EX-99.2

Consolidated Statement of Earnings (unaudited)


For the years ended December 31 (US$ millions, except per share amounts)	2025			2024			2023

Revenues
Product and service revenues	$	7,176		$	7,358		$	7,812
Sales of purchased product		1,487			1,585			2,849
Gains (losses) on risk management, net		172			135			151
Sublease revenues		73			74			71
Total Revenues		8,908			9,152			10,883

Operating Expenses
Production, mineral and other taxes		286			333			342
Transportation and processing		1,724			1,639			1,766
Operating		862			931			859
Purchased product		1,447			1,546			2,815
Depreciation, depletion and amortization		2,179			2,290			1,825
Impairments		920			450			-
Accretion of asset retirement obligation		28			19			19
Administrative		331			365			393
Total Operating Expenses		7,777			7,573			8,019
Operating Income (Loss)		1,131			1,579			2,864

Other (Income) Expenses
Interest		376			412			355
Foreign exchange (gain) loss, net		31			(19	)		19
Other (gains) losses, net		(46	)		(165	)		(20	)
Total Other (Income) Expenses		361			228			354
Net Earnings (Loss) Before Income Tax		770			1,351			2,510
Income tax expense (recovery)		(472	)		226			425
Net Earnings (Loss)	$	1,242		$	1,125		$	2,085

Net Earnings (Loss) per Share of Common Stock
Basic	$	4.83		$	4.25		$	8.02
Diluted		4.78			4.21			7.90
Weighted Average Shares of Common Stock Outstanding (millions)
Basic		257.2			264.6			259.9
Diluted		259.7			267.4			263.9

Consolidated Statement of Comprehensive Income (unaudited)


For the years ended December 31 (US$ millions)	2025			2024			2023

Net Earnings (Loss)	$	1,242		$	1,125		$	2,085
Other Comprehensive Income (Loss), Net of Tax
Foreign currency translation adjustment		199			(269	)		63
Pension and other post-employment benefit plans		(3	)		(4	)		(4	)
Other Comprehensive Income (Loss)		196			(273	)		59
Comprehensive Income (Loss)	$	1,438		$	852		$	2,144


Ovintiv Inc.	1	Selected Financial Information

Consolidated Balance Sheet (unaudited)


	As at			As at
	December 31,			December 31,
(US$ millions)	2025			2024

Assets
Current Assets
Cash and cash equivalents	$	35		$	42
Accounts receivable and accrued revenues (net of allowances
of $6 million (2024: $5 million))		1,128			1,183
Investment in marketable securities		245			-
Risk management		86			108
Income tax receivable		29			36
		1,523			1,369
Property, Plant and Equipment, at cost:
Oil and natural gas properties, based on full cost accounting
Proved properties		70,133			66,009
Unproved properties		434			764
Other		864			865
Property, plant and equipment		71,431			67,638
Less: Accumulated depreciation, depletion and amortization		(57,187	)		(53,274	)
Property, plant and equipment, net		14,244			14,364
Other Assets		1,299			965
Risk Management		4			-
Deferred Income Taxes		744			10
Goodwill		2,576			2,546
	$	20,390		$	19,254

Liabilities and Shareholders’ Equity
Current Liabilities
Accounts payable and accrued liabilities	$	1,861		$	1,883
Current portion of operating lease liabilities		117			82
Income tax payable		5			9
Risk management		2			107
Current portion of long-term debt		810			600
		2,795			2,681
Long-Term Debt		4,392			4,853
Operating Lease Liabilities		1,105			737
Other Liabilities and Provisions		100			114
Risk Management		13			21
Asset Retirement Obligation		388			315
Deferred Income Taxes		402			202
		9,195			8,923

Shareholders’ Equity
Share capital - authorized 775 million shares of stock
2025 issued and outstanding: 253.3 million shares (2024: 260.4 million shares)		3			3
Paid in surplus		7,779			8,045
Retained earnings		2,440			1,506
Accumulated other comprehensive income		973			777
Total Shareholders’ Equity		11,195			10,331
	$	20,390		$	19,254

Consolidated Statement of Cash Flows (unaudited)


For the years ended December 31 (US$ millions)	2025			2024			2023

Operating Activities
Net earnings (loss)	$	1,242		$	1,125		$	2,085
Depreciation, depletion and amortization		2,179			2,290			1,825
Impairments		920			450			-
Accretion of asset retirement obligation		28			19			19
Deferred income taxes		(514	)		144			144
Unrealized (gain) loss on risk management		(6	)		136			(194	)
Unrealized foreign exchange (gain) loss		(43	)		35			(6	)
Foreign exchange (gain) loss on settlements		(42	)		(42	)		6
Other		21			(115	)		20
Net change in other assets and liabilities		(40	)		(74	)		(62	)
Net change in non-cash working capital		(93	)		(247	)		330
Cash From (Used in) Operating Activities		3,652			3,721			4,167

Investing Activities
Capital expenditures		(2,147	)		(2,303	)		(2,744	)
Acquisitions		(2,537	)		(205	)		(277	)
Corporate acquisition, net of cash acquired		-			12			(3,225	)
Proceeds from divestitures		1,927			163			772
Net change in investments and other		(127	)		(124	)		(45	)
Cash From (Used in) Investing Activities		(2,884	)		(2,457	)		(5,519	)

Financing Activities
Net issuance (repayment) of revolving debt		351			(284	)		(109	)
Issuance of long-term debt		-			-			2,278
Repayment of long-term debt		(600	)		-			-
Purchase of shares of common stock		(307	)		(597	)		(426	)
Dividends on shares of common stock		(308	)		(316	)		(307	)
Other		102			(34	)		(77	)
Cash From (Used in) Financing Activities		(762	)		(1,231	)		1,359

Foreign Exchange Gain (Loss) on Cash, Cash Equivalents
and Restricted Cash Held in Foreign Currency		(13	)		6			(9	)

Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash		(7	)		39			(2	)
Cash, Cash Equivalents and Restricted Cash, Beginning of Year		42			3			5
Cash, Cash Equivalents and Restricted Cash, End of Year	$	35		$	42		$	3

Cash, End of Year	$	23		$	4		$	3
Cash Equivalents, End of Year		12			38			-
Restricted Cash, End of Year		-			-			-
Cash, Cash Equivalents and Restricted Cash, End of Year	$	35		$	42		$	3


