# EDGAR Filing Document

**Accession Number:** 0001792580
**File Stem:** 0001193125-23-050970
**Filing Date:** 2023-2
**Character Count:** 142030
**Document Hash:** 015c22a9d72fe96604e5de9ffa1756fd
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-23-050970.hdr.sgml**: 20230227

**ACCESSION NUMBER**: 0001193125-23-050970

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 18

**CONFORMED PERIOD OF REPORT**: 20230227

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

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20230227

**DATE AS OF CHANGE**: 20230227

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Ovintiv Inc.
- **CENTRAL INDEX KEY:** 0001792580
- **STANDARD INDUSTRIAL CLASSIFICATION:** CRUDE PETROLEUM & NATURAL GAS [1311]
- **IRS NUMBER:** 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:** 23676500

**BUSINESS ADDRESS:**
- **STREET 1:** 370 - 17TH STREET, SUITE 1700
- **CITY:** DENVER
- **STATE:** CO
- **ZIP:** 80202
- **BUSINESS PHONE:** (303) 623-2300

**MAIL ADDRESS:**
- **STREET 1:** 370 - 17TH STREET, SUITE 1700
- **CITY:** DENVER
- **STATE:** CO
- **ZIP:** 80202

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

?xml version="1.0" encoding="utf-8" ? 8-K

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### 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): February 27, 2023

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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**<br> **File Number)** | **(I.R.S. Employer**<br> **Identification No.)** |

---

---

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

---

(303) 623-2300

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

#### Not Applicable

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

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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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| | | |
|:---|:---|:---|
| **Title of each class** | **Trading<br>Symbol(s)** | **Name of each exchange**<br> **on which registered** |
| Common Stock, par value $0.01 per share | OVV | New York Stock Exchange |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

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| | |
|:---|:---|
| **ITEM 2.02** | **Results of Operations and Financial Condition.**  |

---

On February 27, 2023 Ovintiv Inc. (the "Company") issued a news release announcing its financial and operating results for its fourth quarter and full year ended December 31, 2022. 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 Exhibits 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 they 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.

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

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

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| | |
|:---|:---|
| **Exhibit No.** | **Exhibit Description** |
| Exhibit 99.1 | [News Release dated February 27, 2023.](d382402dex991.htm) |
| Exhibit 99.2 | [Selected and Supplemental Financial Information.](d382402dex992.htm) |
| Exhibit 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |

---

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

Dated: February 27, 2023

---

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

---

## Exhibit 99.1

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| | |
|:---|:---|
| ![LOGO](g382402g02a32.jpg) | Exhibit 99.1<br>**news release** |

---

**Ovintiv Reports Fourth Quarter and Year-end 2022 Financial and Operating Results** 

*Company Delivers Record Financial Results and Significant Inventory Additions* 

**Highlights:** 

Full Year 2022

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Generated net earnings of $3.6 billion, cash from operating activities of $3.9 billion, Non-GAAP Cash Flow of $4.1 billion and Non-GAAP Free Cash Flow of $2.3 billion after capital expenditures of $1.8 billion

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Reduced total long-term debt by approximately $1.2 billion; Non-GAAP Debt to Adjusted EBITDA ratio of 0.8 times at year-end, down from 1.5 times at year-end 2021

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Returned $958 million to shareholders through the combination of base dividend payments and share buybacks

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Added approximately 450 net premium drilling locations through inventory renewal program, replacing approximately
200% of full-year 2022 net wells turned in line ("TIL")

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Increased quarterly dividend payments by 25% to $1.00 per share annualized

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Delivered average annual production volumes of 510 thousand barrels of oil equivalent per day
("MBOE/d"), including 176 thousand barrels per day ("Mbbls/d") of oil and condensate, 86 Mbbls/d of other NGLs (C2 to C4) and 1,494 million cubic feet per day ("MMcf/d") of natural gas; all in line with
Company guidance

Fourth Quarter 2022

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Generated fourth quarter net earnings of $1.3 billion, cash from operating activities of $875 million, Non-GAAP Cash Flow of $895 million and Non-GAAP Free Cash Flow of $537 million after capital expenditures of $358 million

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Delivered average quarterly production volumes of 524 MBOE/d, including 175 Mbbls/d of oil and condensate, 89
Mbbls/d of other NGLs and 1,561 MMcf/d of natural gas; all in line with Company guidance

2023 Outlook

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Announced 2023 capital program of approximately $2.15 to $2.35 billion, which is expected to deliver total
production volumes of 500 to 525 MBOE/d

**DENVER,** February 27, 2023 – Ovintiv Inc. (NYSE, TSX: OVV) ("Ovintiv" or the "Company") today announced its fourth quarter and year-end 2022 financial and operating results. The Company plans to hold a conference call and webcast at 9:00 a.m. MT (11:00 a.m. ET) on February 28, 2023. Please see dial-in details within this release, as well as additional details on the Company's website at www.ovintiv.com.

Ovintiv CEO Brendan McCracken said, "2022 was a milestone year for Ovintiv. At $2.3 billion, our team delivered a record Non-GAAP Free Cash Flow. We returned nearly $1 billion directly to our shareholders through our base dividend and share buybacks, we reduced long-term debt by approximately $1.2 billion and we expanded our drilling inventory with approximately 450 new premium return locations. These results demonstrate that our strategy is working, and our strong financial performance is translating into durable returns for our shareholders."

**Full Year and Fourth Quarter 2022 Financial and Operating Results** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Company recorded full year net earnings of $3.6 billion, or $14.08 per diluted share of common stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Fourth quarter net earnings totaled $1.3 billion, or $5.30 per diluted share of common stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Full year cash from operating activities was $3.9 billion, Non-GAAP Cash Flow was $4.1 billion and capital investment totaled approximately $1.8 billion, resulting in $2.3 billion of Non-GAAP Free Cash Flow.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Fourth quarter cash from operating activities was $875 million, Non-GAAP Cash Flow was $895 million and capital investment totaled approximately $358 million, resulting in $537 million of Non-GAAP Free Cash Flow.

Ovintiv Inc. 1

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Average annual total production was approximately 510 MBOE/d, including 176 Mbbls/d of oil and condensate, 86
Mbbls/d of other NGLs and 1,494 MMcf/d of natural gas.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Fourth quarter average total production was approximately 524 MBOE/d, including 175 Mbbls/d of oil and
condensate, 89 Mbbls/d of other NGLs and 1,561 MMcf/d of natural gas.

**2023 Guidance** 

The Company issued the following 2023 guidance:

---

| | | |
|:---|:---|:---|
|  | **1Q 2023** | **Full Year 2023** |
|  **Total Production (MBOE/d)** | **~500** | **500 - 525** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Oil & Condensate (Mbbls/d)**  | **~160** | **165 - 175** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Other NGLs (Mbbls/d)** | **~84** | **80 - 85** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Natural Gas (MMcf/d)** | **~1,525** | **1525 - 1575** |
|  **Capital Investment ($ Millions)** | **$600 - $650** | **$2150 - $2350** |

---

**2023 Outlook** 

With 2023 capital investment of approximately $2.25 billion at the midpoint, the Company expects to deliver total production volumes of 500 to 525 MBOE/d. This range reflects a flat production program relative to 2022. During the first half of the year, Ovintiv plans to bring wells online which were drilled but uncompleted in the fourth quarter of 2022. This will result in slightly higher capital expenditures in the first half of the year.

**Inventory Renewal** 

Over the year, the Company made significant additions to its premium drilling inventory across its asset base. The combination of low-cost bolt-on transactions and organic inventory appraisal and assessment added approximately 450 net premium drilling locations, or approximately twice the number of net wells drilled in 2022 for only $286 million of acquisition capital. The largest share of those additions occurred in the Permian asset where the additions were all offsetting existing company acreage in Martin, Midland, Upton, and Howard counties.

**Returns to Shareholders** 

Through Ovintiv's capital allocation framework, the Company currently returns to shareholders 50% of the previous quarter's Non-GAAP Free Cash Flow after base dividends through share buybacks.

In the fourth quarter of 2022, the Company returned approximately $249 million to shareholders through share buybacks totaling approximately $188 million and its base dividend of approximately $61 million.

Full year shareholder returns totaled approximately $958 million, consisting of share buybacks of approximately $719 million and base dividend payments of approximately $239 million.

During the year, Ovintiv purchased for cancellation, approximately 14.7 million common shares at an average price of $49.08 per share.

First quarter 2023 shareholder returns are expected to total approximately $300 million, consisting of share buybacks of approximately $238 million and base dividend payments of approximately $61 million, bringing total direct shareholder returns since the third quarter of 2021 to approximately $1.4 billion, or approximately 9% of common shares outstanding, assuming the closing share price on February 24, 2023.

**Continued Debt Reduction** 

Ovintiv reduced total long-term debt by approximately $1.2 billion in 2022. This represents approximately $3.3 billion of debt reduction since year-end 2020.

At year-end, the Company had $3.3 billion in total liquidity, which included available credit facilities of $3.5 billion, available uncommitted demand lines of $195 million, and cash and cash equivalents of $5 million, net of outstanding commercial paper of $393 million.

As of year-end, Ovintiv remained investment grade rated by four credit ratings agencies.

Ovintiv Inc. 2

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**Dividend Declared** 

On February 27, 2023, Ovintiv's Board declared a quarterly dividend of $0.25 per share of common stock payable on March 31, 2023, to shareholders of record as of March 15, 2023.

**Asset Highlights** 

**Permian** 

Permian production averaged 122 MBOE/d (79% liquids) in the fourth quarter. The company had 16 net wells TIL.

In 2023, the Company plans to spend $850 to $950 million in the basin to run an average of three gross rigs and bring on 70 to 80 net wells.

**Montney** 

Montney production averaged 216 MBOE/d (21% liquids) in the fourth quarter. The Company had 11 net wells TIL.

In 2023, the Company plans to spend $500 to $600 million in the basin to run an average of four gross rigs and bring on 70 to 80 net wells.

**Uinta & Bakken** 

Uinta production averaged 20 MBOE/d (84% liquids) in the fourth quarter. The Company had three net wells TIL.

Bakken production averaged 32 MBOE/d (80% liquids) in the fourth quarter. The Company had six net wells TIL.

In 2023, the Company plans to spend $500 to $600 million combined in the Uinta and Bakken assets to run an average of two gross rigs, shared between the plays, to bring on 40 to 50 net wells.

**Anadarko** 

Anadarko production averaged 128 MBOE/d (63% liquids) in the fourth quarter. The Company had eight net wells TIL.

In 2023, the Company plans to spend $200 to $300 million in the basin to run an average of one gross rig and bring on 25 to 30 net wells.

**Year-End 2022 Reserves** 

SEC proved reserves at year-end 2022 were 2.3 billion BOE, of which approximately 50% were liquids and 57% were proved developed. Total proved reserves replacement excluding the impact of commodity prices was 135% of 2022 production. Ovintiv's reserve life index at year-end was 12.2 years.

**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 and, accordingly, will not be required to file Form 51-101F1 Statement of Reserves Data and Other Oil and Gas Information or related forms and disclosure as part of its annual filings. In lieu of such filings, 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 New York Stock Exchange. 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.

For additional information, please refer to the Fourth Quarter and Year-end 2022 Results Presentation available on Ovintiv's website, www.ovintiv.com under Presentations and Events – Ovintiv.

Ovintiv Inc. 3

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**Conference Call Information** 

A conference call and webcast to discuss the Company's fourth quarter and year-end results will be held at 9:00 a.m. MT (11:00 a.m. ET) on February 28, 2023.

To join the conference call without operator assistance, you may register and enter your phone number at https://bit.ly/3IGLDNX to receive an instant automated call back. You can also dial direct to be entered to the call by an Operator. Please dial 888-664-6383 (toll-free in North America) or 416-764-8650 (international) approximately 15 minutes prior to the call.

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

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

Ovintiv Inc. 4

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**Capital Investment and Production** 

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| | | | | |
|:---|:---|:---|:---|:---|
| (for the period ended December 31) | **4Q 2022** | 4Q 2021 | **2022** | 2021 |
|  **Capital Expenditures <sup>(1)</sup> ($ millions)** | **358** | 421 | **1831** | 1519 |
|  **Oil (Mbbls/d)** | **132.0** | 129.8 | **131.6** | 140.3 |
|  **NGLs – Plant Condensate (Mbbls/d)** | **42.7** | 47.8 | **44.0** | 50.9 |
|  **Oil & Plant Condensate (Mbbls/d)** | **174.7** | 177.6 | **175.6** | 191.2 |
|  **NGLs – Other (Mbbls/d)** | **88.7** | 84.6 | **85.5** | 83.3 |
|  **Total Liquids (Mbbls/d)** | **263.4** | 262.2 | **261.1** | 274.5 |
|  **Natural gas (MMcf/d)** | **1561** | 1476 | **1494** | 1556 |
|  **Total production (MBOE/d)** | **523.6** | 508.2 | **510.0** | 533.9 |

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(1) Including capitalized directly attributable internal costs.

