EX-99.2

Condensed Consolidated Statement of Earnings (unaudited)


	Three Months Ended
	March 31,
(US$ millions, except per share amounts)	2026			2025

Revenues
Product and service revenues	$	2,221		$	1,965
Sales of purchased product		356			410
Gains (losses) on risk management, net		(63	)		(16	)
Sublease revenues		18			18
Total Revenues		2,532			2,377

Operating Expenses
Production, mineral and other taxes		79			87
Transportation and processing		471			398
Operating		227			205
Purchased product		344			402
Depreciation, depletion and amortization		561			545
Impairments		1,485			730
Accretion of asset retirement obligation		7			6
Administrative		112			93
Total Operating Expenses		3,286			2,466
Operating Income (Loss)		(754	)		(89	)

Other (Income) Expenses
Interest		104			97
Foreign exchange (gain) loss, net		(2	)		10
Other (gains) losses, net		(29	)		(3	)
Total Other (Income) Expenses		73			104
Net Earnings (Loss) Before Income Tax		(827	)		(193	)
Income tax expense (recovery)		(197	)		(34	)
Net Earnings (Loss)	$	(630	)	$	(159	)

Net Earnings (Loss) per Share of Common Stock
Basic	$	(2.35	)	$	(0.61	)
Diluted		(2.35	)		(0.61	)
Weighted Average Shares of Common Stock Outstanding (millions)
Basic		268.2			260.4
Diluted		268.2			260.4

Condensed Consolidated Statement of Comprehensive Income (unaudited)


	Three Months Ended
	March 31,
(US$ millions)	2026			2025

Net Earnings (Loss)	$	(630	)	$	(159	)
Other Comprehensive Income (Loss), Net of Tax
Foreign currency translation adjustment		(86	)		8
Pension and other post-employment benefit plans		(1	)		(1	)
Other Comprehensive Income (Loss)		(87	)		7
Comprehensive Income (Loss)	$	(717	)	$	(152	)

Condensed Consolidated Balance Sheet (unaudited)


	As at			As at
	March 31,			December 31,
(US$ millions)	2026			2025

Assets
Current Assets
Cash and cash equivalents	$	26		$	35
Accounts receivable and accrued revenues (net of allowances
of $6 million (2025: $6 million))		1,481			1,128
Investment in marketable securities		-			245
Risk management		226			86
Income tax receivable		81			29
		1,814			1,523
Property, Plant and Equipment, at cost:
Oil and natural gas properties, based on full cost accounting
Proved properties		73,069			70,133
Unproved properties		814			434
Other		972			864
Property, plant and equipment		74,855			71,431
Less: Accumulated depreciation, depletion and amortization		(58,926	)		(57,187	)
Property, plant and equipment, net		15,929			14,244
Other Assets		1,373			1,299
Risk Management		180			4
Deferred Income Taxes		155			744
Goodwill		2,843			2,576
	$	22,294		$	20,390

Liabilities and Shareholders’ Equity
Current Liabilities
Accounts payable and accrued liabilities	$	1,925		$	1,861
Current portion of operating lease liabilities		129			117
Income tax payable		41			5
Risk management		241			2
Current portion of long-term debt		877			810
		3,213			2,795
Long-Term Debt		5,521			4,392
Operating Lease Liabilities		1,169			1,105
Other Liabilities and Provisions		224			100
Risk Management		-			13
Asset Retirement Obligation		427			388
Deferred Income Taxes		182			402
		10,736			9,195

Shareholders’ Equity
Share capital - authorized 775 million shares of stock
2026 issued and outstanding: 282.7 million shares (2025: 253.3 million shares)		3			3
Paid in surplus		8,944			7,779
Retained earnings		1,725			2,440
Accumulated other comprehensive income		886			973
Total Shareholders’ Equity		11,558			11,195
	$	22,294		$	20,390

Condensed Consolidated Statement of Cash Flows (unaudited)


	Three Months Ended
	March 31,
(US$ millions)	2026			2025

Operating Activities
Net earnings (loss)	$	(630	)	$	(159	)
Depreciation, depletion and amortization		561			545
Impairments		1,485			730
Accretion of asset retirement obligation		7			6
Deferred income taxes		(210	)		(77	)
Unrealized (gain) loss on risk management		53			46
Unrealized foreign exchange (gain) loss		(1	)		(45	)
Foreign exchange (gain) loss on settlements		(1	)		(42	)
Other		(25	)		-
Net change in other assets and liabilities		(14	)		(11	)
Net change in non-cash working capital		(169	)		(120	)
Cash From (Used in) Operating Activities		1,056			873

Investing Activities
Capital expenditures		(605	)		(617	)
Acquisitions		(7	)		(2,310	)
Corporate acquisition, net of cash acquired		(1,192	)		-
Proceeds from divestitures		7			1,884
Net change in investments and other		59			148
Cash From (Used in) Investing Activities		(1,738	)		(895	)