Ovintiv Inc.	3	Selected Financial Information

Supplemental Financial Information (unaudited)

Financial Results


		2025															2024
(US$ millions, unless otherwise specified)		Year			Q4			Q3			Q2			Q1			Year			Q4			Q3			Q2			Q1

Net Earnings (Loss)			1,242			946			148			307			(159	)		1,125			(60	)		507			340			338

	Per share - basic (1)		4.83			3.73			0.58			1.19			(0.61	)		4.25			(0.23	)		1.93			1.28			1.25
	Per share - diluted (1)		4.78			3.70			0.57			1.18			(0.61	)		4.21			(0.23	)		1.92			1.27			1.24

Non-GAAP Adjusted Earnings (2)			1,257			355			267			265			370			1,560			351			489			331			389

	Per share - basic (1)		4.89			1.40			1.04			1.02			1.42			5.90			1.35			1.87			1.24			1.44
	Per share - diluted (1)		4.84			1.39			1.03			1.02			1.42			5.83			1.35			1.85			1.23			1.43

Non-GAAP Cash Flow (3)			3,785			973			895			913			1,004			4,042			1,004			978			1,025			1,035

	Per share - basic (1)		14.72			3.84			3.49			3.53			3.86			15.28			3.86			3.73			3.85			3.84
	Per share - diluted (1)		14.57			3.81			3.47			3.51			3.86			15.12			3.86			3.70			3.82			3.80

Foreign Exchange Rates (C$ per US$1)
	Average		1.398			1.395			1.377			1.384			1.435			1.370			1.398			1.364			1.368			1.349
	Period end		1.371			1.371			1.392			1.364			1.438			1.439			1.439			1.350			1.369			1.355

Non-GAAP Adjusted Earnings Summary

Net Earnings (Loss) Before Income Tax			770			372			192			399			(193	)		1,351			(101	)		558			466			428
Before-tax (Addition) Deduction:
	Unrealized gain (loss) on risk management		6			18			(20	)		54			(46	)		(136	)		(75	)		31			8			(100	)
	Impairments		(920	)		(49	)		(141	)		-			(730	)		(450	)		(450	)		-			-			-
	Non-operating foreign exchange gain (loss)		85			(1	)		2			(3	)		87			6			(14	)		(16	)		11			25
Adjusted Earnings (Loss) Before Income Tax			1,599			404			351			348			496			1,931			438			543			447			503
	Income tax expense (recovery) (4)		342			49			84			83			126			371			87			54			116			114

Non-GAAP Adjusted Earnings (2)			1,257			355			267			265			370			1,560			351			489			331			389

Non-GAAP Cash Flow Summary

Cash From (Used in) Operating Activities			3,652			954			812			1,013			873			3,721			1,020			1,022			1,020			659
(Add back) Deduct:
	Net change in other assets and liabilities		(40	)		(11	)		(7	)		(11	)		(11	)		(74	)		(39	)		19			(42	)		(12	)
	Net change in non-cash working capital		(93	)		(8	)		(76	)		111			(120	)		(247	)		55			25			37			(364	)

Non-GAAP Cash Flow (3)			3,785			973			895			913			1,004			4,042			1,004			978			1,025			1,035

(1)

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


		2025										2024
(millions)		Year		Q4		Q3		Q2		Q1		Year		Q4		Q3		Q2		Q1

Weighted Average Shares of Common Stock Outstanding

	Basic		257.2		253.3		256.2		259.0		260.4		264.6		260.3		262.1		266.2		269.7

	Diluted		259.7		255.6		258.1		260.1		260.4		267.4		260.3		264.0		268.1		272.3

(2)

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

(3)

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

(4)

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

Financial Metrics


		2025		2024
	Year		Year

Debt to Capitalization	32%		35%
Debt to Adjusted Capitalization (1)	22%		23%
Debt to EBITDA (1)	1.6x		1.3x
Debt to Adjusted EBITDA (1)	1.2x		1.2x

(1)

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


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

Supplemental Operating Information (unaudited)

Production Volumes by Product


				2025										2024
(average)		% of Oil & NGLs		Year		Q4		Q3		Q2		Q1		Year		Q4		Q3		Q2		Q1

	Oil (Mbbls/d)		47		142.7		140.9		137.6		142.0		150.5		168.3		167.1		168.4		167.3		170.4
	NGLs - Plant Condensate (Mbbls/d)		22		66.7		67.8		74.2		69.2		55.2		42.9		42.6		44.0		44.6		40.5
Oil & Plant Condensate (Mbbls/d)			69		209.4		208.7		211.8		211.2		205.7		211.2		209.7		212.4		211.9		210.9
	Butane (Mbbls/d)		7		23.2		23.7		23.6		23.3		22.2		21.2		21.5		21.6		21.3		20.6
	Propane (Mbbls/d)		12		36.0		37.0		37.4		36.3		33.1		34.7		34.5		35.0		35.3		34.0
	Ethane (Mbbls/d)		12		35.6		36.5		36.7		35.9		33.4		34.9		34.1		36.0		35.4		33.8
NGLs - Other (Mbbls/d)			31		94.8		97.2		97.7		95.5		88.7		90.8		90.1		92.6		92.0		88.4
Oil & NGLs (Mbbls/d)			100		304.2		305.9		309.5		306.7		294.4		302.0		299.8		305.0		303.9		299.3

Natural Gas (MMcf/d)					1,862		1,905		1,925		1,851		1,764		1,698		1,680		1,725		1,740		1,648

Total (MBOE/d)					614.5		623.4		630.4		615.3		588.3		585.0		579.9		592.6		593.8		573.8

Production Volumes by Segment


		2025										2024
(average)		Year		Q4		Q3		Q2		Q1		Year		Q4		Q3		Q2		Q1

Oil (Mbbls/d)
	USA Operations		142.3		140.4		137.0		141.6		150.3		167.9		166.6		168.0		166.8		170.2
	Canadian Operations		0.4		0.5		0.6		0.4		0.2		0.4		0.5		0.4		0.5		0.2
			142.7		140.9		137.6		142.0		150.5		168.3		167.1		168.4		167.3		170.4

NGLs - Plant Condensate (Mbbls/d)
	USA Operations		11.3		11.7		11.7		11.4		10.3		11.2		11.6		11.7		10.9		10.6
	Canadian Operations		55.4		56.1		62.5		57.8		44.9		31.7		31.0		32.3		33.7		29.9
			66.7		67.8		74.2		69.2		55.2		42.9		42.6		44.0		44.6		40.5

