EX-99.2

EX-99.2 3 ovv-ex99_2.htm EX-99.2 EX-99.2

Exhibit 99.2

Ovintiv Inc.

Selected Financial Information

(unaudited)

For the year ended December 31, 2024

U.S. Dollar / U.S. Protocol

Consolidated Statement of Earnings (unaudited)


For the years ended December 31 (US$ millions, except per share amounts)	2024			2023			2022

Revenues
Product and service revenues (1)	$	7,358		$	7,812		$	10,183
Sales of purchased product (1)		1,585			2,849			4,080
Gains (losses) on risk management, net		135			151			(1,867	)
Sublease revenues		74			71			68
Total Revenues		9,152			10,883			12,464

Operating Expenses
Production, mineral and other taxes		333			342			415
Transportation and processing		1,639			1,766			1,786
Operating		931			859			802
Purchased product		1,546			2,815			4,055
Depreciation, depletion and amortization		2,290			1,825			1,113
Impairments		450			-			-
Accretion of asset retirement obligation		19			19			18
Administrative		365			393			422
Total Operating Expenses		7,573			8,019			8,611
Operating Income (Loss)		1,579			2,864			3,853

Other (Income) Expenses
Interest		412			355			311
Foreign exchange (gain) loss, net		(19	)		19			15
Other (gains) losses, net		(165	)		(20	)		(33	)
Total Other (Income) Expenses		228			354			293
Net Earnings (Loss) Before Income Tax		1,351			2,510			3,560
Income tax expense (recovery)		226			425			(77	)
Net Earnings (Loss)	$	1,125		$	2,085		$	3,637

Net Earnings (Loss) per Share of Common Stock
Basic	$	4.25		$	8.02		$	14.34
Diluted		4.21			7.90			14.08
Weighted Average Shares of Common Stock Outstanding (millions)
Basic		264.6			259.9			253.6
Diluted		267.4			263.9			258.4

(1)

See Note 2 of the audited Consolidated Financial Statements included in Item 8 of Ovintiv’s 2024 Annual Report on Form 10-K regarding the reclassification of the Company’s previously reported Market Optimization segment.

Consolidated Statement of Comprehensive Income (unaudited)


For the years ended December 31 (US$ millions)	2024			2023			2022

Net Earnings (Loss)	$	1,125		$	2,085		$	3,637
Other Comprehensive Income (Loss), Net of Tax
Foreign currency translation adjustment		(269	)		63			(107	)
Pension and other post-employment benefit plans		(4	)		(4	)		6
Other Comprehensive Income (Loss)		(273	)		59			(101	)
Comprehensive Income (Loss)	$	852		$	2,144		$	3,536


Ovintiv Inc.	1	Selected Financial Information

Consolidated Balance Sheet (unaudited)


	As at			As at
	December 31,			December 31,
(US$ millions)	2024			2023

Assets
Current Assets
Cash and cash equivalents	$	42		$	3
Accounts receivable and accrued revenues (net of allowances
of $5 million (2023: $5 million))		1,183			1,442
Risk management		108			214
Income tax receivable		36			17
		1,369			1,676
Property, Plant and Equipment, at cost:
Oil and natural gas properties, based on full cost accounting
Proved properties		66,009			64,084
Unproved properties		764			1,486
Other		865			907
Property, plant and equipment		67,638			66,477
Less: Accumulated depreciation, depletion and amortization		(53,274	)		(51,837	)
Property, plant and equipment, net		14,364			14,640
Other Assets		965			1,015
Risk Management		-			4
Deferred Income Taxes		10			53
Goodwill		2,546			2,599
	$	19,254		$	19,987

Liabilities and Shareholders’ Equity
Current Liabilities
Accounts payable and accrued liabilities	$	1,883		$	2,209
Current portion of operating lease liabilities		82			87
Income tax payable		9			232
Risk management		107			-
Current portion of long-term debt		600			284
		2,681			2,812
Long-Term Debt		4,853			5,453
Operating Lease Liabilities		737			832
Other Liabilities and Provisions		114			132
Risk Management		21			2
Asset Retirement Obligation		315			276
Deferred Income Taxes		202			110
		8,923			9,617

Shareholders’ Equity
Share capital - authorized 775 million shares of stock
2024 issued and outstanding: 260.4 million shares (2023: 271.7 million shares)		3			3
Paid in surplus		8,045			8,620
Retained earnings		1,506			697
Accumulated other comprehensive income		777			1,050
Total Shareholders’ Equity		10,331			10,370
	$	19,254		$	19,987


Ovintiv Inc.	2	Selected Financial Information

Consolidated Statement of Cash Flows (unaudited)


For the years ended December 31 (US$ millions)	2024			2023			2022

Operating Activities
Net earnings (loss)	$	1,125		$	2,085		$	3,637
Depreciation, depletion and amortization		2,290			1,825			1,113
Impairments		450			-			-
Accretion of asset retirement obligation		19			19			18
Deferred income taxes		144			144			(87	)
Unrealized (gain) loss on risk management		136			(194	)		(741	)
Unrealized foreign exchange (gain) loss		35			(6	)		14
Foreign exchange (gain) loss on settlements		(42	)		6			8
Other		(115	)		20			148
Net change in other assets and liabilities		(74	)		(62	)		(57	)
Net change in non-cash working capital		(247	)		330			(187	)
Cash From (Used in) Operating Activities		3,721			4,167			3,866

Investing Activities
Capital expenditures		(2,303	)		(2,744	)		(1,831	)
Acquisitions		(205	)		(277	)		(286	)
Corporate acquisition, net of cash acquired		12			(3,225	)		-
Proceeds from divestitures		163			772			228
Net change in investments and other		(124	)		(45	)		103
Cash From (Used in) Investing Activities		(2,457	)		(5,519	)		(1,786	)

Financing Activities
Net issuance (repayment) of revolving debt		(284	)		(109	)		393
Issuance of long-term debt		-			2,278			-
Repayment of long-term debt		-			-			(1,634	)
Purchase of shares of common stock		(597	)		(426	)		(719	)
Dividends on shares of common stock		(316	)		(307	)		(239	)
Finance lease payments and other		(34	)		(77	)		(69	)
Cash From (Used in) Financing Activities		(1,231	)		1,359			(2,268	)

Foreign Exchange Gain (Loss) on Cash, Cash Equivalents
and Restricted Cash Held in Foreign Currency		6			(9	)		(2	)

Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash		39			(2	)		(190	)
Cash, Cash Equivalents and Restricted Cash, Beginning of Year		3			5			195
Cash, Cash Equivalents and Restricted Cash, End of Year	$	42		$	3		$	5

Cash, End of Year	$	4		$	3		$	5
Cash Equivalents, End of Year		38			-			-
Restricted Cash, End of Year		-			-			-
Cash, Cash Equivalents and Restricted Cash, End of Year	$	42		$	3		$	5


Ovintiv Inc.	3	Selected Financial Information

Ovintiv Inc.

