Exhibit 99.2

Ovintiv Inc.

Selected Financial Information

For the year ended December 31, 2022

(U.S. Dollars)

Consolidated Statement of Earnings

For the years ended December 31 (US$ millions, except per share amounts)	2022			2021			2020
Revenues
Product and service revenues	$	14,263		$	10,468		$	5,509
Gains (losses) on risk management, net		(1,867	)		(1,883	)		507
Sublease revenues		68			73			71
Total Revenues		12,464			8,658			6,087
Operating Expenses
Production, mineral and other taxes		415			293			173
Transportation and processing		1,786			1,616			1,502
Operating		802			625			605
Purchased product		4,055			2,951			1,366
Depreciation, depletion and amortization		1,113			1,190			1,834
Impairments		—			—			5,580
Accretion of asset retirement obligation		18			22			29
Administrative		422			442			395
Total Operating Expenses		8,611			7,139			11,484
Operating Income (Loss)		3,853			1,519			(5,397	)
Other (Income) Expenses
Interest		311			340			371
Foreign exchange (gain) loss, net		15			(23	)		17
Other (gains) losses, net		(33	)		(37	)		(55	)
Total Other (Income) Expenses		293			280			333
Net Earnings (Loss) Before Income Tax		3,560			1,239			(5,730	)
Income tax expense (recovery)		(77	)		(177	)		367
Net Earnings (Loss)	$	3,637		$	1,416		$	(6,097	)
Net Earnings (Loss) per Share of Common Stock
Basic	$	14.34		$	5.44		$	(23.47	)
Diluted		14.08			5.32			(23.47	)
Weighted Average Shares of Common Stock Outstanding (millions)
Basic		253.6			260.4			259.8
Diluted		258.4			266.4			259.8

Consolidated Statement of Comprehensive Income

For the years ended December 31 (US$ millions)	2022			2021		2020
Net Earnings (Loss)	$	3,637		$	1,416	$	(6,097	)
Other Comprehensive Income (Loss), Net of Tax
Foreign currency translation adjustment		(107	)		2		38
Pension and other post-employment benefit plans		6			14		(8	)
Other Comprehensive Income (Loss)		(101	)		16		30
Comprehensive Income (Loss)	$	3,536		$	1,432	$	(6,067	)

.

Ovintiv Inc. 1 Selected Financial Information

Consolidated Balance Sheet

As at December 31 (US$ millions)	2022			2021
Assets
Current Assets
Cash and cash equivalents	$	5		$	195
Accounts receivable and accrued revenues (net of allowances of $4 million (2021: $5 million))		1,594			1,294
Risk management		53			1
Income tax receivable		43			97
		1,695			1,587
Property, Plant and Equipment, at cost:
Oil and natural gas properties, based on full cost accounting Proved properties		57,054			55,475
Unproved properties		1,172			1,944
Other		882			903
Property, plant and equipment		59,108			58,322
Less: Accumulated depreciation, depletion and amortization		(49,640	)		(49,561	)
Property, plant and equipment, net		9,468			8,761
Other Assets		1,004			1,079
Risk Management		34			—
Deferred Income Taxes		271			—
Goodwill		2,584			2,628
	$	15,056		$	14,055
Liabilities and Shareholders’ Equity
Current Liabilities
Accounts payable and accrued liabilities	$	2,221		$	1,979
Current portion of operating lease liabilities		76			62
Income tax payable		4			4
Risk management		86			703
Current portion of long-term debt		393			—
		2,780			2,748
Long-Term Debt		3,177			4,786
Operating Lease Liabilities		814			889
Other Liabilities and Provisions		131			190
Risk Management		—			25
Asset Retirement Obligation		281			339
Deferred Income Taxes		184			4
		7,367			8,981
Shareholders’ Equity
Share capital—authorized 775 million shares of stock 2022 issued and outstanding: 245.7 million shares (2021: 258.0 million shares)		3			3
Paid in surplus		7,776			8,458
Retained earnings (Accumulated deficit)		(1,081	)		(4,479	)
Accumulated other comprehensive income		991			1,092
Total Shareholders’ Equity		7,689			5,074
	$	15,056		$	14,055

Ovintiv Inc. 2 Selected Financial Information

Consolidated Statement of Cash Flows

For the years ended December 31 (US$ millions)	2022			2021			2020
Operating Activities
Net earnings (loss)	$	3,637		$	1,416		$	(6,097	)
Depreciation, depletion and amortization		1,113			1,190			1,834
Impairments		—			—			5,580
Accretion of asset retirement obligation		18			22			29
Deferred income taxes		(87	)		(21	)		381
Unrealized (gain) loss on risk management		(741	)		488			204
Unrealized foreign exchange (gain) loss		14			21			11
Foreign exchange (gain) loss on settlements		8			(11	)		6
Other		148			104			(19	)
Net change in other assets and liabilities		(57	)		(39	)		(173	)
Net change in non-cash working capital		(187	)		(41	)		139
Cash From (Used in) Operating Activities		3,866			3,129			1,895
Investing Activities
Capital expenditures		(1,831	)		(1,519	)		(1,736	)
Acquisitions		(286	)		(11	)		(19	)
Proceeds from divestitures		228			1,025			89
Net change in investments and other		103			(20	)		(198	)
Cash From (Used in) Investing Activities		(1,786	)		(525	)		(1,864	)
Financing Activities
Net issuance (repayment) of revolving long-term debt		393			(950	)		252
Repayment of long-term debt		(1,634	)		(1,137	)		(272	)
Purchase of shares of common stock		(719	)		(111	)		—
Dividends on shares of common stock		(239	)		(122	)		(97	)
Finance lease payments and other		(69	)		(99	)		(89	)
Cash From (Used in) Financing Activities		(2,268	)		(2,419	)		(206	)
Foreign Exchange Gain (Loss) on Cash, Cash Equivalents and Restricted Cash Held in Foreign Currency		(2	)		—			(5	)
Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash		(190	)		185			(180	)
Cash, Cash Equivalents and Restricted Cash, Beginning of Year		195			10			190
Cash, Cash Equivalents and Restricted Cash, End of Year	$	5		$	195		$	10
Cash, End of Year	$	5		$	26		$	9
Cash Equivalents, End of Year		—			169			1
Restricted Cash, End of Year		—			—			—
Cash, Cash Equivalents and Restricted Cash, End of Year	$	5		$	195		$	10

Ovintiv Inc. 3 Selected Financial Information

Ovintiv Inc.

Supplemental Information

(unaudited)

For the year ended December 31, 2022

U.S. Dollar / U.S. Protocol

Supplemental Financial Information (unaudited)

