Financial Instruments and Risk Management (Tables)

3 Months Ended

Mar. 31, 2026

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Risk Management Positions


		Notional Volumes		Term		Average Price		Fair Value

Oil and NGL Contracts						US$/bbl

Fixed Price Contracts
WTI Fixed Price		4.0 Mbbls/d		2026		63.25		$	(18	)

WTI Three-Way Options
Sold call / bought put / sold put		47.7 Mbbls/d		2026		70.62 / 59.39 / 50.46			(222	)
Sold call / bought put / sold put		7.4 Mbbls/d		2027		75.50 / 59.11 / 50.00			(14	)

WTI Costless Collars
Sold call / bought put		1.0 Mbbls/d		2026		69.01 / 57.33			(5	)

Basis Contracts (1)				2026					(4	)

Other Financial Positions									(4	)
Oil and NGLs Fair Value Position									(267	)

Natural Gas Contracts						US$/Mcf

Fixed Price Contracts
NYMEX Fixed Price		20 MMcf/d		2026		4.07			4
AECO Fixed Price		134 MMcf/d		2026		2.30			37
AECO Fixed Price		111 MMcf/d		2027		2.00			6
AECO Fixed Price		100 MMcf/d		2028		2.05			2

NYMEX Three-Way Options
Sold call / bought put / sold put		450 MMcf/d		2026		5.92 / 3.33 / 2.58			28
Sold call / bought put / sold put		225 MMcf/d		2027		4.67 / 3.50 / 2.50			(6	)

NYMEX Costless Collars
Sold call / bought put		95 MMcf/d		2026		5.27 / 3.75			15
Sold call / bought put		15 MMcf/d		2027		4.72 / 3.50			1

AECO Costless Collars
Sold call / bought put		8 MMcf/d		2026		2.19 / 1.72			1
Sold call / bought put		8 MMcf/d		2027		2.40 / 1.79			1

Basis Contracts (2)				2026					72
				2027					65
				2028 - 2031					67

Other Financial Positions									-

Physical Forward Contracts (3)				2026					60
				2027					67
				2028 - 2037					12
Natural Gas Fair Value Position									432
Total Fair Value Position								$	165

(1)

Ovintiv has entered into oil differential swaps associated with Canadian condensate and WTI.

(2)

Ovintiv has entered into natural gas basis swaps associated with AECO and NYMEX.

(3)

Ovintiv has entered into natural gas physical forward contracts associated with JKM and Chicago, as described in Note 19.

Earnings Impact of Realized and Unrealized Gains (Losses) on Risk Management Positions


		Three Months Ended
		March 31,
		2026				2025

Realized Gains (Losses) on Risk Management
Commodity Derivatives:
Revenues		$	(10	)		$	30
Foreign Currency Derivatives:
Foreign exchange (1)			-				(98	)
		$	(10	)		$	(68	)

Unrealized Gains (Losses) on Risk Management
Commodity Derivatives:
Revenues		$	(53	)		$	(46	)
Foreign Currency Derivatives:
Foreign exchange			-				87
		$	(53	)		$	41

Total Realized and Unrealized Gains (Losses) on Risk Management, net
Commodity Derivatives:
Revenues		$	(63	)		$	(16	)
Foreign Currency Derivatives:
Foreign exchange (1)			-				(11	)
		$	(63	)		$	(27	)

(1)

Includes a realized foreign exchange loss of $97 million for the three months ended March 31, 2025, related to notional U.S. dollar denominated currency swaps as discussed in Note 6.

Reconciliation of Unrealized Risk Management Positions


				2026								2025
				Fair Value				Total Unrealized Gain (Loss)				Total Unrealized Gain (Loss)

Fair Value of Contracts, Beginning of Year				$	75
Change in Fair Value of Contracts in Place at Beginning of Year
and Contracts Entered into During the Period					(63	)		$	(63	)		$	(27	)
Fair Value of NuVista Contracts Acquired (See Note 9)					169
Settlement of NuVista Contracts from Business Combination					(26	)
Fair Value of Contracts Realized During the Period					10				10				68
Fair Value of Contracts, End of Period				$	165			$	(53	)		$	41

Unrealized Risk Management Positions


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

Risk Management Assets
Current		$	226			$	86
Long-term			180				4
			406				90

Risk Management Liabilities
Current			241				2
Long-term			-				13
			241				15
Net Risk Management Assets (Liabilities)		$	165			$	75