Supplemental Information

(unaudited)

For the year ended December 31, 2024

U.S. Dollar / U.S. Protocol

Fourth quarter report

for the year ended December 31, 2024

Supplemental Financial Information (unaudited)

Financial Results


		2024															2023
(US$ millions, unless otherwise specified)		Year			Q4			Q3			Q2			Q1			Year			Q4			Q3			Q2			Q1

Net Earnings (Loss)			1,125			(60	)		507			340			338			2,085			856			406			336			487

	Per share - basic (1)		4.25			(0.23	)		1.93			1.28			1.25			8.02			3.14			1.48			1.35			1.99
	Per share - diluted (1)		4.21			(0.23	)		1.92			1.27			1.24			7.90			3.11			1.47			1.34			1.97

Non-GAAP Adjusted Earnings (2)			1,560			351			489			331			389			1,810			647			481			232			450

	Per share - basic (1)		5.90			1.35			1.87			1.24			1.44			6.96			2.38			1.76			0.93			1.84
	Per share - diluted (1)		5.83			1.35			1.85			1.23			1.43			6.86			2.35			1.74			0.93			1.82

Non-GAAP Cash Flow (3)			4,042			1,004			978			1,025			1,035			3,899			1,237			1,112			699			851

	Per share - basic (1)		15.28			3.86			3.73			3.85			3.84			15.00			4.54			4.06			2.80			3.48
	Per share - diluted (1)		15.12			3.86			3.70			3.82			3.80			14.77			4.49			4.02			2.79			3.44

Foreign Exchange Rates (C$ per US$1)
	Average		1.370			1.398			1.364			1.368			1.349			1.350			1.362			1.341			1.343			1.353
	Period end		1.439			1.439			1.350			1.369			1.355			1.323			1.323			1.352			1.324			1.353

Non-GAAP Adjusted Earnings Summary

Net Earnings (Loss) Before Income Tax			1,351			(101	)		558			466			428			2,510			1,067			393			437			613
Before-tax (Addition) Deduction:
	Unrealized gain (loss) on risk management		(136	)		(75	)		31			8			(100	)		194			326			(292	)		142			18
	Impairments		(450	)		(450	)		-			-			-			-			-			-			-			-
	Non-operating foreign exchange gain (loss)		6			(14	)		(16	)		11			25			(2	)		(9	)		17			(15	)		5
Adjusted Earnings (Loss) Before Income Tax			1,931			438			543			447			503			2,318			750			668			310			590
	Income tax expense (recovery) (4)		371			87			54			116			114			508			103			187			78			140

Non-GAAP Adjusted Earnings (2)			1,560			351			489			331			389			1,810			647			481			232			450

Non-GAAP Cash Flow Summary

Cash From (Used in) Operating Activities			3,721			1,020			1,022			1,020			659			4,167			1,362			906			831			1,068
(Add back) Deduct:
	Net change in other assets and liabilities		(74	)		(39	)		19			(42	)		(12	)		(62	)		(31	)		(14	)		(12	)		(5	)
	Net change in non-cash working capital		(247	)		55			25			37			(364	)		330			156			(192	)		144			222

Non-GAAP Cash Flow (3)			4,042			1,004			978			1,025			1,035			3,899			1,237			1,112			699			851

(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:


		2024										2023
(millions)		Year		Q4		Q3		Q2		Q1		Year		Q4		Q3		Q2		Q1

Weighted Average Shares of Common Stock Outstanding

	Basic		264.6		260.3		262.1		266.2		269.7		259.9		272.3		273.7		249.4		244.3

	Diluted		267.4		260.3		264.0		268.1		272.3		263.9		275.4		276.3		250.8		247.7

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

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

(4) Calculated using the applicable U.S. federal and state statutory income tax rate of 21.75 percent and the applicable Canadian federal and provincial statutory income tax rate of 23.7 percent (2023 - 23.0 percent and 23.7 percent, respectively).

Financial Metrics

     
    Year

    Year

    Debt to Capitalization

    35%

    36%

    Debt to Adjusted Capitalization (1)

    23%

    24%

    Debt to EBITDA (1)

    1.3x

    1.2x

    Debt to Adjusted EBITDA (1)

    1.2x

    1.3x

(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$)

Fourth quarter report

for the year ended December 31, 2024

Supplemental Operating Information (unaudited)

Production Volumes by Product


				2024										2023
(average)		% of Oil & NGLs		Year		Q4		Q3		Q2		Q1		Year		Q4		Q3		Q2		Q1

	Oil (Mbbls/d)		56		168.3		167.1		168.4		167.3		170.4		158.9		194.1		170.9		142.4		127.3
	NGLs - Plant Condensate (Mbbls/d)		14		42.9		42.6		44.0		44.6		40.5		42.9		46.1		43.3		43.5		38.7
Oil & Plant Condensate (Mbbls/d)			70		211.2		209.7		212.4		211.9		210.9		201.8		240.2		214.2		185.9		166.0
	Butane (Mbbls/d)		7		21.2		21.5		21.6		21.3		20.6		21.1		21.7		20.4		23.2		19.1
	Propane (Mbbls/d)		11		34.7		34.5		35.0		35.3		34.0		33.7		35.2		33.2		34.9		31.3
	Ethane (Mbbls/d)		12		34.9		34.1		36.0		35.4		33.8		35.4		34.0		33.1		38.7		35.8
NGLs - Other (Mbbls/d)			30		90.8		90.1		92.6		92.0		88.4		90.2		90.9		86.7		96.8		86.2
Oil & NGLs (Mbbls/d)			100		302.0		299.8		305.0		303.9		299.3		292.0		331.1		300.9		282.7		252.2

Natural Gas (MMcf/d)					1,698		1,680		1,725		1,740		1,648		1,642		1,645		1,625		1,743		1,555

Total (MBOE/d)					585.0		579.9		592.6		593.8		573.8		565.6		605.2		571.8		573.0		511.4

Production Volumes by Segment


		2024										2023
(average)		Year		Q4		Q3		Q2		Q1		Year		Q4		Q3		Q2		Q1

Oil (Mbbls/d)
	USA Operations		167.9		166.6		168.0		166.8		170.2		158.8		194.0		170.8		142.4		127.2
	Canadian Operations		0.4		0.5		0.4		0.5		0.2		0.1		0.1		0.1		-		0.1
			168.3		167.1		168.4		167.3		170.4		158.9		194.1		170.9		142.4		127.3

NGLs - Plant Condensate (Mbbls/d)
	USA Operations		11.2		11.6		11.7		10.9		10.6		10.9		11.3		11.2		10.5		10.6
	Canadian Operations		31.7		31.0		32.3		33.7		29.9		32.0		34.8		32.1		33.0		28.1
			42.9		42.6		44.0		44.6		40.5		42.9		46.1		43.3		43.5		38.7