Financing Activities
Net issuance (repayment) of revolving debt		297			85
Issuance of debt under the Term Credit Agreement		1,151			-
Repayment of long-term debt		(459	)		-
Purchase of shares of common stock		(84	)		-
Dividends on shares of common stock		(85	)		(78	)
Other		(148	)		(19	)
Cash From (Used in) Financing Activities		672			(12	)

Foreign Exchange Gain (Loss) on Cash, Cash Equivalents
and Restricted Cash Held in Foreign Currency		1			-

Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash		(9	)		(34	)
Cash, Cash Equivalents and Restricted Cash, Beginning of Year		35			42
Cash, Cash Equivalents and Restricted Cash, End of Period	$	26		$	8

Cash, End of Period	$	23		$	7
Cash Equivalents, End of Period		3			1
Restricted Cash, End of Period		-			-
Cash, Cash Equivalents and Restricted Cash, End of Period	$	26		$	8

Supplemental Financial Information (unaudited)

Financial Results


		2026			2025
(US$ millions, unless otherwise specified)		Q1			Year			Q4			Q3			Q2			Q1

Net Earnings (Loss)			(630	)		1,242			946			148			307			(159	)

	Per share - basic (1)		(2.35	)		4.83			3.73			0.58			1.19			(0.61	)
	Per share - diluted (1)		(2.35	)		4.78			3.70			0.57			1.18			(0.61	)

Non-GAAP Adjusted Earnings (2)			537			1,257			355			267			265			370

	Per share - basic (1)		2.00			4.89			1.40			1.04			1.02			1.42
	Per share - diluted (1)		2.00			4.84			1.39			1.03			1.02			1.42

Non-GAAP Cash Flow (3)			1,239			3,785			973			895			913			1,004

	Per share - basic (1)		4.62			14.72			3.84			3.49			3.53			3.86
	Per share - diluted (1)		4.62			14.57			3.81			3.47			3.51			3.86

Foreign Exchange Rates (C$ per US$1)
	Average		1.372			1.398			1.395			1.377			1.384			1.435
	Period end		1.394			1.371			1.371			1.392			1.364			1.438

Non-GAAP Adjusted Earnings Summary

Net Earnings (Loss) Before Income Tax			(827	)		770			372			192			399			(193	)
Before-tax (Addition) Deduction:
	Unrealized gain (loss) on risk management		(53	)		6			18			(20	)		54			(46	)
	Impairments		(1,485	)		(920	)		(49	)		(141	)		-			(730	)
	Non-operating foreign exchange gain (loss)		2			85			(1	)		2			(3	)		87
Adjusted Earnings (Loss) Before Income Tax			709			1,599			404			351			348			496
	Income tax expense (recovery) (4)		172			342			49			84			83			126

Non-GAAP Adjusted Earnings (2)			537			1,257			355			267			265			370

Non-GAAP Cash Flow Summary

Cash From (Used in) Operating Activities			1,056			3,652			954			812			1,013			873
(Add back) Deduct:
	Net change in other assets and liabilities		(14	)		(40	)		(11	)		(7	)		(11	)		(11	)
	Net change in non-cash working capital		(169	)		(93	)		(8	)		(76	)		111			(120	)

Non-GAAP Cash Flow (3)			1,239			3,785			973			895			913			1,004

(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:


		2026		2025
(millions)		Q1		Year		Q4		Q3		Q2		Q1

Weighted Average Shares of Common Stock Outstanding

	Basic		268.2		257.2		253.3		256.2		259.0		260.4

	Diluted		268.2		259.7		255.6		258.1		260.1		260.4

(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, valuation allowances and the effect of non-recurring discrete transactions 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 21.75 percent and the applicable Canadian federal and provincial statutory income tax rate of 23.7 percent (2025 - 21.75 percent and 23.7 percent, respectively).

Financial Metrics

     Debt to Capitalization

     36%

     32%

     Debt to Adjusted Capitalization (1)

     25%

     22%

     Debt to EBITDA (1)

     2.4x

     1.6x

     Debt to Adjusted EBITDA (1)

     1.5x

     1.2x

(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.

Supplemental Operating Information (unaudited)

Production Volumes by Product


				2026		2025
(average)		% of Oil & NGLs		Q1		Year		Q4		Q3		Q2		Q1

	Oil (Mbbls/d)		43		141.8		142.7		140.9		137.6		142.0		150.5
	NGLs - Plant Condensate (Mbbls/d)		26		83.5		66.7		67.8		74.2		69.2		55.2
Oil & Plant Condensate (Mbbls/d)			69		225.3		209.4		208.7		211.8		211.2		205.7
	Butane (Mbbls/d)		8		26.1		23.2		23.7		23.6		23.3		22.2
	Propane (Mbbls/d)		12		39.1		36.0		37.0		37.4		36.3		33.1
	Ethane (Mbbls/d)		11		34.4		35.6		36.5		36.7		35.9		33.4
NGLs - Other (Mbbls/d)			31		99.6		94.8		97.2		97.7		95.5		88.7
Oil & NGLs (Mbbls/d)			100		324.9		304.2		305.9		309.5		306.7		294.4

