EX-99.2

EX-99.2 3 ovv-ex99_2.htm EX-99.2 EX-99.2

Exhibit 99.2

Ovintiv Inc.

Selected Financial Information

(unaudited)

For the period ended June 30, 2024

U.S. Dollar / U.S. Protocol

Condensed Consolidated Statement of Earnings (unaudited)


	Three Months Ended						Six Months Ended
	June 30,						June 30,
(US$ millions, except per share amounts)	2024			2023			2024			2023

Revenues
Product and service revenues	$	2,193		$	2,352		$	4,580		$	4,944
Gains (losses) on risk management, net		77			147			23			89
Sublease revenues		18			18			37			35
Total Revenues		2,288			2,517			4,640			5,068

Operating Expenses
Production, mineral and other taxes		89			76			172			160
Transportation and processing		413			452			832			907
Operating		237			175			480			381
Purchased product		333			692			773			1,393
Depreciation, depletion and amortization		580			419			1,146			783
Accretion of asset retirement obligation		4			4			9			9
Administrative		76			168			178			226
Total Operating Expenses		1,732			1,986			3,590			3,859
Operating Income (Loss)		556			531			1,050			1,209

Other (Income) Expenses
Interest		105			80			203			151
Foreign exchange (gain) loss, net		(10	)		25			(38	)		22
Other (gains) losses, net		(5	)		(11	)		(9	)		(14	)
Total Other (Income) Expenses		90			94			156			159
Net Earnings (Loss) Before Income Tax		466			437			894			1,050
Income tax expense (recovery)		126			101			216			227
Net Earnings (Loss)	$	340		$	336		$	678		$	823

Net Earnings (Loss) per Share of Common Stock
Basic	$	1.28		$	1.35		$	2.53		$	3.33
Diluted		1.27			1.34			2.51			3.28
Weighted Average Shares of Common Stock Outstanding (millions)
Basic		266.2			249.4			267.9			246.9
Diluted		268.1			250.8			270.6			250.8

Condensed Consolidated Statement of Comprehensive Income (unaudited)


	Three Months Ended						Six Months Ended
	June 30,						June 30,
(US$ millions)	2024			2023			2024			2023

Net Earnings (Loss)	$	340		$	336		$	678		$	823
Other Comprehensive Income (Loss), Net of Tax
Foreign currency translation adjustment		(31	)		53			(107	)		55
Pension and other post-employment benefit plans		(2	)		(1	)		(3	)		(3	)
Other Comprehensive Income (Loss)		(33	)		52			(110	)		52
Comprehensive Income (Loss)	$	307		$	388		$	568		$	875


Ovintiv Inc.	1	Selected Financial Information

Condensed Consolidated Balance Sheet (unaudited)


	As at			As at
	June 30,			December 31,
(US$ millions)	2024			2023

Assets
Current Assets
Cash and cash equivalents	$	8		$	3
Accounts receivable and accrued revenues (net of allowances
of $5 million (2023: $5 million))		1,208			1,442
Risk management		117			214
Income tax receivable		67			17
		1,400			1,676
Property, Plant and Equipment, at cost:
Oil and natural gas properties, based on full cost accounting
Proved properties		65,239			64,084
Unproved properties		1,152			1,486
Other		900			907
Property, plant and equipment		67,291			66,477
Less: Accumulated depreciation, depletion and amortization		(52,447	)		(51,837	)
Property, plant and equipment, net		14,844			14,640
Other Assets		978			1,015
Risk Management		10			4
Deferred Income Taxes		-			53
Goodwill		2,577			2,599
	$	19,809		$	19,987

Liabilities and Shareholders’ Equity
Current Liabilities
Accounts payable and accrued liabilities	$	1,872		$	2,209
Current portion of operating lease liabilities		85			87
Income tax payable		2			232
Risk management		7			-
Current portion of long-term debt		1,234			284
		3,200			2,812
Long-Term Debt		4,853			5,453
Operating Lease Liabilities		804			832
Other Liabilities and Provisions		141			132
Risk Management		6			2
Asset Retirement Obligation		261			276
Deferred Income Taxes		216			110
		9,481			9,617

Shareholders’ Equity
Share capital - authorized 775 million shares of stock
2024 issued and outstanding: 264.1 million shares (2023: 271.7 million shares)		3			3
Paid in surplus		8,170			8,620
Retained earnings		1,215			697
Accumulated other comprehensive income		940			1,050
Total Shareholders’ Equity		10,328			10,370
	$	19,809		$	19,987


Ovintiv Inc.	2	Selected Financial Information

Condensed Consolidated Statement of Cash Flows (unaudited)


	Three Months Ended						Six Months Ended
	June 30,						June 30,
(US$ millions)	2024			2023			2024			2023

Operating Activities
Net earnings (loss)	$	340		$	336		$	678		$	823
Depreciation, depletion and amortization		580			419			1,146			783
Accretion of asset retirement obligation		4			4			9			9
Deferred income taxes		103			47			161			111
Unrealized (gain) loss on risk management		(8	)		(142	)		92			(160	)
Unrealized foreign exchange (gain) loss		(5	)		10			(28	)		5
Foreign exchange (gain) loss on settlements		(5	)		4			(7	)		3
Other		16			21			9			(24	)
Net change in other assets and liabilities		(42	)		(12	)		(54	)		(17	)
Net change in non-cash working capital		37			144			(327	)		366
Cash From (Used in) Operating Activities		1,020			831			1,679			1,899

Investing Activities
Capital expenditures		(622	)		(640	)		(1,213	)		(1,250	)
Acquisitions		(5	)		(15	)		(195	)		(214	)
Corporate acquisition, net of cash acquired		-			(3,225	)		12			(3,225	)
Proceeds from divestitures		2			717			4			729
Net change in investments and other		(16	)		155			(10	)		89
Cash From (Used in) Investing Activities		(641	)		(3,008	)		(1,402	)		(3,871	)

Financing Activities
Net issuance (repayment) of revolving debt		(111	)		100			350			287
Issuance of long-term debt		-			2,278			-			2,278
Purchase of shares of common stock		(184	)		(89	)		(434	)		(328	)
Dividends on shares of common stock		(80	)		(82	)		(160	)		(143	)
Finance lease payments and other		(1	)		(1	)		(30	)		(72	)
Cash From (Used in) Financing Activities		(376	)		2,206			(274	)		2,022

Foreign Exchange Gain (Loss) on Cash, Cash Equivalents
and Restricted Cash Held in Foreign Currency		-			(3	)		2			(3	)

Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash		3			26			5			47
Cash, Cash Equivalents and Restricted Cash, Beginning of Period		5			26			3			5
Cash, Cash Equivalents and Restricted Cash, End of Period	$	8		$	52		$	8		$	52

Cash, End of Period	$	6		$	9		$	6		$	9
Cash Equivalents, End of Period		2			43			2			43
Restricted Cash, End of Period		-			-			-			-
Cash, Cash Equivalents and Restricted Cash, End of Period	$	8		$	52		$	8		$	52


Ovintiv Inc.	3	Selected Financial Information

Ovintiv Inc.

