaining a strong balance sheet and is currently rated investment grade by four credit rating agencies. Ovintiv maintains a long-term leverage target of 1.0 times Non-GAAP Debt to Adjusted EBITDA at mid-cycle prices, with an associated long-term total debt target of $4.0 billion.

**Dividend Declared**

On July 24, 2025, Ovintiv's Board declared a quarterly dividend of $0.30 per share of common stock payable on September 29, 2025, to shareholders of record as of September 15, 2025.

**Asset Highlights** 

**Permian**

Permian production averaged 215 MBOE/d (80% liquids) in the second quarter. The Company had 23 net wells turned in line ("TIL"). Full year capital investment in the play is expected to total approximately $1.20 billion to $1.25 billion to bring on 130 to 140 net wells.

**Montney** 

Montney production averaged 300 MBOE/d (26% liquids) in the second quarter. The Company had 39 net wells TIL. Full year capital investment in the play is expected to total approximately $575 million to $625 million to bring on 75 to 85 net wells.

**Anadarko** 

Anadarko production averaged 100 MBOE/d (59% liquids) in the second quarter. The Company had 11 net wells TIL. Full year capital investment in the play is expected to total approximately $290 million to $310 million to bring on 25 to 35 net wells.

For additional information on the Company's quarterly results, please refer to the Second Quarter 2025 Results Presentation available on Ovintiv's website, www.ovintiv.com under <u>Presentations and Events – Ovintiv</u>. Supplemental Information, and Non-GAAP Definitions and Reconciliations, are available on Ovintiv's website under <u>Financial Documents Library.</u>

Ovintiv Inc. 2

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**Conference Call Information** 

A conference call and webcast to discuss the Company's second quarter results will be held at 8:00 a.m. MT (10:00 a.m. ET) on July 25, 2025.

To join the conference call without operator assistance, you may register and enter your phone number at <u>https://emportal.ink/3Pu99jK</u> to receive an instant automated call back. You can also dial direct to be entered to the call by an Operator. Please dial 888-510-2154 (toll-free in North America) or 437-900-0527 (international) approximately 15 minutes prior to the call.

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

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

**Capital Investment and Production**

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;(for the period ended June 30) | &nbsp;&nbsp;**2Q 2025** | &nbsp;&nbsp;2Q 2024 |
| &nbsp;&nbsp;**Capital Expenditures** <sup>(1)</sup> **($ millions)** | &nbsp;&nbsp;**521** | &nbsp;&nbsp;622 |
| &nbsp;&nbsp;**Oil (Mbbls/d)**  | &nbsp;&nbsp;**142.0** | &nbsp;&nbsp;167.3 |
| &nbsp;&nbsp;**NGLs – Plant Condensate (Mbbls/d)** | &nbsp;&nbsp;**69.2** | &nbsp;&nbsp;44.6 |
| &nbsp;&nbsp;**Oil & Plant Condensate (Mbbls/d)** | &nbsp;&nbsp;**211.2** | &nbsp;&nbsp;211.9 |
| &nbsp;&nbsp;**NGLs – Other (Mbbls/d)** | &nbsp;&nbsp;**95.5** | &nbsp;&nbsp;92.0 |
| &nbsp;&nbsp;**Total Liquids (Mbbls/d)** | &nbsp;&nbsp;**306.7** | &nbsp;&nbsp;303.9 |
| &nbsp;&nbsp;**Natural gas (MMcf/d)** | &nbsp;&nbsp;**1851** | &nbsp;&nbsp;1740 |
| &nbsp;&nbsp;**Total production (MBOE/d)** | &nbsp;&nbsp;**615.3** | &nbsp;&nbsp;593.8 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Including capitalized directly attributable internal costs.

**Second Quarter Financial Summary**

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;(for the period ended June 30) <br>($ millions) | &nbsp;&nbsp;**2Q 2025** | &nbsp;&nbsp;2Q 2024 |
| &nbsp;&nbsp;&nbsp;**Cash From (Used In) Operating Activities**<br>Deduct (Add Back):<br>Net change in other assets and liabilities <br>Net change in non-cash working capital  | &nbsp;&nbsp;**1013**<br>**(11)**<br>**111** | &nbsp;&nbsp;1020<br>(42)<br>37 |
| &nbsp;&nbsp;**Non-GAAP Cash Flow** <sup>(1)</sup> | &nbsp;&nbsp;**913** | &nbsp;&nbsp;1025 |
| &nbsp;&nbsp;**Non-GAAP Cash Flow** <sup>(1)</sup> | &nbsp;&nbsp;**913** | &nbsp;&nbsp;1025 |
| &nbsp;&nbsp;**Less: Capital Expenditures** <sup>(2)</sup> | &nbsp;&nbsp;**521** | &nbsp;&nbsp;622 |
| &nbsp;&nbsp;**Non-GAAP Free Cash Flow** <sup>(1)</sup> | &nbsp;&nbsp;**392** | &nbsp;&nbsp;403 |
| &nbsp;&nbsp;&nbsp;**Net Earnings (Loss) Before Income Tax**<br>Before-tax (Addition) Deduction:<br>Unrealized gain (loss) on risk management<br>Non-operating foreign exchange gain (loss)  | &nbsp;&nbsp;**399**<br>**54**<br>**(3)** | &nbsp;&nbsp;466<br>8<br>11 |
| &nbsp;&nbsp;&nbsp;Adjusted Earnings (Loss) Before Income Tax<br>Income tax expense (recovery) | &nbsp;&nbsp;**348**<br>**83** | &nbsp;&nbsp;447<br>116 |
| &nbsp;&nbsp;**Non-GAAP Adjusted Earnings** <sup>(1)</sup> | &nbsp;&nbsp;**265** | &nbsp;&nbsp;331 |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Including capitalized directly attributable internal costs.

Ovintiv Inc. 3

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<br> **Realized Pricing Summary (Including the impact of realized gains (losses) on risk management)**

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;(for the period ended June 30) | **2Q 2025** | 2Q 2024 |
| &nbsp;&nbsp;**Liquids ($/bbl)** |  |  |
| &nbsp;&nbsp;WTI  | **63.74** | 80.57 |
| &nbsp;&nbsp;**Realized Liquids Prices**  |  |  |
| &nbsp;&nbsp;**Oil** | **65.23** | 76.58 |
| &nbsp;&nbsp;**NGLs – Plant Condensate** | **60.79** | 71.66 |
| &nbsp;&nbsp;**Oil & Plant Condensate** | **63.77** | 75.55 |
| &nbsp;&nbsp;**NGLs – Other** | **18.28** | 18.47 |
| &nbsp;&nbsp;**Total NGLs** | **36.14** | 35.82 |
| &nbsp;&nbsp;**Natural Gas** |  |  |
| &nbsp;&nbsp;NYMEX ($/MMBtu) | **3.44** | 1.89 |
| &nbsp;&nbsp;**Realized Natural Gas Price ($/Mcf)** | **2.38** | 1.86 |

---

**Cost Summary**

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**(for the period ended June 30)**<br>**($/BOE)** | &nbsp;&nbsp;**2Q 2025** | &nbsp;&nbsp;2Q 2024 |
| &nbsp;&nbsp;Production, mineral and other taxes | &nbsp;&nbsp;**1.31** | &nbsp;&nbsp;1.65 |
| &nbsp;&nbsp;Upstream transportation and processing | &nbsp;&nbsp;**7.62** | &nbsp;&nbsp;7.15 |
| &nbsp;&nbsp;Upstream operating | &nbsp;&nbsp;**3.84** | &nbsp;&nbsp;4.29 |
| &nbsp;&nbsp;Administrative, excluding long-term incentive, restructuring and legal costs | &nbsp;&nbsp;**1.19** | &nbsp;&nbsp;1.28 |

---

**Debt to EBITDA** <sup>(1)</sup>

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;($ millions, except as indicated) | &nbsp;&nbsp;**June 30, 2025** | &nbsp;&nbsp;December 31, 2024 |
| &nbsp;&nbsp;Long-Term Debt, including Current Portion | &nbsp;&nbsp;**5333** | &nbsp;&nbsp;5453 |
| &nbsp;&nbsp;Net Earnings (Loss) | &nbsp;&nbsp;**595** | &nbsp;&nbsp;1125 |
| &nbsp;&nbsp;Add back (Deduct): |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation, depletion and amortization | &nbsp;&nbsp;**2245** | &nbsp;&nbsp;2290 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest | &nbsp;&nbsp;**401** | &nbsp;&nbsp;412 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income tax expense (recovery) | &nbsp;&nbsp;**68** | &nbsp;&nbsp;226 |
| &nbsp;&nbsp;EBITDA  | &nbsp;&nbsp;**3309** | &nbsp;&nbsp;4053 |
| &nbsp;&nbsp;**Debt to EBITDA (times)** | &nbsp;&nbsp;**1.6** | &nbsp;&nbsp;1.3 |

---

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

Ovintiv Inc. 4

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<br> **Debt to Adjusted EBITDA** <sup>(1)</sup>

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;($ millions, except as indicated) | &nbsp;&nbsp;**June 30, 2025** | &nbsp;&nbsp;December 31, 2024 |
| &nbsp;&nbsp;Long-Term Debt, including Current Portion | &nbsp;&nbsp;**5333** | &nbsp;&nbsp;5453 |
| &nbsp;&nbsp;Net Earnings (Loss) | &nbsp;&nbsp;**595** | &nbsp;&nbsp;1125 |
| &nbsp;&nbsp;Add back (Deduct): |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation, depletion and amortization<br>&nbsp;&nbsp;&nbsp;&nbsp;Impairments | &nbsp;&nbsp;**2245**<br>**1180** | &nbsp;&nbsp;2290<br>450 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accretion of asset retirement obligation | &nbsp;&nbsp;**24** | &nbsp;&nbsp;19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest | &nbsp;&nbsp;**401** | &nbsp;&nbsp;412 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized (gains) losses on risk management | &nbsp;&nbsp;**36** | &nbsp;&nbsp;136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign exchange (gain) loss, net | &nbsp;&nbsp;**51** | &nbsp;&nbsp;(19) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other (gains) losses, net | &nbsp;&nbsp;**(164)** | &nbsp;&nbsp;(165) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income tax expense (recovery) | &nbsp;&nbsp;**68** | &nbsp;&nbsp;226 |
| &nbsp;&nbsp;Adjusted EBITDA  | &nbsp;&nbsp;**4436** | &nbsp;&nbsp;4474 |
| &nbsp;&nbsp;**Debt to Adjusted EBITDA (times)** | &nbsp;&nbsp;**1.2** | &nbsp;&nbsp;1.2 |

---

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

**Hedge Details as of June 30, 2025**

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Oil and Condensate Hedges ($/bbl)** | **3Q 2025** | **4Q 2025** | **1Q 2026** | **2Q 2026** | **3Q 2026** | **4Q 2026** | **2027** | **2028** |
| **WTI 3-Way Options**<br>Call Strike<br>Put Strike<br>Sold Put Strike | **50 Mbbls/d**<br>$80.59<br>$65.00<br>$50.00 | **50 Mbbls/d**<br>$76.57<br>$65.00<br>$50.00 | **45 Mbbls/d**<br>$72.32<br>$62.01<br>$51.67 | **25 Mbbls/d**<br>$70.68<br>$62.42<br>$52.00 | **0**<br>**-**<br>**-**<br>**-** | **0**<br>**-**<br>**-**<br>**-** | **0**<br>**-**<br>**-**<br>**-** | **0**<br>**-**<br>**-**<br>**-** |

---

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Natural Gas Hedges ($/Mcf)** | **3Q 2025** | **4Q 2025** | **1Q 2026** | **2Q 2026** | **3Q 2026** | **4Q 2026** | **2027** | **2028** |
| **NYMEX 3-Way Options**<br>Call Strike<br>Put Strike<br>Sold Put Strike | **500 MMcf/d**<br>$4.47<br>$3.00<br>$2.25 | **500 MMcf/d**<br>$4.47<br>$3.00<br>$2.25 | **500 MMcf/d**<br>$7.95<br>$3.33<br>$2.70 | **450 MMcf/d**<br>$5.92<br>$3.33<br>$2.58 | **450 MMcf/d**<br>$5.92<br>$3.33<br>$2.58 | **450 MMcf/d**<br>$5.92<br>$3.33<br>$2.58 | **0**<br>**-**<br>**-**<br>**-** | **0**<br>**-**<br>**-**<br>**-** |
| **AECO Nominal Basis Swaps** | **190 MMcf/d**<br>($1.08) | **190 MMcf/d**<br>($1.08) | **0**<br>**-** | **0**<br>**-** | **0**<br>**-** | **0**<br>**-** | **20 MMcf/d**<br>($1.38) | **20 MMcf/d**<br>($1.38) |
| **AECO % of NYMEX Swaps** | **100 MMcf/d**<br>72% | **100 MMcf/d**<br>72% | **0**<br>**-** | **0**<br>**-** | **0**<br>**-** | **0**<br>**-** | **0**<br>**-** | **0**<br>**-** |
| **AECO Fixed Price Swaps** | **0**<br>**-** | **0**<br>**-** | **50 MMcf/d**<br>$2.35 | **50 MMcf/d**<br>$2.35 | **50 MMcf/d**<br>$2.35 | **50 MMcf/d**<br>$2.35 | **0**<br>**-** | **0**<br>**-** |

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Ovintiv Inc. 5

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**Important information**

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

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

**NI 51-101 Exemption**

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**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. Forecasted Non-GAAP Free Cash Flow assumes forecasted Non-GAAP Cash Flow based on price assumptions of $60 WTI and $3.75 NYMEX and utilizes the midpoint of the production and capital guidance. Due to its forward-looking nature, management cannot reliably predict certain of the necessary components of the most directly comparable forward-looking GAAP measure, such as changes in operating assets and liabilities. Accordingly, Ovintiv is unable to present a quantitative reconciliation of such forward-looking non-GAAP financial measure to its most directly comparable forward-looking GAAP financial measure. Amounts excluded from this non-GAAP measure in future periods could be significant.

