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UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)


☒	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2026


☐	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission file number 001-39191

Ovintiv Inc.

(Exact name of registrant as specified in its charter)


Delaware		84-4427672
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)

Suite 1700, 370 17th Street, Denver, Colorado, 80202, U.S.A.

(Address of principal executive offices)

Registrant’s telephone number, including area code (303) 623-2300

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Shares	OVV	New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.


Large accelerated filer	☒	Accelerated filer	☐

Non-accelerated filer	☐	Smaller reporting company	☐

		Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes ☐ No ☒


Number of registrant’s shares of common stock outstanding as of May 1, 2026			281,018,601

OVINTIV INC.

FORM 10-Q

TABLE OF CONTENTS


	PART I

Item 1.	Financial Statements	6
	Condensed Consolidated Statement of Earnings	6
	Condensed Consolidated Statement of Comprehensive Income	6
	Condensed Consolidated Balance Sheet	7
	Condensed Consolidated Statement of Changes in Shareholders’ Equity	8
	Condensed Consolidated Statement of Cash Flows	9
	Notes to Condensed Consolidated Financial Statements	10

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	34
Item 3.	Quantitative and Qualitative Disclosures about Market Risk	56
Item 4.	Controls and Procedures	58

	PART II

Item 1.	Legal Proceedings	59
Item 1A.	Risk Factors	59
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	59
Item 3.	Defaults Upon Senior Securities	60
Item 4.	Mine Safety Disclosures	60
Item 5.	Other Information	60
Item 6.	Exhibits	60
Signatures		61

DEFINITIONS

Unless the context otherwise requires or otherwise expressly stated, all references in this Quarterly Report on Form 10-Q to “Ovintiv,” the “Company,” “us,” “we,” “our,” and “ours” refer to Ovintiv Inc. and its consolidated subsidiaries. In addition, the following are other abbreviations and definitions of certain terms used within this Quarterly Report on Form 10‑Q:

“AECO” means Alberta Energy Company and is the Canadian benchmark price for natural gas.

“ASU” means Accounting Standards Update.

“bbl” or “bbls” means barrel or barrels.

“BOE” means barrels of oil equivalent.

“Btu” means British thermal units, a measure of heating value.

“CORRA” means Canadian Overnight Repo Rate Average.

“DD&A” means depreciation, depletion and amortization expenses.

“FASB” means Financial Accounting Standards Board.

“GHG” means greenhouse gas.

“Mbbls/d” means thousand barrels per day.

“MBOE/d” means thousand barrels of oil equivalent per day.

“Mcf” means thousand cubic feet.

“MD&A” means Management’s Discussion and Analysis of Financial Condition and Results of Operations.

“MMBOE” means million barrels of oil equivalent.

“MMBtu” means million Btu.

“MMcf/d” means million cubic feet per day.

“NCIB” means normal course issuer bid.

“NGL” or “NGLs” means natural gas liquids.

“NYMEX” means New York Mercantile Exchange.

“NYSE” means New York Stock Exchange.

“OPEC” means Organization of the Petroleum Exporting Countries.

“SEC” means United States Securities and Exchange Commission.

“SOFR” means Secured Overnight Financial Rate.

“S&P 400” means Standard and Poor’s MidCap 400 index.

“TSX” means Toronto Stock Exchange.

“U.S.”, “United States” or “USA” means United States of America.

“U.S. GAAP” means U.S. Generally Accepted Accounting Principles.

“WTI” means West Texas Intermediate.

CONVERSIONS

In this Quarterly Report on Form 10-Q, a conversion of natural gas volumes to BOE is on the basis of six Mcf to one bbl. BOE is based on a generic energy equivalency conversion method primarily applicable at the burner tip and does not represent economic value equivalency at the wellhead. Given that the value ratio based on the current price of oil as compared to natural gas is significantly different from the energy equivalency of 6:1, utilizing a conversion on a 6:1 basis may be misleading as an indication of value, particularly if used in isolation.

CONVENTIONS

Unless otherwise specified, all dollar amounts are expressed in U.S. dollars, all references to “dollars”, “$” or “US$” are to U.S. dollars and all references to “C$” are to Canadian dollars. All amounts are provided on a before tax basis, unless otherwise stated. In addition, all information provided herein is presented on an after royalties basis.

