Ovintiv Inc

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

SCHEDULE 14A

(Rule 14a-101)

Proxy Statement Pursuant to Section 14(a) of the

Securities Exchange Act of 1934

(Amendment No. )

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MARCH 21, 2024

A Message From Our Board Chair

Dear Fellow Shareholders:

We are proud of another year of strong performance and strategic execution for our Company in 2023. We continued to provide the safe, affordable, and secure energy that fuels the world. We remain committed to the safe, efficient and responsible development of these critical products that make modern life possible.

The Ovintiv team generated net earnings of more than $2 billion and Free Cash Flow of approximately $1.2 billion. We returned more than $730 million directly to our shareholders through base dividends and share buybacks. Our business performance was driven by the consistent execution of our durable returns strategy.

During 2023, we seamlessly and simultaneously executed a set of Permian Basin acquisitions and the divestiture of our Bakken asset. These transactions were highly accretive, reaffirmed our investment grade rating, expanded our Permian inventory life, and were completed ahead of schedule. Together with our time-tested strategic bolt-on and organic assessment and appraisal programs, we have added over 1,650 premium return net drilling locations in the past several years.

We also continued to drive strong operational execution across all our assets. Our leading well results and efficiency gains across our portfolio drove outperformance throughout the year. In 2023, we saw multiple quarters of both production and capital guidance beats, allowing us to raise guidance twice and bring additional wells online for the same capital spend—boosting returns on invested capital. We also continued to deliver on our Scope 1 & 2 Greenhouse Gas (“GHG”) target, with 2023 emissions intensity down 42% from 2019 levels. This culture of innovation and efficiency is hard to match and is showing up in our outstanding results.

We continued our track record of strong Board oversight and seeking feedback from our shareholders through our annual outreach program. Our commitment to being a responsible producer remains resolute and will continue to be a cornerstone of our business. We believe that fostering a culture of innovation, engaging with our external stakeholders and workforce, adhering to the highest standards of conduct, and setting measurable

near-term targets supports the sustainability of our business and drives better corporate outcomes. Our ongoing strategic board refreshment process led to four new directors in 2021-2024, two of which were added in the past two years, bringing a balance of tenure, age, background, and perspective.

Finally, I am proud to report the important progress the Ovintiv team made on safety performance. The Board was engaged throughout the year with the Company’s Safety Advisory Task Force (“Safety Task Force”). The Safety Task Force reported to the Environment, Health and Safety (“EHS”) Committee. This organization wide effort created a performance step-change in 2023. As can be seen in our results, 2023 was an outstanding safety performance year across key metrics and we are constantly looking to improve safety awareness and procedures.

We are excited about the impressive results our Company has generated. Looking forward, we are committed to developing our resource safely, efficiently, and responsibly, while also generating durable returns for our shareholders.

On behalf of the Board, thank you for your investment in our Company.

PETER A. DEA CHAIR OF THE BOARD

TABLE OF CONTENTS

Our products fuel the world—

we make modern

life possible.

NOTICE OF ANNUAL MEETING OF SHAREHOLDERS

Meeting Agenda

Shareholders will be asked to vote on the following proposals at our 2024 Annual Meeting of Shareholders of Ovintiv (the “Meeting”):

Record Date

Shareholders at the close of business on the Record Date are entitled to receive notice of, and vote at, the Meeting and any adjournments or postponements thereof. As of the Record Date, there were 268,953,641 shares of Ovintiv common stock issued and outstanding.

The Notice of Internet Availability of Proxy Materials is being mailed to shareholders on or about March 21, 2024.

By Order of the Board,

Meghan N. Eilers

Executive Vice-President, General Counsel & Corporate Secretary

March 21, 2024

Your Vote Is Important

You can vote your shares of Ovintiv common stock in any of the following ways:

ONLINE Before the Meeting you may vote your shares through the internet by following the directions on your proxy card. Internet voting is available 24-hours a day. To vote online, you will need the control number located on your proxy card or Notice of Internet Availability of Proxy Materials.

PHONE Call 1-800-690-6903 from a touch-tone phone and follow the voice instructions. To vote by phone, you will need the control number located on your proxy card or Notice of Internet Availability of Proxy Materials.

MAIL If you received a proxy card by mail, you can complete, sign and date the card and return it by mail using the postage-paid envelope included in your package.

AT THE MEETING Shareholders of record as of March 5, 2024 (the “Record Date”) can vote at the Meeting by visiting www.virtualshareholdermeeting.com/ovv2024. To vote at the Meeting, you will need the control number included on your proxy card or Notice of Internet Availability of Proxy Materials.

If you are a non-registered shareholder, please refer to the information forwarded by your bank, broker or other holder of record to see which voting methods are available to you to vote in advance of or at the Meeting.

IMPORTANT NOTICE REGARDING THE INTERNET AVAILABILITYOF PROXY MATERIALS The SEC’s “Notice and Access” rule permits Ovintiv to deliver a Notice of Internet Availability of Proxy Materials to shareholders in lieu of paper copies of the company’s Proxy Statement, Annual Report on Form 10-K and related materials (collectively, the “Proxy Materials”). The Notice of Internet Availability of Proxy Materials provides instructions as to how shareholders can access the Proxy Materials through the Internet or, alternatively, request printed copies of the Proxy Materials be sent to them by mail.