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

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

Ovintiv Inc. 6

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Net Debt** is a non-GAAP measure defined as long-term debt, including the current portion, less cash and cash equivalents.

**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 second quarter and fiscal year 2025 guidance and expected free cash flow, the expectation of delivering sustainable durable returns to shareholders in future years, plans regarding capital allocation, share buybacks and debt reduction, the ability of the Company to timely achieve its stated environmental, social and governance goals, targets and initiatives, the anticipated timing of bringing wells online, and the ability to achieve targeted per well cost reduction synergies, 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," "on track", "opportunities," "outlook," "plans," "potential," "strategy," "targets," "will," "would" and other similar terminology are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words or phrases. Readers are cautioned against unduly relying on forward-looking statements which, are based on current expectations and by their nature, involve numerous assumptions that are subject to both known and unknown risks and uncertainties (many of which are beyond our control) that may cause such statements not to occur, or actual results to differ materially and/or adversely from those expressed or implied. These assumptions include, without limitation: future commodity prices and basis differentials; the Company's ability to successfully integrate the Montney assets; the ability of the Company to access credit facilities and capital markets; the availability of attractive commodity or financial hedges and the enforceability of risk management programs; the Company's ability to capture and maintain gains in productivity and efficiency; the ability for the Company to generate cash returns and execute on its share buyback plan; expectations of plans, strategies and objectives of the Company, including anticipated production volumes and capital investment; the Company's ability to manage cost inflation and expected cost structures, including expected operating, transportation, processing and labor expenses; the outlook of the oil and natural gas industry generally, including impacts from changes to the geopolitical environment; the impact of changes in federal, state, provincial, local and tribal laws, rules and regulations, including the impact of changes in trade policies and tariffs; and projections made in light of, and generally consistent with, the Company's historical experience and its perception of historical industry trends; and the other assumptions contained herein.

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

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

Further information on Ovintiv Inc. is available on the Company's website, <u>www.ovintiv.com</u>, or by contacting:

---

| | |
|:---|:---|
| &nbsp;&nbsp;***Investor contact:***<br>**(888) 525-0304**  | &nbsp;&nbsp;***Media contact:***<br>**(403) 645-2252** |

---

Ovintiv Inc. 7

------

## Exhibit 99.2

**Exhibit 99.2**

![img101474839_0.jpg](img101474839_0.jpg)

**Ovintiv Inc.**

Selected Financial Information

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(unaudited)*

For the period ended June 30, 2025

U.S. Dollar / U.S. Protocol

------

Condensed Consolidated Statement of Earnings *(unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Three Months Ended | Three Months Ended | Six Months Ended | Six Months Ended |
|  | June 30, | June 30, | June 30, | June 30, |
| (US$ millions, except per share amounts) | **2025** | 2024 | **2025** | 2024 |
| **Revenues** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Product and service revenues <sup>(1)</sup> | $**1764** | $1849 | $**3729** | $3787 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sales of purchased product <sup>(1)</sup> | **450** | 344 | **860** | 793 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gains (losses) on risk management, net | **87** | 77 | **71** | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sublease revenues | **17** | 18 | **35** | 37 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Revenues | **2318** | 2288 | **4695** | 4640 |
| **Operating Expenses** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Production, mineral and other taxes | **73** | 89 | **160** | 172 |
| &nbsp;&nbsp;&nbsp;&nbsp;Transportation and processing | **435** | 413 | **833** | 832 |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating | **219** | 237 | **424** | 480 |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchased product | **440** | 333 | **842** | 773 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation, depletion and amortization | **556** | 580 | **1101** | 1146 |
| &nbsp;&nbsp;&nbsp;&nbsp;Impairments | **-** | - | **730** | - |
| &nbsp;&nbsp;&nbsp;&nbsp;Accretion of asset retirement obligation | **8** | 4 | **14** | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Administrative | **76** | 76 | **169** | 178 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Operating Expenses | **1807** | 1732 | **4273** | 3590 |
| **Operating Income (Loss)** | **511** | 556 | **422** | 1050 |
| **Other (Income) Expenses** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest | **95** | 105 | **192** | 203 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign exchange (gain) loss, net | **22** | (10) | **32** | (38) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other (gains) losses, net | **(5)** | (5) | **(8)** | (9) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Other (Income) Expenses | **112** | 90 | **216** | 156 |
| **Net Earnings (Loss) Before Income Tax** | **399** | 466 | **206** | 894 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income tax expense (recovery) | **92** | 126 | **58** | 216 |
| **Net Earnings (Loss)** | $**307** | $340 | $**148** | $678 |
| **Net Earnings (Loss) per Share of Common Stock** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Basic | $**1.19** | $1.28 | $**0.57** | $2.53 |
| &nbsp;&nbsp;&nbsp;&nbsp;Diluted | **1.18** | 1.27 | **0.57** | 2.51 |
| **Weighted Average Shares of Common Stock Outstanding (millions)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Basic | **259.0** | 266.2 | **259.7** | 267.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Diluted | **260.1** | 268.1 | **261.6** | 270.6 |

---

(1)See Note 3 of the Interim Condensed Consolidated Financial Statements included in Part I, Item 1 of Ovintiv's Quarterly Report on Form 10-Q regarding the reclassification of the Company's previously reported Market Optimization segment.

Condensed Consolidated Statement of Comprehensive Income *(unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Three Months Ended | Three Months Ended | Six Months Ended | Six Months Ended |
|  | June 30, | June 30, | June 30, | June 30, |
| (US$ millions) | **2025** | 2024 | **2025** | 2024 |
| **Net Earnings (Loss)** | $**307** | $340 | $**148** | $678 |
| **Other Comprehensive Income (Loss), Net of Tax** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency translation adjustment | **194** | (31) | **202** | (107) |
| &nbsp;&nbsp;&nbsp;&nbsp;Pension and other post-employment benefit plans | **(1)** | (2) | **(2)** | (3) |
| **Other Comprehensive Income (Loss)** | **193** | (33) | **200** | (110) |
| **Comprehensive Income (Loss)** | $**500** | $307 | $**348** | $568 |

---

Ovintiv Inc. 1 Selected Financial Information

------

Condensed Consolidated Balance Sheet *(unaudited)*

---

| | | |
|:---|:---|:---|
|  | **As at** | As at |
|  | **June 30,** | December 31, |
| (US$ millions) | **2025** | 2024 |
| **Assets** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Current Assets |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | $**20** | $42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable and accrued revenues (net of allowances |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; of $6 million (2024: $5 million)) | **1121** | 1183 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Risk management | **98** | 108 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income tax receivable | **5** | 36 |
|  | **1244** | 1369 |
| &nbsp;&nbsp;&nbsp;&nbsp;Property, Plant and Equipment, at cost: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oil and natural gas properties, based on full cost accounting |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proved properties | **68848** | 66009 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unproved properties | **649** | 764 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other | **879** | 865 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Property, plant and equipment | **70376** | 67638 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: Accumulated depreciation, depletion and amortization | **(55993)** | (53274) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Property, plant and equipment, net | **14383** | 14364 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other Assets | **1336** | 965 |
| &nbsp;&nbsp;&nbsp;&nbsp;Risk Management | **2** | - |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred Income Taxes | **190** | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;Goodwill | **2579** | 2546 |
|  | $**19734** | $19254 |
| **Liabilities and Shareholders' Equity** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Current Liabilities |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable and accrued liabilities | $**1801** | $1883 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Current portion of operating lease liabilities | **108** | 82 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income tax payable | **18** | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Risk management | **7** | 107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Current portion of long-term debt | **940** | 600 |
|  | **2874** | 2681 |
| &nbsp;&nbsp;&nbsp;&nbsp;Long-Term Debt | **4393** | 4853 |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating Lease Liabilities | **1147** | 737 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other Liabilities and Provisions | **130** | 114 |
| &nbsp;&nbsp;&nbsp;&nbsp;Risk Management | **16** | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;Asset Retirement Obligation | **438** | 315 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred Income Taxes | **359** | 202 |
|  | **9357** | 8923 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shareholders' Equity |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Share capital - authorized 775 million shares of stock |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 issued and outstanding: 257.0 million shares (2024: 260.4 million shares) | **3** | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Paid in surplus | **7898** | 8045 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Retained earnings | **1499** | 1506 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accumulated other comprehensive income | **977** | 777 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Shareholders' Equity | **10377** | 10331 |
|  | $**19734** | $19254 |

---

Ovintiv Inc. 2 Selected Financial Information

------

Condensed Consolidated Statement of Cash Flows *(unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Three Months Ended | Three Months Ended | Six Months Ended | Six Months Ended |
|  | June 30, | June 30, | June 30, | June 30, |
| (US$ millions) | **2025** | 2024 | **2025** | 2024 |
| **Operating Activities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net earnings (loss) | $**307** | $340 | $**148** | $678 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation, depletion and amortization | **556** | 580 | **1101** | 1146 |
| &nbsp;&nbsp;&nbsp;&nbsp;Impairments | **-** | - | **730** | - |
| &nbsp;&nbsp;&nbsp;&nbsp;Accretion of asset retirement obligation | **8** | 4 | **14** | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred income taxes | **66** | 103 | **(11)** | 161 |
| &nbsp;&nbsp;&nbsp;&nbsp;Unrealized (gain) loss on risk management | **(54)** | (8) | **(8)** | 92 |
| &nbsp;&nbsp;&nbsp;&nbsp;Unrealized foreign exchange (gain) loss | **2** | (5) | **(43)** | (28) |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign exchange (gain) loss on settlements | **1** | (5) | **(41)** | (7) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | **27** | 16 | **27** | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in other assets and liabilities | **(11)** | (42) | **(22)** | (54) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in non-cash working capital | **111** | 37 | **(9)** | (327) |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash From (Used in) Operating Activities | **1013** | 1020 | **1886** | 1679 |
| **Investing Activities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital expenditures | **(521)** | (622) | **(1138)** | (1213) |
| &nbsp;&nbsp;&nbsp;&nbsp;Acquisitions | **(3)** | (5) | **(2313)** | (195) |
| &nbsp;&nbsp;&nbsp;&nbsp;Corporate acquisition | **-** | - | **-** | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from divestitures | **12** | 2 | **1896** | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in investments and other | **(46)** | (16) | **102** | (10) |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash From (Used in) Investing Activities | **(558)** | (641) | **(1453)** | (1402) |
| **Financing Activities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net issuance (repayment) of revolving debt | **396** | (111) | **481** | 350 |
| &nbsp;&nbsp;&nbsp;&nbsp;Repayment of long-term debt | **(600)** | - | **(600)** | - |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchase of shares of common stock | **(147)** | (184) | **(147)** | (434) |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends on shares of common stock | **(77)** | (80) | **(155)** | (160) |
| &nbsp;&nbsp;&nbsp;&nbsp;Finance lease payments and other | **(2)** | (1) | **(21)** | (30) |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash From (Used in) Financing Activities | **(430)** | (376) | **(442)** | (274) |
| **Foreign Exchange Gain (Loss) on Cash, Cash Equivalents** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**and Restricted Cash Held in Foreign Currency** | **(13)** | - | **(13)** | 2 |
| **Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash** | **12** | 3 | **(22)** | 5 |
| **Cash, Cash Equivalents and Restricted Cash, Beginning of Period** | **8** | 5 | **42** | 3 |
| **Cash, Cash Equivalents and Restricted Cash, End of Period** | $**20** | $8 | $**20** | $8 |
| **Cash, End of Period** | $**19** | $6 | $**19** | $6 |
| **Cash Equivalents, End of Period** | **1** | 2 | **1** | 2 |
| **Restricted Cash, End of Period** | **-** | - | **-** | - |
| **Cash, Cash Equivalents and Restricted Cash, End of Period** | $**20** | $8 | $**20** | $8 |

