Ovintiv Inc.

Except as set forth below, there have been no material changes to the risk factors previously disclosed in Item 1A., “Risk Factors” of our Annual Report on Form 10-K for the year ended December 31, 2025.

Completion of the Logan Acquisition is subject to conditions that may not be satisfied or completed on a timely basis or at all, and, if completed, we may be unable to achieve the anticipated benefits of the Logan Acquisition.

Our obligations and the obligations of Logan to consummate the Logan Acquisition are subject to the satisfaction (or waiver by all parties, to the extent permissible under applicable laws) of a number of conditions described in the arrangement agreement (the “Arrangement Agreement”). These include, among other things, the approval of the arrangement (the “Arrangement”) by the Logan shareholders, the approval of the Arrangement by the Court of King’s Bench of Alberta and the receipt of approval under the Competition Act (Canada). Such conditions, some of which are beyond our control, may not be satisfied or waived in a timely manner or at all. If any of these conditions are not satisfied or waived prior to the Outside Date (as such term is defined in the Arrangement Agreement), it is possible that the Arrangement Agreement may be terminated. If the Logan Acquisition is not completed, we will be required to pay our costs relating to the Logan Acquisition, such as legal, accounting and financial advisory expenses, and we will have committed management time and resources to the transaction, in each case without realizing any of the benefits of having completed the Logan Acquisition. In addition, the market price of Ovintiv’s common stock could decline to the extent that the current market price reflects a market assumption that the Logan Acquisition will be completed.

If the Logan Acquisition is completed, our ability to achieve its anticipated benefits will depend in part upon whether we can integrate the assets and their operations into our existing business in an efficient and effective manner. Our assessment of the assets, including recoverable reserves, future commodity prices, development and operating costs and potential environmental and other liabilities, is inherently uncertain. Our review of the assets may not reveal all existing or potential problems. The integration process may be subject to delays or changed circumstances. We can give no assurance that the assets will perform in accordance with our expectations, or that there will not be unknown liabilities and unforeseen expenses associated with the Logan Acquisition.