Natural Gas (MMcf/d)					2,124		1,862		1,905		1,925		1,851		1,764

Total (MBOE/d)					678.9		614.5		623.4		630.4		615.3		588.3

Production Volumes by Segment


		2026		2025
(average)		Q1		Year		Q4		Q3		Q2		Q1

Oil (Mbbls/d)
	USA Operations		141.2		142.3		140.4		137.0		141.6		150.3
	Canadian Operations		0.6		0.4		0.5		0.6		0.4		0.2
			141.8		142.7		140.9		137.6		142.0		150.5

NGLs - Plant Condensate (Mbbls/d)
	USA Operations		11.3		11.3		11.7		11.7		11.4		10.3
	Canadian Operations		72.2		55.4		56.1		62.5		57.8		44.9
			83.5		66.7		67.8		74.2		69.2		55.2

Oil & Plant Condensate (Mbbls/d)
	USA Operations		152.5		153.6		152.1		148.7		153.0		160.6
	Canadian Operations		72.8		55.8		56.6		63.1		58.2		45.1
			225.3		209.4		208.7		211.8		211.2		205.7

NGLs - Other (Mbbls/d)
	USA Operations		74.8		76.0		78.8		77.9		76.8		70.4
	Canadian Operations		24.8		18.8		18.4		19.8		18.7		18.3
			99.6		94.8		97.2		97.7		95.5		88.7

NGLs - Total (Mbbls/d)
	USA Operations		86.1		87.3		90.5		89.6		88.2		80.7
	Canadian Operations		97.0		74.2		74.5		82.3		76.5		63.2
			183.1		161.5		165.0		171.9		164.7		143.9

Oil & NGLs (Mbbls/d)
	USA Operations		227.3		229.6		230.9		226.6		229.8		231.0
	Canadian Operations		97.6		74.6		75.0		82.9		76.9		63.4
			324.9		304.2		305.9		309.5		306.7		294.4

Natural Gas (MMcf/d)
	USA Operations		520		515		528		512		508		510
	Canadian Operations		1,604		1,347		1,377		1,413		1,343		1,254
			2,124		1,862		1,905		1,925		1,851		1,764

Total (MBOE/d)
	USA Operations		314.0		315.3		318.8		311.9		314.7		315.9
	Canadian Operations		364.9		299.2		304.6		318.5		300.6		272.4
			678.9		614.5		623.4		630.4		615.3		588.3

Supplemental Financial & Operating Information (unaudited)

Results of Operations

Revenues and Realized Gains (Losses) on Risk Management


		2026			2025
(US$ millions)		Q1			Year		Q4		Q3		Q2		Q1

USA Operations

Revenues, excluding Realized Gains (Losses) on Risk Management (1)
	Oil		923			3,413		772		835		831		975
	NGLs (2)		162			693		162		164		177		190
	Natural Gas		141			447		102		96		104		145
			1,226			4,553		1,036		1,095		1,112		1,310
Realized Gains (Losses) on Risk Management (3)
	Oil		(23	)		40		27		4		9		-
	NGLs (2)		-			8		5		3		-		-
	Natural Gas		-			3		1		2		-		-
			(23	)		51		33		9		9		-

Canadian Operations

Revenues, excluding Realized Gains (Losses) on Risk Management (1)
	Oil		5			10		3		3		2		2
	NGLs (2)		523			1,422		329		403		367		323
	Natural Gas		460			1,159		337		221		274		327
			988			2,591		669		627		643		652
Realized Gains (Losses) on Risk Management (3)
	Oil		-			-		-		-		-		-
	NGLs (2)		(5	)		-		-		-		-		-
	Natural Gas		18			115		24		37		24		30
			13			115		24		37		24		30

(1)

Excludes other revenues with no associated production volumes.

(2)

Includes plant condensate.

(3)

Excludes realized gains or losses from foreign exchange risk management positions.

Supplemental Financial & Operating Information (unaudited)

Results of Operations (continued)

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


		2026		2025
(US$/BOE)		Q1		Year		Q4		Q3		Q2		Q1

Total USA Operations Netback
	Price		43.41		39.54		35.32		38.17		38.81		46.02
	Production, mineral and other taxes		2.53		2.30		1.67		2.29		2.36		2.91
	Transportation and processing		4.08		3.91		3.96		3.74		4.01		3.92
	Operating		6.20		6.01		6.00		6.07		6.03		5.97
	Netback		30.60		27.32		23.69		26.07		26.41		33.22

Total Canadian Operations Netback
	Price		30.06		23.73		23.92		21.39		23.47		26.59
	Production, mineral and other taxes		0.24		0.19		0.17		0.20		0.21		0.16
	Transportation and processing		10.49		11.31		11.14		11.35		11.40		11.37
	Operating		1.56		1.48		1.50		1.39		1.56		1.46
	Netback		17.77		10.75		11.11		8.45		10.30		13.60