Financial Results

	2022															2021
(US$ millions, unless otherwise specified)	Year			Q4			Q3			Q2			Q1			Year			Q4			Q3			Q2			Q1
Net Earnings (Loss)		3,637			1,335			1,186			1,357			(241	)		1,416			1,384			(72	)		(205	)		309
Per share—basic (1)		14.34			5.39			4.70			5.28			(0.94	)		5.44			5.33			(0.28	)		(0.79	)		1.19
Per share—diluted (1)		14.08			5.30			4.63			5.21			(0.94	)		5.32			5.21			(0.28	)		(0.79	)		1.16
Non-GAAP Adjusted Earnings (2)		1,769			228			353			628			560			1,294			330			389			287			288
Per share—basic (1)		6.98			0.92			1.40			2.44			2.18			4.97			1.27			1.49			1.10			1.11
Per share—diluted (1)		6.85			0.91			1.38			2.41			2.18			4.86			1.24			1.49			1.10			1.08
Non-GAAP Cash Flow (3)		4,110			895			948			1,224			1,043			3,209			741			845			733			890
Per share—basic (1)		16.21			3.62			3.75			4.76			4.05			12.32			2.86			3.24			2.81			3.42
Per share—diluted (1)		15.91			3.55			3.70			4.70			4.05			12.05			2.79			3.24			2.81			3.35
Foreign Exchange Rates (C$ per US$1)
Average		1.301			1.358			1.306			1.277			1.266			1.254			1.260			1.260			1.228			1.266
Period end		1.354			1.354			1.371			1.289			1.250			1.268			1.268			1.274			1.239			1.258
Non-GAAP Adjusted Earnings Summary
Net Earnings (Loss) Before Income Tax		3,560			1,110			1,274			1,422			(246	)		1,239			1,382			(71	)		(205	)		133
Before-tax (Addition) Deduction:
Unrealized gain (loss) on risk management		741			530			710			513			(1,012	)		(488	)		938			(579	)		(576	)		(271	)
Non-operating foreign exchange gain (loss)		(14	)		10			(20	)		(7	)		3			(18	)		(1	)		(11	)		(4	)		(2	)
Adjusted Earnings (Loss) Before Income Tax		2,833			570			584			916			763			1,745			445			519			375			406
Income tax expense (recovery) (4)		1,064			342			231			288			203			451			115			130			88			118
Non-GAAP Adjusted Earnings (2)		1,769			228			353			628			560			1,294			330			389			287			288
Non-GAAP Cash Flow Summary
Cash From (Used in) Operating Activities		3,866			875			962			1,344			685			3,129			740			812			750			827
(Add back) Deduct:
Net change in other assets and liabilities		(57	)		(15	)		(17	)		(13	)		(12	)		(39	)		(18	)		(10	)		(5	)		(6	)
Net change in non-cash working capital		(187	)		(5	)		31			133			(346	)		(41	)		17			(23	)		22			(57	)
Non-GAAP Cash Flow (3)		4,110			895			948			1,224			1,043			3,209			741			845			733			890
(1)   Net Earnings (Loss), Non-GAAP Adjusted Earnings and Non-GAAP Cash Flow per share are calculated using the weighted average number of shares of common stock outstanding as follows:
	2022															2021
(millions)	Year			Q4			Q3			Q2			Q1			Year			Q4			Q3			Q2			Q1
Weighted Average Shares of Common Stock Outstanding
Basic		253.6			247.5			252.5			257.2			257.4			260.4			259.5			261.1			261.1			260.1
Diluted		258.4			251.8			256.2			260.6			257.4			266.4			265.7			261.1			261.1			266.0
(2)   Ovintiv has revised the definition and calculation of its Non-GAAP Adjusted Earnings based on recent SEC guidance regarding non-GAAP measures. Accordingly, prior periods have been restated. Non-GAAP Adjusted Earnings, previously Non-GAAP Operating Earnings, is a non-GAAP measure defined as net earnings (loss) excluding non-cash items that Management believes reduces the comparability of the Company’s financial performance between periods. These items may include, but are not limited to, unrealized gains/losses on risk management, impairments, non-operating foreign exchange gains/losses, and gains/losses on divestitures. Income taxes includes adjustments to normalize the effect of income taxes calculated using the estimated annual effective income tax rate. In addition, any valuation allowances are excluded in the calculation of income taxes. (3)   Non-GAAP Cash Flow is a non-GAAP measure defined as cash from (used in) operating activities excluding net change in other assets and liabilities, and net change in non-cash working capital. (4)   Calculated using the applicable U.S. federal and state statutory income tax rate of 23.0 percent and the applicable Canadian federal and provincial statutory income tax rate of 23.9 percent (2021 - 24.0 percent and 23.9 percent, respectively). Financial Metrics
	2022															2021
	Year															Year
Debt to Capitalization		32%															49%
Debt to Adjusted Capitalization (1)		19%															27%
Debt to EBITDA (1)		0.7x															1.7x
Debt to Adjusted EBITDA (1)		0.8x															1.5x

(1) Debt to Adjusted Capitalization, Debt to EBITDA and Debt to Adjusted EBITDA are non-GAAP measures monitored by Management as indicators of the Company’s overall financial strength. Non-GAAP measures are defined and calculated in the Non-GAAP Definitions and Reconciliations document following this Supplemental Information report.

Ovintiv Inc. 1 Supplemental Information (prepared in US$)

Supplemental Operating Information (unaudited)

Production Volumes by Product

			2022										2021
(average)	% of Oil & NGLs		Year		Q4		Q3		Q2		Q1		Year		Q4		Q3		Q2		Q1
Oil (Mbbls/d)		50		131.6		132.0		133.4		132.8		128.3		140.3		129.8		136.8		148.5		146.5
NGLs—Plant Condensate (Mbbls/d)		17		44.0		42.7		46.0		42.6		44.6		50.9		47.8		51.9		52.3		51.4
Oil & Plant Condensate (Mbbls/d)		67		175.6		174.7		179.4		175.4		172.9		191.2		177.6		188.7		200.8		197.9
Butane (Mbbls/d)		8		19.3		19.0		19.8		19.8		18.7		20.5		20.3		20.7		20.9		20.1
Propane (Mbbls/d)		12		31.5		32.2		31.0		31.3		31.3		31.5		31.5		31.8		32.5		30.1
Ethane (Mbbls/d)		13		34.7		37.5		36.1		35.9		29.2		31.3		32.8		32.4		32.5		27.5
NGLs—Other (Mbbls/d)		33		85.5		88.7		86.9		87.0		79.2		83.3		84.6		84.9		85.9		77.7
Oil & NGLs (Mbbls/d)		100		261.1		263.4		266.3		262.4		252.1		274.5		262.2		273.6		286.7		275.6
Natural Gas (MMcf/d)				1,494		1,561		1,500		1,426		1,487		1,556		1,476		1,566		1,607		1,576
Total (MBOE/d)				510.0		523.6		516.3		500.0		499.9		533.9		508.2		534.7		554.6		538.3

Production Volumes by Segment

	2022										2021
(average)	Year		Q4		Q3		Q2		Q1		Year		Q4		Q3		Q2		Q1
Oil (Mbbls/d)
USA Operations		131.5		131.9		133.3		132.7		128.2		140.0		129.7		136.7		148.2		145.6
Canadian Operations		0.1		0.1		0.1		0.1		0.1		0.3		0.1		0.1		0.3		0.9
		131.6		132.0		133.4		132.8		128.3		140.3		129.8		136.8		148.5		146.5
NGLs—Plant Condensate (Mbbls/d)
USA Operations		10.4		11.0		11.1		10.1		9.2		10.5		10.5		11.3		10.5		9.7
Canadian Operations		33.6		31.7		34.9		32.5		35.4		40.4		37.3		40.6		41.8		41.7
		44.0		42.7		46.0		42.6		44.6		50.9		47.8		51.9		52.3		51.4
Oil & Plant Condensate (Mbbls/d)
USA Operations		141.9		142.9		144.4		142.8		137.4		150.5		140.2		148.0		158.7		155.3
Canadian Operations		33.7		31.8		35.0		32.6		35.5		40.7		37.4		40.7		42.1		42.6
		175.6		174.7		179.4		175.4		172.9		191.2		177.6		188.7		200.8		197.9
NGLs—Other (Mbbls/d)
USA Operations		71.7		75.1		74.1		72.6		64.8		67.5		70.0		69.4		69.2		61.0
Canadian Operations		13.8		13.6		12.8		14.4		14.4		15.8		14.6		15.5		16.7		16.7
		85.5		88.7		86.9		87.0		79.2		83.3		84.6		84.9		85.9		77.7
NGLs—Total (Mbbls/d)
USA Operations		82.1		86.1		85.2		82.7		74.0		78.0		80.5		80.7		79.7		70.7
Canadian Operations		47.4		45.3		47.7		46.9		49.8		56.2		51.9		56.1		58.5		58.4
		129.5		131.4		132.9		129.6		123.8		134.2		132.4		136.8		138.2		129.1
Oil & NGLs (Mbbls/d)
USA Operations		213.6		218.0		218.5		215.4		202.2		218.0		210.2		217.4		227.9		216.3
Canadian Operations		47.5		45.4		47.8		47.0		49.9		56.5		52.0		56.2		58.8		59.3
		261.1		263.4		266.3		262.4		252.1		274.5		262.2		273.6		286.7		275.6
Natural Gas (MMcf/d)
USA Operations		492		506		502		485		475		490		509		495		497		459
Canadian Operations		1,002		1,055		998		941		1,012		1,066		967		1,071		1,110		1,117
		1,494		1,561		1,500		1,426		1,487		1,556		1,476		1,566		1,607		1,576
Total (MBOE/d)
USA Operations		295.5		302.3		302.1		296.1		281.3		299.7		295.0		300.0		310.8		292.8
Canadian Operations		214.5		221.3		214.2		203.9		218.6		234.2		213.2		234.7		243.8		245.5
		510.0		523.6		516.3		500.0		499.9		533.9		508.2		534.7		554.6		538.3