Oil & Plant Condensate (Mbbls/d)
	USA Operations		179.1		178.2		179.7		177.7		180.8		169.7		205.3		182.0		152.9		137.8
	Canadian Operations		32.1		31.5		32.7		34.2		30.1		32.1		34.9		32.2		33.0		28.2
			211.2		209.7		212.4		211.9		210.9		201.8		240.2		214.2		185.9		166.0

NGLs - Other (Mbbls/d)
	USA Operations		75.8		75.1		77.7		75.7		74.6		74.6		74.6		71.8		78.1		73.7
	Canadian Operations		15.0		15.0		14.9		16.3		13.8		15.6		16.3		14.9		18.7		12.5
			90.8		90.1		92.6		92.0		88.4		90.2		90.9		86.7		96.8		86.2

NGLs - Total (Mbbls/d)
	USA Operations		87.0		86.7		89.4		86.6		85.2		85.5		85.9		83.0		88.6		84.3
	Canadian Operations		46.7		46.0		47.2		50.0		43.7		47.6		51.1		47.0		51.7		40.6
			133.7		132.7		136.6		136.6		128.9		133.1		137.0		130.0		140.3		124.9

Oil & NGLs (Mbbls/d)
	USA Operations		254.9		253.3		257.4		253.4		255.4		244.3		279.9		253.8		231.0		211.5
	Canadian Operations		47.1		46.5		47.6		50.5		43.9		47.7		51.2		47.1		51.7		40.7
			302.0		299.8		305.0		303.9		299.3		292.0		331.1		300.9		282.7		252.2

Natural Gas (MMcf/d)
	USA Operations		537		548		543		531		526		517		524		508		530		507
	Canadian Operations		1,161		1,132		1,182		1,209		1,122		1,125		1,121		1,117		1,213		1,048
			1,698		1,680		1,725		1,740		1,648		1,642		1,645		1,625		1,743		1,555

Total (MBOE/d)
	USA Operations		344.4		344.7		348.0		341.9		343.0		330.4		367.1		338.5		319.2		296.1
	Canadian Operations		240.6		235.2		244.6		251.9		230.8		235.2		238.1		233.3		253.8		215.3
			585.0		579.9		592.6		593.8		573.8		565.6		605.2		571.8		573.0		511.4


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

Fourth quarter report

for the year ended December 31, 2024

Supplemental Financial & Operating Information (unaudited)

Results of Operations

Revenues and Realized Gains (Losses) on Risk Management


		2024														2023
(US$ millions)		Year			Q4			Q3		Q2			Q1			Year			Q4			Q3			Q2		Q1

USA Operations

Revenues, excluding Realized Gains (Losses) on Risk Management (1)
	Oil		4,549			1,041			1,135		1,192			1,181			4,444			1,376			1,270			947		851
	NGLs (2)		740			196			180		176			188			679			171			175			149		184
	Natural Gas		318			103			63		55			97			458			114			103			86		155
			5,607			1,340			1,378		1,423			1,466			5,581			1,661			1,548			1,182		1,190
Realized Gains (Losses) on Risk Management (3)
	Oil		(34	)		(1	)		-		(25	)		(8	)		(24	)		(5	)		(19	)		-		-
	NGLs (2)		4			-			2		1			1			-			-			-			-		-
	Natural Gas		145			21			42		51			31			33			11			15			5		2
			115			20			44		27			24			9			6			(4	)		5		2

Canadian Operations

Revenues, excluding Realized Gains (Losses) on Risk Management (1)
	Oil		10			2			3		4			1			3			1			2			-		-
	NGLs (2)		992			238			249		271			234			1,029			286			260			246		237
	Natural Gas		741			214			142		150			235			1,191			268			245			223		455
			1,743			454			394		425			470			2,223			555			507			469		692
Realized Gains (Losses) on Risk Management (3)
	Oil		-			-			-		-			-			-			-			-			-		-
	NGLs (2)		(1	)		(1	)		-		-			-			1			1			-			-		-
	Natural Gas		153			40			53		38			22			(54	)		11			13			-		(78	)
			152			39			53		38			22			(53	)		12			13			-		(78	)

(1) Excludes other revenues with no associated production volumes. Additionally, intercompany marketing fees formerly transacted between operating segments are excluded as a result of the Company’s reclassification of its previously reported Market Optimization segment. See Note 2 of the audited Consolidated Financial Statements included in Item 8 of Ovintiv’s 2024 Annual Report on Form 10-K for additional information regarding this reclassification.

(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	Supplemental Information (prepared in US$)

Fourth quarter report

for the year ended December 31, 2024

Supplemental Financial & Operating Information (unaudited)

Results of Operations (continued)

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


		2024										2023
(US$/BOE)		Year		Q4		Q3		Q2		Q1		Year		Q4		Q3		Q2		Q1

Total USA Operations Netback
	Price		44.39		42.20		42.97		45.61		46.85		46.15		49.03		49.62		40.56		44.52
	Production, mineral and other taxes		2.53		2.27		2.55		2.74		2.56		2.71		2.65		2.71		2.49		3.01
	Transportation and processing		4.04		4.03		4.02		4.05		4.07		4.54		3.80		3.98		5.10		5.51
	Operating		6.34		6.02		6.02		6.58		6.77		6.15		5.85		6.66		5.73		6.39
	Netback		31.48		29.88		30.38		32.24		33.45		32.75		36.73		36.27		27.24		29.61

Total Canadian Operations Netback
	Price		19.67		20.84		17.39		18.40		22.30		25.76		25.21		23.46		20.26		35.50
	Production, mineral and other taxes		0.16		0.16		0.15		0.17		0.17		0.18		0.16		0.24		0.14		0.19
	Transportation and processing		11.85		12.09		12.00		11.37		11.96		12.29		11.65		12.36		11.57		13.80
	Operating		1.24		1.02		1.55		1.18		1.19		1.04		1.38		1.30		0.10		1.50
	Netback		6.42		7.57		3.69		5.68		8.98		12.25		12.02		9.56		8.45		20.01

Total Operations Netback
	Price		34.22		33.53		32.41		34.08		36.97		37.67		39.66		38.95		31.56		40.72
	Production, mineral and other taxes		1.56		1.41		1.56		1.65		1.60		1.66		1.67		1.70		1.43		1.83
	Transportation and processing		7.25		7.30		7.31		7.15		7.25		7.76		6.89		7.40		7.97		9.00
	Operating		4.24		3.99		4.17		4.29		4.52		4.03		4.09		4.48		3.23		4.33
	Netback		21.17		20.83		19.37		20.99		23.60		24.22		27.01		25.37		18.93		25.56

(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


		2024										2023
(US$/BOE)		Year		Q4		Q3		Q2		Q1		Year		Q4		Q3		Q2		Q1

Administrative Expense			1.71		2.16		1.33		1.41		1.95		1.91		1.57		1.53		3.23		1.25
Administrative Expense, Excluding Long-Term Incentive,
	Restructuring, Transaction and Legal Costs (1)		1.32		1.38		1.24		1.28		1.43		1.35		1.36		1.27		1.28		1.52

(1) Transaction costs refer primarily to costs incurred in 2023 to facilitate the Permian Acquisition as defined in Note 9 of the Consolidated Financial Statements included in Part II, Item 8 of Ovintiv’s Annual Report on Form 10-K.