Total Operations Netback
	Price		36.24		31.85		29.75		29.69		31.32		37.03
	Production, mineral and other taxes		1.30		1.27		0.94		1.24		1.31		1.64
	Transportation and processing		7.53		7.51		7.47		7.59		7.62		7.36
	Operating		3.71		3.80		3.80		3.71		3.84		3.89
	Netback		23.70		19.27		17.54		17.15		18.55		24.14

(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, upstream transportation and processing expense and upstream 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


		2026		2025
(US$/BOE)		Q1		Year		Q4		Q3		Q2		Q1

Administrative Expense			1.84		1.48		1.47		1.34		1.37		1.75
Administrative Expense, Excluding Long-Term Incentive,
	Restructuring, Transaction and Legal Costs		1.31		1.26		1.32		1.17		1.19		1.36

Supplemental Oil and Gas Operating Statistics (unaudited)

Operating Statistics

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


		2026		2025
(US$)		Q1		Year		Q4		Q3		Q2		Q1

Oil Price ($/bbl)
	USA Operations		72.62		65.66		59.82		66.23		64.50		71.79
	Canadian Operations		71.82		63.17		57.79		64.35		63.42		71.46
	Total Operations		72.62		65.65		59.81		66.22		64.50		71.79

NGLs - Plant Condensate Price ($/bbl)
	USA Operations		57.10		50.99		46.21		49.67		50.76		58.35
	Canadian Operations		71.66		62.22		56.47		62.81		62.76		68.02
	Total Operations		69.69		60.32		54.69		60.73		60.79		66.22

Oil & Plant Condensate Price ($/bbl)
	USA Operations		71.47		64.58		58.77		64.92		63.48		70.93
	Canadian Operations		71.66		62.23		56.48		62.82		62.77		68.04
	Total Operations		71.53		63.95		58.15		64.30		63.28		70.30

NGLs - Other Price ($/bbl)
	USA Operations		15.54		17.40		15.43		15.46		17.52		21.70
	Canadian Operations		25.90		23.94		23.02		22.62		21.44		28.92
	Total Operations		18.12		18.70		16.87		16.91		18.28		23.21

NGLs - Total Price ($/bbl)
	USA Operations		20.98		21.75		19.43		19.93		21.81		26.40
	Canadian Operations		59.97		52.53		48.21		53.16		52.68		56.71
	Total Operations		41.64		35.88		32.42		35.83		36.14		39.71

Oil & NGLs Price ($/bbl)
	USA Operations		53.06		48.97		43.98		47.92		48.11		55.97
	Canadian Operations		60.05		52.59		48.27		53.24		52.73		56.76
	Total Operations		55.16		49.86		45.04		49.34		49.27		56.14

Natural Gas Price ($/Mcf)
	USA Operations		3.03		2.38		2.10		2.04		2.26		3.15
	Canadian Operations		3.19		2.36		2.66		1.70		2.24		2.91
	Total Operations		3.14		2.36		2.50		1.79		2.24		2.98

Total Price ($/BOE)
	USA Operations		43.41		39.54		35.32		38.17		38.81		46.02
	Canadian Operations		30.06		23.73		23.92		21.39		23.47		26.59
	Total Operations		36.24		31.85		29.75		29.69		31.32		37.03

Supplemental Oil and Gas Operating Statistics (unaudited)

Operating Statistics (continued)

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


		2026			2025
(US$)		Q1			Year		Q4		Q3		Q2		Q1

Oil ($/bbl)
	USA Operations		(1.84	)		0.77		2.09		0.29		0.73		-
	Canadian Operations		-			-		-		-		-		-
	Total Operations		(1.84	)		0.77		2.08		0.29		0.73		-

NGLs - Plant Condensate ($/bbl)
	USA Operations		-			-		-		-		-		-
	Canadian Operations		(0.74	)		-		-		-		-		-
	Total Operations		(0.63	)		-		-		-		-		-

Oil & Plant Condensate ($/bbl)
	USA Operations		(1.70	)		0.72		1.93		0.27		0.67		-
	Canadian Operations		(0.74	)		-		-		-		-		-
	Total Operations		(1.39	)		0.53		1.40		0.19		0.49		-

NGLs - Other ($/bbl)
	USA Operations		-			0.30		0.71		0.39		-		-
	Canadian Operations		-			-		-		-		-		-
	Total Operations		-			0.24		0.57		0.31		-		-

NGLs - Total ($/bbl)
	USA Operations		-			0.26		0.61		0.34		-		-
	Canadian Operations		(0.55	)		-		-		-		-		-
	Total Operations		(0.29	)		0.15		0.34		0.18		-		-

Oil & NGLs ($/bbl)
	USA Operations		(1.14	)		0.58		1.52		0.31		0.47		-
	Canadian Operations		(0.55	)		-		-		-		-		-
	Total Operations		(0.96	)		0.43		1.14		0.23		0.35		-