**Fourth Quarter and Year-End Summary** 

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| | | | | |
|:---|:---|:---|:---|:---|
| (for the period ended December 31)<br> ($ millions, except as indicated) | **4Q 2022** | 4Q 2021 | **2022** | 2021 |
|  **Cash From (Used In) Operating Activities** | **875** | 740 | **3866** | 3129 |
|  Deduct (Add Back): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in other assets and liabilities | **(15)** | (18) | **(57)** | (39) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in non-cash working capital | **(5)** | 17 | **(187)** | (41) |
|  **Non-GAAP Cash Flow <sup>(1)</sup>** | **895** | 741 | **4110** | 3209 |
|  **Non-GAAP Cash Flow <sup>(1)</sup>** | **895** | 741 | **4110** | 3209 |
|  **Less: Capital Expenditures <sup>(2)</sup>** | **358** | 421 | **1831** | 1519 |
|  **Non-GAAP Free Cash Flow <sup>(1)</sup>** | **537** | 320 | **2279** | 1690 |
|  **Net Earnings (Loss) Before Income Tax** | **1110** | 1382 | **3560** | 1239 |
|  Before-tax (Addition) Deduction: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized gain (loss) on risk management | **530** | 938 | **741** | (488) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-operating foreign exchange gain (loss) | **10** | (1) | **(14)** | (18) |
|  Adjusted Earnings (Loss) Before Income Tax | **570** | 445 | **2833** | 1745 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income tax expense (recovery) | **342** | 115 | **1064** | 451 |
|  **Non-GAAP Adjusted Earnings <sup>(1)</sup>** | **228** | 330 | **1769** | 1294 |

---

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

(2) Including capitalized directly attributable internal costs.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| (for the period ended December 31) | **4Q 2022** | 4Q 2021 | **2022** | 2021 |
|  **Liquids ($/bbl)** |  |  |  |  |
|  WTI | **82.65** | 77.19 | **94.23** | 67.91 |
|  **Realized Liquids Prices** |  |  |  |  |
|  **Oil** | **75.85** | 53.43 | **81.88** | 51.28 |
|  **NGLs – Plant Condensate** | **72.01** | 64.04 | **80.74** | 57.33 |
|  **Oil & Plant Condensate** | **74.91** | 56.27 | **81.59** | 52.89 |
|  **NGLs – Other** | **22.95** | 26.65 | **31.45** | 22.07 |
|  **Total NGLs** | **38.88** | 40.15 | **48.20** | 35.44 |
|  **Natural Gas** |  |  |  |  |
|  NYMEX ($/MMBtu) | **6.26** | 5.83 | **6.64** | 3.84 |
|  **Realized Natural Gas Price ($/Mcf)** | **2.49** | 2.84 | **2.42** | 2.92 |

---

Ovintiv Inc. 5

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**Cost Summary** 

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| | | |
|:---|:---|:---|
| (for the year ended December 31)<br> ($/BOE, except as indicated) | **2022** | 2021 |
|  Production, mineral and other taxes | **2.23** | 1.51 |
|  Upstream transportation and processing | **8.75** | 7.42 |
|  Upstream operating, excluding long-term incentive costs | **3.99** | 2.94 |
|  Administrative, excluding long-term incentive, restructuring and legal costs, and current expected credit losses | **1.39** | 1.55 |

---

**Debt to Capitalization** 

---

| | | |
|:---|:---|:---|
| ($ millions, except as indicated) | **December 31, 2022** | December 31, 2021 |
|  Long-Term Debt, including current portion | **3570** | 4786 |
|  Total Shareholders' Equity | **7689** | 5074 |
|  Capitalization | **11259** | 9860 |
|  **Debt to Capitalization** | **32%** | 49% |

---

**Debt to Adjusted Capitalization** 

---

| | | |
|:---|:---|:---|
| ($ millions, except as indicated) | **December 31, 2022** | December 31, 2021 |
|  Long-Term Debt, including current portion | **3570** | 4786 |
|  Total Shareholders' Equity | **7689** | 5074 |
|  Equity Adjustment for Impairments at December 31, 2011 | **7746** | 7746 |
|  Adjusted Capitalization | **19005** | 17606 |
|  **Debt to Adjusted Capitalization <sup>(1)</sup>** | **19%** | 27% |

---

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

**Debt to Adjusted EBITDA** 

---

| | | |
|:---|:---|:---|
| ($ millions, except as indicated) | **December 31, 2022** | December 31, 2021 |
|  Debt (Long-Term Debt, including current portion) | $**3570** | $4786 |
|  Net Earnings (Loss) | **3637** | 1416 |
|  Add back (deduct): |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Depreciation, depletion and amortization | **1113** | 1190 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accretion of asset retirement obligation | **18** | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest | **311** | 340 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized (gains) losses on risk management | **(741)** | 488 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign exchange (gain) loss, net | **15** | (23) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other (gains) losses, net | **(33)** | (37) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income tax expense (recovery) | **(77)** | (177) |
|  Adjusted EBITDA | $**4243** | $3219 |
|  Debt to Adjusted EBITDA <sup>(1)</sup> (times) | **0.8** | 1.5 |

---

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

**Year-End 2022 Reserves Estimates** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **2022 Proved Reserves Estimates – U.S. Protocols (Net, After Royalties)<sup>(1)</sup>** | **2022 Proved Reserves Estimates – U.S. Protocols (Net, After Royalties)<sup>(1)</sup>** | **2022 Proved Reserves Estimates – U.S. Protocols (Net, After Royalties)<sup>(1)</sup>** | **2022 Proved Reserves Estimates – U.S. Protocols (Net, After Royalties)<sup>(1)</sup>** | **2022 Proved Reserves Estimates – U.S. Protocols (Net, After Royalties)<sup>(1)</sup>** |
| Using constant prices and costs; simplified table | **Oil**<br>**(MMbbls)** | **NGLs**<br>**(MMbbls)** | **Natural<br>Gas**<br>**(Bcf)** | **Total**<br>**(MMBOE)** |
|  **December 31, 2021** | **558.6** | **604.7** | **6570** | **2258.2** |
|  Revisions and improved recovery <sup>(2)</sup> | (65.5) | (33.2) | (544) | **(189.2)** |
|  Extensions and discoveries | 95.2 | 68.5 | 1241 | **370.6** |
|  Purchase of reserves in place | 15.8 | 15.4 | 88 | **45.9** |
|  Sale of reserves in place | (20.8) | (1.3) | (22) | **(25.7)** |
|  Production | (48.0) | (47.3) | (545) | **(186.2)** |
|  **December 31, 2022** | **535.3** | **606.9** | **6789** | **2273.6** |

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(1) Numbers may not add due to rounding.

(2) Changes in reserve estimates resulting from application of improved recovery techniques are included in
revisions of previous estimates.

Ovintiv Inc. 6

------

**Hedge Volumes as of December 31, 2022** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Oil and Condensate Hedges ($/bbl)** | **1Q 2023** | **2Q 2023** | **3Q 2023** | **4Q 2023** |
|  **WTI 3-Way Options** | **40 Mbbls/d** | **40 Mbbls/d** | **40 Mbbls/d** | **32 Mbbls/d** |
|  Short Call | $114.74 | $112.95 | $119.01 | $105.08 |
|  Long Put | $65.00 | $65.00 | $66.25 | $65.00 |
|  Short Put | $50.00 | $50.00 | $50.00 | $50.00 |
| **Natural Gas Hedges ($/Mcf)** | **1Q 2023** | **2Q 2023** | **3Q 2023** | **4Q 2023** |
|  **NYMEX 3-Way Options** | **400 MMcf/d** | **400 MMcf/d** | **390 MMcf/d** | **400 MMcf/d** |
|  Short Call | $10.46 | $4.86 | $7.72 | $10.05 |
|  Long Put | $3.88 | $3.13 | $3.71 | $4.00 |
|  Short Put | $2.75 | $2.25 | $2.51 | $3.00 |
|  **Waha Basis Swaps** | **30 MMcf/d** | **30 MMcf/d** | **30 MMcf/d** | **30 MMcf/d** |
|  | ($0.61) | ($0.61) | ($0.61) | ($0.61) |
|  **Malin Basis Swaps** | **50 MMcf/d** | **50 MMcf/d** | **50 MMcf/d** | **50 MMcf/d** |
|  | ($0.26) | ($0.26) | ($0.26) | ($0.26) |
|  **AECO Basis Swaps** | **260 MMcf/d** | **260 MMcf/d** | **260 MMcf/d** | **260 MMcf/d** |
|  | ($1.07) | ($1.07) | ($1.07) | ($1.07) |
|  **AECO % of NYMEX Swaps** | **50 MMcf/d** | **50 MMcf/d** | **50 MMcf/d** | **50 MMcf/d** |
|  | 71% | 71% | 71% | 71% |

---

**Price Sensitivities for WTI Oil <sup>(1)</sup> ($MM)** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **WTI Oil Hedge Gains (Losses)** | **WTI Oil Hedge Gains (Losses)** | **WTI Oil Hedge Gains (Losses)** | **WTI Oil Hedge Gains (Losses)** | **WTI Oil Hedge Gains (Losses)** | **WTI Oil Hedge Gains (Losses)** | **WTI Oil Hedge Gains (Losses)** | **WTI Oil Hedge Gains (Losses)** | **WTI Oil Hedge Gains (Losses)** | **WTI Oil Hedge Gains (Losses)** |
|  | **$40** | **$50** | **$60** | **$70** | **$80** | **$90** | **$100** | **$110** | **$120** |
|  **1Q 2023** | $54 | $54 | $18 | $0 | $0 | $0 | $0 | ($14) | ($38) |
|  **2Q 2023** | $55 | $55 | $18 | $0 | $0 | $0 | $0 | ($15) | ($40) |
|  **3Q 2023** | $60 | $60 | $23 | $0 | $0 | $0 | $0 | ($4) | ($21) |
|  **4Q 2023** | $44 | $44 | $15 | $0 | $0 | $0 | $0 | ($15) | ($44) |

---

(1) Hedge positions and hedge sensitivity estimates as at 12/31/2022. Does not include impact of basis positions.

**Price Sensitivities for NYMEX Natural Gas <sup>(1)</sup> ($MM)** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **NYMEX Natural Gas Hedge Gains (Losses)** | **NYMEX Natural Gas Hedge Gains (Losses)** | **NYMEX Natural Gas Hedge Gains (Losses)** | **NYMEX Natural Gas Hedge Gains (Losses)** | **NYMEX Natural Gas Hedge Gains (Losses)** | **NYMEX Natural Gas Hedge Gains (Losses)** | **NYMEX Natural Gas Hedge Gains (Losses)** | **NYMEX Natural Gas Hedge Gains (Losses)** | **NYMEX Natural Gas Hedge Gains (Losses)** | **NYMEX Natural Gas Hedge Gains (Losses)** |
|  | **$1.50** | **$2.00** | **$2.50** | **$3.00** | **$3.50** | **$4.00** | **$4.50** | **$5.00** | **$5.50** |
|  **1Q 2023** | $41 | $41 | $41 | $32 | $14 | $0 | $0 | $0 | $0 |
|  **2Q 2023** | $32 | $32 | $23 | $5 | $0 | ($1) | ($10) | ($21) | ($35) |
|  **3Q 2023** | $43 | $43 | $39 | $25 | $9 | $0 | $0 | $0 | $0 |
|  **4Q 2023** | $37 | $37 | $37 | $37 | $18 | $0 | $0 | $0 | $0 |

---

(1) Hedge positions and hedge sensitivity estimates as at 12/31/2022. Does not include impact of basis positions.

Ovintiv Inc. 7

------

**Important information** 

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

**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;&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;&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.

&nbsp;&nbsp;&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 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;&nbsp;&nbsp;• **Debt to Adjusted Capitalization** is a non-GAAP measure which
adjusts capitalization for historical ceiling test impairments that were recorded as at December 31, 2011. Management monitors Debt to Adjusted Capitalization as a proxy for the Company's financial covenant under the Credit Facilities
which require debt to adjusted capitalization to be less than 60 percent. Adjusted Capitalization incudes 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.

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

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

**ADVISORY REGARDING FORWARD-LOOKING STATEMENTS** – This news release contains forward-looking statements or information (collectively, "forward-looking statements") within the meaning of applicable securities legislation, including Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, except for statements of historical fact, that relate to the anticipated future activities, plans, strategies, objectives or expectations of the Company are forward-looking statements. When used in this news release, the use of words and phrases including "anticipates," "believes," "continue," "could," "estimates," "expects," "focused on," "forecast," "guidance," "intends," "maintain," "may," "opportunities," "outlook," "plans," "potential," "strategy," "targets," "will," "would" and other similar terminology is intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words or phrases. Without limiting the generality of the foregoing, forward-looking statements contained in this news release include: expectations of plans, strategies and objectives of the Company, including anticipated reserves shares; the Company's ability to manage cost inflation and expected cost structures, including expected operating, transportation, processing and labor expenses; and the outlook of the oil and natural gas industry generally, including impacts from changes to the geopolitical environment.

Ovintiv Inc. 8

------

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 or revise 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, and in other filings with the SEC, for a description of certain risks that could, among other things, cause actual results to differ from these forward-looking statements. Other unpredictable or unknown factors not discussed in this news release could also have material adverse effects on forward-looking statements.

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

---

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

---

SOURCE: Ovintiv Inc.

Ovintiv Inc. 9

## Exhibit 99.2

**Exhibit 99.2**![LOGO](g382402g0224114007199.jpg)

**Ovintiv Inc.** 

Selected Financial Information

For the year ended December 31, 2022

(U.S. Dollars)

------

**Consolidated Statement of Earnings** 

---

| | | | |
|:---|:---|:---|:---|
| For the years ended December 31 (US$ millions, except per share amounts) | **2022** | 2021 | 2020 |
|  **Revenues** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Product and service revenues | $**14263** | $10468 | $5509 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gains (losses) on risk management, net | **(1867)** | (1883) | 507 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sublease revenues | **68** | 73 | 71 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Revenues | **12464** | 8658 | 6087 |
|  **Operating Expenses** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Production, mineral and other taxes | **415** | 293 | 173 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transportation and processing | **1786** | 1616 | 1502 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Operating | **802** | 625 | 605 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchased product | **4055** | 2951 | 1366 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Depreciation, depletion and amortization | **1113** | 1190 | 1834 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Impairments | **—** |  | 5580 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accretion of asset retirement obligation | **18** | 22 | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administrative | **422** | 442 | 395 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Operating Expenses | **8611** | 7139 | 11484 |
|  **Operating Income (Loss)** | **3853** | 1519 | (5397) |
|  **Other (Income) Expenses** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest | **311** | 340 | 371 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign exchange (gain) loss, net | **15** | (23) | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other (gains) losses, net | **(33)** | (37) | (55) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Other (Income) Expenses | **293** | 280 | 333 |
|  **Net Earnings (Loss) Before Income Tax** | **3560** | 1239 | (5730) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income tax expense (recovery) | **(77)** | (177) | 367 |
|  **Net Earnings (Loss)** | $**3637** | $1416 | $(6097) |
|  **Net Earnings (Loss) per Share of Common Stock** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Basic | $**14.34** | $5.44 | $(23.47) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diluted | **14.08** | 5.32 | (23.47) |
|  **Weighted Average Shares of Common Stock Outstanding (millions)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Basic | **253.6** | 260.4 | 259.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diluted | **258.4** | 266.4 | 259.8 |

---

**Consolidated Statement of Comprehensive Income** 

---

| | | | |
|:---|:---|:---|:---|
| For the years ended December 31 (US$ millions) | **2022** | 2021 | 2020 |
|  **Net Earnings (Loss)** | $**3637** | $1416 | $(6097) |
|  **Other Comprehensive Income (Loss), Net of Tax** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translation adjustment | **(107)** | 2 | 38 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pension and other post-employment benefit plans | **6** | 14 | (8) |
|  **Other Comprehensive Income (Loss)** | **(101)** | 16 | 30 |
|  **Comprehensive Income (Loss)** | $**3536** | $1432 | $(6067) |

---

.