The terms “include”, “includes”, “including” and “included” are to be construed as if they were immediately followed by the words “without limitation”, except where explicitly stated otherwise.

The term “liquids” is used to represent oil, NGLs and condensate. The term “liquids-rich” is used to represent natural gas streams with associated liquids volumes. The term “play” is used to describe an area in which hydrocarbon accumulations or prospects of a given type occur. Ovintiv’s focus of development is on hydrocarbon accumulations known to exist over a large areal expanse and/or thick vertical section and are developed using hydraulic fracturing. This type of development typically has a lower geological and/or commercial development risk and lower average decline rate, when compared to conventional development.

References to information contained on the Company’s website at www.ovintiv.com are not incorporated by reference into, and does not constitute a part of, this Quarterly Report on Form 10-Q.

FORWARD-LOOKING STATEMENTS AND RISK

This Quarterly Report on Form 10-Q contains certain forward-looking statements or information (collectively, “forward-looking statements”) within the meaning of applicable securities legislation, including Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). All statements, except for statements of historical fact, that relate to the anticipated future activities, plans, strategies, objectives or expectations of the Company are forward-looking statements. When used in this Quarterly Report on Form 10‑Q, and the other documents incorporated herein by reference (if any), the use of words and phrases including “aims,” “anticipates,” “believes,” “continue,” “could,” “estimates,” “expects,” “focused on,” “forecast,” “guidance,” “intends,” “maintain,” “may,” “opportunities,” “outlook,” “plans,” “potential,” “seeks,” “strategy,” “strives,” “targets,” “will,” “would” and other similar terminology is intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words or phrases. Without limiting the generality of the foregoing, forward-looking statements contained in this Quarterly Report on Form 10‑Q include: expectations of plans, strategies and objectives of the Company, including anticipated reserves development; the Company’s ability to consummate any future acquisition and divestiture transactions; the Company’s ability to successfully integrate any acquired assets into its business; drilling plans and programs, including the amount and availability of capital to complete these plans and programs; the composition of the Company’s assets and the anticipated capital returns associated with its assets; anticipated oil, NGL and natural gas prices; the anticipated success of, and benefits from, technology and innovation, including new or advanced drilling techniques or well completion designs; anticipated drilling and completions activity, including the number of drilling rigs and frac crews utilized; anticipated proceeds and future benefits from various joint venture, partnership and other agreements; anticipated or desired benefits from acquisitions; anticipated oil, NGLs and natural gas production and commodity mix; the Company’s ability to access capital markets, credit facilities and other sources of liquidity; the Company’s ability to timely achieve its stated sustainability goals, targets and initiatives; the impact of changes in federal, state, provincial, local and tribal laws, rules and regulations, including the impact of changes in trade policies and tariffs; anticipated compliance with current or proposed environmental legislation; the Company’s ability to manage debt and financial ratios and comply with financial covenants; the implementation and outcomes of risk management programs, including exposure to commodity prices, interest rate and foreign exchange rate fluctuations and the volume of oil, NGLs and natural gas production hedged; the declaration and payment of future dividends and the anticipated repurchase of the Company’s outstanding common shares; the Company’s ability to manage cost inflation and expected cost structures, including expected operating, transportation, processing and labor expenses; and the outlook of the oil and natural gas industry generally, including impacts from changes to the geopolitical environment.

The forward-looking statements included in this Quarterly Report on Form 10-Q involve risks and uncertainties that could cause actual results to differ materially from projected results. Accordingly, investors should not place undue reliance on forward-looking statements as a prediction of actual results. We have based these forward-looking statements on current expectations and assumptions about future events, taking into account all information currently known by us. While we consider these expectations and assumptions to be reasonable, they are inherently subject to significant business, economic, competitive, regulatory and other risks and uncertainties, many of which are difficult to predict and beyond our control. The risks and uncertainties that may affect the operations, performance and results of our business and forward-looking statements include,

but are not limited to, those set forth in Item 1A. Risk Factors of the Company’s most recent Annual Report on Form 10‑K for the fiscal year ended December 31, 2025 (the “2025 Annual Report on Form 10-K”) and other risks and uncertainties impacting the Company’s business as described from time to time in the Company’s other periodic filings with the SEC or Canadian securities regulators.