Ovintiv Inc. 2 Supplemental Information (prepared in US$)

Supplemental Financial & Operating Information (unaudited)

Results of Operations

Revenues and Realized Gains (Losses) on Risk Management

	2022															2021
(US$ millions)	Year			Q4			Q3			Q2			Q1			Year			Q4			Q3			Q2			Q1
USA Operations
Revenues, excluding Realized Gains (Losses) on Risk Management (1)
Oil		4,524			995			1,143			1,311			1,075			3,357			897			864			858			738
NGLs (2)		1,045			198			270			311			266			862			276			250			179			157
Natural Gas		1,108			251			349			302			206			664			251			172			118			123
		6,677			1,444			1,762			1,924			1,547			4,883			1,424			1,286			1,155			1,018
Realized Gains (Losses) on Risk Management
Oil		(594	)		(75	)		(141	)		(235	)		(143	)		(737	)		(259	)		(194	)		(167	)		(117	)
NGLs (2)		—			—			—			—			—			(131	)		(50	)		(42	)		(20	)		(19	)
Natural Gas		(529	)		(122	)		(183	)		(148	)		(76	)		(115	)		(84	)		(29	)		(2	)		—
		(1,123	)		(197	)		(324	)		(383	)		(219	)		(983	)		(393	)		(265	)		(189	)		(136	)
Canadian Operations
Revenues, excluding Realized Gains (Losses) on Risk Management (1)
Oil		3			1			1			1			—			7			—			1			1			5
NGLs (2)		1,358			290			326			382			360			1,158			318			302			283			255
Natural Gas		2,104			550			562			577			415			1,368			413			358			283			314
		3,465			841			889			960			775			2,533			731			661			567			574
Realized Gains (Losses) on Risk Management (3)
Oil		—			—			—			—			—			—			—			—			—			—
NGLs (2)		(125	)		(16	)		(26	)		(51	)		(32	)		(155	)		(56	)		(39	)		(35	)		(25	)
Natural Gas		(1,366	)		(324	)		(471	)		(374	)		(197	)		(258	)		(193	)		(68	)		—			3
		(1,491	)		(340	)		(497	)		(425	)		(229	)		(413	)		(249	)		(107	)		(35	)		(22	)

(1) Excludes other revenues with no associated production volumes, but includes intercompany marketing fees transacted between the Company’s operating segments.

(2) Includes plant condensate.

(3) Excludes realized gains or losses from other derivative contracts with no associated production volumes and foreign exchange risk management positions.

Ovintiv Inc. 3 Supplemental Information (prepared in US$)

Supplemental Financial & Operating Information (unaudited)

Results of Operations (continued)

Per-Unit Results, Excluding the Impact of Realized Gains (Losses) on Risk Management ⁽¹⁾

	2022										2021
(US$/BOE)	Year		Q4		Q3		Q2		Q1		Year		Q4		Q3		Q2		Q1
Total USA Operations Netback
Price		61.91		51.96		63.44		71.39		61.08		44.65		52.45		46.59		40.87		38.66
Production, mineral and other taxes		3.72		3.23		3.83		4.25		3.56		2.54		2.94		2.71		2.43		2.09
Transportation and processing		5.80		5.81		6.14		5.91		5.31		4.64		5.39		4.43		4.44		4.31
Operating		5.99		6.05		6.73		5.53		5.58		4.48		4.51		4.38		4.16		4.89
Netback		46.40		36.87		46.74		55.70		46.63		32.99		39.61		35.07		29.84		27.37
Total Canadian Operations Netback
Price		44.26		41.30		45.11		51.70		39.44		29.66		37.31		30.61		25.67		25.92
Production, mineral and other taxes		0.18		0.19		0.12		0.15		0.19		0.18		0.22		0.13		0.17		0.21
Transportation and processing		12.80		12.85		13.01		13.67		11.72		10.97		11.95		10.68		11.24		10.12
Operating		1.62		1.52		1.69		1.35		1.90		1.27		1.60		1.20		1.11		1.23
Netback		29.66		26.74		30.29		36.53		25.63		17.24		23.54		18.60		13.15		14.36
Total Operations Netback
Price		54.49		47.45		55.83		63.36		51.62		38.08		46.09		39.57		34.20		32.85
Production, mineral and other taxes		2.23		1.95		2.29		2.58		2.08		1.51		1.80		1.57		1.44		1.23
Transportation and processing		8.75		8.78		8.99		9.08		8.12		7.42		8.14		7.17		7.42		6.96
Operating		4.15		4.13		4.64		3.83		3.98		3.07		3.29		2.98		2.82		3.22
Netback		39.36		32.59		39.91		47.87		37.44		26.08		32.86		27.85		22.52		21.44

(1) 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 above 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, transportation and processing expense and operating expense. For additional information regarding non-GAAP measures, including Netback reconciliations, see the Non-GAAP Definitions and Reconciliations document following this Supplemental Information report.

Other Per-unit Results

	2022										2021
(US$/BOE)	Year		Q4		Q3		Q2		Q1		Year		Q4		Q3		Q2		Q1
Upstream Operating Expense		4.15		4.13		4.64		3.83		3.98		3.07		3.29		2.98		2.82		3.22
Upstream Operating Expense, Excluding Long-Term Incentive Costs		3.99		3.97		4.49		3.69		3.80		2.94		3.21		2.85		2.68		3.07
Administrative Expense		2.27		2.17		2.16		1.56		3.20		2.27		2.04		2.06		2.44		2.52
Administrative Expense, Excluding Long-Term Incentive, Restructuring and Legal Costs, and Current Expected Credit Losses		1.39		1.35		1.39		1.36		1.48		1.55		1.74		1.44		1.36		1.67
Non-GAAP Total Costs (1)		16.36		16.05		17.16		16.71		15.48		13.42		14.89		13.03		12.90		12.93

(1) Total Costs is a non-GAAP measure which includes the summation of production, mineral and other taxes, upstream transportation and processing expense, upstream operating expense and administrative expense, excluding the impact of long-term incentive, restructuring and legal costs, and current expected credit losses. It is calculated as total operating expenses excluding non-upstream operating costs and non-cash items which include operating expenses from the Market Optimization, and Corporate and Other segments, depreciation, depletion and amortization, impairments, accretion of asset retirement obligation, long-term incentive, restructuring and legal costs, and current expected credit losses. When presented on a per BOE basis, Total Costs is divided by production volumes.

