Compensation Plans (Tables)

6 Months Ended

Jun. 30, 2025

Share-Based Payment Arrangement [Abstract]

Amounts Recognized For Share-Based Payment Transactions

The Company has recognized the following share-based compensation costs:

	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2025			2024			2025			2024
Total Compensation Costs of Transactions Classified as Cash-Settled	$	(2	)	$	(3	)	$	(1	)	$	2
Total Compensation Costs of Transactions Classified as Equity-Settled		21			24			37			48
Less: Total Share-Based Compensation Costs Capitalized		(5	)		(8	)		(9	)		(14	)
Total Share-Based Compensation Expense (Recovery)	$	14		$	13		$	27		$	36
Recognized in the Condensed Consolidated Statement of Earnings in:
Operating	$	6		$	5		$	9		$	13
Administrative		8			8			18			23
	$	14		$	13		$	27		$	36

Schedule of Weighted Average Assumptions Used to Fair Value Share Units

The following weighted average assumptions were used to determine the fair value of Stock Appreciation Rights (“SAR”) and Tandem Stock Appreciation Rights (“TSAR”) units outstanding:

	As at June 30, 2025		As at June 30, 2024
	US$ SAR	C$ TSAR	US$ SAR	C$ TSAR
	Share Units	Share Units	Share Units	Share Units
Risk Free Interest Rate	2.60%	2.60%	4.04%	4.04%
Dividend Yield	3.15%	3.26%	2.56%	2.54%
Expected Volatility Rate (1)	43.36%	41.08%	48.63%	45.21%
Expected Term	0.6 yrs	0.6 yrs	1.0 yrs	1.0 yrs
Market Share Price	US$38.05	C$51.86	US$46.87	C$64.13
Weighted Average Grant Date Fair Value	US$34.67	C$46.75	US$40.91	C$54.84

(1)Volatility was estimated using historical rates.

Schedule of Share-based Compensation Activity

The following units were granted primarily in conjunction with the Company’s annual grant of long-term incentive awards. The PSUs and RSUs were granted at the volume-weighted average trading price of shares of Ovintiv common stock for the five days prior to the grant date.

Six Months Ended June 30, 2025 (thousands of units)
RSUs	1,641
PSUs	593
DSUs (1)	6

(1)Deferred Share Units (“DSUs”)