Ovintiv Inc. 1 Selected Financial Information

------

**Consolidated Balance Sheet** 

---

| | | |
|:---|:---|:---|
| As at December 31 (US$ millions) | **2022** | 2021 |
|  **Assets** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Current Assets |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash and cash equivalents | $**5** | $195 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounts receivable and accrued revenues (net of allowances<br>of $4 million (2021: $5 million)) | **1594** | 1294 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Risk management | **53** | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income tax receivable | **43** | 97 |
|  | **1695** | 1587 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Property, Plant and Equipment, at cost: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oil and natural gas properties, based on full cost accounting<br>Proved properties | **57054** | 55475 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unproved properties | **1172** | 1944 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other | **882** | 903 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Property, plant and equipment | **59108** | 58322 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less: Accumulated depreciation, depletion and amortization | **(49640)** | (49561) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Property, plant and equipment, net | **9468** | 8761 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Assets | **1004** | 1079 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Risk Management | **34** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred Income Taxes | **271** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Goodwill | **2584** | 2628 |
|  | $**15056** | $14055 |
|  **Liabilities and Shareholders' Equity** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Current Liabilities |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounts payable and accrued liabilities | $**2221** | $1979 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Current portion of operating lease liabilities | **76** | 62 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income tax payable | **4** | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Risk management | **86** | 703 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Current portion of long-term debt | **393** |  |
|  | **2780** | 2748 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-Term Debt | **3177** | 4786 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Operating Lease Liabilities | **814** | 889 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Liabilities and Provisions | **131** | 190 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Risk Management | **—** | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Asset Retirement Obligation | **281** | 339 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred Income Taxes | **184** | 4 |
|  | **7367** | 8981 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shareholders' Equity |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Share capital—authorized 775 million shares of stock<br>2022 issued and outstanding: 245.7 million shares (2021: 258.0 million shares) | **3** | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paid in surplus | **7776** | 8458 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Retained earnings (Accumulated deficit) | **(1081)** | (4479) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accumulated other comprehensive income | **991** | 1092 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Shareholders' Equity | **7689** | 5074 |
|  | $**15056** | $14055 |

---

Ovintiv Inc. 2 Selected Financial Information

------

**Consolidated Statement of Cash Flows** 

---

| | | | |
|:---|:---|:---|:---|
| For the years ended December 31 (US$ millions) | **2022** | 2021 | 2020 |
|  **Operating Activities** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net earnings (loss) | $**3637** | $1416 | $(6097) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Depreciation, depletion and amortization | **1113** | 1190 | 1834 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Impairments | **—** |  | 5580 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accretion of asset retirement obligation | **18** | 22 | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred income taxes | **(87)** | (21) | 381 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized (gain) loss on risk management | **(741)** | 488 | 204 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized foreign exchange (gain) loss | **14** | 21 | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign exchange (gain) loss on settlements | **8** | (11) | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other | **148** | 104 | (19) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in other assets and liabilities | **(57)** | (39) | (173) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in non-cash working capital | **(187)** | (41) | 139 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash From (Used in) Operating Activities | **3866** | 3129 | 1895 |
|  **Investing Activities** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital expenditures | **(1831)** | (1519) | (1736) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acquisitions | **(286)** | (11) | (19) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from divestitures | **228** | 1025 | 89 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in investments and other | **103** | (20) | (198) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash From (Used in) Investing Activities | **(1786)** | (525) | (1864) |
|  **Financing Activities** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net issuance (repayment) of revolving long-term debt | **393** | (950) | 252 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repayment of long-term debt | **(1634)** | (1137) | (272) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchase of shares of common stock | **(719)** | (111) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends on shares of common stock | **(239)** | (122) | (97) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Finance lease payments and other | **(69)** | (99) | (89) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash From (Used in) Financing Activities | **(2268)** | (2419) | (206) |
|  **Foreign Exchange Gain (Loss) on Cash, Cash Equivalents<br>and Restricted Cash Held in Foreign Currency** | **(2)** | **—** | (5) |
|  **Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash** | **(190)** | 185 | (180) |
|  **Cash, Cash Equivalents and Restricted Cash, Beginning of Year** | **195** | 10 | 190 |
|  **Cash, Cash Equivalents and Restricted Cash, End of Year** | $**5** | $195 | $10 |
|  **Cash, End of Year** | $**5** | $26 | $9 |
|  **Cash Equivalents, End of Year** | **—** | 169 | 1 |
|  **Restricted Cash, End of Year** | **—** |  |  |
|  **Cash, Cash Equivalents and Restricted Cash, End of Year** | $**5** | $195 | $10 |

---

Ovintiv Inc. 3 Selected Financial Information

------

![LOGO](g382402g0224120522132.jpg)

**Ovintiv Inc.** 

Supplemental Information

*(unaudited)* 

For the year ended December 31, 2022

U.S. Dollar / U.S. Protocol

------

Supplemental Financial Information *(unaudited)*

**Financial Results** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **2022** | **2022** | **2022** | **2022** | **2022** | 2021 | 2021 | 2021 | 2021 | 2021 |
| (US$ millions, unless otherwise specified) | **Year** | **Q4** | Q3 | Q2 | Q1 | Year | Q4 | Q3 | Q2 | Q1 |
|  Net Earnings (Loss) | **3637** | **1335** | 1186 | 1357 | (241) | 1416 | 1384 | (72) | (205) | 309 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Per share—basic <sup>(1)</sup> | **14.34** | **5.39** | 4.70 | 5.28 | (0.94) | 5.44 | 5.33 | (0.28) | (0.79) | 1.19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Per share—diluted <sup>(1)</sup> | **14.08** | **5.30** | 4.63 | 5.21 | (0.94) | 5.32 | 5.21 | (0.28) | (0.79) | 1.16 |
|  Non-GAAP Adjusted Earnings <sup>(2)</sup> | **1769** | **228** | 353 | 628 | 560 | 1294 | 330 | 389 | 287 | 288 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Per share—basic <sup>(1)</sup> | **6.98** | **0.92** | 1.40 | 2.44 | 2.18 | 4.97 | 1.27 | 1.49 | 1.10 | 1.11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Per share—diluted <sup>(1)</sup> | **6.85** | **0.91** | 1.38 | 2.41 | 2.18 | 4.86 | 1.24 | 1.49 | 1.10 | 1.08 |
|  Non-GAAP Cash Flow <sup>(3)</sup> | **4110** | **895** | 948 | 1224 | 1043 | 3209 | 741 | 845 | 733 | 890 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Per share—basic <sup>(1)</sup> | **16.21** | **3.62** | 3.75 | 4.76 | 4.05 | 12.32 | 2.86 | 3.24 | 2.81 | 3.42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Per share—diluted <sup>(1)</sup> | **15.91** | **3.55** | 3.70 | 4.70 | 4.05 | 12.05 | 2.79 | 3.24 | 2.81 | 3.35 |
|  Foreign Exchange Rates (C$ per US$1) |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Average | **1.301** | **1.358** | 1.306 | 1.277 | 1.266 | 1.254 | 1.260 | 1.260 | 1.228 | 1.266 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Period end | **1.354** | **1.354** | 1.371 | 1.289 | 1.250 | 1.268 | 1.268 | 1.274 | 1.239 | 1.258 |
|  **Non-GAAP Adjusted Earnings Summary** |  |  |  |  |  |  |  |  |  |  |
|  Net Earnings (Loss) Before Income Tax | **3560** | **1110** | 1274 | 1422 | (246) | 1239 | 1382 | (71) | (205) | 133 |
|  Before-tax (Addition) Deduction: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized gain (loss) on risk management | **741** | **530** | 710 | 513 | (1012) | (488) | 938 | (579) | (576) | (271) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-operating foreign exchange gain (loss) | **(14)** | **10** | (20) | (7) | 3 | (18) | (1) | (11) | (4) | (2) |
|  Adjusted Earnings (Loss) Before Income Tax | **2833** | **570** | 584 | 916 | 763 | 1745 | 445 | 519 | 375 | 406 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income tax expense (recovery) <sup>(4)</sup> | **1064** | **342** | 231 | 288 | 203 | 451 | 115 | 130 | 88 | 118 |
|  Non-GAAP Adjusted Earnings <sup>(2)</sup> | **1769** | **228** | 353 | 628 | 560 | 1294 | 330 | 389 | 287 | 288 |
|  **Non-GAAP Cash Flow Summary** |  |  |  |  |  |  |  |  |  |  |
|  Cash From (Used in) Operating Activities | **3866** | **875** | 962 | 1344 | 685 | 3129 | 740 | 812 | 750 | 827 |
|  (Add back) Deduct: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in other assets and liabilities | **(57)** | **(15)** | (17) | (13) | (12) | (39) | (18) | (10) | (5) | (6) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in non-cash working capital | **(187)** | **(5)** | 31 | 133 | (346) | (41) | 17 | (23) | 22 | (57) |
|  Non-GAAP Cash Flow <sup>(3)</sup> | **4110** | **895** | 948 | 1224 | 1043 | 3209 | 741 | 845 | 733 | 890 |
| <br> (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: | <br> (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: | <br> (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: | <br> (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: | <br> (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: | <br> (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: | <br> (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: | <br> (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: | <br> (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: | <br> (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: | <br> (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: |
|  | **2022** | **2022** | **2022** | **2022** | **2022** | **2021** | **2021** | **2021** | **2021** | **2021** |
| (millions) | **Year** | **Q4** | Q3 | Q2 | Q1 | Year | Q4 | Q3 | Q2 | Q1 |
|  Weighted Average Shares of Common Stock Outstanding |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Basic | **253.6** | **247.5** | 252.5 | 257.2 | 257.4 | 260.4 | 259.5 | 261.1 | 261.1 | 260.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diluted | **258.4** | **251.8** | 256.2 | 260.6 | 257.4 | 266.4 | 265.7 | 261.1 | 261.1 | 266 |
| <br> (2) Ovintiv has revised the definition and calculation of its Non-GAAP Adjusted Earnings based on recent SEC guidance regarding non-GAAP measures. Accordingly, prior periods have been restated. Non-GAAP Adjusted Earnings, previously Non-GAAP Operating 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.<br> (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.<br> (4) Calculated using the applicable U.S. federal and state statutory income tax rate of 23.0 percent and the applicable Canadian federal and provincial statutory income tax rate of 23.9 percent (2021 - 24.0 percent and 23.9 percent, respectively).<br>**Financial Metrics** | <br> (2) Ovintiv has revised the definition and calculation of its Non-GAAP Adjusted Earnings based on recent SEC guidance regarding non-GAAP measures. Accordingly, prior periods have been restated. Non-GAAP Adjusted Earnings, previously Non-GAAP Operating 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.<br> (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.<br> (4) Calculated using the applicable U.S. federal and state statutory income tax rate of 23.0 percent and the applicable Canadian federal and provincial statutory income tax rate of 23.9 percent (2021 - 24.0 percent and 23.9 percent, respectively).<br>**Financial Metrics** | <br> (2) Ovintiv has revised the definition and calculation of its Non-GAAP Adjusted Earnings based on recent SEC guidance regarding non-GAAP measures. Accordingly, prior periods have been restated. Non-GAAP Adjusted Earnings, previously Non-GAAP Operating 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.<br> (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.<br> (4) Calculated using the applicable U.S. federal and state statutory income tax rate of 23.0 percent and the applicable Canadian federal and provincial statutory income tax rate of 23.9 percent (2021 - 24.0 percent and 23.9 percent, respectively).<br>**Financial Metrics** | <br> (2) Ovintiv has revised the definition and calculation of its Non-GAAP Adjusted Earnings based on recent SEC guidance regarding non-GAAP measures. Accordingly, prior periods have been restated. Non-GAAP Adjusted Earnings, previously Non-GAAP Operating 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.<br> (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.<br> (4) Calculated using the applicable U.S. federal and state statutory income tax rate of 23.0 percent and the applicable Canadian federal and provincial statutory income tax rate of 23.9 percent (2021 - 24.0 percent and 23.9 percent, respectively).<br>**Financial Metrics** | <br> (2) Ovintiv has revised the definition and calculation of its Non-GAAP Adjusted Earnings based on recent SEC guidance regarding non-GAAP measures. Accordingly, prior periods have been restated. Non-GAAP Adjusted Earnings, previously Non-GAAP Operating 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.<br> (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.<br> (4) Calculated using the applicable U.S. federal and state statutory income tax rate of 23.0 percent and the applicable Canadian federal and provincial statutory income tax rate of 23.9 percent (2021 - 24.0 percent and 23.9 percent, respectively).<br>**Financial Metrics** | <br> (2) Ovintiv has revised the definition and calculation of its Non-GAAP Adjusted Earnings based on recent SEC guidance regarding non-GAAP measures. Accordingly, prior periods have been restated. Non-GAAP Adjusted Earnings, previously Non-GAAP Operating 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.<br> (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.<br> (4) Calculated using the applicable U.S. federal and state statutory income tax rate of 23.0 percent and the applicable Canadian federal and provincial statutory income tax rate of 23.9 percent (2021 - 24.0 percent and 23.9 percent, respectively).<br>**Financial Metrics** | <br> (2) Ovintiv has revised the definition and calculation of its Non-GAAP Adjusted Earnings based on recent SEC guidance regarding non-GAAP measures. Accordingly, prior periods have been restated. Non-GAAP Adjusted Earnings, previously Non-GAAP Operating 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.<br> (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.<br> (4) Calculated using the applicable U.S. federal and state statutory income tax rate of 23.0 percent and the applicable Canadian federal and provincial statutory income tax rate of 23.9 percent (2021 - 24.0 percent and 23.9 percent, respectively).<br>**Financial Metrics** | <br> (2) Ovintiv has revised the definition and calculation of its Non-GAAP Adjusted Earnings based on recent SEC guidance regarding non-GAAP measures. Accordingly, prior periods have been restated. Non-GAAP Adjusted Earnings, previously Non-GAAP Operating 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.<br> (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.<br> (4) Calculated using the applicable U.S. federal and state statutory income tax rate of 23.0 percent and the applicable Canadian federal and provincial statutory income tax rate of 23.9 percent (2021 - 24.0 percent and 23.9 percent, respectively).<br>**Financial Metrics** | <br> (2) Ovintiv has revised the definition and calculation of its Non-GAAP Adjusted Earnings based on recent SEC guidance regarding non-GAAP measures. Accordingly, prior periods have been restated. Non-GAAP Adjusted Earnings, previously Non-GAAP Operating 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.<br> (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.<br> (4) Calculated using the applicable U.S. federal and state statutory income tax rate of 23.0 percent and the applicable Canadian federal and provincial statutory income tax rate of 23.9 percent (2021 - 24.0 percent and 23.9 percent, respectively).<br>**Financial Metrics** | <br> (2) Ovintiv has revised the definition and calculation of its Non-GAAP Adjusted Earnings based on recent SEC guidance regarding non-GAAP measures. Accordingly, prior periods have been restated. Non-GAAP Adjusted Earnings, previously Non-GAAP Operating 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.<br> (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.<br> (4) Calculated using the applicable U.S. federal and state statutory income tax rate of 23.0 percent and the applicable Canadian federal and provincial statutory income tax rate of 23.9 percent (2021 - 24.0 percent and 23.9 percent, respectively).<br>**Financial Metrics** | <br> (2) Ovintiv has revised the definition and calculation of its Non-GAAP Adjusted Earnings based on recent SEC guidance regarding non-GAAP measures. Accordingly, prior periods have been restated. Non-GAAP Adjusted Earnings, previously Non-GAAP Operating 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.<br> (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.<br> (4) Calculated using the applicable U.S. federal and state statutory income tax rate of 23.0 percent and the applicable Canadian federal and provincial statutory income tax rate of 23.9 percent (2021 - 24.0 percent and 23.9 percent, respectively).<br>**Financial Metrics** |
|  | **2022** |  |  |  |  | 2021 |  |  |  |  |
|  | **Year** |  |  |  |  | Year |  |  |  |  |
|  Debt to Capitalization | **32%** |  |  |  |  | 49% |  |  |  |  |
|  Debt to Adjusted Capitalization <sup>(1)</sup> | **19%** |  |  |  |  | 27% |  |  |  |  |
|  Debt to EBITDA <sup>(1)</sup> | **0.7x** |  |  |  |  | 1.7x |  |  |  |  |
|  Debt to Adjusted EBITDA <sup>(1)</sup> | **0.8x** |  |  |  |  | 1.5x |  |  |  |  |

