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Segmented Information | 12 Months Ended
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Dec. 31, 2025
Segment Reporting [Abstract] |
Segmented Information |
2. | Segmented Information
Ovintiv’s exploration and production activities are subdivided into two geographic segments, including the USA Operations and Canadian Operations. These segments’ activities also include third-party purchases and sales of product to provide operational flexibility and cost mitigation for transportation commitments, product type, delivery points and customer diversification. The Company considers sales of purchased commodities as ancillary to its oil and gas development, exploration and producing activities and manages them to support such activities. In addition, the Company has a single, company-wide management team that allocates capital resources to maximize profitability and measures financial performance as a single enterprise. Corporate and Other mainly includes unrealized gains or losses recorded on derivative financial instruments. Once the instruments are settled, the realized gains and losses are recorded in the reporting segment to which the derivative instruments relate. Corporate and Other also includes amounts related to sublease rentals and administrative costs not allocated to the operating segments. The tables below summarize the results of operations and total assets by segment that are provided to the Chief Operating Decision Makers (“CODMs”) which have been identified as the Company’s President & Chief Executive Officer, Executive Vice President & Chief Operating Officer, and the Executive Vice President & Chief Financial Officer. The CODMs evaluate the performance of each of the reportable segments based on Operating Income (Loss) which is also used to assess performance and allocate capital for these segments by comparing actual to historical results and forecasted financial information. The Company evaluates the effects of debt financing, interest expense and/or interest income, foreign exchange gains (losses) and other gains (losses) at a consolidated level. Results of Operations Segment Information
|  |  |  |  |  |  |  | USA Operations |  |  | Canadian Operations |
For the years ended December 31 |  |  |  |  |  |  |  | 2025 |  |  | 2024 |  |  | 2023 |  |  | 2025 |  |  | 2024 |  |  | 2023 |
Revenues |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Product and service revenues (1) |  |  |  |  |  |  |  | $ | 4,573 |  |  | $ | 5,612 |  |  | $ | 5,586 |  |  | $ | 2,603 |  |  | $ | 1,746 |  |  | $ | 2,226 |
Sales of purchased product |  |  |  |  |  |  |  |  | 1,311 |  |  |  | 1,449 |  |  |  | 2,590 |  |  |  | 176 |  |  |  | 136 |  |  |  | 259 |
Gains (losses) on risk management, net |  |  |  |  |  |  |  |  | 51 |  |  |  | 119 |  |  |  | 10 |  |  |  | 115 |  |  |  | 152 |  |  |  | (53 | )
Sublease revenues |  |  |  |  |  |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Total Revenues |  |  |  |  |  |  |  |  | 5,935 |  |  |  | 7,180 |  |  |  | 8,186 |  |  |  | 2,894 |  |  |  | 2,034 |  |  |  | 2,432 |
Operating Expenses |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Production, mineral and other taxes |  |  |  |  |  |  |  |  | 265 |  |  |  | 319 |  |  |  | 327 |  |  |  | 21 |  |  |  | 14 |  |  |  | 15 |
Transportation and processing |  |  |  |  |  |  |  |  | 453 |  |  |  | 560 |  |  |  | 683 |  |  |  | 1,271 |  |  |  | 1,079 |  |  |  | 1,083 |
Operating |  |  |  |  |  |  |  |  | 701 |  |  |  | 810 |  |  |  | 757 |  |  |  | 161 |  |  |  | 121 |  |  |  | 102 |
