Business Combination (Tables)

12 Months Ended

Dec. 31, 2025


Purchase Price Allocation

Consideration:
Fair value of shares of Ovintiv common stock issued (1)	$	1,169
Consideration paid in cash (2)		3,229
Total Consideration	$	4,398

Assets Acquired:
Cash and cash equivalents	$	16
Accounts receivable and accrued revenues (3)		202
Proved properties (3)		3,727
Unproved properties (3)		914
Other property, plant and equipment (3)		17

Liabilities Assumed:
Accounts payable and accrued liabilities (3)		(446	)
Asset retirement obligation		(28	)
Other liabilities and provisions (3)		(4	)
Total Purchase Price	$	4,398

(1)

The fair value was based on the issuance of 31.8 million shares of common stock using the NYSE price of $36.78 on June 12, 2023.

(2)

Cash consideration paid includes final cash settlements of $12 million which were completed during the first quarter of 2024.

(3)

Since the completion of the business combination on June 12, 2023, additional information related to pre-acquisition assets and liabilities was obtained resulting in measurement period adjustments. Changes in the fair value estimates comprised an increase in accounts receivable and accrued revenues of $22 million, an increase in proved properties of $134 million, a decrease in unproved properties of $227 million, a decrease in other property, plant and equipment of $16 million, a decrease in accounts payable and accrued liabilities of $73 million and a decrease in other liabilities and provisions of $2 million.

Schedule of Unaudited Pro Forma Financial Information


For the year ended December 31 (US$ millions, except per share amounts)	2023

Revenues	$	11,485
Net Earnings (Loss)	$	2,315

Net Earnings (Loss) per Share
Basic	$	8.43
Diluted		8.31