Ovintiv Inc. 4 Supplemental Information (prepared in US$)

Supplemental Oil and Gas Operating Statistics (unaudited)

Operating Statistics

Per-Unit Prices, Excluding the Impact of Realized Gains (Losses) on Risk Management

	2022										2021
(US$)	Year		Q4		Q3		Q2		Q1		Year		Q4		Q3		Q2		Q1
Oil Price ($/bbl)
USA Operations		94.25		82.08		93.22		108.58		93.16		65.69		75.13		68.69		63.65		56.32
Canadian Operations		87.28		81.48		82.86		100.11		82.80		56.71		75.89		64.95		60.68		52.84
Total Operations		94.25		82.08		93.21		108.57		93.15		65.67		75.13		68.69		63.65		56.30
NGLs—Plant Condensate Price ($/bbl)
USA Operations		73.22		57.95		66.62		86.56		85.09		60.18		70.04		62.84		55.54		51.14
Canadian Operations		93.22		82.41		86.65		107.78		96.22		67.11		78.60		68.78		64.85		57.24
Total Operations		88.52		76.14		81.82		102.74		93.93		65.68		76.72		67.49		62.98		56.09
Oil & Plant Condensate Price ($/bbl)
USA Operations		92.72		80.24		91.18		107.02		92.62		65.31		74.74		68.24		63.12		56.00
Canadian Operations		93.20		82.41		86.64		107.76		96.19		67.02		78.60		68.77		64.82		57.15
Total Operations		92.81		80.63		90.29		107.16		93.35		65.67		75.55		68.36		63.47		56.24
NGLs—Other Price ($/bbl)
USA Operations		29.35		20.03		29.82		34.88		33.55		25.66		32.39		28.77		20.10		20.56
Canadian Operations		42.39		39.07		41.12		47.84		41.23		29.45		36.28		31.73		23.88		26.79
Total Operations		31.45		22.95		31.49		37.03		34.94		26.38		33.06		29.31		20.83		21.90
NGLs—Total Price ($/bbl)
USA Operations		34.88		24.85		34.61		41.21		39.95		30.32		37.33		33.52		24.76		24.76
Canadian Operations		78.44		69.42		74.41		89.37		80.36		56.48		66.66		58.56		53.16		48.55
Total Operations		50.84		40.22		48.91		58.64		56.21		41.28		48.83		43.78		36.79		35.51
Oil & NGLs Price ($/bbl)
USA Operations		71.44		59.49		70.37		82.70		73.68		53.04		60.65		55.63		50.05		45.99
Canadian Operations		78.46		69.44		74.43		89.39		80.37		56.48		66.68		58.57		53.19		48.62
Total Operations		72.72		61.20		71.10		83.90		75.00		53.75		61.85		56.23		50.70		46.56
Natural Gas Price ($/Mcf)
USA Operations		6.18		5.42		7.55		6.87		4.82		3.71		5.35		3.80		2.60		2.98
Canadian Operations		5.75		5.67		6.11		6.73		4.56		3.52		4.64		3.63		2.81		3.12
Total Operations		5.89		5.59		6.60		6.78		4.64		3.58		4.88		3.69		2.75		3.08
Total Price ($/BOE)
USA Operations		61.91		51.96		63.44		71.39		61.08		44.65		52.45		46.59		40.87		38.66
Canadian Operations		44.26		41.30		45.11		51.70		39.44		29.66		37.31		30.61		25.67		25.92
Total Operations		54.49		47.45		55.83		63.36		51.62		38.08		46.09		39.57		34.20		32.85

Ovintiv Inc. 5 Supplemental Information (prepared in US$)

Supplemental Oil and Gas Operating Statistics (unaudited)

Operating Statistics (continued)

Per-unit Impact of Realized Gains (Losses) on Risk Management

	2022															2021
(US$)	Year			Q4			Q3			Q2			Q1			Year			Q4			Q3			Q2			Q1
Oil ($/bbl)
USA Operations		(12.38	)		(6.24	)		(11.48	)		(19.42	)		(12.43	)		(14.42	)		(21.72	)		(15.39	)		(12.41	)		(8.92	)
Canadian Operations		—			—			—			—			—			—			—			—			—			—
Total Operations		(12.37	)		(6.23	)		(11.47	)		(19.41	)		(12.41	)		(14.39	)		(21.70	)		(15.38	)		(12.38	)		(8.86	)
NGLs—Plant Condensate ($/bbl)
USA Operations		—			—			—			—			—			—			—			—			—			—
Canadian Operations		(10.15	)		(5.57	)		(8.02	)		(17.14	)		(10.06	)		(10.53	)		(16.28	)		(10.40	)		(9.25	)		(6.71	)
Total Operations		(7.78	)		(4.13	)		(6.09	)		(13.07	)		(7.99	)		(8.35	)		(12.68	)		(8.15	)		(7.39	)		(5.44	)
Oil & Plant Condensate ($/bbl)
USA Operations		(11.48	)		(5.76	)		(10.60	)		(18.05	)		(11.59	)		(13.41	)		(20.08	)		(14.22	)		(11.59	)		(8.36	)
Canadian Operations		(10.13	)		(5.56	)		(8.00	)		(17.10	)		(10.03	)		(10.44	)		(16.24	)		(10.37	)		(9.19	)		(6.56	)
Total Operations		(11.22	)		(5.72	)		(10.09	)		(17.87	)		(11.27	)		(12.78	)		(19.28	)		(13.39	)		(11.08	)		(7.97	)
NGLs—Other ($/bbl)
USA Operations		—			—			—			—			—			(5.32	)		(7.75	)		(6.66	)		(3.06	)		(3.51	)
Canadian Operations		—			—			—			—			—			—			—			—			—			—
Total Operations		—			—			—			—			—			(4.31	)		(6.41	)		(5.45	)		(2.46	)		(2.76	)
NGLs—Total ($/bbl)
USA Operations		—			—			—			—			—			(4.60	)		(6.74	)		(5.73	)		(2.66	)		(3.03	)
Canadian Operations		(7.20	)		(3.89	)		(5.86	)		(11.87	)		(7.16	)		(7.56	)		(11.68	)		(7.54	)		(6.61	)		(4.79	)
Total Operations		(2.64	)		(1.34	)		(2.10	)		(4.30	)		(2.88	)		(5.84	)		(8.68	)		(6.47	)		(4.33	)		(3.82	)
Oil & NGLs ($/bbl)
USA Operations		(7.62	)		(3.78	)		(7.00	)		(11.96	)		(7.88	)		(10.91	)		(15.98	)		(11.81	)		(9.00	)		(6.99	)
Canadian Operations		(7.19	)		(3.89	)		(5.85	)		(11.85	)		(7.14	)		(7.51	)		(11.67	)		(7.52	)		(6.58	)		(4.72	)
Total Operations		(7.55	)		(3.79	)		(6.80	)		(11.94	)		(7.74	)		(10.21	)		(15.13	)		(10.93	)		(8.50	)		(6.50	)
Natural Gas ($/Mcf)
USA Operations		(2.94	)		(2.57	)		(3.97	)		(3.39	)		(1.78	)		(0.64	)		(1.79	)		(0.65	)		(0.03	)		(0.01	)
Canadian Operations		(3.74	)		(3.35	)		(5.12	)		(4.35	)		(2.16	)		(0.66	)		(2.17	)		(0.69	)		—			0.03
Total Operations		(3.47	)		(3.10	)		(4.75	)		(4.00	)		(2.04	)		(0.66	)		(2.04	)		(0.67	)		(0.01	)		0.02
Total ($/BOE)
USA Operations		(10.50	)		(7.00	)		(11.68	)		(14.24	)		(8.66	)		(8.99	)		(14.48	)		(9.63	)		(6.64	)		(5.19	)
Canadian Operations		(18.91	)		(16.80	)		(25.19	)		(22.62	)		(11.65	)		(4.83	)		(12.68	)		(4.93	)		(1.61	)		(0.99	)
Total Operations		(14.04	)		(11.14	)		(17.28	)		(17.66	)		(9.97	)		(7.17	)		(13.72	)		(7.57	)		(4.44	)		(3.27	)

Ovintiv Inc. 6 Supplemental Information (prepared in US$)

Supplemental Oil and Gas Operating Statistics (unaudited)

Operating Statistics (continued)

Per-Unit Results, Including the Impact of Realized Gains (Losses) on Risk Management