Interim Supplemental Information

(unaudited)

For the period ended June 30, 2024

U.S. Dollar / U.S. Protocol

Second quarter report

for the period ended June 30, 2024

Supplemental Financial Information (unaudited)

Financial Results


		2024									2023
(US$ millions, unless otherwise specified)		Year-to- Date			Q2			Q1			Year			Q4			Q3			Q2 Year- to-Date			Q2			Q1

Net Earnings (Loss)			678			340			338			2,085			856			406			823			336			487

	Per share - basic (1)		2.53			1.28			1.25			8.02			3.14			1.48			3.33			1.35			1.99
	Per share - diluted (1)		2.51			1.27			1.24			7.90			3.11			1.47			3.28			1.34			1.97

Non-GAAP Adjusted Earnings (2)			720			331			389			1,810			647			481			682			232			450

	Per share - basic (1)		2.69			1.24			1.44			6.96			2.38			1.76			2.76			0.93			1.84
	Per share - diluted (1)		2.66			1.23			1.43			6.86			2.35			1.74			2.72			0.93			1.82

Non-GAAP Cash Flow (3)			2,060			1,025			1,035			3,899			1,237			1,112			1,550			699			851

	Per share - basic (1)		7.69			3.85			3.84			15.00			4.54			4.06			6.28			2.80			3.48
	Per share - diluted (1)		7.61			3.82			3.80			14.77			4.49			4.02			6.18			2.79			3.44

Foreign Exchange Rates (C$ per US$1)
	Average		1.359			1.368			1.349			1.350			1.362			1.341			1.348			1.343			1.353
	Period end		1.369			1.369			1.355			1.323			1.323			1.352			1.324			1.324			1.353

Non-GAAP Adjusted Earnings Summary

Net Earnings (Loss) Before Income Tax			894			466			428			2,510			1,067			393			1,050			437			613
Before-tax (Addition) Deduction:
	Unrealized gain (loss) on risk management		(92	)		8			(100	)		194			326			(292	)		160			142			18
	Non-operating foreign exchange gain (loss)		36			11			25			(2	)		(9	)		17			(10	)		(15	)		5
Adjusted Earnings (Loss) Before Income Tax			950			447			503			2,318			750			668			900			310			590
	Income tax expense (recovery) (4)		230			116			114			508			103			187			218			78			140

Non-GAAP Adjusted Earnings (2)			720			331			389			1,810			647			481			682			232			450

Non-GAAP Cash Flow Summary

Cash From (Used in) Operating Activities			1,679			1,020			659			4,167			1,362			906			1,899			831			1,068
(Add back) Deduct:
	Net change in other assets and liabilities		(54	)		(42	)		(12	)		(62	)		(31	)		(14	)		(17	)		(12	)		(5	)
	Net change in non-cash working capital		(327	)		37			(364	)		330			156			(192	)		366			144			222

Non-GAAP Cash Flow (3)			2,060			1,025			1,035			3,899			1,237			1,112			1,550			699			851

(1) Net Earnings (Loss), Non-GAAP Adjusted Earnings and Non-GAAP Cash Flow per share are calculated using the weighted average number of shares of common stock outstanding as follows:


		2024						2023
(millions)		Year-to- Date		Q2		Q1		Year		Q4		Q3		Q2 Year- to-Date		Q2		Q1

Weighted Average Shares of Common Stock Outstanding

	Basic		267.9		266.2		269.7		259.9		272.3		273.7		246.9		249.4		244.3

	Diluted		270.6		268.1		272.3		263.9		275.4		276.3		250.8		250.8		247.7

(2) Non-GAAP Adjusted Earnings is a non-GAAP measure defined as net earnings (loss) excluding non-cash items that Management believes reduces the comparability of the Company’s financial performance between periods. These items may include, but are not limited to, unrealized gains/losses on risk management, impairments, non‑operating foreign exchange gains/losses, and gains/losses on divestitures. Income taxes includes adjustments to normalize the effect of income taxes calculated using the estimated annual effective income tax rate. In addition, any valuation allowances are excluded in the calculation of income taxes.

(3) Non-GAAP Cash Flow is a non-GAAP measure defined as cash from (used in) operating activities excluding net change in other assets and liabilities, and net change in non-cash working capital.

(4) Calculated using the applicable U.S. federal and state statutory income tax rate of 21.75 percent and the applicable Canadian federal and provincial statutory income tax rate of 23.7 percent (2023 - 23.0 percent and 23.7 percent, respectively).

Financial Metrics

     
    Year-to-
Date

    Year

    Debt to Capitalization

    37%

    36%

    Debt to Adjusted Capitalization (1)

    25%

    24%

    Debt to EBITDA (1)

    1.2x

    1.2x

    Debt to Adjusted EBITDA (1)

    1.2x

    1.3x

(1) Debt to Adjusted Capitalization, Debt to EBITDA and Debt to Adjusted EBITDA are non-GAAP measures monitored by Management as indicators of the Company’s overall financial strength. Non-GAAP measures are defined and calculated in the Non-GAAP Definitions and Reconciliations document following this Supplemental Information report.


Ovintiv Inc.	1	Supplemental Information (prepared in US$)

Second quarter report

for the period ended June 30, 2024

Supplemental Operating Information (unaudited)

Production Volumes by Product


				2024						2023
(average)		% of Oil & NGLs		Year-to- Date		Q2		Q1		Year		Q4		Q3		Q2 Year- to-Date		Q2		Q1

	Oil (Mbbls/d)		56		168.8		167.3		170.4		158.9		194.1		170.9		134.9		142.4		127.3
	NGLs - Plant Condensate (Mbbls/d)		14		42.5		44.6		40.5		42.9		46.1		43.3		41.2		43.5		38.7
Oil & Plant Condensate (Mbbls/d)			70		211.3		211.9		210.9		201.8		240.2		214.2		176.1		185.9		166.0
	Butane (Mbbls/d)		7		20.9		21.3		20.6		21.1		21.7		20.4		21.2		23.2		19.1
	Propane (Mbbls/d)		12		34.7		35.3		34.0		33.7		35.2		33.2		33.1		34.9		31.3
	Ethane (Mbbls/d)		11		34.5		35.4		33.8		35.4		34.0		33.1		37.3		38.7		35.8
NGLs - Other (Mbbls/d)			30		90.1		92.0		88.4		90.2		90.9		86.7		91.6		96.8		86.2
Oil & NGLs (Mbbls/d)			100		301.4		303.9		299.3		292.0		331.1		300.9		267.7		282.7		252.2

Natural Gas (MMcf/d)					1,693		1,740		1,648		1,642		1,645		1,625		1,649		1,743		1,555

Total (MBOE/d)					583.8		593.8		573.8		565.6		605.2		571.8		542.4		573.0		511.4

Production Volumes by Segment


		2024						2023
(average)		Year-to- Date		Q2		Q1		Year		Q4		Q3		Q2 Year- to-Date		Q2		Q1

Oil (Mbbls/d)
	USA Operations		168.5		166.8		170.2		158.8		194.0		170.8		134.8		142.4		127.2
	Canadian Operations		0.3		0.5		0.2		0.1		0.1		0.1		0.1		-		0.1
			168.8		167.3		170.4		158.9		194.1		170.9		134.9		142.4		127.3

NGLs - Plant Condensate (Mbbls/d)
	USA Operations		10.7		10.9		10.6		10.9		11.3		11.2		10.6		10.5		10.6
	Canadian Operations		31.8		33.7		29.9		32.0		34.8		32.1		30.6		33.0		28.1
			42.5		44.6		40.5		42.9		46.1		43.3		41.2		43.5		38.7

