Exhibit 99.2

 

Ovintiv Inc.

Selected Financial Information

(unaudited)

For the period ended June 30, 2023

U.S. Dollar / U.S. Protocol

Condensed Consolidated Statement of Earnings (unaudited)

	Three Months Ended						Six Months Ended
	June 30,						June 30,
(US$ millions, except per share amounts)	2023			2022			2023			2022
Revenues
Product and service revenues	$	2,352		$	4,014		$	4,944		$	7,421
Gains (losses) on risk management, net		147			(295	)		89			(1,753	)
Sublease revenues		18			17			35			35
Total Revenues		2,517			3,736			5,068			5,703
Operating Expenses
Production, mineral and other taxes		76			118			160			212
Transportation and processing		452			453			907			859
Operating		175			180			381			368
Purchased product		692			1,115			1,393			2,181
Depreciation, depletion and amortization		419			278			783			542
Accretion of asset retirement obligation		4			5			9			10
Administrative		168			71			226			215
Total Operating Expenses		1,986			2,220			3,859			4,387
Operating Income (Loss)		531			1,516			1,209			1,316
Other (Income) Expenses
Interest		80			91			151			165
Foreign exchange (gain) loss, net		25			3			22			2
Other (gains) losses, net		(11	)		-			(14	)		(27	)
Total Other (Income) Expenses		94			94			159			140
Net Earnings (Loss) Before Income Tax		437			1,422			1,050			1,176
Income tax expense (recovery)		101			65			227			60
Net Earnings (Loss)	$	336		$	1,357		$	823		$	1,116
Net Earnings (Loss) per Share of Common Stock
Basic	$	1.35		$	5.28		$	3.33		$	4.34
Diluted		1.34			5.21			3.28			4.26
Weighted Average Shares of Common Stock Outstanding (millions)
Basic		249.4			257.2			246.9			257.3
Diluted		250.8			260.6			250.8			262.1

Condensed Consolidated Statement of Comprehensive Income (unaudited)

	Three Months Ended						Six Months Ended
	June 30,						June 30,
(US$ millions)	2023			2022			2023			2022
Net Earnings (Loss)	$	336		$	1,357		$	823		$	1,116
Other Comprehensive Income (Loss), Net of Tax
Foreign currency translation adjustment		53			(59	)		55			(31	)
Pension and other post-employment benefit plans		(1	)		(2	)		(3	)		(3	)
Other Comprehensive Income (Loss)		52			(61	)		52			(34	)
Comprehensive Income (Loss)	$	388		$	1,296		$	875		$	1,082

Ovintiv Inc. 1 Selected Financial Information

Condensed Consolidated Balance Sheet (unaudited)

	As at			As at
	June 30,			December 31,
(US$ millions)	2023			2022
Assets
Current Assets
Cash and cash equivalents	$	52		$	5
Accounts receivable and accrued revenues (net of allowances
of $4 million (2022: $4 million))		1,253			1,594
Risk management		167			53
Income tax receivable		7			43
		1,479			1,695
Property, Plant and Equipment, at cost:
Oil and natural gas properties, based on full cost accounting
Proved properties		62,058			57,054
Unproved properties		1,989			1,172
Other		945			882
Property, plant and equipment		64,992			59,108
Less: Accumulated depreciation, depletion and amortization		(50,775	)		(49,640	)
Property, plant and equipment, net		14,217			9,468
Other Assets		1,047			1,004
Risk Management		21			34
Deferred Income Taxes		157			271
Goodwill		2,598			2,584
	$	19,519		$	15,056
Liabilities and Shareholders’ Equity
Current Liabilities
Accounts payable and accrued liabilities	$	2,443		$	2,221
Current portion of operating lease liabilities		85			76
Income tax payable		97			4
Risk management		5			86
Current portion of long-term debt		680			393
		3,310			2,780
Long-Term Debt		5,454			3,177
Operating Lease Liabilities		847			814
Other Liabilities and Provisions		118			131
Risk Management		7			-
Asset Retirement Obligation		283			281
Deferred Income Taxes		184			184
		10,203			7,367
Shareholders’ Equity
Share capital - authorized 775 million shares of stock
2023 issued and outstanding: 273.9 million shares (2022: 245.7 million shares)		3			3
Paid in surplus		8,671			7,776
Retained earnings (Accumulated deficit)		(401	)		(1,081	)
Accumulated other comprehensive income		1,043			991
Total Shareholders’ Equity		9,316			7,689
	$	19,519		$	15,056

Ovintiv Inc. 2 Selected Financial Information

Condensed Consolidated Statement of Cash Flows (unaudited)

	Three Months Ended						Six Months Ended
	June 30,						June 30,
(US$ millions)	2023			2022			2023			2022
Operating Activities
Net earnings (loss)	$	336		$	1,357		$	823		$	1,116
Depreciation, depletion and amortization		419			278			783			542
Accretion of asset retirement obligation		4			5			9			10
Deferred income taxes		47			58			111			50
Unrealized (gain) loss on risk management		(142	)		(513	)		(160	)		499
Unrealized foreign exchange (gain) loss		10			7			5			4
Foreign exchange on settlements		4			-			3			(1	)
Other		21			32			(24	)		47
Net change in other assets and liabilities		(12	)		(13	)		(17	)		(25	)
Net change in non-cash working capital		144			133			366			(213	)
Cash From (Used in) Operating Activities		831			1,344			1,899			2,029
Investing Activities
Capital expenditures		(640	)		(511	)		(1,250	)		(962	)
Acquisitions		(15	)		(7	)		(214	)		(22	)
Corporate acquisition, net of cash acquired		(3,225	)		-			(3,225	)		-
Proceeds from divestitures		717			4			729			5
Net change in investments and other		155			-			89			48
Cash From (Used in) Investing Activities		(3,008	)		(514	)		(3,871	)		(931	)
Financing Activities
Net issuance (repayment) of revolving long-term debt		100			215			287			215
Issuance of long-term debt		2,278			-			2,278			-
Repayment of long-term debt		-			(1,103	)		-			(1,109	)
Purchase of shares of common stock		(89	)		(135	)		(328	)		(206	)
Dividends on shares of common stock		(82	)		(64	)		(143	)		(116	)
Finance lease payments and other		(1	)		(2	)		(72	)		(66	)
Cash From (Used in) Financing Activities		2,206			(1,089	)		2,022			(1,282	)
Foreign Exchange Gain (Loss) on Cash, Cash Equivalents
and Restricted Cash Held in Foreign Currency		(3	)		(4	)		(3	)		(3	)
Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash		26			(263	)		47			(187	)
Cash, Cash Equivalents and Restricted Cash, Beginning of Period		26			271			5			195
Cash, Cash Equivalents and Restricted Cash, End of Period	$	52		$	8		$	52		$	8
Cash, End of Period	$	9		$	8		$	9		$	8
Cash Equivalents, End of Period		43			-			43			-
Restricted Cash, End of Period		-			-			-			-
Cash, Cash Equivalents and Restricted Cash, End of Period	$	52		$	8		$	52		$	8

Ovintiv Inc. 3 Selected Financial Information

 

Ovintiv Inc.