Natural Gas ($/Mcf)
	USA Operations		-			0.02		0.02		0.04		-		-
	Canadian Operations		0.12			0.23		0.19		0.29		0.20		0.26
	Total Operations		0.10			0.18		0.15		0.22		0.14		0.18

Total ($/BOE)
	USA Operations		(0.81	)		0.45		1.14		0.28		0.34		-
	Canadian Operations		0.41			1.05		0.83		1.28		0.87		1.22
	Total Operations		(0.16	)		0.74		0.99		0.79		0.59		0.56

Supplemental Oil and Gas Operating Statistics (unaudited)

Operating Statistics (continued)

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


		2026		2025
(US$)		Q1		Year		Q4		Q3		Q2		Q1

Oil Price ($/bbl)
	USA Operations		70.78		66.43		61.91		66.52		65.23		71.79
	Canadian Operations		71.82		63.17		57.79		64.35		63.42		71.46
	Total Operations		70.78		66.42		61.89		66.51		65.23		71.79

NGLs - Plant Condensate Price ($/bbl)
	USA Operations		57.10		50.99		46.21		49.67		50.76		58.35
	Canadian Operations		70.92		62.22		56.47		62.81		62.76		68.02
	Total Operations		69.06		60.32		54.69		60.73		60.79		66.22

Oil & Plant Condensate Price ($/bbl)
	USA Operations		69.77		65.30		60.70		65.19		64.15		70.93
	Canadian Operations		70.92		62.23		56.48		62.82		62.77		68.04
	Total Operations		70.14		64.48		59.55		64.49		63.77		70.30

NGLs - Other Price ($/bbl)
	USA Operations		15.54		17.70		16.14		15.85		17.52		21.70
	Canadian Operations		25.90		23.94		23.02		22.62		21.44		28.92
	Total Operations		18.12		18.94		17.44		17.22		18.28		23.21

NGLs - Total Price ($/bbl)
	USA Operations		20.98		22.01		20.04		20.27		21.81		26.40
	Canadian Operations		59.42		52.53		48.21		53.16		52.68		56.71
	Total Operations		41.35		36.03		32.76		36.01		36.14		39.71

Oil & NGLs Price ($/bbl)
	USA Operations		51.92		49.55		45.50		48.23		48.58		55.97
	Canadian Operations		59.50		52.59		48.27		53.24		52.73		56.76
	Total Operations		54.20		50.29		46.18		49.57		49.62		56.14

Natural Gas Price ($/Mcf)
	USA Operations		3.03		2.40		2.12		2.08		2.26		3.15
	Canadian Operations		3.31		2.59		2.85		1.99		2.44		3.17
	Total Operations		3.24		2.54		2.65		2.01		2.38		3.16

Total Price ($/BOE)
	USA Operations		42.60		39.99		36.46		38.45		39.15		46.02
	Canadian Operations		30.47		24.78		24.75		22.67		24.34		27.81
	Total Operations		36.08		32.59		30.74		30.48		31.91		37.59

Total Netback ($/BOE)
	USA Operations		29.79		27.77		24.83		26.35		26.75		33.22
	Canadian Operations		18.18		11.80		11.94		9.73		11.17		14.82
	Total Operations		23.54		20.01		18.53		17.94		19.14		24.70

Supplemental Oil and Gas Operating Statistics (unaudited)

Results by Play


		2026		2025
(average)		Q1		Year		Q4		Q3		Q2		Q1

Oil Production (Mbbls/d)

USA Operations
	Permian		119.5		118.6		116.6		113.8		118.3		126.0
	Anadarko		21.4		22.2		23.7		23.1		23.2		18.9
	Other (1)		0.3		1.5		0.1		0.1		0.1		5.4
Total USA Operations			141.2		142.3		140.4		137.0		141.6		150.3

Canadian Operations
	Montney		0.6		0.4		0.5		0.6		0.4		0.2
	Other (1)		-		-		-		-		-		-
Total Canadian Operations			0.6		0.4		0.5		0.6		0.4		0.2


Total			141.8		142.7		140.9		137.6		142.0		150.5


NGLs - Plant Condensate Production (Mbbls/d)

USA Operations
	Permian		6.0		5.9		6.0		6.0		6.1		5.3
	Anadarko		5.3		5.4		5.7		5.7		5.3		4.9
	Other (1)		-		-		-		-		-		0.1
Total USA Operations			11.3		11.3		11.7		11.7		11.4		10.3

Canadian Operations
	Montney		72.1		55.3		56.1		62.5		57.7		44.6
	Other (1)		0.1		0.1		-		-		0.1		0.3
Total Canadian Operations			72.2		55.4		56.1		62.5		57.8		44.9


Total			83.5		66.7		67.8		74.2		69.2		55.2


Oil & Plant Condensate Production (Mbbls/d)

USA Operations
	Permian		125.5		124.5		122.6		119.8		124.4		131.3
	Anadarko		26.7		27.6		29.4		28.8		28.5		23.8
	Other (1)		0.3		1.5		0.1		0.1		0.1		5.5
Total USA Operations			152.5		153.6		152.1		148.7		153.0		160.6