Although the Company believes the expectations represented by its forward-looking statements are reasonable based on the information available to it as of the date such statements are made, forward-looking statements are only predictions and statements of our current beliefs and there can be no assurance that such expectations will prove to be correct. All forward-looking statements contained in this Quarterly Report on Form 10‑Q are made as of the date of this document (or in the case of a document incorporated herein by reference, the date of such document) and, except as required by law, the Company undertakes no obligation to update publicly or revise any forward-looking statements. The forward-looking statements contained or incorporated by reference in this Quarterly Report on Form 10‑Q, and all subsequent forward-looking statements attributable to the Company, whether written or oral, are expressly qualified by these cautionary statements.

The reader should carefully read the risk factors described in Item 1A. Risk Factors of the 2025 Annual Report on Form 10‑K for a description of certain risks that could, among other things, cause actual results to differ from these forward-looking statements.

PART I

Item 1. Financial Statements

Condensed Consolidated Statement of Earnings (unaudited)


			Three Months Ended
			March 31,
(US$ millions, except per share amounts)			2026			2025
Revenues		(Note 3)
Product and service revenues		(Note 4)	$	2,221		$	1,965
Sales of purchased product		(Note 4)		356			410
Gains (losses) on risk management, net		(Note 20)		(63	)		(16	)
Sublease revenues		(Note 11)		18			18
Total Revenues				2,532			2,377
Operating Expenses		(Note 3)
Production, mineral and other taxes				79			87
Transportation and processing				471			398
Operating	(Note 18)			227			205
Purchased product				344			402
Depreciation, depletion and amortization				561			545
Impairments		(Note 10)		1,485			730
Accretion of asset retirement obligation				7			6
Administrative	(Notes 9, 17, 18)			112			93
Total Operating Expenses				3,286			2,466
Operating Income (Loss)				(754	)		(89	)
Other (Income) Expenses
Interest		(Notes 5, 9)		104			97
Foreign exchange (gain) loss, net		(Note 6)		(2	)		10
Other (gains) losses, net				(29	)		(3	)
Total Other (Income) Expenses				73			104
Net Earnings (Loss) Before Income Tax				(827	)		(193	)
Income tax expense (recovery)		(Note 7)		(197	)		(34	)
Net Earnings (Loss)			$	(630	)	$	(159	)
Net Earnings (Loss) per Share of Common Stock		(Note 14)
Basic			$	(2.35	)	$	(0.61	)
Diluted				(2.35	)		(0.61	)
Weighted Average Shares of Common Stock Outstanding (millions)		(Note 14)
Basic				268.2			260.4
Diluted				268.2			260.4

Condensed Consolidated Statement of Comprehensive Income (unaudited)


		Three Months Ended
		March 31,
(US$ millions)		2026			2025

Net Earnings (Loss)		$	(630	)	$	(159	)
Other Comprehensive Income (Loss), Net of Tax
Foreign currency translation adjustment	(Note 15)		(86	)		8
Pension and other post-employment benefit plans	(Note 15)		(1	)		(1	)
Other Comprehensive Income (Loss)			(87	)		7
Comprehensive Income (Loss)		$	(717	)	$	(152	)

See accompanying Notes to the unaudited Condensed Consolidated Financial Statements

Condensed Consolidated Balance Sheet (unaudited)


			As at			As at
			March 31,			December 31,
(US$ millions)			2026			2025

Assets
Current Assets
Cash and cash equivalents			$	26		$	35
Accounts receivable and accrued revenues (net of allowances
of $6 million (2025: $6 million))		(Note 4)		1,481			1,128
Investment in marketable securities		(Note 9)		-			245
Risk management		(Notes 19, 20)		226			86
Income tax receivable				81			29
				1,814			1,523
Property, Plant and Equipment, at cost:		(Note 10)
Oil and natural gas properties, based on full cost accounting
Proved properties				73,069			70,133
Unproved properties				814			434
Other				972			864
Property, plant and equipment				74,855			71,431
Less: Accumulated depreciation, depletion and amortization				(58,926	)		(57,187	)
Property, plant and equipment, net		(Note 3)		15,929			14,244
Other Assets				1,373			1,299
Risk Management		(Notes 19, 20)		180			4
Deferred Income Taxes				155			744
Goodwill		(Notes 3, 9)		2,843			2,576
		(Note 3)	$	22,294		$	20,390