Oil & Plant Condensate (Mbbls/d)
	USA Operations		153.6		152.1		148.7		153.0		160.6		179.1		178.2		179.7		177.7		180.8
	Canadian Operations		55.8		56.6		63.1		58.2		45.1		32.1		31.5		32.7		34.2		30.1
			209.4		208.7		211.8		211.2		205.7		211.2		209.7		212.4		211.9		210.9

NGLs - Other (Mbbls/d)
	USA Operations		76.0		78.8		77.9		76.8		70.4		75.8		75.1		77.7		75.7		74.6
	Canadian Operations		18.8		18.4		19.8		18.7		18.3		15.0		15.0		14.9		16.3		13.8
			94.8		97.2		97.7		95.5		88.7		90.8		90.1		92.6		92.0		88.4

NGLs - Total (Mbbls/d)
	USA Operations		87.3		90.5		89.6		88.2		80.7		87.0		86.7		89.4		86.6		85.2
	Canadian Operations		74.2		74.5		82.3		76.5		63.2		46.7		46.0		47.2		50.0		43.7
			161.5		165.0		171.9		164.7		143.9		133.7		132.7		136.6		136.6		128.9

Oil & NGLs (Mbbls/d)
	USA Operations		229.6		230.9		226.6		229.8		231.0		254.9		253.3		257.4		253.4		255.4
	Canadian Operations		74.6		75.0		82.9		76.9		63.4		47.1		46.5		47.6		50.5		43.9
			304.2		305.9		309.5		306.7		294.4		302.0		299.8		305.0		303.9		299.3

Natural Gas (MMcf/d)
	USA Operations		515		528		512		508		510		537		548		543		531		526
	Canadian Operations		1,347		1,377		1,413		1,343		1,254		1,161		1,132		1,182		1,209		1,122
			1,862		1,905		1,925		1,851		1,764		1,698		1,680		1,725		1,740		1,648

Total (MBOE/d)
	USA Operations		315.3		318.8		311.9		314.7		315.9		344.4		344.7		348.0		341.9		343.0
	Canadian Operations		299.2		304.6		318.5		300.6		272.4		240.6		235.2		244.6		251.9		230.8
			614.5		623.4		630.4		615.3		588.3		585.0		579.9		592.6		593.8		573.8


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

Supplemental Financial & Operating Information (unaudited)

Results of Operations

Revenues and Realized Gains (Losses) on Risk Management


		2025										2024
(US$ millions)		Year		Q4		Q3		Q2		Q1		Year			Q4			Q3		Q2			Q1

USA Operations

Revenues, excluding Realized Gains (Losses) on Risk Management (1)
	Oil		3,413		772		835		831		975		4,549			1,041			1,135		1,192			1,181
	NGLs (2)		693		162		164		177		190		740			196			180		176			188
	Natural Gas		447		102		96		104		145		318			103			63		55			97
			4,553		1,036		1,095		1,112		1,310		5,607			1,340			1,378		1,423			1,466
Realized Gains (Losses) on Risk Management (3)
	Oil		40		27		4		9		-		(34	)		(1	)		-		(25	)		(8	)
	NGLs (2)		8		5		3		-		-		4			-			2		1			1
	Natural Gas		3		1		2		-		-		145			21			42		51			31
			51		33		9		9		-		115			20			44		27			24

Canadian Operations

Revenues, excluding Realized Gains (Losses) on Risk Management (1)
	Oil		10		3		3		2		2		10			2			3		4			1
	NGLs (2)		1,422		329		403		367		323		992			238			249		271			234
	Natural Gas		1,159		337		221		274		327		741			214			142		150			235
			2,591		669		627		643		652		1,743			454			394		425			470
Realized Gains (Losses) on Risk Management (3)
	Oil		-		-		-		-		-		-			-			-		-			-
	NGLs (2)		-		-		-		-		-		(1	)		(1	)		-		-			-
	Natural Gas		115		24		37		24		30		153			40			53		38			22
			115		24		37		24		30		152			39			53		38			22

(1)

Excludes other revenues with no associated production volumes.

(2)

Includes plant condensate.

(3)

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

Supplemental Financial & Operating Information (unaudited)

Results of Operations (continued)

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


		2025										2024
(US$/BOE)		Year		Q4		Q3		Q2		Q1		Year		Q4		Q3		Q2		Q1

Total USA Operations Netback
	Price		39.54		35.32		38.17		38.81		46.02		44.39		42.20		42.97		45.61		46.85
	Production, mineral and other taxes		2.30		1.67		2.29		2.36		2.91		2.53		2.27		2.55		2.74		2.56
	Transportation and processing		3.91		3.96		3.74		4.01		3.92		4.04		4.03		4.02		4.05		4.07
	Operating		6.01		6.00		6.07		6.03		5.97		6.34		6.02		6.02		6.58		6.77
	Netback		27.32		23.69		26.07		26.41		33.22		31.48		29.88		30.38		32.24		33.45

Total Canadian Operations Netback
	Price		23.73		23.92		21.39		23.47		26.59		19.67		20.84		17.39		18.40		22.30
	Production, mineral and other taxes		0.19		0.17		0.20		0.21		0.16		0.16		0.16		0.15		0.17		0.17
	Transportation and processing		11.31		11.14		11.35		11.40		11.37		11.85		12.09		12.00		11.37		11.96
	Operating		1.48		1.50		1.39		1.56		1.46		1.24		1.02		1.55		1.18		1.19
	Netback		10.75		11.11		8.45		10.30		13.60		6.42		7.57		3.69		5.68		8.98

Total Operations Netback
	Price		31.85		29.75		29.69		31.32		37.03		34.22		33.53		32.41		34.08		36.97
	Production, mineral and other taxes		1.27		0.94		1.24		1.31		1.64		1.56		1.41		1.56		1.65		1.60
	Transportation and processing		7.51		7.47		7.59		7.62		7.36		7.25		7.30		7.31		7.15		7.25
	Operating		3.80		3.80		3.71		3.84		3.89		4.24		3.99		4.17		4.29		4.52
	Netback		19.27		17.54		17.15		18.55		24.14		21.17		20.83		19.37		20.99		23.60

(1)

