In 2024, Ovintiv undertook a plan to reduce its workforce by approximately 10 percent as part of a corporate reorganization. During the three months ended March 31, 2025, the Company incurred restructuring charges of $10 million before tax, related to severance costs. As at December 31, 2025, $1 million of restructuring charges remained accrued, which were paid during the three months ended March 31, 2026.

Restructuring charges are included in administrative expense presented in the Corporate and Other segment in the Condensed Consolidated Statement of Earnings.


	Three Months Ended
	March 31,
	2026		2025

Severance and Outplacement	$	-	$	10
Restructuring Expenses	$	-	$	10


	As at			As at
	March 31,			December 31,
	2026			2025

Outstanding Restructuring Accrual, Beginning of Year	$	1		$	19
Restructuring Expenses Incurred		-			12
Restructuring Costs Paid		(1	)		(30	)
Outstanding Restructuring Accrual, End of Period (1)	$	-		$	1

(1)

Included in accounts payable and accrued liabilities in the Condensed Consolidated Balance Sheet.