v3.26.1
Segmented Information
 3 Months Ended
Mar. 31, 2026
Segment Reporting [Abstract]  
Segmented Information

3.

Segmented Information

Ovintiv’s exploration and production activities are subdivided into two geographic segments, including the USA Operations and Canadian Operations. These segments’ activities also include third-party purchases and sales of product to provide operational flexibility and cost mitigation for transportation commitments, product type, delivery points and customer diversification. The Company considers sales of purchased commodities as ancillary to its oil and gas development, exploration and producing activities and manages them to support such activities. In addition, the Company has a single, company-wide management team that allocates capital resources to maximize profitability and measures financial performance as a single enterprise.

Corporate and Other mainly includes unrealized gains or losses recorded on derivative financial instruments. Once the instruments are settled, the realized gains and losses are recorded in the reporting segment to which the derivative instruments relate. Corporate and Other also includes amounts related to sublease rentals and administrative costs not allocated to the operating segments.

The tables below summarize the results of operations and total assets by segment that are provided to the Chief Operating Decision Makers (“CODMs”) which have been identified as the Company’s President & Chief Executive Officer, Executive Vice President & Chief Operating Officer, and the Executive Vice President & Chief Financial Officer. The CODMs evaluate the performance of each of the reportable segments based on Operating Income (Loss) which is also used to assess performance and allocate capital for these segments by comparing actual to historical results and forecasted financial information.

The Company evaluates the effects of debt financing, interest expense and/or interest income, foreign exchange gains (losses) and other gains (losses) at a consolidated level.

 

Results of Operations (For the three months ended March 31)

Segment Information

 

 

 

 

 

 

 

USA Operations

 

 

Canadian Operations

 

 

 

 

 

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenues

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Product and service revenues

 

 

 

 

 

$

1,229

 

 

$

1,312

 

 

$

992

 

 

$

653

 

Sales of purchased product

 

 

 

 

 

 

267

 

 

 

368

 

 

 

89

 

 

 

42

 

Gains (losses) on risk management, net

 

 

 

 

 

 

(23

)

 

 

-

 

 

 

13

 

 

 

30

 

Sublease revenues

 

 

 

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Total Revenues

 

 

 

 

 

 

1,473

 

 

 

1,680

 

 

 

1,094

 

 

 

725

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating Expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Production, mineral and other taxes

 

 

 

 

 

 

71

 

 

 

83

 

 

 

8

 

 

 

4

 

Transportation and processing

 

 

 

 

 

 

115

 

 

 

112

 

 

 

356

 

 

 

286

 

Operating

 

 

 

 

 

 

176

 

 

 

169

 

 

 

51

 

 

 

36

 

Purchased product

 

 

 

 

 

 

267

 

 

 

368

 

 

 

77

 

 

 

34

 

Depreciation, depletion and amortization

 

 

 

 

 

 

336

 

 

 

375

 

 

 

220

 

 

 

165

 

Impairments

 

 

 

 

 

 

1,111

 

 

 

-

 

 

 

374

 

 

 

730

 

Total Operating Expenses

 

 

 

 

 

 

2,076

 

 

 

1,107

 

 

 

1,086

 

 

 

1,255

 

Operating Income (Loss)

 

 

 

 

 

$

(603

)

 

$

573

 

 

$

8

 

 

$

(530

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate & Other

 

 

Consolidated

 

 

 

 

 

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenues

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Product and service revenues

 

 

 

 

 

$

-

 

 

$

-

 

 

$

2,221

 

 

$

1,965

 

Sales of purchased product

 

 

 

 

 

 

-

 

 

 

-

 

 

 

356

 

 

 

410

 

Gains (losses) on risk management, net

 

 

 

 

 

 

(53

)

 

 

(46

)

 

 

(63

)

 

 

(16

)

Sublease revenues

 

 

 

 

 

 

18

 

 

 

18

 

 

 

18

 

 

 

18

 

Total Revenues

 

 

 

 

 

 

(35

)

 

 

(28

)

 

 

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

 

 

 

 

 

 

5

 

 

 

5

 

 

 

561

 

 

 

545

 

Impairments

 

 

 

 

 

 

-

 

 

 

-

 

 

 

1,485

 

 

 

730

 

Accretion of asset retirement obligation

 

 

 

 

 

 

7

 

 

 

6

 

 

 

7

 

 

 

6

 

Administrative

 

 

 

 

 

 

112

 

 

 

93

 

 

 

112

 

 

 

93

 

Total Operating Expenses

 

 

 

 

 

 

124

 

 

 

104

 

 

 

3,286

 

 

 

2,466

 

Operating Income (Loss)

 

 

 

 

 

$

(159

)

 

$

(132

)

 

 

(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

)

 

 

 

Capital Expenditures by Segment

 

 

 

 

 

 

 

Three Months Ended

 

 

 

 

 

 

 

March 31,

 

 

 

 

 

 

 

2026

 

 

2025

 

 

 

 

 

 

 

 

 

 

 

 

USA Operations

 

 

 

 

 

$

417

 

 

$

458

 

Canadian Operations

 

 

 

 

 

 

187

 

 

 

158

 

Corporate & Other

 

 

 

 

 

 

1

 

 

 

1

 

 

 

 

 

 

 

$

605

 

 

$

617

 

 

Goodwill, Property, Plant and Equipment and Total Assets by Segment

 

 

 

Goodwill

 

 

Property, Plant and Equipment

 

 

Total Assets

 

 

 

As at

 

 

As at

 

 

As at

 

 

 

March 31,

 

 

December 31,

 

 

March 31,

 

 

December 31,

 

 

March 31,

 

 

December 31,

 

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

USA Operations

 

$

1,938

 

 

$

1,938

 

 

$

10,592

 

 

$

11,613

 

 

$

13,616

 

 

$

14,393

 

Canadian Operations

 

 

905

 

 

 

638

 

 

 

5,233

 

 

 

2,522

 

 

 

7,107

 

 

 

3,921

 

Corporate & Other

 

 

-

 

 

 

-

 

 

 

104

 

 

 

109

 

 

 

1,571

 

 

 

2,076

 

 

 

$

2,843

 

 

$

2,576

 

 

$

15,929

 

 

$

14,244

 

 

$

22,294

 

 

$

20,390