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

Other Per-Unit Results


		2025										2024
(US$/BOE)		Year		Q4		Q3		Q2		Q1		Year		Q4		Q3		Q2		Q1

Administrative Expense			1.48		1.47		1.34		1.37		1.75		1.71		2.16		1.33		1.41		1.95
Administrative Expense, Excluding Long-Term Incentive,
	Restructuring, Transaction and Legal Costs		1.26		1.32		1.17		1.19		1.36		1.32		1.38		1.24		1.28		1.43

Supplemental Oil and Gas Operating Statistics (unaudited)

Operating Statistics

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


		2025										2024
(US$)		Year		Q4		Q3		Q2		Q1		Year		Q4		Q3		Q2		Q1

Oil Price ($/bbl)
	USA Operations		65.66		59.82		66.23		64.50		71.79		73.90		68.01		73.23		78.20		76.17
	Canadian Operations		63.17		57.79		64.35		63.42		71.46		70.38		65.05		71.07		74.86		72.34
	Total Operations		65.65		59.81		66.22		64.50		71.79		73.90		68.00		73.23		78.19		76.17

NGLs - Plant Condensate Price ($/bbl)
	USA Operations		50.99		46.21		49.67		50.76		58.35		57.83		57.34		56.73		59.43		57.97
	Canadian Operations		62.22		56.47		62.81		62.76		68.02		71.97		69.20		71.13		75.61		71.70
	Total Operations		60.32		54.69		60.73		60.79		66.22		68.28		65.97		67.30		71.66		68.10

Oil & Plant Condensate Price ($/bbl)
	USA Operations		64.58		58.77		64.92		63.48		70.93		72.90		67.31		72.16		77.05		75.10
	Canadian Operations		62.23		56.48		62.82		62.77		68.04		71.95		69.14		71.13		75.60		71.71
	Total Operations		63.95		58.15		64.30		63.28		70.30		72.75		67.59		72.00		76.82		74.62

NGLs - Other Price ($/bbl)
	USA Operations		17.40		15.43		15.46		17.52		21.70		18.02		19.51		16.44		16.84		19.35
	Canadian Operations		23.94		23.02		22.62		21.44		28.92		27.45		27.75		26.97		25.36		30.13
	Total Operations		18.70		16.87		16.91		18.28		23.21		19.57		20.88		18.13		18.35		21.03

NGLs - Total Price ($/bbl)
	USA Operations		21.75		19.43		19.93		21.81		26.40		23.15		24.57		21.73		22.20		24.16
	Canadian Operations		52.53		48.21		53.16		52.68		56.71		57.69		55.71		57.22		59.21		58.59
	Total Operations		35.88		32.42		35.83		36.14		39.71		35.21		35.35		33.99		35.74		35.82

Oil & NGLs Price ($/bbl)
	USA Operations		48.97		43.98		47.92		48.11		55.97		56.57		53.10		55.35		59.09		58.79
	Canadian Operations		52.59		48.27		53.24		52.73		56.76		57.80		55.81		57.34		59.35		58.65
	Total Operations		49.86		45.04		49.34		49.27		56.14		56.76		53.52		55.66		59.13		58.77

Natural Gas Price ($/Mcf)
	USA Operations		2.38		2.10		2.04		2.26		3.15		1.62		2.00		1.29		1.16		2.02
	Canadian Operations		2.36		2.66		1.70		2.24		2.91		1.73		2.04		1.29		1.36		2.30
	Total Operations		2.36		2.50		1.79		2.24		2.98		1.70		2.03		1.29		1.30		2.21

Total Price ($/BOE)
	USA Operations		39.54		35.32		38.17		38.81		46.02		44.39		42.20		42.97		45.61		46.85
	Canadian Operations		23.73		23.92		21.39		23.47		26.59		19.67		20.84		17.39		18.40		22.30
	Total Operations		31.85		29.75		29.69		31.32		37.03		34.22		33.53		32.41		34.08		36.97

Supplemental Oil and Gas Operating Statistics (unaudited)

Operating Statistics (continued)

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


		2025										2024
(US$)		Year		Q4		Q3		Q2		Q1		Year			Q4			Q3		Q2			Q1

Oil ($/bbl)
	USA Operations		0.77		2.09		0.29		0.73		-		(0.55	)		(0.07	)		-		(1.62	)		(0.51	)
	Canadian Operations		-		-		-		-		-		-			-			-		-			-
	Total Operations		0.77		2.08		0.29		0.73		-		(0.55	)		(0.07	)		-		(1.61	)		(0.51	)

NGLs - Plant Condensate ($/bbl)
	USA Operations		-		-		-		-		-		-			-			-		-			-
	Canadian Operations		-		-		-		-		-		(0.05	)		(0.22	)		-		-			-
	Total Operations		-		-		-		-		-		(0.04	)		(0.16	)		-		-			-

Oil & Plant Condensate ($/bbl)
	USA Operations		0.72		1.93		0.27		0.67		-		(0.52	)		(0.06	)		-		(1.52	)		(0.48	)
	Canadian Operations		-		-		-		-		-		-			-			-		-			-
	Total Operations		0.53		1.40		0.19		0.49		-		(0.44	)		(0.09	)		-		(1.27	)		(0.42	)

NGLs - Other ($/bbl)
	USA Operations		0.30		0.71		0.39		-		-		0.15			-			0.24		0.15			0.15
	Canadian Operations		-		-		-		-		-		-			-			-		-			-
	Total Operations		0.24		0.57		0.31		-		-		0.13			-			0.20		0.12			0.13

NGLs - Total ($/bbl)
	USA Operations		0.26		0.61		0.34		-		-		0.13			-			0.21		0.13			0.13
	Canadian Operations		-		-		-		-		-		(0.04	)		(0.15	)		-		-			-
	Total Operations		0.15		0.34		0.18		-		-		0.07			(0.01	)		0.13		0.08			0.09

Oil & NGLs ($/bbl)
	USA Operations		0.58		1.52		0.31		0.47		-		(0.32	)		(0.02	)		0.07		(1.02	)		(0.30	)
	Canadian Operations		-		-		-		-		-		(0.04	)		(0.15	)		-		-			-
	Total Operations		0.43		1.14		0.23		0.35		-		(0.27	)		(0.04	)		0.06		(0.85	)		(0.26	)

Natural Gas ($/Mcf)
	USA Operations		0.02		0.02		0.04		-		-		0.74			0.41			0.83		1.05			0.65
	Canadian Operations		0.23		0.19		0.29		0.20		0.26		0.36			0.38			0.48		0.35			0.22
	Total Operations		0.18		0.15		0.22		0.14		0.18		0.47			0.39			0.59		0.56			0.35