Interim Supplemental Information

(unaudited)

For the period ended June 30, 2023

U.S. Dollar / U.S. Protocol

Second quarter report

for the period ended June 30, 2023

Supplemental Financial Information (unaudited)

Financial Results

		2023									2022
(US$ millions, unless otherwise specified)		Year-to- Date			Q2			Q1			Year			Q4			Q3			Q2 Year- to-Date			Q2			Q1
Net Earnings (Loss)			823			336			487			3,637			1,335			1,186			1,116			1,357			(241	)
	Per share - basic (1)		3.33			1.35			1.99			14.34			5.39			4.70			4.34			5.28			(0.94	)
	Per share - diluted (1)		3.28			1.34			1.97			14.08			5.30			4.63			4.26			5.21			(0.94	)
Non-GAAP Adjusted Earnings (2)			682			232			450			1,769			228			353			1,188			628			560
	Per share - basic (1)		2.76			0.93			1.84			6.98			0.92			1.40			4.62			2.44			2.18
	Per share - diluted (1)		2.72			0.93			1.82			6.85			0.91			1.38			4.53			2.41			2.18
Non-GAAP Cash Flow (3)			1,550			699			851			4,110			895			948			2,267			1,224			1,043
	Per share - basic (1)		6.28			2.80			3.48			16.21			3.62			3.75			8.81			4.76			4.05
	Per share - diluted (1)		6.18			2.79			3.44			15.91			3.55			3.70			8.65			4.70			4.05
Foreign Exchange Rates (C$ per US$1)
	Average		1.348			1.343			1.353			1.301			1.358			1.306			1.272			1.277			1.266
	Period end		1.324			1.324			1.353			1.354			1.354			1.371			1.289			1.289			1.250
Non-GAAP Adjusted Earnings Summary
Net Earnings (Loss) Before Income Tax			1,050			437			613			3,560			1,110			1,274			1,176			1,422			(246	)
Before-tax (Addition) Deduction:
	Unrealized gain (loss) on risk management		160			142			18			741			530			710			(499	)		513			(1,012	)
	Non-operating foreign exchange gain (loss)		(10	)		(15	)		5			(14	)		10			(20	)		(4	)		(7	)		3
Adjusted Earnings (Loss) Before Income Tax			900			310			590			2,833			570			584			1,679			916			763
	Income tax expense (recovery) (4)		218			78			140			1,064			342			231			491			288			203
Non-GAAP Adjusted Earnings (2)			682			232			450			1,769			228			353			1,188			628			560
Non-GAAP Cash Flow Summary
Cash From (Used in) Operating Activities			1,899			831			1,068			3,866			875			962			2,029			1,344			685
(Add back) Deduct:
	Net change in other assets and liabilities		(17	)		(12	)		(5	)		(57	)		(15	)		(17	)		(25	)		(13	)		(12	)
	Net change in non-cash working capital		366			144			222			(187	)		(5	)		31			(213	)		133			(346	)
Non-GAAP Cash Flow (3)			1,550			699			851			4,110			895			948			2,267			1,224			1,043

(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:

		2023						2022
(millions)		Year-to- Date		Q2		Q1		Year		Q4		Q3		Q2 Year- to-Date		Q2		Q1
Weighted Average Shares of Common Stock Outstanding
	Basic		246.9		249.4		244.3		253.6		247.5		252.5		257.3		257.2		257.4
	Diluted		250.8		250.8		247.7		258.4		251.8		256.2		262.1		260.6		257.4

(2) Non-GAAP Adjusted 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 (2022 - 23.0 percent and 23.9 percent, respectively).

Financial Metrics

		2023	2022
	Year-to- Date		Year
Debt to Capitalization	40%		32%
Debt to Adjusted Capitalization (1)	26%		19%
Debt to EBITDA (1)	1.2x		0.7x
Debt to Adjusted EBITDA (1)	1.7x		0.8x

(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$)

Second quarter report

for the period ended June 30, 2023

Supplemental Operating Information (unaudited)

Production Volumes by Product

				2023						2022
(average)		% of Oil & NGLs		Year-to- Date		Q2		Q1		Year		Q4		Q3		Q2 Year- to-Date		Q2		Q1
	Oil (Mbbls/d)		51		134.9		142.4		127.3		131.6		132.0		133.4		130.5		132.8		128.3
	NGLs - Plant Condensate (Mbbls/d)		15		41.2		43.5		38.7		44.0		42.7		46.0		43.7		42.6		44.6
Oil & Plant Condensate (Mbbls/d)			66		176.1		185.9		166.0		175.6		174.7		179.4		174.2		175.4		172.9
	Butane (Mbbls/d)		8		21.2		23.2		19.1		19.3		19.0		19.8		19.3		19.8		18.7
	Propane (Mbbls/d)		12		33.1		34.9		31.3		31.5		32.2		31.0		31.3		31.3		31.3
	Ethane (Mbbls/d)		14		37.3		38.7		35.8		34.7		37.5		36.1		32.5		35.9		29.2
NGLs - Other (Mbbls/d)			34		91.6		96.8		86.2		85.5		88.7		86.9		83.1		87.0		79.2
Oil & NGLs (Mbbls/d)			100		267.7		282.7		252.2		261.1		263.4		266.3		257.3		262.4		252.1
Natural Gas (MMcf/d)					1,649		1,743		1,555		1,494		1,561		1,500		1,456		1,426		1,487
Total (MBOE/d)					542.4		573.0		511.4		510.0		523.6		516.3		500.0		500.0		499.9