Oil & Plant Condensate (Mbbls/d)
	USA Operations		179.2		177.7		180.8		169.7		205.3		182.0		145.4		152.9		137.8
	Canadian Operations		32.1		34.2		30.1		32.1		34.9		32.2		30.7		33.0		28.2
			211.3		211.9		210.9		201.8		240.2		214.2		176.1		185.9		166.0

NGLs - Other (Mbbls/d)
	USA Operations		75.1		75.7		74.6		74.6		74.6		71.8		76.0		78.1		73.7
	Canadian Operations		15.0		16.3		13.8		15.6		16.3		14.9		15.6		18.7		12.5
			90.1		92.0		88.4		90.2		90.9		86.7		91.6		96.8		86.2

NGLs - Total (Mbbls/d)
	USA Operations		85.8		86.6		85.2		85.5		85.9		83.0		86.6		88.6		84.3
	Canadian Operations		46.8		50.0		43.7		47.6		51.1		47.0		46.2		51.7		40.6
			132.6		136.6		128.9		133.1		137.0		130.0		132.8		140.3		124.9

Oil & NGLs (Mbbls/d)
	USA Operations		254.3		253.4		255.4		244.3		279.9		253.8		221.4		231.0		211.5
	Canadian Operations		47.1		50.5		43.9		47.7		51.2		47.1		46.3		51.7		40.7
			301.4		303.9		299.3		292.0		331.1		300.9		267.7		282.7		252.2

Natural Gas (MMcf/d)
	USA Operations		528		531		526		517		524		508		518		530		507
	Canadian Operations		1,165		1,209		1,122		1,125		1,121		1,117		1,131		1,213		1,048
			1,693		1,740		1,648		1,642		1,645		1,625		1,649		1,743		1,555

Total (MBOE/d)
	USA Operations		342.5		341.9		343.0		330.4		367.1		338.5		307.7		319.2		296.1
	Canadian Operations		241.3		251.9		230.8		235.2		238.1		233.3		234.7		253.8		215.3
			583.8		593.8		573.8		565.6		605.2		571.8		542.4		573.0		511.4


Ovintiv Inc.	2	Supplemental Information (prepared in US$)

Second quarter report

for the period ended June 30, 2024

Supplemental Financial & Operating Information (unaudited)

Results of Operations

Revenues and Realized Gains (Losses) on Risk Management


		2024									2023
(US$ millions)		Year-to- Date			Q2			Q1			Year			Q4			Q3			Q2 Year- to-Date			Q2		Q1

USA Operations

Revenues, excluding Realized Gains (Losses) on Risk Management (1)
	Oil		2,366			1,189			1,177			4,431			1,372			1,267			1,792			944		848
	NGLs (2)		363			176			187			676			170			174			332			149		183
	Natural Gas		152			55			97			458			114			103			241			86		155
			2,881			1,420			1,461			5,565			1,656			1,544			2,365			1,179		1,186
Realized Gains (Losses) on Risk Management (3)
	Oil		(33	)		(25	)		(8	)		(24	)		(5	)		(19	)		-			-		-
	NGLs (2)		2			1			1			-			-			-			-			-		-
	Natural Gas		82			51			31			33			11			15			7			5		2
			51			27			24			9			6			(4	)		7			5		2

Canadian Operations

Revenues, excluding Realized Gains (Losses) on Risk Management (1)
	Oil		5			4			1			3			1			2			-			-		-
	NGLs (2)		502			269			233			1,023			284			258			481			245		236
	Natural Gas		383			149			234			1,186			267			244			675			222		453
			890			422			468			2,212			552			504			1,156			467		689
Realized Gains (Losses) on Risk Management (3)
	Oil		-			-			-			-			-			-			-			-		-
	NGLs (2)		-			-			-			1			1			-			-			-		-
	Natural Gas		60			38			22			(54	)		11			13			(78	)		-		(78	)
			60			38			22			(53	)		12			13			(78	)		-		(78	)

(1) Excludes other revenues with no associated production volumes, but includes intercompany marketing fees transacted between the Company’s operating segments.

(2) Includes plant condensate.

(3) Excludes realized gains or losses from other derivative contracts with no associated production volumes and foreign exchange risk management positions.


Ovintiv Inc.	3	Supplemental Information (prepared in US$)

Second quarter report

for the period ended June 30, 2024

Supplemental Financial & Operating Information (unaudited)

Results of Operations (continued)

Per-Unit Results, Excluding the Impact of Realized Gains (Losses) on Risk Management (1)


		2024						2023
(US$/BOE)		Year-to- Date		Q2		Q1		Year		Q4		Q3		Q2 Year- to-Date		Q2		Q1

Total USA Operations Netback
	Price		46.23		45.61		46.85		46.15		49.03		49.62		42.45		40.56		44.52
	Production, mineral and other taxes		2.65		2.74		2.56		2.71		2.65		2.71		2.74		2.49		3.01
	Transportation and processing		4.06		4.05		4.07		4.54		3.80		3.98		5.29		5.10		5.51
	Operating		6.67		6.58		6.77		6.15		5.85		6.66		6.05		5.73		6.39
	Netback		32.85		32.24		33.45		32.75		36.73		36.27		28.37		27.24		29.61

Total Canadian Operations Netback
	Price		20.27		18.40		22.30		25.76		25.21		23.46		27.21		20.26		35.50
	Production, mineral and other taxes		0.17		0.17		0.17		0.18		0.16		0.24		0.17		0.14		0.19
	Transportation and processing		11.65		11.37		11.96		12.29		11.65		12.36		12.59		11.57		13.80
	Operating		1.19		1.18		1.19		1.04		1.38		1.30		0.73		0.10		1.50
	Netback		7.26		5.68		8.98		12.25		12.02		9.56		13.72		8.45		20.01

Total Operations Netback
	Price		35.49		34.08		36.97		37.67		39.66		38.95		35.86		31.56		40.72
	Production, mineral and other taxes		1.62		1.65		1.60		1.66		1.67		1.70		1.63		1.43		1.83
	Transportation and processing		7.20		7.15		7.25		7.76		6.89		7.40		8.45		7.97		9.00
	Operating		4.40		4.29		4.52		4.03		4.09		4.48		3.75		3.23		4.33
	Netback		22.27		20.99		23.60		24.22		27.01		25.37		22.03		18.93		25.56

(1) Netback is a common metric used in the oil and gas industry to measure operating performance on a per-unit basis and is considered a non-GAAP measure. The netbacks disclosed above have been calculated on a BOE basis using upstream product revenues, excluding the impact of realized gains and losses on risk management, less costs associated with delivering the product to market, including production, mineral and other taxes, transportation and processing expense and operating expense. For additional information regarding non-GAAP measures, including Netback reconciliations, see the Non-GAAP Definitions and Reconciliations document following this Supplemental Information report.

Other Per-unit Results


		2024						2023
(US$/BOE)		Year-to- Date		Q2		Q1		Year		Q4		Q3		Q2 Year- to-Date		Q2		Q1

Administrative Expense			1.67		1.41		1.95		1.91		1.57		1.53		2.30		3.23		1.25
Administrative Expense, Excluding Long-Term Incentive,
	Transaction and Legal Costs (1)		1.34		1.28		1.43		1.35		1.36		1.27		1.39		1.28		1.52

(1) Transaction costs refer to costs primarily incurred to facilitate the Permian Acquisition as defined in Note 9 of the Interim Condensed Consolidated Financial Statements included in Part I, Item 1 of Ovintiv’s Quarterly Report on Form 10-Q.