---

(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.

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| | | |
|:---|:---|:---|
| Ovintiv Inc. | 1 | Supplemental Information (prepared in US$) |

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------

Supplemental Operating Information *(unaudited)*

**Production Volumes by Product** 

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **2022** | **2022** | **2022** | **2022** | **2022** | 2021 | 2021 | 2021 | 2021 | 2021 |
| (average) | **% of**<br>**Oil & NGLs** | **Year** | **Q4** | Q3 | Q2 | Q1 | Year | Q4 | Q3 | Q2 | Q1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oil (Mbbls/d) | **50** | **131.6** | **132.0** | 133.4 | 132.8 | 128.3 | 140.3 | 129.8 | 136.8 | 148.5 | 146.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NGLs—Plant Condensate (Mbbls/d) | **17** | **44.0** | **42.7** | 46.0 | 42.6 | 44.6 | 50.9 | 47.8 | 51.9 | 52.3 | 51.4 |
|  Oil & Plant Condensate (Mbbls/d) | **67** | **175.6** | **174.7** | 179.4 | 175.4 | 172.9 | 191.2 | 177.6 | 188.7 | 200.8 | 197.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Butane (Mbbls/d) | **8** | **19.3** | **19.0** | 19.8 | 19.8 | 18.7 | 20.5 | 20.3 | 20.7 | 20.9 | 20.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Propane (Mbbls/d) | **12** | **31.5** | **32.2** | 31.0 | 31.3 | 31.3 | 31.5 | 31.5 | 31.8 | 32.5 | 30.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ethane (Mbbls/d) | **13** | **34.7** | **37.5** | 36.1 | 35.9 | 29.2 | 31.3 | 32.8 | 32.4 | 32.5 | 27.5 |
|  NGLs—Other (Mbbls/d) | **33** | **85.5** | **88.7** | 86.9 | 87.0 | 79.2 | 83.3 | 84.6 | 84.9 | 85.9 | 77.7 |
|  Oil & NGLs (Mbbls/d) | **100** | **261.1** | **263.4** | 266.3 | 262.4 | 252.1 | 274.5 | 262.2 | 273.6 | 286.7 | 275.6 |
|  Natural Gas (MMcf/d) |  | **1494** | **1561** | 1500 | 1426 | 1487 | 1556 | 1476 | 1566 | 1607 | 1576 |
|  Total (MBOE/d) |  | **510.0** | **523.6** | 516.3 | 500.0 | 499.9 | 533.9 | 508.2 | 534.7 | 554.6 | 538.3 |

---

**Production Volumes by Segment** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **2022** | **2022** | **2022** | **2022** | **2022** | 2021 | 2021 | 2021 | 2021 | 2021 |
| (average) | **Year** | **Q4** | Q3 | Q2 | Q1 | Year | Q4 | Q3 | Q2 | Q1 |
|  Oil (Mbbls/d) |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USA Operations | **131.5** | **131.9** | 133.3 | 132.7 | 128.2 | 140.0 | 129.7 | 136.7 | 148.2 | 145.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Canadian Operations | **0.1** | **0.1** | 0.1 | 0.1 | 0.1 | 0.3 | 0.1 | 0.1 | 0.3 | 0.9 |
|  | **131.6** | **132.0** | 133.4 | 132.8 | 128.3 | 140.3 | 129.8 | 136.8 | 148.5 | 146.5 |
|  NGLs—Plant Condensate (Mbbls/d) |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USA Operations | **10.4** | **11.0** | 11.1 | 10.1 | 9.2 | 10.5 | 10.5 | 11.3 | 10.5 | 9.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Canadian Operations | **33.6** | **31.7** | 34.9 | 32.5 | 35.4 | 40.4 | 37.3 | 40.6 | 41.8 | 41.7 |
|  | **44.0** | **42.7** | 46.0 | 42.6 | 44.6 | 50.9 | 47.8 | 51.9 | 52.3 | 51.4 |
|  Oil & Plant Condensate (Mbbls/d) |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USA Operations | **141.9** | **142.9** | 144.4 | 142.8 | 137.4 | 150.5 | 140.2 | 148.0 | 158.7 | 155.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Canadian Operations | **33.7** | **31.8** | 35.0 | 32.6 | 35.5 | 40.7 | 37.4 | 40.7 | 42.1 | 42.6 |
|  | **175.6** | **174.7** | 179.4 | 175.4 | 172.9 | 191.2 | 177.6 | 188.7 | 200.8 | 197.9 |
|  NGLs—Other (Mbbls/d) |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USA Operations | **71.7** | **75.1** | 74.1 | 72.6 | 64.8 | 67.5 | 70.0 | 69.4 | 69.2 | 61.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Canadian Operations | **13.8** | **13.6** | 12.8 | 14.4 | 14.4 | 15.8 | 14.6 | 15.5 | 16.7 | 16.7 |
|  | **85.5** | **88.7** | 86.9 | 87.0 | 79.2 | 83.3 | 84.6 | 84.9 | 85.9 | 77.7 |
|  NGLs—Total (Mbbls/d) |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USA Operations | **82.1** | **86.1** | 85.2 | 82.7 | 74.0 | 78.0 | 80.5 | 80.7 | 79.7 | 70.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Canadian Operations | **47.4** | **45.3** | 47.7 | 46.9 | 49.8 | 56.2 | 51.9 | 56.1 | 58.5 | 58.4 |
|  | **129.5** | **131.4** | 132.9 | 129.6 | 123.8 | 134.2 | 132.4 | 136.8 | 138.2 | 129.1 |
|  Oil & NGLs (Mbbls/d) |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USA Operations | **213.6** | **218.0** | 218.5 | 215.4 | 202.2 | 218.0 | 210.2 | 217.4 | 227.9 | 216.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Canadian Operations | **47.5** | **45.4** | 47.8 | 47.0 | 49.9 | 56.5 | 52.0 | 56.2 | 58.8 | 59.3 |
|  | **261.1** | **263.4** | 266.3 | 262.4 | 252.1 | 274.5 | 262.2 | 273.6 | 286.7 | 275.6 |
|  Natural Gas (MMcf/d) |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USA Operations | **492** | **506** | 502 | 485 | 475 | 490 | 509 | 495 | 497 | 459 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Canadian Operations | **1002** | **1055** | 998 | 941 | 1012 | 1066 | 967 | 1071 | 1110 | 1117 |
|  | **1494** | **1561** | 1500 | 1426 | 1487 | 1556 | 1476 | 1566 | 1607 | 1576 |
|  Total (MBOE/d) |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USA Operations | **295.5** | **302.3** | 302.1 | 296.1 | 281.3 | 299.7 | 295.0 | 300.0 | 310.8 | 292.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Canadian Operations | **214.5** | **221.3** | 214.2 | 203.9 | 218.6 | 234.2 | 213.2 | 234.7 | 243.8 | 245.5 |
|  | **510.0** | **523.6** | 516.3 | 500.0 | 499.9 | 533.9 | 508.2 | 534.7 | 554.6 | 538.3 |

---

---

| | | |
|:---|:---|:---|
| Ovintiv Inc. | 2.0 | Supplemental Information (prepared in US$) |

---

------

Supplemental Financial & Operating Information *(unaudited)*

**Results of Operations** 

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

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **2022** | **2022** | **2022** | **2022** | **2022** | 2021 | 2021 | 2021 | 2021 | 2021 |
| **(US$ millions)** | **Year** | **Q4** | Q3 | Q2 | Q1 | Year | Q4 | Q3 | Q2 | Q1 |
|  USA Operations |  |  |  |  |  |  |  |  |  |  |
|  Revenues, excluding Realized Gains (Losses) on Risk Management <sup>(1)</sup> |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oil | **4524** | **995** | 1143 | 1311 | 1075 | 3357 | 897 | 864 | 858 | 738 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NGLs <sup>(2)</sup> | **1045** | **198** | 270 | 311 | 266 | 862 | 276 | 250 | 179 | 157 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Natural Gas | **1108** | **251** | 349 | 302 | 206 | 664 | 251 | 172 | 118 | 123 |
|  | **6677** | **1444** | 1762 | 1924 | 1547 | 4883 | 1424 | 1286 | 1155 | 1018 |
|  Realized Gains (Losses) on Risk Management |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oil | **(594)** | **(75)** | (141) | (235) | (143) | (737) | (259) | (194) | (167) | (117) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NGLs <sup>(2)</sup> | **—** | **—** |  |  |  | (131) | (50) | (42) | (20) | (19) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Natural Gas | **(529)** | **(122)** | (183) | (148) | (76) | (115) | (84) | (29) | (2) |  |
|  | **(1123)** | **(197)** | (324) | (383) | (219) | (983) | (393) | (265) | (189) | (136) |
|  Canadian Operations |  |  |  |  |  |  |  |  |  |  |
|  Revenues, excluding Realized Gains (Losses) on Risk Management <sup>(1)</sup> |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oil | **3** | **1** | 1 | 1 |  | 7 |  | 1 | 1 | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NGLs <sup>(2)</sup> | **1358** | **290** | 326 | 382 | 360 | 1158 | 318 | 302 | 283 | 255 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Natural Gas | **2104** | **550** | 562 | 577 | 415 | 1368 | 413 | 358 | 283 | 314 |
|  | **3465** | **841** | 889 | 960 | 775 | 2533 | 731 | 661 | 567 | 574 |
|  Realized Gains (Losses) on Risk Management <sup>(3)</sup> |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oil | **—** | **—** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NGLs <sup>(2)</sup> | **(125)** | **(16)** | (26) | (51) | (32) | (155) | (56) | (39) | (35) | (25) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Natural Gas | **(1366)** | **(324)** | (471) | (374) | (197) | (258) | (193) | (68) |  | 3 |
|  | **(1491)** | **(340)** | (497) | (425) | (229) | (413) | (249) | (107) | (35) | (22) |

---

(1) Excludes other revenues with no associated production volumes, but includes intercompany marketing fees
transacted between the Company's operating segments.

(2) Includes plant condensate.