---

Ovintiv Inc. 3 Selected Financial Information

------

![img101474839_1.jpg](img101474839_1.jpg)

**Ovintiv Inc.**

Interim Supplemental Information

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(unaudited)*

For the period ended June 30, 2025

U.S. Dollar / U.S. Protocol

------

Second quarter report

for the period ended June 30, 2025

Supplemental Financial Information *(unaudited)*

**Financial Results**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **2025** | **2025** | **2025** | 2024 | 2024 | 2024 | 2024 | 2024 | 2024 |
| (US$ millions, unless otherwise specified) | **Year-to-**<br>**date** | **Q2** | Q1 | Year | Q4 | Q3 | Q2 Year-<br>to-Date | Q2 | Q1 |
| Net Earnings (Loss) | **148** | **307** | (159) | 1125 | (60) | 507 | 678 | 340 | 338 |
| Per share - basic <sup>(1)</sup> | **0.57** | **1.19** | (0.61) | 4.25 | (0.23) | 1.93 | 2.53 | 1.28 | 1.25 |
| Per share - diluted <sup>(1)</sup> | **0.57** | **1.18** | (0.61) | 4.21 | (0.23) | 1.92 | 2.51 | 1.27 | 1.24 |
| Non-GAAP Adjusted Earnings <sup>(2)</sup> | **635** | **265** | 370 | 1560 | 351 | 489 | 720 | 331 | 389 |
| Per share - basic <sup>(1)</sup> | **2.45** | **1.02** | 1.42 | 5.90 | 1.35 | 1.87 | 2.69 | 1.24 | 1.44 |
| Per share - diluted <sup>(1)</sup> | **2.43** | **1.02** | 1.42 | 5.83 | 1.35 | 1.85 | 2.66 | 1.23 | 1.43 |
| Non-GAAP Cash Flow <sup>(3)</sup> | **1917** | **913** | 1004 | 4042 | 1004 | 978 | 2060 | 1025 | 1035 |
| Per share - basic <sup>(1)</sup> | **7.38** | **3.53** | 3.86 | 15.28 | 3.86 | 3.73 | 7.69 | 3.85 | 3.84 |
| Per share - diluted <sup>(1)</sup> | **7.33** | **3.51** | 3.86 | 15.12 | 3.86 | 3.70 | 7.61 | 3.82 | 3.80 |
| Foreign Exchange Rates (C$ per US$1) |  |  |  |  |  |  |  |  |  |
| Average | **1.409** | **1.384** | 1.435 | 1.370 | 1.398 | 1.364 | 1.359 | 1.368 | 1.349 |
| Period end | **1.364** | **1.364** | 1.438 | 1.439 | 1.439 | 1.350 | 1.369 | 1.369 | 1.355 |
| **Non-GAAP Adjusted Earnings Summary** |  |  |  |  |  |  |  |  |  |
| Net Earnings (Loss) Before Income Tax | **206** | **399** | (193) | 1351 | (101) | 558 | 894 | 466 | 428 |
| Before-tax (Addition) Deduction: |  |  |  |  |  |  |  |  |  |
| Unrealized gain (loss) on risk management | **8** | **54** | (46) | (136) | (75) | 31 | (92) | 8 | (100) |
| Impairments | **(730)** | **-** | (730) | (450) | (450) | - | - | - | - |
| Non-operating foreign exchange gain (loss) | **84** | **(3)** | 87 | 6 | (14) | (16) | 36 | 11 | 25 |
| Adjusted Earnings (Loss) Before Income Tax | **844** | **348** | 496 | 1931 | 438 | 543 | 950 | 447 | 503 |
| Income tax expense (recovery) <sup>(4)</sup> | **209** | **83** | 126 | 371 | 87 | 54 | 230 | 116 | 114 |
| Non-GAAP Adjusted Earnings <sup>(2)</sup> | **635** | **265** | 370 | 1560 | 351 | 489 | 720 | 331 | 389 |
| **Non-GAAP Cash Flow Summary** |  |  |  |  |  |  |  |  |  |
| Cash From (Used in) Operating Activities | **1886** | **1013** | 873 | 3721 | 1020 | 1022 | 1679 | 1020 | 659 |
| (Add back) Deduct: |  |  |  |  |  |  |  |  |  |
| Net change in other assets and liabilities | **(22)** | **(11)** | (11) | (74) | (39) | 19 | (54) | (42) | (12) |
| Net change in non-cash working capital | **(9)** | **111** | (120) | (247) | 55 | 25 | (327) | 37 | (364) |
| Non-GAAP Cash Flow <sup>(3)</sup> | **1917** | **913** | 1004 | 4042 | 1004 | 978 | 2060 | 1025 | 1035 |

---

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **2025** | **2025** | **2025** | 2024 | 2024 | 2024 | 2024 | 2024 | 2024 |
| (millions) | **Year-to-**<br>**date** | **Q2** | Q1 | Year | Q4 | Q3 | Q2 Year-<br>to-Date | Q2 | Q1 |
| Weighted Average Shares of Common Stock Outstanding |  |  |  |  |  |  |  |  |  |
| Basic | **259.7** | **259.0** | 260.4 | 264.6 | 260.3 | 262.1 | 267.9 | 266.2 | 269.7 |
| Diluted | **261.6** | **260.1** | 260.4 | 267.4 | 260.3 | 264.0 | 270.6 | 268.1 | 272.3 |

---

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

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

(4)Calculated using the applicable U.S. federal and state statutory income tax rate of 21.75 percent and the applicable Canadian federal and provincial statutory income tax rate of 23.7 percent (2024 - 21.75 percent and 23.7 percent, respectively).

**Financial Metrics**

---

| | | |
|:---|:---|:---|
|  | **2025** | 2024 |
|  | **Year-to-**<br>**date** | Year |
| Debt to Capitalization | **34%** | 35% |
| Debt to Adjusted Capitalization <sup>(1)</sup> | **23%** | 23% |
| Debt to EBITDA <sup>(1)</sup> | **1.6x** | 1.3x |
| Debt to Adjusted EBITDA <sup>(1)</sup> | **1.2x** | 1.2x |

---

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

---

| | |
|:---|:---|
| Ovintiv Inc.<sub>1</sub> | Supplemental Information (prepared in US$) |

---

------

Second quarter report

for the period ended June 30, 2025

Supplemental Operating Information *(unaudited)*

**Production Volumes by Product**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **2025** | **2025** | **2025** | 2024 | 2024 | 2024 | 2024 | 2024 | 2024 |
| (average) | **% of<br>Oil & NGLs** | **Year-to-**<br>**date** | **Q2** | Q1 | Year | Q4 | Q3 | Q2 Year-<br>to-Date | Q2 | Q1 |
| Oil (Mbbls/d) | **48** | **146.3** | **142.0** | 150.5 | 168.3 | 167.1 | 168.4 | 168.8 | 167.3 | 170.4 |
| NGLs - Plant Condensate (Mbbls/d) | **21** | **62.2** | **69.2** | 55.2 | 42.9 | 42.6 | 44.0 | 42.5 | 44.6 | 40.5 |
| Oil & Plant Condensate (Mbbls/d) | **69** | **208.5** | **211.2** | 205.7 | 211.2 | 209.7 | 212.4 | 211.3 | 211.9 | 210.9 |
| Butane (Mbbls/d) | **7** | **22.7** | **23.3** | 22.2 | 21.2 | 21.5 | 21.6 | 20.9 | 21.3 | 20.6 |
| Propane (Mbbls/d) | **12** | **34.7** | **36.3** | 33.1 | 34.7 | 34.5 | 35.0 | 34.7 | 35.3 | 34.0 |
| Ethane (Mbbls/d) | **12** | **34.7** | **35.9** | 33.4 | 34.9 | 34.1 | 36.0 | 34.5 | 35.4 | 33.8 |
| NGLs - Other (Mbbls/d) | **31** | **92.1** | **95.5** | 88.7 | 90.8 | 90.1 | 92.6 | 90.1 | 92.0 | 88.4 |
| Oil & NGLs (Mbbls/d) | **100** | **300.6** | **306.7** | 294.4 | 302.0 | 299.8 | 305.0 | 301.4 | 303.9 | 299.3 |
| Natural Gas (MMcf/d) |  | **1807** | **1851** | 1764 | 1698 | 1680 | 1725 | 1693 | 1740 | 1648 |
| Total (MBOE/d) |  | **601.9** | **615.3** | 588.3 | 585.0 | 579.9 | 592.6 | 583.8 | 593.8 | 573.8 |

---

**Production Volumes by Segment**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **2025** | **2025** | **2025** | 2024 | 2024 | 2024 | 2024 | 2024 | 2024 |
| (average) | **Year-to-**<br>**date** | **Q2** | Q1 | Year | Q4 | Q3 | Q2 Year-<br>to-Date | Q2 | Q1 |
| Oil (Mbbls/d) |  |  |  |  |  |  |  |  |  |
| USA Operations | **146.0** | **141.6** | 150.3 | 167.9 | 166.6 | 168.0 | 168.5 | 166.8 | 170.2 |
| Canadian Operations | **0.3** | **0.4** | 0.2 | 0.4 | 0.5 | 0.4 | 0.3 | 0.5 | 0.2 |
|  | **146.3** | **142.0** | 150.5 | 168.3 | 167.1 | 168.4 | 168.8 | 167.3 | 170.4 |
| NGLs - Plant Condensate (Mbbls/d) |  |  |  |  |  |  |  |  |  |
| USA Operations | **10.8** | **11.4** | 10.3 | 11.2 | 11.6 | 11.7 | 10.7 | 10.9 | 10.6 |
| Canadian Operations | **51.4** | **57.8** | 44.9 | 31.7 | 31.0 | 32.3 | 31.8 | 33.7 | 29.9 |
|  | **62.2** | **69.2** | 55.2 | 42.9 | 42.6 | 44.0 | 42.5 | 44.6 | 40.5 |
| Oil & Plant Condensate (Mbbls/d) |  |  |  |  |  |  |  |  |  |
| USA Operations | **156.8** | **153.0** | 160.6 | 179.1 | 178.2 | 179.7 | 179.2 | 177.7 | 180.8 |
| Canadian Operations | **51.7** | **58.2** | 45.1 | 32.1 | 31.5 | 32.7 | 32.1 | 34.2 | 30.1 |
|  | **208.5** | **211.2** | 205.7 | 211.2 | 209.7 | 212.4 | 211.3 | 211.9 | 210.9 |
| NGLs - Other (Mbbls/d) |  |  |  |  |  |  |  |  |  |
| USA Operations | **73.6** | **76.8** | 70.4 | 75.8 | 75.1 | 77.7 | 75.1 | 75.7 | 74.6 |
| Canadian Operations | **18.5** | **18.7** | 18.3 | 15.0 | 15.0 | 14.9 | 15.0 | 16.3 | 13.8 |
|  | **92.1** | **95.5** | 88.7 | 90.8 | 90.1 | 92.6 | 90.1 | 92.0 | 88.4 |
| NGLs - Total (Mbbls/d) |  |  |  |  |  |  |  |  |  |
| USA Operations | **84.4** | **88.2** | 80.7 | 87.0 | 86.7 | 89.4 | 85.8 | 86.6 | 85.2 |
| Canadian Operations | **69.9** | **76.5** | 63.2 | 46.7 | 46.0 | 47.2 | 46.8 | 50.0 | 43.7 |
|  | **154.3** | **164.7** | 143.9 | 133.7 | 132.7 | 136.6 | 132.6 | 136.6 | 128.9 |
| Oil & NGLs (Mbbls/d) |  |  |  |  |  |  |  |  |  |
| USA Operations | **230.4** | **229.8** | 231.0 | 254.9 | 253.3 | 257.4 | 254.3 | 253.4 | 255.4 |
| Canadian Operations | **70.2** | **76.9** | 63.4 | 47.1 | 46.5 | 47.6 | 47.1 | 50.5 | 43.9 |
|  | **300.6** | **306.7** | 294.4 | 302.0 | 299.8 | 305.0 | 301.4 | 303.9 | 299.3 |
| Natural Gas (MMcf/d) |  |  |  |  |  |  |  |  |  |
| USA Operations | **509** | **508** | 510 | 537 | 548 | 543 | 528 | 531 | 526 |
| Canadian Operations | **1298** | **1343** | 1254 | 1161 | 1132 | 1182 | 1165 | 1209 | 1122 |
|  | **1807** | **1851** | 1764 | 1698 | 1680 | 1725 | 1693 | 1740 | 1648 |
| Total (MBOE/d) |  |  |  |  |  |  |  |  |  |
| USA Operations | **315.3** | **314.7** | 315.9 | 344.4 | 344.7 | 348.0 | 342.5 | 341.9 | 343.0 |
| Canadian Operations | **286.6** | **300.6** | 272.4 | 240.6 | 235.2 | 244.6 | 241.3 | 251.9 | 230.8 |
|  | **601.9** | **615.3** | 588.3 | 585.0 | 579.9 | 592.6 | 583.8 | 593.8 | 573.8 |