	2022										2021
(US$)	Year		Q4		Q3		Q2		Q1		Year		Q4		Q3		Q2		Q1
Oil Price ($/bbl)
USA Operations		81.87		75.84		81.74		89.16		80.73		51.27		53.41		53.30		51.24		47.40
Canadian Operations		87.28		81.48		82.86		100.11		82.80		56.71		75.89		64.95		60.68		52.84
Total Operations		81.88		75.85		81.74		89.16		80.74		51.28		53.43		53.31		51.27		47.44
NGLs—Plant Condensate Price ($/bbl)
USA Operations		73.22		57.95		66.62		86.56		85.09		60.18		70.04		62.84		55.54		51.14
Canadian Operations		83.07		76.84		78.63		90.64		86.16		56.58		62.32		58.38		55.60		50.53
Total Operations		80.74		72.01		75.73		89.67		85.94		57.33		64.04		59.34		55.59		50.65
Oil & Plant Condensate Price ($/bbl)
USA Operations		81.24		74.48		80.58		88.97		81.03		51.90		54.66		54.02		51.53		47.64
Canadian Operations		83.07		76.85		78.64		90.66		86.16		56.58		62.36		58.40		55.63		50.59
Total Operations		81.59		74.91		80.20		89.29		82.08		52.89		56.27		54.97		52.39		48.27
NGLs—Other Price ($/bbl)
USA Operations		29.35		20.03		29.82		34.88		33.55		20.34		24.64		22.11		17.04		17.05
Canadian Operations		42.39		39.07		41.12		47.84		41.23		29.45		36.28		31.73		23.88		26.79
Total Operations		31.45		22.95		31.49		37.03		34.94		22.07		26.65		23.86		18.37		19.14
NGLs—Total Price ($/bbl)
USA Operations		34.88		24.85		34.61		41.21		39.95		25.72		30.59		27.79		22.10		21.73
Canadian Operations		71.24		65.53		68.55		77.50		73.20		48.92		54.98		51.02		46.55		43.76
Total Operations		48.20		38.88		46.81		54.34		53.33		35.44		40.15		37.31		32.46		31.69
Oil & NGLs Price ($/bbl)
USA Operations		63.82		55.71		63.37		70.74		65.80		42.13		44.67		43.82		41.05		39.00
Canadian Operations		71.27		65.55		68.58		77.54		73.23		48.97		55.01		51.05		46.61		43.90
Total Operations		65.17		57.41		64.30		71.96		67.26		43.54		46.72		45.30		42.20		40.06
Natural Gas Price ($/Mcf)
USA Operations		3.24		2.85		3.58		3.48		3.04		3.07		3.56		3.15		2.57		2.97
Canadian Operations		2.01		2.32		0.99		2.38		2.40		2.86		2.47		2.94		2.81		3.15
Total Operations		2.42		2.49		1.85		2.78		2.60		2.92		2.84		3.02		2.74		3.10
Total Price ($/BOE)
USA Operations		51.41		44.96		51.76		57.15		52.42		35.66		37.97		36.96		34.23		33.47
Canadian Operations		25.35		24.50		19.92		29.08		27.79		24.83		24.63		25.68		24.06		24.93
Total Operations		40.45		36.31		38.55		45.70		41.65		30.91		32.37		32.00		29.76		29.58
Total Netback ($/BOE)
USA Operations		35.90		29.87		35.06		41.46		37.97		24.00		25.13		25.44		23.20		22.18
Canadian Operations		10.75		9.94		5.10		13.91		13.98		12.41		10.86		13.67		11.54		13.37
Total Operations		25.32		21.45		22.63		30.21		27.47		18.91		19.14		20.28		18.08		18.17

Ovintiv Inc. 7 Supplemental Information (prepared in US$)

Supplemental Oil and Gas Operating Statistics (unaudited)

Results by Play

	2022										2021
(average)	Year		Q4		Q3		Q2		Q1		Year		Q4		Q3		Q2		Q1
Oil Production (Mbbls/d)
USA Operations
Permian		62.7		65.4		60.8		62.6		61.8		68.5		65.4		72.2		75.2		61.1
Anadarko		35.5		34.4		35.9		36.5		35.4		39.5		37.3		39.9		40.6		40.4
Bakken		15.3		16.5		16.5		14.0		14.3		13.3		13.2		13.4		13.3		13.5
Uinta		17.9		15.4		19.9		19.6		16.6		12.7		13.8		11.1		11.5		14.7
Other (1)		0.1		0.2		0.2		—		0.1		6.0		—		0.1		7.6		15.9
Total USA Operations		131.5		131.9		133.3		132.7		128.2		140.0		129.7		136.7		148.2		145.6
Canadian Operations
Montney		0.1		0.1		0.1		0.1		0.1		0.1		0.1		0.1		0.1		0.1
Other (1)		—		—		—		—		—		0.2		—		—		0.2		0.8
Total Canadian Operations		0.1		0.1		0.1		0.1		0.1		0.3		0.1		0.1		0.3		0.9
Total		131.6		132.0		133.4		132.8		128.3		140.3		129.8		136.8		148.5		146.5
NGLs—Plant Condensate Production (Mbbls/d)
USA Operations
Permian		3.1		3.2		3.4		3.1		2.7		3.0		3.1		3.6		3.0		2.4
Anadarko		5.9		6.2		6.3		5.7		5.4		6.2		6.4		6.6		6.0		5.8
Bakken		1.1		1.1		1.2		1.1		0.9		0.8		0.8		0.8		0.8		0.7
Uinta		0.2		0.4		0.2		0.2		0.2		0.2		0.2		0.2		0.2		0.1
Other (1)		0.1		0.1		—		—		—		0.3		—		0.1		0.5		0.7
Total USA Operations		10.4		11.0		11.1		10.1		9.2		10.5		10.5		11.3		10.5		9.7
Canadian Operations
Montney		33.6		31.7		34.9		32.5		35.3		39.6		37.3		40.6		41.1		39.4
Other (1)		—		—		—		—		0.1		0.8		—		—		0.7		2.3
Total Canadian Operations		33.6		31.7		34.9		32.5		35.4		40.4		37.3		40.6		41.8		41.7
Total		44.0		42.7		46.0		42.6		44.6		50.9		47.8		51.9		52.3		51.4

(1) Other Operations includes production volumes from plays that are not part of the Company’s current focus. Production volumes associated with Eagle Ford were included in USA Other Operations until the asset was divested on May 19, 2021. Production volumes associated with Duvernay were included in Canadian Other Operations until the asset was divested on April 28, 2021.

Ovintiv Inc. 8 Supplemental Information (prepared in US$)

Supplemental Oil and Gas Operating Statistics (unaudited)

Results by Play (continued)

	2022										2021
(average)	Year		Q4		Q3		Q2		Q1		Year		Q4		Q3		Q2		Q1
Oil & Plant Condensate Production (Mbbls/d)
USA Operations
Permian		65.8		68.6		64.2		65.7		64.5		71.5		68.5		75.8		78.2		63.5
Anadarko		41.4		40.6		42.2		42.2		40.8		45.7		43.7		46.5		46.6		46.2
Bakken		16.4		17.6		17.7		15.1		15.2		14.1		14.0		14.2		14.1		14.2
Uinta		18.1		15.8		20.1		19.8		16.8		12.9		14.0		11.3		11.7		14.8
Other (1)		0.2		0.3		0.2		—		0.1		6.3		—		0.2		8.1		16.6
Total USA Operations		141.9		142.9		144.4		142.8		137.4		150.5		140.2		148.0		158.7		155.3
Canadian Operations
Montney		33.7		31.8		35.0		32.6		35.4		39.7		37.4		40.7		41.2		39.5
Other (1)		—		—		—		—		0.1		1.0		—		—		0.9		3.1
Total Canadian Operations		33.7		31.8		35.0		32.6		35.5		40.7		37.4		40.7		42.1		42.6
Total		175.6		174.7		179.4		175.4		172.9		191.2		177.6		188.7		200.8		197.9
NGLs—Other Production (Mbbls/d)
USA Operations
Permian		26.3		27.0		26.8		26.2		25.4		24.6		26.4		26.5		25.8		19.5
Anadarko		37.3		39.3		38.6		38.2		32.7		35.9		36.9		36.8		36.1		33.5
Bakken		7.1		7.9		7.6		7.3		5.9		5.0		5.8		5.3		4.8		4.1
Uinta		0.9		0.9		1.0		0.8		0.7		0.6		0.7		0.6		0.6		0.5
Other (1)		0.1		—		0.1		0.1		0.1		1.4		0.2		0.2		1.9		3.4
Total USA Operations		71.7		75.1		74.1		72.6		64.8		67.5		70.0		69.4		69.2		61.0
Canadian Operations
Montney		13.8		13.6		12.8		14.4		14.4		15.7		14.6		15.5		16.6		16.2
Other (1)		—		—		—		—		—		0.1		—		—		0.1		0.5
Total Canadian Operations		13.8		13.6		12.8		14.4		14.4		15.8		14.6		15.5		16.7		16.7
Total		85.5		88.7		86.9		87.0		79.2		83.3		84.6		84.9		85.9		77.7

(1) Other Operations includes production volumes from plays that are not part of the Company’s current focus. Production volumes associated with Eagle Ford were included in USA Other Operations until the asset was divested on May 19, 2021. Production volumes associated with Duvernay were included in Canadian Other Operations until the asset was divested on April 28, 2021.