Production Volumes by Segment

		2023						2022
(average)		Year-to- Date		Q2		Q1		Year		Q4		Q3		Q2 Year- to-Date		Q2		Q1
Oil (Mbbls/d)
	USA Operations		134.8		142.4		127.2		131.5		131.9		133.3		130.4		132.7		128.2
	Canadian Operations		0.1		-		0.1		0.1		0.1		0.1		0.1		0.1		0.1
			134.9		142.4		127.3		131.6		132.0		133.4		130.5		132.8		128.3
NGLs - Plant Condensate (Mbbls/d)
	USA Operations		10.6		10.5		10.6		10.4		11.0		11.1		9.7		10.1		9.2
	Canadian Operations		30.6		33.0		28.1		33.6		31.7		34.9		34.0		32.5		35.4
			41.2		43.5		38.7		44.0		42.7		46.0		43.7		42.6		44.6
Oil & Plant Condensate (Mbbls/d)
	USA Operations		145.4		152.9		137.8		141.9		142.9		144.4		140.1		142.8		137.4
	Canadian Operations		30.7		33.0		28.2		33.7		31.8		35.0		34.1		32.6		35.5
			176.1		185.9		166.0		175.6		174.7		179.4		174.2		175.4		172.9
NGLs - Other (Mbbls/d)
	USA Operations		76.0		78.1		73.7		71.7		75.1		74.1		68.7		72.6		64.8
	Canadian Operations		15.6		18.7		12.5		13.8		13.6		12.8		14.4		14.4		14.4
			91.6		96.8		86.2		85.5		88.7		86.9		83.1		87.0		79.2
NGLs - Total (Mbbls/d)
	USA Operations		86.6		88.6		84.3		82.1		86.1		85.2		78.4		82.7		74.0
	Canadian Operations		46.2		51.7		40.6		47.4		45.3		47.7		48.4		46.9		49.8
			132.8		140.3		124.9		129.5		131.4		132.9		126.8		129.6		123.8
Oil & NGLs (Mbbls/d)
	USA Operations		221.4		231.0		211.5		213.6		218.0		218.5		208.8		215.4		202.2
	Canadian Operations		46.3		51.7		40.7		47.5		45.4		47.8		48.5		47.0		49.9
			267.7		282.7		252.2		261.1		263.4		266.3		257.3		262.4		252.1
Natural Gas (MMcf/d)
	USA Operations		518		530		507		492		506		502		479		485		475
	Canadian Operations		1,131		1,213		1,048		1,002		1,055		998		977		941		1,012
			1,649		1,743		1,555		1,494		1,561		1,500		1,456		1,426		1,487
Total (MBOE/d)
	USA Operations		307.7		319.2		296.1		295.5		302.3		302.1		288.8		296.1		281.3
	Canadian Operations		234.7		253.8		215.3		214.5		221.3		214.2		211.2		203.9		218.6
			542.4		573.0		511.4		510.0		523.6		516.3		500.0		500.0		499.9

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

Second quarter report

for the period ended June 30, 2023

Supplemental Financial & Operating Information (unaudited)

Results of Operations

Revenues and Realized Gains (Losses) on Risk Management

		2023								2022
(US$ millions)		Year-to- Date			Q2		Q1			Year			Q4			Q3			Q2 Year- to-Date			Q2			Q1
USA Operations
Revenues, excluding Realized Gains (Losses) on Risk Management (1)
	Oil		1,792			944		848			4,524			995			1,143			2,386			1,311			1,075
	NGLs (2)		332			149		183			1,045			198			270			577			311			266
	Natural Gas		241			86		155			1,108			251			349			508			302			206
			2,365			1,179		1,186			6,677			1,444			1,762			3,471			1,924			1,547
Realized Gains (Losses) on Risk Management
	Oil		-			-		-			(594	)		(75	)		(141	)		(378	)		(235	)		(143	)
	NGLs (2)		-			-		-			-			-			-			-			-			-
	Natural Gas		7			5		2			(529	)		(122	)		(183	)		(224	)		(148	)		(76	)
			7			5		2			(1,123	)		(197	)		(324	)		(602	)		(383	)		(219	)
Canadian Operations
Revenues, excluding Realized Gains (Losses) on Risk Management (1)
	Oil		-			-		-			3			1			1			1			1			-
	NGLs (2)		481			245		236			1,358			290			326			742			382			360
	Natural Gas		675			222		453			2,104			550			562			992			577			415
			1,156			467		689			3,465			841			889			1,735			960			775
Realized Gains (Losses) on Risk Management (3)
	Oil		-			-		-			-			-			-			-			-			-
	NGLs (2)		-			-		-			(125	)		(16	)		(26	)		(83	)		(51	)		(32	)
	Natural Gas		(78	)		-		(78	)		(1,366	)		(324	)		(471	)		(571	)		(374	)		(197	)
			(78	)		-		(78	)		(1,491	)		(340	)		(497	)		(654	)		(425	)		(229	)

(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$)

Second quarter report

for the period ended June 30, 2023

Supplemental Financial & Operating Information (unaudited)

Results of Operations (continued)

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

		2023						2022
(US$/BOE)		Year-to- Date		Q2		Q1		Year		Q4		Q3		Q2 Year- to-Date		Q2		Q1
Total USA Operations Netback
	Price		42.45		40.56		44.52		61.91		51.96		63.44		66.40		71.39		61.08
	Production, mineral and other taxes		2.74		2.49		3.01		3.72		3.23		3.83		3.92		4.25		3.56
	Transportation and processing		5.29		5.10		5.51		5.80		5.81		6.14		5.62		5.91		5.31
	Operating		6.05		5.73		6.39		5.99		6.05		6.73		5.56		5.53		5.58
	Netback		28.37		27.24		29.61		46.40		36.87		46.74		51.30		55.70		46.63
Total Canadian Operations Netback
	Price		27.21		20.26		35.50		44.26		41.30		45.11		45.39		51.70		39.44
	Production, mineral and other taxes		0.17		0.14		0.19		0.18		0.19		0.12		0.16		0.15		0.19
	Transportation and processing		12.59		11.57		13.80		12.80		12.85		13.01		12.66		13.67		11.72
	Operating		0.73		0.10		1.50		1.62		1.52		1.69		1.64		1.35		1.90
	Netback		13.72		8.45		20.01		29.66		26.74		30.29		30.93		36.53		25.63
Total Operations Netback
	Price		35.86		31.56		40.72		54.49		47.45		55.83		57.52		63.36		51.62
	Production, mineral and other taxes		1.63		1.43		1.83		2.23		1.95		2.29		2.33		2.58		2.08
	Transportation and processing		8.45		7.97		9.00		8.75		8.78		8.99		8.60		9.08		8.12
	Operating		3.75		3.23		4.33		4.15		4.13		4.64		3.90		3.83		3.98
	Netback		22.03		18.93		25.56		39.36		32.59		39.91		42.69		47.87		37.44

(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

		2023						2022
(US$/BOE)		Year-to- Date		Q2		Q1		Year		Q4		Q3		Q2 Year- to-Date		Q2		Q1
Administrative Expense			2.30		3.23		1.25		2.27		2.17		2.16		2.38		1.56		3.20
Administrative Expense, Excluding Long-Term Incentive,
	Transaction and Legal Costs, and Current Expected
	Credit Losses (1)		1.39		1.28		1.52		1.39		1.35		1.39		1.41		1.36		1.48

(1) Transaction costs refer to costs primarily incurred to facilitate the Permian Acquisition as defined in Note 8 of the interim Condensed Consolidated Financial Statements included in Part 1, Item 1 of Ovintiv’s Quarterly Report on Form 10-Q.