---

---

| | |
|:---|:---|
| Ovintiv Inc.<sub>2</sub> | Supplemental Information (prepared in US$) |

---

------

Second quarter report

for the period ended June 30, 2025

Supplemental Financial & Operating Information *(unaudited)*

**Results of Operations**

**Revenues and Realized Gains (Losses) on Risk Management**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **2025** | **2025** | **2025** | 2024 | 2024 | 2024 | 2024 | 2024 | 2024 |
| (US$ millions) | **Year-to-**<br>**date** | **Q2** | Q1 | Year | Q4 | Q3 | Q2 Year-<br>to-Date | Q2 | Q1 |
| USA Operations |  |  |  |  |  |  |  |  |  |
| Revenues, excluding Realized Gains (Losses) on Risk Management <sup>(1)</sup> |  |  |  |  |  |  |  |  |  |
| Oil | **1806** | **831** | 975 | 4549 | 1041 | 1135 | 2373 | 1192 | 1181 |
| NGLs <sup>(2)</sup> | **367** | **177** | 190 | 740 | 196 | 180 | 364 | 176 | 188 |
| Natural Gas | **249** | **104** | 145 | 318 | 103 | 63 | 152 | 55 | 97 |
|  | **2422** | **1112** | 1310 | 5607 | 1340 | 1378 | 2889 | 1423 | 1466 |
| Realized Gains (Losses) on Risk Management <sup>(3)</sup> |  |  |  |  |  |  |  |  |  |
| Oil | **9** | **9** | - | (34) | (1) | - | (33) | (25) | (8) |
| NGLs <sup>(2)</sup> | **-** | **-** | - | 4 | - | 2 | 2 | 1 | 1 |
| Natural Gas | **-** | **-** | - | 145 | 21 | 42 | 82 | 51 | 31 |
|  | **9** | **9** | - | 115 | 20 | 44 | 51 | 27 | 24 |
| Canadian Operations |  |  |  |  |  |  |  |  |  |
| Revenues, excluding Realized Gains (Losses) on Risk Management <sup>(1)</sup> |  |  |  |  |  |  |  |  |  |
| Oil | **4** | **2** | 2 | 10 | 2 | 3 | 5 | 4 | 1 |
| NGLs <sup>(2)</sup> | **690** | **367** | 323 | 992 | 238 | 249 | 505 | 271 | 234 |
| Natural Gas | **601** | **274** | 327 | 741 | 214 | 142 | 385 | 150 | 235 |
|  | **1295** | **643** | 652 | 1743 | 454 | 394 | 895 | 425 | 470 |
| Realized Gains (Losses) on Risk Management <sup>(3)</sup> |  |  |  |  |  |  |  |  |  |
| Oil | **-** | **-** | - | - | - | - | - | - | - |
| NGLs <sup>(2)</sup> | **-** | **-** | - | (1) | (1) | - | - | - | - |
| Natural Gas | **54** | **24** | 30 | 153 | 40 | 53 | 60 | 38 | 22 |
|  | **54** | **24** | 30 | 152 | 39 | 53 | 60 | 38 | 22 |

---

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

(2)Includes plant condensate.

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

---

| | |
|:---|:---|
| Ovintiv Inc.<sub>3</sub> | Supplemental Information (prepared in US$) |

---

------

Second quarter report

for the period ended June 30, 2025

Supplemental Financial & Operating Information *(unaudited)*

**Results of Operations** (continued)

**Per-Unit Results, Excluding the Impact of Realized Gains (Losses) on Risk Management** <sup>(1)</sup>

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **2025** | **2025** | **2025** | 2024 | 2024 | 2024 | 2024 | 2024 | 2024 |
| (US$/BOE) | **Year-to-**<br>**date** | **Q2** | Q1 | Year | Q4 | Q3 | Q2 Year-<br>to-Date | Q2 | Q1 |
| Total USA Operations Netback |  |  |  |  |  |  |  |  |  |
| Price | **42.40** | **38.81** | 46.02 | 44.39 | 42.20 | 42.97 | 46.23 | 45.61 | 46.85 |
| Production, mineral and other taxes | **2.64** | **2.36** | 2.91 | 2.53 | 2.27 | 2.55 | 2.65 | 2.74 | 2.56 |
| Transportation and processing | **3.96** | **4.01** | 3.92 | 4.04 | 4.03 | 4.02 | 4.06 | 4.05 | 4.07 |
| Operating | **5.99** | **6.03** | 5.97 | 6.34 | 6.02 | 6.02 | 6.67 | 6.58 | 6.77 |
| Netback | **29.81** | **26.41** | 33.22 | 31.48 | 29.88 | 30.38 | 32.85 | 32.24 | 33.45 |
| Total Canadian Operations Netback |  |  |  |  |  |  |  |  |  |
| Price | **24.95** | **23.47** | 26.59 | 19.67 | 20.84 | 17.39 | 20.27 | 18.40 | 22.30 |
| Production, mineral and other taxes | **0.19** | **0.21** | 0.16 | 0.16 | 0.16 | 0.15 | 0.17 | 0.17 | 0.17 |
| Transportation and processing | **11.38** | **11.40** | 11.37 | 11.85 | 12.09 | 12.00 | 11.65 | 11.37 | 11.96 |
| Operating | **1.52** | **1.56** | 1.46 | 1.24 | 1.02 | 1.55 | 1.19 | 1.18 | 1.19 |
| Netback | **11.86** | **10.30** | 13.60 | 6.42 | 7.57 | 3.69 | 7.26 | 5.68 | 8.98 |
| Total Operations Netback |  |  |  |  |  |  |  |  |  |
| Price | **34.10** | **31.32** | 37.03 | 34.22 | 33.53 | 32.41 | 35.49 | 34.08 | 36.97 |
| Production, mineral and other taxes | **1.47** | **1.31** | 1.64 | 1.56 | 1.41 | 1.56 | 1.62 | 1.65 | 1.60 |
| Transportation and processing | **7.50** | **7.62** | 7.36 | 7.25 | 7.30 | 7.31 | 7.20 | 7.15 | 7.25 |
| Operating | **3.86** | **3.84** | 3.89 | 4.24 | 3.99 | 4.17 | 4.40 | 4.29 | 4.52 |
| Netback | **21.27** | **18.55** | 24.14 | 21.17 | 20.83 | 19.37 | 22.27 | 20.99 | 23.60 |

---

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

**Other Per-Unit Results**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **2025** | **2025** | **2025** | 2024 | 2024 | 2024 | 2024 | 2024 | 2024 |
| (US$/BOE) | **Year-to-**<br>**date** | **Q2** | Q1 | Year | Q4 | Q3 | Q2 Year-<br>to-Date | Q2 | Q1 |
| Administrative Expense | **1.56** | **1.37** | 1.75 | 1.71 | 2.16 | 1.33 | 1.67 | 1.41 | 1.95 |
| Administrative Expense, Excluding Long-Term Incentive, |  |  |  |  |  |  |  |  |  |
| Restructuring, and Legal Costs | **1.28** | **1.19** | 1.36 | 1.32 | 1.38 | 1.24 | 1.34 | 1.28 | 1.43 |

---

---

| | |
|:---|:---|
| Ovintiv Inc.<sub>4</sub> | Supplemental Information (prepared in US$) |

---

------

Second quarter report

for the period ended June 30, 2025

Supplemental Oil and Gas Operating Statistics *(unaudited)*

**Operating Statistics**

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **2025** | **2025** | **2025** | 2024 | 2024 | 2024 | 2024 | 2024 | 2024 |
| (US$) | **Year-to-**<br>**date** | **Q2** | Q1 | Year | Q4 | Q3 | Q2 Year-<br>to-Date | Q2 | Q1 |
| Oil Price ($/bbl) |  |  |  |  |  |  |  |  |  |
| USA Operations | **68.24** | **64.50** | 71.79 | 73.90 | 68.01 | 73.23 | 77.18 | 78.20 | 76.17 |
| Canadian Operations | **66.40** | **63.42** | 71.46 | 70.38 | 65.05 | 71.07 | 74.07 | 74.86 | 72.34 |
| Total Operations | **68.24** | **64.50** | 71.79 | 73.90 | 68.00 | 73.23 | 77.17 | 78.19 | 76.17 |
| NGLs - Plant Condensate Price ($/bbl) |  |  |  |  |  |  |  |  |  |
| USA Operations | **54.34** | **50.76** | 58.35 | 57.83 | 57.34 | 56.73 | 58.71 | 59.43 | 57.97 |
| Canadian Operations | **65.05** | **62.76** | 68.02 | 71.97 | 69.20 | 71.13 | 73.77 | 75.61 | 71.70 |
| Total Operations | **63.18** | **60.79** | 66.22 | 68.28 | 65.97 | 67.30 | 69.96 | 71.66 | 68.10 |
| Oil & Plant Condensate Price ($/bbl) |  |  |  |  |  |  |  |  |  |
| USA Operations | **67.28** | **63.48** | 70.93 | 72.90 | 67.31 | 72.16 | 76.07 | 77.05 | 75.10 |
| Canadian Operations | **65.05** | **62.77** | 68.04 | 71.95 | 69.14 | 71.13 | 73.77 | 75.60 | 71.71 |
| Total Operations | **66.73** | **63.28** | 70.30 | 72.75 | 67.59 | 72.00 | 75.72 | 76.82 | 74.62 |
| NGLs - Other Price ($/bbl) |  |  |  |  |  |  |  |  |  |
| USA Operations | **19.52** | **17.52** | 21.70 | 18.02 | 19.51 | 16.44 | 18.09 | 16.84 | 19.35 |
| Canadian Operations | **25.12** | **21.44** | 28.92 | 27.45 | 27.75 | 26.97 | 27.54 | 25.36 | 30.13 |
| Total Operations | **20.64** | **18.28** | 23.21 | 19.57 | 20.88 | 18.13 | 19.67 | 18.35 | 21.03 |
| NGLs - Total Price ($/bbl) |  |  |  |  |  |  |  |  |  |
| USA Operations | **23.99** | **21.81** | 26.40 | 23.15 | 24.57 | 21.73 | 23.17 | 22.20 | 24.16 |
| Canadian Operations | **54.49** | **52.68** | 56.71 | 57.69 | 55.71 | 57.22 | 58.92 | 59.21 | 58.59 |
| Total Operations | **37.79** | **36.14** | 39.71 | 35.21 | 35.35 | 33.99 | 35.78 | 35.74 | 35.82 |
| Oil & NGLs Price ($/bbl) |  |  |  |  |  |  |  |  |  |
| USA Operations | **52.03** | **48.11** | 55.97 | 56.57 | 53.10 | 55.35 | 58.94 | 59.09 | 58.79 |
| Canadian Operations | **54.54** | **52.73** | 56.76 | 57.80 | 55.81 | 57.34 | 59.03 | 59.35 | 58.65 |
| Total Operations | **52.62** | **49.27** | 56.14 | 56.76 | 53.52 | 55.66 | 58.95 | 59.13 | 58.77 |
| Natural Gas Price ($/Mcf) |  |  |  |  |  |  |  |  |  |
| USA Operations | **2.70** | **2.26** | 3.15 | 1.62 | 2.00 | 1.29 | 1.59 | 1.16 | 2.02 |
| Canadian Operations | **2.56** | **2.24** | 2.91 | 1.73 | 2.04 | 1.29 | 1.81 | 1.36 | 2.30 |
| Total Operations | **2.60** | **2.24** | 2.98 | 1.70 | 2.03 | 1.29 | 1.74 | 1.30 | 2.21 |
| Total Price ($/BOE) |  |  |  |  |  |  |  |  |  |
| USA Operations | **42.40** | **38.81** | 46.02 | 44.39 | 42.20 | 42.97 | 46.23 | 45.61 | 46.85 |
| Canadian Operations | **24.95** | **23.47** | 26.59 | 19.67 | 20.84 | 17.39 | 20.27 | 18.40 | 22.30 |
| Total Operations | **34.10** | **31.32** | 37.03 | 34.22 | 33.53 | 32.41 | 35.49 | 34.08 | 36.97 |

---

---

| | |
|:---|:---|
| Ovintiv Inc.<sub>5</sub> | Supplemental Information (prepared in US$) |

