EX-99.2

Condensed Consolidated Statement of Earnings (unaudited)


	Three Months Ended
	March 31,
(US$ millions, except per share amounts)	2025			2024

Revenues
Product and service revenues (1)	$	1,965		$	1,938
Sales of purchased product (1)		410			449
Gains (losses) on risk management, net		(16	)		(54	)
Sublease revenues		18			19
Total Revenues		2,377			2,352

Operating Expenses
Production, mineral and other taxes		87			83
Transportation and processing		398			419
Operating		205			243
Purchased product		402			440
Depreciation, depletion and amortization		545			566
Impairments		730			-
Accretion of asset retirement obligation		6			5
Administrative		93			102
Total Operating Expenses		2,466			1,858
Operating Income (Loss)		(89	)		494

Other (Income) Expenses
Interest		97			98
Foreign exchange (gain) loss, net		10			(28	)
Other (gains) losses, net		(3	)		(4	)
Total Other (Income) Expenses		104			66
Net Earnings (Loss) Before Income Tax		(193	)		428
Income tax expense (recovery)		(34	)		90
Net Earnings (Loss)	$	(159	)	$	338

Net Earnings (Loss) per Share of Common Stock
Basic	$	(0.61	)	$	1.25
Diluted		(0.61	)		1.24
Weighted Average Shares of Common Stock Outstanding (millions)
Basic		260.4			269.7
Diluted		260.4			272.3

(1)

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

Condensed Consolidated Statement of Comprehensive Income (unaudited)


	Three Months Ended
	March 31,
(US$ millions)	2025			2024

Net Earnings (Loss)	$	(159	)	$	338
Other Comprehensive Income (Loss), Net of Tax
Foreign currency translation adjustment		8			(76	)
Pension and other post-employment benefit plans		(1	)		(1	)
Other Comprehensive Income (Loss)		7			(77	)
Comprehensive Income (Loss)	$	(152	)	$	261

Condensed Consolidated Balance Sheet (unaudited)


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

Assets
Current Assets
Cash and cash equivalents	$	8		$	42
Accounts receivable and accrued revenues (net of allowances
of $5 million (2024: $5 million))		1,240			1,183
Risk management		80			108
Income tax receivable		22			36
		1,350			1,369
Property, Plant and Equipment, at cost:
Oil and natural gas properties, based on full cost accounting
Proved properties		67,253			66,009
Unproved properties		732			764
Other		848			865
Property, plant and equipment		68,833			67,638
Less: Accumulated depreciation, depletion and amortization		(54,562	)		(53,274	)
Property, plant and equipment, net		14,271			14,364
Other Assets		1,263			965
Deferred Income Taxes		184			10
Goodwill		2,546			2,546
	$	19,614		$	19,254

Liabilities and Shareholders’ Equity
Current Liabilities
Accounts payable and accrued liabilities	$	1,858		$	1,883
Current portion of operating lease liabilities		102			82
Income tax payable		14			9
Risk management		46			107
Current portion of long-term debt		1,144			600
		3,164			2,681
Long-Term Debt		4,394			4,853
Operating Lease Liabilities		1,107			737
Other Liabilities and Provisions		131			114
Risk Management		13			21
Asset Retirement Obligation		427			315
Deferred Income Taxes		298			202
		9,534			8,923

Shareholders’ Equity
Share capital - authorized 775 million shares of stock
2025 issued and outstanding: 261.1 million shares (2024: 260.4 million shares)		3			3
Paid in surplus		8,024			8,045
Retained earnings		1,269			1,506
Accumulated other comprehensive income		784			777
Total Shareholders’ Equity		10,080			10,331
	$	19,614		$	19,254

Condensed Consolidated Statement of Cash Flows (unaudited)


	Three Months Ended
	March 31,
(US$ millions)	2025			2024

Operating Activities
Net earnings (loss)	$	(159	)	$	338
Depreciation, depletion and amortization		545			566
Impairments		730			-
Accretion of asset retirement obligation		6			5
Deferred income taxes		(77	)		58
Unrealized (gain) loss on risk management		46			100
Unrealized foreign exchange (gain) loss		(45	)		(23	)
Foreign exchange (gain) loss on settlements		(42	)		(2	)
Other		-			(7	)
Net change in other assets and liabilities		(11	)		(12	)
Net change in non-cash working capital		(120	)		(364	)
Cash From (Used in) Operating Activities		873			659