Ovintiv Inc.	4	Supplemental Information (prepared in US$)

Second quarter report

for the period ended June 30, 2024

Supplemental Oil and Gas Operating Statistics (unaudited)

Operating Statistics

Per-Unit Prices, Excluding the Impact of Realized Gains (Losses) on Risk Management


		2024						2023
(US$)		Year-to- Date		Q2		Q1		Year		Q4		Q3		Q2 Year- to-Date		Q2		Q1

Oil Price ($/bbl)
	USA Operations		77.18		78.20		76.17		76.46		76.91		80.69		73.41		72.83		74.06
	Canadian Operations		74.07		74.86		72.34		81.59		75.10		100.64		71.44		-		71.44
	Total Operations		77.17		78.19		76.17		76.46		76.91		80.70		73.41		72.83		74.06

NGLs - Plant Condensate Price ($/bbl)
	USA Operations		58.71		59.43		57.97		58.53		57.24		59.96		58.46		55.09		61.84
	Canadian Operations		73.77		75.61		71.70		74.52		74.65		75.67		73.84		70.99		77.22
	Total Operations		69.96		71.66		68.10		70.46		70.38		71.61		69.89		67.14		73.01

Oil & Plant Condensate Price ($/bbl)
	USA Operations		76.07		77.05		75.10		75.31		75.83		79.42		72.32		71.61		73.12
	Canadian Operations		73.77		75.60		71.71		74.54		74.65		75.75		73.83		70.99		77.21
	Total Operations		75.72		76.82		74.62		75.19		75.66		78.86		72.58		71.50		73.81

NGLs - Other Price ($/bbl)
	USA Operations		18.09		16.84		19.35		16.27		16.21		16.91		15.99		13.43		18.73
	Canadian Operations		27.54		25.36		30.13		26.78		30.94		25.50		25.20		18.62		35.17
	Total Operations		19.67		18.35		21.03		18.09		18.85		18.39		17.56		14.43		21.11

NGLs - Total Price ($/bbl)
	USA Operations		23.17		22.20		24.16		21.66		21.61		22.72		21.18		18.39		24.14
	Canadian Operations		58.92		59.21		58.59		58.89		60.71		59.76		57.41		52.05		64.31
	Total Operations		35.78		35.74		35.82		34.98		36.20		36.11		33.78		30.78		37.19

Oil & NGLs Price ($/bbl)
	USA Operations		58.94		59.09		58.79		57.29		59.94		61.73		52.99		51.94		54.16
	Canadian Operations		59.03		59.35		58.65		58.93		60.75		59.84		57.43		52.06		64.32
	Total Operations		58.95		59.13		58.77		57.55		60.06		61.43		53.76		51.96		55.80

Natural Gas Price ($/Mcf)
	USA Operations		1.59		1.16		2.02		2.43		2.34		2.22		2.57		1.79		3.40
	Canadian Operations		1.81		1.36		2.30		2.89		2.58		2.38		3.30		2.02		4.80
	Total Operations		1.74		1.30		2.21		2.74		2.50		2.33		3.07		1.95		4.34

Total Price ($/BOE)
	USA Operations		46.23		45.61		46.85		46.15		49.03		49.62		42.45		40.56		44.52
	Canadian Operations		20.27		18.40		22.30		25.76		25.21		23.46		27.21		20.26		35.50
	Total Operations		35.49		34.08		36.97		37.67		39.66		38.95		35.86		31.56		40.72


Ovintiv Inc.	5	Supplemental Information (prepared in US$)

Second quarter report

for the period ended June 30, 2024

Supplemental Oil and Gas Operating Statistics (unaudited)

Operating Statistics (continued)

Per-unit Impact of Realized Gains (Losses) on Risk Management


		2024									2023
(US$)		Year-to- Date			Q2			Q1			Year			Q4			Q3			Q2 Year- to-Date			Q2		Q1

Oil ($/bbl)
	USA Operations		(1.07	)		(1.62	)		(0.51	)		(0.40	)		(0.27	)		(1.18	)		-			-		-
	Canadian Operations		-			-			-			-			-			-			-			-		-
	Total Operations		(1.06	)		(1.61	)		(0.51	)		(0.40	)		(0.27	)		(1.18	)		-			-		-

NGLs - Plant Condensate ($/bbl)
	USA Operations		-			-			-			-			-			-			-			-		-
	Canadian Operations		-			-			-			0.09			0.10			-			-			-		-
	Total Operations		-			-			-			0.05			0.08			-			-			-		-

Oil & Plant Condensate ($/bbl)
	USA Operations		(1.00	)		(1.52	)		(0.48	)		(0.38	)		(0.25	)		(1.12	)		-			-		-
	Canadian Operations		-			-			-			-			-			-			-			-		-
	Total Operations		(0.84	)		(1.27	)		(0.42	)		(0.31	)		(0.20	)		(0.92	)		-			-		-

NGLs - Other ($/bbl)
	USA Operations		0.15			0.15			0.15			-			-			-			-			-		-
	Canadian Operations		-			-			-			-			-			-			-			-		-
	Total Operations		0.12			0.12			0.13			-			-			-			-			-		-

NGLs - Total ($/bbl)
	USA Operations		0.13			0.13			0.13			-			-			-			-			-		-
	Canadian Operations		-			-			-			-			-			-			-			-		-
	Total Operations		0.08			0.08			0.09			-			-			-			-			-		-

Oil & NGLs ($/bbl)
	USA Operations		(0.66	)		(1.02	)		(0.30	)		(0.27	)		(0.19	)		(0.80	)		-			-		-
	Canadian Operations		-			-			-			-			-			-			-			-		-
	Total Operations		(0.55	)		(0.85	)		(0.26	)		(0.21	)		(0.14	)		(0.66	)		-			-		-

Natural Gas ($/Mcf)
	USA Operations		0.85			1.05			0.65			0.17			0.23			0.32			0.07			0.10		0.03
	Canadian Operations		0.28			0.35			0.22			(0.13	)		0.11			0.12			(0.38	)		-		(0.82	)
	Total Operations		0.46			0.56			0.35			(0.03	)		0.15			0.18			(0.24	)		0.03		(0.54	)

Total ($/BOE)
	USA Operations		0.82			0.87			0.77			0.07			0.18			(0.12	)		0.12			0.17		0.05
	Canadian Operations		1.37			1.69			1.03			(0.60	)		0.56			0.60			(1.81	)		-		(3.97	)
	Total Operations		1.05			1.21			0.87			(0.21	)		0.33			0.17			(0.72	)		0.10		(1.64	)


Ovintiv Inc.	6	Supplemental Information (prepared in US$)

Second quarter report

for the period ended June 30, 2024

Supplemental Oil and Gas Operating Statistics (unaudited)

Operating Statistics (continued)

Per-Unit Results, Including the Impact of Realized Gains (Losses) on Risk Management


		2024						2023
(US$)		Year-to- Date		Q2		Q1		Year		Q4		Q3		Q2 Year- to-Date		Q2		Q1