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

Second quarter report

for the period ended June 30, 2023

Supplemental Oil and Gas Operating Statistics (unaudited)

Operating Statistics

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

		2023						2022
(US$)		Year-to- Date		Q2		Q1		Year		Q4		Q3		Q2 Year- to-Date		Q2		Q1
Oil Price ($/bbl)
	USA Operations		73.41		72.83		74.06		94.25		82.08		93.22		101.05		108.58		93.16
	Canadian Operations		71.44		-		71.44		87.28		81.48		82.86		91.79		100.11		82.80
	Total Operations		73.41		72.83		74.06		94.25		82.08		93.21		101.04		108.57		93.15
NGLs - Plant Condensate Price ($/bbl)
	USA Operations		58.46		55.09		61.84		73.22		57.95		66.62		85.87		86.56		85.09
	Canadian Operations		73.84		70.99		77.22		93.22		82.41		86.65		101.79		107.78		96.22
	Total Operations		69.89		67.14		73.01		88.52		76.14		81.82		98.26		102.74		93.93
Oil & Plant Condensate Price ($/bbl)
	USA Operations		72.32		71.61		73.12		92.72		80.24		91.18		100.00		107.02		92.62
	Canadian Operations		73.83		70.99		77.21		93.20		82.41		86.64		101.76		107.76		96.19
	Total Operations		72.58		71.50		73.81		92.81		80.63		90.29		100.34		107.16		93.35
NGLs - Other Price ($/bbl)
	USA Operations		15.99		13.43		18.73		29.35		20.03		29.82		34.26		34.88		33.55
	Canadian Operations		25.20		18.62		35.17		42.39		39.07		41.12		44.56		47.84		41.23
	Total Operations		17.56		14.43		21.11		31.45		22.95		31.49		36.04		37.03		34.94
NGLs - Total Price ($/bbl)
	USA Operations		21.18		18.39		24.14		34.88		24.85		34.61		40.62		41.21		39.95
	Canadian Operations		57.41		52.05		64.31		78.44		69.42		74.41		84.76		89.37		80.36
	Total Operations		33.78		30.78		37.19		50.84		40.22		48.91		57.46		58.64		56.21
Oil & NGLs Price ($/bbl)
	USA Operations		52.99		51.94		54.16		71.44		59.49		70.37		78.36		82.70		73.68
	Canadian Operations		57.43		52.06		64.32		78.46		69.44		74.43		84.77		89.39		80.37
	Total Operations		53.76		51.96		55.80		72.72		61.20		71.10		79.57		83.90		75.00
Natural Gas Price ($/Mcf)
	USA Operations		2.57		1.79		3.40		6.18		5.42		7.55		5.86		6.87		4.82
	Canadian Operations		3.30		2.02		4.80		5.75		5.67		6.11		5.61		6.73		4.56
	Total Operations		3.07		1.95		4.34		5.89		5.59		6.60		5.69		6.78		4.64
Total Price ($/BOE)
	USA Operations		42.45		40.56		44.52		61.91		51.96		63.44		66.40		71.39		61.08
	Canadian Operations		27.21		20.26		35.50		44.26		41.30		45.11		45.39		51.70		39.44
	Total Operations		35.86		31.56		40.72		54.49		47.45		55.83		57.52		63.36		51.62

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

Second quarter report

for the period ended June 30, 2023

Supplemental Oil and Gas Operating Statistics (unaudited)

Operating Statistics (continued)

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

		2023								2022
(US$)		Year-to- Date			Q2		Q1			Year			Q4			Q3			Q2 Year- to-Date			Q2			Q1
Oil ($/bbl)
	USA Operations		-			-		-			(12.38	)		(6.24	)		(11.48	)		(16.01	)		(19.42	)		(12.43	)
	Canadian Operations		-			-		-			-			-			-			-			-			-
	Total Operations		-			-		-			(12.37	)		(6.23	)		(11.47	)		(16.00	)		(19.41	)		(12.41	)
NGLs - Plant Condensate ($/bbl)
	USA Operations		-			-		-			-			-			-			-			-			-
	Canadian Operations		-			-		-			(10.15	)		(5.57	)		(8.02	)		(13.47	)		(17.14	)		(10.06	)
	Total Operations		-			-		-			(7.78	)		(4.13	)		(6.09	)		(10.48	)		(13.07	)		(7.99	)
Oil & Plant Condensate ($/bbl)
	USA Operations		-			-		-			(11.48	)		(5.76	)		(10.60	)		(14.90	)		(18.05	)		(11.59	)
	Canadian Operations		-			-		-			(10.13	)		(5.56	)		(8.00	)		(13.45	)		(17.10	)		(10.03	)
	Total Operations		-			-		-			(11.22	)		(5.72	)		(10.09	)		(14.61	)		(17.87	)		(11.27	)
NGLs - Other ($/bbl)
	USA Operations		-			-		-			-			-			-			-			-			-
	Canadian Operations		-			-		-			-			-			-			-			-			-
	Total Operations		-			-		-			-			-			-			-			-			-
NGLs - Total ($/bbl)
	USA Operations		-			-		-			-			-			-			-			-			-
	Canadian Operations		-			-		-			(7.20	)		(3.89	)		(5.86	)		(9.46	)		(11.87	)		(7.16	)
	Total Operations		-			-		-			(2.64	)		(1.34	)		(2.10	)		(3.61	)		(4.30	)		(2.88	)
Oil & NGLs ($/bbl)
	USA Operations		-			-		-			(7.62	)		(3.78	)		(7.00	)		(10.00	)		(11.96	)		(7.88	)
	Canadian Operations		-			-		-			(7.19	)		(3.89	)		(5.85	)		(9.45	)		(11.85	)		(7.14	)
	Total Operations		-			-		-			(7.55	)		(3.79	)		(6.80	)		(9.90	)		(11.94	)		(7.74	)
Natural Gas ($/Mcf)
	USA Operations		0.07			0.10		0.03			(2.94	)		(2.57	)		(3.97	)		(2.60	)		(3.39	)		(1.78	)
	Canadian Operations		(0.38	)		-		(0.82	)		(3.74	)		(3.35	)		(5.12	)		(3.22	)		(4.35	)		(2.16	)
	Total Operations		(0.24	)		0.03		(0.54	)		(3.47	)		(3.10	)		(4.75	)		(3.00	)		(4.00	)		(2.04	)
Total ($/BOE)
	USA Operations		0.12			0.17		0.05			(10.50	)		(7.00	)		(11.68	)		(11.54	)		(14.24	)		(8.66	)
	Canadian Operations		(1.81	)		-		(3.97	)		(18.91	)		(16.80	)		(25.19	)		(16.98	)		(22.62	)		(11.65	)
	Total Operations		(0.72	)		0.10		(1.64	)		(14.04	)		(11.14	)		(17.28	)		(13.83	)		(17.66	)		(9.97	)