Investing Activities
Capital expenditures		(617	)		(591	)
Acquisitions		(2,310	)		(190	)
Corporate acquisition		-			12
Proceeds from divestitures		1,884			2
Net change in investments and other		148			6
Cash From (Used in) Investing Activities		(895	)		(761	)

Financing Activities
Net issuance (repayment) of revolving debt		85			461
Purchase of shares of common stock		-			(250	)
Dividends on shares of common stock		(78	)		(80	)
Finance lease payments and other		(19	)		(29	)
Cash From (Used in) Financing Activities		(12	)		102

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

Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash		(34	)		2
Cash, Cash Equivalents and Restricted Cash, Beginning of Year		42			3
Cash, Cash Equivalents and Restricted Cash, End of Period	$	8		$	5

Cash, End of Period	$	7		$	3
Cash Equivalents, End of Period		1			2
Restricted Cash, End of Period		-			-
Cash, Cash Equivalents and Restricted Cash, End of Period	$	8		$	5

Supplemental Financial Information (unaudited)

Financial Results


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

Net Earnings (Loss)			(159	)		1,125			(60	)		507			340			338

	Per share - basic (1)		(0.61	)		4.25			(0.23	)		1.93			1.28			1.25
	Per share - diluted (1)		(0.61	)		4.21			(0.23	)		1.92			1.27			1.24

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

	Per share - basic (1)		1.42			5.90			1.35			1.87			1.24			1.44
	Per share - diluted (1)		1.42			5.83			1.35			1.85			1.23			1.43

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

	Per share - basic (1)		3.86			15.28			3.86			3.73			3.85			3.84
	Per share - diluted (1)		3.86			15.12			3.86			3.70			3.82			3.80

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

Non-GAAP Adjusted Earnings Summary

Net Earnings (Loss) Before Income Tax			(193	)		1,351			(101	)		558			466			428
Before-tax (Addition) Deduction:
	Unrealized gain (loss) on risk management		(46	)		(136	)		(75	)		31			8			(100	)
	Impairments		(730	)		(450	)		(450	)		-			-			-
	Non-operating foreign exchange gain (loss)		87			6			(14	)		(16	)		11			25
Adjusted Earnings (Loss) Before Income Tax			496			1,931			438			543			447			503
	Income tax expense (recovery) (4)		126			371			87			54			116			114

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

Non-GAAP Cash Flow Summary

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

Non-GAAP Cash Flow (3)			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)		Q1		Year		Q4		Q3		Q2		Q1

Weighted Average Shares of Common Stock Outstanding

	Basic		260.4		264.6		260.3		262.1		266.2		269.7

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

(3)

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

(4)

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

Financial Metrics

     Debt to Capitalization

     35%

     35%

     Debt to Adjusted Capitalization (1)

     24%

     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.

Supplemental Operating Information (unaudited)

Production Volumes by Product


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

	Oil (Mbbls/d)		51		150.5		168.3		167.1		168.4		167.3		170.4
	NGLs - Plant Condensate (Mbbls/d)		19		55.2		42.9		42.6		44.0		44.6		40.5
Oil & Plant Condensate (Mbbls/d)			70		205.7		211.2		209.7		212.4		211.9		210.9
	Butane (Mbbls/d)		8		22.2		21.2		21.5		21.6		21.3		20.6
	Propane (Mbbls/d)		11		33.1		34.7		34.5		35.0		35.3		34.0
	Ethane (Mbbls/d)		11		33.4		34.9		34.1		36.0		35.4		33.8
NGLs - Other (Mbbls/d)			30		88.7		90.8		90.1		92.6		92.0		88.4
Oil & NGLs (Mbbls/d)			100		294.4		302.0		299.8		305.0		303.9		299.3