---

------

Second quarter report

for the period ended June 30, 2025

Supplemental Oil and Gas Operating Statistics *(unaudited)*

**Operating Statistics** (continued)

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **2025** | **2025** | **2025** | 2024 | 2024 | 2024 | 2024 | 2024 | 2024 |
| (US$) | **Year-to-**<br>**date** | **Q2** | Q1 | Year | Q4 | Q3 | Q2 Year-<br>to-Date | Q2 | Q1 |
| Oil ($/bbl) |  |  |  |  |  |  |  |  |  |
| USA Operations | **0.35** | **0.73** | - | (0.55) | (0.07) | - | (1.07) | (1.62) | (0.51) |
| Canadian Operations | **-** | **-** | - | - | - | - | - | - | - |
| Total Operations | **0.35** | **0.73** | - | (0.55) | (0.07) | - | (1.06) | (1.61) | (0.51) |
| NGLs - Plant Condensate ($/bbl) |  |  |  |  |  |  |  |  |  |
| USA Operations | **-** | **-** | - | - | - | - | - | - | - |
| Canadian Operations | **-** | **-** | - | (0.05) | (0.22) | - | - | - | - |
| Total Operations | **-** | **-** | - | (0.04) | (0.16) | - | - | - | - |
| Oil & Plant Condensate ($/bbl) |  |  |  |  |  |  |  |  |  |
| USA Operations | **0.33** | **0.67** | - | (0.52) | (0.06) | - | (1.00) | (1.52) | (0.48) |
| Canadian Operations | **-** | **-** | - | - | - | - | - | - | - |
| Total Operations | **0.25** | **0.49** | - | (0.44) | (0.09) | - | (0.84) | (1.27) | (0.42) |
| NGLs - Other ($/bbl) |  |  |  |  |  |  |  |  |  |
| USA Operations | **-** | **-** | - | 0.15 | - | 0.24 | 0.15 | 0.15 | 0.15 |
| Canadian Operations | **-** | **-** | - | - | - | - | - | - | - |
| Total Operations | **-** | **-** | - | 0.13 | - | 0.20 | 0.12 | 0.12 | 0.13 |
| NGLs - Total ($/bbl) |  |  |  |  |  |  |  |  |  |
| USA Operations | **-** | **-** | - | 0.13 | - | 0.21 | 0.13 | 0.13 | 0.13 |
| Canadian Operations | **-** | **-** | - | (0.04) | (0.15) | - | - | - | - |
| Total Operations | **-** | **-** | - | 0.07 | (0.01) | 0.13 | 0.08 | 0.08 | 0.09 |
| Oil & NGLs ($/bbl) |  |  |  |  |  |  |  |  |  |
| USA Operations | **0.24** | **0.47** | - | (0.32) | (0.02) | 0.07 | (0.66) | (1.02) | (0.30) |
| Canadian Operations | **-** | **-** | - | (0.04) | (0.15) | - | - | - | - |
| Total Operations | **0.18** | **0.35** | - | (0.27) | (0.04) | 0.06 | (0.55) | (0.85) | (0.26) |
| Natural Gas ($/Mcf) |  |  |  |  |  |  |  |  |  |
| USA Operations | **-** | **-** | - | 0.74 | 0.41 | 0.83 | 0.85 | 1.05 | 0.65 |
| Canadian Operations | **0.23** | **0.20** | 0.26 | 0.36 | 0.38 | 0.48 | 0.28 | 0.35 | 0.22 |
| Total Operations | **0.16** | **0.14** | 0.18 | 0.47 | 0.39 | 0.59 | 0.46 | 0.56 | 0.35 |
| Total ($/BOE) |  |  |  |  |  |  |  |  |  |
| USA Operations | **0.17** | **0.34** | - | 0.91 | 0.64 | 1.35 | 0.82 | 0.87 | 0.77 |
| Canadian Operations | **1.03** | **0.87** | 1.22 | 1.73 | 1.83 | 2.32 | 1.37 | 1.69 | 1.03 |
| Total Operations | **0.57** | **0.59** | 0.56 | 1.25 | 1.12 | 1.76 | 1.05 | 1.21 | 0.87 |

---

---

| | |
|:---|:---|
| Ovintiv Inc.<sub>6</sub> | Supplemental Information (prepared in US$) |

---

------

Second quarter report

for the period ended June 30, 2025

Supplemental Oil and Gas Operating Statistics *(unaudited)*

**Operating Statistics** (continued)

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **2025** | **2025** | **2025** | 2024 | 2024 | 2024 | 2024 | 2024 | 2024 |
| (US$) | **Year-to-**<br>**date** | **Q2** | Q1 | Year | Q4 | Q3 | Q2 Year-<br>to-Date | Q2 | Q1 |
| Oil Price ($/bbl) |  |  |  |  |  |  |  |  |  |
| USA Operations | **68.59** | **65.23** | 71.79 | 73.35 | 67.94 | 73.23 | 76.11 | 76.58 | 75.66 |
| Canadian Operations | **66.40** | **63.42** | 71.46 | 70.38 | 65.05 | 71.07 | 74.07 | 74.86 | 72.34 |
| Total Operations | **68.59** | **65.23** | 71.79 | 73.35 | 67.93 | 73.23 | 76.11 | 76.58 | 75.66 |
| NGLs - Plant Condensate Price ($/bbl) |  |  |  |  |  |  |  |  |  |
| USA Operations | **54.34** | **50.76** | 58.35 | 57.83 | 57.34 | 56.73 | 58.71 | 59.43 | 57.97 |
| Canadian Operations | **65.05** | **62.76** | 68.02 | 71.92 | 68.98 | 71.13 | 73.77 | 75.61 | 71.70 |
| Total Operations | **63.18** | **60.79** | 66.22 | 68.24 | 65.81 | 67.30 | 69.96 | 71.66 | 68.10 |
| Oil & Plant Condensate Price ($/bbl) |  |  |  |  |  |  |  |  |  |
| USA Operations | **67.61** | **64.15** | 70.93 | 72.38 | 67.25 | 72.16 | 75.07 | 75.53 | 74.62 |
| Canadian Operations | **65.05** | **62.77** | 68.04 | 71.95 | 69.14 | 71.13 | 73.77 | 75.60 | 71.71 |
| Total Operations | **66.98** | **63.77** | 70.30 | 72.31 | 67.50 | 72.00 | 74.88 | 75.55 | 74.20 |
| NGLs - Other Price ($/bbl) |  |  |  |  |  |  |  |  |  |
| USA Operations | **19.52** | **17.52** | 21.70 | 18.17 | 19.51 | 16.68 | 18.24 | 16.99 | 19.50 |
| Canadian Operations | **25.12** | **21.44** | 28.92 | 27.45 | 27.75 | 26.97 | 27.54 | 25.36 | 30.13 |
| Total Operations | **20.64** | **18.28** | 23.21 | 19.70 | 20.88 | 18.33 | 19.79 | 18.47 | 21.16 |
| NGLs - Total Price ($/bbl) |  |  |  |  |  |  |  |  |  |
| USA Operations | **23.99** | **21.81** | 26.40 | 23.28 | 24.57 | 21.94 | 23.30 | 22.33 | 24.29 |
| Canadian Operations | **54.49** | **52.68** | 56.71 | 57.65 | 55.56 | 57.22 | 58.92 | 59.21 | 58.59 |
| Total Operations | **37.79** | **36.14** | 39.71 | 35.28 | 35.34 | 34.12 | 35.86 | 35.82 | 35.91 |
| Oil & NGLs Price ($/bbl) |  |  |  |  |  |  |  |  |  |
| USA Operations | **52.27** | **48.58** | 55.97 | 56.25 | 53.08 | 55.42 | 58.28 | 58.07 | 58.49 |
| Canadian Operations | **54.54** | **52.73** | 56.76 | 57.76 | 55.66 | 57.34 | 59.03 | 59.35 | 58.65 |
| Total Operations | **52.80** | **49.62** | 56.14 | 56.49 | 53.48 | 55.72 | 58.40 | 58.28 | 58.51 |
| Natural Gas Price ($/Mcf) |  |  |  |  |  |  |  |  |  |
| USA Operations | **2.70** | **2.26** | 3.15 | 2.36 | 2.41 | 2.12 | 2.44 | 2.21 | 2.67 |
| Canadian Operations | **2.79** | **2.44** | 3.17 | 2.09 | 2.42 | 1.77 | 2.09 | 1.71 | 2.52 |
| Total Operations | **2.76** | **2.38** | 3.16 | 2.17 | 2.42 | 1.88 | 2.20 | 1.86 | 2.56 |
| Total Price ($/BOE) |  |  |  |  |  |  |  |  |  |
| USA Operations | **42.57** | **39.15** | 46.02 | 45.30 | 42.84 | 44.32 | 47.05 | 46.48 | 47.62 |
| Canadian Operations | **25.98** | **24.34** | 27.81 | 21.40 | 22.67 | 19.71 | 21.64 | 20.09 | 23.33 |
| Total Operations | **34.67** | **31.91** | 37.59 | 35.47 | 34.65 | 34.17 | 36.54 | 35.29 | 37.84 |
| Total Netback ($/BOE) |  |  |  |  |  |  |  |  |  |
| USA Operations | **29.98** | **26.75** | 33.22 | 32.39 | 30.52 | 31.73 | 33.67 | 33.11 | 34.22 |
| Canadian Operations | **12.89** | **11.17** | 14.82 | 8.15 | 9.40 | 6.01 | 8.63 | 7.37 | 10.01 |
| Total Operations | **21.84** | **19.14** | 24.70 | 22.42 | 21.95 | 21.13 | 23.32 | 22.20 | 24.47 |

---

---

| | |
|:---|:---|
| Ovintiv Inc.<sub>7</sub> | Supplemental Information (prepared in US$) |

---

------

Second quarter report

for the period ended June 30, 2025

Supplemental Oil and Gas Operating Statistics *(unaudited)*

**Results by Play**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **2025** | **2025** | **2025** | 2024 | 2024 | 2024 | 2024 | 2024 | 2024 |
| (average) | **Year-to-**<br>**date** | **Q2** | Q1 | Year | Q4 | Q3 | Q2 Year-<br>to-Date | Q2 | Q1 |
| **Oil Production (Mbbls/d)** |  |  |  |  |  |  |  |  |  |
| USA Operations |  |  |  |  |  |  |  |  |  |
| Permian | **122.1** | **118.3** | 126.0 | 119.6 | 117.9 | 117.9 | 121.2 | 117.5 | 124.9 |
| Anadarko | **21.0** | **23.2** | 18.9 | 21.9 | 21.1 | 21.0 | 22.8 | 21.2 | 24.4 |
| Other <sup>(1)</sup> | **2.9** | **0.1** | 5.4 | 26.4 | 27.6 | 29.1 | 24.5 | 28.1 | 20.9 |
| Total USA Operations | **146.0** | **141.6** | 150.3 | 167.9 | 166.6 | 168.0 | 168.5 | 166.8 | 170.2 |
| Canadian Operations |  |  |  |  |  |  |  |  |  |
| Montney | **0.3** | **0.4** | 0.2 | 0.4 | 0.5 | 0.4 | 0.3 | 0.5 | 0.2 |
| Other <sup>(1)</sup> | **-** | **-** | - | - | - | - | - | - | - |
| Total Canadian Operations | **0.3** | **0.4** | 0.2 | 0.4 | 0.5 | 0.4 | 0.3 | 0.5 | 0.2 |
| Total | **146.3** | **142.0** | 150.5 | 168.3 | 167.1 | 168.4 | 168.8 | 167.3 | 170.4 |
| **NGLs - Plant Condensate Production (Mbbls/d)** |  |  |  |  |  |  |  |  |  |
| USA Operations |  |  |  |  |  |  |  |  |  |
| Permian | **5.7** | **6.1** | 5.3 | 5.2 | 5.6 | 5.6 | 4.9 | 5.2 | 4.7 |
| Anadarko | **5.1** | **5.3** | 4.9 | 5.6 | 5.5 | 5.6 | 5.6 | 5.5 | 5.6 |
| Other <sup>(1)</sup> | **-** | **-** | 0.1 | 0.4 | 0.5 | 0.5 | 0.2 | 0.2 | 0.3 |
| Total USA Operations | **10.8** | **11.4** | 10.3 | 11.2 | 11.6 | 11.7 | 10.7 | 10.9 | 10.6 |
| Canadian Operations |  |  |  |  |  |  |  |  |  |
| Montney | **51.2** | **57.7** | 44.6 | 31.6 | 30.9 | 32.2 | 31.7 | 33.6 | 29.8 |
| Other <sup>(1)</sup> | **0.2** | **0.1** | 0.3 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 |
| Total Canadian Operations | **51.4** | **57.8** | 44.9 | 31.7 | 31.0 | 32.3 | 31.8 | 33.7 | 29.9 |
| Total | **62.2** | **69.2** | 55.2 | 42.9 | 42.6 | 44.0 | 42.5 | 44.6 | 40.5 |
| **Oil & Plant Condensate Production (Mbbls/d)** |  |  |  |  |  |  |  |  |  |
| USA Operations |  |  |  |  |  |  |  |  |  |
| Permian | **127.8** | **124.4** | 131.3 | 124.8 | 123.5 | 123.5 | 126.1 | 122.7 | 129.6 |
| Anadarko | **26.1** | **28.5** | 23.8 | 27.5 | 26.6 | 26.6 | 28.4 | 26.7 | 30.0 |
| Other <sup>(1)</sup> | **2.9** | **0.1** | 5.5 | 26.8 | 28.1 | 29.6 | 24.7 | 28.3 | 21.2 |
| Total USA Operations | **156.8** | **153.0** | 160.6 | 179.1 | 178.2 | 179.7 | 179.2 | 177.7 | 180.8 |
| Canadian Operations |  |  |  |  |  |  |  |  |  |
| Montney | **51.5** | **58.1** | 44.8 | 32.0 | 31.4 | 32.6 | 32.0 | 34.1 | 30.0 |
| Other <sup>(1)</sup> | **0.2** | **0.1** | 0.3 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 |
| Total Canadian Operations | **51.7** | **58.2** | 45.1 | 32.1 | 31.5 | 32.7 | 32.1 | 34.2 | 30.1 |
| Total | **208.5** | **211.2** | 205.7 | 211.2 | 209.7 | 212.4 | 211.3 | 211.9 | 210.9 |

