Business Combination (Tables)

3 Months Ended

Mar. 31, 2026


Preliminary Purchase Price Allocation

Consideration:
Fair value of shares of Ovintiv common stock issued (1)	$	1,277
Consideration paid in cash (2)		1,204
Total Consideration		2,481

Fair value of 18.5 million NuVista common shares held by Ovintiv (3)		270
Total Consideration and Fair Value of NuVista Shares held by Ovintiv	$	2,751

Assets Acquired:
Cash and cash equivalents	$	12
Accounts receivable and accrued revenues		157
Income tax receivable		12
Risk management assets, net		169
Proved properties		2,481
Unproved properties		596
Other property, plant and equipment		19
Operating lease right-of-use assets		111
Goodwill		283

Liabilities Assumed:
Accounts payable and accrued liabilities		(108	)
Debt		(229	)
Operating lease liabilities		(111	)
Asset retirement obligation		(51	)
Other long-term liabilities		(13	)
Deferred income taxes		(577	)
Total Purchase Price	$	2,751

(1)

Based on approximately 30.1 million Ovintiv shares of common stock at $42.47 per share (C$58.08 per share using the closing price as of February 2, 2026, on the TSX).

(2)

Includes approximately $53 million paid to NuVista employees in respect of liability awards held.

(3)

On October 1, 2025, Ovintiv purchased 18.5 million NuVista common shares for $212 million (C$296 million). As at December 31, 2025, these shares were remeasured at fair value and presented as investment in marketable securities in the Consolidated Balance Sheet. On February 2, 2026, the NuVista shares were remeasured at fair value using Ovintiv common stock at $42.47 per share (C$58.08 per share using the closing price on February 2, 2026, on the TSX).

Schedule of Unaudited Pro Forma Financial Information


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

Revenues	$	2,666		$	2,633
Net Earnings (Loss)	$	(594	)	$	(119	)

Net Earnings (Loss) per Share of Common Stock
Basic	$	(2.22	)	$	(0.41	)
Diluted		(2.22	)		(0.41	)