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

---

| | | |
|:---|:---|:---|
| Ovintiv Inc. | 3.0 | Supplemental Information (prepared in US$) |

---

------

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>** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **2022** | **2022** | **2022** | **2022** | **2022** | 2021 | 2021 | 2021 | 2021 | 2021 |
| (US$/BOE) | **Year** | **Q4** | Q3 | Q2 | Q1 | Year | Q4 | Q3 | Q2 | Q1 |
|  Total USA Operations Netback |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Price | **61.91** | **51.96** | 63.44 | 71.39 | 61.08 | 44.65 | 52.45 | 46.59 | 40.87 | 38.66 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Production, mineral and other taxes | **3.72** | **3.23** | 3.83 | 4.25 | 3.56 | 2.54 | 2.94 | 2.71 | 2.43 | 2.09 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transportation and processing | **5.80** | **5.81** | 6.14 | 5.91 | 5.31 | 4.64 | 5.39 | 4.43 | 4.44 | 4.31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Operating | **5.99** | **6.05** | 6.73 | 5.53 | 5.58 | 4.48 | 4.51 | 4.38 | 4.16 | 4.89 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Netback | **46.40** | **36.87** | 46.74 | 55.70 | 46.63 | 32.99 | 39.61 | 35.07 | 29.84 | 27.37 |
|  Total Canadian Operations Netback |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Price | **44.26** | **41.30** | 45.11 | 51.70 | 39.44 | 29.66 | 37.31 | 30.61 | 25.67 | 25.92 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Production, mineral and other taxes | **0.18** | **0.19** | 0.12 | 0.15 | 0.19 | 0.18 | 0.22 | 0.13 | 0.17 | 0.21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transportation and processing | **12.80** | **12.85** | 13.01 | 13.67 | 11.72 | 10.97 | 11.95 | 10.68 | 11.24 | 10.12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Operating | **1.62** | **1.52** | 1.69 | 1.35 | 1.90 | 1.27 | 1.60 | 1.20 | 1.11 | 1.23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Netback | **29.66** | **26.74** | 30.29 | 36.53 | 25.63 | 17.24 | 23.54 | 18.60 | 13.15 | 14.36 |
|  Total Operations Netback |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Price | **54.49** | **47.45** | 55.83 | 63.36 | 51.62 | 38.08 | 46.09 | 39.57 | 34.20 | 32.85 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Production, mineral and other taxes | **2.23** | **1.95** | 2.29 | 2.58 | 2.08 | 1.51 | 1.80 | 1.57 | 1.44 | 1.23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transportation and processing | **8.75** | **8.78** | 8.99 | 9.08 | 8.12 | 7.42 | 8.14 | 7.17 | 7.42 | 6.96 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Operating | **4.15** | **4.13** | 4.64 | 3.83 | 3.98 | 3.07 | 3.29 | 2.98 | 2.82 | 3.22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Netback | **39.36** | **32.59** | 39.91 | 47.87 | 37.44 | 26.08 | 32.86 | 27.85 | 22.52 | 21.44 |

---

(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, transportation and processing expense and 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** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **2022** | **2022** | **2022** | **2022** | **2022** | 2021 | 2021 | 2021 | 2021 | 2021 |
| (US$/BOE) | **Year** | **Q4** | Q3 | Q2 | Q1 | Year | Q4 | Q3 | Q2 | Q1 |
|  Upstream Operating Expense | **4.15** | **4.13** | 4.64 | 3.83 | 3.98 | 3.07 | 3.29 | 2.98 | 2.82 | 3.22 |
|  Upstream Operating Expense, Excluding Long-Term Incentive Costs | **3.99** | **3.97** | 4.49 | 3.69 | 3.80 | 2.94 | 3.21 | 2.85 | 2.68 | 3.07 |
|  Administrative Expense | **2.27** | **2.17** | 2.16 | 1.56 | 3.20 | 2.27 | 2.04 | 2.06 | 2.44 | 2.52 |
|  Administrative Expense, Excluding Long-Term Incentive, Restructuring and Legal Costs, and Current Expected Credit Losses | **1.39** | **1.35** | 1.39 | 1.36 | 1.48 | 1.55 | 1.74 | 1.44 | 1.36 | 1.67 |
|  Non-GAAP Total Costs <sup>(1)</sup> | **16.36** | **16.05** | 17.16 | 16.71 | 15.48 | 13.42 | 14.89 | 13.03 | 12.90 | 12.93 |

---

(1) Total Costs is a non-GAAP measure which includes the summation of production, mineral and other taxes,
upstream transportation and processing expense, upstream operating expense and administrative expense, excluding the impact of long-term incentive, restructuring and legal costs, and current expected credit losses. It is calculated as total
operating expenses excluding non-upstream operating costs and non-cash items which include operating expenses from the Market Optimization, and Corporate and Other segments, depreciation, depletion and amortization, impairments, accretion of asset
retirement obligation, long-term incentive, restructuring and legal costs, and current expected credit losses. When presented on a per BOE basis, Total Costs is divided by production volumes.

---

| | | |
|:---|:---|:---|
| Ovintiv Inc. | 4.0 | Supplemental Information (prepared in US$) |

---

------

Supplemental Oil and Gas Operating Statistics *(unaudited)*

**Operating Statistics** 

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

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **2022** | **2022** | **2022** | **2022** | **2022** | 2021 | 2021 | 2021 | 2021 | 2021 |
| (US$) | **Year** | **Q4** | Q3 | Q2 | Q1 | Year | Q4 | Q3 | Q2 | Q1 |
|  Oil Price ($/bbl) |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USA Operations | **94.25** | **82.08** | 93.22 | 108.58 | 93.16 | 65.69 | 75.13 | 68.69 | 63.65 | 56.32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Canadian Operations | **87.28** | **81.48** | 82.86 | 100.11 | 82.80 | 56.71 | 75.89 | 64.95 | 60.68 | 52.84 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Operations | **94.25** | **82.08** | 93.21 | 108.57 | 93.15 | 65.67 | 75.13 | 68.69 | 63.65 | 56.30 |
|  NGLs—Plant Condensate Price ($/bbl) |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USA Operations | **73.22** | **57.95** | 66.62 | 86.56 | 85.09 | 60.18 | 70.04 | 62.84 | 55.54 | 51.14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Canadian Operations | **93.22** | **82.41** | 86.65 | 107.78 | 96.22 | 67.11 | 78.60 | 68.78 | 64.85 | 57.24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Operations | **88.52** | **76.14** | 81.82 | 102.74 | 93.93 | 65.68 | 76.72 | 67.49 | 62.98 | 56.09 |
|  Oil & Plant Condensate Price ($/bbl) |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USA Operations | **92.72** | **80.24** | 91.18 | 107.02 | 92.62 | 65.31 | 74.74 | 68.24 | 63.12 | 56.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Canadian Operations | **93.20** | **82.41** | 86.64 | 107.76 | 96.19 | 67.02 | 78.60 | 68.77 | 64.82 | 57.15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Operations | **92.81** | **80.63** | 90.29 | 107.16 | 93.35 | 65.67 | 75.55 | 68.36 | 63.47 | 56.24 |
|  NGLs—Other Price ($/bbl) |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USA Operations | **29.35** | **20.03** | 29.82 | 34.88 | 33.55 | 25.66 | 32.39 | 28.77 | 20.10 | 20.56 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Canadian Operations | **42.39** | **39.07** | 41.12 | 47.84 | 41.23 | 29.45 | 36.28 | 31.73 | 23.88 | 26.79 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Operations | **31.45** | **22.95** | 31.49 | 37.03 | 34.94 | 26.38 | 33.06 | 29.31 | 20.83 | 21.90 |
|  NGLs—Total Price ($/bbl) |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USA Operations | **34.88** | **24.85** | 34.61 | 41.21 | 39.95 | 30.32 | 37.33 | 33.52 | 24.76 | 24.76 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Canadian Operations | **78.44** | **69.42** | 74.41 | 89.37 | 80.36 | 56.48 | 66.66 | 58.56 | 53.16 | 48.55 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Operations | **50.84** | **40.22** | 48.91 | 58.64 | 56.21 | 41.28 | 48.83 | 43.78 | 36.79 | 35.51 |
|  Oil & NGLs Price ($/bbl) |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USA Operations | **71.44** | **59.49** | 70.37 | 82.70 | 73.68 | 53.04 | 60.65 | 55.63 | 50.05 | 45.99 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Canadian Operations | **78.46** | **69.44** | 74.43 | 89.39 | 80.37 | 56.48 | 66.68 | 58.57 | 53.19 | 48.62 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Operations | **72.72** | **61.20** | 71.10 | 83.90 | 75.00 | 53.75 | 61.85 | 56.23 | 50.70 | 46.56 |
|  Natural Gas Price ($/Mcf) |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USA Operations | **6.18** | **5.42** | 7.55 | 6.87 | 4.82 | 3.71 | 5.35 | 3.80 | 2.60 | 2.98 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Canadian Operations | **5.75** | **5.67** | 6.11 | 6.73 | 4.56 | 3.52 | 4.64 | 3.63 | 2.81 | 3.12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Operations | **5.89** | **5.59** | 6.60 | 6.78 | 4.64 | 3.58 | 4.88 | 3.69 | 2.75 | 3.08 |
|  Total Price ($/BOE) |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USA Operations | **61.91** | **51.96** | 63.44 | 71.39 | 61.08 | 44.65 | 52.45 | 46.59 | 40.87 | 38.66 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Canadian Operations | **44.26** | **41.30** | 45.11 | 51.70 | 39.44 | 29.66 | 37.31 | 30.61 | 25.67 | 25.92 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Operations | **54.49** | **47.45** | 55.83 | 63.36 | 51.62 | 38.08 | 46.09 | 39.57 | 34.20 | 32.85 |

---

---

| | | |
|:---|:---|:---|
| Ovintiv Inc. | 5.0 | Supplemental Information (prepared in US$) |

---

------

Supplemental Oil and Gas Operating Statistics *(unaudited)*

**Operating Statistics** (continued)

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

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **2022** | **2022** | **2022** | **2022** | **2022** | 2021 | 2021 | 2021 | 2021 | 2021 |
| (US$) | **Year** | **Q4** | Q3 | Q2 | Q1 | Year | Q4 | Q3 | Q2 | Q1 |
|  Oil ($/bbl) |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USA Operations | **(12.38)** | **(6.24)** | (11.48) | (19.42) | (12.43) | (14.42) | (21.72) | (15.39) | (12.41) | (8.92) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Canadian Operations | **—** | **—** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Operations | **(12.37)** | **(6.23)** | (11.47) | (19.41) | (12.41) | (14.39) | (21.70) | (15.38) | (12.38) | (8.86) |
|  NGLs—Plant Condensate ($/bbl) |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USA Operations | **—** | **—** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Canadian Operations | **(10.15)** | **(5.57)** | (8.02) | (17.14) | (10.06) | (10.53) | (16.28) | (10.40) | (9.25) | (6.71) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Operations | **(7.78)** | **(4.13)** | (6.09) | (13.07) | (7.99) | (8.35) | (12.68) | (8.15) | (7.39) | (5.44) |
|  Oil & Plant Condensate ($/bbl) |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USA Operations | **(11.48)** | **(5.76)** | (10.60) | (18.05) | (11.59) | (13.41) | (20.08) | (14.22) | (11.59) | (8.36) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Canadian Operations | **(10.13)** | **(5.56)** | (8.00) | (17.10) | (10.03) | (10.44) | (16.24) | (10.37) | (9.19) | (6.56) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Operations | **(11.22)** | **(5.72)** | (10.09) | (17.87) | (11.27) | (12.78) | (19.28) | (13.39) | (11.08) | (7.97) |
|  NGLs—Other ($/bbl) |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USA Operations |  |  |  |  |  | (5.32) | (7.75) | (6.66) | (3.06) | (3.51) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Canadian Operations |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Operations |  |  |  |  |  | (4.31) | (6.41) | (5.45) | (2.46) | (2.76) |
|  NGLs—Total ($/bbl) |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USA Operations | **—** | **—** |  |  |  | (4.60) | (6.74) | (5.73) | (2.66) | (3.03) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Canadian Operations | **(7.20)** | **(3.89)** | (5.86) | (11.87) | (7.16) | (7.56) | (11.68) | (7.54) | (6.61) | (4.79) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Operations | **(2.64)** | **(1.34)** | (2.10) | (4.30) | (2.88) | (5.84) | (8.68) | (6.47) | (4.33) | (3.82) |
|  Oil & NGLs ($/bbl) |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USA Operations | **(7.62)** | **(3.78)** | (7.00) | (11.96) | (7.88) | (10.91) | (15.98) | (11.81) | (9.00) | (6.99) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Canadian Operations | **(7.19)** | **(3.89)** | (5.85) | (11.85) | (7.14) | (7.51) | (11.67) | (7.52) | (6.58) | (4.72) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Operations | **(7.55)** | **(3.79)** | (6.80) | (11.94) | (7.74) | (10.21) | (15.13) | (10.93) | (8.50) | (6.50) |
|  Natural Gas ($/Mcf) |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USA Operations | **(2.94)** | **(2.57)** | (3.97) | (3.39) | (1.78) | (0.64) | (1.79) | (0.65) | (0.03) | (0.01) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Canadian Operations | **(3.74)** | **(3.35)** | (5.12) | (4.35) | (2.16) | (0.66) | (2.17) | (0.69) |  | 0.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Operations | **(3.47)** | **(3.10)** | (4.75) | (4.00) | (2.04) | (0.66) | (2.04) | (0.67) | (0.01) | 0.02 |
|  Total ($/BOE) |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USA Operations | **(10.50)** | **(7.00)** | (11.68) | (14.24) | (8.66) | (8.99) | (14.48) | (9.63) | (6.64) | (5.19) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Canadian Operations | **(18.91)** | **(16.80)** | (25.19) | (22.62) | (11.65) | (4.83) | (12.68) | (4.93) | (1.61) | (0.99) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Operations | **(14.04)** | **(11.14)** | (17.28) | (17.66) | (9.97) | (7.17) | (13.72) | (7.57) | (4.44) | (3.27) |

---

---

| | | |
|:---|:---|:---|
| Ovintiv Inc. | 6.0 | Supplemental Information (prepared in US$) |