Oil Price ($/bbl)
	USA Operations		76.11		76.58		75.66		76.06		76.64		79.51		73.41		72.83		74.06
	Canadian Operations		74.07		74.86		72.34		81.59		75.10		100.64		71.44		-		71.44
	Total Operations		76.11		76.58		75.66		76.06		76.64		79.52		73.41		72.83		74.06

NGLs - Plant Condensate Price ($/bbl)
	USA Operations		58.71		59.43		57.97		58.53		57.24		59.96		58.46		55.09		61.84
	Canadian Operations		73.77		75.61		71.70		74.61		74.75		75.67		73.84		70.99		77.22
	Total Operations		69.96		71.66		68.10		70.51		70.46		71.61		69.89		67.14		73.01

Oil & Plant Condensate Price ($/bbl)
	USA Operations		75.07		75.53		74.62		74.93		75.58		78.30		72.32		71.61		73.12
	Canadian Operations		73.77		75.60		71.71		74.54		74.65		75.75		73.83		70.99		77.21
	Total Operations		74.88		75.55		74.20		74.88		75.46		77.94		72.58		71.50		73.81

NGLs - Other Price ($/bbl)
	USA Operations		18.24		16.99		19.50		16.27		16.21		16.91		15.99		13.43		18.73
	Canadian Operations		27.54		25.36		30.13		26.78		30.94		25.50		25.20		18.62		35.17
	Total Operations		19.79		18.47		21.16		18.09		18.85		18.39		17.56		14.43		21.11

NGLs - Total Price ($/bbl)
	USA Operations		23.30		22.33		24.29		21.66		21.61		22.72		21.18		18.39		24.14
	Canadian Operations		58.92		59.21		58.59		58.89		60.71		59.76		57.41		52.05		64.31
	Total Operations		35.86		35.82		35.91		34.98		36.20		36.11		33.78		30.78		37.19

Oil & NGLs Price ($/bbl)
	USA Operations		58.28		58.07		58.49		57.02		59.75		60.93		52.99		51.94		54.16
	Canadian Operations		59.03		59.35		58.65		58.93		60.75		59.84		57.43		52.06		64.32
	Total Operations		58.40		58.28		58.51		57.34		59.92		60.77		53.76		51.96		55.80

Natural Gas Price ($/Mcf)
	USA Operations		2.44		2.21		2.67		2.60		2.57		2.54		2.64		1.89		3.43
	Canadian Operations		2.09		1.71		2.52		2.76		2.69		2.50		2.92		2.02		3.98
	Total Operations		2.20		1.86		2.56		2.71		2.65		2.51		2.83		1.98		3.80

Total Price ($/BOE)
	USA Operations		47.05		46.48		47.62		46.22		49.21		49.50		42.57		40.73		44.57
	Canadian Operations		21.64		20.09		23.33		25.16		25.77		24.06		25.40		20.26		31.53
	Total Operations		36.54		35.29		37.84		37.46		39.99		39.12		35.14		31.66		39.08

Total Netback ($/BOE)
	USA Operations		33.67		33.11		34.22		32.82		36.91		36.15		28.49		27.41		29.66
	Canadian Operations		8.63		7.37		10.01		11.65		12.58		10.16		11.91		8.45		16.04
	Total Operations		23.32		22.20		24.47		24.01		27.34		25.54		21.31		19.03		23.92


Ovintiv Inc.	7	Supplemental Information (prepared in US$)

Second quarter report

for the period ended June 30, 2024

Supplemental Oil and Gas Operating Statistics (unaudited)

Results by Play


		2024						2023
(average)		Year-to- Date		Q2		Q1		Year		Q4		Q3		Q2 Year- to-Date		Q2		Q1

Oil Production (Mbbls/d)

USA Operations
	Permian		121.2		117.5		124.9		99.5		140.2		121.4		67.7		75.6		59.6
	Anadarko		22.8		21.2		24.4		30.6		26.8		30.2		32.7		32.4		33.1
	Uinta		24.2		27.7		20.8		19.1		26.8		18.9		15.3		17.8		12.8
	Other (1)		0.3		0.4		0.1		9.6		0.2		0.3		19.1		16.6		21.7
Total USA Operations			168.5		166.8		170.2		158.8		194.0		170.8		134.8		142.4		127.2

Canadian Operations
	Montney		0.3		0.5		0.2		0.1		0.1		0.1		0.1		-		0.1
	Other (1)		-		-		-		-		-		-		-		-		-
Total Canadian Operations			0.3		0.5		0.2		0.1		0.1		0.1		0.1		-		0.1


Total			168.8		167.3		170.4		158.9		194.1		170.9		134.9		142.4		127.3


NGLs - Plant Condensate Production (Mbbls/d)

USA Operations
	Permian		4.9		5.2		4.7		4.1		4.9		4.6		3.4		3.7		3.0
	Anadarko		5.6		5.5		5.6		5.9		6.0		6.1		5.8		5.6		5.8
	Uinta		0.2		0.2		0.3		0.3		0.4		0.4		0.2		0.2		0.2
	Other (1)		-		-		-		0.6		-		0.1		1.2		1.0		1.6
Total USA Operations			10.7		10.9		10.6		10.9		11.3		11.2		10.6		10.5		10.6

Canadian Operations
	Montney		31.7		33.6		29.8		32.0		34.8		32.1		30.6		33.0		28.1
	Other (1)		0.1		0.1		0.1		-		-		-		-		-		-
Total Canadian Operations			31.8		33.7		29.9		32.0		34.8		32.1		30.6		33.0		28.1


Total			42.5		44.6		40.5		42.9		46.1		43.3		41.2		43.5		38.7


Oil & Plant Condensate Production (Mbbls/d)

USA Operations
	Permian		126.1		122.7		129.6		103.6		145.1		126.0		71.1		79.3		62.6
	Anadarko		28.4		26.7		30.0		36.5		32.8		36.3		38.5		38.0		38.9
	Uinta		24.4		27.9		21.1		19.4		27.2		19.3		15.5		18.0		13.0
	Other (1)		0.3		0.4		0.1		10.2		0.2		0.4		20.3		17.6		23.3
Total USA Operations			179.2		177.7		180.8		169.7		205.3		182.0		145.4		152.9		137.8

Canadian Operations
	Montney		32.0		34.1		30.0		32.1		34.9		32.2		30.7		33.0		28.2
	Other (1)		0.1		0.1		0.1		-		-		-		-		-		-
Total Canadian Operations			32.1		34.2		30.1		32.1		34.9		32.2		30.7		33.0		28.2


Total			211.3		211.9		210.9		201.8		240.2		214.2		176.1		185.9		166.0

(1) Other Operations includes production volumes from plays that are not part of the Company’s current focus. Production volumes associated with Bakken were included in USA Other Operations until the asset was divested on June 12, 2023.