Natural Gas (MMcf/d)					1,764		1,698		1,680		1,725		1,740		1,648

Total (MBOE/d)					588.3		585.0		579.9		592.6		593.8		573.8

Production Volumes by Segment


		2025		2024
(average)		Q1		Year		Q4		Q3		Q2		Q1

Oil (Mbbls/d)
	USA Operations		150.3		167.9		166.6		168.0		166.8		170.2
	Canadian Operations		0.2		0.4		0.5		0.4		0.5		0.2
			150.5		168.3		167.1		168.4		167.3		170.4

NGLs - Plant Condensate (Mbbls/d)
	USA Operations		10.3		11.2		11.6		11.7		10.9		10.6
	Canadian Operations		44.9		31.7		31.0		32.3		33.7		29.9
			55.2		42.9		42.6		44.0		44.6		40.5

Oil & Plant Condensate (Mbbls/d)
	USA Operations		160.6		179.1		178.2		179.7		177.7		180.8
	Canadian Operations		45.1		32.1		31.5		32.7		34.2		30.1
			205.7		211.2		209.7		212.4		211.9		210.9

NGLs - Other (Mbbls/d)
	USA Operations		70.4		75.8		75.1		77.7		75.7		74.6
	Canadian Operations		18.3		15.0		15.0		14.9		16.3		13.8
			88.7		90.8		90.1		92.6		92.0		88.4

NGLs - Total (Mbbls/d)
	USA Operations		80.7		87.0		86.7		89.4		86.6		85.2
	Canadian Operations		63.2		46.7		46.0		47.2		50.0		43.7
			143.9		133.7		132.7		136.6		136.6		128.9

Oil & NGLs (Mbbls/d)
	USA Operations		231.0		254.9		253.3		257.4		253.4		255.4
	Canadian Operations		63.4		47.1		46.5		47.6		50.5		43.9
			294.4		302.0		299.8		305.0		303.9		299.3

Natural Gas (MMcf/d)
	USA Operations		510		537		548		543		531		526
	Canadian Operations		1,254		1,161		1,132		1,182		1,209		1,122
			1,764		1,698		1,680		1,725		1,740		1,648

Total (MBOE/d)
	USA Operations		315.9		344.4		344.7		348.0		341.9		343.0
	Canadian Operations		272.4		240.6		235.2		244.6		251.9		230.8
			588.3		585.0		579.9		592.6		593.8		573.8

Supplemental Financial & Operating Information (unaudited)

Results of Operations

Revenues and Realized Gains (Losses) on Risk Management


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

USA Operations

Revenues, excluding Realized Gains (Losses) on Risk Management (1)
	Oil		975		4,549			1,041			1,135		1,192			1,181
	NGLs (2)		190		740			196			180		176			188
	Natural Gas		145		318			103			63		55			97
			1,310		5,607			1,340			1,378		1,423			1,466
Realized Gains (Losses) on Risk Management (3)
	Oil		-		(34	)		(1	)		-		(25	)		(8	)
	NGLs (2)		-		4			-			2		1			1
	Natural Gas		-		145			21			42		51			31
			-		115			20			44		27			24

Canadian Operations

Revenues, excluding Realized Gains (Losses) on Risk Management (1)
	Oil		2		10			2			3		4			1
	NGLs (2)		323		992			238			249		271			234
	Natural Gas		327		741			214			142		150			235
			652		1,743			454			394		425			470
Realized Gains (Losses) on Risk Management (3)
	Oil		-		-			-			-		-			-
	NGLs (2)		-		(1	)		(1	)		-		-			-
	Natural Gas		30		153			40			53		38			22
			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)			Q1		Year		Q4		Q3		Q2		Q1

Total USA Operations Netback
	Price			46.02		44.39		42.20		42.97		45.61		46.85
	Production, mineral and other taxes			2.91		2.53		2.27		2.55		2.74		2.56
	Transportation and processing			3.92		4.04		4.03		4.02		4.05		4.07
	Operating			5.97		6.34		6.02		6.02		6.58		6.77
	Netback			33.22		31.48		29.88		30.38		32.24		33.45

Total Canadian Operations Netback
	Price			26.59		19.67		20.84		17.39		18.40		22.30
	Production, mineral and other taxes			0.16		0.16		0.16		0.15		0.17		0.17
	Transportation and processing			11.37		11.85		12.09		12.00		11.37		11.96
	Operating			1.46		1.24		1.02		1.55		1.18		1.19
	Netback			13.60		6.42		7.57		3.69		5.68		8.98

