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Share Capital and Warrants (Tables) | 12 Months Ended
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Dec. 31, 2023
Disclosure of classes of share capital [abstract] |
Summary of Share Capital | B) Issued and Outstanding – Common Shares
| 2023 |  | 2022
| Number of Common Shares (thousands) |  | Amount |  | Number of Common Shares (thousands) |  | Amount
Outstanding, Beginning of Year | 1,909,190 |  | 16,320 |  | 2,001,211 |  | 17,016
Issued Upon Exercise of Warrants | 2,610 |  | 26 |  | 9,399 |  | 93
Issued Under Stock Option Plans | 3,679 |  | 58 |  | 11,069 |  | 170
Purchase of Common Shares under NCIB | (43,611) |  | (373) |  | (112,489) |  | (959)
Outstanding, End of Year | 1,871,868 |  | 16,031 |  | 1,909,190 |  | 16,320
As at December 31, 2023 | Dividend Reset Date |  | Dividend Rate (percent) |  | Number of Preferred Shares (thousands)
Series 1 First Preferred Shares | March 31, 2026 |  | 2.58 |  |  | 10,740
Series 2 First Preferred Shares (1) | Quarterly |  | 6.77 |  |  | 1,260
Series 3 First Preferred Shares | December 31, 2024 |  | 4.69 |  |  | 10,000
Series 5 First Preferred Shares | March 31, 2025 |  | 4.59 |  |  | 8,000
Series 7 First Preferred Shares | June 30, 2025 |  | 3.94 |  |  | 6,000
(1)The floating-rate dividend was 5.86 percent from December 31, 2022, to March 30, 2023 (December 31, 2021, to March 30, 2022 – 1.86 percent); 6.29 percent from March 31, 2023, to June 29, 2023 (March 31, 2022, to June 29, 2022 – 2.35 percent); 6.29 percent from June 30, 2023, to September 29, 2023 (June 30, 2022, to September 29, 2022 – 3.21 percent); and 6.89 percent from September 30, 2023, to December 30, 2023 (September 30, 2022, to December 30, 2022 – 5.05 percent). Issued and Outstanding – Warrants
| 2023 |  | 2022
| Number of Warrants (thousands) |  | Amount |  | Number of Warrants (thousands) |  | Amount
Outstanding, Beginning of Year | 55,720 |  | 184 |  | 65,119 |  | 215
Exercised | (2,610) |  | (8) |  | (9,399) |  | (31)
Purchased and Cancelled | (45,485) |  | (151) |  | — |  | —
Outstanding, End of Year | 7,625 |  | 25 |  | 55,720 |  | 184
| Retained Earnings Prior to Ovintiv Split |  | Stock-Based Compensation |  |  |  | Total
As at December 31, 2021 | 3,966 |  | 318 |  |  |  | 4,284
Stock-Based Compensation Expense | — |  | 10 |  |  |  | 10
Purchase of Common Shares Under NCIB | (1,571) |  | — |  |  |  | (1,571)
Common Shares Issued on Exercise of Stock Options | — |  | (32) |  |  |  | (32)
As at December 31, 2022 | 2,395 |  | 296 |  |  |  | 2,691
Stock-Based Compensation Expense | — |  | 11 |  |  |  | 11
Purchase of Common Shares Under NCIB | (688) |  | — |  |  |  | (688)
Common Shares Issued on Exercise of Stock Options | — |  | (12) |  |  |  | (12)
As at December 31, 2023 | 1,707 |  | 295 |  |  |  | 2,002

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