Ovintiv Inc.	8	Supplemental Information (prepared in US$)

Second quarter report

for the period ended June 30, 2024

Supplemental Oil and Gas Operating Statistics (unaudited)

Results by Play (continued)


		2024						2023
(average)		Year-to- Date		Q2		Q1		Year		Q4		Q3		Q2 Year- to-Date		Q2		Q1

NGLs - Other Production (Mbbls/d)

USA Operations
	Permian		40.9		41.6		40.3		33.0		39.0		35.1		28.9		31.0		26.8
	Anadarko		32.8		32.8		32.9		36.3		33.7		35.2		38.1		37.8		38.5
	Uinta		1.3		1.2		1.3		1.2		1.8		1.2		0.9		1.1		0.7
	Other (1)		0.1		0.1		0.1		4.1		0.1		0.3		8.1		8.2		7.7
Total USA Operations			75.1		75.7		74.6		74.6		74.6		71.8		76.0		78.1		73.7

Canadian Operations
	Montney		15.0		16.3		13.8		15.6		16.3		14.9		15.6		18.7		12.5
	Other (1)		-		-		-		-		-		-		-		-		-
Total Canadian Operations			15.0		16.3		13.8		15.6		16.3		14.9		15.6		18.7		12.5


Total			90.1		92.0		88.4		90.2		90.9		86.7		91.6		96.8		86.2


NGLs - Total Production (Mbbls/d)

USA Operations
	Permian		45.8		46.8		45.0		37.1		43.9		39.7		32.3		34.7		29.8
	Anadarko		38.4		38.3		38.5		42.2		39.7		41.3		43.9		43.4		44.3
	Uinta		1.5		1.4		1.6		1.5		2.2		1.6		1.1		1.3		0.9
	Other (1)		0.1		0.1		0.1		4.7		0.1		0.4		9.3		9.2		9.3
Total USA Operations			85.8		86.6		85.2		85.5		85.9		83.0		86.6		88.6		84.3

Canadian Operations
	Montney		46.7		49.9		43.6		47.6		51.1		47.0		46.2		51.7		40.6
	Other (1)		0.1		0.1		0.1		-		-		-		-		-		-
Total Canadian Operations			46.8		50.0		43.7		47.6		51.1		47.0		46.2		51.7		40.6


Total			132.6		136.6		128.9		133.1		137.0		130.0		132.8		140.3		124.9


Oil & NGLs Production (Mbbls/d)

USA Operations
	Permian		167.0		164.3		169.9		136.6		184.1		161.1		100.0		110.3		89.4
	Anadarko		61.2		59.5		62.9		72.8		66.5		71.5		76.6		75.8		77.4
	Uinta		25.7		29.1		22.4		20.6		29.0		20.5		16.4		19.1		13.7
	Other (1)		0.4		0.5		0.2		14.3		0.3		0.7		28.4		25.8		31.0
Total USA Operations			254.3		253.4		255.4		244.3		279.9		253.8		221.4		231.0		211.5

Canadian Operations
	Montney		47.0		50.4		43.8		47.7		51.2		47.1		46.3		51.7		40.7
	Other (1)		0.1		0.1		0.1		-		-		-		-		-		-
Total Canadian Operations			47.1		50.5		43.9		47.7		51.2		47.1		46.3		51.7		40.7


Total			301.4		303.9		299.3		292.0		331.1		300.9		267.7		282.7		252.2


Ovintiv Inc.	9	Supplemental Information (prepared in US$)

Second quarter report

for the period ended June 30, 2024

Supplemental Oil and Gas Operating Statistics (unaudited)

Results by Play (continued)


		2024						2023
(average)		Year-to- Date		Q2		Q1		Year		Q4		Q3		Q2 Year- to-Date		Q2		Q1

Natural Gas Production (MMcf/d)

USA Operations
	Permian		225		232		220		185		213		195		164		171		158
	Anadarko		268		269		267		283		277		285		285		289		281
	Uinta		31		26		36		22		30		24		18		20		15
	Other (1)		4		4		3		27		4		4		51		50		53
Total USA Operations			528		531		526		517		524		508		518		530		507

Canadian Operations
	Montney		1,147		1,203		1,093		1,095		1,094		1,092		1,097		1,177		1,017
	Other (1)		18		6		29		30		27		25		34		36		31
Total Canadian Operations			1,165		1,209		1,122		1,125		1,121		1,117		1,131		1,213		1,048


Total			1,693		1,740		1,648		1,642		1,645		1,625		1,649		1,743		1,555


Total Production (MBOE/d)

USA Operations
	Permian		204.7		203.0		206.3		167.3		219.5		193.9		127.4		138.9		115.8
	Anadarko		105.9		104.4		107.5		119.9		112.8		119.0		124.1		124.0		124.2
	Uinta		30.9		33.4		28.4		24.3		33.9		24.4		19.3		22.4		16.3
	Other (1)		1.0		1.1		0.8		18.9		0.9		1.2		36.9		33.9		39.8
Total USA Operations			342.5		341.9		343.0		330.4		367.1		338.5		307.7		319.2		296.1

Canadian Operations
	Montney		238.3		250.8		225.8		230.2		233.6		229.1		229.1		247.8		210.1
	Other (1)		3.0		1.1		5.0		5.0		4.5		4.2		5.6		6.0		5.2
Total Canadian Operations			241.3		251.9		230.8		235.2		238.1		233.3		234.7		253.8		215.3


Total			583.8		593.8		573.8		565.6		605.2		571.8		542.4		573.0		511.4


Ovintiv Inc.	10	Supplemental Information (prepared in US$)

Second quarter report

for the period ended June 30, 2024

Supplemental Oil and Gas Operating Statistics (unaudited)

Results by Play (continued)


		2024						2023
(US$ millions)		Year-to- Date		Q2		Q1		Year			Q4			Q3		Q2 Year- to-Date			Q2			Q1

Capital Expenditures, Excluding Capitalized Internal Costs

USA Operations
	Permian		639		361		278		1,360			335			524		501			295			206
	Anadarko		29		23		6		180			24			3		153			55			98
	Uinta		224		88		136		396			123			136		137			76			61
	Other (1)		-		-		-		112			-			3		109			43			66
Total USA Operations			892		472		420		2,048			482			666		900			469			431

Canadian Operations
	Montney		234		108		126		544			127			130		287			152			135
	Other (1)		-		-		-		(2	)		-			-		(2	)		-			(2	)
Total Canadian Operations			234		108		126		542			127			130		285			152			133

Total Capital Expenditures, Excluding Capitalized Internal Costs			1,126		580		546		2,590			609			796		1,185			621			564

Capitalized Directly Attributable Internal Costs

USA Operations
	Permian		49		23		26		83			29			16		38			19			19
	Anadarko		6		3		3		21			5			5		11			4			7
	Uinta		14		6		8		31			9			8		14			7			7
	Other (1)		-		-		-		6			-			-		6			3			3
Total USA Operations			69		32		37		141			43			29		69			33			36

Canadian Operations
	Montney		16		9		7		6			6			6		(6	)		(15	)		9
	Other (1)		-		-		-		1			1			-		-			-			-
Total Canadian Operations			16		9		7		7			7			6		(6	)		(15	)		9

Total Capitalized Directly Attributable Internal Costs			85		41		44		148			50			35		63			18			45

Total Capital Expenditures

USA Operations
	Permian		688		384		304		1,443			364			540		539			314			225
	Anadarko		35		26		9		201			29			8		164			59			105
	Uinta		238		94		144		427			132			144		151			83			68
	Other (1)		-		-		-		118			-			3		115			46			69
Total USA Operations			961		504		457		2,189			525			695		969			502			467

Canadian Operations
	Montney		250		117		133		550			133			136		281			137			144
	Other (1)		-		-		-		(1	)		1			-		(2	)		-			(2	)
Total Canadian Operations			250		117		133		549			134			136		279			137			142

Corporate & Other			2		1		1		6			1			3		2			1			1
Total Capital Expenditures			1,213		622		591		2,744			660			834		1,250			640			610
Net Acquisitions & (Divestitures)			191		3		188		(495	)		(27	)		47		(515	)		(702	)		187
Net Capital Investment			1,404		625		779		2,249			633			881		735			(62	)		797

(1) Other Operations includes capital expenditures in plays that are not part of the Company’s current focus. Capital expenditures associated with Bakken were included in USA Other Operations until the asset was divested on June 12, 2023.


