On April 9, 2026, Ovintiv announced its intention to redeem the Company’s $700 million, 5.65 percent senior notes due May 15, 2028. On April 20, 2026, the Company completed the senior note redemption using proceeds from the divestiture of its Anadarko assets as discussed in Note 8. Ovintiv paid approximately $737 million in cash including accrued and unpaid interest of $17 million and a one-time make-whole payment of $20 million, which is included in interest expense as discussed in Note 5.

On November 25, 2025, the Company entered into a $1.2 billion Two-Year Term Credit Agreement (“Term Credit Agreement”) to fund the cash component of the NuVista Acquisition. The Company closed the NuVista Acquisition on February 3, 2026, and paid cash consideration of approximately $1.2 billion, which was primarily funded with proceeds from the Term Credit Agreement. On April 10, 2026, following the closing of the divestiture of its Anadarko assets as discussed in Note 8, the Company repaid the balance under the Term Credit Agreement and the facility was terminated.

As at June 30, 2026, total long-term debt had a carrying value of $3,695 million and a fair value of $3,966 million (as at December 31, 2025 - carrying value of $5,202 million and a fair value of $5,510 million). The estimated fair value of long-term borrowings is categorized within Level 2 of the fair value hierarchy and has been determined based on market information of long-term debt with similar terms and maturity, or by discounting future payments of interest and principal at interest rates expected to be available to the Company at period end.