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Revenues from Contracts with Customers
 12 Months Ended
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.