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Financial Instruments and Risk Management (Tables) | 12 Months Ended
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Dec. 31, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Risk Management Positions |
|  | Notional Volumes |  | Term |  | Average Price |  | Fair Value |
Oil and NGL Contracts |  |  |  |  |  | US$/bbl |  |  |
WTI Three-Way Options |  |  |  |  |  |  |  |  |
Sold call / bought put / sold put |  | 36.2 Mbbls/d |  | 2026 |  | 71.14 / 60.21 / 50.86 |  |  | 48 |
Basis Contracts (1) |  |  |  | 2026 |  |  |  |  | - |
Oil and NGLs Fair Value Position |  |  |  |  |  |  |  |  | 48 |
Natural Gas Contracts |  |  |  |  |  | US$/Mcf |  |  |
Fixed Price Contracts |  |  |  |  |  |  |  |  |
AECO Fixed Price |  | 100 MMcf/d |  | 2026 |  | 2.33 |  |  | 12 |
NYMEX Three-Way Options |  |  |  |  |  |  |  |  |
Sold call / bought put / sold put |  | 462 MMcf/d |  | 2026 |  | 6.46 / 3.33 / 2.61 |  |  | 27 |
Sold call / bought put / sold put |  | 25 MMcf/d |  | 2027 |  | 6.16 / 3.50 / 2.50 |  |  | - |
Basis Contracts (2) |  |  |  | 2026 |  |  |  |  | - |
|  |  |  | 2027 |  |  |  |  | 3 |
|  |  |  | 2028 - 2030 |  |  |  |  | - |
Physical Forward Contracts (3) |  |  |  | 2026 - 2037 |  |  |  |  | (15 | )
Natural Gas Fair Value Position |  |  |  |  |  |  |  |  | 27 |
Total Fair Value Position |  |  |  |  |  |  |  | $ | 75 |
(1) Ovintiv has entered into oil differential swaps associated with Canadian condensate and WTI. (2) Ovintiv has entered into natural gas basis swaps associated with AECO and NYMEX. (3) Ovintiv has entered into natural gas physical forward contracts associated with JKM (100 MMcf/d) and Chicago (100 M Mcf/d) as described in Note 24.
Earnings Impact of Realized and Unrealized Gains (Losses) on Risk Management Positions |
For the years ended December 31 |  |  |  | 2025 |  |  | 2024 |  |  | 2023 |
Realized Gains (Losses) on Risk Management |  |  |  |  |  |  |  |  |  |  |
Commodity and Other Derivatives: |  |  |  |  |  |  |  |  |  |  |
Revenues (1) |  |  |  | $ | 166 |  |  | $ | 271 |  |  | $ | (43 | )
Foreign Currency Derivatives: |  |  |  |  |  |  |  |  |  |  |
Foreign exchange (2) |  |  |  |  | (98 | ) |  |  | (3 | ) |  |  | (8 | )
Interest Rate Derivatives: |  |  |  |  |  |  |  |  |  |  |
Interest rate (3) |  |  |  |  | - |  |  |  | - |  |  |  | 1 |
|  |  |  | $ | 68 |  |  | $ | 268 |  |  | $ | (50 | )
Unrealized Gains (Losses) on Risk Management |  |  |  |  |  |  |  |  |  |  |
Commodity Derivatives: |  |  |  |  |  |  |  |  |  |  |
Revenues |  |  |  | $ | 6 |  |  | $ | (136 | ) |  | $ | 194 |
Foreign Currency Derivatives: |  |  |  |  |  |  |  |  |  |  |
Foreign exchange |  |  |  |  | 89 |  |  |  | (100 | ) |  |  | 21 |
|  |  |  | $ | 95 |  |  | $ | (236 | ) |  | $ | 215 |
Total Realized and Unrealized Gains (Losses) on Risk Management, net |  |  |  |  |  |  |  |  |
Commodity and Other Derivatives: |  |  |  |  |  |  |  |  |  |  |
Revenues (1) |  |  |  | $ | 172 |  |  | $ | 135 |  |  | $ | 151 |
Foreign Currency Derivatives: |  |  |  |  |  |  |  |  |  |  |
Foreign exchange (2) |  |  |  |  | (9 | ) |  |  | (103 | ) |  |  | 13 |
Interest Rate Derivatives: |  |  |  |  |  |  |  |  |  |  |
Interest rate (3) |  |  |  |  | - |  |  |  | - |  |  |  | 1 |
|  |  |  | $ | 163 |  |  | $ | 32 |  |  | $ | 165 |
(1) There were no realized gains or losses related to other derivative contracts for the year ended December 31, 2025 (2024 - gain of $4 million; 2023 - gain of $1 million). (2) Includes a realized foreign exchange loss of approximately $97 million during 2025, related to notional U.S. dollar denominated currency swaps as discussed in Note 5. (3) The interest rate swap in 2023 was executed and settled in relation to the senior notes issuance described in Note 15. The gain was recognized in interest expense.
Reconciliation of Unrealized Risk Management Positions |
|  | 2025 |  |  | 2024 |  |  | 2023 |
|  | Fair Value |  |  | Total Unrealized Gain (Loss) |  |  | Total Unrealized Gain (Loss) |  |  | Total Unrealized Gain (Loss) |
Fair Value of Contracts, Beginning of Year |  | $ | (20 | ) |  |  |  |  |  |  |  |  |
Change in Fair Value of Contracts in Place at Beginning of Year |  |  |  |  |  |  |  |  |  |  |  |
and Contracts Entered into During the Year |  |  | 163 |  |  | $ | 163 |  |  | $ | 32 |  |  | $ | 165 |
Fair Value of Contracts Realized During the Year |  |  | (68 | ) |  |  | (68 | ) |  |  | (268 | ) |  |  | 50 |
Fair Value of Contracts, End of Year |  | $ | 75 |  |  | $ | 95 |  |  | $ | (236 | ) |  | $ | 215 |
Unrealized Risk Management Positions |
As at December 31 |  |  |  | 2025 |  |  | 2024 |
Risk Management Assets |  |  |  |  |  |  |  |
Current |  |  |  | $ | 86 |  |  | $ | 108 |
Long-term |  |  |  |  | 4 |  |  |  | - |
|  |  |  |  | 90 |  |  |  | 108 |
Risk Management Liabilities |  |  |  |  |  |  |  |
Current |  |  |  |  | 2 |  |  |  | 107 |
Long-term |  |  |  |  | 13 |  |  |  | 21 |
|  |  |  |  | 15 |  |  |  | 128 |
Net Risk Management Assets (Liabilities) |  |  |  | $ | 75 |  |  | $ | (20 | )

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- Definition Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item. + References No definition available. + Details
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