Purchased product |  |  |  |  |  |  |  |  | 1,310 |  |  |  | 1,446 |  |  |  | 2,587 |  |  |  | 137 |  |  |  | 100 |  |  |  | 228 |
Depreciation, depletion and amortization |  |  |  |  |  |  |  |  | 1,475 |  |  |  | 1,971 |  |  |  | 1,519 |  |  |  | 683 |  |  |  | 297 |  |  |  | 286 |
Impairments |  |  |  |  |  |  |  |  | 49 |  |  |  | - |  |  |  | - |  |  |  | 871 |  |  |  | 450 |  |  |  | - |
Total Operating Expenses |  |  |  |  |  |  |  |  | 4,253 |  |  |  | 5,106 |  |  |  | 5,873 |  |  |  | 3,144 |  |  |  | 2,061 |  |  |  | 1,714 |
Operating Income (Loss) |  |  |  |  |  |  |  | $ | 1,682 |  |  | $ | 2,074 |  |  | $ | 2,313 |  |  | $ | (250 | ) |  | $ | (27 | ) |  | $ | 718 |
|  |  |  |  |  |  |  | Corporate & Other |  |  | Consolidated |
|  |  |  |  |  |  |  | 2025 |  |  | 2024 |  |  | 2023 |  |  | 2025 |  |  | 2024 |  |  | 2023 |
Revenues |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Product and service revenues (1) |  |  |  |  |  |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | 7,176 |  |  | $ | 7,358 |  |  | $ | 7,812 |
Sales of purchased product |  |  |  |  |  |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 1,487 |  |  |  | 1,585 |  |  |  | 2,849 |
Gains (losses) on risk management, net |  |  |  |  |  |  |  |  | 6 |  |  |  | (136 | ) |  |  | 194 |  |  |  | 172 |  |  |  | 135 |  |  |  | 151 |
Sublease revenues |  |  |  |  |  |  |  |  | 73 |  |  |  | 74 |  |  |  | 71 |  |  |  | 73 |  |  |  | 74 |  |  |  | 71 |
Total Revenues |  |  |  |  |  |  |  |  | 79 |  |  |  | (62 | ) |  |  | 265 |  |  |  | 8,908 |  |  |  | 9,152 |  |  |  | 10,883 |
Operating Expenses |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Production, mineral and other taxes |  |  |  |  |  |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 286 |  |  |  | 333 |  |  |  | 342 |
Transportation and processing |  |  |  |  |  |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 1,724 |  |  |  | 1,639 |  |  |  | 1,766 |
Operating |  |  |  |  |  |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 862 |  |  |  | 931 |  |  |  | 859 |
Purchased product |  |  |  |  |  |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 1,447 |  |  |  | 1,546 |  |  |  | 2,815 |
Depreciation, depletion and amortization |  |  |  |  |  |  |  |  | 21 |  |  |  | 22 |  |  |  | 20 |  |  |  | 2,179 |  |  |  | 2,290 |  |  |  | 1,825 |
Impairments |  |  |  |  |  |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 920 |  |  |  | 450 |  |  |  | - |
Accretion of asset retirement obligation |  |  |  |  |  |  |  |  | 28 |  |  |  | 19 |  |  |  | 19 |  |  |  | 28 |  |  |  | 19 |  |  |  | 19 |
Administrative |  |  |  |  |  |  |  |  | 331 |  |  |  | 365 |  |  |  | 393 |  |  |  | 331 |  |  |  | 365 |  |  |  | 393 |
Total Operating Expenses |  |  |  |  |  |  |  |  | 380 |  |  |  | 406 |  |  |  | 432 |  |  |  | 7,777 |  |  |  | 7,573 |  |  |  | 8,019 |
Operating Income (Loss) |  |  |  |  |  |  |  | $ | (301 | ) |  | $ | (468 | ) |  | $ | (167 | ) |  |  | 1,131 |  |  |  | 1,579 |  |  |  | 2,864 |
Other (Income) Expenses |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 376 |  |  |  | 412 |  |  |  | 355 |
Foreign exchange (gain) loss, net |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 31 |  |  |  | (19 | ) |  |  | 19 |
Other (gains) losses, net |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (46 | ) |  |  | (165 | ) |  |  | (20 | )
Total Other (Income) Expenses |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 361 |  |  |  | 228 |  |  |  | 354 |