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

Second quarter report

for the period ended June 30, 2023

Supplemental Oil and Gas Operating Statistics (unaudited)

Operating Statistics (continued)

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

		2023						2022
(US$)		Year-to- Date		Q2		Q1		Year		Q4		Q3		Q2 Year- to-Date		Q2		Q1
Oil Price ($/bbl)
	USA Operations		73.41		72.83		74.06		81.87		75.84		81.74		85.04		89.16		80.73
	Canadian Operations		71.44		-		71.44		87.28		81.48		82.86		91.79		100.11		82.80
	Total Operations		73.41		72.83		74.06		81.88		75.85		81.74		85.04		89.16		80.74
NGLs - Plant Condensate Price ($/bbl)
	USA Operations		58.46		55.09		61.84		73.22		57.95		66.62		85.87		86.56		85.09
	Canadian Operations		73.84		70.99		77.22		83.07		76.84		78.63		88.32		90.64		86.16
	Total Operations		69.89		67.14		73.01		80.74		72.01		75.73		87.78		89.67		85.94
Oil & Plant Condensate Price ($/bbl)
	USA Operations		72.32		71.61		73.12		81.24		74.48		80.58		85.10		88.97		81.03
	Canadian Operations		73.83		70.99		77.21		83.07		76.85		78.64		88.31		90.66		86.16
	Total Operations		72.58		71.50		73.81		81.59		74.91		80.20		85.73		89.29		82.08
NGLs - Other Price ($/bbl)
	USA Operations		15.99		13.43		18.73		29.35		20.03		29.82		34.26		34.88		33.55
	Canadian Operations		25.20		18.62		35.17		42.39		39.07		41.12		44.56		47.84		41.23
	Total Operations		17.56		14.43		21.11		31.45		22.95		31.49		36.04		37.03		34.94
NGLs - Total Price ($/bbl)
	USA Operations		21.18		18.39		24.14		34.88		24.85		34.61		40.62		41.21		39.95
	Canadian Operations		57.41		52.05		64.31		71.24		65.53		68.55		75.30		77.50		73.20
	Total Operations		33.78		30.78		37.19		48.20		38.88		46.81		53.85		54.34		53.33
Oil & NGLs Price ($/bbl)
	USA Operations		52.99		51.94		54.16		63.82		55.71		63.37		68.36		70.74		65.80
	Canadian Operations		57.43		52.06		64.32		71.27		65.55		68.58		75.32		77.54		73.23
	Total Operations		53.76		51.96		55.80		65.17		57.41		64.30		69.67		71.96		67.26
Natural Gas Price ($/Mcf)
	USA Operations		2.64		1.89		3.43		3.24		2.85		3.58		3.26		3.48		3.04
	Canadian Operations		2.92		2.02		3.98		2.01		2.32		0.99		2.39		2.38		2.40
	Total Operations		2.83		1.98		3.80		2.42		2.49		1.85		2.69		2.78		2.60
Total Price ($/BOE)
	USA Operations		42.57		40.73		44.57		51.41		44.96		51.76		54.86		57.15		52.42
	Canadian Operations		25.40		20.26		31.53		25.35		24.50		19.92		28.41		29.08		27.79
	Total Operations		35.14		31.66		39.08		40.45		36.31		38.55		43.69		45.70		41.65
Total Netback ($/BOE)
	USA Operations		28.49		27.41		29.66		35.90		29.87		35.06		39.76		41.46		37.97
	Canadian Operations		11.91		8.45		16.04		10.75		9.94		5.10		13.95		13.91		13.98
	Total Operations		21.31		19.03		23.92		25.32		21.45		22.63		28.86		30.21		27.47

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

Second quarter report

for the period ended June 30, 2023

Supplemental Oil and Gas Operating Statistics (unaudited)

Results by Play

		2023						2022
(average)		Year-to- Date		Q2		Q1		Year		Q4		Q3		Q2 Year- to-Date		Q2		Q1
Oil Production (Mbbls/d)
USA Operations
	Permian		67.7		75.6		59.6		62.7		65.4		60.8		62.2		62.6		61.8
	Anadarko		32.7		32.4		33.1		35.5		34.4		35.9		35.9		36.5		35.4
	Uinta		15.3		17.8		12.8		17.9		15.4		19.9		18.1		19.6		16.6
	Bakken (1)		18.9		16.4		21.5		15.3		16.5		16.5		14.1		14.0		14.3
	Other (2)		0.2		0.2		0.2		0.1		0.2		0.2		0.1		-		0.1
Total USA Operations			134.8		142.4		127.2		131.5		131.9		133.3		130.4		132.7		128.2
Canadian Operations
	Montney		0.1		-		0.1		0.1		0.1		0.1		0.1		0.1		0.1
	Other (2)		-		-		-		-		-		-		-		-		-
Total Canadian Operations			0.1		-		0.1		0.1		0.1		0.1		0.1		0.1		0.1
Total			134.9		142.4		127.3		131.6		132.0		133.4		130.5		132.8		128.3
NGLs - Plant Condensate Production (Mbbls/d)
USA Operations
	Permian		3.4		3.7		3.0		3.1		3.2		3.4		2.9		3.1		2.7
	Anadarko		5.8		5.6		5.8		5.9		6.2		6.3		5.6		5.7		5.4
	Uinta		0.2		0.2		0.2		0.2		0.4		0.2		0.2		0.2		0.2
	Bakken (1)		1.2		0.9		1.5		1.1		1.1		1.2		1.0		1.1		0.9
	Other (2)		-		0.1		0.1		0.1		0.1		-		-		-		-
Total USA Operations			10.6		10.5		10.6		10.4		11.0		11.1		9.7		10.1		9.2
Canadian Operations
	Montney		30.6		33.0		28.1		33.6		31.7		34.9		34.0		32.5		35.3
	Other (2)		-		-		-		-		-		-		-		-		0.1
Total Canadian Operations			30.6		33.0		28.1		33.6		31.7		34.9		34.0		32.5		35.4
Total			41.2		43.5		38.7		44.0		42.7		46.0		43.7		42.6		44.6
Oil & Plant Condensate Production (Mbbls/d)
USA Operations
	Permian		71.1		79.3		62.6		65.8		68.6		64.2		65.1		65.7		64.5
	Anadarko		38.5		38.0		38.9		41.4		40.6		42.2		41.5		42.2		40.8
	Uinta		15.5		18.0		13.0		18.1		15.8		20.1		18.3		19.8		16.8
	Bakken (1)		20.1		17.3		23.0		16.4		17.6		17.7		15.1		15.1		15.2
	Other (2)		0.2		0.3		0.3		0.2		0.3		0.2		0.1		-		0.1
Total USA Operations			145.4		152.9		137.8		141.9		142.9		144.4		140.1		142.8		137.4
Canadian Operations
	Montney		30.7		33.0		28.2		33.7		31.8		35.0		34.1		32.6		35.4
	Other (2)		-		-		-		-		-		-		-		-		0.1
Total Canadian Operations			30.7		33.0		28.2		33.7		31.8		35.0		34.1		32.6		35.5
Total			176.1		185.9		166.0		175.6		174.7		179.4		174.2		175.4		172.9