Ovintiv Inc.	4	Supplemental Information (prepared in US$)

Fourth quarter report

for the year ended December 31, 2024

Supplemental Oil and Gas Operating Statistics (unaudited)

Operating Statistics

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


		2024										2023
(US$)		Year		Q4		Q3		Q2		Q1		Year		Q4		Q3		Q2		Q1

Oil Price ($/bbl)
	USA Operations		73.90		68.01		73.23		78.20		76.17		76.46		76.91		80.69		72.83		74.06
	Canadian Operations		70.38		65.05		71.07		74.86		72.34		81.59		75.10		100.64		-		71.44
	Total Operations		73.90		68.00		73.23		78.19		76.17		76.46		76.91		80.70		72.83		74.06

NGLs - Plant Condensate Price ($/bbl)
	USA Operations		57.83		57.34		56.73		59.43		57.97		58.53		57.24		59.96		55.09		61.84
	Canadian Operations		71.97		69.20		71.13		75.61		71.70		74.52		74.65		75.67		70.99		77.22
	Total Operations		68.28		65.97		67.30		71.66		68.10		70.46		70.38		71.61		67.14		73.01

Oil & Plant Condensate Price ($/bbl)
	USA Operations		72.90		67.31		72.16		77.05		75.10		75.31		75.83		79.42		71.61		73.12
	Canadian Operations		71.95		69.14		71.13		75.60		71.71		74.54		74.65		75.75		70.99		77.21
	Total Operations		72.75		67.59		72.00		76.82		74.62		75.19		75.66		78.86		71.50		73.81

NGLs - Other Price ($/bbl)
	USA Operations		18.02		19.51		16.44		16.84		19.35		16.27		16.21		16.91		13.43		18.73
	Canadian Operations		27.45		27.75		26.97		25.36		30.13		26.78		30.94		25.50		18.62		35.17
	Total Operations		19.57		20.88		18.13		18.35		21.03		18.09		18.85		18.39		14.43		21.11

NGLs - Total Price ($/bbl)
	USA Operations		23.15		24.57		21.73		22.20		24.16		21.66		21.61		22.72		18.39		24.14
	Canadian Operations		57.69		55.71		57.22		59.21		58.59		58.89		60.71		59.76		52.05		64.31
	Total Operations		35.21		35.35		33.99		35.74		35.82		34.98		36.20		36.11		30.78		37.19

Oil & NGLs Price ($/bbl)
	USA Operations		56.57		53.10		55.35		59.09		58.79		57.29		59.94		61.73		51.94		54.16
	Canadian Operations		57.80		55.81		57.34		59.35		58.65		58.93		60.75		59.84		52.06		64.32
	Total Operations		56.76		53.52		55.66		59.13		58.77		57.55		60.06		61.43		51.96		55.80

Natural Gas Price ($/Mcf)
	USA Operations		1.62		2.00		1.29		1.16		2.02		2.43		2.34		2.22		1.79		3.40
	Canadian Operations		1.73		2.04		1.29		1.36		2.30		2.89		2.58		2.38		2.02		4.80
	Total Operations		1.70		2.03		1.29		1.30		2.21		2.74		2.50		2.33		1.95		4.34

Total Price ($/BOE)
	USA Operations		44.39		42.20		42.97		45.61		46.85		46.15		49.03		49.62		40.56		44.52
	Canadian Operations		19.67		20.84		17.39		18.40		22.30		25.76		25.21		23.46		20.26		35.50
	Total Operations		34.22		33.53		32.41		34.08		36.97		37.67		39.66		38.95		31.56		40.72


Ovintiv Inc.	5	Supplemental Information (prepared in US$)

Fourth quarter report

for the year ended December 31, 2024

Supplemental Oil and Gas Operating Statistics (unaudited)

Operating Statistics (continued)

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


		2024														2023
(US$)		Year			Q4			Q3		Q2			Q1			Year			Q4			Q3			Q2		Q1

Oil ($/bbl)
	USA Operations		(0.55	)		(0.07	)		-		(1.62	)		(0.51	)		(0.40	)		(0.27	)		(1.18	)		-		-
	Canadian Operations		-			-			-		-			-			-			-			-			-		-
	Total Operations		(0.55	)		(0.07	)		-		(1.61	)		(0.51	)		(0.40	)		(0.27	)		(1.18	)		-		-

NGLs - Plant Condensate ($/bbl)
	USA Operations		-			-			-		-			-			-			-			-			-		-
	Canadian Operations		(0.05	)		(0.22	)		-		-			-			0.09			0.10			-			-		-
	Total Operations		(0.04	)		(0.16	)		-		-			-			0.05			0.08			-			-		-

Oil & Plant Condensate ($/bbl)
	USA Operations		(0.52	)		(0.06	)		-		(1.52	)		(0.48	)		(0.38	)		(0.25	)		(1.12	)		-		-
	Canadian Operations		-			-			-		-			-			-			-			-			-		-
	Total Operations		(0.44	)		(0.09	)		-		(1.27	)		(0.42	)		(0.31	)		(0.20	)		(0.92	)		-		-

NGLs - Other ($/bbl)
	USA Operations		0.15			-			0.24		0.15			0.15			-			-			-			-		-
	Canadian Operations		-			-			-		-			-			-			-			-			-		-
	Total Operations		0.13			-			0.20		0.12			0.13			-			-			-			-		-

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

Oil & NGLs ($/bbl)
	USA Operations		(0.32	)		(0.02	)		0.07		(1.02	)		(0.30	)		(0.27	)		(0.19	)		(0.80	)		-		-
	Canadian Operations		(0.04	)		(0.15	)		-		-			-			-			-			-			-		-
	Total Operations		(0.27	)		(0.04	)		0.06		(0.85	)		(0.26	)		(0.21	)		(0.14	)		(0.66	)		-		-

Natural Gas ($/Mcf)
	USA Operations		0.74			0.41			0.83		1.05			0.65			0.17			0.23			0.32			0.10		0.03
	Canadian Operations		0.36			0.38			0.48		0.35			0.22			(0.13	)		0.11			0.12			-		(0.82	)
	Total Operations		0.47			0.39			0.59		0.56			0.35			(0.03	)		0.15			0.18			0.03		(0.54	)

