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Ovintiv Inc. | Annual Report 2025 2025 ANNUAL REPORT ovintiv.com
A Message From The CEO
FEBRUARY 23, 2026 Fellow Shareholders, 2025 was a defining year for Ovintiv. We delivered on our 2025 priorities and made meaningful progress in strengthening the key attributes that underpin our durable returns strategy inventory, profitability, and resilience reinforcing our competitive position and setting the stage for continued success. We demonstrated our commitment to working safely always. We delivered full-year non-GAAP Free Cash Flow of more than $1.6 billion, similar to the prior year despite materially lower oil prices. We safely and efficiently integrated the Alberta Montney assets acquired from Paramount Resources Ltd. into our existing operations. We announced the acquisition of NuVista Energy Ltd. (NuVista), a pure-play Montney oil company, further high-grading our portfolio and enhancing our Montney asset with premium oil inventory depth and valuable synergies. We reduced total debt and maintained a strong balance sheet, with clear line of sight to accelerated deleveraging through the announcement of the Anadarko sale. These accomplishments demonstrate our disciplined and consistent execution and provide a strong foundation for 2026. COMPLETING OUR PORTFOLIO TRANSFORMATION CONTINUED FOCUS ON SAFETY In January of 2025, we closed two pivotal transactions: the acquisition of the Montney oil assets acquired from Paramount Resources and the disposition of our Uinta asset. Our team integrated the new Montney assets safely and efficiently and achieved our $1.5 million per well cost savings target through faster drilling performance and optimized well and facility designs. Together, these transactions streamlined and strengthened our portfolio, added premium oil inventory in a core play, and enhanced Free Cash Flow generation. Safety is at the heart of our culture. Our commitment starts with strong safety leadership, a focus on serious injury prevention, and reinforcing a culture that prioritizes safe work always. In November, we announced the corporate acquisition of NuVista, a pure-play Montney oil company, along with our intention to divest our Anadarko Basin assets. The NuVista transaction adds approximately 930 net 10,000-foot equivalent well locations across 140,000 net acres in the core of the oil-rich Montney fairway, directly adjacent to our existing operations. The acquisition closed in February 2026 and is immediately accretive across all key financial metrics, enhancing our returns, and extending our future oil inventory runway in a core area. Subsequently, we announced an agreement to divest our Anadarko Basin assets, a transaction expected to significantly accelerate deleveraging, strengthen resilience, and enhance our ability to return greater Free Cash Flow to shareholders. Since 2023, we have expanded our Permian and Montney drilling inventory by more than 3,200 drilling locations at an average cost of less than $1.5 million per net 10,000-foot location. This level of inventory expansion is unmatched among our peers and positions our Company with one of the most valuable portfolios in the industry. Combined with our proven execution capability, this portfolio enables us to generate superior returns and durable Free Cash Flow for years to come. Ovintiv Inc. In 2025, we advanced our safety culture by embedding key programs and processes into daily workflows across the organization. These initiatives, developed and refined in recent years, are shaping behaviors both in the field and in the office. We believe that leading with safety and looking out for one another strengthens our corporate culture and drives improved business