Ovintiv Reports Third Quarter 2026 Financial and Operating Results

Track Record of Strong Profitability Continues, Significant Additions Made to Premium Return Drilling Inventory

Highlights:

- Generated third quarter net earnings of $549 million, cash from operating activities of $1.1 billion, Non-GAAP Cash Flow of $1.2 billion and Non-GAAP Free Cash Flow of $680 million after capital expenditures of $563 million

- Produced average third quarter volumes of 631 thousand barrels of oil equivalent per day ("MBOE/d"), including oil and condensate volumes of 204 thousand barrels per day ("Mbbls/d"), along with 83 Mbbls/d of other NGLs (C2 to C4) and 2,062 million cubic feet per day ("MMcf/d") of natural gas

- Announced agreement to acquire Logan Energy Corp. for C$1.40 per share in cash for total transaction value of approximately $890 million (C$1.26 billion) including the assumption of Net Debt

- Completed ground game acreage acquisitions in the third quarter totaling $457 million, adding approximately 120 net well locations in Montney, and approximately 120 net well locations in Permian for an average cost of $1.3 million to $1.7 million per 10,000 foot equivalent drilling location

- Net Debt of $3.4 billion as of September 30, 2026, Net Debt to Adjusted EBITDA of 0.7x

- Returned approximately 69% ($467 million) of third quarter Non-GAAP Free Cash Flow to shareholders via share repurchases of approximately $386 million (6.3 million shares) and dividend payments of $81 million

- Full year 2026 shareholder returns expected to exceed 60% of Non-GAAP Free Cash Flow

- Maintained full year 2026 guidance, generating approximately 6% oil and condensate production per share growth over the last six months and on pace for 8% to 9% per share growth by year end

DENVER, Nov. 3, 2026 /PRNewswire/ -- Ovintiv Inc. (NYSE: OVV) (TSX: OVV) ("Ovintiv" or the "Company") today announced its third quarter 2026 financial and operating results. The Company plans to hold a conference call and webcast at 8:00 a.m. MST (10:00 a.m. EST) on November 4, 2026. Please see dial-in details within this release, as well as additional details on the Company's website at www.ovintiv.com under Presentations and Events â Ovintiv.

"Our third quarter results demonstrate the ongoing commitment of our team to create value across the business, and we are on track to achieve record annual free cash flow," said Ovintiv President and CEO, Brendan McCracken. "We have continued to enhance our drilling inventory and future growth optionality in both the Permian and the Montney at an industry leading low-cost per undeveloped location in the core of the best basins. Bolstering our positions in these two basins where we have an operating advantage and demonstrated top performance means we are set to continue delivering superior and durable returns."

Third Quarter 2026 Financial and Operating Results

- Reported third quarter net earnings of $549 million, or $1.99 per share diluted

- Recognized net gains on risk management in revenues of $27 million, before tax

- Generated cash from operating activities of $1.1 billion and Non-GAAP Cash Flow of approximately $1.2 billion

- Third quarter average total production volumes were approximately 631 MBOE/d, including 204 Mbbls/d of oil and condensate, 83 Mbbls/d of other NGLs (C2 to C4) and 2,062 MMcf/d of natural gas

- Third quarter capital investment of $563 million was below the midpoint of the guidance range of $550 million to $600 million

- Reported third quarter upstream operating expense of $3.43 per barrel of oil equivalent ("BOE"), upstream transportation and processing costs of $8.12 per BOE, production, mineral and other taxes of $1.03 per BOE, or 2.7% of upstream product revenue

- Excluding the impact of hedges, third quarter average realized price for oil and condensate was $84.89 per barrel (99% of WTI), $20.26 per barrel for other NGLs, and $2.45 per Mcf (83% of NYMEX) for natural gas, resulting in a total average realized price of $38.10 per BOE

- Including the impact of hedges, third quarter average realized price for oil and condensate was $80.69 per barrel (94% of WTI), $20.26 per barrel for other NGLs, and $2.70 per Mcf (92% of NYMEX) for natural gas, resulting in a total average realized price of $37.56 per BOE

2026 Guidance

The Company issued its fourth quarter 2026 guidance and maintained its full year guidance other than a modest increase to expected NGL volumes. The guidance assumes that an ongoing third-party midstream outage in the Montney persists for the full duration of the fourth quarter.

Shareholder Returns

Ovintiv's shareholder return framework commits to returning 50% to 100% of annual Non-GAAP Free Cash Flow to shareholders via the combination of base dividend payments and share buybacks.