Liabilities and Shareholders’ Equity
Current Liabilities
Accounts payable and accrued liabilities			$	1,925		$	1,861
Current portion of operating lease liabilities				129			117
Income tax payable				41			5
Risk management		(Notes 19, 20)		241			2
Current portion of long-term debt		(Note 12)		877			810
				3,213			2,795
Long-Term Debt		(Note 12)		5,521			4,392
Operating Lease Liabilities				1,169			1,105
Other Liabilities and Provisions	(Note 13)			224			100
Risk Management		(Notes 19, 20)		-			13
Asset Retirement Obligation				427			388
Deferred Income Taxes				182			402
				10,736			9,195
Commitments and Contingencies		(Note 22)
Shareholders’ Equity
Share capital - authorized 775 million shares of stock
2026 issued and outstanding: 282.7 million shares (2025: 253.3 million shares)		(Note 14)		3			3
Paid in surplus		(Note 14)		8,944			7,779
Retained earnings				1,725			2,440
Accumulated other comprehensive income		(Note 15)		886			973
Total Shareholders’ Equity				11,558			11,195
			$	22,294		$	20,390

See accompanying Notes to the unaudited Condensed Consolidated Financial Statements

Condensed Consolidated Statement of Changes in Shareholders’ Equity (unaudited)


Three Months Ended March 31, 2026 (US$ millions)			Share Capital		Paid in Surplus			Retained Earnings				Accumulated Other Comprehensive Income				Total Shareholders’ Equity

Balance, December 31, 2025			$	3	$	7,779			$	2,440			$	973			$	11,195
Net Earnings (Loss)				-		-				(630	)			-				(630	)
Dividends on Shares of Common Stock ($0.30 per share)		(Note 14)		-		-				(85	)			-				(85	)
Shares of Common Stock Purchased		(Note 14)		-		(84	)			-				-				(84	)
Shares of Common Stock Issued	(Notes 9, 14, 21)			-		1,277				-				-				1,277
Equity-Settled Compensation Costs				-		(28	)			-				-				(28	)
Other Comprehensive Income (Loss)		(Note 15)		-		-				-				(87	)			(87	)
Balance, March 31, 2026			$	3	$	8,944			$	1,725			$	886			$	11,558

Three Months Ended March 31, 2025 (US$ millions)			Share Capital		Paid in Surplus			Retained Earnings				Accumulated Other Comprehensive Income				Total Shareholders’ Equity

Balance, December 31, 2024			$	3	$	8,045			$	1,506			$	777			$	10,331
Net Earnings (Loss)				-		-				(159	)			-				(159	)
Dividends on Shares of Common Stock ($0.30 per share)		(Note 14)		-		-				(78	)			-				(78	)
Equity-Settled Compensation Costs				-		(21	)			-				-				(21	)
Other Comprehensive Income (Loss)		(Note 15)		-		-				-				7				7
Balance, March 31, 2025			$	3	$	8,024			$	1,269			$	784			$	10,080

See accompanying Notes to the unaudited Condensed Consolidated Financial Statements

Condensed Consolidated Statement of Cash Flows (unaudited)


		Three Months Ended
		March 31,
(US$ millions)		2026			2025

Operating Activities
Net earnings (loss)		$	(630	)	$	(159	)
Depreciation, depletion and amortization			561			545
Impairments	(Note 10)		1,485			730
Accretion of asset retirement obligation			7			6
Deferred income taxes	(Note 7)		(210	)		(77	)
Unrealized (gain) loss on risk management	(Note 20)		53			46
Unrealized foreign exchange (gain) loss	(Note 6)		(1	)		(45	)
Foreign exchange (gain) loss on settlements	(Note 6)		(1	)		(42	)
Other			(25	)		-
Net change in other assets and liabilities			(14	)		(11	)
Net change in non-cash working capital	(Note 21)		(169	)		(120	)
Cash From (Used in) Operating Activities			1,056			873