(1) Production volumes associated with Bakken were included in USA Operations until the asset was divested on June 12, 2023.

(2) Other Operations includes production volumes from plays that are not part of the Company’s current focus.

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

Second quarter report

for the period ended June 30, 2023

Supplemental Oil and Gas Operating Statistics (unaudited)

Results by Play (continued)

		2023						2022
(average)		Year-to- Date		Q2		Q1		Year		Q4		Q3		Q2 Year- to-Date		Q2		Q1
NGLs - Other Production (Mbbls/d)
USA Operations
	Permian		28.9		31.0		26.8		26.3		27.0		26.8		25.8		26.2		25.4
	Anadarko		38.1		37.8		38.5		37.3		39.3		38.6		35.4		38.2		32.7
	Uinta		0.9		1.1		0.7		0.9		0.9		1.0		0.8		0.8		0.7
	Bakken (1)		8.0		8.1		7.7		7.1		7.9		7.6		6.6		7.3		5.9
	Other (2)		0.1		0.1		-		0.1		-		0.1		0.1		0.1		0.1
Total USA Operations			76.0		78.1		73.7		71.7		75.1		74.1		68.7		72.6		64.8
Canadian Operations
	Montney		15.6		18.7		12.5		13.8		13.6		12.8		14.4		14.4		14.4
	Other (2)		-		-		-		-		-		-		-		-		-
Total Canadian Operations			15.6		18.7		12.5		13.8		13.6		12.8		14.4		14.4		14.4
Total			91.6		96.8		86.2		85.5		88.7		86.9		83.1		87.0		79.2
NGLs - Total Production (Mbbls/d)
USA Operations
	Permian		32.3		34.7		29.8		29.4		30.2		30.2		28.7		29.3		28.1
	Anadarko		43.9		43.4		44.3		43.2		45.5		44.9		41.0		43.9		38.1
	Uinta		1.1		1.3		0.9		1.1		1.3		1.2		1.0		1.0		0.9
	Bakken (1)		9.2		9.0		9.2		8.2		9.0		8.8		7.6		8.4		6.8
	Other (2)		0.1		0.2		0.1		0.2		0.1		0.1		0.1		0.1		0.1
Total USA Operations			86.6		88.6		84.3		82.1		86.1		85.2		78.4		82.7		74.0
Canadian Operations
	Montney		46.2		51.7		40.6		47.4		45.3		47.7		48.4		46.9		49.7
	Other (2)		-		-		-		-		-		-		-		-		0.1
Total Canadian Operations			46.2		51.7		40.6		47.4		45.3		47.7		48.4		46.9		49.8
Total			132.8		140.3		124.9		129.5		131.4		132.9		126.8		129.6		123.8
Oil & NGLs Production (Mbbls/d)
USA Operations
	Permian		100.0		110.3		89.4		92.1		95.6		91.0		90.9		91.9		89.9
	Anadarko		76.6		75.8		77.4		78.7		79.9		80.8		76.9		80.4		73.5
	Uinta		16.4		19.1		13.7		19.0		16.7		21.1		19.1		20.6		17.5
	Bakken (1)		28.1		25.4		30.7		23.5		25.5		25.3		21.7		22.4		21.1
	Other (2)		0.3		0.4		0.3		0.3		0.3		0.3		0.2		0.1		0.2
Total USA Operations			221.4		231.0		211.5		213.6		218.0		218.5		208.8		215.4		202.2
Canadian Operations
	Montney		46.3		51.7		40.7		47.5		45.4		47.8		48.5		47.0		49.8
	Other (2)		-		-		-		-		-		-		-		-		0.1
Total Canadian Operations			46.3		51.7		40.7		47.5		45.4		47.8		48.5		47.0		49.9
Total			267.7		282.7		252.2		261.1		263.4		266.3		257.3		262.4		252.1

(1) Production volumes associated with Bakken were included in USA Operations until the asset was divested on June 12, 2023.

(2) Other Operations includes production volumes from plays that are not part of the Company’s current focus.

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

Second quarter report

for the period ended June 30, 2023

Supplemental Oil and Gas Operating Statistics (unaudited)

Results by Play (continued)

