In 2024, Ovintiv undertook a plan to reduce its workforce by approximately 10 percent as part of a corporate reorganization. During the three and six months ended June 30, 2025, the Company incurred restructuring charges of $1 million and $11 million, respectively, before tax, related to severance costs. As at December 31, 2025, $1 million of restructuring charges remained accrued, which were paid during the six months ended June 30, 2026.

In 2026, the Company completed further workforce reductions as part of a company-wide reorganization to better align staffing levels and organizational structure with the Company’s transformed portfolio following the sale of the Anadarko assets as discussed in Note 8. During the three and six months ended June 30, 2026, the Company incurred total restructuring charges of $45 million, before tax, related to severance costs. As at June 30, 2026, $12 million remains accrued and is expected to be paid by the end of the first quarter of 2027.

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


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2026		2025		2026		2025

Severance and Outplacement	$	45	$	1	$	45	$	11
Restructuring Expenses	$	45	$	1	$	45	$	11


	As at			As at
	June 30,			December 31,
	2026			2025

Outstanding Restructuring Accrual, Beginning of Year	$	1		$	19
Restructuring Expenses Incurred		45			12
Restructuring Costs Paid		(34	)		(30	)
Outstanding Restructuring Accrual, End of Period (1)	$	12		$	1

(1)

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