Net Earnings (Loss) Before Income Tax |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 770 |  |  |  | 1,351 |  |  |  | 2,510 |
Income tax expense (recovery) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (472 | ) |  |  | 226 |  |  |  | 425 |
Net Earnings (Loss) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 1,242 |  |  | $ | 1,125 |  |  | $ | 2,085 |
(1) Product and service revenues are split by product in Note 3. Corporate & Other Revenues by Geographic Region
|  | United States |  |  | Canada |  |  | Total |
For the years ended December 31 | 2025 |  |  | 2024 |  |  | 2023 |  |  | 2025 |  |  | 2024 |  |  | 2023 |  |  | 2025 |  |  | 2024 |  |  | 2023 |
Corporate & Other Revenues |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Gains (losses) on risk |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
management, net |  | $ | 75 |  |  | $ | (133 | ) |  | $ | 94 |  |  | $ | (69 | ) |  | $ | (3 | ) |  | $ | 100 |  |  | $ | 6 |  |  | $ | (136 | ) |  | $ | 194 |
Sublease revenues |  |  | 8 |  |  |  | 8 |  |  |  | 8 |  |  |  | 65 |  |  |  | 66 |  |  |  | 63 |  |  |  | 73 |  |  |  | 74 |  |  |  | 71 |
|  | $ | 83 |  |  | $ | (125 | ) |  | $ | 102 |  |  | $ | (4 | ) |  | $ | 63 |  |  | $ | 163 |  |  | $ | 79 |  |  | $ | (62 | ) |  | $ | 265 |
Major Customers In connection with the marketing and sale of Ovintiv’s own and purchased oil, NGLs and natural gas for the year ended December 31, 2025, the Company had one customer which individually accounted for more than 10 percent of Ovintiv’s product revenues. Sales to this customer, which has an investment grade credit rating, totaled approximately $1,016 million which comprised $980 million in the United States and $36 million in Canada (2024 ‑ two customers with sales of approximately $3,310 million; 2023 - one customer with sales of approximately $1,976 million). Capital Expenditures by Segment
For the years ended December 31 |  |  |  |  |  |  |  | 2025 |  |  | 2024 |  |  | 2023 |
USA Operations |  |  |  |  |  |  |  | $ | 1,537 |  |  | $ | 1,868 |  |  | $ | 2,189 |
Canadian Operations |  |  |  |  |  |  |  |  | 606 |  |  |  | 428 |  |  |  | 549 |
Corporate & Other |  |  |  |  |  |  |  |  | 4 |  |  |  | 7 |  |  |  | 6 |
|  |  |  |  |  |  |  | $ | 2,147 |  |  | $ | 2,303 |  |  | $ | 2,744 |
Goodwill, Property, Plant and Equipment and Total Assets by Segment
|  | Goodwill |  |  | Property, Plant and Equipment |  |  | Total Assets |
As at December 31 |  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
USA Operations |  | $ | 1,938 |  |  | $ | 1,938 |  |  | $ | 11,613 |  |  | $ | 13,263 |  |  | $ | 14,393 |  |  | $ | 16,233 |
Canadian Operations |  |  | 638 |  |  |  | 608 |  |  |  | 2,522 |  |  |  | 970 |  |  |  | 3,921 |  |  |  | 1,917 |
Corporate & Other |  |  | - |  |  |  | - |  |  |  | 109 |  |  |  | 131 |  |  |  | 2,076 |  |  |  | 1,104 |
|  | $ | 2,576 |  |  | $ | 2,546 |  |  | $ | 14,244 |  |  | $ | 14,364 |  |  | $ | 20,390 |  |  | $ | 19,254 |
Goodwill, Property, Plant and Equipment and Total Assets by Geographic Region
|  | Goodwill |  |  | Property, Plant and Equipment |  |  | Total Assets |
As at December 31 |  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
United States |  | $ | 1,938 |  |  | $ | 1,938 |  |  | $ | 11,635 |  |  | $ | 13,302 |  |  | $ | 14,517 |  |  | $ | 16,320 |
Canada |  |  | 638 |  |  |  | 608 |  |  |  | 2,609 |  |  |  | 1,062 |  |  |  | 5,873 |  |  |  | 2,934 |
|  | $ | 2,576 |  |  | $ | 2,546 |  |  | $ | 14,244 |  |  | $ | 14,364 |  |  | $ | 20,390 |  |  | $ | 19,254 |

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