---

------

Supplemental Oil and Gas Operating Statistics *(unaudited)*

**Operating Statistics** (continued)

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

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **2022** | **2022** | **2022** | **2022** | **2022** | 2021 | 2021 | 2021 | 2021 | 2021 |
| (US$) | **Year** | **Q4** | Q3 | Q2 | Q1 | Year | Q4 | Q3 | Q2 | Q1 |
|  Oil Price ($/bbl) |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USA Operations | **81.87** | **75.84** | 81.74 | 89.16 | 80.73 | 51.27 | 53.41 | 53.30 | 51.24 | 47.40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Canadian Operations | **87.28** | **81.48** | 82.86 | 100.11 | 82.80 | 56.71 | 75.89 | 64.95 | 60.68 | 52.84 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Operations | **81.88** | **75.85** | 81.74 | 89.16 | 80.74 | 51.28 | 53.43 | 53.31 | 51.27 | 47.44 |
|  NGLs—Plant Condensate Price ($/bbl) |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USA Operations | **73.22** | **57.95** | 66.62 | 86.56 | 85.09 | 60.18 | 70.04 | 62.84 | 55.54 | 51.14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Canadian Operations | **83.07** | **76.84** | 78.63 | 90.64 | 86.16 | 56.58 | 62.32 | 58.38 | 55.60 | 50.53 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Operations | **80.74** | **72.01** | 75.73 | 89.67 | 85.94 | 57.33 | 64.04 | 59.34 | 55.59 | 50.65 |
|  Oil & Plant Condensate Price ($/bbl) |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USA Operations | **81.24** | **74.48** | 80.58 | 88.97 | 81.03 | 51.90 | 54.66 | 54.02 | 51.53 | 47.64 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Canadian Operations | **83.07** | **76.85** | 78.64 | 90.66 | 86.16 | 56.58 | 62.36 | 58.40 | 55.63 | 50.59 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Operations | **81.59** | **74.91** | 80.20 | 89.29 | 82.08 | 52.89 | 56.27 | 54.97 | 52.39 | 48.27 |
|  NGLs—Other Price ($/bbl) |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USA Operations | **29.35** | **20.03** | 29.82 | 34.88 | 33.55 | 20.34 | 24.64 | 22.11 | 17.04 | 17.05 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Canadian Operations | **42.39** | **39.07** | 41.12 | 47.84 | 41.23 | 29.45 | 36.28 | 31.73 | 23.88 | 26.79 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Operations | **31.45** | **22.95** | 31.49 | 37.03 | 34.94 | 22.07 | 26.65 | 23.86 | 18.37 | 19.14 |
|  NGLs—Total Price ($/bbl) |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USA Operations | **34.88** | **24.85** | 34.61 | 41.21 | 39.95 | 25.72 | 30.59 | 27.79 | 22.10 | 21.73 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Canadian Operations | **71.24** | **65.53** | 68.55 | 77.50 | 73.20 | 48.92 | 54.98 | 51.02 | 46.55 | 43.76 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Operations | **48.20** | **38.88** | 46.81 | 54.34 | 53.33 | 35.44 | 40.15 | 37.31 | 32.46 | 31.69 |
|  Oil & NGLs Price ($/bbl) |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USA Operations | **63.82** | **55.71** | 63.37 | 70.74 | 65.80 | 42.13 | 44.67 | 43.82 | 41.05 | 39.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Canadian Operations | **71.27** | **65.55** | 68.58 | 77.54 | 73.23 | 48.97 | 55.01 | 51.05 | 46.61 | 43.90 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Operations | **65.17** | **57.41** | 64.30 | 71.96 | 67.26 | 43.54 | 46.72 | 45.30 | 42.20 | 40.06 |
|  Natural Gas Price ($/Mcf) |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USA Operations | **3.24** | **2.85** | 3.58 | 3.48 | 3.04 | 3.07 | 3.56 | 3.15 | 2.57 | 2.97 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Canadian Operations | **2.01** | **2.32** | 0.99 | 2.38 | 2.40 | 2.86 | 2.47 | 2.94 | 2.81 | 3.15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Operations | **2.42** | **2.49** | 1.85 | 2.78 | 2.60 | 2.92 | 2.84 | 3.02 | 2.74 | 3.10 |
|  Total Price ($/BOE) |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USA Operations | **51.41** | **44.96** | 51.76 | 57.15 | 52.42 | 35.66 | 37.97 | 36.96 | 34.23 | 33.47 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Canadian Operations | **25.35** | **24.50** | 19.92 | 29.08 | 27.79 | 24.83 | 24.63 | 25.68 | 24.06 | 24.93 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Operations | **40.45** | **36.31** | 38.55 | 45.70 | 41.65 | 30.91 | 32.37 | 32.00 | 29.76 | 29.58 |
|  Total Netback ($/BOE) |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USA Operations | **35.90** | **29.87** | 35.06 | 41.46 | 37.97 | 24.00 | 25.13 | 25.44 | 23.20 | 22.18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Canadian Operations | **10.75** | **9.94** | 5.10 | 13.91 | 13.98 | 12.41 | 10.86 | 13.67 | 11.54 | 13.37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Operations | **25.32** | **21.45** | 22.63 | 30.21 | 27.47 | 18.91 | 19.14 | 20.28 | 18.08 | 18.17 |

---

---

| | | |
|:---|:---|:---|
| Ovintiv Inc. | 7.0 | Supplemental Information (prepared in US$) |

---

------

Supplemental Oil and Gas Operating Statistics *(unaudited)*

**Results by Play** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **2022** | **2022** | **2022** | **2022** | **2022** | 2021 | 2021 | 2021 | 2021 | 2021 |
| (average) | **Year** | **Q4** | Q3 | Q2 | Q1 | Year | Q4 | Q3 | Q2 | Q1 |
|  **Oil Production (Mbbls/d)** |  |  |  |  |  |  |  |  |  |  |
|  USA Operations |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Permian | **62.7** | **65.4** | 60.8 | 62.6 | 61.8 | 68.5 | 65.4 | 72.2 | 75.2 | 61.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Anadarko | **35.5** | **34.4** | 35.9 | 36.5 | 35.4 | 39.5 | 37.3 | 39.9 | 40.6 | 40.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bakken | **15.3** | **16.5** | 16.5 | 14.0 | 14.3 | 13.3 | 13.2 | 13.4 | 13.3 | 13.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uinta | **17.9** | **15.4** | 19.9 | 19.6 | 16.6 | 12.7 | 13.8 | 11.1 | 11.5 | 14.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other <sup>(1)</sup> | **0.1** | **0.2** | 0.2 |  | 0.1 | 6.0 |  | 0.1 | 7.6 | 15.9 |
|  Total USA Operations | **131.5** | **131.9** | 133.3 | 132.7 | 128.2 | 140.0 | 129.7 | 136.7 | 148.2 | 145.6 |
|  Canadian Operations |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Montney | **0.1** | **0.1** | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other <sup>(1)</sup> |  |  |  |  |  | 0.2 |  |  | 0.2 | 0.8 |
|  Total Canadian Operations | **0.1** | **0.1** | 0.1 | 0.1 | 0.1 | 0.3 | 0.1 | 0.1 | 0.3 | 0.9 |
|  Total | **131.6** | **132.0** | 133.4 | 132.8 | 128.3 | 140.3 | 129.8 | 136.8 | 148.5 | 146.5 |
|  **NGLs—Plant Condensate Production (Mbbls/d)** |  |  |  |  |  |  |  |  |  |  |
|  USA Operations |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Permian | **3.1** | **3.2** | 3.4 | 3.1 | 2.7 | 3.0 | 3.1 | 3.6 | 3.0 | 2.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Anadarko | **5.9** | **6.2** | 6.3 | 5.7 | 5.4 | 6.2 | 6.4 | 6.6 | 6.0 | 5.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bakken | **1.1** | **1.1** | 1.2 | 1.1 | 0.9 | 0.8 | 0.8 | 0.8 | 0.8 | 0.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uinta | **0.2** | **0.4** | 0.2 | 0.2 | 0.2 | 0.2 | 0.2 | 0.2 | 0.2 | 0.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other <sup>(1)</sup> | **0.1** | **0.1** |  |  |  | 0.3 |  | 0.1 | 0.5 | 0.7 |
|  Total USA Operations | **10.4** | **11.0** | 11.1 | 10.1 | 9.2 | 10.5 | 10.5 | 11.3 | 10.5 | 9.7 |
|  Canadian Operations |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Montney | **33.6** | **31.7** | 34.9 | 32.5 | 35.3 | 39.6 | 37.3 | 40.6 | 41.1 | 39.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other <sup>(1)</sup> |  |  |  |  | 0.1 | 0.8 |  |  | 0.7 | 2.3 |
|  Total Canadian Operations | **33.6** | **31.7** | 34.9 | 32.5 | 35.4 | 40.4 | 37.3 | 40.6 | 41.8 | 41.7 |
|  Total | **44.0** | **42.7** | 46.0 | 42.6 | 44.6 | 50.9 | 47.8 | 51.9 | 52.3 | 51.4 |

---

(1) Other Operations includes production volumes from plays that are not part of the Company's current
focus. Production volumes associated with Eagle Ford were included in USA Other Operations until the asset was divested on May 19, 2021. Production volumes associated with Duvernay were included in Canadian Other Operations until the asset was
divested on April 28, 2021.

---

| | | |
|:---|:---|:---|
| Ovintiv Inc. | 8.0 | Supplemental Information (prepared in US$) |

---

------

Supplemental Oil and Gas Operating Statistics *(unaudited)*

**Results by Play** (continued)

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **2022** | **2022** | **2022** | **2022** | **2022** | 2021 | 2021 | 2021 | 2021 | 2021 |
| (average) | **Year** | **Q4** | Q3 | Q2 | Q1 | Year | Q4 | Q3 | Q2 | Q1 |
|  **Oil & Plant Condensate Production (Mbbls/d)** |  |  |  |  |  |  |  |  |  |  |
|  USA Operations |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Permian | **65.8** | **68.6** | 64.2 | 65.7 | 64.5 | 71.5 | 68.5 | 75.8 | 78.2 | 63.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Anadarko | **41.4** | **40.6** | 42.2 | 42.2 | 40.8 | 45.7 | 43.7 | 46.5 | 46.6 | 46.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bakken | **16.4** | **17.6** | 17.7 | 15.1 | 15.2 | 14.1 | 14 | 14.2 | 14.1 | 14.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uinta | **18.1** | **15.8** | 20.1 | 19.8 | 16.8 | 12.9 | 14 | 11.3 | 11.7 | 14.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other <sup>(1)</sup> | **0.2** | **0.3** | 0.2 |  | 0.1 | 6.3 |  | 0.2 | 8.1 | 16.6 |
|  Total USA Operations | **141.9** | **142.9** | 144.4 | 142.8 | 137.4 | 150.5 | 140.2 | 148 | 158.7 | 155.3 |
|  Canadian Operations |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Montney | **33.7** | **31.8** | 35 | 32.6 | 35.4 | 39.7 | 37.4 | 40.7 | 41.2 | 39.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other <sup>(1)</sup> |  |  |  |  | 0.1 | 1 |  |  | 0.9 | 3.1 |
|  Total Canadian Operations | **33.7** | **31.8** | 35 | 32.6 | 35.5 | 40.7 | 37.4 | 40.7 | 42.1 | 42.6 |
|  Total | **175.6** | **174.7** | 179.4 | 175.4 | 172.9 | 191.2 | 177.6 | 188.7 | 200.8 | 197.9 |
|  **NGLs—Other Production (Mbbls/d)** |  |  |  |  |  |  |  |  |  |  |
|  USA Operations |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Permian | **26.3** | **27.0** | 26.8 | 26.2 | 25.4 | 24.6 | 26.4 | 26.5 | 25.8 | 19.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Anadarko | **37.3** | **39.3** | 38.6 | 38.2 | 32.7 | 35.9 | 36.9 | 36.8 | 36.1 | 33.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bakken | **7.1** | **7.9** | 7.6 | 7.3 | 5.9 | 5 | 5.8 | 5.3 | 4.8 | 4.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uinta | **0.9** | **0.9** | 1 | 0.8 | 0.7 | 0.6 | 0.7 | 0.6 | 0.6 | 0.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other <sup>(1)</sup> | **0.1** | **—** | 0.1 | 0.1 | 0.1 | 1.4 | 0.2 | 0.2 | 1.9 | 3.4 |
|  Total USA Operations | **71.7** | **75.1** | 74.1 | 72.6 | 64.8 | 67.5 | 70 | 69.4 | 69.2 | 61 |
|  Canadian Operations |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Montney | **13.8** | **13.6** | 12.8 | 14.4 | 14.4 | 15.7 | 14.6 | 15.5 | 16.6 | 16.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other <sup>(1)</sup> |  |  |  |  |  | 0.1 |  |  | 0.1 | 0.5 |
|  Total Canadian Operations | **13.8** | **13.6** | 12.8 | 14.4 | 14.4 | 15.8 | 14.6 | 15.5 | 16.7 | 16.7 |
|  Total | **85.5** | **88.7** | 86.9 | 87 | 79.2 | 83.3 | 84.6 | 84.9 | 85.9 | 77.7 |

---

(1) Other Operations includes production volumes from plays that are not part of the Company's current
focus. Production volumes associated with Eagle Ford were included in USA Other Operations until the asset was divested on May 19, 2021. Production volumes associated with Duvernay were included in Canadian Other Operations until the asset was
divested on April 28, 2021.

