$OVV

Ovintiv Inc.

CIK:0001792580|SEC Filings

Condensed Consolidated Statement of Earnings (Unaudited) - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Revenues
Revenues	$ 2,872	$ 2,214	$ 5,449	$ 4,589
Gains (losses) on risk management, net	122	87	59	71
Sublease revenues	19	17	37	35
Total Revenues	3,013	2,318	5,545	4,695
Operating Expenses
Production, mineral and other taxes	81	73	160	160
Transportation and processing	540	435	1,011	833
Operating	183	219	410	424
Purchased product	563	440	907	842
Depreciation, depletion and amortization	519	556	1,080	1,101
Impairments	0	0	1,485	730
Accretion of asset retirement obligation	7	8	14	14
Administrative	126	76	238	169
Total Operating Expenses	2,019	1,807	5,305	4,273
Operating Income (Loss)	994	511	240	422
Other (Income) Expenses
Interest	100	95	204	192
Foreign exchange (gain) loss, net	23	22	21	32
(Gain) loss on divestitures, net	337	0	337	0
Other (gains) losses, net	(5)	(5)	(34)	(8)
Total Other (Income) Expenses	455	112	528	216
Net Earnings (Loss) Before Income Tax	539	399	(288)	206
Income tax expense (recovery)	83	92	(114)	58
Net Earnings (Loss)	$ 456	$ 307	$ (174)	$ 148
Net Earnings (Loss) per Share of Common Stock
Basic	$ 1.63	$ 1.19	$ (0.63)	$ 0.57
Diluted	$ 1.62	$ 1.18	$ (0.63)	$ 0.57
Weighted Average Shares of Common Stock Outstanding (millions)
Basic	280.0	259.0	274.1	259.7
Diluted	281.9	260.1	274.1	261.6
Product and Service Revenues [Member]
Revenues
Revenues	$ 2,297	$ 1,764	$ 4,518	$ 3,729
Sales of Purchased Product [Member]
Revenues
Revenues	$ 575	$ 450	$ 931	$ 860

Condensed Consolidated Statement of Cash Flows (unaudited) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Operating Activities
Net earnings (loss)	$ 456	$ 307	$ (174)	$ 148
Depreciation, depletion and amortization	519	556	1,080	1,101
Impairments	0	0	1,485	730
Accretion of asset retirement obligation	7	8	14	14
Deferred income taxes	61	66	(149)	(11)
Unrealized (gain) loss on risk management	(190)	(54)	(137)	(8)
Unrealized foreign exchange (gain) loss	29	2	28	(43)
Foreign exchange (gain) loss on settlements	2	1	1	(41)
(Gain) loss on divestitures, net	337	0	337	0
Other	35	27	10	27
Net change in other assets and liabilities	(4)	(11)	(18)	(22)
Net change in non-cash working capital	380	111	211	(9)
Cash From (Used in) Operating Activities	1,632	1,013	2,688	1,886
Investing Activities
Capital expenditures	(574)	(521)	(1,179)	(1,138)
Acquisitions	(14)	(3)	(21)	(2,313)
Corporate acquisition, net of cash acquired	0	0	(1,192)	0
Proceeds from divestitures	2,822	12	2,829	1,896
Net change in investments and other	(15)	(46)	44	102
Cash From (Used in) Investing Activities	2,219	(558)	481	(1,453)
Financing Activities
Net issuance (repayment) of revolving debt	(877)	396	(580)	481
Issuance of debt under the Term Credit Agreement	0	0	1,151	0
Repayment of debt under the term credit agreement	(1,151)	0	(1,151)	0
Repayment of long-term debt	(720)	(600)	(1,179)	(600)
Purchase of shares of common stock	(345)	(147)	(429)	(147)
Dividends on shares of common stock	(84)	(77)	(169)	(155)
Other	1	(2)	(147)	(21)
Cash From (Used in) Financing Activities	(3,176)	(430)	(2,504)	(442)
Foreign Exchange Gain (Loss) on Cash, Cash Equivalents and Restricted Cash Held in Foreign Currency	(1)	(13)	0	(13)
Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash	674	12	665	(22)
Cash, Cash Equivalents and Restricted Cash, Beginning of Period	26	8	35	42
Cash, Cash Equivalents and Restricted Cash, End of Period	700	20	700	20
Cash, End of Period	31	19	31	19
Cash Equivalents, End of Period	669	1	669	1
Restricted Cash, End of Period	$ 0	$ 0	$ 0	$ 0

Condensed Consolidated Balance Sheet (unaudited) - USD ($) $ in Millions	Jun. 30, 2026	Dec. 31, 2025
Current Assets
Cash and cash equivalents	$ 700	$ 35
Accounts receivable and accrued revenues (net of allowances of $6 million (2025: $6 million))	1,302	1,128
Investment in marketable securities	0	245
Risk management	187	86
Income tax receivable	60	29
Total Current Assets	2,249	1,523
Oil and natural gas properties, based on full cost accounting
Proved properties	60,174	70,133
Unproved properties	624	434
Other	947	864
Property, plant and equipment	61,745	71,431
Less: Accumulated depreciation, depletion and amortization	(48,542)	(57,187)
Property, plant and equipment, net	13,203	14,244
Other Assets	1,290	1,299
Risk Management	185	4
Deferred Income Taxes	29	744
Goodwill	2,324	2,576
Total Assets	19,280	20,390
Current Liabilities
Accounts payable and accrued liabilities	2,093	1,861
Current portion of operating lease liabilities	105	117
Income tax payable	2	5
Risk management	32	2
Current portion of long-term debt	0	810
Total Current Liabilities	2,232	2,795
Long-Term Debt	3,695	4,392
Operating Lease Liabilities	1,118	1,105
Other Liabilities and Provisions	220	100
Risk Management	14	13
Asset Retirement Obligation	385	388
Deferred Income Taxes	117	402
Total Liabilities	7,781	9,195
Commitments and Contingencies
Shareholders’ Equity
Share capital - authorized 775 million shares of stock 2026 issued and outstanding: 276.6 million shares (2025: 253.3 million shares)	3	3
Paid in surplus	8,613	7,779
Retained earnings	2,097	2,440
Accumulated other comprehensive income	786	973
Total Shareholders’ Equity	11,499	11,195
Total Liabilities and Shareholders' Equity	$ 19,280	$ 20,390