
As at December 31	Note	2025			2024

U.S. Dollar Denominated Debt
Revolving credit and term loan borrowings	A	$	351		$	-
U.S. Unsecured Notes:	B
5.65% due May 15, 2025			-			600
5.375% due January 1, 2026			459			459
5.65% due May 15, 2028			700			700
8.125% due September 15, 2030			300			300
7.20% due November 1, 2031			350			350
7.375% due November 1, 2031			500			500
6.25% due July 15, 2033			600			600
6.50% due August 15, 2034			599			599
6.625% due August 15, 2037			390			390
6.50% due February 1, 2038			430			430
5.15% due November 15, 2041			148			148
7.10% due July 15, 2053			400			400
Total Principal	F		5,227			5,476

Increase in Value of Debt Acquired	C		10			16
Unamortized Debt Discounts and Issuance Costs	D		(35	)		(39	)
Total Long-Term Debt		$	5,202		$	5,453

Current Portion	E	$	810		$	600
Long-Term Portion			4,392			4,853
		$	5,202		$	5,453

At December 31, 2025, Ovintiv had in place committed revolving U.S. dollar denominated bank credit facilities totaling $3.5 billion, which included $2.2 billion on a revolving bank credit facility for Ovintiv Inc. and $1.3 billion on a revolving bank credit facility for a Canadian subsidiary. The facilities are extendible from time to time, but not more than once per year, for a period not longer than five years plus 90 days from the date of the extension request, at the option of the lenders and upon notice from Ovintiv. The facilities mature in December 2029, and are fully revolving up to maturity.

At December 31, 2025, the Company had $351 million of commercial paper (“CP”) outstanding under its U.S. CP program maturing at various dates with a weighted average interest rate of approximately 4.37 percent, which is supported by the Company’s credit facilities. The Ovintiv Inc. facility is unsecured and bears interest at either the lenders’ U.S. base rate or SOFR, plus applicable margins. The Canadian subsidiary facility is unsecured and bears interest at the lenders’ rates for Canadian prime, U.S. base rate, SOFR or CORRA, plus applicable margins. As at December 31, 2025, there were no outstanding amounts under the revolving credit facilities.

Ovintiv is subject to a financial covenant in its credit facility agreements and its Term Credit Agreement, as defined below, whereby financing debt to adjusted capitalization cannot exceed 60 percent. Financing debt primarily includes total long-term debt and finance lease obligations. Adjusted capitalization is calculated as the sum of total financing debt, shareholders’ equity and a $7.7 billion equity adjustment for cumulative historical ceiling test impairments recorded in conjunction with the Company’s January 1, 2012 adoption of U.S. GAAP. As at December 31, 2025, the Company is in compliance with all financial covenants.

On November 4, 2025, the Company announced it had entered into a definitive agreement to acquire all of the issued and outstanding common shares of NuVista Energy Ltd. (“NuVista”) in a cash and stock transaction (“NuVista Acquisition”). On November 25, 2025, the Company entered into a $1.2 billion Two-Year Term Credit Agreement (“Term Credit Agreement”) to fund the cash component of the NuVista Acquisition. The Term Credit Agreement is unsecured and bears interest at Term CORRA or Canadian prime rate plus applicable margins. As at December 31, 2025, the Company had no outstanding borrowings under the Term Credit Agreement. The Company closed the NuVista Acquisition on February 3, 2026 (see Note 28).

Standby fees paid in 2025 relating to revolving credit and term loan agreements were approximately $8 million (2024 ‑ $8 million; 2023 - $8 million) and were included in interest expense in the Consolidated Statement of Earnings.

Ovintiv has a U.S. shelf registration statement under which the Company may issue from time to time, debt securities, common stock, preferred stock, warrants, units, share purchase contracts and share purchase units in the United States. The U.S. shelf registration statement expires in March 2026. The ability to issue securities under the U.S. shelf registration statement is dependent upon market conditions and securities law requirements.

Unsecured notes include medium-term notes and senior notes that are issued from time to time under trust indentures and have equal priority with respect to the payment of both principal and interest.

On May 31, 2023, Ovintiv completed a public offering of senior unsecured notes of $600 million with a coupon rate of 5.65 percent due May 15, 2025, $700 million with a coupon rate of 5.65 percent due May 15, 2028, $600 million with a coupon rate of 6.25 percent due July 15, 2033, and $400 million with a coupon rate of 7.10 percent due July 15, 2053. The proceeds of the offering, totaling $2,278 million, were used to fund a portion of the Company’s Permian Acquisition. See Note 9 for further information on the business combination.

Certain of the notes and debentures of the Company were acquired in business combinations and were accounted for at their fair value at the dates of acquisition. The difference between the fair value and the principal amount of the debt is being amortized over the remaining life of the outstanding debt acquired, which has a weighted average remaining life of approximately three years.

Long-term debt premiums and discounts are capitalized within long-term debt and are being amortized using the effective interest method. No debt discounts or issuance costs were incurred related to long term-debt during 2025 or 2024. Issuance costs are amortized over the term of the related debt.

As at December 31, 2025, the current portion of long-term debt was $810 million (2024 - $600 million).


	Principal		Interest
As at December 31	Amount		Amount

2026	$	810	$	320
2027		-		292
2028		700		272
2029		-		253
2030		300		253
Thereafter		3,417		1,458
Total	$	5,227	$	2,848

As at December 31, 2025, total long-term debt had a carrying value of $5,202 million and a fair value of $5,510 million (2024 - carrying value of $5,453 million and a fair value of $5,649 million). The estimated fair value of long-term borrowings is categorized within Level 2 of the fair value hierarchy and has been determined based on market information of long-term debt with similar terms and maturity, or by discounting future payments of interest and principal at interest rates expected to be available to the Company at period end.