Ovintiv Inc.	11	Supplemental Information (prepared in US$)

Second quarter report

for the period ended June 30, 2024

Supplemental Oil and Gas Operating Statistics (unaudited)

Results by Play (continued)


		2024						2023
		Year-to- Date		Q2		Q1		Year		Q4		Q3		Q2 Year- to-Date		Q2		Q1

Drilling Activity (net wells drilled)

USA Operations
	Permian		77		45		32		113		25		45		43		26		17
	Anadarko		6		6		-		11		-		2		9		2		7
	Uinta		16		1		15		33		12		10		11		8		3
	Other (1)		-		-		-		11		-		-		11		6		5
Total USA Operations			99		52		47		168		37		57		74		42		32

Canadian Operations
	Montney		34		13		21		96		28		19		49		23		26
Total Canadian Operations			34		13		21		96		28		19		49		23		26


Total			133		65		68		264		65		76		123		65		58

Completions Activity (net wells on production)

USA Operations
	Permian		61		40		21		184		60		83		41		27		14
	Anadarko		-		-		-		25		4		1		20		7		13
	Uinta		16		7		9		21		8		10		3		3		-
	Other (1)		-		-		-		16		-		-		16		8		8
Total USA Operations			77		47		30		246		72		94		80		45		35

Canadian Operations
	Montney		44		33		11		77		15		22		40		29		11
Total Canadian Operations			44		33		11		77		15		22		40		29		11


Total			121		80		41		323		87		116		120		74		46

(1) Other Operations includes net wells drilled and net wells on production in plays that are not part of the Company’s current focus. Net wells drilled and net wells on production associated with Bakken were included in USA Other Operations until the asset was divested on June 12, 2023.


Ovintiv Inc.	12	Supplemental Information (prepared in US$)

Ovintiv Inc.

Non-GAAP Definitions and Reconciliations

(unaudited)

For the period ended June 30, 2024

U.S. Dollar / U.S. Protocol

For the period ended June 30, 2024

(US$ millions, except per share amounts or as indicated)

Non-GAAP Cash Flow, Non-GAAP Cash Flow Per Share (CFPS) and Non-GAAP Free Cash Flow - Non-GAAP Cash Flow is defined as cash from (used in) operating activities excluding net change in other assets and liabilities, and net change in non-cash working capital. Non-GAAP CFPS is Non-GAAP Cash Flow divided by the weighted average number of shares of common stock outstanding. Non-GAAP Free Cash Flow is defined as Non-GAAP Cash Flow in excess of capital expenditures, excluding net acquisitions and divestitures. Management believes these measures are useful to the Company and its investors as a measure of operating and financial performance across periods and against other companies in the industry, and are an indication of the Company’s ability to generate cash to finance capital programs, to service debt and to meet other financial obligations. These measures are used, along with other measures, in the calculation of certain performance targets for the Company’s management and employees.


Non-GAAP Cash Flow			Q2 2024				YTD 2024

Cash from (used in) Operating Activities		$		1,020		$		1,679
Deduct (add back):
	Net change in other assets and liabilities			(42	)			(54	)
	Net change in non-cash working capital			37				(327	)
Non-GAAP Cash Flow		$		1,025		$		2,060

Per Share - Basic		$		3.85		$		7.69
Per Share - Diluted				3.82				7.61

Non-GAAP Free Cash Flow

Non-GAAP Cash Flow		$		1,025		$		2,060
Deduct:
	Capital expenditures			622				1,213
Non-GAAP Free Cash Flow		$		403		$		847

Non-GAAP Adjusted Earnings - is defined as Net Earnings (Loss) excluding non-cash items that management believes reduces the comparability of the Company’s financial performance between periods. These items may include, but are not limited to, unrealized gains/losses on risk management, impairments, non-operating foreign exchange gains/losses, and gains/losses on divestitures. Income taxes includes adjustments to normalize the effect of income taxes calculated using the estimated annual effective income tax rate. In addition, any valuation allowances are excluded in the calculation of income taxes.


Non-GAAP Adjusted Earnings			Q2 2024			YTD 2024

Net Earnings (Loss) Before Income Tax		$		466	$		894
Before-tax (Addition) Deduction:
	Unrealized gain (loss) on risk management			8			(92	)
	Non-operating foreign exchange gain (loss)			11			36
Adjusted Earnings (Loss) Before Income Tax				447			950
	Income tax expense (recovery)			116			230
Non-GAAP Adjusted Earnings		$		331	$		720

Per Share - Basic		$		1.24	$		2.69
Per Share - Diluted				1.23			2.66


Ovintiv Inc.	1	Non-GAAP Definitions and Reconciliations

Debt to Capitalization - Capitalization includes debt and total shareholders’ equity. Debt to Capitalization is monitored by management as an indicator of the Company’s overall financial strength.


Debt to Capitalization		YTD 2024

Long-Term Debt, Including Current Portion	$		6,087
Total Shareholders’ Equity			10,328
Capitalization	$		16,415

Debt to Capitalization		37%

Debt to Adjusted Capitalization - Debt to Adjusted Capitalization is a non-GAAP measure and is a proxy for Ovintiv’s financial covenant under the Company’s credit facilities which require Debt to Adjusted Capitalization to be less than 60 percent. Adjusted Capitalization includes debt, total shareholders’ equity and an equity adjustment for cumulative historical ceiling test impairments recorded as at December 31, 2011 in conjunction with the Company’s January 1, 2012 adoption of U.S. GAAP.


Debt to Adjusted Capitalization		YTD 2024

Long-Term Debt, Including Current Portion	$		6,087
Total Shareholders’ Equity			10,328
Equity Adjustment for Impairments at December 31, 2011			7,746
Adjusted Capitalization	$		24,161

Debt to Adjusted Capitalization		25%

EBITDA, Debt to EBITDA, Adjusted EBITDA and Debt to Adjusted EBITDA (Leverage Ratio/Target) - EBITDA is defined as trailing 12-month net earnings (loss) before income taxes, DD&A, and interest. Adjusted EBITDA is defined as EBITDA adjusted for impairments, accretion of asset retirement obligation, unrealized gains/losses on risk management, foreign exchange gains/losses, gains/losses on divestitures and other gains/losses. Debt to EBITDA and Debt to Adjusted EBITDA are non-GAAP measures monitored by management as an indicator of the Company’s overall financial strength.