Canadian Operations
	Montney		72.7		55.7		56.6		63.1		58.1		44.8
	Other (1)		0.1		0.1		-		-		0.1		0.3
Total Canadian Operations			72.8		55.8		56.6		63.1		58.2		45.1


Total			225.3		209.4		208.7		211.8		211.2		205.7

(1)

Supplemental Oil and Gas Operating Statistics (unaudited)

Results by Play (continued)


		2026		2025
(average)		Q1		Year		Q4		Q3		Q2			Q1

NGLs - Other Production (Mbbls/d)

USA Operations
	Permian		48.6		46.6		49.7		45.9		46.3			44.5
	Anadarko		26.2		29.3		29.1		32.0		30.6			25.7
	Other (1)		-		0.1		-		-		(0.1	)		0.2
Total USA Operations			74.8		76.0		78.8		77.9		76.8			70.4

Canadian Operations
	Montney		24.8		18.8		18.4		19.8		18.7			18.3
	Other (1)		-		-		-		-		-			-
Total Canadian Operations			24.8		18.8		18.4		19.8		18.7			18.3


Total			99.6		94.8		97.2		97.7		95.5			88.7


NGLs - Total Production (Mbbls/d)

USA Operations
	Permian		54.6		52.5		55.7		51.9		52.4			49.8
	Anadarko		31.5		34.7		34.8		37.7		35.9			30.6
	Other (1)		-		0.1		-		-		(0.1	)		0.3
Total USA Operations			86.1		87.3		90.5		89.6		88.2			80.7

Canadian Operations
	Montney		96.9		74.1		74.5		82.3		76.4			62.9
	Other (1)		0.1		0.1		-		-		0.1			0.3
Total Canadian Operations			97.0		74.2		74.5		82.3		76.5			63.2


Total			183.1		161.5		165.0		171.9		164.7			143.9


Oil & NGLs Production (Mbbls/d)

USA Operations
	Permian		174.1		171.1		172.3		165.7		170.7			175.8
	Anadarko		52.9		56.9		58.5		60.8		59.1			49.5
	Other (1)		0.3		1.6		0.1		0.1		-			5.7
Total USA Operations			227.3		229.6		230.9		226.6		229.8			231.0

Canadian Operations
	Montney		97.5		74.5		75.0		82.9		76.8			63.1
	Other (1)		0.1		0.1		-		-		0.1			0.3
Total Canadian Operations			97.6		74.6		75.0		82.9		76.9			63.4


Total			324.9		304.2		305.9		309.5		306.7			294.4

(1)

Supplemental Oil and Gas Operating Statistics (unaudited)

Results by Play (continued)


		2026		2025
(average)		Q1		Year		Q4		Q3		Q2		Q1

Natural Gas Production (MMcf/d)

USA Operations
	Permian		281		265		279		267		263		248
	Anadarko		238		246		248		245		245		247
	Other (1)		1		4		1		-		-		15
Total USA Operations			520		515		528		512		508		510

Canadian Operations
	Montney		1,603		1,346		1,377		1,413		1,342		1,251
	Other (1)		1		1		-		-		1		3
Total Canadian Operations			1,604		1,347		1,377		1,413		1,343		1,254


Total			2,124		1,862		1,905		1,925		1,851		1,764


Total Production (MBOE/d)

USA Operations
	Permian		220.9		215.2		218.9		210.2		214.5		217.1
	Anadarko		92.5		98.0		99.7		101.6		99.9		90.7
	Other (1)		0.6		2.1		0.2		0.1		0.3		8.1
Total USA Operations			314.0		315.3		318.8		311.9		314.7		315.9

Canadian Operations
	Montney		364.6		298.9		304.5		318.4		300.3		271.6
	Other (1)		0.3		0.3		0.1		0.1		0.3		0.8
Total Canadian Operations			364.9		299.2		304.6		318.5		300.6		272.4


Total			678.9		614.5		623.4		630.4		615.3		588.3

(1)

Other Operations includes production volumes from plays that are not part of the Company’s current focus. Production volumes associated with Uinta were included in USA Other Operations until the asset was divested on January 22, 2025. Canadian Other Operations primarily included natural gas volumes in Horn River until the asset was divested on January 31, 2025.