		2023						2022
(average)		Year-to- Date		Q2		Q1		Year		Q4		Q3		Q2 Year- to-Date		Q2		Q1
Natural Gas Production (MMcf/d)
USA Operations
	Permian		164		171		158		149		156		149		145		146		145
	Anadarko		285		289		281		286		286		290		283		287		279
	Uinta		18		20		15		16		19		16		14		15		13
	Bakken (1)		47		44		49		36		39		41		32		32		32
	Other (2)		4		6		4		5		6		6		5		5		6
Total USA Operations			518		530		507		492		506		502		479		485		475
Canadian Operations
	Montney		1,097		1,177		1,017		970		1,023		970		943		907		978
	Other (2)		34		36		31		32		32		28		34		34		34
Total Canadian Operations			1,131		1,213		1,048		1,002		1,055		998		977		941		1,012
Total			1,649		1,743		1,555		1,494		1,561		1,500		1,456		1,426		1,487
Total Production (MBOE/d)
USA Operations
	Permian		127.4		138.9		115.8		117.0		121.7		115.9		115.1		116.2		114.0
	Anadarko		124.1		124.0		124.2		126.3		127.6		129.1		124.1		128.2		120.1
	Uinta		19.3		22.4		16.3		21.6		19.8		23.6		21.4		23.0		19.7
	Bakken (1)		35.9		33.0		38.8		29.6		32.0		32.1		27.1		27.7		26.4
	Other (2)		1.0		0.9		1.0		1.0		1.2		1.4		1.1		1.0		1.1
Total USA Operations			307.7		319.2		296.1		295.5		302.3		302.1		288.8		296.1		281.3
Canadian Operations
	Montney		229.1		247.8		210.1		209.1		215.8		209.5		205.6		198.2		212.9
	Other (2)		5.6		6.0		5.2		5.4		5.5		4.7		5.6		5.7		5.7
Total Canadian Operations			234.7		253.8		215.3		214.5		221.3		214.2		211.2		203.9		218.6
Total			542.4		573.0		511.4		510.0		523.6		516.3		500.0		500.0		499.9

(1) Production volumes associated with Bakken were included in USA Operations until the asset was divested on June 12, 2023.

(2) 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.

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

Second quarter report

for the period ended June 30, 2023

Supplemental Oil and Gas Operating Statistics (unaudited)

Results by Play (continued)

		2023									2022
(US$ millions)		Year-to- Date			Q2			Q1			Year		Q4		Q3			Q2 Year- to-Date			Q2			Q1
Capital Expenditures, Excluding Capitalized Internal Costs
USA Operations
	Permian		501			295			206			632		130		181			321			165			156
	Anadarko		153			55			98			375		55		99			221			118			103
	Uinta		137			76			61			117		3		27			87			58			29
	Bakken (1)		107			42			65			243		73		81			89			42			47
	Other (2)		2			1			1			7		3		-			4			2			2
Total USA Operations			900			469			431			1,374		264		388			722			385			337
Canadian Operations
	Montney		287			152			135			295		50		81			164			97			67
	Other (2)		(2	)		-			(2	)		5		-		7			(2	)		(2	)		-
Total Canadian Operations			285			152			133			300		50		88			162			95			67
Total Capital Expenditures, Excluding Capitalized Internal Costs			1,185			621			564			1,674		314		476			884			480			404
Capitalized Directly Attributable Internal Costs
USA Operations
	Permian		38			19			19			60		15		15			30			13			17
	Anadarko		11			4			7			31		9		7			15			7			8
	Uinta		14			7			7			9		3		1			5			2			3
	Bakken (1)		5			2			3			18		4		5			9			4			5
	Other (2)		1			1			-			1		-		-			1			(1	)		2
Total USA Operations			69			33			36			119		31		28			60			25			35
Canadian Operations
	Montney		(6	)		(15	)		9			33		10		7			16			5			11
	Other (2)		-			-			-			1		-		-			1			1			-
Total Canadian Operations			(6	)		(15	)		9			34		10		7			17			6			11
Total Capitalized Directly Attributable Internal Costs			63			18			45			153		41		35			77			31			46
Total Capital Expenditures
USA Operations
	Permian		539			314			225			692		145		196			351			178			173
	Anadarko		164			59			105			406		64		106			236			125			111
	Uinta		151			83			68			126		6		28			92			60			32
	Bakken (1)		112			44			68			261		77		86			98			46			52
	Other (2)		3			2			1			8		3		-			5			1			4
Total USA Operations			969			502			467			1,493		295		416			782			410			372
Canadian Operations
	Montney		281			137			144			328		60		88			180			102			78
	Other (2)		(2	)		-			(2	)		6		-		7			(1	)		(1	)		-
Total Canadian Operations			279			137			142			334		60		95			179			101			78
Corporate & Other			2			1			1			4		3		-			1			-			1
Total Capital Expenditures			1,250			640			610			1,831		358		511			962			511			451
Net Acquisitions & (Divestitures)			(515	)		(702	)		187			58		254		(213	)		17			3			14
Net Capital Investment			735			(62	)		797			1,889		612		298			979			514			465

(1) Capital expenditures associated with Bakken were included in USA Operations until the asset was divested on June 12, 2023.

(2) Other Operations includes capital expenditures in plays that are not part of the Company’s current focus.

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

Second quarter report

for the period ended June 30, 2023

Supplemental Oil and Gas Operating Statistics (unaudited)

Results by Play (continued)

		2023						2022
		Year-to- Date		Q2		Q1		Year		Q4		Q3		Q2 Year- to-Date		Q2		Q1
Drilling Activity (net wells drilled)
USA Operations
	Permian		43		26		17		62		15		18		29		16		13
	Anadarko		9		2		7		54		10		13		31		18		13
	Uinta		11		8		3		12		-		2		10		5		5
	Bakken (1)		11		6		5		25		7		8		10		8		2
Total USA Operations			74		42		32		153		32		41		80		47		33
Canadian Operations
	Montney		49		23		26		52		8		12		32		16		16
	Other (2)		-		-		-		3		-		3		-		-		-
Total Canadian Operations			49		23		26		55		8		15		32		16		16
Total			123		65		58		208		40		56		112		63		49
Completions Activity (net wells on production)
USA Operations
	Permian		41		27		14		66		16		21		29		11		18
	Anadarko		20		7		13		57		8		16		33		15		18
	Uinta		3		3		-		11		3		2		6		6		-
	Bakken (1)		16		8		8		19		6		9		4		-		4
Total USA Operations			80		45		35		153		33		48		72		32		40
Canadian Operations
	Montney		40		29		11		63		11		21		31		12		19
Total Canadian Operations			40		29		11		63		11		21		31		12		19
Total			120		74		46		216		44		69		103		44		59

(1) Net wells drilled and net wells on production associated with Bakken were included in USA Operations until the asset was divested on June 12, 2023.

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

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

 

Ovintiv Inc.