Ovintiv Inc. 9 Supplemental Information (prepared in US$)

Supplemental Oil and Gas Operating Statistics (unaudited)

Results by Play (continued)

	2022										2021
(average)	Year		Q4		Q3		Q2		Q1		Year		Q4		Q3		Q2		Q1
NGLs—Total Production (Mbbls/d)
USA Operations
Permian		29.4		30.2		30.2		29.3		28.1		27.6		29.5		30.1		28.8		21.9
Anadarko		43.2		45.5		44.9		43.9		38.1		42.1		43.3		43.4		42.1		39.3
Bakken		8.2		9.0		8.8		8.4		6.8		5.8		6.6		6.1		5.6		4.8
Uinta		1.1		1.3		1.2		1.0		0.9		0.8		0.9		0.8		0.8		0.6
Other (1)		0.2		0.1		0.1		0.1		0.1		1.7		0.2		0.3		2.4		4.1
Total USA Operations		82.1		86.1		85.2		82.7		74.0		78.0		80.5		80.7		79.7		70.7
Canadian Operations
Montney		47.4		45.3		47.7		46.9		49.7		55.3		51.9		56.1		57.7		55.6
Other (1)		—		—		—		—		0.1		0.9		—		—		0.8		2.8
Total Canadian Operations		47.4		45.3		47.7		46.9		49.8		56.2		51.9		56.1		58.5		58.4
Total		129.5		131.4		132.9		129.6		123.8		134.2		132.4		136.8		138.2		129.1
Oil & NGLs Production (Mbbls/d)
USA Operations
Permian		92.1		95.6		91.0		91.9		89.9		96.1		94.9		102.3		104.0		83.0
Anadarko		78.7		79.9		80.8		80.4		73.5		81.6		80.6		83.3		82.7		79.7
Bakken		23.5		25.5		25.3		22.4		21.1		19.1		19.8		19.5		18.9		18.3
Uinta		19.0		16.7		21.1		20.6		17.5		13.5		14.7		11.9		12.3		15.3
Other (1)		0.3		0.3		0.3		0.1		0.2		7.7		0.2		0.4		10.0		20.0
Total USA Operations		213.6		218.0		218.5		215.4		202.2		218.0		210.2		217.4		227.9		216.3
Canadian Operations
Montney		47.5		45.4		47.8		47.0		49.8		55.4		52.0		56.2		57.8		55.7
Other (1)		—		—		—		—		0.1		1.1		—		—		1.0		3.6
Total Canadian Operations		47.5		45.4		47.8		47.0		49.9		56.5		52.0		56.2		58.8		59.3
Total		261.1		263.4		266.3		262.4		252.1		274.5		262.2		273.6		286.7		275.6

(1) Other Operations includes production volumes from plays that are not part of the Company’s current focus. Production volumes associated with Eagle Ford were included in USA Other Operations until the asset was divested on May 19, 2021. Production volumes associated with Duvernay were included in Canadian Other Operations until the asset was divested on April 28, 2021.

Ovintiv Inc. 10 Supplemental Information (prepared in US$)

Supplemental Oil and Gas Operating Statistics (unaudited)

Results by Play (continued)

	2022										2021
(average)	Year		Q4		Q3		Q2		Q1		Year		Q4		Q3		Q2		Q1
Natural Gas Production (MMcf/d)
USA Operations
Permian		149		156		149		146		145		132		148		142		133		106
Anadarko		286		286		290		287		279		301		313		307		304		278
Bakken		36		39		41		32		32		30		31		30		29		28
Uinta		16		19		16		15		13		12		11		11		11		13
Other (1)		5		6		6		5		6		15		6		5		20		34
Total USA Operations		492		506		502		485		475		490		509		495		497		459
Canadian Operations
Montney		970		1,023		970		907		978		1,020		929		1,038		1,063		1,049
Other (1)		32		32		28		34		34		46		38		33		47		68
Total Canadian Operations		1,002		1,055		998		941		1,012		1,066		967		1,071		1,110		1,117
Total		1,494		1,561		1,500		1,426		1,487		1,556		1,476		1,566		1,607		1,576
Total Production (MBOE/d)
USA Operations
Permian		117.0		121.7		115.9		116.2		114.0		118.3		119.5		126.0		126.2		100.8
Anadarko		126.3		127.6		129.1		128.2		120.1		131.6		132.8		134.4		133.3		125.9
Bakken		29.6		32.0		32.1		27.7		26.4		24.1		25.0		24.5		23.8		22.9
Uinta		21.6		19.8		23.6		23.0		19.7		15.5		16.5		13.8		14.2		17.4
Other (1)		1.0		1.2		1.4		1.0		1.1		10.2		1.2		1.3		13.3		25.8
Total USA Operations		295.5		302.3		302.1		296.1		281.3		299.7		295.0		300.0		310.8		292.8
Canadian Operations
Montney		209.1		215.8		209.5		198.2		212.9		225.3		206.9		229.2		235.0		230.5
Other (1)		5.4		5.5		4.7		5.7		5.7		8.9		6.3		5.5		8.8		15.0
Total Canadian Operations		214.5		221.3		214.2		203.9		218.6		234.2		213.2		234.7		243.8		245.5
Total		510.0		523.6		516.3		500.0		499.9		533.9		508.2		534.7		554.6		538.3

(1) Other Operations includes total production volumes from plays that are not part of the Company’s current focus. Canadian Other Operations primarily includes natural gas volumes in Horn River. Production volumes associated with Eagle Ford were included in USA Other Operations until the asset was divested on May 19, 2021. Production volumes associated with Duvernay were included in Canadian Other Operations until the asset was divested on April 28, 2021.

Ovintiv Inc. 11 Supplemental Information (prepared in US$)

Supplemental Oil and Gas Operating Statistics (unaudited)

Results by Play (continued)

	2022												2021
(US$ millions)	Year		Q4		Q3			Q2			Q1		Year			Q4		Q3			Q2			Q1
Capital Expenditures, Excluding Capitalized Internal Costs
USA Operations
Permian		632		130		181			165			156		576			154		115			147			160
Anadarko		375		55		99			118			103		291			72		86			78			55
Bakken		243		73		81			42			47		72			33		22			9			8
Uinta		117		3		27			58			29		55			25		15			10			5
Other (1)		7		3		—			2			2		8			5		(1	)		2			2
Total USA Operations		1,374		264		388			385			337		1,002			289		237			246			230
Canadian Operations
Montney		295		50		81			97			67		353			89		89			95			80
Other (1)		5		—		7			(2	)		—		4			2		3			(1	)		—
Total Canadian Operations		300		50		88			95			67		357			91		92			94			80
Total Capital Expenditures, Excluding Capitalized Internal Costs		1,674		314		476			480			404		1,359			380		329			340			310
Capitalized Directly Attributable Internal Costs
USA Operations
Permian		60		15		15			13			17		70			17		16			18			19
Anadarko		31		9		7			7			8		38			9		9			11			9
Bakken		18		4		5			4			5		6			2		—			3			1
Uinta		9		3		1			2			3		8			3		3			1			1
Other (1)		1		—		—			(1	)		2		1			—		—			—			1
Total USA Operations		119		31		28			25			35		123			31		28			33			31
Canadian Operations
Montney		33		10		7			5			11		34			9		7			9			9
Other (1)		1		—		—			1			—		—			—		—			—			—
Total Canadian Operations		34		10		7			6			11		34			9		7			9			9
Total Capitalized Directly Attributable Internal Costs		153		41		35			31			46		157			40		35			42			40
Total Capital Expenditures
USA Operations
Permian		692		145		196			178			173		646			171		131			165			179
Anadarko		406		64		106			125			111		329			81		95			89			64
Bakken		261		77		86			46			52		78			35		22			12			9
Uinta		126		6		28			60			32		63			28		18			11			6
Other (1)		8		3		—			1			4		9			5		(1	)		2			3
Total USA Operations		1,493		295		416			410			372		1,125			320		265			279			261
Canadian Operations
Montney		328		60		88			102			78		387			98		96			104			89
Other (1)		6		—		7			(1	)		—		4			2		3			(1	)		—
Total Canadian Operations		334		60		95			101			78		391			100		99			103			89
Corporate & Other		4		3		—			—			1		3			1		1			1			—
Total Capital Expenditures		1,831		358		511			511			451		1,519			421		365			383			350
Net Acquisitions & (Divestitures)		58		254		(213	)		3			14		(1,014	)		—		8			(1,021	)		(1	)
Net Capital Investment		1,889		612		298			514			465		505			421		373			(638	)		349