Total Operations Netback
	Price			37.03		34.22		33.53		32.41		34.08		36.97
	Production, mineral and other taxes			1.64		1.56		1.41		1.56		1.65		1.60
	Transportation and processing			7.36		7.25		7.30		7.31		7.15		7.25
	Operating			3.89		4.24		3.99		4.17		4.29		4.52
	Netback			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)			Q1		Year		Q4		Q3		Q2		Q1

Administrative Expense				1.75		1.71		2.16		1.33		1.41		1.95
Administrative Expense, Excluding Long-Term Incentive,
	Restructuring, and Legal Costs			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$)		Q1		Year		Q4		Q3		Q2		Q1

Oil Price ($/bbl)
	USA Operations		71.79		73.90		68.01		73.23		78.20		76.17
	Canadian Operations		71.46		70.38		65.05		71.07		74.86		72.34
	Total Operations		71.79		73.90		68.00		73.23		78.19		76.17

NGLs - Plant Condensate Price ($/bbl)
	USA Operations		58.35		57.83		57.34		56.73		59.43		57.97
	Canadian Operations		68.02		71.97		69.20		71.13		75.61		71.70
	Total Operations		66.22		68.28		65.97		67.30		71.66		68.10

Oil & Plant Condensate Price ($/bbl)
	USA Operations		70.93		72.90		67.31		72.16		77.05		75.10
	Canadian Operations		68.04		71.95		69.14		71.13		75.60		71.71
	Total Operations		70.30		72.75		67.59		72.00		76.82		74.62

NGLs - Other Price ($/bbl)
	USA Operations		21.70		18.02		19.51		16.44		16.84		19.35
	Canadian Operations		28.92		27.45		27.75		26.97		25.36		30.13
	Total Operations		23.21		19.57		20.88		18.13		18.35		21.03

NGLs - Total Price ($/bbl)
	USA Operations		26.40		23.15		24.57		21.73		22.20		24.16
	Canadian Operations		56.71		57.69		55.71		57.22		59.21		58.59
	Total Operations		39.71		35.21		35.35		33.99		35.74		35.82

Oil & NGLs Price ($/bbl)
	USA Operations		55.97		56.57		53.10		55.35		59.09		58.79
	Canadian Operations		56.76		57.80		55.81		57.34		59.35		58.65
	Total Operations		56.14		56.76		53.52		55.66		59.13		58.77

Natural Gas Price ($/Mcf)
	USA Operations		3.15		1.62		2.00		1.29		1.16		2.02
	Canadian Operations		2.91		1.73		2.04		1.29		1.36		2.30
	Total Operations		2.98		1.70		2.03		1.29		1.30		2.21

Total Price ($/BOE)
	USA Operations		46.02		44.39		42.20		42.97		45.61		46.85
	Canadian Operations		26.59		19.67		20.84		17.39		18.40		22.30
	Total Operations		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$)		Q1		Year			Q4			Q3		Q2			Q1

Oil ($/bbl)
	USA Operations		-		(0.55	)		(0.07	)		-		(1.62	)		(0.51	)
	Canadian Operations		-		-			-			-		-			-
	Total Operations		-		(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		-		(0.52	)		(0.06	)		-		(1.52	)		(0.48	)
	Canadian Operations		-		-			-			-		-			-
	Total Operations		-		(0.44	)		(0.09	)		-		(1.27	)		(0.42	)

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	)
	Canadian Operations		-		(0.04	)		(0.15	)		-		-			-
	Total Operations		-		(0.27	)		(0.04	)		0.06		(0.85	)		(0.26	)

Natural Gas ($/Mcf)
	USA Operations		-		0.74			0.41			0.83		1.05			0.65
	Canadian Operations		0.26		0.36			0.38			0.48		0.35			0.22
	Total Operations		0.18		0.47			0.39			0.59		0.56			0.35