---

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

---

| | |
|:---|:---|
| Ovintiv Inc.<sub>8</sub> | Supplemental Information (prepared in US$) |

---

------

Second quarter report

for the period ended June 30, 2025

Supplemental Oil and Gas Operating Statistics *(unaudited)*

**Results by Play** (continued)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **2025** | **2025** | **2025** | 2024 | 2024 | 2024 | 2024 | 2024 | 2024 |
| (average) | **Year-to-**<br>**date** | **Q2** | Q1 | Year | Q4 | Q3 | Q2 Year-<br>to-Date | Q2 | Q1 |
| **NGLs - Other Production (Mbbls/d)** |  |  |  |  |  |  |  |  |  |
| USA Operations |  |  |  |  |  |  |  |  |  |
| Permian | **45.4** | **46.3** | 44.5 | 42.1 | 43.0 | 43.1 | 40.9 | 41.6 | 40.3 |
| Anadarko | **28.1** | **30.6** | 25.7 | 31.9 | 29.6 | 32.5 | 32.8 | 32.8 | 32.9 |
| Other <sup>(1)</sup> | **0.1** | **(0.1)** | 0.2 | 1.8 | 2.5 | 2.1 | 1.4 | 1.3 | 1.4 |
| Total USA Operations | **73.6** | **76.8** | 70.4 | 75.8 | 75.1 | 77.7 | 75.1 | 75.7 | 74.6 |
| Canadian Operations |  |  |  |  |  |  |  |  |  |
| Montney | **18.5** | **18.7** | 18.3 | 15.0 | 15.0 | 14.9 | 15.0 | 16.3 | 13.8 |
| Other <sup>(1)</sup> | **-** | **-** | - | - | - | - | - | - | - |
| Total Canadian Operations | **18.5** | **18.7** | 18.3 | 15.0 | 15.0 | 14.9 | 15.0 | 16.3 | 13.8 |
| Total | **92.1** | **95.5** | 88.7 | 90.8 | 90.1 | 92.6 | 90.1 | 92.0 | 88.4 |
| **NGLs - Total Production (Mbbls/d)** |  |  |  |  |  |  |  |  |  |
| USA Operations |  |  |  |  |  |  |  |  |  |
| Permian | **51.1** | **52.4** | 49.8 | 47.3 | 48.6 | 48.7 | 45.8 | 46.8 | 45.0 |
| Anadarko | **33.2** | **35.9** | 30.6 | 37.5 | 35.1 | 38.1 | 38.4 | 38.3 | 38.5 |
| Other <sup>(1)</sup> | **0.1** | **(0.1)** | 0.3 | 2.2 | 3.0 | 2.6 | 1.6 | 1.5 | 1.7 |
| Total USA Operations | **84.4** | **88.2** | 80.7 | 87.0 | 86.7 | 89.4 | 85.8 | 86.6 | 85.2 |
| Canadian Operations |  |  |  |  |  |  |  |  |  |
| Montney | **69.7** | **76.4** | 62.9 | 46.6 | 45.9 | 47.1 | 46.7 | 49.9 | 43.6 |
| Other <sup>(1)</sup> | **0.2** | **0.1** | 0.3 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 |
| Total Canadian Operations | **69.9** | **76.5** | 63.2 | 46.7 | 46.0 | 47.2 | 46.8 | 50.0 | 43.7 |
| Total | **154.3** | **164.7** | 143.9 | 133.7 | 132.7 | 136.6 | 132.6 | 136.6 | 128.9 |
| **Oil & NGLs Production (Mbbls/d)** |  |  |  |  |  |  |  |  |  |
| USA Operations |  |  |  |  |  |  |  |  |  |
| Permian | **173.2** | **170.7** | 175.8 | 166.9 | 166.5 | 166.6 | 167.0 | 164.3 | 169.9 |
| Anadarko | **54.2** | **59.1** | 49.5 | 59.4 | 56.2 | 59.1 | 61.2 | 59.5 | 62.9 |
| Other <sup>(1)</sup> | **3.0** | **-** | 5.7 | 28.6 | 30.6 | 31.7 | 26.1 | 29.6 | 22.6 |
| Total USA Operations | **230.4** | **229.8** | 231.0 | 254.9 | 253.3 | 257.4 | 254.3 | 253.4 | 255.4 |
| Canadian Operations |  |  |  |  |  |  |  |  |  |
| Montney | **70.0** | **76.8** | 63.1 | 47.0 | 46.4 | 47.5 | 47.0 | 50.4 | 43.8 |
| Other <sup>(1)</sup> | **0.2** | **0.1** | 0.3 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 |
| Total Canadian Operations | **70.2** | **76.9** | 63.4 | 47.1 | 46.5 | 47.6 | 47.1 | 50.5 | 43.9 |
| Total | **300.6** | **306.7** | 294.4 | 302.0 | 299.8 | 305.0 | 301.4 | 303.9 | 299.3 |

---

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

---

| | |
|:---|:---|
| Ovintiv Inc.<sub>9</sub> | Supplemental Information (prepared in US$) |

---

------

Second quarter report

for the period ended June 30, 2025

Supplemental Oil and Gas Operating Statistics *(unaudited)*

**Results by Play** (continued)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **2025** | **2025** | **2025** | 2024 | 2024 | 2024 | 2024 | 2024 | 2024 |
| (average) | **Year-to-**<br>**date** | **Q2** | Q1 | Year | Q4 | Q3 | Q2 Year-<br>to-Date | Q2 | Q1 |
| **Natural Gas Production (MMcf/d)** |  |  |  |  |  |  |  |  |  |
| USA Operations |  |  |  |  |  |  |  |  |  |
| Permian | **255** | **263** | 248 | 236 | 248 | 243 | 225 | 232 | 220 |
| Anadarko | **246** | **245** | 247 | 265 | 260 | 264 | 268 | 269 | 267 |
| Other <sup>(1)</sup> | **8** | **-** | 15 | 36 | 40 | 36 | 35 | 30 | 39 |
| Total USA Operations | **509** | **508** | 510 | 537 | 548 | 543 | 528 | 531 | 526 |
| Canadian Operations |  |  |  |  |  |  |  |  |  |
| Montney | **1296** | **1342** | 1251 | 1152 | 1131 | 1182 | 1147 | 1203 | 1093 |
| Other <sup>(1)</sup> | **2** | **1** | 3 | 9 | 1 | - | 18 | 6 | 29 |
| Total Canadian Operations | **1298** | **1343** | 1254 | 1161 | 1132 | 1182 | 1165 | 1209 | 1122 |
| Total | **1807** | **1851** | 1764 | 1698 | 1680 | 1725 | 1693 | 1740 | 1648 |
| **Total Production (MBOE/d)** |  |  |  |  |  |  |  |  |  |
| USA Operations |  |  |  |  |  |  |  |  |  |
| Permian | **215.8** | **214.5** | 217.1 | 206.1 | 207.8 | 207.3 | 204.7 | 203.0 | 206.3 |
| Anadarko | **95.3** | **99.9** | 90.7 | 103.6 | 99.6 | 103.1 | 105.9 | 104.4 | 107.5 |
| Other <sup>(1)</sup> | **4.2** | **0.3** | 8.1 | 34.7 | 37.3 | 37.6 | 31.9 | 34.5 | 29.2 |
| Total USA Operations | **315.3** | **314.7** | 315.9 | 344.4 | 344.7 | 348.0 | 342.5 | 341.9 | 343.0 |
| Canadian Operations |  |  |  |  |  |  |  |  |  |
| Montney | **286.0** | **300.3** | 271.6 | 239.0 | 235.0 | 244.5 | 238.3 | 250.8 | 225.8 |
| Other <sup>(1)</sup> | **0.6** | **0.3** | 0.8 | 1.6 | 0.2 | 0.1 | 3.0 | 1.1 | 5.0 |
| Total Canadian Operations | **286.6** | **300.6** | 272.4 | 240.6 | 235.2 | 244.6 | 241.3 | 251.9 | 230.8 |
| Total | **601.9** | **615.3** | 588.3 | 585.0 | 579.9 | 592.6 | 583.8 | 593.8 | 573.8 |

---

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

---

| | |
|:---|:---|
| Ovintiv Inc.<sub>10</sub> | Supplemental Information (prepared in US$) |

---

------

Second quarter report

for the period ended June 30, 2025

Supplemental Oil and Gas Operating Statistics *(unaudited)*

**Results by Play** (continued)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **2025** | **2025** | **2025** | 2024 | 2024 | 2024 | 2024 | 2024 | 2024 |
| (US$ millions) | **Year-to-**<br>**date** | **Q2** | Q1 | Year | Q4 | Q3 | Q2 Year-<br>to-Date | Q2 | Q1 |
| **Capital Expenditures, Excluding Capitalized Internal Costs** |  |  |  |  |  |  |  |  |  |
| USA Operations |  |  |  |  |  |  |  |  |  |
| Permian | **573** | **246** | 327 | 1336 | 347 | 350 | 639 | 361 | 278 |
| Anadarko | **160** | **77** | 83 | 108 | 28 | 51 | 29 | 23 | 6 |
| Other <sup>(1)</sup> | **19** | **1** | 18 | 290 | 44 | 22 | 224 | 88 | 136 |
| Total USA Operations | **752** | **324** | 428 | 1734 | 419 | 423 | 892 | 472 | 420 |
| Canadian Operations |  |  |  |  |  |  |  |  |  |
| Montney | **317** | **166** | 151 | 408 | 95 | 79 | 234 | 108 | 126 |
| Other <sup>(1)</sup> | **1** | **(1)** | 2 | (2) | (2) | - | - | - | - |
| Total Canadian Operations | **318** | **165** | 153 | 406 | 93 | 79 | 234 | 108 | 126 |
| Total Capital Expenditures, Excluding Capitalized Internal Costs | **1070** | **489** | 581 | 2140 | 512 | 502 | 1126 | 580 | 546 |
| **Capitalized Directly Attributable Internal Costs** |  |  |  |  |  |  |  |  |  |
| USA Operations |  |  |  |  |  |  |  |  |  |
| Permian | **42** | **19** | 23 | 96 | 23 | 24 | 49 | 23 | 26 |
| Anadarko | **12** | **6** | 6 | 10 | 1 | 3 | 6 | 3 | 3 |
| Other <sup>(1)</sup> | **2** | **1** | 1 | 28 | 7 | 7 | 14 | 6 | 8 |
| Total USA Operations | **56** | **26** | 30 | 134 | 31 | 34 | 69 | 32 | 37 |
| Canadian Operations |  |  |  |  |  |  |  |  |  |
| Montney | **10** | **5** | 5 | 22 | 5 | 1 | 16 | 9 | 7 |
| Other <sup>(1)</sup> | **-** | **-** | - | - | - | - | - | - | - |
| Total Canadian Operations | **10** | **5** | 5 | 22 | 5 | 1 | 16 | 9 | 7 |
| Total Capitalized Directly Attributable Internal Costs | **66** | **31** | 35 | 156 | 36 | 35 | 85 | 41 | 44 |
| **Total Capital Expenditures** |  |  |  |  |  |  |  |  |  |
| USA Operations |  |  |  |  |  |  |  |  |  |
| Permian | **615** | **265** | 350 | 1432 | 370 | 374 | 688 | 384 | 304 |
| Anadarko | **172** | **83** | 89 | 118 | 29 | 54 | 35 | 26 | 9 |
| Other <sup>(1)</sup> | **21** | **2** | 19 | 318 | 51 | 29 | 238 | 94 | 144 |
| Total USA Operations | **808** | **350** | 458 | 1868 | 450 | 457 | 961 | 504 | 457 |
| Canadian Operations |  |  |  |  |  |  |  |  |  |
| Montney | **327** | **171** | 156 | 430 | 100 | 80 | 250 | 117 | 133 |
| Other <sup>(1)</sup> | **1** | **(1)** | 2 | (2) | (2) | - | - | - | - |
| Total Canadian Operations | **328** | **170** | 158 | 428 | 98 | 80 | 250 | 117 | 133 |
| Corporate & Other | **2** | **1** | 1 | 7 | 4 | 1 | 2 | 1 | 1 |
| Total Capital Expenditures | **1138** | **521** | 617 | 2303 | 552 | 538 | 1213 | 622 | 591 |
| Net Acquisitions & (Divestitures) | **417** | **(9)** | 426 | 198 | 3 | 4 | 191 | 3 | 188 |
| Net Capital Investment | **1555** | **512** | 1043 | 2501 | 555 | 542 | 1404 | 625 | 779 |