Investing Activities
Capital expenditures	(Note 3)		(605	)		(617	)
Acquisitions	(Note 8)		(7	)		(2,310	)
Corporate acquisition, net of cash acquired	(Note 9)		(1,192	)		-
Proceeds from divestitures	(Note 8)		7			1,884
Net change in investments and other			59			148
Cash From (Used in) Investing Activities			(1,738	)		(895	)

Financing Activities
Net issuance (repayment) of revolving debt	(Note 12)		297			85
Issuance of debt under the Term Credit Agreement	(Notes 9, 12)		1,151			-
Repayment of long-term debt	(Note 12)		(459	)		-
Purchase of shares of common stock	(Note 14)		(84	)		-
Dividends on shares of common stock	(Note 14)		(85	)		(78	)
Other			(148	)		(19	)
Cash From (Used in) Financing Activities			672			(12	)

Foreign Exchange Gain (Loss) on Cash, Cash Equivalents
and Restricted Cash Held in Foreign Currency			1			-

Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash			(9	)		(34	)
Cash, Cash Equivalents and Restricted Cash, Beginning of Year			35			42
Cash, Cash Equivalents and Restricted Cash, End of Period		$	26		$	8

Cash, End of Period		$	23		$	7
Cash Equivalents, End of Period			3			1
Restricted Cash, End of Period			-			-
Cash, Cash Equivalents and Restricted Cash, End of Period		$	26		$	8

Supplementary Cash Flow Information	(Note 21)

See accompanying Notes to the unaudited Condensed Consolidated Financial Statements


1.	Basis of Presentation and Principles of Consolidation

Ovintiv is in the business of the exploration for, the development of, and the production and marketing of oil, NGLs and natural gas.

The interim Condensed Consolidated Financial Statements include the accounts of Ovintiv and entities in which it holds a controlling interest. All intercompany balances and transactions are eliminated on consolidation. Undivided interests in oil and natural gas exploration and production joint ventures and partnerships are consolidated on a proportionate basis. Investments in non-controlled entities over which the Company has the ability to exercise significant influence are accounted for using the equity method.

The interim Condensed Consolidated Financial Statements are prepared in conformity with U.S. GAAP and the rules and regulations of the SEC. Pursuant to these rules and regulations, certain information and disclosures normally required under U.S. GAAP have been condensed or have been disclosed on an annual basis only. Accordingly, the interim Condensed Consolidated Financial Statements should be read in conjunction with the annual audited Consolidated Financial Statements and the notes thereto for the year ended December 31, 2025, which are included in Item 8 of Ovintiv’s 2025 Annual Report on Form 10‑K.

The interim Condensed Consolidated Financial Statements have been prepared following the same accounting policies and methods of computation as the annual audited Consolidated Financial Statements for the year ended December 31, 2025.

These unaudited interim Condensed Consolidated Financial Statements reflect, in the opinion of Management, all normal and recurring adjustments necessary to present fairly the financial position and results of the Company as at and for the periods presented. Interim condensed consolidated financial results are not necessarily indicative of consolidated financial results expected for the fiscal year.


2.	Recent Accounting Pronouncements

New Standards Issued Not Yet Adopted

As of January 1, 2027, Ovintiv will be required to adopt ASU 2024-03 “Disaggregation of Income Statement Expenses” for annual disclosures with interim disclosures required beginning in the first quarter of 2028. The new standard requires that an entity disclose tabular information about certain expenses including, but not limited to, purchases of inventory, employee compensation, and depreciation, depletion, and amortization expense that are presented within expense line captions reported in the statement of earnings. A qualitative description of the remaining other amounts within those expense line captions will be required. The Company will also be required to determine and disclose its definition of selling expenses and the total amount of selling expenses. The amendments are to be applied prospectively, with the option for retrospective application, and are not expected to have a material impact on the Company’s Consolidated Financial Statements.


3.	Segmented Information

Ovintiv’s exploration and production activities are subdivided into two geographic segments, including the USA Operations and Canadian Operations. These segments’ activities also include third-party purchases and sales of product to provide operational flexibility and cost mitigation for transportation commitments, product type, delivery points and customer diversification. The Company considers sales of purchased commodities as ancillary to its oil and gas development, exploration and producing activities and manages them to support such activities. In addition, the Company has a single, company-wide management team that allocates capital resources to maximize profitability and measures financial performance as a single enterprise.