Total ($/BOE)
	USA Operations		-		0.91			0.64			1.35		0.87			0.77
	Canadian Operations		1.22		1.73			1.83			2.32		1.69			1.03
	Total Operations		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$)		Q1		Year		Q4		Q3		Q2		Q1

Oil Price ($/bbl)
	USA Operations		71.79		73.35		67.94		73.23		76.58		75.66
	Canadian Operations		71.46		70.38		65.05		71.07		74.86		72.34
	Total Operations		71.79		73.35		67.93		73.23		76.58		75.66

NGLs - Plant Condensate Price ($/bbl)
	USA Operations		58.35		57.83		57.34		56.73		59.43		57.97
	Canadian Operations		68.02		71.92		68.98		71.13		75.61		71.70
	Total Operations		66.22		68.24		65.81		67.30		71.66		68.10

Oil & Plant Condensate Price ($/bbl)
	USA Operations		70.93		72.38		67.25		72.16		75.53		74.62
	Canadian Operations		68.04		71.95		69.14		71.13		75.60		71.71
	Total Operations		70.30		72.31		67.50		72.00		75.55		74.20

NGLs - Other Price ($/bbl)
	USA Operations		21.70		18.17		19.51		16.68		16.99		19.50
	Canadian Operations		28.92		27.45		27.75		26.97		25.36		30.13
	Total Operations		23.21		19.70		20.88		18.33		18.47		21.16

NGLs - Total Price ($/bbl)
	USA Operations		26.40		23.28		24.57		21.94		22.33		24.29
	Canadian Operations		56.71		57.65		55.56		57.22		59.21		58.59
	Total Operations		39.71		35.28		35.34		34.12		35.82		35.91

Oil & NGLs Price ($/bbl)
	USA Operations		55.97		56.25		53.08		55.42		58.07		58.49
	Canadian Operations		56.76		57.76		55.66		57.34		59.35		58.65
	Total Operations		56.14		56.49		53.48		55.72		58.28		58.51

Natural Gas Price ($/Mcf)
	USA Operations		3.15		2.36		2.41		2.12		2.21		2.67
	Canadian Operations		3.17		2.09		2.42		1.77		1.71		2.52
	Total Operations		3.16		2.17		2.42		1.88		1.86		2.56

Total Price ($/BOE)
	USA Operations		46.02		45.30		42.84		44.32		46.48		47.62
	Canadian Operations		27.81		21.40		22.67		19.71		20.09		23.33
	Total Operations		37.59		35.47		34.65		34.17		35.29		37.84

Total Netback ($/BOE)
	USA Operations		33.22		32.39		30.52		31.73		33.11		34.22
	Canadian Operations		14.82		8.15		9.40		6.01		7.37		10.01
	Total Operations		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)		Q1		Year		Q4		Q3		Q2		Q1

Oil Production (Mbbls/d)

USA Operations
	Permian		126.0		119.6		117.9		117.9		117.5		124.9
	Anadarko		18.9		21.9		21.1		21.0		21.2		24.4
	Other (1)		5.4		26.4		27.6		29.1		28.1		20.9
Total USA Operations			150.3		167.9		166.6		168.0		166.8		170.2

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


Total			150.5		168.3		167.1		168.4		167.3		170.4


NGLs - Plant Condensate Production (Mbbls/d)

USA Operations
	Permian		5.3		5.2		5.6		5.6		5.2		4.7
	Anadarko		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			10.3		11.2		11.6		11.7		10.9		10.6

Canadian Operations
	Montney		44.6		31.6		30.9		32.2		33.6		29.8
	Other (1)		0.3		0.1		0.1		0.1		0.1		0.1
Total Canadian Operations			44.9		31.7		31.0		32.3		33.7		29.9


Total			55.2		42.9		42.6		44.0		44.6		40.5


Oil & Plant Condensate Production (Mbbls/d)

USA Operations
	Permian		131.3		124.8		123.5		123.5		122.7		129.6
	Anadarko		23.8		27.5		26.6		26.6		26.7		30.0
	Other (1)		5.5		26.8		28.1		29.6		28.3		21.2
Total USA Operations			160.6		179.1		178.2		179.7		177.7		180.8

