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Acquisitions and Divestitures | 12 Months Ended
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Dec. 31, 2025
Acquisitions And Divestitures [Abstract] |
Acquisitions and Divestitures |
8. | Acquisitions and Divestitures
For the years ended December 31 |  | 2025 |  |  | 2024 |  |  | 2023 |
Acquisitions |  |  |  |  |  |  |  |  |
USA Operations |  | $ | 260 |  |  | $ | 200 |  |  | $ | 271 |
Canadian Operations |  |  | 2,277 |  |  |  | 5 |  |  |  | 6 |
Total Acquisitions |  |  | 2,537 |  |  |  | 205 |  |  |  | 277 |
Divestitures |  |  |  |  |  |  |  |  |
USA Operations |  |  | (1,923 | ) |  |  | (7 | ) |  |  | (771 | )
Canadian Operations |  |  | (4 | ) |  |  | - |  |  |  | (1 | )
Total Divestitures |  |  | (1,927 | ) |  |  | (7 | ) |  |  | (772 | )
Net Acquisitions & (Divestitures) |  | $ | 610 |  |  | $ | 198 |  |  | $ | (495 | )
ACQUISITIONS On January 31, 2025, the Company completed the acquisition of approximately 109,000 net acres in the core of the Montney formation from Paramount Resources Ltd. for total cash consideration, including transaction costs, of approximately $2.274 billion (C$3.280), after closing adjustments (the “Montney Acquisition”). The Company funded the Montney Acquisition with cash on hand, including proceeds from the Uinta divestiture as discussed below, and proceeds from short-term borrowings. The Montney Acquisition was accounted for as an asset acquisition as substantially all of the fair value of the assets acquired were concentrated in a single asset group, largely comprising proved oil and natural gas properties. The Company recognized the assets acquired in the Montney Acquisition at the purchase cost, including transaction costs, on a relative fair value basis. The Company recorded $2,292 million in proved properties, $128 million in unproved properties, $146 million related to asset retirement obligations, and $396 million in operating lease assets and lease liabilities related to long-term midstream agreement for a natural gas processing facility. In 2025, acquisitions in the USA Operations were $260 million, which primarily included property purchases in Permian with oil and liquids-rich potential. In 2024, acquisitions in the USA Operations were $200 million, which primarily included property purchases in Permian with oil and liquids-rich potential. In 2023, acquisitions in the USA Operations were $271 million, which primarily included property purchases in Permian and Uinta with oil and liquids-rich potential. DIVESTITURES In 2025, divestitures in the USA Operations were $1,923 million, which primarily included the sale of Uinta located in Utah for proceeds of approximately $1,906 million, after closing and other adjustments. In 2024, divestitures in the USA Operations primarily included the sale of certain properties that did not complement Ovintiv’s existing portfolio of assets. In 2023, divestitures in the USA Operations primarily included the sale of Bakken located in North Dakota for proceeds of approximately $734 million, after closing and other adjustments. Amounts received from the Company’s divestiture transactions have been deducted from the respective U.S. and Canadian full cost pools. During 2024, Ovintiv also received settlement proceeds of approximately $156 million related to the previous dispositions of certain legacy assets. Accordingly, the total net proceeds of $156 million was recognized as a gain within other (gains) losses, net in the Company’s Consolidated Statement of Earnings and is included in proceeds from divestitures in the Company’s Consolidated Statement of Cash Flows for the year ended December 31, 2024.

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