Total ($/BOE)
	USA Operations		0.91			0.64			1.35		0.87			0.77			0.07			0.18			(0.12	)		0.17		0.05
	Canadian Operations		1.73			1.83			2.32		1.69			1.03			(0.60	)		0.56			0.60			-		(3.97	)
	Total Operations		1.25			1.12			1.76		1.21			0.87			(0.21	)		0.33			0.17			0.10		(1.64	)


Ovintiv Inc.	6	Supplemental Information (prepared in US$)

Fourth quarter report

for the year ended December 31, 2024

Supplemental Oil and Gas Operating Statistics (unaudited)

Operating Statistics (continued)

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


		2024										2023
(US$)		Year		Q4		Q3		Q2		Q1		Year		Q4		Q3		Q2		Q1

Oil Price ($/bbl)
	USA Operations		73.35		67.94		73.23		76.58		75.66		76.06		76.64		79.51		72.83		74.06
	Canadian Operations		70.38		65.05		71.07		74.86		72.34		81.59		75.10		100.64		-		71.44
	Total Operations		73.35		67.93		73.23		76.58		75.66		76.06		76.64		79.52		72.83		74.06

NGLs - Plant Condensate Price ($/bbl)
	USA Operations		57.83		57.34		56.73		59.43		57.97		58.53		57.24		59.96		55.09		61.84
	Canadian Operations		71.92		68.98		71.13		75.61		71.70		74.61		74.75		75.67		70.99		77.22
	Total Operations		68.24		65.81		67.30		71.66		68.10		70.51		70.46		71.61		67.14		73.01

Oil & Plant Condensate Price ($/bbl)
	USA Operations		72.38		67.25		72.16		75.53		74.62		74.93		75.58		78.30		71.61		73.12
	Canadian Operations		71.95		69.14		71.13		75.60		71.71		74.54		74.65		75.75		70.99		77.21
	Total Operations		72.31		67.50		72.00		75.55		74.20		74.88		75.46		77.94		71.50		73.81

NGLs - Other Price ($/bbl)
	USA Operations		18.17		19.51		16.68		16.99		19.50		16.27		16.21		16.91		13.43		18.73
	Canadian Operations		27.45		27.75		26.97		25.36		30.13		26.78		30.94		25.50		18.62		35.17
	Total Operations		19.70		20.88		18.33		18.47		21.16		18.09		18.85		18.39		14.43		21.11

NGLs - Total Price ($/bbl)
	USA Operations		23.28		24.57		21.94		22.33		24.29		21.66		21.61		22.72		18.39		24.14
	Canadian Operations		57.65		55.56		57.22		59.21		58.59		58.89		60.71		59.76		52.05		64.31
	Total Operations		35.28		35.34		34.12		35.82		35.91		34.98		36.20		36.11		30.78		37.19

Oil & NGLs Price ($/bbl)
	USA Operations		56.25		53.08		55.42		58.07		58.49		57.02		59.75		60.93		51.94		54.16
	Canadian Operations		57.76		55.66		57.34		59.35		58.65		58.93		60.75		59.84		52.06		64.32
	Total Operations		56.49		53.48		55.72		58.28		58.51		57.34		59.92		60.77		51.96		55.80

Natural Gas Price ($/Mcf)
	USA Operations		2.36		2.41		2.12		2.21		2.67		2.60		2.57		2.54		1.89		3.43
	Canadian Operations		2.09		2.42		1.77		1.71		2.52		2.76		2.69		2.50		2.02		3.98
	Total Operations		2.17		2.42		1.88		1.86		2.56		2.71		2.65		2.51		1.98		3.80

Total Price ($/BOE)
	USA Operations		45.30		42.84		44.32		46.48		47.62		46.22		49.21		49.50		40.73		44.57
	Canadian Operations		21.40		22.67		19.71		20.09		23.33		25.16		25.77		24.06		20.26		31.53
	Total Operations		35.47		34.65		34.17		35.29		37.84		37.46		39.99		39.12		31.66		39.08

Total Netback ($/BOE)
	USA Operations		32.39		30.52		31.73		33.11		34.22		32.82		36.91		36.15		27.41		29.66
	Canadian Operations		8.15		9.40		6.01		7.37		10.01		11.65		12.58		10.16		8.45		16.04
	Total Operations		22.42		21.95		21.13		22.20		24.47		24.01		27.34		25.54		19.03		23.92


Ovintiv Inc.	7	Supplemental Information (prepared in US$)

Fourth quarter report

for the year ended December 31, 2024

Supplemental Oil and Gas Operating Statistics (unaudited)

Results by Play


		2024										2023
(average)		Year		Q4		Q3		Q2		Q1		Year		Q4		Q3		Q2		Q1

Oil Production (Mbbls/d)

USA Operations
	Permian		119.6		117.9		117.9		117.5		124.9		99.5		140.2		121.4		75.6		59.6
	Anadarko		21.9		21.1		21.0		21.2		24.4		30.6		26.8		30.2		32.4		33.1
	Uinta		26.2		27.5		28.9		27.7		20.8		19.1		26.8		18.9		17.8		12.8
	Other (1)		0.2		0.1		0.2		0.4		0.1		9.6		0.2		0.3		16.6		21.7
Total USA Operations			167.9		166.6		168.0		166.8		170.2		158.8		194.0		170.8		142.4		127.2

Canadian Operations
	Montney		0.4		0.5		0.4		0.5		0.2		0.1		0.1		0.1		-		0.1
	Other (1)		-		-		-		-		-		-		-		-		-		-
Total Canadian Operations			0.4		0.5		0.4		0.5		0.2		0.1		0.1		0.1		-		0.1


Total			168.3		167.1		168.4		167.3		170.4		158.9		194.1		170.9		142.4		127.3


NGLs - Plant Condensate Production (Mbbls/d)

USA Operations
	Permian		5.2		5.6		5.6		5.2		4.7		4.1		4.9		4.6		3.7		3.0
	Anadarko		5.6		5.5		5.6		5.5		5.6		5.9		6.0		6.1		5.6		5.8
	Uinta		0.4		0.5		0.5		0.2		0.3		0.3		0.4		0.4		0.2		0.2
	Other (1)		-		-		-		-		-		0.6		-		0.1		1.0		1.6
Total USA Operations			11.2		11.6		11.7		10.9		10.6		10.9		11.3		11.2		10.5		10.6

Canadian Operations
	Montney		31.6		30.9		32.2		33.6		29.8		32.0		34.8		32.1		33.0		28.1
	Other (1)		0.1		0.1		0.1		0.1		0.1		-		-		-		-		-
Total Canadian Operations			31.7		31.0		32.3		33.7		29.9		32.0		34.8		32.1		33.0		28.1


Total			42.9		42.6		44.0		44.6		40.5		42.9		46.1		43.3		43.5		38.7


Oil & Plant Condensate Production (Mbbls/d)