Canadian Operations
	Montney		44.8		32.0		31.4		32.6		34.1		30.0
	Other (1)		0.3		0.1		0.1		0.1		0.1		0.1
Total Canadian Operations			45.1		32.1		31.5		32.7		34.2		30.1


Total			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)		Q1		Year		Q4		Q3		Q2		Q1

NGLs - Other Production (Mbbls/d)

USA Operations
	Permian		44.5		42.1		43.0		43.1		41.6		40.3
	Anadarko		25.7		31.9		29.6		32.5		32.8		32.9
	Other (1)		0.2		1.8		2.5		2.1		1.3		1.4
Total USA Operations			70.4		75.8		75.1		77.7		75.7		74.6

Canadian Operations
	Montney		18.3		15.0		15.0		14.9		16.3		13.8
	Other (1)		-		-		-		-		-		-
Total Canadian Operations			18.3		15.0		15.0		14.9		16.3		13.8


Total			88.7		90.8		90.1		92.6		92.0		88.4


NGLs - Total Production (Mbbls/d)

USA Operations
	Permian		49.8		47.3		48.6		48.7		46.8		45.0
	Anadarko		30.6		37.5		35.1		38.1		38.3		38.5
	Other (1)		0.3		2.2		3.0		2.6		1.5		1.7
Total USA Operations			80.7		87.0		86.7		89.4		86.6		85.2

Canadian Operations
	Montney		62.9		46.6		45.9		47.1		49.9		43.6
	Other (1)		0.3		0.1		0.1		0.1		0.1		0.1
Total Canadian Operations			63.2		46.7		46.0		47.2		50.0		43.7


Total			143.9		133.7		132.7		136.6		136.6		128.9


Oil & NGLs Production (Mbbls/d)

USA Operations
	Permian		175.8		166.9		166.5		166.6		164.3		169.9
	Anadarko		49.5		59.4		56.2		59.1		59.5		62.9
	Other (1)		5.7		28.6		30.6		31.7		29.6		22.6
Total USA Operations			231.0		254.9		253.3		257.4		253.4		255.4

Canadian Operations
	Montney		63.1		47.0		46.4		47.5		50.4		43.8
	Other (1)		0.3		0.1		0.1		0.1		0.1		0.1
Total Canadian Operations			63.4		47.1		46.5		47.6		50.5		43.9


Total			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)		Q1		Year		Q4		Q3		Q2		Q1

Natural Gas Production (MMcf/d)

USA Operations
	Permian		248		236		248		243		232		220
	Anadarko		247		265		260		264		269		267
	Other (1)		15		36		40		36		30		39
Total USA Operations			510		537		548		543		531		526

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


Total			1,764		1,698		1,680		1,725		1,740		1,648


Total Production (MBOE/d)

USA Operations
	Permian		217.1		206.1		207.8		207.3		203.0		206.3
	Anadarko		90.7		103.6		99.6		103.1		104.4		107.5
	Other (1)		8.1		34.7		37.3		37.6		34.5		29.2
Total USA Operations			315.9		344.4		344.7		348.0		341.9		343.0

Canadian Operations
	Montney		271.6		239.0		235.0		244.5		250.8		225.8
	Other (1)		0.8		1.6		0.2		0.1		1.1		5.0
Total Canadian Operations			272.4		240.6		235.2		244.6		251.9		230.8


Total			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 22, 2025.

Supplemental Oil and Gas Operating Statistics (unaudited)

Results by Play (continued)


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

Capital Expenditures, Excluding Capitalized Internal Costs

USA Operations
	Permian		327		1,336			347			350		361		278
	Anadarko		83		108			28			51		23		6
	Other (1)		18		290			44			22		88		136
Total USA Operations			428		1,734			419			423		472		420

Canadian Operations
	Montney		151		408			95			79		108		126
	Other (1)		2		(2	)		(2	)		-		-		-
Total Canadian Operations			153		406			93			79		108		126

Total Capital Expenditures, Excluding Capitalized Internal Costs			581		2,140			512			502		580		546

Capitalized Directly Attributable Internal Costs

USA Operations
	Permian		23		96			23			24		23		26
	Anadarko		6		10			1			3		3		3
	Other (1)		1		28			7			7		6		8
Total USA Operations			30		134			31			34		32		37