Supplemental Oil and Gas Operating Statistics (unaudited)

Results by Play (continued)


		2026		2025
(US$ millions)		Q1		Year		Q4			Q3			Q2			Q1

Capital Expenditures, Excluding Capitalized Internal Costs

USA Operations
	Permian		342		1,136		265			298			246			327
	Anadarko		47		270		20			90			77			83
	Other (1)		1		24		3			2			1			18
Total USA Operations			390		1,430		288			390			324			428

Canadian Operations
	Montney		178		583		147			119			166			151
	Other (1)		3		1		-			-			(1	)		2
Total Canadian Operations			181		584		147			119			165			153

Total Capital Expenditures, Excluding Capitalized Internal Costs			571		2,014		435			509			489			581

Capitalized Directly Attributable Internal Costs

USA Operations
	Permian		24		83		20			21			19			23
	Anadarko		3		23		6			5			6			6
	Other (1)		-		1		(1	)		-			1			1
Total USA Operations			27		107		25			26			26			30

Canadian Operations
	Montney		6		22		5			7			5			5
	Other (1)		-		-		-			-			-			-
Total Canadian Operations			6		22		5			7			5			5

Total Capitalized Directly Attributable Internal Costs			33		129		30			33			31			35

Total Capital Expenditures

USA Operations
	Permian		366		1,219		285			319			265			350
	Anadarko		50		293		26			95			83			89
	Other (1)		1		25		2			2			2			19
Total USA Operations			417		1,537		313			416			350			458

Canadian Operations
	Montney		184		605		152			126			171			156
	Other (1)		3		1		-			-			(1	)		2
Total Canadian Operations			187		606		152			126			170			158

Corporate & Other			1		4		-			2			1			1
Total Capital Expenditures			605		2,147		465			544			521			617
Net Acquisitions & (Divestitures)			-		610		250			(57	)		(9	)		426
Net Capital Investment			605		2,757		715			487			512			1,043

(1)

Other Operations includes capital expenditures in plays that are not part of the Company’s current focus. Capital expenditures associated with Uinta were included in USA Other Operations until the asset was divested on January 22, 2025.

Supplemental Oil and Gas Operating Statistics (unaudited)

Results by Play (continued)


		2026		2025
		Q1		Year		Q4		Q3		Q2		Q1
				`
Drilling Activity (net wells drilled)

USA Operations
	Permian		30		117		30		30		21		36
	Anadarko		3		33		4		7		15		7
	Other (1)		-		1		-		-		-		1
Total USA Operations			33		151		34		37		36		44

Canadian Operations
	Montney		29		80		20		20		19		21
Total Canadian Operations			29		80		20		20		19		21


Total			62		231		54		57		55		65

Completions Activity (net wells on production)

USA Operations
	Permian		34		136		30		30		23		53
	Anadarko		6		37		2		14		11		10
Total USA Operations			40		173		32		44		34		63

Canadian Operations
	Montney		26		96		20		19		39		18
Total Canadian Operations			26		96		20		19		39		18


Total			66		269		52		63		73		81

(1)

Other Operations includes net wells drilled in plays that are not part of the Company’s current focus. Net wells drilled associated with Uinta were included in USA Other Operations until the asset was divested on January 22, 2025.

For the period ended March 31, 2026

(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			YTD 2026

Cash From (Used in) Operating Activities		$		1,056
Deduct (Add back):
	Net change in other assets and liabilities			(14	)
	Net change in non-cash working capital			(169	)
Non-GAAP Cash Flow		$		1,239

Per Share - Basic		$		4.62
Per Share - Diluted				4.62

Non-GAAP Free Cash Flow

Non-GAAP Cash Flow		$		1,239
Deduct:
	Capital expenditures			605
Non-GAAP Free Cash Flow		$		634

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, valuation allowances and the effect of non-recurring discrete transactions are excluded in the calculation of income taxes.


Non-GAAP Adjusted Earnings			YTD 2026

Net Earnings (Loss) Before Income Tax		$		(827	)
Before-tax (Addition) Deduction:
	Unrealized gains (losses) on risk management			(53	)
	Impairments			(1,485	)
	Non-operating foreign exchange gain (loss)			2
Adjusted Earnings (Loss) Before Income Tax				709
	Income tax expense (recovery)			172
Non-GAAP Adjusted Earnings		$		537

Per Share - Basic		$		2.00
Per Share - Diluted				2.00

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 2026

Long-Term Debt, Including Current Portion	$		6,398
Total Shareholders’ Equity			11,558
Capitalization	$		17,956

Debt to Capitalization		36%

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 2026

Long-Term Debt, Including Current Portion	$		6,398
Total Shareholders’ Equity			11,558
Equity Adjustment for Impairments at December 31, 2011			7,746
Adjusted Capitalization	$		25,702

Debt to Adjusted Capitalization		25%

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


			Q2 2025			Q3 2025			Q4 2025				Q1 2026				Trailing 12- Months

Long-Term Debt, Including Current Portion																$		6,398

Net Earnings (Loss)		$		307	$		148	$		946		$		(630	)	$		771
Add back (deduct):
	Depreciation, depletion and amortization			556			545			533				561				2,195
	Interest			95			91			93				104				383
	Income tax expense (recovery)			92			44			(574	)			(197	)			(635	)
EBITDA		$		1,050	$		828	$		998		$		(162	)	$		2,714

