v3.26.1
Share Capital
 6 Months Ended
Jun. 30, 2026
Class of Stock Disclosures [Abstract]  
Share Capital

14.

Share Capital

Authorized

Ovintiv is authorized to issue 750 million shares of common stock, par value $0.01 per share, and 25 million shares of preferred stock, par value $0.01 per share. No shares of preferred stock are outstanding.

 

Issued and Outstanding

 

 

 

As at

 

 

As at

 

 

 

June 30, 2026

 

 

December 31, 2025

 

 

 

Number

 

 

 

 

 

Number

 

 

 

 

 

 

(millions)

 

 

Amount

 

 

(millions)

 

 

Amount

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shares of Common Stock Outstanding, Beginning of Year

 

 

253.3

 

 

$

3

 

 

 

260.4

 

 

$

3

 

Shares of Common Stock Purchased

 

 

(7.6

)

 

 

-

 

 

 

(7.8

)

 

 

-

 

Shares of Common Stock Issued

 

 

30.9

 

 

 

-

 

 

 

0.7

 

 

 

-

 

Shares of Common Stock Outstanding, End of Period

 

 

276.6

 

 

$

3

 

 

 

253.3

 

 

$

3

 

 

On February 3, 2026, in accordance with the terms of the NuVista Acquisition agreement, Ovintiv issued approximately 30.1 million shares of common stock as a component of the consideration paid for the NuVista Acquisition. In conjunction with the share issuance, the Company recognized share capital of $301 thousand and paid in surplus of $1,277 million.

 

Ovintiv’s Performance Share Units (“PSU”) and Restricted Share Units (“RSU”) stock-based compensation plans allow the Company to settle the awards either in cash or in the Company’s common stock. Accordingly, Ovintiv issued 0.8 million shares of common stock during the six months ended June 30, 2026 (0.7 million shares of common stock during the twelve months ended December 31, 2025), as certain PSU and RSU grants vested during the period.

 

Normal Course Issuer Bid

On September 29, 2025, the Company announced it had received regulatory approval for the renewal of its NCIB program, which enables the Company to purchase, for cancellation or return to treasury, up to approximately 22.3 million shares of common stock over a 12-month period from October 3, 2025, to October 2, 2026.

During the three and six months ended June 30, 2026, the Company purchased approximately 6.1 million and 7.6 million shares, respectively, for total consideration of approximately $345 million and $429 million, respectively. Of the amounts paid during the same three and six month periods, $61 thousand and $76 thousand, respectively, were charged to share capital and $345 million and $429 million, respectively, were charged to paid in surplus.

During the three and six months ended June 30, 2025, the Company purchased approximately 4.1 million shares under its 2024 NCIB program, for total consideration of approximately $147 million. Of the amount paid during the same three and six month periods, $41 thousand was charged to share capital and $147 million was charged to paid in surplus.

For the twelve months ended December 31, 2025, the Company purchased approximately 7.8 million shares under its 2024 NCIB program which extended from October 3, 2024, to October 2, 2025, for total consideration of approximately $307 million. Of the amount paid, $78 thousand was charged to share capital and $307 million was charged to paid in surplus.

All NCIB purchases were made in accordance with their respective programs at prevailing market prices plus brokerage fees, with consideration allocated to share capital up to the par value of the shares, with any excess allocated to paid in surplus.

Dividends

During the three months ended June 30, 2026, the Company declared and paid dividends of $0.30 per share of common stock totaling $84 million (2025 - $0.30 per share of common stock totaling $77 million).

During the six months ended June 30, 2026, the Company declared and paid dividends of $0.60 per share of common stock totaling $169 million (2025 - $0.60 per share of common stock totaling $155 million).

On July 23, 2026, the Board of Directors declared a dividend of $0.30 per share of common stock payable on September 29, 2026, to shareholders of record as of September 15, 2026.

Earnings Per Share of Common Stock

The following table presents the calculation of net earnings (loss) per share of common stock:

 

 

 

Three Months Ended

 

 

Six Months Ended

 

 

 

June 30,

 

 

June 30,

 

(US$ millions, except per share amounts)

 

2026

 

 

2025

 

 

2026

 

 

2025

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Earnings (Loss)

 

$

456

 

 

$

307

 

 

$

(174

)

 

$

148

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Number of Shares of Common Stock:

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average shares of common stock outstanding - Basic

 

 

280.0

 

 

 

259.0

 

 

 

274.1

 

 

 

259.7

 

Effect of dilutive securities (1)

 

 

1.9

 

 

 

1.1

 

 

 

-

 

 

 

1.9

 

Weighted Average Shares of Common Stock Outstanding - Diluted

 

 

281.9

 

 

 

260.1

 

 

 

274.1

 

 

 

261.6

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Earnings (Loss) per Share of Common Stock

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

1.63

 

 

$

1.19

 

 

$

(0.63

)

 

$

0.57

 

Diluted (1)

 

 

1.62

 

 

 

1.18

 

 

 

(0.63

)

 

 

0.57

 
(1)
For the six months ended June 30, 2026, all of Ovintiv’s equity-settled awards were determined to be antidilutive and therefore excluded from the calculation of fully diluted net earnings (loss) per share of common stock.

 

Stock-Based Compensation Plans

Shares issued as a result of awards granted from stock-based compensation plans are generally funded out of the common stock authorized for issuance as approved by the Company’s shareholders. As at June 30, 2026, the Company has sufficient common stock held in reserve for issuance in accordance with its equity-settled stock-based compensation plans.