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

Total Capitalized Directly Attributable Internal Costs			35		156			36			35		41		44

Total Capital Expenditures

USA Operations
	Permian		350		1,432			370			374		384		304
	Anadarko		89		118			29			54		26		9
	Other (1)		19		318			51			29		94		144
Total USA Operations			458		1,868			450			457		504		457

Canadian Operations
	Montney		156		430			100			80		117		133
	Other (1)		2		(2	)		(2	)		-		-		-
Total Canadian Operations			158		428			98			80		117		133

Corporate & Other			1		7			4			1		1		1
Total Capital Expenditures			617		2,303			552			538		622		591
Net Acquisitions & (Divestitures)			426		198			3			4		3		188
Net Capital Investment			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
		Q1		Year		Q4		Q3		Q2		Q1

Drilling Activity (net wells drilled)

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

Canadian Operations
	Montney		21		64		18		12		13		21
Total Canadian Operations			21		64		18		12		13		21


Total			65		268		66		69		65		68

Completions Activity (net wells on production)

USA Operations
	Permian		53		135		42		32		40		21
	Anadarko		10		9		-		9		-		-
	Other (1)		-		27		-		11		7		9
Total USA Operations			63		171		42		52		47		30

Canadian Operations
	Montney		18		68		13		11		33		11
Total Canadian Operations			18		68		13		11		33		11


Total			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 period ended March 31, 2025

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

Non-GAAP Cash Flow, Non-GAAP Cash Flow Per Share (CFPS) and Non-GAAP Free Cash Flow - Non-GAAP Cash Flow is defined as cash from (used in) operating activities excluding net change in other assets and liabilities, and net change in non-cash working capital. Non-GAAP CFPS is Non-GAAP Cash Flow divided by the weighted average number of shares of common stock outstanding. Non-GAAP Free Cash Flow is defined as Non-GAAP Cash Flow in excess of capital expenditures, excluding net acquisitions and divestitures. Management believes these measures are useful to the Company and its investors as a measure of operating and financial performance across periods and against other companies in the industry, and are an indication of the Company’s ability to generate cash to finance capital programs, to service debt and to meet other financial obligations. These measures are used, along with other measures, in the calculation of certain performance targets for the Company’s management and employees.


Non-GAAP Cash Flow			YTD 2025

Cash From (Used in) Operating Activities		$		873
Deduct (Add back):
	Net change in other assets and liabilities			(11	)
	Net change in non-cash working capital			(120	)
Non-GAAP Cash Flow		$		1,004

Per Share - Basic		$		3.86
Per Share - Diluted				3.86

Non-GAAP Free Cash Flow

Non-GAAP Cash Flow		$		1,004
Deduct:
	Capital expenditures			617
Non-GAAP Free Cash Flow		$		387

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			YTD 2025

Net Earnings (Loss) Before Income Tax		$		(193	)
Before-tax (Addition) Deduction:
	Unrealized gain (loss) on risk management			(46	)
	Impairments			(730	)
	Non-operating foreign exchange gain (loss)			87
Adjusted Earnings (Loss) Before Income Tax				496
	Income tax expense (recovery)			126
Non-GAAP Adjusted Earnings		$		370

Per Share - Basic		$		1.42
Per Share - Diluted				1.42

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	$		5,538
Total Shareholders’ Equity			10,080
Capitalization	$		15,618

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 2025

Long-Term Debt, Including Current Portion	$		5,538
Total Shareholders’ Equity			10,080
Equity Adjustment for Impairments at December 31, 2011			7,746
Adjusted Capitalization	$		23,364

Debt to Adjusted Capitalization		24%

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.