Debt to EBITDA (times)																		2.4


			Q2 2025				Q3 2025				Q4 2025				Q1 2026				Trailing 12- Months

Long-Term Debt, Including Current Portion																		$		6,398

Net Earnings (Loss)		$		307		$		148		$		946		$		(630	)	$		771
Add back (deduct):
	Depreciation, depletion and amortization			556				545				533				561				2,195
	Impairments			-				141				49				1,485				1,675
	Accretion of asset retirement obligation			8				7				7				7				29
	Interest			95				91				93				104				383
	Unrealized (gains) losses on risk management			(54	)			20				(18	)			53				1
	Foreign exchange (gain) loss, net			22				(7	)			6				(2	)			19
	Other (gains) losses, net			(5	)			(3	)			(35	)			(29	)			(72	)
	Income tax expense (recovery)			92				44				(574	)			(197	)			(635	)
Adjusted EBITDA		$		1,021		$		986		$		1,007		$		1,352		$		4,366

Debt to Adjusted EBITDA (times)																				1.5

Net Debt and Net Debt to Adjusted EBITDA - Net Debt is defined as long-term debt, including the current portion, less cash and cash equivalents. Net Debt to Adjusted EBITDA is defined as Net Debt divided by Adjusted EBITDA, as previously defined.


Net Debt			YTD 2026

Long-Term Debt, Including Current Portion		$		6,398
Less:
	Cash and cash equivalents			26
Net Debt		$		6,372

Adjusted EBITDA (trailing 12-months)		$		4,366

Net Debt to Adjusted EBITDA (times)				1.5

Operating Margin/Operating Netback - Product revenues less costs associated with delivering the product to market, including production, mineral and other taxes, upstream transportation and processing and upstream 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.

Return on Capital Employed (ROCE) - ROCE is defined as Adjusted Earnings divided by Capital Employed. Adjusted Earnings is defined as trailing 12-month Non-GAAP Adjusted Earnings plus after-tax interest expense. 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, valuation allowances and the effect of non-recurring discrete transactions are excluded in the calculation of income taxes. Capital Employed is defined as average debt plus average shareholders’ equity.

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, upstream transportation and processing expense and upstream operating expense.


Selected Financial Data (1)

			2026		2025
(US$ millions)			Q1		Year		Q4		Q3		Q2		Q1
USA Operations
	Upstream Product Revenue (2) (3)			1,226		4,553		1,036		1,095		1,112		1,310
	Production, mineral and other taxes			71		265		49		66		67		83
	Transportation and processing			115		450		116		108		114		112
	Operating			176		692		177		173		173		169
				864		3,146		694		748		758		946
Canadian Operations
	Upstream Product Revenue (2) (3)			988		2,591		669		627		643		652
	Production, mineral and other taxes			8		21		5		6		6		4
	Transportation and processing			345		1,235		312		332		312		279
	Operating			51		161		41		42		42		36
				584		1,174		311		247		283		333
Total Operations
	Upstream Product Revenue (2) (3)			2,214		7,144		1,705		1,722		1,755		1,962
	Production, mineral and other taxes			79		286		54		72		73		87
	Transportation and processing			460		1,685		428		440		426		391
	Operating			227		853		218		215		215		205
				1,448		4,320		1,005		995		1,041		1,279

(1)		Segmented financial information per the notes to Ovintiv's financial statements and/or management's discussion and analysis.
(2)		Excludes the impact of realized gains and losses on risk management.
(3)		Excludes service revenues and certain other revenues with no associated production volumes.

Sales Volumes (1)

			2026		2025
(BOE)			Q1		Year		Q4		Q3		Q2		Q1
USA Operations				28,258,290		115,145,820		29,334,752		28,696,548		28,635,880		28,478,970
Canadian Operations				32,844,600		109,191,575		28,020,348		29,297,952		27,360,151		24,512,940
Total				61,102,890		224,337,395		57,355,100		57,994,500		55,996,031		52,991,910

(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)

			2026		2025
(US$/BOE)			Q1		Year		Q4		Q3		Q2		Q1
Total USA Operations
	Price			43.39		39.54		35.32		38.16		38.83		46.00
	Production, mineral and other taxes			2.51		2.30		1.67		2.30		2.34		2.91
	Transportation and processing			4.07		3.91		3.95		3.76		3.98		3.93
	Operating			6.23		6.01		6.03		6.03		6.04		5.93
	Netback			30.58		27.32		23.66		26.07		26.47		33.22
Total Canadian Operations
	Price			30.08		23.73		23.88		21.40		23.50		26.60
	Production, mineral and other taxes			0.24		0.19		0.18		0.20		0.22		0.16
	Transportation and processing			10.50		11.31		11.13		11.33		11.40		11.38
	Operating			1.55		1.47		1.46		1.43		1.54		1.47
	Netback			17.78		10.75		11.10		8.43		10.34		13.58
Total Operations
	Price			36.23		31.84		29.73		29.69		31.34		37.02
	Production, mineral and other taxes			1.29		1.27		0.94		1.24		1.30		1.64
	Transportation and processing			7.53		7.51		7.46		7.59		7.61		7.38
	Operating			3.72		3.80		3.80		3.71		3.84		3.87
Netback				23.70		19.26		17.52		17.16		18.59		24.14

(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.	1	Supplemental Information (prepared in US$)


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


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


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