(1) Other Operations includes capital expenditures in plays that are not part of the Company’s current focus. Capital expenditures in Eagle Ford were included in USA Other Operations until the asset was divested on May 19, 2021. Capital expenditures in Duvernay were included in Canadian Other Operations until the asset was divested on April 28, 2021.

Ovintiv Inc. 12 Supplemental Information (prepared in US$)

Supplemental Oil and Gas Operating Statistics (unaudited)

Results by Play (continued)

	2022										2021
	Year		Q4		Q3		Q2		Q1		Year		Q4		Q3		Q2		Q1
Drilling Activity (net wells drilled)
USA Operations
Permian		62		15		18		16		13		80		20		17		21		22
Anadarko		54		10		13		18		13		51		9		12		16		14
Bakken		25		7		8		8		2		11		4		4		1		2
Uinta		12		—		2		5		5		6		—		6		—		—
Total USA Operations		153		32		41		47		33		148		33		39		38		38
Canadian Operations
Montney		52		8		12		16		16		84		17		23		18		26
Other (1)		3		—		3		—		—		1		—		1		—		—
Total Canadian Operations		55		8		15		16		16		85		17		24		18		26
Total		208		40		56		63		49		233		50		63		56		64
Completions Activity (net wells on production)
USA Operations
Permian		66		16		21		11		18		93		16		20		33		24
Anadarko		57		8		16		15		18		53		14		10		22		7
Bakken		19		6		9		—		4		10		6		2		2		—
Uinta		11		3		2		6		—		6		6		—		—		—
Total USA Operations		153		33		48		32		40		162		42		32		57		31
Canadian Operations
Montney		63		11		21		12		19		78		14		16		30		18
Total Canadian Operations		63		11		21		12		19		78		14		16		30		18
Total		216		44		69		44		59		240		56		48		87		49

(1) Other Operations includes net wells drilled in plays that are not part of the Company’s current focus.

Ovintiv Inc. 13 Supplemental Information (prepared in US$)

Ovintiv Inc.

Non-GAAP Definitions and Reconciliations

(unaudited)

For the year ended December 31, 2022

(U.S. Dollars)

For the year ended December 31, 2022

(US$ millions, except per share amounts or as indicated)

Non-GAAP Cash Flow, Non-GAAP Cash Flow Per Share (CFPS) and Non-GAAP Free Cash Flow – Non-GAAP Cash Flow is defined as cash from (used in) operating activities excluding net change in other assets and liabilities, and net change in non-cash working capital. Non-GAAP CFPS is Non-GAAP Cash Flow divided by the weighted average number of shares of common stock outstanding. Non-GAAP Free Cash Flow is defined as Non-GAAP Cash Flow in excess of capital expenditures, excluding net acquisitions and divestitures. Management believes these measures are useful to the Company and its investors as a measure of operating and financial performance across periods and against other companies in the industry, and are an indication of the Company’s ability to generate cash to finance capital programs, to service debt and to meet other financial obligations. These measures are used, along with other measures, in the calculation of certain performance targets for the Company’s management and employees.

Non-GAAP Cash Flow	Q4 2022			YTD 2022
Cash from (used in) Operating Activities	$	875		$	3,866
Deduct (add back):
Net change in other assets and liabilities		(15	)		(57	)
Net change in non-cash working capital		(5	)		(187	)
Non-GAAP Cash Flow	$	895		$	4,110
Per Share—Basic	$	3.62		$	16.21
Per Share—Diluted		3.55			15.91
Non-GAAP Free Cash Flow
Non-GAAP Cash Flow	$	895		$	4,110
Deduct:
Capital expenditures		358			1,831
Non-GAAP Free Cash Flow	$	537		$	2,279

Non-GAAP Adjusted Earnings – is defined as Net Earnings (Loss) excluding non-cash items that management believes reduces the comparability of the Company’s financial performance between periods. These items may include, but are not limited to, unrealized gains/losses on risk management, impairments, non-operating foreign exchange gains/losses, and gains/losses on divestitures. Income taxes includes adjustments to normalize the effect of income taxes calculated using the estimated annual effective income tax rate. In addition, any valuation allowances are excluded in the calculation of income taxes.

Non-GAAP Adjusted Earnings	Q4 2022		YTD 2022
Net Earnings (Loss) Before Income Tax	$	1,110	$	3,560
Before-tax (Addition) Deduction:
Unrealized gain (loss) on risk management		530		741
Non-operating foreign exchange gain (loss)		10		(14	)
Adjusted Earnings (Loss) Before Income Tax		570		2,833
Income tax expense (recovery)		342		1,064
Non-GAAP Adjusted Earnings	$	228	$	1,769
Per Share—Basic	$	0.92	$	6.98
Per Share—Diluted		0.91		6.85

Ovintiv Inc. 1 Non-GAAP Definitions and Reconciliations

Debt to Capitalization – Capitalization includes debt and total shareholders’ equity. Debt to Capitalization is monitored by management as an indicator of the Company’s overall financial strength.

Debt to Capitalization	YTD 2022
Long-Term Debt, including current portion	$	3,570
Total shareholders’ equity		7,689
Capitalization	$	11,259
Debt to Capitalization		32%

Debt to Adjusted Capitalization – Debt to Adjusted Capitalization is a non-GAAP measure and is a proxy for Ovintiv’s financial covenant under the Company’s credit facilities which require debt to adjusted capitalization to be less than 60 percent. Adjusted Capitalization includes debt, total shareholders’ equity and an equity adjustment for cumulative historical ceiling test impairments recorded as at December 31, 2011 in conjunction with the Company’s January 1, 2012 adoption of U.S. GAAP.

Debt to Adjusted Capitalization	YTD 2022
Long-Term Debt, including current portion	$	3,570
Total shareholders’ equity		7,689
Equity adjustment for impairments at December 31, 2011		7,746
Adjusted Capitalization	$	19,005
Debt to Adjusted Capitalization		19%

EBITDA, Debt to EBITDA, Adjusted EBITDA and Debt to Adjusted EBITDA – EBITDA is defined as trailing 12-month net earnings (loss) before income taxes, DD&A, and interest. Adjusted EBITDA is defined as EBITDA adjusted for impairments, accretion of asset retirement obligation, unrealized gains/losses on risk management, foreign exchange gains/losses, gains/losses on divestitures and other gains/losses. Debt to EBITDA and Debt to Adjusted EBITDA are non-GAAP measures monitored by management as an indicator of the Company’s overall financial strength.