			Q2 2024			Q3 2024			Q4 2024				Q1 2025				Trailing 12- Months

Long-Term Debt, Including Current Portion																$		5,538

Net Earnings (Loss)		$		340	$		507	$		(60	)	$		(159	)	$		628
Add back (deduct):
	Depreciation, depletion and amortization			580			599			545				545				2,269
	Interest			105			103			106				97				411
	Income tax expense (recovery)			126			51			(41	)			(34	)			102
EBITDA		$		1,151	$		1,260	$		550		$		449		$		3,410

Debt to EBITDA (times)																		1.6


			Q2 2024				Q3 2024				Q4 2024				Q1 2025				Trailing 12- Months

Long-Term Debt, Including Current Portion																		$		5,538

Net Earnings (Loss)		$		340		$		507		$		(60	)	$		(159	)	$		628
Add back (deduct):
	Depreciation, depletion and amortization			580				599				545				545				2,269
	Impairments			-				-				450				730				1,180
	Accretion of asset retirement obligation			4				5				5				6				20
	Interest			105				103				106				97				411
	Unrealized (gains) losses on risk management			(8	)			(31	)			75				46				82
	Foreign exchange (gain) loss, net			(10	)			17				2				10				19
	Other (gains) losses, net			(5	)			(151	)			(5	)			(3	)			(164	)
	Income tax expense (recovery)			126				51				(41	)			(34	)			102
Adjusted EBITDA		$		1,132		$		1,100		$		1,077		$		1,238		$		4,547

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		$		5,538
Less:
	Cash and cash equivalents			8
Net Debt		$		5,530

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.

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)			Q1		Year		Q4		Q3		Q2		Q1
USA Operations
	Upstream Product Revenue (2) (3)			1,310		5,607		1,340		1,378		1,423		1,466
	Production, mineral and other taxes			83		319		72		82		85		80
	Transportation and processing			112		510		128		129		126		127
	Operating			169		799		190		193		205		211
				946		3,979		950		974		1,007		1,048
Canadian Operations
	Upstream Product Revenue (2) (3)			652		1,743		454		394		425		470
	Production, mineral and other taxes			4		14		3		4		4		3
	Transportation and processing			279		1,043		262		270		260		251
	Operating			36		109		22		36		26		25
				333		577		167		84		135		191
Total Operations
	Upstream Product Revenue (2) (3)			1,962		7,350		1,794		1,772		1,848		1,936
	Production, mineral and other taxes			87		333		75		86		89		83
	Transportation and processing			391		1,553		390		399		386		378
	Operating			205		908		212		229		231		236
				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)			Q1		Year		Q4		Q3		Q2		Q1
USA Operations				28,478,970		126,001,722		31,667,596		32,027,500		31,141,019		31,165,771
Canadian Operations				24,512,940		88,059,600		21,638,124		22,502,832		22,919,260		20,999,433
Total				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)			Q1		Year		Q4		Q3		Q2		Q1
Total USA Operations
	Price			46.00		44.40		42.22		42.96		45.60		46.88
	Production, mineral and other taxes			2.91		2.53		2.27		2.56		2.73		2.57
	Transportation and processing			3.93		4.05		4.04		4.03		4.05		4.07
	Operating			5.93		6.34		6.00		6.03		6.58		6.77
	Netback			33.22		31.48		29.90		30.35		32.24		33.47
Total Canadian Operations
	Price			26.60		19.67		20.84		17.38		18.41		22.29
	Production, mineral and other taxes			0.16		0.16		0.14		0.18		0.17		0.14
	Transportation and processing			11.38		11.84		12.11		12.00		11.34		11.95
	Operating			1.47		1.24		1.02		1.60		1.13		1.19
	Netback			13.58		6.43		7.58		3.60		5.76		9.00
Total Operations
	Price			37.02		34.22		33.54		32.40		34.07		36.98
	Production, mineral and other taxes			1.64		1.56		1.41		1.58		1.65		1.59
	Transportation and processing			7.38		7.25		7.32		7.32		7.14		7.25
	Operating			3.87		4.24		3.98		4.20		4.27		4.52
Netback				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 3 of the Interim Condensed Consolidated Financial Statements included in Part I, Item 1 of Ovintiv's Quarterly Report on Form 10-Q), intercompany marketing fees formerly transacted between operating segments are excluded from the Selected Financial Data table above but included in the reported netbacks. For the year ended December 31, 2024, intercompany marketing fees totaled $24 million, and for the quarterly periods presented, they ranged from $5 million to $7 million.


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


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


Ovintiv Inc.	3	Supplemental Information (prepared in US$)


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