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Revenues from Contracts with Customers | 12 Months Ended
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Dec. 31, 2025
Revenue from Contract with Customer [Abstract] |
Revenues from Contracts with Customers |
3. | Revenues from Contracts with Customers
The following table summarizes Ovintiv’s revenues from contracts with customers. Revenues
|  |  |  |  |  |  |  | USA Operations |  |  | Canadian Operations |
For the years ended December 31 |  |  |  |  |  |  |  | 2025 |  |  | 2024 |  |  | 2023 |  |  | 2025 |  |  | 2024 |  |  | 2023 |
Revenues from Customers |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Product revenues |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Oil |  |  |  |  |  |  |  | $ | 3,413 |  |  | $ | 4,549 |  |  | $ | 4,444 |  |  | $ | 10 |  |  | $ | 10 |  |  | $ | 3 |
NGLs |  |  |  |  |  |  |  |  | 693 |  |  |  | 740 |  |  |  | 679 |  |  |  | 1,422 |  |  |  | 992 |  |  |  | 1,029 |
Natural gas |  |  |  |  |  |  |  |  | 447 |  |  |  | 318 |  |  |  | 458 |  |  |  | 1,159 |  |  |  | 741 |  |  |  | 1,192 |
Sales of purchased product |  |  |  |  |  |  |  |  | 1,311 |  |  |  | 1,449 |  |  |  | 2,590 |  |  |  | 176 |  |  |  | 136 |  |  |  | 259 |
Service revenues |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Gathering and processing, and other |  |  |  |  |  |  |  |  | 20 |  |  |  | 5 |  |  |  | 5 |  |  |  | 12 |  |  |  | 3 |  |  |  | 2 |
|  |  |  |  |  |  |  | $ | 5,884 |  |  | $ | 7,061 |  |  | $ | 8,176 |  |  | $ | 2,779 |  |  | $ | 1,882 |  |  | $ | 2,485 |
|  |  |  | Corporate & Other |  |  | Consolidated |
|  |  |  |  |  |  |  | 2025 |  |  | 2024 |  |  | 2023 |  |  | 2025 |  |  | 2024 |  |  | 2023 |
Revenues from Customers |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Product revenues |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Oil |  |  |  |  |  |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | 3,423 |  |  | $ | 4,559 |  |  | $ | 4,447 |
NGLs |  |  |  |  |  |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 2,115 |  |  |  | 1,732 |  |  |  | 1,708 |
Natural gas |  |  |  |  |  |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 1,606 |  |  |  | 1,059 |  |  |  | 1,650 |
Sales of purchased product |  |  |  |  |  |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 1,487 |  |  |  | 1,585 |  |  |  | 2,849 |
Service revenues |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Gathering and processing, and other |  |  |  |  |  |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 32 |  |  |  | 8 |  |  |  | 7 |
|  |  |  |  |  |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | 8,663 |  |  | $ | 8,943 |  |  | $ | 10,661 |
The Company’s revenues from contracts with customers consists of product sales including oil, NGLs and natural gas, sales of purchased product, as well as the provision of gathering and processing, and other services to third parties. Ovintiv had no contract asset or liability balances during the periods presented. As at December 31, 2025, receivables and accrued revenues from contracts with customers were $845 million (2024 - $921 million). Ovintiv’s product sales are sold under short-term contracts with terms that are less than one year at either fixed or market index prices or under long-term contracts exceeding one year at market index prices at the time of delivery. The Company’s gathering and processing services are provided on an interruptible basis with transaction prices that are for fixed prices and/or variable consideration. Variable consideration received is related to recovery of plant operating costs or escalation of the fixed price based on a consumer price index. As the service contracts are interruptible, with service provided on an “as available” basis, there are no unsatisfied performance obligations remaining at December 31, 2025. As at December 31, 2025, all remaining performance obligations are priced at market index prices or are variable volume delivery contracts. As such, the variable consideration is allocated entirely to the wholly unsatisfied performance obligation or promise to deliver units of production, and revenue is recognized at the amount for which the Company has the right to invoice the product delivered. As the period between when the product sales are transferred and Ovintiv receives payments is generally 30 to 60 days, there is no financing element associated with customer contracts. In addition, Ovintiv does not disclose unsatisfied performance obligations for customer contracts with terms less than 12 months or for variable consideration related to unsatisfied performance obligations.

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- Definition The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 7 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-7 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-9 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-10 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-15 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Subparagraph (b)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-13 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Topic 606 -Publisher FASB -URI https://asc.fasb.org/606/tableOfContent + Details
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