---

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

---

| | |
|:---|:---|
| Ovintiv Inc.<sub>11</sub> | Supplemental Information (prepared in US$) |

---

------

Second quarter report

for the period ended June 30, 2025

Supplemental Oil and Gas Operating Statistics *(unaudited)*

**Results by Play** (continued)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **2025** | **2025** | **2025** | 2024 | 2024 | 2024 | 2024 | 2024 | 2024 |
|  | **Year-to-**<br>**date** | **Q2** | Q1 | Year | Q4 | Q3 | Q2 Year-<br>to-Date | Q2 | Q1 |
| **Drilling Activity (net wells drilled)** |  |  |  |  |  |  |  |  |  |
| USA Operations |  |  |  |  |  |  |  |  |  |
| Permian | **57** | **21** | 36 | 167 | 40 | 50 | 77 | 45 | 32 |
| Anadarko | **22** | **15** | 7 | 17 | 4 | 7 | 6 | 6 | - |
| Other <sup>(1)</sup> | **1** | **-** | 1 | 20 | 4 | - | 16 | 1 | 15 |
| Total USA Operations | **80** | **36** | 44 | 204 | 48 | 57 | 99 | 52 | 47 |
| Canadian Operations |  |  |  |  |  |  |  |  |  |
| Montney | **40** | **19** | 21 | 64 | 18 | 12 | 34 | 13 | 21 |
| Total Canadian Operations | **40** | **19** | 21 | 64 | 18 | 12 | 34 | 13 | 21 |
| Total | **120** | **55** | 65 | 268 | 66 | 69 | 133 | 65 | 68 |
| **Completions Activity (net wells on production)** |  |  |  |  |  |  |  |  |  |
| USA Operations |  |  |  |  |  |  |  |  |  |
| Permian | **76** | **23** | 53 | 135 | 42 | 32 | 61 | 40 | 21 |
| Anadarko | **21** | **11** | 10 | 9 | - | 9 | - | - | - |
| Other <sup>(1)</sup> | **-** | **-** | - | 27 | - | 11 | 16 | 7 | 9 |
| Total USA Operations | **97** | **34** | 63 | 171 | 42 | 52 | 77 | 47 | 30 |
| Canadian Operations |  |  |  |  |  |  |  |  |  |
| Montney | **57** | **39** | 18 | 68 | 13 | 11 | 44 | 33 | 11 |
| Total Canadian Operations | **57** | **39** | 18 | 68 | 13 | 11 | 44 | 33 | 11 |
| Total | **154** | **73** | 81 | 239 | 55 | 63 | 121 | 80 | 41 |

---

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

---

| | |
|:---|:---|
| Ovintiv Inc.<sub>12</sub> | Supplemental Information (prepared in US$) |

---

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![img101474839_2.jpg](img101474839_2.jpg)

**Ovintiv Inc.**

Non-GAAP Definitions and Reconciliations

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(unaudited)*

For the period ended June 30, 2025

U.S. Dollar / U.S. Protocol

------

For the period ended June 30, 2025

*(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** | **Q2 2025** | **YTD 2025** |
| **Cash From (Used in) Operating Activities** | 1013 | 1886 |
| Deduct (Add back): |  |  |
| Net change in other assets and liabilities | (11) | (22) |
| Net change in non-cash working capital | 111 | (9) |
| **Non-GAAP Cash Flow** | $913 | $1917 |
| Per Share - Basic | 3.53 | 7.38 |
| Per Share - Diluted | 3.51 | 7.33 |
| **Non-GAAP Free Cash Flow** |  |  |
| Non-GAAP Cash Flow | 913 | 1917 |
| Deduct: |  |  |
| Capital expenditures | 521 | 1138 |
| **Non-GAAP Free Cash Flow** | $392 | $779 |

---

**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, any valuation allowances are excluded in the calculation of income taxes.

---

| | | |
|:---|:---|:---|
| **Non-GAAP Adjusted Earnings** | **Q2 2025** | **YTD 2025** |
| **Net Earnings (Loss) Before Income Tax** | 399 | 206 |
| Before-tax (Addition) Deduction: |  |  |
| Unrealized gain (loss) on risk management | 54 | 8 |
| Impairments | - | (730) |
| Non-operating foreign exchange gain (loss) | (3) | 84 |
| Adjusted Earnings (Loss) Before Income Tax | 348 | 844 |
| Income tax expense (recovery) | 83 | 209 |
| **Non-GAAP Adjusted Earnings** | $265 | $635 |
| Per Share - Basic | 1.02 | 2.45 |
| Per Share - Diluted | 1.02 | 2.43 |

---

Ovintiv Inc. 1 Non-GAAP Definitions and Reconciliations

------

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

---

| | | |
|:---|:---|:---|
| **Debt to Capitalization** | **YTD 2025** | **YTD 2025** |
| Long-Term Debt, Including Current Portion | $— | 5333 |
| Total Shareholders' Equity |  | 10377 |
| **Capitalization** | $— | 15710 |
| **Debt to Capitalization** | 34% | 34% |

---

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

---

| | | |
|:---|:---|:---|
| **Debt to Adjusted Capitalization** | **YTD 2025** | **YTD 2025** |
| Long-Term Debt, Including Current Portion | $— | 5333 |
| Total Shareholders' Equity |  | 10377 |
| Equity Adjustment for Impairments at December 31, 2011 |  | 7746 |
| **Adjusted Capitalization** | $— | 23456 |
| **Debt to Adjusted Capitalization** | 23% | 23% |

---

**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.

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Q3 2024** | **Q3 2024** | **Q4 2024** | **Q4 2024** | **Q1 2025** | **Q1 2025** | **Q2 2025** | **Q2 2025** | **Trailing 12-<br>Months** | **Trailing 12-<br>Months** |
| Long-Term Debt, Including Current Portion |  |  |  |  |  |  |  |  | $— | 5333 |
| Net Earnings (Loss) | $— | 507 | $— | (60) | $— | (159) | $— | 307 | $— | 595 |
| Add back (deduct): |  |  |  |  |  |  |  |  |  |  |
| Depreciation, depletion and amortization |  | 599 |  | 545 |  | 545 |  | 556 |  | 2245 |
| Interest |  | 103 |  | 106 |  | 97 |  | 95 |  | 401 |
| Income tax expense (recovery) |  | 51 |  | (41) |  | (34) |  | 92 |  | 68 |
| **EBITDA** | $— | 1260 | $— | 550 | $— | 449 | $— | 1050 | $— | 3309 |
| **Debt to EBITDA** (times) |  |  |  |  |  |  |  |  |  | 1.6 |

---

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Q3 2024** | **Q3 2024** | **Q4 2024** | **Q4 2024** | **Q1 2025** | **Q1 2025** | **Q2 2025** | **Q2 2025** | **Trailing 12-<br>Months** | **Trailing 12-<br>Months** |
| Long-Term Debt, Including Current Portion |  |  |  |  |  |  |  |  | $— | 5333 |
| Net Earnings (Loss) | $— | 507 | $— | (60) | $— | (159) | $— | 307 | $— | 595 |
| Add back (deduct): |  |  |  |  |  |  |  |  |  |  |
| Depreciation, depletion and amortization |  | 599 |  | 545 |  | 545 |  | 556 |  | 2245 |
| Impairments |  | - |  | 450 |  | 730 |  | - |  | 1180 |
| Accretion of asset retirement obligation |  | 5 |  | 5 |  | 6 |  | 8 |  | 24 |
| Interest |  | 103 |  | 106 |  | 97 |  | 95 |  | 401 |
| Unrealized (gains) losses on risk management |  | (31) |  | 75 |  | 46 |  | (54) |  | 36 |
| Foreign exchange (gain) loss, net |  | 17 |  | 2 |  | 10 |  | 22 |  | 51 |
| Other (gains) losses, net |  | (151) |  | (5) |  | (3) |  | (5) |  | (164) |
| Income tax expense (recovery) |  | 51 |  | (41) |  | (34) |  | 92 |  | 68 |
| **Adjusted EBITDA** | $— | 1100 | $— | 1077 | $— | 1238 | $— | 1021 | $— | 4436 |
| **Debt to Adjusted EBITDA** (times) |  |  |  |  |  |  |  |  |  | 1.2 |

---

Ovintiv Inc. 2 Non-GAAP Definitions and Reconciliations

------

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

---

| | | |
|:---|:---|:---|
| **Net Debt** | **Net Debt** | **YTD 2025** |
| Long-Term Debt, Including Current Portion | Long-Term Debt, Including Current Portion | 5333 |
| Less: |  |  |
|  | Cash and cash equivalents | 20 |
| **Net Debt** | **Net Debt** | $5313 |

---

**Operating Margin/Operating Netback** - Product revenues less costs associated with delivering the product to market, including production, mineral and other taxes, transportation and processing and 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.

**Upstream Operating Cash Flow, excluding Risk Management and Upstream Operating Free Cash Flow -** Upstream Operating Cash Flow, excluding Risk Management is a measure that adjusts the USA and Canadian Operations revenues for production, mineral and other taxes, transportation and processing expense, operating expense and the impacts of realized risk management activities. It is calculated as total upstream operating income excluding upstream depreciation, depletion and amortization, and the impact of risk management activities. Upstream Operating Free Cash Flow is defined as Upstream Operating Cash Flow, excluding Risk Management, in excess of upstream capital investment, excluding net acquisitions and divestitures. Management monitors these measures as it reflects operating performance and measures the amount of cash generated from the Company's upstream operations.