---

| | | |
|:---|:---|:---|
| Ovintiv Inc. | 9.0 | Supplemental Information (prepared in US$) |

---

------

Supplemental Oil and Gas Operating Statistics *(unaudited)* 

**Results by Play** (continued)

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **2022** | **2022** | **2022** | **2022** | **2022** | 2021 | 2021 | 2021 | 2021 | 2021 |
| (average) | **Year** | **Q4** | Q3 | Q2 | Q1 | Year | Q4 | Q3 | Q2 | Q1 |
|  **NGLs—Total Production (Mbbls/d)** |  |  |  |  |  |  |  |  |  |  |
|  USA Operations |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Permian | **29.4** | **30.2** | 30.2 | 29.3 | 28.1 | 27.6 | 29.5 | 30.1 | 28.8 | 21.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Anadarko | **43.2** | **45.5** | 44.9 | 43.9 | 38.1 | 42.1 | 43.3 | 43.4 | 42.1 | 39.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bakken | **8.2** | **9.0** | 8.8 | 8.4 | 6.8 | 5.8 | 6.6 | 6.1 | 5.6 | 4.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uinta | **1.1** | **1.3** | 1.2 | 1 | 0.9 | 0.8 | 0.9 | 0.8 | 0.8 | 0.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other <sup>(1)</sup> | **0.2** | **0.1** | 0.1 | 0.1 | 0.1 | 1.7 | 0.2 | 0.3 | 2.4 | 4.1 |
|  Total USA Operations | **82.1** | **86.1** | 85.2 | 82.7 | 74 | 78 | 80.5 | 80.7 | 79.7 | 70.7 |
|  Canadian Operations |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Montney | **47.4** | **45.3** | 47.7 | 46.9 | 49.7 | 55.3 | 51.9 | 56.1 | 57.7 | 55.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other <sup>(1)</sup> | **—** | **—** |  |  | 0.1 | 0.9 |  |  | 0.8 | 2.8 |
|  Total Canadian Operations | **47.4** | **45.3** | 47.7 | 46.9 | 49.8 | 56.2 | 51.9 | 56.1 | 58.5 | 58.4 |
|  Total | **129.5** | **131.4** | 132.9 | 129.6 | 123.8 | 134.2 | 132.4 | 136.8 | 138.2 | 129.1 |
|  **Oil & NGLs Production (Mbbls/d)** |  |  |  |  |  |  |  |  |  |  |
|  USA Operations |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Permian | **92.1** | **95.6** | 91 | 91.9 | 89.9 | 96.1 | 94.9 | 102.3 | 104 | 83 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Anadarko | **78.7** | **79.9** | 80.8 | 80.4 | 73.5 | 81.6 | 80.6 | 83.3 | 82.7 | 79.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bakken | **23.5** | **25.5** | 25.3 | 22.4 | 21.1 | 19.1 | 19.8 | 19.5 | 18.9 | 18.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uinta | **19.0** | **16.7** | 21.1 | 20.6 | 17.5 | 13.5 | 14.7 | 11.9 | 12.3 | 15.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other <sup>(1)</sup> | **0.3** | **0.3** | 0.3 | 0.1 | 0.2 | 7.7 | 0.2 | 0.4 | 10 | 20 |
|  Total USA Operations | **213.6** | **218.0** | 218.5 | 215.4 | 202.2 | 218 | 210.2 | 217.4 | 227.9 | 216.3 |
|  Canadian Operations |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Montney | **47.5** | **45.4** | 47.8 | 47 | 49.8 | 55.4 | 52 | 56.2 | 57.8 | 55.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other <sup>(1)</sup> | **—** | **—** |  |  | 0.1 | 1.1 |  |  | 1 | 3.6 |
|  Total Canadian Operations | **47.5** | **45.4** | 47.8 | 47 | 49.9 | 56.5 | 52 | 56.2 | 58.8 | 59.3 |
|  Total | **261.1** | **263.4** | 266.3 | 262.4 | 252.1 | 274.5 | 262.2 | 273.6 | 286.7 | 275.6 |

---

(1) Other Operations includes production volumes from plays that are not part of the Company's current
focus. Production volumes associated with Eagle Ford were included in USA Other Operations until the asset was divested on May 19, 2021. Production volumes associated with Duvernay were included in Canadian Other Operations until the asset was
divested on April 28, 2021.

---

| | | |
|:---|:---|:---|
| Ovintiv Inc. | 10.0 | Supplemental Information (prepared in US$) |

---

------

Supplemental Oil and Gas Operating Statistics *(unaudited)* 

**Results by Play** (continued)

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **2022** | **2022** | **2022** | **2022** | **2022** | 2021 | 2021 | 2021 | 2021 | 2021 |
| (average) | **Year** | **Q4** | Q3 | Q2 | Q1 | Year | Q4 | Q3 | Q2 | Q1 |
|  **Natural Gas Production (MMcf/d)** |  |  |  |  |  |  |  |  |  |  |
|  USA Operations |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Permian | **149** | **156** | 149 | 146 | 145 | 132 | 148 | 142 | 133 | 106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Anadarko | **286** | **286** | 290 | 287 | 279 | 301 | 313 | 307 | 304 | 278 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bakken | **36** | **39** | 41 | 32 | 32 | 30 | 31 | 30 | 29 | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uinta | **16** | **19** | 16 | 15 | 13 | 12 | 11 | 11 | 11 | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other <sup>(1)</sup> | **5** | **6** | 6 | 5 | 6 | 15 | 6 | 5 | 20 | 34 |
|  Total USA Operations | **492** | **506** | 502 | 485 | 475 | 490 | 509 | 495 | 497 | 459 |
|  Canadian Operations |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Montney | **970** | **1023** | 970 | 907 | 978 | 1020 | 929 | 1038 | 1063 | 1049 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other <sup>(1)</sup> | **32** | **32** | 28 | 34 | 34 | 46 | 38 | 33 | 47 | 68 |
|  Total Canadian Operations | **1002** | **1055** | 998 | 941 | 1012 | 1066 | 967 | 1071 | 1110 | 1117 |
|  Total | **1494** | **1561** | 1500 | 1426 | 1487 | 1556 | 1476 | 1566 | 1607 | 1576 |
|  **Total Production (MBOE/d)** |  |  |  |  |  |  |  |  |  |  |
|  USA Operations |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Permian | **117.0** | **121.7** | 115.9 | 116.2 | 114 | 118.3 | 119.5 | 126 | 126.2 | 100.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Anadarko | **126.3** | **127.6** | 129.1 | 128.2 | 120.1 | 131.6 | 132.8 | 134.4 | 133.3 | 125.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bakken | **29.6** | **32.0** | 32.1 | 27.7 | 26.4 | 24.1 | 25 | 24.5 | 23.8 | 22.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uinta | **21.6** | **19.8** | 23.6 | 23 | 19.7 | 15.5 | 16.5 | 13.8 | 14.2 | 17.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other <sup>(1)</sup> | **1.0** | **1.2** | 1.4 | 1 | 1.1 | 10.2 | 1.2 | 1.3 | 13.3 | 25.8 |
|  Total USA Operations | **295.5** | **302.3** | 302.1 | 296.1 | 281.3 | 299.7 | 295 | 300 | 310.8 | 292.8 |
|  Canadian Operations |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Montney | **209.1** | **215.8** | 209.5 | 198.2 | 212.9 | 225.3 | 206.9 | 229.2 | 235 | 230.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other <sup>(1)</sup> | **5.4** | **5.5** | 4.7 | 5.7 | 5.7 | 8.9 | 6.3 | 5.5 | 8.8 | 15 |
|  Total Canadian Operations | **214.5** | **221.3** | 214.2 | 203.9 | 218.6 | 234.2 | 213.2 | 234.7 | 243.8 | 245.5 |
|  Total | **510.0** | **523.6** | 516.3 | 500 | 499.9 | 533.9 | 508.2 | 534.7 | 554.6 | 538.3 |

---

(1) Other Operations includes total production volumes from plays that are not part of the Company's
current focus. Canadian Other Operations primarily includes natural gas volumes in Horn River. Production volumes associated with Eagle Ford were included in USA Other Operations until the asset was divested on May 19, 2021. Production
volumes associated with Duvernay were included in Canadian Other Operations until the asset was divested on April 28, 2021.

---

| | | |
|:---|:---|:---|
| Ovintiv Inc. | 11.0 | Supplemental Information (prepared in US$) |

---

------

Supplemental Oil and Gas Operating Statistics *(unaudited)* 

**Results by Play** (continued)

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **2022** | **2022** | **2022** | **2022** | **2022** | 2021 | 2021 | 2021 | 2021 | 2021 |
| (US$ millions) | **Year** | **Q4** | Q3 | Q2 | Q1 | Year | Q4 | Q3 | Q2 | Q1 |
|  **Capital Expenditures, Excluding Capitalized Internal Costs** |  |  |  |  |  |  |  |  |  |  |
|  USA Operations |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Permian | **632** | **130** | 181 | 165 | 156 | 576 | 154 | 115 | 147 | 160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Anadarko | **375** | **55** | 99 | 118 | 103 | 291 | 72 | 86 | 78 | 55 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bakken | **243** | **73** | 81 | 42 | 47 | 72 | 33 | 22 | 9 | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uinta | **117** | **3** | 27 | 58 | 29 | 55 | 25 | 15 | 10 | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other <sup>(1)</sup> | **7** | **3** |  | 2 | 2 | 8 | 5 | (1) | 2 | 2 |
|  Total USA Operations | **1374** | **264** | 388 | 385 | 337 | 1002 | 289 | 237 | 246 | 230 |
|  Canadian Operations |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Montney | **295** | **50** | 81 | 97 | 67 | 353 | 89 | 89 | 95 | 80 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other <sup>(1)</sup> | **5** | **—** | 7 | (2) |  | 4 | 2 | 3 | (1) |  |
|  Total Canadian Operations | **300** | **50** | 88 | 95 | 67 | 357 | 91 | 92 | 94 | 80 |
|  Total Capital Expenditures, Excluding Capitalized Internal Costs | **1674** | **314** | 476 | 480 | 404 | 1359 | 380 | 329 | 340 | 310 |
|  **Capitalized Directly Attributable Internal Costs** |  |  |  |  |  |  |  |  |  |  |
|  USA Operations |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Permian | **60** | **15** | 15 | 13 | 17 | 70 | 17 | 16 | 18 | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Anadarko | **31** | **9** | 7 | 7 | 8 | 38 | 9 | 9 | 11 | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bakken | **18** | **4** | 5 | 4 | 5 | 6 | 2 |  | 3 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uinta | **9** | **3** | 1 | 2 | 3 | 8 | 3 | 3 | 1 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other <sup>(1)</sup> | **1** | **—** |  | (1) | 2 | 1 |  |  |  | 1 |
|  Total USA Operations | **119** | **31** | 28 | 25 | 35 | 123 | 31 | 28 | 33 | 31 |
|  Canadian Operations |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Montney | **33** | **10** | 7 | 5 | 11 | 34 | 9 | 7 | 9 | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other <sup>(1)</sup> | **1** | **—** |  | 1 |  |  |  |  |  |  |
|  Total Canadian Operations | **34** | **10** | 7 | 6 | 11 | 34 | 9 | 7 | 9 | 9 |
|  Total Capitalized Directly Attributable Internal Costs | **153** | **41** | 35 | 31 | 46 | 157 | 40 | 35 | 42 | 40 |
|  **Total Capital Expenditures** |  |  |  |  |  |  |  |  |  |  |
|  USA Operations |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Permian | **692** | **145** | 196 | 178 | 173 | 646 | 171 | 131 | 165 | 179 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Anadarko | **406** | **64** | 106 | 125 | 111 | 329 | 81 | 95 | 89 | 64 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bakken | **261** | **77** | 86 | 46 | 52 | 78 | 35 | 22 | 12 | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uinta | **126** | **6** | 28 | 60 | 32 | 63 | 28 | 18 | 11 | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other <sup>(1)</sup> | **8** | **3** |  | 1 | 4 | 9 | 5 | (1) | 2 | 3 |
|  Total USA Operations | **1493** | **295** | 416 | 410 | 372 | 1125 | 320 | 265 | 279 | 261 |
|  Canadian Operations |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Montney | **328** | **60** | 88 | 102 | 78 | 387 | 98 | 96 | 104 | 89 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other <sup>(1)</sup> | **6** | **—** | 7 | (1) |  | 4 | 2 | 3 | (1) |  |
|  Total Canadian Operations | **334** | **60** | 95 | 101 | 78 | 391 | 100 | 99 | 103 | 89 |
|  Corporate & Other | **4** | **3** |  |  | 1 | 3 | 1 | 1 | 1 |  |
|  Total Capital Expenditures | **1831** | **358** | 511 | 511 | 451 | 1519 | 421 | 365 | 383 | 350 |
|  Net Acquisitions & (Divestitures) | **58** | **254** | (213) | 3 | 14 | (1014) |  | 8 | (1021) | (1) |
|  Net Capital Investment | **1889** | **612** | 298 | 514 | 465 | 505 | 421 | 373 | (638) | 349 |

---

(1) Other Operations includes capital expenditures in plays that are not part of the Company's current
focus. Capital expenditures in Eagle Ford were included in USA Other Operations until the asset was divested on May 19, 2021. Capital expenditures in Duvernay were included in Canadian Other Operations until the asset was divested on
April 28, 2021.

---

| | | |
|:---|:---|:---|
| Ovintiv Inc. | 12.0 | Supplemental Information (prepared in US$) |

---

------

Supplemental Oil and Gas Operating Statistics *(unaudited)* 

**Results by Play** (continued)

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **2022** | **2022** | **2022** | **2022** | **2022** | 2021 | 2021 | 2021 | 2021 | 2021 |
|  | **Year** | **Q4** | Q3 | Q2 | Q1 | Year | Q4 | Q3 | Q2 | Q1 |
|  **Drilling Activity (net wells drilled)** |  |  |  |  |  |  |  |  |  |  |
|  USA Operations |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Permian | **62** | **15** | 18 | 16 | 13 | 80 | 20 | 17 | 21 | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Anadarko | **54** | **10** | 13 | 18 | 13 | 51 | 9 | 12 | 16 | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bakken | **25** | **7** | 8 | 8 | 2 | 11 | 4 | 4 | 1 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uinta | **12** | **—** | 2 | 5 | 5 | 6 |  | 6 |  |  |
|  Total USA Operations | **153** | **32** | 41 | 47 | 33 | 148 | 33 | 39 | 38 | 38 |
|  Canadian Operations |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Montney | **52** | **8** | 12 | 16 | 16 | 84 | 17 | 23 | 18 | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other <sup>(1)</sup> | **3** | **—** | 3 |  |  | 1 |  | 1 |  |  |
|  Total Canadian Operations | **55** | **8** | 15 | 16 | 16 | 85 | 17 | 24 | 18 | 26 |
|  Total | **208** | **40** | 56 | 63 | 49 | 233 | 50 | 63 | 56 | 64 |
|  **Completions Activity (net wells on production)** |  |  |  |  |  |  |  |  |  |  |
|  USA Operations |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Permian | **66** | **16** | 21 | 11 | 18 | 93 | 16 | 20 | 33 | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Anadarko | **57** | **8** | 16 | 15 | 18 | 53 | 14 | 10 | 22 | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bakken | **19** | **6** | 9 |  | 4 | 10 | 6 | 2 | 2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uinta | **11** | **3** | 2 | 6 |  | 6 | 6 |  |  |  |
|  Total USA Operations | **153** | **33** | 48 | 32 | 40 | 162 | 42 | 32 | 57 | 31 |
|  Canadian Operations |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Montney | **63** | **11** | 21 | 12 | 19 | 78 | 14 | 16 | 30 | 18 |
|  Total Canadian Operations | **63** | **11** | 21 | 12 | 19 | 78 | 14 | 16 | 30 | 18 |
|  Total | **216** | **44** | 69 | 44 | 59 | 240 | 56 | 48 | 87 | 49 |

---

(1) Other Operations includes net wells drilled in plays that are not part of the Company's current focus.