Total ($/BOE)
	USA Operations		0.45		1.14		0.28		0.34		-		0.91			0.64			1.35		0.87			0.77
	Canadian Operations		1.05		0.83		1.28		0.87		1.22		1.73			1.83			2.32		1.69			1.03
	Total Operations		0.74		0.99		0.79		0.59		0.56		1.25			1.12			1.76		1.21			0.87

Supplemental Oil and Gas Operating Statistics (unaudited)

Operating Statistics (continued)

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


		2025										2024
(US$)		Year		Q4		Q3		Q2		Q1		Year		Q4		Q3		Q2		Q1

Oil Price ($/bbl)
	USA Operations		66.43		61.91		66.52		65.23		71.79		73.35		67.94		73.23		76.58		75.66
	Canadian Operations		63.17		57.79		64.35		63.42		71.46		70.38		65.05		71.07		74.86		72.34
	Total Operations		66.42		61.89		66.51		65.23		71.79		73.35		67.93		73.23		76.58		75.66

NGLs - Plant Condensate Price ($/bbl)
	USA Operations		50.99		46.21		49.67		50.76		58.35		57.83		57.34		56.73		59.43		57.97
	Canadian Operations		62.22		56.47		62.81		62.76		68.02		71.92		68.98		71.13		75.61		71.70
	Total Operations		60.32		54.69		60.73		60.79		66.22		68.24		65.81		67.30		71.66		68.10

Oil & Plant Condensate Price ($/bbl)
	USA Operations		65.30		60.70		65.19		64.15		70.93		72.38		67.25		72.16		75.53		74.62
	Canadian Operations		62.23		56.48		62.82		62.77		68.04		71.95		69.14		71.13		75.60		71.71
	Total Operations		64.48		59.55		64.49		63.77		70.30		72.31		67.50		72.00		75.55		74.20

NGLs - Other Price ($/bbl)
	USA Operations		17.70		16.14		15.85		17.52		21.70		18.17		19.51		16.68		16.99		19.50
	Canadian Operations		23.94		23.02		22.62		21.44		28.92		27.45		27.75		26.97		25.36		30.13
	Total Operations		18.94		17.44		17.22		18.28		23.21		19.70		20.88		18.33		18.47		21.16

NGLs - Total Price ($/bbl)
	USA Operations		22.01		20.04		20.27		21.81		26.40		23.28		24.57		21.94		22.33		24.29
	Canadian Operations		52.53		48.21		53.16		52.68		56.71		57.65		55.56		57.22		59.21		58.59
	Total Operations		36.03		32.76		36.01		36.14		39.71		35.28		35.34		34.12		35.82		35.91

Oil & NGLs Price ($/bbl)
	USA Operations		49.55		45.50		48.23		48.58		55.97		56.25		53.08		55.42		58.07		58.49
	Canadian Operations		52.59		48.27		53.24		52.73		56.76		57.76		55.66		57.34		59.35		58.65
	Total Operations		50.29		46.18		49.57		49.62		56.14		56.49		53.48		55.72		58.28		58.51

Natural Gas Price ($/Mcf)
	USA Operations		2.40		2.12		2.08		2.26		3.15		2.36		2.41		2.12		2.21		2.67
	Canadian Operations		2.59		2.85		1.99		2.44		3.17		2.09		2.42		1.77		1.71		2.52
	Total Operations		2.54		2.65		2.01		2.38		3.16		2.17		2.42		1.88		1.86		2.56

Total Price ($/BOE)
	USA Operations		39.99		36.46		38.45		39.15		46.02		45.30		42.84		44.32		46.48		47.62
	Canadian Operations		24.78		24.75		22.67		24.34		27.81		21.40		22.67		19.71		20.09		23.33
	Total Operations		32.59		30.74		30.48		31.91		37.59		35.47		34.65		34.17		35.29		37.84

Total Netback ($/BOE)
	USA Operations		27.77		24.83		26.35		26.75		33.22		32.39		30.52		31.73		33.11		34.22
	Canadian Operations		11.80		11.94		9.73		11.17		14.82		8.15		9.40		6.01		7.37		10.01
	Total Operations		20.01		18.53		17.94		19.14		24.70		22.42		21.95		21.13		22.20		24.47

Supplemental Oil and Gas Operating Statistics (unaudited)

Results by Play


		2025										2024
(average)		Year		Q4		Q3		Q2		Q1		Year		Q4		Q3		Q2		Q1

Oil Production (Mbbls/d)

USA Operations
	Permian		118.6		116.6		113.8		118.3		126.0		119.6		117.9		117.9		117.5		124.9
	Anadarko		22.2		23.7		23.1		23.2		18.9		21.9		21.1		21.0		21.2		24.4
	Other (1)		1.5		0.1		0.1		0.1		5.4		26.4		27.6		29.1		28.1		20.9
Total USA Operations			142.3		140.4		137.0		141.6		150.3		167.9		166.6		168.0		166.8		170.2

Canadian Operations
	Montney		0.4		0.5		0.6		0.4		0.2		0.4		0.5		0.4		0.5		0.2
	Other (1)		-		-		-		-		-		-		-		-		-		-
Total Canadian Operations			0.4		0.5		0.6		0.4		0.2		0.4		0.5		0.4		0.5		0.2


Total			142.7		140.9		137.6		142.0		150.5		168.3		167.1		168.4		167.3		170.4


NGLs - Plant Condensate Production (Mbbls/d)

USA Operations
	Permian		5.9		6.0		6.0		6.1		5.3		5.2		5.6		5.6		5.2		4.7
	Anadarko		5.4		5.7		5.7		5.3		4.9		5.6		5.5		5.6		5.5		5.6
	Other (1)		-		-		-		-		0.1		0.4		0.5		0.5		0.2		0.3
Total USA Operations			11.3		11.7		11.7		11.4		10.3		11.2		11.6		11.7		10.9		10.6

Canadian Operations
	Montney		55.3		56.1		62.5		57.7		44.6		31.6		30.9		32.2		33.6		29.8
	Other (1)		0.1		-		-		0.1		0.3		0.1		0.1		0.1		0.1		0.1
Total Canadian Operations			55.4		56.1		62.5		57.8		44.9		31.7		31.0		32.3		33.7		29.9


