Restructuring Charges

12 Months Ended

Dec. 31, 2025


21.	Restructuring Charges

In 2024, Ovintiv undertook a plan to reduce its workforce by approximately 10 percent as part of a corporate reorganization. During 2025, the Company incurred restructuring charges of $12 million, before tax, related to severance costs (2024 - $27 million). Of the $39 million in restructuring charges incurred to date, $1 million remains accrued as at December 31, 2025 (2024 - $19 million). The remaining amount accrued is expected to be paid in 2026.

Restructuring charges are included in administrative expense presented in the Corporate and Other segment in the Consolidated Statement of Earnings.


For the years ended December 31	2025		2024		2023

Severance and Outplacement	$	12	$	27	$	-
Restructuring Expenses	$	12	$	27	$	-


As at December 31	2025			2024			2023

Outstanding Restructuring Accrual, Beginning of Year	$	19		$	-		$	-
Restructuring Expenses Incurred		12			27			-
Restructuring Costs Paid		(30	)		(8	)		-
Outstanding Restructuring Accrual, End of Year (1)	$	1		$	19		$	-

(1)

Included in accounts payable and accrued liabilities in the Consolidated Balance Sheet.