Non-GAAP Definitions and Reconciliations

(unaudited)

For the period ended June 30, 2023

U.S. Dollar / U.S. Protocol

For the period ended June 30, 2023

(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			Q2 2023				YTD 2023
Cash from (used in) Operating Activities		$		831		$		1,899
Deduct (add back):
	Net change in other assets and liabilities			(12	)			(17	)
	Net change in non-cash working capital			144				366
Non-GAAP Cash Flow		$		699		$		1,550
Per Share - Basic		$		2.80		$		6.28
Per Share - Diluted				2.79				6.18
Non-GAAP Free Cash Flow
Non-GAAP Cash Flow		$		699		$		1,550
Deduct:
	Capital expenditures			640				1,250
Non-GAAP Free Cash Flow		$		59		$		300

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			Q2 2023				YTD 2023
Net Earnings (Loss) Before Income Tax		$		437		$		1,050
Before-tax (Addition) Deduction:
	Unrealized gain (loss) on risk management			142				160
	Non-operating foreign exchange gain (loss)			(15	)			(10	)
Adjusted Earnings (Loss) Before Income Tax				310				900
	Income tax expense (recovery)			78				218
Non-GAAP Adjusted Earnings		$		232		$		682
Per Share - Basic		$		0.93		$		2.76
Per Share - Diluted				0.93				2.72

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 2023
Long-Term Debt, Including Current Portion	$		6,134
Total Shareholders' Equity			9,316
Capitalization	$		15,450
Debt to Capitalization		40%

Ovintiv Inc. 1 Non-GAAP Definitions and Reconciliations

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 2023
Long-Term Debt, Including Current Portion	$		6,134
Total Shareholders' Equity			9,316
Equity Adjustment for Impairments at December 31, 2011			7,746
Adjusted Capitalization	$		23,196
Debt to Adjusted Capitalization		26%

EBITDA, Debt to EBITDA, Adjusted EBITDA and Debt to Adjusted EBITDA (Leverage Ratio) - 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.

			Q3 2022			Q4 2022				Q1 2023			Q2 2023			Trailing 12- Months
Long-Term Debt, Including Current Portion															$		6,134
Net Earnings (Loss)		$		1,186	$		1,335		$		487	$		336	$		3,344
Add back (deduct):
	Depreciation, depletion and amortization			291			280				364			419			1,354
	Interest			83			63				71			80			297
	Income tax expense (recovery)			88			(225	)			126			101			90
EBITDA		$		1,648	$		1,453		$		1,048	$		936	$		5,085
Debt to EBITDA (times)																	1.2

			Q3 2022				Q4 2022				Q1 2023				Q2 2023				Trailing 12- Months
Long-Term Debt, Including Current Portion																		$		6,134
Net Earnings (Loss)		$		1,186		$		1,335		$		487		$		336		$		3,344
Add back (deduct):
	Depreciation, depletion and amortization			291				280				364				419				1,354
	Accretion of asset retirement obligation			4				4				5				4				17
	Interest			83				63				71				80				297
	Unrealized (gains) losses on risk management			(710	)			(530	)			(18	)			(142	)			(1,400	)
	Foreign exchange (gain) loss, net			19				(6	)			(3	)			25				35
	Other (gains) losses, net			(3	)			(3	)			(3	)			(11	)			(20	)
	Income tax expense (recovery)			88				(225	)			126				101				90
Adjusted EBITDA		$		958		$		918		$		1,029		$		812		$		3,717
Debt to Adjusted EBITDA (times)																				1.7

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.

Ovintiv Inc. 2 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)
			2023						2022
(US$ millions)			Year		Q2		Q1		Year		Q4		Q3		Q2		Q1
USA Operations
	Upstream Product Revenue (2,3)			2,365		1,179		1,186		6,677		1,444		1,762		1,924		1,547
	Production, mineral and other taxes			153		73		80		401		90		106		115		90
	Transportation and processing			295		148		147		626		162		170		159		135
	Operating (4)			337		167		170		646		168		187		149		142
				1,580		791		789		5,004		1,024		1,299		1,501		1,180
Canadian Operations
	Upstream Product Revenue (2,3)			1,156		467		689		3,465		841		889		960		775
	Production, mineral and other taxes			7		3		4		14		4		3		3		4
	Transportation and processing			535		268		267		1,002		261		257		253		231
	Operating (4)			31		2		29		127		31		34		25		37
				583		194		389		2,322		545		595		679		503
Total Operations
	Upstream Product Revenue (2,3)			3,521		1,646		1,875		10,142		2,285		2,651		2,884		2,322
	Production, mineral and other taxes			160		76		84		415		94		109		118		94
	Transportation and processing			830		416		414		1,628		423		427		412		366
	Operating (4)			368		169		199		773		199		221		174		179
				2,163		985		1,178		7,326		1,569		1,894		2,180		1,683
(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)
			2023						2022
(BOE)			Year		Q2		Q1		Year		Q4		Q3		Q2		Q1
USA Operations				55,696,415		29,044,015		26,652,510		107,860,420		27,807,460		27,788,876		26,946,920		25,317,450
Canadian Operations				42,475,089		23,096,801		19,378,260		78,306,370		20,363,280		19,710,448		18,555,628		19,677,060
Total				98,171,504		52,140,816		46,030,770		186,166,790		48,170,740		47,499,324		45,502,548		44,994,510
(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)
			2023						2022
(US$/BOE)			Year		Q2		Q1		Year		Q4		Q3		Q2		Q1
Total USA Operations
	Price			42.46		40.59		44.50		61.90		51.93		63.41		71.40		61.10
	Production, mineral and other taxes			2.75		2.51		3.00		3.72		3.24		3.81		4.27		3.55
	Transportation and processing			5.30		5.10		5.52		5.80		5.83		6.12		5.90		5.33
	Operating			6.05		5.75		6.38		5.99		6.04		6.73		5.53		5.61
	Netback			28.37		27.23		29.60		46.39		36.82		46.75		55.70		46.61
Total Canadian Operations
	Price			27.22		20.22		35.56		44.25		41.30		45.10		51.74		39.39
	Production, mineral and other taxes			0.16		0.13		0.21		0.18		0.20		0.15		0.16		0.20
	Transportation and processing			12.60		11.60		13.78		12.80		12.82		13.04		13.63		11.74
	Operating			0.73		0.09		1.50		1.62		1.52		1.72		1.35		1.88
	Netback			13.73		8.40		20.07		29.65		26.76		30.19		36.59		25.56
Total Operations
	Price			35.87		31.57		40.73		54.48		47.44		55.81		63.38		51.61
	Production, mineral and other taxes			1.63		1.46		1.82		2.23		1.95		2.29		2.59		2.09
	Transportation and processing			8.45		7.98		8.99		8.74		8.78		8.99		9.05		8.13
	Operating			3.75		3.24		4.32		4.15		4.13		4.65		3.82		3.98
Netback				22.03		18.89		25.59		39.35		32.57		39.87		47.91		37.40
(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. 3 Non-GAAP Definitions and Reconciliations