Total			66.7		67.8		74.2		69.2		55.2		42.9		42.6		44.0		44.6		40.5


Oil & Plant Condensate Production (Mbbls/d)

USA Operations
	Permian		124.5		122.6		119.8		124.4		131.3		124.8		123.5		123.5		122.7		129.6
	Anadarko		27.6		29.4		28.8		28.5		23.8		27.5		26.6		26.6		26.7		30.0
	Other (1)		1.5		0.1		0.1		0.1		5.5		26.8		28.1		29.6		28.3		21.2
Total USA Operations			153.6		152.1		148.7		153.0		160.6		179.1		178.2		179.7		177.7		180.8

Canadian Operations
	Montney		55.7		56.6		63.1		58.1		44.8		32.0		31.4		32.6		34.1		30.0
	Other (1)		0.1		-		-		0.1		0.3		0.1		0.1		0.1		0.1		0.1
Total Canadian Operations			55.8		56.6		63.1		58.2		45.1		32.1		31.5		32.7		34.2		30.1


Total			209.4		208.7		211.8		211.2		205.7		211.2		209.7		212.4		211.9		210.9

(1)

Supplemental Oil and Gas Operating Statistics (unaudited)

Results by Play (continued)


		2025											2024
(average)		Year		Q4		Q3		Q2			Q1		Year		Q4		Q3		Q2		Q1

NGLs - Other Production (Mbbls/d)

USA Operations
	Permian		46.6		49.7		45.9		46.3			44.5		42.1		43.0		43.1		41.6		40.3
	Anadarko		29.3		29.1		32.0		30.6			25.7		31.9		29.6		32.5		32.8		32.9
	Other (1)		0.1		-		-		(0.1	)		0.2		1.8		2.5		2.1		1.3		1.4
Total USA Operations			76.0		78.8		77.9		76.8			70.4		75.8		75.1		77.7		75.7		74.6

Canadian Operations
	Montney		18.8		18.4		19.8		18.7			18.3		15.0		15.0		14.9		16.3		13.8
	Other (1)		-		-		-		-			-		-		-		-		-		-
Total Canadian Operations			18.8		18.4		19.8		18.7			18.3		15.0		15.0		14.9		16.3		13.8


Total			94.8		97.2		97.7		95.5			88.7		90.8		90.1		92.6		92.0		88.4


NGLs - Total Production (Mbbls/d)

USA Operations
	Permian		52.5		55.7		51.9		52.4			49.8		47.3		48.6		48.7		46.8		45.0
	Anadarko		34.7		34.8		37.7		35.9			30.6		37.5		35.1		38.1		38.3		38.5
	Other (1)		0.1		-		-		(0.1	)		0.3		2.2		3.0		2.6		1.5		1.7
Total USA Operations			87.3		90.5		89.6		88.2			80.7		87.0		86.7		89.4		86.6		85.2

Canadian Operations
	Montney		74.1		74.5		82.3		76.4			62.9		46.6		45.9		47.1		49.9		43.6
	Other (1)		0.1		-		-		0.1			0.3		0.1		0.1		0.1		0.1		0.1
Total Canadian Operations			74.2		74.5		82.3		76.5			63.2		46.7		46.0		47.2		50.0		43.7


Total			161.5		165.0		171.9		164.7			143.9		133.7		132.7		136.6		136.6		128.9


Oil & NGLs Production (Mbbls/d)

USA Operations
	Permian		171.1		172.3		165.7		170.7			175.8		166.9		166.5		166.6		164.3		169.9
	Anadarko		56.9		58.5		60.8		59.1			49.5		59.4		56.2		59.1		59.5		62.9
	Other (1)		1.6		0.1		0.1		-			5.7		28.6		30.6		31.7		29.6		22.6
Total USA Operations			229.6		230.9		226.6		229.8			231.0		254.9		253.3		257.4		253.4		255.4

Canadian Operations
	Montney		74.5		75.0		82.9		76.8			63.1		47.0		46.4		47.5		50.4		43.8
	Other (1)		0.1		-		-		0.1			0.3		0.1		0.1		0.1		0.1		0.1
Total Canadian Operations			74.6		75.0		82.9		76.9			63.4		47.1		46.5		47.6		50.5		43.9


Total			304.2		305.9		309.5		306.7			294.4		302.0		299.8		305.0		303.9		299.3

(1)

Supplemental Oil and Gas Operating Statistics (unaudited)

Results by Play (continued)


		2025										2024
(average)		Year		Q4		Q3		Q2		Q1		Year		Q4		Q3		Q2		Q1

Natural Gas Production (MMcf/d)

USA Operations
	Permian		265		279		267		263		248		236		248		243		232		220
	Anadarko		246		248		245		245		247		265		260		264		269		267
	Other (1)		4		1		-		-		15		36		40		36		30		39
Total USA Operations			515		528		512		508		510		537		548		543		531		526

Canadian Operations
	Montney		1,346		1,377		1,413		1,342		1,251		1,152		1,131		1,182		1,203		1,093
	Other (1)		1		-		-		1		3		9		1		-		6		29
Total Canadian Operations			1,347		1,377		1,413		1,343		1,254		1,161		1,132		1,182		1,209		1,122


Total			1,862		1,905		1,925		1,851		1,764		1,698		1,680		1,725		1,740		1,648


Total Production (MBOE/d)

USA Operations
	Permian		215.2		218.9		210.2		214.5		217.1		206.1		207.8		207.3		203.0		206.3
	Anadarko		98.0		99.7		101.6		99.9		90.7		103.6		99.6		103.1		104.4		107.5
	Other (1)		2.1		0.2		0.1		0.3		8.1		34.7		37.3		37.6		34.5		29.2
Total USA Operations			315.3		318.8		311.9		314.7		315.9		344.4		344.7		348.0		341.9		343.0

Canadian Operations
	Montney		298.9		304.5		318.4		300.3		271.6		239.0		235.0		244.5		250.8		225.8
	Other (1)		0.3		0.1		0.1		0.3		0.8		1.6		0.2		0.1		1.1		5.0
Total Canadian Operations			299.2		304.6		318.5		300.6		272.4		240.6		235.2		244.6		251.9		230.8


Total			614.5		623.4		630.4		615.3		588.3		585.0		579.9		592.6		593.8		573.8

(1)

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

Supplemental Oil and Gas Operating Statistics (unaudited)

Results by Play (continued)