Corporate and Other mainly includes unrealized gains or losses recorded on derivative financial instruments. Once the instruments are settled, the realized gains and losses are recorded in the reporting segment to which the derivative instruments relate. Corporate and Other also includes amounts related to sublease rentals and administrative costs not allocated to the operating segments.

The tables below summarize the results of operations and total assets by segment that are provided to the Chief Operating Decision Makers (“CODMs”) which have been identified as the Company’s President & Chief Executive Officer, Executive Vice President & Chief Operating Officer, and the Executive Vice President & Chief Financial Officer. The CODMs evaluate the performance of each of the reportable segments based on Operating Income (Loss) which is also used to assess performance and allocate capital for these segments by comparing actual to historical results and forecasted financial information.

The Company evaluates the effects of debt financing, interest expense and/or interest income, foreign exchange gains (losses) and other gains (losses) at a consolidated level.

Results of Operations (For the three months ended March 31)

Segment Information


	USA Operations						Canadian Operations
	2026			2025			2026			2025

Revenues
Product and service revenues	$	1,229		$	1,312		$	992		$	653
Sales of purchased product		267			368			89			42
Gains (losses) on risk management, net		(23	)		-			13			30
Sublease revenues		-			-			-			-
Total Revenues		1,473			1,680			1,094			725

Operating Expenses
Production, mineral and other taxes		71			83			8			4
Transportation and processing		115			112			356			286
Operating		176			169			51			36
Purchased product		267			368			77			34
Depreciation, depletion and amortization		336			375			220			165
Impairments		1,111			-			374			730
Total Operating Expenses		2,076			1,107			1,086			1,255
Operating Income (Loss)	$	(603	)	$	573		$	8		$	(530	)

	Corporate & Other						Consolidated
	2026			2025			2026			2025

Revenues
Product and service revenues	$	-		$	-		$	2,221		$	1,965
Sales of purchased product		-			-			356			410
Gains (losses) on risk management, net		(53	)		(46	)		(63	)		(16	)
Sublease revenues		18			18			18			18
Total Revenues		(35	)		(28	)		2,532			2,377

Operating Expenses
Production, mineral and other taxes		-			-			79			87
Transportation and processing		-			-			471			398
Operating		-			-			227			205
Purchased product		-			-			344			402
Depreciation, depletion and amortization		5			5			561			545
Impairments		-			-			1,485			730
Accretion of asset retirement obligation		7			6			7			6
Administrative		112			93			112			93
Total Operating Expenses		124			104			3,286			2,466
Operating Income (Loss)	$	(159	)	$	(132	)		(754	)		(89	)

Other (Income) Expenses
Interest								104			97
Foreign exchange (gain) loss, net								(2	)		10
Other (gains) losses, net								(29	)		(3	)
Total Other (Income) Expenses								73			104
Net Earnings (Loss) Before Income Tax								(827	)		(193	)
Income tax expense (recovery)								(197	)		(34	)
Net Earnings (Loss)							$	(630	)	$	(159	)

Capital Expenditures by Segment


	Three Months Ended
	March 31,
	2026		2025

USA Operations	$	417	$	458
Canadian Operations		187		158
Corporate & Other		1		1
	$	605	$	617

Goodwill, Property, Plant and Equipment and Total Assets by Segment


	Goodwill				Property, Plant and Equipment				Total Assets
	As at				As at				As at
	March 31,		December 31,		March 31,		December 31,		March 31,		December 31,
	2026		2025		2026		2025		2026		2025

USA Operations	$	1,938	$	1,938	$	10,592	$	11,613	$	13,616	$	14,393
Canadian Operations		905		638		5,233		2,522		7,107		3,921
Corporate & Other		-		-		104		109		1,571		2,076
	$	2,843	$	2,576	$	15,929	$	14,244	$	22,294	$	20,390


4.	Revenues from Contracts with Customers

The following table summarizes Ovintiv’s revenues from contracts with customers.

Revenues (For the three months ended March 31)


	USA Operations				Canadian Operations
	2026		2025		2026		2025

Revenues from Customers
Product revenues
Oil	$	923	$	975	$	5	$	2
NGLs		162		190		523		323
Natural gas		141		145		460		327
Sales of purchased product		267		368		89		42

Ovintiv Inc. 10-Q