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Financial Instruments and Risk Management (Tables)

12 Months Ended

Dec. 31, 2025

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Risk Management Positions

		Notional Volumes		Term		Average Price		Fair Value
Oil and NGL Contracts						US$/bbl
WTI Three-Way Options
Sold call / bought put / sold put		36.2 Mbbls/d		2026		71.14 / 60.21 / 50.86			48
Basis Contracts (1)				2026					-
Oil and NGLs Fair Value Position									48
Natural Gas Contracts						US$/Mcf
Fixed Price Contracts
AECO Fixed Price		100 MMcf/d		2026		2.33			12
NYMEX Three-Way Options
Sold call / bought put / sold put		462 MMcf/d		2026		6.46 / 3.33 / 2.61			27
Sold call / bought put / sold put		25 MMcf/d		2027		6.16 / 3.50 / 2.50			-
Basis Contracts (2)				2026					-
				2027					3
				2028 - 2030					-
Physical Forward Contracts (3)				2026 - 2037					(15	)
Natural Gas Fair Value Position									27
Total Fair Value Position								$	75

(1)Ovintiv has entered into oil differential swaps associated with Canadian condensate and WTI.

(2)Ovintiv has entered into natural gas basis swaps associated with AECO and NYMEX.

(3)Ovintiv has entered into natural gas physical forward contracts associated with JKM (100 MMcf/d) and Chicago (100 MMcf/d) as described in Note 24.

Earnings Impact of Realized and Unrealized Gains (Losses) on Risk Management Positions

For the years ended December 31				2025				2024				2023
Realized Gains (Losses) on Risk Management
Commodity and Other Derivatives:
Revenues (1)				$	166			$	271			$	(43	)
Foreign Currency Derivatives:
Foreign exchange (2)					(98	)			(3	)			(8	)
Interest Rate Derivatives:
Interest rate (3)					-				-				1
				$	68			$	268			$	(50	)
Unrealized Gains (Losses) on Risk Management
Commodity Derivatives:
Revenues				$	6			$	(136	)		$	194
Foreign Currency Derivatives:
Foreign exchange					89				(100	)			21
				$	95			$	(236	)		$	215
Total Realized and Unrealized Gains (Losses) on Risk Management, net
Commodity and Other Derivatives:
Revenues (1)				$	172			$	135			$	151
Foreign Currency Derivatives:
Foreign exchange (2)					(9	)			(103	)			13
Interest Rate Derivatives:
Interest rate (3)					-				-				1
				$	163			$	32			$	165

(1)There were no realized gains or losses related to other derivative contracts for the year ended December 31, 2025 (2024 - gain of $4 million; 2023 - gain of $1 million).

(2)Includes a realized foreign exchange loss of approximately $97 million during 2025, related to notional U.S. dollar denominated currency swaps as discussed in Note 5.

(3)The interest rate swap in 2023 was executed and settled in relation to the senior notes issuance described in Note 15. The gain was recognized in interest expense.

Reconciliation of Unrealized Risk Management Positions

		2025								2024				2023
		Fair Value				Total Unrealized Gain (Loss)				Total Unrealized Gain (Loss)				Total Unrealized Gain (Loss)
Fair Value of Contracts, Beginning of Year		$	(20	)
Change in Fair Value of Contracts in Place at Beginning of Year
and Contracts Entered into During the Year			163			$	163			$	32			$	165
Fair Value of Contracts Realized During the Year			(68	)			(68	)			(268	)			50
Fair Value of Contracts, End of Year		$	75			$	95			$	(236	)		$	215

Unrealized Risk Management Positions

As at December 31				2025				2024
Risk Management Assets
Current				$	86			$	108
Long-term					4				-
					90				108
Risk Management Liabilities
Current					2				107
Long-term					13				21
					15				128
Net Risk Management Assets (Liabilities)				$	75			$	(20	)

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