Ovintiv Inc.

For the period ended Nov 3, 2026. Filed Nov 3, 2026.

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A notice of a major event between regular reports, such as results, a deal or a change of executives. It is often the first formal record of the news.

Nov 3, 2026 · Filed Nov 3, 2026

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OVV$60.52-0.6%Stored close · as of Nov 6, 2026

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Contents

EX-99.2 · Netback Calculation

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, upstream transportation and processing expense and upstream operating expense.

Selected Financial Data (1)
2026 · 2025
(US$ millions) · Year-to-Date · Q3 · Q2 · Q1 · Year · Q4 · Q3 · Q2 · Q1
USA Operations
	Upstream Product Revenue (2) (3)			3,656			1,162			1,268			1,226			4,553			1,036			1,095			1,112			1,310
	Production, mineral and other taxes			196			54			71			71			265			49			66			67			83
	Transportation and processing			282			77			90			115			450			116			108			114			112
	Operating			446			137			133			176			692			177			173			173			169
					2,732			894			974			864			3,146			694			748			758			946
Canadian Operations
	Upstream Product Revenue (2) (3)			3,062			1,049			1,025			988			2,591			669			627			643			652
	Production, mineral and other taxes			23			5			10			8			21			5			6			6			4
	Transportation and processing			1,178			394			439			345			1,235			312			332			312			279
	Operating			162			63			48			51			161			41			42			42			36
					1,699			587			528			584			1,174			311			247			283			333
Total Operations
	Upstream Product Revenue (2) (3)			6,718			2,211			2,293			2,214			7,144			1,705			1,722			1,755			1,962
	Production, mineral and other taxes			219			59			81			79			286			54			72			73			87
	Transportation and processing			1,460			471			529			460			1,685			428			440			426			391
	Operating			608			200			181			227			853			218			215			215			205
					4,431			1,481			1,502			1,448			4,320			1,005			995			1,041			1,279
(1)	Segmented financial information per the notes to Ovintiv's financial statements and/or management's discussion and analysis.
(2)	Includes by-product revenues.
(3)	Excludes service revenues, certain other revenues with no associated production volumes, and the impact of realized gains and losses on risk management.
Sales Volumes (1)
2026 · 2025
(BOE)		Year-to-Date		Q3		Q2		Q1		Year		Q4		Q3		Q2		Q1
USA Operations			71,762,964			21,650,176			21,854,560			28,258,290			115,145,820			29,334,752			28,696,548			28,635,880			28,478,970
Canadian Operations			103,284,909			36,361,712			34,078,499			32,844,600			109,191,575			28,020,348			29,297,952			27,360,151			24,512,940
Total			175,047,873			58,011,888			55,933,059			61,102,890			224,337,395			57,355,100			57,994,500			55,996,031			52,991,910
(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)
2026 · 2025
(US$/BOE)		Year-to-Date		Q3		Q2		Q1		Year		Q4		Q3		Q2		Q1
Total USA Operations
	Price			50.95			53.67			58.02			43.39			39.54			35.32			38.16			38.83			46.00
	Production, mineral and other taxes			2.73			2.49			3.25			2.51			2.30			1.67			2.30			2.34			2.91
	Transportation and processing			3.93			3.56			4.12			4.07			3.91			3.95			3.76			3.98			3.93
	Operating			6.21			6.33			6.09			6.23			6.01			6.03			6.03			6.04			5.93
	Netback			38.07			41.29			44.57			30.58			27.32			23.66			26.07			26.47			33.22
Total Canadian Operations
	Price			29.65			28.85			30.08			30.08			23.73			23.88			21.40			23.50			26.60
	Production, mineral and other taxes			0.22			0.14			0.29			0.24			0.19			0.18			0.20			0.22			0.16
	Transportation and processing			11.41			10.84			12.88			10.50			11.31			11.13			11.33			11.40			11.38
	Operating			1.57			1.73			1.41			1.55			1.47			1.46			1.43			1.54			1.47
	Netback			16.45			16.14			15.49			17.78			10.75			11.10			8.43			10.34			13.58
Total Operations
	Price			38.38			38.11			41.00			36.23			31.84			29.73			29.69			31.34			37.02
	Production, mineral and other taxes			1.25			1.02			1.45			1.29			1.27			0.94			1.24			1.30			1.64
	Transportation and processing			8.34			8.12			9.46			7.53			7.51			7.46			7.59			7.61			7.38
	Operating			3.47			3.45			3.24			3.72			3.80			3.80			3.71			3.84			3.87
Netback			25.31			25.53			26.85			23.70			19.26			17.52			17.16			18.59			24.14
(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

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