	Q1 2022			Q2 2022		Q3 2022		Q4 2022			YTD 2022
Long-Term Debt, including current portion											$	3,570
Net Earnings (Loss)	$	(241	)	$	1,357	$	1,186	$	1,335		$	3,637
Add back (deduct):
Depreciation, depletion and amortization		264			278		291		280			1,113
Interest		74			91		83		63			311
Income tax expense (recovery)		(5	)		65		88		(225	)		(77	)
EBITDA	$	92		$	1,791	$	1,648	$	1,453		$	4,984
Debt to EBITDA (times)												0.7

	Q1 2022			Q2 2022			Q3 2022			Q4 2022			YTD 2022
Long-Term Debt, including current portion													$	3,570
Net Earnings (Loss)	$	(241	)	$	1,357		$	1,186		$	1,335		$	3,637
Add back (deduct):
Depreciation, depletion and amortization		264			278			291			280			1,113
Accretion of asset retirement obligation		5			5			4			4			18
Interest		74			91			83			63			311
Unrealized (gains) losses on risk management		1,012			(513	)		(710	)		(530	)		(741	)
Foreign exchange (gain) loss, net		(1	)		3			19			(6	)		15
Other (gains) losses, net		(27	)		—			(3	)		(3	)		(33	)
Income tax expense (recovery)		(5	)		65			88			(225	)		(77	)
Adjusted EBITDA	$	1,081		$	1,286		$	958		$	918		$	4,243
Debt to Adjusted EBITDA (times)														0.8

Ovintiv Inc. 2 Non-GAAP Definitions and Reconciliations

Non-GAAP Total Costs – is a non-GAAP measure which includes the summation of production, mineral and other taxes, upstream transportation and processing expense, upstream operating expense and administrative expense, excluding the impact of long-term incentive, restructuring and legal costs, and current expected credit losses. It is calculated as total operating expenses excluding non-upstream operating costs and non-cash items which include operating expenses from the Market Optimization, and Corporate and Other segments, depreciation, depletion and amortization, impairments, accretion of asset retirement obligation, long-term incentive, restructuring and legal costs, and current expected credit losses. When presented on a per BOE basis, Total Costs is divided by production volumes. Management believes this measure is useful to the Company and its investors as a measure of operational efficiency across periods.

Non-GAAP Total Costs per BOE	Q4 2022			YTD 2022
Total Operating Expenses	$	2,048		$	8,611
Deduct (add back):
Market optimization operating expenses		944			4,242
Depreciation, depletion and amortization		280			1,113
Accretion of asset retirement obligation		4			18
Long-term incentive costs		48			193
Restructuring and legal costs		2			1
Current expected credit losses		(3	)		(1	)
Non-GAAP Total Costs		773			3,045
Divided by:
Production volumes (MMBOE)		48.2			186.2
Non-GAAP Total Costs per BOE *	$	16.05		$	16.36

* Calculated using whole dollars and volumes.

Non-GAAP Total Costs per BOE (alternate presentation disclosed in prior periods)	Q4 2022			YTD 2022
Production, mineral and other taxes	$	94		$	415
Upstream transportation and processing		423			1,628
Upstream operating		199			773
Administrative		104			422
Deduct (add back):
Long-term incentive costs		48			193
Restructuring and legal costs		2			1
Current expected credit losses		(3	)		(1	)
Non-GAAP Total Costs		773			3,045
Divided by:
Production volumes (MMBOE)		48.2			186.2
Non-GAAP Total Costs per BOE *	$	16.05		$	16.36

* Calculated using whole dollars and volumes.

Operating Margin/Operating Netback – Product revenues less costs associated with delivering the product to market, including production, mineral and other taxes, transportation and processing and operating expenses. When presented on a per BOE basis, Operating Netback is defined as indicated divided by average barrels of oil equivalent sales volumes. Operating Margin/Operating Netback is used by management as an internal measure of the profitability of a play.

Cash Return Yield – The sum of Ovintiv’s base dividend and expected cash returned to shareholders under the Company’s capital allocation framework, divided by the Company’s market capitalization.

Ovintiv Inc. 3 Non-GAAP Definitions and Reconciliations

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, transportation and processing expense and operating expense.

Selected Financial Data ⁽¹⁾

	2022										2021
(US$ millions)	Year		Q4		Q3		Q2		Q1		Year		Q4		Q3		Q2		Q1
USA Operations
Upstream Product Revenue (2,3)		6,677		1,444		1,762		1,924		1,547		4,883		1,424		1,286		1,155		1,018
Production, mineral and other taxes		401		90		106		115		90		278		79		75		69		55
Transportation and processing		626		162		170		159		135		507		146		122		126		113
Operating (4)		646		168		187		149		142		490		122		122		117		129
		5,004		1,024		1,299		1,501		1,180		3,608		1,077		967		843		721
Canadian Operations
Upstream Product Revenue (2,3)		3,465		841		889		960		775		2,533		731		661		567		574
Production, mineral and other taxes		14		4		3		3		4		15		4		2		4		5
Transportation and processing		1,002		261		257		253		231		937		234		231		248		224
Operating (4)		127		31		34		25		37		111		33		25		25		28
		2,322		545		595		679		503		1,470		460		403		290		317
Total Operations
Upstream Product Revenue (2,3)		10,142		2,285		2,651		2,884		2,322		7,416		2,155		1,947		1,722		1,592
Production, mineral and other taxes		415		94		109		118		94		293		83		77		73		60
Transportation and processing		1,628		423		427		412		366		1,444		380		353		374		337
Operating (4)		773		199		221		174		179		601		155		147		142		157
		7,326		1,569		1,894		2,180		1,683		5,078		1,537		1,370		1,133		1,038

⁽¹⁾  Segmented financial information per the notes to Ovintiv’s financial statements.

⁽²⁾  Excludes the impact of realized gains and losses on risk management.

⁽³⁾  Excludes service revenues, certain other revenues and royalty adjustments with no associated production volumes.

⁽⁴⁾  Excludes other operating expenses with no associated production volumes.

Sales Volumes ⁽¹⁾

	2022										2021
(BOE)	Year		Q4		Q3		Q2		Q1		Year		Q4		Q3		Q2		Q1
USA Operations		107,860,420		27,807,460		27,788,876		26,946,920		25,317,450		109,363,490		27,137,332		27,599,724		28,278,705		26,347,680
Canadian Operations		78,306,370		20,363,280		19,710,448		18,555,628		19,677,060		85,420,585		19,616,516		21,592,952		22,098,531		22,112,820
Total		186,166,790		48,170,740		47,499,324		45,502,548		44,994,510		194,784,075		46,753,848		49,192,676		50,377,236		48,460,500

⁽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⁾

	2022										2021
(US$/BOE)	Year		Q4		Q3		Q2		Q1		Year		Q4		Q3		Q2		Q1
Total USA Operations
Price		61.90		51.93		63.41		71.40		61.10		44.65		52.47		46.59		40.84		38.64
Production, mineral and other taxes		3.72		3.24		3.81		4.27		3.55		2.54		2.91		2.72		2.44		2.09
Transportation and processing		5.80		5.83		6.12		5.90		5.33		4.64		5.38		4.42		4.46		4.29
Operating		5.99		6.04		6.73		5.53		5.61		4.48		4.50		4.42		4.14		4.90
Netback		46.39		36.82		46.75		55.70		46.61		32.99		39.69		35.04		29.81		27.36
Total Canadian Operations
Price		44.25		41.30		45.10		51.74		39.39		29.65		37.26		30.61		25.66		25.96
Production, mineral and other taxes		0.18		0.20		0.15		0.16		0.20		0.18		0.20		0.09		0.18		0.23
Transportation and processing		12.80		12.82		13.04		13.63		11.74		10.97		11.93		10.70		11.22		10.13
Operating		1.62		1.52		1.72		1.35		1.88		1.30		1.68		1.16		1.13		1.27
Netback		29.65		26.76		30.19		36.59		25.56		17.21		23.45		18.66		13.12		14.34
Total Operations
Price		54.48		47.44		55.81		63.38		51.61		38.07		46.09		39.58		34.18		32.85
Production, mineral and other taxes		2.23		1.95		2.29		2.59		2.09		1.50		1.78		1.57		1.45		1.24
Transportation and processing		8.74		8.78		8.99		9.05		8.13		7.41		8.13		7.18		7.42		6.95
Operating		4.15		4.13		4.65		3.82		3.98		3.09		3.32		2.99		2.82		3.24
Netback		39.35		32.57		39.87		47.91		37.40		26.07		32.87		27.85		22.49		21.42

⁽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