Ovintiv Reports Second Quarter 2026 Financial and Operating Results

Highlights:

• Generated second quarter cash from operating activities of $1.6 billion, Non-GAAP Cash Flow of approximately $1.3 billion and Non-GAAP Free Cash Flow of $682 million after capital expenditures of $574 million
• Produced average second quarter volumes of 615 thousand barrels of oil equivalent per day (“MBOE/d”), including oil and condensate volumes of 206 thousand barrels per day (“Mbbls/d”), above the high end of company guidance, along with 82 Mbbls/d of other NGLs (C2 to C4) and 1,959 million cubic feet per day (“MMcf/d”) of natural gas
• Closed the sale of the Company’s Anadarko assets for total cash proceeds of approximately $2.82 billion after preliminary closing adjustments and transaction costs
• Net Debt of $2.995 billion as of June 30, 2026, Net Debt to Adjusted EBITDA of 0.6x
• Returned approximately 63% of second quarter Non-GAAP Free Cash Flow to shareholders via share repurchases of approximately $345 million (6.1 million shares) and dividend payments of $84 million
• Full year 2026 shareholder returns expected to exceed 60% of Non-GAAP Free Cash Flow, up from 45% year-to-date
• Revised full year 2026 guidance to reflect higher expected oil and condensate production for the same capital investment; representing 4% production per share growth