		2025													2024
(US$ millions)		Year		Q4			Q3			Q2			Q1		Year			Q4			Q3		Q2		Q1

Capital Expenditures, Excluding Capitalized Internal Costs

USA Operations
	Permian		1,136		265			298			246			327		1,336			347			350		361		278
	Anadarko		270		20			90			77			83		108			28			51		23		6
	Other (1)		24		3			2			1			18		290			44			22		88		136
Total USA Operations			1,430		288			390			324			428		1,734			419			423		472		420

Canadian Operations
	Montney		583		147			119			166			151		408			95			79		108		126
	Other (1)		1		-			-			(1	)		2		(2	)		(2	)		-		-		-
Total Canadian Operations			584		147			119			165			153		406			93			79		108		126

Total Capital Expenditures, Excluding Capitalized Internal Costs			2,014		435			509			489			581		2,140			512			502		580		546

Capitalized Directly Attributable Internal Costs

USA Operations
	Permian		83		20			21			19			23		96			23			24		23		26
	Anadarko		23		6			5			6			6		10			1			3		3		3
	Other (1)		1		(1	)		-			1			1		28			7			7		6		8
Total USA Operations			107		25			26			26			30		134			31			34		32		37

Canadian Operations
	Montney		22		5			7			5			5		22			5			1		9		7
	Other (1)		-		-			-			-			-		-			-			-		-		-
Total Canadian Operations			22		5			7			5			5		22			5			1		9		7

Total Capitalized Directly Attributable Internal Costs			129		30			33			31			35		156			36			35		41		44

Total Capital Expenditures

USA Operations
	Permian		1,219		285			319			265			350		1,432			370			374		384		304
	Anadarko		293		26			95			83			89		118			29			54		26		9
	Other (1)		25		2			2			2			19		318			51			29		94		144
Total USA Operations			1,537		313			416			350			458		1,868			450			457		504		457

Canadian Operations
	Montney		605		152			126			171			156		430			100			80		117		133
	Other (1)		1		-			-			(1	)		2		(2	)		(2	)		-		-		-
Total Canadian Operations			606		152			126			170			158		428			98			80		117		133

Corporate & Other			4		-			2			1			1		7			4			1		1		1
Total Capital Expenditures			2,147		465			544			521			617		2,303			552			538		622		591
Net Acquisitions & (Divestitures)			610		250			(57	)		(9	)		426		198			3			4		3		188
Net Capital Investment			2,757		715			487			512			1,043		2,501			555			542		625		779

(1)

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

Supplemental Oil and Gas Operating Statistics (unaudited)

Results by Play (continued)


		2025										2024
		Year		Q4		Q3		Q2		Q1		Year		Q4		Q3		Q2		Q1

Drilling Activity (net wells drilled)

USA Operations
	Permian		117		30		30		21		36		167		40		50		45		32
	Anadarko		33		4		7		15		7		17		4		7		6		-
	Other (1)		1		-		-		-		1		20		4		-		1		15
Total USA Operations			151		34		37		36		44		204		48		57		52		47

Canadian Operations
	Montney		80		20		20		19		21		64		18		12		13		21
Total Canadian Operations			80		20		20		19		21		64		18		12		13		21


Total			231		54		57		55		65		268		66		69		65		68

Completions Activity (net wells on production)

USA Operations
	Permian		136		30		30		23		53		135		42		32		40		21
	Anadarko		37		2		14		11		10		9		-		9		-		-
	Other (1)		-		-		-		-		-		27		-		11		7		9
Total USA Operations			173		32		44		34		63		171		42		52		47		30

Canadian Operations
	Montney		96		20		19		39		18		68		13		11		33		11
Total Canadian Operations			96		20		19		39		18		68		13		11		33		11


Total			269		52		63		73		81		239		55		63		80		41

(1)

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

For the year ended December 31, 2025

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

Non-GAAP Cash Flow, Non-GAAP Cash Flow Per Share (CFPS), Non-GAAP Free Cash Flow and Non-GAAP Free Cash Flow Per Share (FCFPS) - 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. Non-GAAP FCFPS is Non-GAAP Free Cash Flow divided by the weighted average number of shares of common stock outstanding. 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 2025				YTD 2025

Cash From (Used in) Operating Activities		$		954		$		3,652
Deduct (Add back):
	Net change in other assets and liabilities			(11	)			(40	)
	Net change in non-cash working capital			(8	)			(93	)
Non-GAAP Cash Flow		$		973		$		3,785

Per Share - Basic		$		3.84		$		14.72
Per Share - Diluted				3.81				14.57

Non-GAAP Free Cash Flow

Non-GAAP Cash Flow		$		973		$		3,785
Deduct:
	Capital expenditures			465				2,147
Non-GAAP Free Cash Flow		$		508		$		1,638

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


Non-GAAP Adjusted Earnings			Q4 2025				YTD 2025

Net Earnings (Loss) Before Income Tax		$		372		$		770
Before-tax (Addition) Deduction:
	Unrealized gains (losses) on risk management			18				6
	Impairments			(49	)			(920	)
	Non-operating foreign exchange gain (loss)			(1	)			85
Adjusted Earnings (Loss) Before Income Tax				404				1,599
	Income tax expense (recovery)			49				342
Non-GAAP Adjusted Earnings		$		355		$		1,257

Per Share - Basic		$		1.40		$		4.89
Per Share - Diluted				1.39				4.84

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


Debt to Capitalization		YTD 2025

Long-Term Debt, Including Current Portion	$		5,202
Total Shareholders’ Equity			11,195
Capitalization	$		16,397

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 2025

Long-Term Debt, Including Current Portion	$		5,202
Total Shareholders’ Equity			11,195
Equity Adjustment for Impairments at December 31, 2011			7,746
Adjusted Capitalization	$		24,143

Debt to Adjusted Capitalization		22%

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


			Q1 2025				Q2 2025			Q3 2025			Q4 2025				YTD 2025

Long-Term Debt, Including Current Portion																$		5,202

Net Earnings (Loss)		$		(159	)	$		307	$		148	$		946		$		1,242
Add back (deduct):
	Depreciation, depletion and amortization			545				556			545			533				2,179
	Interest			97				95			91			93				376
	Income tax expense (recovery)			(34	)			92			44			(574	)			(472	)
EBITDA		$		449		$		1,050	$		828	$		998		$		3,325