**Free Cash Flow Yield** - Annualized Non-GAAP Free Cash Flow divided by the Company's market capitalization.

Ovintiv Inc. 3 Non-GAAP Definitions and Reconciliations

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**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** <sup>(1)</sup> | **Selected Financial Data** <sup>(1)</sup> | **Selected Financial Data** <sup>(1)</sup> | **Selected Financial Data** <sup>(1)</sup> | **Selected Financial Data** <sup>(1)</sup> | **Selected Financial Data** <sup>(1)</sup> | **Selected Financial Data** <sup>(1)</sup> | **Selected Financial Data** <sup>(1)</sup> | **Selected Financial Data** <sup>(1)</sup> | **Selected Financial Data** <sup>(1)</sup> |
|  |  | **2025** | **2025** | **2025** | 2024 | 2024 | 2024 | 2024 | 2024 |
| (US$ millions) | (US$ millions) | **Year-to-<br>Date** | **Q2** | Q1 | Year | Q4 | Q3 | Q2 | Q1 |
| USA Operations | USA Operations |  |  |  |  |  |  |  |  |
| Upstream Product Revenue <sup>(2) (3)</sup> | Upstream Product Revenue <sup>(2) (3)</sup> | **2422** | **1112** | 1310 | 5607 | 1340 | 1378 | 1423 | 1466 |
| Production, mineral and other taxes | Production, mineral and other taxes | **150** | **67** | 83 | 319 | 72 | 82 | 85 | 80 |
| Transportation and processing | Transportation and processing | **226** | **114** | 112 | 510 | 128 | 129 | 126 | 127 |
| Operating | Operating | **342** | **173** | 169 | 799 | 190 | 193 | 205 | 211 |
|  |  | **1704** | **758** | 946 | 3979 | 950 | 974 | 1007 | 1048 |
| Canadian Operations | Canadian Operations |  |  |  |  |  |  |  |  |
| Upstream Product Revenue <sup>(2) (3)</sup> | Upstream Product Revenue <sup>(2) (3)</sup> | **1295** | **643** | 652 | 1743 | 454 | 394 | 425 | 470 |
| Production, mineral and other taxes | Production, mineral and other taxes | **10** | **6** | 4 | 14 | 3 | 4 | 4 | 3 |
| Transportation and processing | Transportation and processing | **591** | **312** | 279 | 1043 | 262 | 270 | 260 | 251 |
| Operating | Operating | **78** | **42** | 36 | 109 | 22 | 36 | 26 | 25 |
|  |  | **616** | **283** | 333 | 577 | 167 | 84 | 135 | 191 |
| Total Operations | Total Operations |  |  |  |  |  |  |  |  |
| Upstream Product Revenue <sup>(2) (3)</sup> | Upstream Product Revenue <sup>(2) (3)</sup> | **3717** | **1755** | 1962 | 7350 | 1794 | 1772 | 1848 | 1936 |
| Production, mineral and other taxes | Production, mineral and other taxes | **160** | **73** | 87 | 333 | 75 | 86 | 89 | 83 |
| Transportation and processing | Transportation and processing | **817** | **426** | 391 | 1553 | 390 | 399 | 386 | 378 |
| Operating | Operating | **420** | **215** | 205 | 908 | 212 | 229 | 231 | 236 |
|  |  | **2320** | **1041** | 1279 | 4556 | 1117 | 1058 | 1142 | 1239 |
| (1) | Segmented financial information per the notes to Ovintiv's financial statements and/or management's discussion and analysis. | Segmented financial information per the notes to Ovintiv's financial statements and/or management's discussion and analysis. | Segmented financial information per the notes to Ovintiv's financial statements and/or management's discussion and analysis. | Segmented financial information per the notes to Ovintiv's financial statements and/or management's discussion and analysis. | Segmented financial information per the notes to Ovintiv's financial statements and/or management's discussion and analysis. | Segmented financial information per the notes to Ovintiv's financial statements and/or management's discussion and analysis. | Segmented financial information per the notes to Ovintiv's financial statements and/or management's discussion and analysis. | Segmented financial information per the notes to Ovintiv's financial statements and/or management's discussion and analysis. | Segmented financial information per the notes to Ovintiv's financial statements and/or management's discussion and analysis. |
| (2) | Excludes the impact of realized gains and losses on risk management. | Excludes the impact of realized gains and losses on risk management. | Excludes the impact of realized gains and losses on risk management. | Excludes the impact of realized gains and losses on risk management. | Excludes the impact of realized gains and losses on risk management. | Excludes the impact of realized gains and losses on risk management. | Excludes the impact of realized gains and losses on risk management. | Excludes the impact of realized gains and losses on risk management. | Excludes the impact of realized gains and losses on risk management. |
| (3) | Excludes service revenues, certain other revenues and royalty adjustments with no associated production volumes. | Excludes service revenues, certain other revenues and royalty adjustments with no associated production volumes. | Excludes service revenues, certain other revenues and royalty adjustments with no associated production volumes. | Excludes service revenues, certain other revenues and royalty adjustments with no associated production volumes. | Excludes service revenues, certain other revenues and royalty adjustments with no associated production volumes. | Excludes service revenues, certain other revenues and royalty adjustments with no associated production volumes. | Excludes service revenues, certain other revenues and royalty adjustments with no associated production volumes. | Excludes service revenues, certain other revenues and royalty adjustments with no associated production volumes. | Excludes service revenues, certain other revenues and royalty adjustments with no associated production volumes. |
| **Sales Volumes** <sup>(1)</sup> | **Sales Volumes** <sup>(1)</sup> | **Sales Volumes** <sup>(1)</sup> | **Sales Volumes** <sup>(1)</sup> | **Sales Volumes** <sup>(1)</sup> | **Sales Volumes** <sup>(1)</sup> | **Sales Volumes** <sup>(1)</sup> | **Sales Volumes** <sup>(1)</sup> | **Sales Volumes** <sup>(1)</sup> | **Sales Volumes** <sup>(1)</sup> |
|  |  | **2025** | **2025** | **2025** | 2024 | 2024 | 2024 | 2024 | 2024 |
| (BOE) | (BOE) | **Year-to-<br>Date** | **Q2** | Q1 | Year | Q4 | Q3 | Q2 | Q1 |
| USA Operations | USA Operations | **57114731** | **28635880** | 28478970 | 126001722 | 31667596 | 32027500 | 31141019 | 31165771 |
| Canadian Operations | Canadian Operations | **51873152** | **27360151** | 24512940 | 88059600 | 21638124 | 22502832 | 22919260 | 20999433 |
| Total | Total | **108987883** | **55996031** | 52991910 | 214061322 | 53305720 | 54530332 | 54060279 | 52165204 |
| (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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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** <sup>(1)</sup> | **Calculated Operating Netback, excluding the Impact of Realized Gains (Losses) on Risk Management** <sup>(1)</sup> | **Calculated Operating Netback, excluding the Impact of Realized Gains (Losses) on Risk Management** <sup>(1)</sup> | **Calculated Operating Netback, excluding the Impact of Realized Gains (Losses) on Risk Management** <sup>(1)</sup> | **Calculated Operating Netback, excluding the Impact of Realized Gains (Losses) on Risk Management** <sup>(1)</sup> | **Calculated Operating Netback, excluding the Impact of Realized Gains (Losses) on Risk Management** <sup>(1)</sup> | **Calculated Operating Netback, excluding the Impact of Realized Gains (Losses) on Risk Management** <sup>(1)</sup> | **Calculated Operating Netback, excluding the Impact of Realized Gains (Losses) on Risk Management** <sup>(1)</sup> | **Calculated Operating Netback, excluding the Impact of Realized Gains (Losses) on Risk Management** <sup>(1)</sup> | **Calculated Operating Netback, excluding the Impact of Realized Gains (Losses) on Risk Management** <sup>(1)</sup> |
|  |  | **2025** | **2025** | **2025** | 2024 <sup>(2)</sup> | 2024 <sup>(2)</sup> | 2024 <sup>(2)</sup> | 2024 <sup>(2)</sup> | 2024 <sup>(2)</sup> |
| (US$/BOE) | (US$/BOE) | **Year-to-<br>Date** | **Q2** | Q1 | Year | Q4 | Q3 | Q2 | Q1 |
| Total USA Operations | Total USA Operations |  |  |  |  |  |  |  |  |
| Price | Price | **42.41** | **38.83** | 46.00 | 44.40 | 42.22 | 42.96 | 45.60 | 46.88 |
| Production, mineral and other taxes | Production, mineral and other taxes | **2.63** | **2.34** | 2.91 | 2.53 | 2.27 | 2.56 | 2.73 | 2.57 |
| Transportation and processing | Transportation and processing | **3.96** | **3.98** | 3.93 | 4.05 | 4.04 | 4.03 | 4.05 | 4.07 |
| Operating | Operating | **5.99** | **6.04** | 5.93 | 6.34 | 6.00 | 6.03 | 6.58 | 6.77 |
| Netback | Netback | **29.83** | **26.47** | 33.22 | 31.48 | 29.90 | 30.35 | 32.24 | 33.47 |
| Total Canadian Operations | Total Canadian Operations |  |  |  |  |  |  |  |  |
| Price | Price | **24.96** | **23.50** | 26.60 | 19.67 | 20.84 | 17.38 | 18.41 | 22.29 |
| Production, mineral and other taxes | Production, mineral and other taxes | **0.19** | **0.22** | 0.16 | 0.16 | 0.14 | 0.18 | 0.17 | 0.14 |
| Transportation and processing | Transportation and processing | **11.39** | **11.40** | 11.38 | 11.84 | 12.11 | 12.00 | 11.34 | 11.95 |
| Operating | Operating | **1.50** | **1.54** | 1.47 | 1.24 | 1.02 | 1.60 | 1.13 | 1.19 |
| Netback | Netback | **11.88** | **10.34** | 13.58 | 6.43 | 7.58 | 3.60 | 5.76 | 9.00 |
| Total Operations | Total Operations |  |  |  |  |  |  |  |  |
| Price | Price | **34.10** | **31.34** | 37.02 | 34.22 | 33.54 | 32.40 | 34.07 | 36.98 |
| Production, mineral and other taxes | Production, mineral and other taxes | **1.47** | **1.30** | 1.64 | 1.56 | 1.41 | 1.58 | 1.65 | 1.59 |
| Transportation and processing | Transportation and processing | **7.50** | **7.61** | 7.38 | 7.25 | 7.32 | 7.32 | 7.14 | 7.25 |
| Operating | Operating | **3.85** | **3.84** | 3.87 | 4.24 | 3.98 | 4.20 | 4.27 | 4.52 |
| Netback | Netback | **21.29** | **18.59** | 24.14 | 21.17 | 20.84 | 19.31 | 21.01 | 23.62 |
| (1) | May not add due to rounding. Ovintiv calculates reported netbacks using whole dollars and sales volumes. Accordingly, the calculations above may differ from the reported netbacks due to the effects of rounding both dollars and volumes. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | May not add due to rounding. Ovintiv calculates reported netbacks using whole dollars and sales volumes. Accordingly, the calculations above may differ from the reported netbacks due to the effects of rounding both dollars and volumes. |
| (2) | As part of the Company's reassessment of its reporting segments (see Note 3 of the Interim Condensed Consolidated Financial Statements included in Part I, Item 1 of Ovintiv's Quarterly Report on Form 10-Q), intercompany marketing fees formerly transacted between operating segments are excluded from the Selected Financial Data table above but included in the reported netbacks. For the year ended December 31, 2024, intercompany marketing fees totaled $24 million, and for the quarterly periods presented, they ranged from $5 million to $7 million. | As part of the Company's reassessment of its reporting segments (see Note 3 of the Interim Condensed Consolidated Financial Statements included in Part I, Item 1 of Ovintiv's Quarterly Report on Form 10-Q), intercompany marketing fees formerly transacted between operating segments are excluded from the Selected Financial Data table above but included in the reported netbacks. For the year ended December 31, 2024, intercompany marketing fees totaled $24 million, and for the quarterly periods presented, they ranged from $5 million to $7 million. | As part of the Company's reassessment of its reporting segments (see Note 3 of the Interim Condensed Consolidated Financial Statements included in Part I, Item 1 of Ovintiv's Quarterly Report on Form 10-Q), intercompany marketing fees formerly transacted between operating segments are excluded from the Selected Financial Data table above but included in the reported netbacks. For the year ended December 31, 2024, intercompany marketing fees totaled $24 million, and for the quarterly periods presented, they ranged from $5 million to $7 million. | As part of the Company's reassessment of its reporting segments (see Note 3 of the Interim Condensed Consolidated Financial Statements included in Part I, Item 1 of Ovintiv's Quarterly Report on Form 10-Q), intercompany marketing fees formerly transacted between operating segments are excluded from the Selected Financial Data table above but included in the reported netbacks. For the year ended December 31, 2024, intercompany marketing fees totaled $24 million, and for the quarterly periods presented, they ranged from $5 million to $7 million. | As part of the Company's reassessment of its reporting segments (see Note 3 of the Interim Condensed Consolidated Financial Statements included in Part I, Item 1 of Ovintiv's Quarterly Report on Form 10-Q), intercompany marketing fees formerly transacted between operating segments are excluded from the Selected Financial Data table above but included in the reported netbacks. For the year ended December 31, 2024, intercompany marketing fees totaled $24 million, and for the quarterly periods presented, they ranged from $5 million to $7 million. | As part of the Company's reassessment of its reporting segments (see Note 3 of the Interim Condensed Consolidated Financial Statements included in Part I, Item 1 of Ovintiv's Quarterly Report on Form 10-Q), intercompany marketing fees formerly transacted between operating segments are excluded from the Selected Financial Data table above but included in the reported netbacks. For the year ended December 31, 2024, intercompany marketing fees totaled $24 million, and for the quarterly periods presented, they ranged from $5 million to $7 million. | As part of the Company's reassessment of its reporting segments (see Note 3 of the Interim Condensed Consolidated Financial Statements included in Part I, Item 1 of Ovintiv's Quarterly Report on Form 10-Q), intercompany marketing fees formerly transacted between operating segments are excluded from the Selected Financial Data table above but included in the reported netbacks. For the year ended December 31, 2024, intercompany marketing fees totaled $24 million, and for the quarterly periods presented, they ranged from $5 million to $7 million. | As part of the Company's reassessment of its reporting segments (see Note 3 of the Interim Condensed Consolidated Financial Statements included in Part I, Item 1 of Ovintiv's Quarterly Report on Form 10-Q), intercompany marketing fees formerly transacted between operating segments are excluded from the Selected Financial Data table above but included in the reported netbacks. For the year ended December 31, 2024, intercompany marketing fees totaled $24 million, and for the quarterly periods presented, they ranged from $5 million to $7 million. | As part of the Company's reassessment of its reporting segments (see Note 3 of the Interim Condensed Consolidated Financial Statements included in Part I, Item 1 of Ovintiv's Quarterly Report on Form 10-Q), intercompany marketing fees formerly transacted between operating segments are excluded from the Selected Financial Data table above but included in the reported netbacks. For the year ended December 31, 2024, intercompany marketing fees totaled $24 million, and for the quarterly periods presented, they ranged from $5 million to $7 million. |

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Ovintiv Inc. 4 Non-GAAP Definitions and Reconciliations

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