performance. EXECUTION EXCELLENCE Operational excellence remained a hallmark of our performance in 2025. We surpassed our original production guidance by 10 MBOE/d and achieved this outperformance with approximately $50 million less capital than planned. For the third year in a row, we beat our production and per-unit cost targets. These efficiencies carried through to profitability, where we generated over $1.6 billion of non-GAAP Free Cash Flow, nearly matching the prior year despite a materially lower oil price environment. This success reflects our disciplined execution and culture of innovation. Leveraging advanced digital workflows and artificial intelligence, we continue to push the envelope on lateral length, well design, and drilling and completion speeds reducing cycle times and driving down well costs. The improved efficiency gains across our operations coupled with our cube development approach and re-occupation strategy, position us to maximize both returns and resource recovery. 2025 Annual Report | i
2025 Highlights Substantial Free Cash Flow ~$1.6 B Non-GAAP Free Cash Flow Generation Continued Shareholder Returns >$600 MM Via Base Dividends and Share Buybacks 2026 OUTLOOK I am excited for the year ahead. Following the divestiture of our Anadarko assets, we will complete our multi-year portfolio transformation, creating a Permian-Montney powerhouse with one of the most valuable premium inventory positions in our industry. Coupled with our industry-leading capital efficiency and strong culture of innovation, we are uniquely positioned to deliver superior and durable returns to our shareholders. As we look ahead to 2026, our execution will be guided by the following priorities: Work safely always Execute a disciplined program focused on maximizing returns and free cash generation Safely and efficiently integrate the NuVista assets into our existing operations Close the Anadarko disposition, achieve our debt target and unveil an enhanced shareholder return framework Continue our steadfast commitment to be a responsible producer of the oil and gas that fuels the world 615 MBOE/d Finally, on behalf of Ovintiv and our Board, I want to express my deepest gratitude to Peter Dea as he retires from his role as Chairman effective May 6, 2026. Peter s leadership and unwavering guidance over the years have been instrumental in shaping our strategy and strengthening our governance. His commitment to our shareholders and steady counsel has left an enduring mark on our Company and our industry. We thank Peter for his extraordinary service and wish him the very best in the years ahead. Value Accretive Montney Acquisition We are also pleased to welcome Steve Nance as our incoming Board Chair. Steve has been an integral member of our Board for over seven years, and his proven leadership, broad industry experience, and strong commitment to corporate governance will provide continuity and help guide Ovintiv s ongoing success. 930 We appreciate your continued support and investment in Ovintiv. Total Net Well Locations Sincerely, From the Acquisition of NuVista Energy Brendan McCracken 2030 GHG Emissions Intensity Reduction Target President & Chief Executive Officer Significant Production Scale >85% Achieved At Year-End 2025 (benchmarked against 2019 results) ii | 2025 Annual Report Ovintiv Inc.
 • shareholder letter icon 3/25/2026 Letter Continued (Full PDF)
 • stockholder letter icon 3/23/2023 OVV Stockholder Letter
 • stockholder letter icon 3/21/2024 OVV Stockholder Letter
 • stockholder letter icon 3/20/2025 OVV Stockholder Letter
 • stockholder letter icon More "Oil & Gas Exploration & Production" Category Stockholder Letters
 • Benford's Law Stocks icon OVV Benford's Law Stock Score = 80