Debt to EBITDA (times)																		1.6


			Q1 2025				Q2 2025				Q3 2025				Q4 2025				YTD 2025

Long-Term Debt, Including Current Portion																		$		5,202

Net Earnings (Loss)		$		(159	)	$		307		$		148		$		946		$		1,242
Add back (deduct):
	Depreciation, depletion and amortization			545				556				545				533				2,179
	Impairments			730				-				141				49				920
	Accretion of asset retirement obligation			6				8				7				7				28
	Interest			97				95				91				93				376
	Unrealized (gains) losses on risk management			46				(54	)			20				(18	)			(6	)
	Foreign exchange (gain) loss, net			10				22				(7	)			6				31
	Other (gains) losses, net			(3	)			(5	)			(3	)			(35	)			(46	)
	Income tax expense (recovery)			(34	)			92				44				(574	)			(472	)
Adjusted EBITDA		$		1,238		$		1,021		$		986		$		1,007		$		4,252

Debt to Adjusted EBITDA (times)																				1.2

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


Net Debt			YTD 2025

Long-Term Debt, Including Current Portion		$		5,202
Less:
	Cash and cash equivalents			35
Net Debt		$		5,167

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

Netback Calculation

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


Selected Financial Data (1)

			2025										2024
(US$ millions)			Year		Q4		Q3		Q2		Q1		Year		Q4		Q3		Q2		Q1
USA Operations
	Upstream Product Revenue (2) (3)			4,553		1,036		1,095		1,112		1,310		5,607		1,340		1,378		1,423		1,466
	Production, mineral and other taxes			265		49		66		67		83		319		72		82		85		80
	Transportation and processing			450		116		108		114		112		510		128		129		126		127
	Operating			692		177		173		173		169		799		190		193		205		211
				3,146		694		748		758		946		3,979		950		974		1,007		1,048
Canadian Operations
	Upstream Product Revenue (2) (3)			2,591		669		627		643		652		1,743		454		394		425		470
	Production, mineral and other taxes			21		5		6		6		4		14		3		4		4		3
	Transportation and processing			1,235		312		332		312		279		1,043		262		270		260		251
	Operating			161		41		42		42		36		109		22		36		26		25
				1,174		311		247		283		333		577		167		84		135		191
Total Operations
	Upstream Product Revenue (2) (3)			7,144		1,705		1,722		1,755		1,962		7,350		1,794		1,772		1,848		1,936
	Production, mineral and other taxes			286		54		72		73		87		333		75		86		89		83
	Transportation and processing			1,685		428		440		426		391		1,553		390		399		386		378
	Operating			853		218		215		215		205		908		212		229		231		236
				4,320		1,005		995		1,041		1,279		4,556		1,117		1,058		1,142		1,239

(1)		Segmented financial information per the notes to Ovintiv's financial statements and/or management's discussion and analysis.
(2)		Excludes the impact of realized gains and losses on risk management.
(3)		Excludes service revenues, certain other revenues and royalty adjustments with no associated production volumes.

Sales Volumes (1)

			2025										2024
(BOE)			Year		Q4		Q3		Q2		Q1		Year		Q4		Q3		Q2		Q1
USA Operations				115,145,820		29,334,752		28,696,548		28,635,880		28,478,970		126,001,722		31,667,596		32,027,500		31,141,019		31,165,771
Canadian Operations				109,191,575		28,020,348		29,297,952		27,360,151		24,512,940		88,059,600		21,638,124		22,502,832		22,919,260		20,999,433
Total				224,337,395		57,355,100		57,994,500		55,996,031		52,991,910		214,061,322		53,305,720		54,530,332		54,060,279		52,165,204

(1)		Numbers may not add due to the calculation of volumes, which is based on sales volumes per day on a BOE basis times the number of days in the period.

Calculated Operating Netback, excluding the Impact of Realized Gains (Losses) on Risk Management (1)

			2025										2024 (2)
(US$/BOE)			Year		Q4		Q3		Q2		Q1		Year		Q4		Q3		Q2		Q1
Total USA Operations
	Price			39.54		35.32		38.16		38.83		46.00		44.40		42.22		42.96		45.60		46.88
	Production, mineral and other taxes			2.30		1.67		2.30		2.34		2.91		2.53		2.27		2.56		2.73		2.57
	Transportation and processing			3.91		3.95		3.76		3.98		3.93		4.05		4.04		4.03		4.05		4.07
	Operating			6.01		6.03		6.03		6.04		5.93		6.34		6.00		6.03		6.58		6.77
	Netback			27.32		23.66		26.07		26.47		33.22		31.48		29.90		30.35		32.24		33.47
Total Canadian Operations
	Price			23.73		23.88		21.40		23.50		26.60		19.67		20.84		17.38		18.41		22.29
	Production, mineral and other taxes			0.19		0.18		0.20		0.22		0.16		0.16		0.14		0.18		0.17		0.14
	Transportation and processing			11.31		11.13		11.33		11.40		11.38		11.84		12.11		12.00		11.34		11.95
	Operating			1.47		1.46		1.43		1.54		1.47		1.24		1.02		1.60		1.13		1.19
	Netback			10.75		11.10		8.43		10.34		13.58		6.43		7.58		3.60		5.76		9.00
Total Operations
	Price			31.84		29.73		29.69		31.34		37.02		34.22		33.54		32.40		34.07		36.98
	Production, mineral and other taxes			1.27		0.94		1.24		1.30		1.64		1.56		1.41		1.58		1.65		1.59
	Transportation and processing			7.51		7.46		7.59		7.61		7.38		7.25		7.32		7.32		7.14		7.25
	Operating			3.80		3.80		3.71		3.84		3.87		4.24		3.98		4.20		4.27		4.52
Netback				19.26		17.52		17.16		18.59		24.14		21.17		20.84		19.31		21.01		23.62

(1)		May not add due to rounding. Ovintiv calculates reported netbacks using whole dollars and sales volumes. Accordingly, the calculations above may differ from the reported netbacks due to the effects of rounding both dollars and volumes.
(2)		As part of the Company's reassessment of its reporting segments (see Note 2 of the audited Consolidated Financial Statements included in Item 8 of Ovintiv's 2024 Annual Report on Form 10-K), intercompany marketing fees formerly transacted between operating segments are excluded from the Selected Financial Data table above but included in the reported netbacks. For the year ended December 31, 2024, intercompany marketing fees totaled $24 million, and for the quarterly periods presented, they ranged from $5 million to $7 million.