Third quarter shareholder returns totaled approximately $467 million, or approximately 69% of Non-GAAP Free Cash Flow, consisting of share buybacks of approximately $386 million, or approximately 6.3 million shares of common stock, and base dividend payments of approximately $81 million.

As of September 30, 2026, year-to-date shareholder returns totaled approximately $1.1 billion, or approximately 53% of Non-GAAP Free Cash Flow, consisting of share buybacks of approximately $815 million, or approximately 13.9 million shares of common stock, and base dividend payments of approximately $250 million. Ovintiv expects full year 2026 shareholder returns to total more than 60% of Non-GAAP Free Cash Flow.

Continued Balance Sheet Focus

As of September 30, 2026, Ovintiv's Net Debt was $3.4 billion and Net Debt to Adjusted EBITDA was approximately 0.7 times. The Company had approximately $3.8 billion in total liquidity, which included available credit facilities of $3.5 billion, available uncommitted demand lines of $141 million, and cash and cash equivalents of $176 million.

During the quarter, Ovintiv repurchased in the open market approximately $109 million in principal amount of the Company's senior notes.

Dividend Declared

On November 3, 2026, Ovintiv's Board declared a quarterly dividend of $0.30 per share of common stock payable on December 31, 2026, to shareholders of record as of December 15, 2026.

Asset Highlights

Permian

Permian production averaged 235 MBOE/d (77% liquids) in the third quarter with 31 net wells turned in line. Full year 2026 capital investment is expected to total approximately $1.375 billion to $1.425 billion in the play to run approximately 5 rigs and bring on an expected 130 to 140 net wells. In the fourth quarter, oil and condensate production is expected to average approximately 125 Mbbls/d to 130 Mbbls/d and natural gas production is expected to average 300 to 320 MMcf/d.

Montney

Montney production averaged 395 MBOE/d (27% liquids) in the third quarter with 28 net wells turned in line. Full year 2026 capital investment is expected to total approximately $825 million to $875 million in the play to run approximately 6 rigs and bring on an expected 120 to 130 net wells. In the fourth quarter, oil and condensate production is expected to average 75 to 80 Mbbls/d, reflecting lower volumes due to higher than originally expected royalty rates as a result of higher commodity prices, and an extended third-party midstream outage in the play, and natural gas production is expected to average 1.7 to 1.8 billion cubic feet per day ("Bcf/d").

For additional information, please refer to the Third Quarter 2026 Results Presentation available on Ovintiv's website, www.ovintiv.com under Presentations and Events â Ovintiv. Supplemental Information, and Non-GAAP Definitions and Reconciliations, are available on Ovintiv's website under Financial Document Library â Ovintiv.

Conference Call Information

A conference call and webcast to discuss the Company's third quarter 2026 results will be held at 8:00 a.m. MST (10:00 a.m. EST) on November 4, 2026.

To join the conference call without operator assistance, you may register and enter your phone number at https://emportal.ink/4jChvni to receive an instant automated call back. You can also dial direct to be entered to the call by an Operator. Please dial 888-510-2154 (toll-free in North America) or 437-900-0527 (international) approximately 15 minutes prior to the call.

The live audio webcast of the conference call, including slides and financial statements, will be available on Ovintiv's website, www.ovintiv.com under Investors/Presentations and Events. The webcast will be archived for approximately 90 days.

Refer to Note 1 Non-GAAP measures and the tables in this release for reconciliation to comparable GAAP financial measures.

Capital Investment and Production

Third Quarter Financial Summary

Realized Pricing Summary (Including the impact of realized gains (losses) on risk management)

Cost Summary

Debt to EBITDA (1)

Debt to Adjusted EBITDA (1)

Net Debt to Adjusted EBITDA (1)

Hedge Details(1) as of September 30, 2026

Important information

Ovintiv reports in U.S. dollars unless otherwise noted. Production, sales and reserves estimates are reported on an after-royalties basis, unless otherwise noted. Unless otherwise specified or the context otherwise requires, references to "Ovintiv," "we," "its," "our" or to "the Company" include references to subsidiaries of and partnership interests held by Ovintiv Inc. and its subsidiaries.

Please visit Ovintiv's website and Investor Relations page at www.ovintiv.com and investor.ovintiv.com, where Ovintiv often discloses important information about the Company, its business, and its results of operations.

NI 51-101 Exemption

The Canadian securities regulatory authorities have issued a decision document (the "Decision") granting Ovintiv exemptive relief from the requirements contained in Canada's National Instrument 51-101 Standards of Disclosure for Oil and Gas Activities ("NI 51-101").