OVV Shareholder/Stockholder Letter Transcript:

Ovintiv Inc. | Annual Report 2025
2025 ANNUAL REPORT
ovintiv.com

A Message From The CEO

FEBRUARY 23, 2026
Fellow Shareholders,
2025 was a defining year for Ovintiv. We delivered on our 2025 priorities and made meaningful progress in strengthening
the key attributes that underpin our durable returns strategy   inventory, profitability, and resilience   reinforcing our
competitive position and setting the stage for continued success.

We demonstrated our commitment to working safely always.

We delivered full-year non-GAAP Free Cash Flow of more than $1.6 billion, similar to the prior year
despite materially lower oil prices.

We safely and efficiently integrated the Alberta Montney assets acquired from Paramount Resources Ltd.
into our existing operations.

We announced the acquisition of NuVista Energy Ltd. (NuVista), a pure-play Montney oil company, further high-grading
our portfolio and enhancing our Montney asset with premium oil inventory depth and valuable synergies.

We reduced total debt and maintained a strong balance sheet, with clear line of sight to accelerated deleveraging
through the announcement of the Anadarko sale.
These accomplishments demonstrate our disciplined and consistent execution and provide a strong foundation for 2026.
COMPLETING OUR PORTFOLIO TRANSFORMATION
CONTINUED FOCUS ON SAFETY
In January of 2025, we closed two pivotal transactions:
the acquisition of the Montney oil assets acquired from
Paramount Resources and the disposition of our Uinta
asset. Our team integrated the new Montney assets
safely and efficiently and achieved our $1.5 million per well
cost savings target through faster drilling performance
and optimized well and facility designs. Together, these
transactions streamlined and strengthened our portfolio,
added premium oil inventory in a core play, and enhanced
Free Cash Flow generation.
Safety is at the heart of our culture. Our commitment
starts with strong safety leadership, a focus on serious
injury prevention, and reinforcing a culture that prioritizes
   safe work always.   
In November, we announced the corporate acquisition of
NuVista, a pure-play Montney oil company, along with our
intention to divest our Anadarko Basin assets. The NuVista
transaction adds approximately 930 net 10,000-foot
equivalent well locations across 140,000 net acres in the
core of the oil-rich Montney fairway, directly adjacent to
our existing operations. The acquisition closed in February
2026 and is immediately accretive across all key financial
metrics, enhancing our returns, and extending our future
oil inventory runway in a core area. Subsequently, we
announced an agreement to divest our Anadarko Basin
assets, a transaction expected to significantly accelerate
deleveraging, strengthen resilience, and enhance our ability
to return greater Free Cash Flow to shareholders.
Since 2023, we have expanded our Permian and Montney
drilling inventory by more than 3,200 drilling locations
at an average cost of less than $1.5 million per net
10,000-foot location. This level of inventory expansion is
unmatched among our peers and positions our Company
with one of the most valuable portfolios in the industry.
Combined with our proven execution capability, this
portfolio enables us to generate superior returns and
durable Free Cash Flow for years to come.
Ovintiv Inc.
In 2025, we advanced our safety culture by embedding
key programs and processes into daily workflows across
the organization. These initiatives, developed and refined
in recent years, are shaping behaviors both in the field
and in the office. We believe that leading with safety and
looking out for one another strengthens our corporate
culture and drives improved business performance.
EXECUTION EXCELLENCE
Operational excellence remained a hallmark of our
performance in 2025. We surpassed our original
production guidance by 10 MBOE/d and achieved this
outperformance with approximately $50 million less
capital than planned. For the third year in a row, we
beat our production and per-unit cost targets. These
efficiencies carried through to profitability, where we
generated over $1.6 billion of non-GAAP Free Cash Flow,
nearly matching the prior year despite a materially lower
oil price environment.
This success reflects our disciplined execution and culture
of innovation. Leveraging advanced digital workflows
and artificial intelligence, we continue to push the
envelope on lateral length, well design, and drilling and
completion speeds   reducing cycle times and driving
down well costs. The improved efficiency gains across our
operations coupled with our cube development approach
and re-occupation strategy, position us to maximize both
returns and resource recovery.
2025 Annual Report | i

2025
Highlights
Substantial Free Cash Flow
~$1.6 B
Non-GAAP Free Cash Flow Generation
Continued
Shareholder Returns
>$600 MM
Via Base Dividends and
Share Buybacks
2026 OUTLOOK
I am excited for the year ahead. Following the divestiture of
our Anadarko assets, we will complete our multi-year portfolio
transformation, creating a Permian-Montney powerhouse with
one of the most valuable premium inventory positions in our
industry. Coupled with our industry-leading capital efficiency
and strong culture of innovation, we are uniquely positioned to
deliver superior and durable returns to our shareholders.
As we look ahead to 2026, our execution will be guided by the
following priorities:

Work safely always

Execute a disciplined program focused on maximizing
returns and free cash generation

Safely and efficiently integrate the NuVista assets into
our existing operations

Close the Anadarko disposition, achieve our debt target
and unveil an enhanced shareholder return framework

Continue our steadfast commitment to be a responsible
producer of the oil and gas that fuels the world
615 MBOE/d
Finally, on behalf of Ovintiv and our Board, I want to express
my deepest gratitude to Peter Dea as he retires from his role
as Chairman effective May 6, 2026. Peter   s leadership and
unwavering guidance over the years have been instrumental
in shaping our strategy and strengthening our governance. His
commitment to our shareholders and steady counsel has left
an enduring mark on our Company and our industry. We thank
Peter for his extraordinary service and wish him the very best in
the years ahead.
Value Accretive
Montney Acquisition
We are also pleased to welcome Steve Nance as our incoming
Board Chair. Steve has been an integral member of our Board
for over seven years, and his proven leadership, broad industry
experience, and strong commitment to corporate governance
will provide continuity and help guide Ovintiv   s ongoing success.
930
We appreciate your continued support and investment in Ovintiv.
Total Net Well Locations
Sincerely,
From the Acquisition of
NuVista Energy
Brendan McCracken
2030 GHG Emissions
Intensity Reduction Target
President & Chief Executive Officer
Significant Production Scale
>85% Achieved
At Year-End 2025
(benchmarked against 2019 results)
ii | 2025 Annual Report
Ovintiv Inc.


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