USA Operations
	Permian		124.8		123.5		123.5		122.7		129.6		103.6		145.1		126.0		79.3		62.6
	Anadarko		27.5		26.6		26.6		26.7		30.0		36.5		32.8		36.3		38.0		38.9
	Uinta		26.6		28.0		29.4		27.9		21.1		19.4		27.2		19.3		18.0		13.0
	Other (1)		0.2		0.1		0.2		0.4		0.1		10.2		0.2		0.4		17.6		23.3
Total USA Operations			179.1		178.2		179.7		177.7		180.8		169.7		205.3		182.0		152.9		137.8

Canadian Operations
	Montney		32.0		31.4		32.6		34.1		30.0		32.1		34.9		32.2		33.0		28.2
	Other (1)		0.1		0.1		0.1		0.1		0.1		-		-		-		-		-
Total Canadian Operations			32.1		31.5		32.7		34.2		30.1		32.1		34.9		32.2		33.0		28.2


Total			211.2		209.7		212.4		211.9		210.9		201.8		240.2		214.2		185.9		166.0

(1) Other Operations includes production volumes from plays that are not part of the Company’s current focus. Production volumes associated with Bakken were included in USA Other Operations until the asset was divested on June 12, 2023.


Ovintiv Inc.	8	Supplemental Information (prepared in US$)

Fourth quarter report

for the year ended December 31, 2024

Supplemental Oil and Gas Operating Statistics (unaudited)

Results by Play (continued)


		2024										2023
(average)		Year		Q4		Q3		Q2		Q1		Year		Q4		Q3		Q2		Q1

NGLs - Other Production (Mbbls/d)

USA Operations
	Permian		42.1		43.0		43.1		41.6		40.3		33.0		39.0		35.1		31.0		26.8
	Anadarko		31.9		29.6		32.5		32.8		32.9		36.3		33.7		35.2		37.8		38.5
	Uinta		1.7		2.4		2.0		1.2		1.3		1.2		1.8		1.2		1.1		0.7
	Other (1)		0.1		0.1		0.1		0.1		0.1		4.1		0.1		0.3		8.2		7.7
Total USA Operations			75.8		75.1		77.7		75.7		74.6		74.6		74.6		71.8		78.1		73.7

Canadian Operations
	Montney		15.0		15.0		14.9		16.3		13.8		15.6		16.3		14.9		18.7		12.5
	Other (1)		-		-		-		-		-		-		-		-		-		-
Total Canadian Operations			15.0		15.0		14.9		16.3		13.8		15.6		16.3		14.9		18.7		12.5


Total			90.8		90.1		92.6		92.0		88.4		90.2		90.9		86.7		96.8		86.2


NGLs - Total Production (Mbbls/d)

USA Operations
	Permian		47.3		48.6		48.7		46.8		45.0		37.1		43.9		39.7		34.7		29.8
	Anadarko		37.5		35.1		38.1		38.3		38.5		42.2		39.7		41.3		43.4		44.3
	Uinta		2.1		2.9		2.5		1.4		1.6		1.5		2.2		1.6		1.3		0.9
	Other (1)		0.1		0.1		0.1		0.1		0.1		4.7		0.1		0.4		9.2		9.3
Total USA Operations			87.0		86.7		89.4		86.6		85.2		85.5		85.9		83.0		88.6		84.3

Canadian Operations
	Montney		46.6		45.9		47.1		49.9		43.6		47.6		51.1		47.0		51.7		40.6
	Other (1)		0.1		0.1		0.1		0.1		0.1		-		-		-		-		-
Total Canadian Operations			46.7		46.0		47.2		50.0		43.7		47.6		51.1		47.0		51.7		40.6


Total			133.7		132.7		136.6		136.6		128.9		133.1		137.0		130.0		140.3		124.9


Oil & NGLs Production (Mbbls/d)

USA Operations
	Permian		166.9		166.5		166.6		164.3		169.9		136.6		184.1		161.1		110.3		89.4
	Anadarko		59.4		56.2		59.1		59.5		62.9		72.8		66.5		71.5		75.8		77.4
	Uinta		28.3		30.4		31.4		29.1		22.4		20.6		29.0		20.5		19.1		13.7
	Other (1)		0.3		0.2		0.3		0.5		0.2		14.3		0.3		0.7		25.8		31.0
Total USA Operations			254.9		253.3		257.4		253.4		255.4		244.3		279.9		253.8		231.0		211.5

Canadian Operations
	Montney		47.0		46.4		47.5		50.4		43.8		47.7		51.2		47.1		51.7		40.7
	Other (1)		0.1		0.1		0.1		0.1		0.1		-		-		-		-		-
Total Canadian Operations			47.1		46.5		47.6		50.5		43.9		47.7		51.2		47.1		51.7		40.7


Total			302.0		299.8		305.0		303.9		299.3		292.0		331.1		300.9		282.7		252.2


Ovintiv Inc.	9	Supplemental Information (prepared in US$)

Fourth quarter report

for the year ended December 31, 2024

Supplemental Oil and Gas Operating Statistics (unaudited)

Results by Play (continued)


		2024										2023
(average)		Year		Q4		Q3		Q2		Q1		Year		Q4		Q3		Q2		Q1

Natural Gas Production (MMcf/d)

USA Operations
	Permian		236		248		243		232		220		185		213		195		171		158
	Anadarko		265		260		264		269		267		283		277		285		289		281
	Uinta		33		37		33		26		36		22		30		24		20		15
	Other (1)		3		3		3		4		3		27		4		4		50		53
Total USA Operations			537		548		543		531		526		517		524		508		530		507

Canadian Operations
	Montney		1,152		1,131		1,182		1,203		1,093		1,095		1,094		1,092		1,177		1,017
	Other (1)		9		1		-		6		29		30		27		25		36		31
Total Canadian Operations			1,161		1,132		1,182		1,209		1,122		1,125		1,121		1,117		1,213		1,048


Total			1,698		1,680		1,725		1,740		1,648		1,642		1,645		1,625		1,743		1,555


Total Production (MBOE/d)

USA Operations
	Permian		206.1		207.8		207.3		203.0		206.3		167.3		219.5		193.9		138.9		115.8
	Anadarko		103.6		99.6		103.1		104.4		107.5		119.9		112.8		119.0		124.0		124.2
	Uinta		33.8		36.5		36.8		33.4		28.4		24.3		33.9		24.4		22.4		16.3
	Other (1)		0.9		0.8		0.8		1.1		0.8		18.9		0.9		1.2		33.9		39.8
Total USA Operations			344.4		344.7		348.0		341.9		343.0		330.4		367.1		338.5		319.2		296.1