			Q3 2023				Q4 2023			Q1 2024			Q2 2024			Trailing 12- Months

Long-Term Debt, Including Current Portion															$		6,087

Net Earnings (Loss)		$		406		$		856	$		338	$		340	$		1,940
Add back (deduct):
	Depreciation, depletion and amortization			486				556			566			580			2,188
	Interest			98				106			98			105			407
	Income tax expense (recovery)			(13	)			211			90			126			414
EBITDA		$		977		$		1,729	$		1,092	$		1,151	$		4,949

Debt to EBITDA (times)																	1.2


			Q3 2023				Q4 2023				Q1 2024				Q2 2024				Trailing 12- Months

Long-Term Debt, Including Current Portion																		$		6,087

Net Earnings (Loss)		$		406		$		856		$		338		$		340		$		1,940
Add back (deduct):
	Depreciation, depletion and amortization			486				556				566				580				2,188
	Accretion of asset retirement obligation			5				5				5				4				19
	Interest			98				106				98				105				407
	Unrealized (gains) losses on risk management			292				(326	)			100				(8	)			58
	Foreign exchange (gain) loss, net			(22	)			19				(28	)			(10	)			(41	)
	Other (gains) losses, net			(2	)			(4	)			(4	)			(5	)			(15	)
	Income tax expense (recovery)			(13	)			211				90				126				414
Adjusted EBITDA		$		1,250		$		1,423		$		1,165		$		1,132		$		4,970

Debt to Adjusted EBITDA (times)																				1.2


Ovintiv Inc.	2	Non-GAAP Definitions and Reconciliations

Operating Margin/Operating Netback - Product revenues less costs associated with delivering the product to market, including production, mineral and other taxes, transportation and processing and operating expenses. When presented on a per BOE basis, Operating Netback is defined as indicated divided by average barrels of oil equivalent sales volumes. Operating Margin/Operating Netback is used by management as an internal measure of the profitability of a play.

Upstream Operating Cash Flow, excluding Risk Management and Upstream Operating Free Cash Flow - Upstream Operating Cash Flow, excluding Risk Management is a measure that adjusts the USA and Canadian Operations revenues for production, mineral and other taxes, transportation and processing expense, operating expense and the impacts of realized risk management activities. It is calculated as total upstream operating income excluding upstream depreciation, depletion and amortization, and the impact of risk management activities. Upstream Operating Free Cash Flow is defined as Upstream Operating Cash Flow, excluding Risk Management, in excess of upstream capital investment, excluding net acquisitions and divestitures. Management monitors these measures as it reflects operating performance and measures the amount of cash generated from the Company’s upstream operations.

Free Cash Flow Yield - Annualized Non-GAAP Free Cash Flow divided by the Company’s market capitalization.

Cash Return Yield - The sum of Ovintiv’s base dividend and expected cash returned to shareholders under the Company’s capital allocation framework, divided by the Company’s market capitalization, on an annualized basis.


Ovintiv Inc.	3	Non-GAAP Definitions and Reconciliations

Netback Calculation

Netback is a common metric used in the oil and gas industry to measure operating performance on a per-unit basis and is considered a non-GAAP measure. The netbacks disclosed below have been calculated on a BOE basis using upstream product revenues, excluding the impact of realized gains and losses on risk management, less costs associated with delivering the product to market, including production, mineral and other taxes, transportation and processing expense and operating expense.


Selected Financial Data (1)

			2024						2023
(US$ millions)			Year-to- Date		Q2		Q1		Year		Q4		Q3		Q2		Q1
USA Operations
	Upstream Product Revenue (2,3)			2,881		1,420		1,461		5,565		1,656		1,544		1,179		1,186
	Production, mineral and other taxes			165		85		80		327		90		84		73		80
	Transportation and processing			253		126		127		547		128		124		148		147
	Operating (4)			416		205		211		743		198		208		167		170
				2,047		1,004		1,043		3,948		1,240		1,128		791		789
Canadian Operations
	Upstream Product Revenue (2,3)			890		422		468		2,212		552		504		467		689
	Production, mineral and other taxes			7		4		3		15		3		5		3		4
	Transportation and processing			511		260		251		1,056		256		265		268		267
	Operating (4)			51		26		25		88		29		28		2		29
				321		132		189		1,053		264		206		194		389
Total Operations
	Upstream Product Revenue (2,3)			3,771		1,842		1,929		7,777		2,208		2,048		1,646		1,875
	Production, mineral and other taxes			172		89		83		342		93		89		76		84
	Transportation and processing			764		386		378		1,603		384		389		416		414
	Operating (4)			467		231		236		831		227		236		169		199
				2,368		1,136		1,232		5,001		1,504		1,334		985		1,178

(1)		Segmented financial information per the notes to Ovintiv's financial statements.
(2)		Excludes the impact of realized gains and losses on risk management.
(3)		Excludes service revenues, certain other revenues and royalty adjustments with no associated production volumes.
(4)		Excludes other operating expenses with no associated production volumes.

Sales Volumes (1)

			2024						2023
(BOE)			Year-to- Date		Q2		Q1		Year		Q4		Q3		Q2		Q1
USA Operations				62,306,972		31,141,019		31,165,771		120,609,505		33,771,820		31,141,172		29,044,015		26,652,510
Canadian Operations				43,918,602		22,919,260		20,999,433		85,848,365		21,907,316		21,465,900		23,096,801		19,378,260
Total				106,225,574		54,060,279		52,165,204		206,457,870		55,679,136		52,607,072		52,140,816		46,030,770

(1)		Numbers may not add due to the calculation of volumes, which is based on sales volumes per day on a BOE basis times the number of days in the period.

Calculated Operating Netback, excluding the Impact of Realized Gains (Losses) on Risk Management (1)

			2024						2023
(US$/BOE)			Year-to- Date		Q2		Q1		Year		Q4		Q3		Q2		Q1
Total USA Operations
	Price			46.24		45.60		46.88		46.14		49.03		49.58		40.59		44.50
	Production, mineral and other taxes			2.65		2.73		2.57		2.71		2.66		2.70		2.51		3.00
	Transportation and processing			4.06		4.05		4.07		4.54		3.79		3.98		5.10		5.52
	Operating			6.68		6.58		6.77		6.16		5.86		6.68		5.75		6.38
	Netback			32.85		32.24		33.47		32.73		36.72		36.22		27.23		29.60
Total Canadian Operations
	Price			20.26		18.41		22.29		25.77		25.20		23.48		20.22		35.56
	Production, mineral and other taxes			0.16		0.17		0.14		0.17		0.14		0.23		0.13		0.21
	Transportation and processing			11.64		11.34		11.95		12.30		11.69		12.35		11.60		13.78
	Operating			1.16		1.13		1.19		1.03		1.32		1.30		0.09		1.50
	Netback			7.31		5.76		9.00		12.27		12.05		9.60		8.40		20.07
Total Operations
	Price			35.50		34.07		36.98		37.67		39.66		38.93		31.57		40.73
	Production, mineral and other taxes			1.62		1.65		1.59		1.66		1.67		1.69		1.46		1.82
	Transportation and processing			7.19		7.14		7.25		7.76		6.90		7.39		7.98		8.99
	Operating			4.40		4.27		4.52		4.03		4.08		4.49		3.24		4.32
Netback				22.29		21.01		23.62		24.22		27.01		25.36		18.89		25.59

(1)		May not add due to rounding. Ovintiv calculates reported netbacks using whole dollars and sales volumes. Accordingly, the calculations above may differ from the reported netbacks due to the effects of rounding both dollars and volumes.


Ovintiv Inc.	4	Non-GAAP Definitions and Reconciliations