---

| | | |
|:---|:---|:---|
| Ovintiv Inc. | 13.0 | Supplemental Information (prepared in US$) |

---

------

![LOGO](g382402g0224121357018.jpg)

**Ovintiv Inc.** 

Non-GAAP Definitions and Reconciliations

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

For the year ended December 31, 2022

(U.S. Dollars)

------

For the year ended December 31, 2022

*(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** | **Q4 2022** | **YTD 2022** |
|  **Cash from (used in) Operating Activities** | $875 | $3866 |
|  Deduct (add back): |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in other assets and liabilities | (15) | (57) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in non-cash working capital | (5) | (187) |
|  **Non-GAAP Cash Flow** | $895 | $4110 |
|  Per Share—Basic | $3.62 | $16.21 |
|  Per Share—Diluted | 3.55 | 15.91 |
|  **Non-GAAP Free Cash Flow** |  |  |
|  Non-GAAP Cash Flow | $895 | $4110 |
|  Deduct: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital expenditures | 358 | 1831 |
|  **Non-GAAP Free Cash Flow** | $537 | $2279 |

---

**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** | **Q4 2022** | **YTD 2022** |
|  **Net Earnings (Loss) Before Income Tax** | $1110 | $3560 |
|  Before-tax (Addition) Deduction: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized gain (loss) on risk management | 530 | 741 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-operating foreign exchange gain (loss) | 10 | (14) |
|  Adjusted Earnings (Loss) Before Income Tax | 570 | 2833 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income tax expense (recovery) | 342 | 1064 |
|  **Non-GAAP Adjusted Earnings** | $228 | $1769 |
|  Per Share—Basic | $0.92 | $6.98 |
|  Per Share—Diluted | 0.91 | 6.85 |

---

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 2022** |
|  Long-Term Debt, including current portion | $3570 |
|  Total shareholders' equity | 7689 |
|  **Capitalization** | $11259 |
|  **Debt to Capitalization** | 32% |

---

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

---

| | |
|:---|:---|
| **Debt to Adjusted Capitalization** | **YTD 2022** |
|  Long-Term Debt, including current portion | $3570 |
|  Total shareholders' equity | 7689 |
|  Equity adjustment for impairments at December 31, 2011 | 7746 |
|  **Adjusted Capitalization** | $19005 |
|  **Debt to Adjusted Capitalization** | 19% |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Q1 2022** | **Q2 2022** | **Q3 2022** | **Q4 2022** | **YTD 2022** |
|  Long-Term Debt, including current portion |  |  |  |  | $3570 |
|  Net Earnings (Loss) | $(241) | $1357 | $1186 | $1335 | $3637 |
|  Add back (deduct): |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Depreciation, depletion and amortization | 264 | 278 | 291 | 280 | 1113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest | 74 | 91 | 83 | 63 | 311 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income tax expense (recovery) | (5) | 65 | 88 | (225) | (77) |
|  **EBITDA** | $92 | $1791 | $1648 | $1453 | $4984 |
|  **Debt to EBITDA** (times) |  |  |  |  | 0.7 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Q1 2022** | **Q2 2022** | **Q3 2022** | **Q4 2022** | **YTD 2022** |
|  Long-Term Debt, including current portion |  |  |  |  | $3570 |
|  Net Earnings (Loss) | $(241) | $1357 | $1186 | $1335 | $3637 |
|  Add back (deduct): |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Depreciation, depletion and amortization | 264 | 278 | 291 | 280 | 1113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accretion of asset retirement obligation | 5 | 5 | 4 | 4 | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest | 74 | 91 | 83 | 63 | 311 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized (gains) losses on risk management | 1012 | (513) | (710) | (530) | (741) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign exchange (gain) loss, net | (1) | 3 | 19 | (6) | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other (gains) losses, net | (27) |  | (3) | (3) | (33) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income tax expense (recovery) | (5) | 65 | 88 | (225) | (77) |
|  **Adjusted EBITDA** | $1081 | $1286 | $958 | $918 | $4243 |
|  **Debt to Adjusted EBITDA** (times) |  |  |  |  | 0.8 |

---

Ovintiv Inc. 2 Non-GAAP Definitions and Reconciliations

------

**Non-GAAP Total Costs** – is a non-GAAP measure which includes the summation of production, mineral and other taxes, upstream transportation and processing expense, upstream operating expense and administrative expense, excluding the impact of long-term incentive, restructuring and legal costs, and current expected credit losses. It is calculated as total operating expenses excluding non-upstream operating costs and non-cash items which include operating expenses from the Market Optimization, and Corporate and Other segments, depreciation, depletion and amortization, impairments, accretion of asset retirement obligation, long-term incentive, restructuring and legal costs, and current expected credit losses. When presented on a per BOE basis, Total Costs is divided by production volumes. Management believes this measure is useful to the Company and its investors as a measure of operational efficiency across periods.

---

| | | |
|:---|:---|:---|
| **Non-GAAP Total Costs per BOE** | **Q4 2022** | **YTD 2022** |
|  Total Operating Expenses | $2048 | $8611 |
|  Deduct (add back): |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Market optimization operating expenses | 944 | 4242 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Depreciation, depletion and amortization | 280 | 1113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accretion of asset retirement obligation | 4 | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-term incentive costs | 48 | 193 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Restructuring and legal costs | 2 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Current expected credit losses | (3) | (1) |
|  Non-GAAP Total Costs | 773 | 3045 |
|  Divided by: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Production volumes (MMBOE) | 48.2 | 186.2 |
|  **Non-GAAP Total Costs per BOE \*** | $16.05 | $16.36 |

---

\* Calculated using whole dollars and volumes.

---

| | | |
|:---|:---|:---|
| **Non-GAAP Total Costs per BOE (alternate presentation disclosed in prior periods)** | **Q4 2022** | **YTD 2022** |
|  Production, mineral and other taxes | $94 | $415 |
|  Upstream transportation and processing | 423 | 1628 |
|  Upstream operating | 199 | 773 |
|  Administrative | 104 | 422 |
|  Deduct (add back): |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-term incentive costs | 48 | 193 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Restructuring and legal costs | 2 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Current expected credit losses | (3) | (1) |
|  Non-GAAP Total Costs | 773 | 3045 |
|  Divided by: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Production volumes (MMBOE) | 48.2 | 186.2 |
|  **Non-GAAP Total Costs per BOE \*** | $16.05 | $16.36 |

---

\* Calculated using whole dollars and volumes.

**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.

**Cash Return Yield –** The sum of Ovintiv's base dividend and expected cash returned to shareholders under the Company's capital allocation framework, divided by the Company's market capitalization.

Ovintiv Inc. 3 Non-GAAP Definitions and Reconciliations

------

**Netback Calculation** 

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

**Selected Financial Data <sup>(1)</sup>** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **2022** | **2022** | **2022** | **2022** | **2022** | 2021 | 2021 | 2021 | 2021 | 2021 |
| (US$ millions) | **Year** | **Q4** | Q3 | Q2 | Q1 | Year | Q4 | Q3 | Q2 | Q1 |
|  USA Operations |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Upstream Product Revenue <sup>(23)</sup> | **6677** | **1444** | 1762 | 1924 | 1547 | 4883 | 1424 | 1286 | 1155 | 1018 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Production, mineral and other taxes | **401** | **90** | 106 | 115 | 90 | 278 | 79 | 75 | 69 | 55 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transportation and processing | **626** | **162** | 170 | 159 | 135 | 507 | 146 | 122 | 126 | 113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Operating <sup>(4)</sup> | **646** | **168** | 187 | 149 | 142 | 490 | 122 | 122 | 117 | 129 |
|  | **5004** | **1024** | 1299 | 1501 | 1180 | 3608 | 1077 | 967 | 843 | 721 |
|  Canadian Operations |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Upstream Product Revenue <sup>(23)</sup> | **3465** | **841** | 889 | 960 | 775 | 2533 | 731 | 661 | 567 | 574 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Production, mineral and other taxes | **14** | **4** | 3 | 3 | 4 | 15 | 4 | 2 | 4 | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transportation and processing | **1002** | **261** | 257 | 253 | 231 | 937 | 234 | 231 | 248 | 224 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Operating <sup>(4)</sup> | **127** | **31** | 34 | 25 | 37 | 111 | 33 | 25 | 25 | 28 |
|  | **2322** | **545** | 595 | 679 | 503 | 1470 | 460 | 403 | 290 | 317 |
|  Total Operations |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Upstream Product Revenue <sup>(23)</sup> | **10142** | **2285** | 2651 | 2884 | 2322 | 7416 | 2155 | 1947 | 1722 | 1592 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Production, mineral and other taxes | **415** | **94** | 109 | 118 | 94 | 293 | 83 | 77 | 73 | 60 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transportation and processing | **1628** | **423** | 427 | 412 | 366 | 1444 | 380 | 353 | 374 | 337 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Operating <sup>(4)</sup> | **773** | **199** | 221 | 174 | 179 | 601 | 155 | 147 | 142 | 157 |
|  | **7326** | **1569** | 1894 | 2180 | 1683 | 5078 | 1537 | 1370 | 1133 | 1038 |

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<sup>(1)</sup> Segmented financial information per the notes to Ovintiv's financial statements.

<sup>(2)</sup> Excludes the impact of realized gains and losses on risk management.

<sup>(3)</sup> Excludes service revenues, certain other revenues and royalty adjustments with no associated production volumes.

<sup>(4)</sup> Excludes other operating expenses with no associated production volumes.

**Sales Volumes <sup>(1)</sup>** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **2022** | **2022** | **2022** | **2022** | **2022** | 2021 | 2021 | 2021 | 2021 | 2021 |
| (BOE) | **Year** | **Q4** | Q3 | Q2 | Q1 | Year | Q4 | Q3 | Q2 | Q1 |
|  USA Operations | **107860420** | **27807460** | 27788876 | 26946920 | 25317450 | 109363490 | 27137332 | 27599724 | 28278705 | 26347680 |
|  Canadian Operations | **78306370** | **20363280** | 19710448 | 18555628 | 19677060 | 85420585 | 19616516 | 21592952 | 22098531 | 22112820 |
|  Total | **186166790** | **48170740** | 47499324 | 45502548 | 44994510 | 194784075 | 46753848 | 49192676 | 50377236 | 48460500 |

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<sup>(1)</sup> 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>** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **2022** | **2022** | **2022** | **2022** | **2022** | 2021 | 2021 | 2021 | 2021 | 2021 |
| (US$/BOE) | **Year** | **Q4** | Q3 | Q2 | Q1 | Year | Q4 | Q3 | Q2 | Q1 |
|  Total USA Operations |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Price | **61.90** | **51.93** | 63.41 | 71.40 | 61.10 | 44.65 | 52.47 | 46.59 | 40.84 | 38.64 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Production, mineral and other taxes | **3.72** | **3.24** | 3.81 | 4.27 | 3.55 | 2.54 | 2.91 | 2.72 | 2.44 | 2.09 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transportation and processing | **5.80** | **5.83** | 6.12 | 5.90 | 5.33 | 4.64 | 5.38 | 4.42 | 4.46 | 4.29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Operating | **5.99** | **6.04** | 6.73 | 5.53 | 5.61 | 4.48 | 4.50 | 4.42 | 4.14 | 4.90 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Netback | **46.39** | **36.82** | 46.75 | 55.70 | 46.61 | 32.99 | 39.69 | 35.04 | 29.81 | 27.36 |
|  Total Canadian Operations |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Price | **44.25** | **41.30** | 45.10 | 51.74 | 39.39 | 29.65 | 37.26 | 30.61 | 25.66 | 25.96 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Production, mineral and other taxes | **0.18** | **0.20** | 0.15 | 0.16 | 0.20 | 0.18 | 0.20 | 0.09 | 0.18 | 0.23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transportation and processing | **12.80** | **12.82** | 13.04 | 13.63 | 11.74 | 10.97 | 11.93 | 10.70 | 11.22 | 10.13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Operating | **1.62** | **1.52** | 1.72 | 1.35 | 1.88 | 1.30 | 1.68 | 1.16 | 1.13 | 1.27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Netback | **29.65** | **26.76** | 30.19 | 36.59 | 25.56 | 17.21 | 23.45 | 18.66 | 13.12 | 14.34 |
|  Total Operations |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Price | **54.48** | **47.44** | 55.81 | 63.38 | 51.61 | 38.07 | 46.09 | 39.58 | 34.18 | 32.85 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Production, mineral and other taxes | **2.23** | **1.95** | 2.29 | 2.59 | 2.09 | 1.50 | 1.78 | 1.57 | 1.45 | 1.24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transportation and processing | **8.74** | **8.78** | 8.99 | 9.05 | 8.13 | 7.41 | 8.13 | 7.18 | 7.42 | 6.95 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Operating | **4.15** | **4.13** | 4.65 | 3.82 | 3.98 | 3.09 | 3.32 | 2.99 | 2.82 | 3.24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Netback | **39.35** | **32.57** | 39.87 | 47.91 | 37.40 | 26.07 | 32.87 | 27.85 | 22.49 | 21.42 |

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<sup>(1)</sup> May not add due to rounding. Ovintiv calculates reported netbacks using whole dollars and sales volumes. Accordingly, the calculations above may differ from the reported netbacks due to the effects of rounding both dollars and volumes.

Ovintiv Inc. 4 Non-GAAP Definitions and Reconciliations