Canadian Operations
	Montney		239.0		235.0		244.5		250.8		225.8		230.2		233.6		229.1		247.8		210.1
	Other (1)		1.6		0.2		0.1		1.1		5.0		5.0		4.5		4.2		6.0		5.2
Total Canadian Operations			240.6		235.2		244.6		251.9		230.8		235.2		238.1		233.3		253.8		215.3


Total			585.0		579.9		592.6		593.8		573.8		565.6		605.2		571.8		573.0		511.4


Ovintiv Inc.	10	Supplemental Information (prepared in US$)

Fourth quarter report

for the year ended December 31, 2024

Supplemental Oil and Gas Operating Statistics (unaudited)

Results by Play (continued)


		2024												2023
(US$ millions)		Year			Q4			Q3		Q2		Q1		Year			Q4			Q3		Q2			Q1

Capital Expenditures, Excluding Capitalized Internal Costs

USA Operations
	Permian		1,336			347			350		361		278		1,360			335			524		295			206
	Anadarko		108			28			51		23		6		180			24			3		55			98
	Uinta		283			40			19		88		136		396			123			136		76			61
	Other (1)		7			4			3		-		-		112			-			3		43			66
Total USA Operations			1,734			419			423		472		420		2,048			482			666		469			431

Canadian Operations
	Montney		408			95			79		108		126		544			127			130		152			135
	Other (1)		(2	)		(2	)		-		-		-		(2	)		-			-		-			(2	)
Total Canadian Operations			406			93			79		108		126		542			127			130		152			133

Total Capital Expenditures, Excluding Capitalized Internal Costs			2,140			512			502		580		546		2,590			609			796		621			564

Capitalized Directly Attributable Internal Costs

USA Operations
	Permian		96			23			24		23		26		83			29			16		19			19
	Anadarko		10			1			3		3		3		21			5			5		4			7
	Uinta		27			6			7		6		8		31			9			8		7			7
	Other (1)		1			1			-		-		-		6			-			-		3			3
Total USA Operations			134			31			34		32		37		141			43			29		33			36

Canadian Operations
	Montney		22			5			1		9		7		6			6			6		(15	)		9
	Other (1)		-			-			-		-		-		1			1			-		-			-
Total Canadian Operations			22			5			1		9		7		7			7			6		(15	)		9

Total Capitalized Directly Attributable Internal Costs			156			36			35		41		44		148			50			35		18			45

Total Capital Expenditures

USA Operations
	Permian		1,432			370			374		384		304		1,443			364			540		314			225
	Anadarko		118			29			54		26		9		201			29			8		59			105
	Uinta		310			46			26		94		144		427			132			144		83			68
	Other (1)		8			5			3		-		-		118			-			3		46			69
Total USA Operations			1,868			450			457		504		457		2,189			525			695		502			467

Canadian Operations
	Montney		430			100			80		117		133		550			133			136		137			144
	Other (1)		(2	)		(2	)		-		-		-		(1	)		1			-		-			(2	)
Total Canadian Operations			428			98			80		117		133		549			134			136		137			142

Corporate & Other			7			4			1		1		1		6			1			3		1			1
Total Capital Expenditures			2,303			552			538		622		591		2,744			660			834		640			610
Net Acquisitions & (Divestitures)			198			3			4		3		188		(495	)		(27	)		47		(702	)		187
Net Capital Investment			2,501			555			542		625		779		2,249			633			881		(62	)		797

(1) Other Operations includes capital expenditures in plays that are not part of the Company’s current focus. Capital expenditures associated with Bakken were included in USA Other Operations until the asset was divested on June 12, 2023.


Ovintiv Inc.	11	Supplemental Information (prepared in US$)

Fourth quarter report

for the year ended December 31, 2024

Supplemental Oil and Gas Operating Statistics (unaudited)

Results by Play (continued)


		2024										2023
		Year		Q4		Q3		Q2		Q1		Year		Q4		Q3		Q2		Q1

Drilling Activity (net wells drilled)

USA Operations
	Permian		167		40		50		45		32		113		25		45		26		17
	Anadarko		17		4		7		6		-		11		-		2		2		7
	Uinta		20		4		-		1		15		33		12		10		8		3
	Other (1)		-		-		-		-		-		11		-		-		6		5
Total USA Operations			204		48		57		52		47		168		37		57		42		32

Canadian Operations
	Montney		64		18		12		13		21		96		28		19		23		26
Total Canadian Operations			64		18		12		13		21		96		28		19		23		26


Total			268		66		69		65		68		264		65		76		65		58

Completions Activity (net wells on production)

USA Operations
	Permian		135		42		32		40		21		184		60		83		27		14
	Anadarko		9		-		9		-		-		25		4		1		7		13
	Uinta		27		-		11		7		9		21		8		10		3		-
	Other (1)		-		-		-		-		-		16		-		-		8		8
Total USA Operations			171		42		52		47		30		246		72		94		45		35

Canadian Operations
	Montney		68		13		11		33		11		77		15		22		29		11
Total Canadian Operations			68		13		11		33		11		77		15		22		29		11


Total			239		55		63		80		41		323		87		116		74		46

(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 Bakken were included in USA Other Operations until the asset was divested on June 12, 2023.


Ovintiv Inc.	12	Supplemental Information (prepared in US$)

Ovintiv Inc.

Non-GAAP Definitions and Reconciliations

(unaudited)

For the year ended December 31, 2024

U.S. Dollar / U.S. Protocol

For the year ended December 31, 2024

(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 2024				YTD 2024

Cash From (Used in) Operating Activities		$		1,020		$		3,721
Deduct (Add back):
	Net change in other assets and liabilities			(39	)			(74	)
	Net change in non-cash working capital			55				(247	)
Non-GAAP Cash Flow		$		1,004		$		4,042

Per Share - Basic		$		3.86		$		15.28
Per Share - Diluted				3.86				15.12

Non-GAAP Free Cash Flow

Non-GAAP Cash Flow		$		1,004		$		4,042
Deduct:
	Capital expenditures			552				2,303
Non-GAAP Free Cash Flow		$		452		$		1,739

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 2024				YTD 2024

Net Earnings (Loss) Before Income Tax		$		(101	)	$		1,351
Before-tax (Addition) Deduction:
	Unrealized gain (loss) on risk management			(75	)			(136	)
	Impairments			(450	)			(450	)
	Non-operating foreign exchange gain (loss)			(14	)			6
Adjusted Earnings (Loss) Before Income Tax				438				1,931
	Income tax expense (recovery)			87				371
Non-GAAP Adjusted Earnings		$		351		$		1,560

Per Share - Basic		$		1.35		$		5.90
Per Share - Diluted				1.35				5.83


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 2024

Long-Term Debt, Including Current Portion	$		5,453
Total Shareholders’ Equity			10,331
Capitalization	$		15,784

Debt to Capitalization		35%

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 2024

Long-Term Debt, Including Current Portion	$		5,453
Total Shareholders’ Equity			10,331
Equity Adjustment for Impairments at December 31, 2011			7,746
Adjusted Capitalization	$		23,530

Debt to Adjusted Capitalization		23%

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


			Q1 2024			Q2 2024			Q3 2024			Q4 2024				YTD 2024

Long-Term Debt, Including Current Portion															$		5,453

Net Earnings (Loss)		$		338	$		340	$		507	$		(60	)	$		1,125
Add back (deduct):
	Depreciation, depletion and amortization			566			580			599			545				2,290
	Interest			98			105			103			106				412
	Income tax expense (recovery)			90			126			51			(41	)			226
EBITDA		$		1,092	$		1,151	$		1,260	$		550		$		4,053

Debt to EBITDA (times)																	1.3


			Q1 2024				Q2 2024				Q3 2024				Q4 2024				YTD 2024

Long-Term Debt, Including Current Portion																		$		5,453

Net Earnings (Loss)		$		338		$		340		$		507		$		(60	)	$		1,125
Add back (deduct):
	Depreciation, depletion and amortization			566				580				599				545				2,290
	Impairments			-				-				-				450				450
	Accretion of asset retirement obligation			5				4				5				5				19
	Interest			98				105				103				106				412
	Unrealized (gains) losses on risk management			100				(8	)			(31	)			75				136
	Foreign exchange (gain) loss, net			(28	)			(10	)			17				2				(19	)
	Other (gains) losses, net			(4	)			(5	)			(151	)			(5	)			(165	)
	Income tax expense (recovery)			90				126				51				(41	)			226
Adjusted EBITDA		$		1,165		$		1,132		$		1,100		$		1,077		$		4,474

Debt to Adjusted EBITDA (times)																				1.2


Ovintiv Inc.	2	Non-GAAP Definitions and Reconciliations

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


Net Debt			YTD 2024

Long-Term Debt, Including Current Portion		$		5,453
Less:
	Cash and cash equivalents			42
Net Debt		$		5,411

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

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

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

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, on an annualized basis.


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, upstream transportation and processing expense and upstream operating expense.


Selected Financial Data (1)

			2024										2023
(US$ millions)			Year		Q4		Q3		Q2		Q1		Year		Q4		Q3		Q2		Q1
USA Operations
	Upstream Product Revenue (2,3)			5,607		1,340		1,378		1,423		1,466		5,581		1,661		1,548		1,182		1,190
	Production, mineral and other taxes			319		72		82		85		80		327		90		84		73		80
	Transportation and processing			510		128		129		126		127		547		128		124		148		147
	Operating (4)			799		190		193		205		211		743		198		208		167		170
				3,979		950		974		1,007		1,048		3,964		1,245		1,132		794		793
Canadian Operations
	Upstream Product Revenue (2,3)			1,743		454		394		425		470		2,223		555		507		469		692
	Production, mineral and other taxes			14		3		4		4		3		15		3		5		3		4
	Transportation and processing			1,043		262		270		260		251		1,056		256		265		268		267
	Operating (4)			109		22		36		26		25		88		29		28		2		29
				577		167		84		135		191		1,064		267		209		196		392
Total Operations
	Upstream Product Revenue (2,3)			7,350		1,794		1,772		1,848		1,936		7,804		2,216		2,055		1,651		1,882
	Production, mineral and other taxes			333		75		86		89		83		342		93		89		76		84
	Transportation and processing			1,553		390		399		386		378		1,603		384		389		416		414
	Operating (4)			908		212		229		231		236		831		227		236		169		199
				4,556		1,117		1,058		1,142		1,239		5,028		1,512		1,341		990		1,185

(1)		Segmented financial information per the notes to Ovintiv's financial statements and/or management's discussion and analysis. See Note 2 of the audited Consolidated Financial Statements included in Item 8 of Ovintiv's 2024 Annual Report on Form 10-K for information regarding the reclassification of the Company's previously reported Market Optimization segment.
(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.
(4)		Excludes other operating expenses with no associated production volumes.

Sales Volumes (1)

			2024										2023
(BOE)			Year		Q4		Q3		Q2		Q1		Year		Q4		Q3		Q2		Q1
USA Operations				126,001,722		31,667,596		32,027,500		31,141,019		31,165,771		120,609,505		33,771,820		31,141,172		29,044,015		26,652,510
Canadian Operations				88,059,600		21,638,124		22,502,832		22,919,260		20,999,433		85,848,365		21,907,316		21,465,900		23,096,801		19,378,260
Total				214,061,322		53,305,720		54,530,332		54,060,279		52,165,204		206,457,870		55,679,136		52,607,072		52,140,816		46,030,770

(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)

			2024										2023
(US$/BOE)			Year		Q4		Q3		Q2		Q1		Year		Q4		Q3		Q2		Q1
Total USA Operations
	Price			44.40		42.22		42.96		45.60		46.88		46.14		49.03		49.58		40.59		44.50
	Production, mineral and other taxes			2.53		2.27		2.56		2.73		2.57		2.71		2.66		2.70		2.51		3.00
	Transportation and processing			4.05		4.04		4.03		4.05		4.07		4.54		3.79		3.98		5.10		5.52
	Operating			6.34		6.00		6.03		6.58		6.77		6.16		5.86		6.68		5.75		6.38
	Netback			31.48		29.90		30.35		32.24		33.47		32.73		36.72		36.22		27.23		29.60
Total Canadian Operations
	Price			19.67		20.84		17.38		18.41		22.29		25.77		25.20		23.48		20.22		35.56
	Production, mineral and other taxes			0.16		0.14		0.18		0.17		0.14		0.17		0.14		0.23		0.13		0.21
	Transportation and processing			11.84		12.11		12.00		11.34		11.95		12.30		11.69		12.35		11.60		13.78
	Operating			1.24		1.02		1.60		1.13		1.19		1.03		1.32		1.30		0.09		1.50
	Netback			6.43		7.58		3.60		5.76		9.00		12.27		12.05		9.60		8.40		20.07
Total Operations
	Price			34.22		33.54		32.40		34.07		36.98		37.67		39.66		38.93		31.57		40.73
	Production, mineral and other taxes			1.56		1.41		1.58		1.65		1.59		1.66		1.67		1.69		1.46		1.82
	Transportation and processing			7.25		7.32		7.32		7.14		7.25		7.76		6.90		7.39		7.98		8.99
	Operating			4.24		3.98		4.20		4.27		4.52		4.03		4.08		4.49		3.24		4.32
Netback				21.17		20.84		19.31		21.01		23.62		24.22		27.01		25.36		18.89		25.59

(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. Additionally, 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 years ended December 31, 2024, and 2023, intercompany marketing fees totaled $24 million and $27 million, respectively and for the quarterly periods presented, they ranged from $5 million to $8 million.


Ovintiv Inc.	4	Non-GAAP Definitions and Reconciliations