Ovintiv Inc. (NYSE: OVV) (TSX: OVV) ("Ovintiv" or the "Company") today announced its first quarter 2026 financial and operating results. The Company plans to hold a conference call and webcast at 8:00 a.m. MT (10:00 a.m. ET) on May 12, 2026. Please see dial-in details within this release, as well as additional details on the Company's website at www.ovintiv.com under Presentations and Events â?? Ovintiv.

"We've built a track record of leading execution efficiency and disciplined capital allocation and now we've combined those strengths with best-in-class inventory depth in the two best E&P assets, and a clean balance sheet," said Ovintiv President and CEO, Brendan McCracken. "With the enhanced stability of our business today, we are intensely focused on efficient execution and profitability. Our strong first quarter continues to demonstrate differentiated results that reflect the moat we have created through disciplined portfolio management and stacked innovation."

First Quarter 2026 Financial and Operating Results

2026 GuidanceThe Company issued its second quarter 2026 guidance and reiterated its full year guidance. Full year production volumes are expected to average 620 to 645 MBOE/d, with full year expected capital investment of $2.25 billion to $2.35 billion.

Shareholder ReturnsFirst quarter shareholder returns totaled approximately $169 million, consisting of share buybacks of approximately $84 million, or approximately 1.5 million shares of common stock, and base dividend payments of approximately $85 million. As of April 30, 2026, year to date share buybacks totaled $180 million, or approximately 3.2 million shares of common stock.

Continued Balance Sheet FocusOvintiv had approximately $2.8 billion in total liquidity as of March 31, 2026, which included available credit facilities of $3.4 billion, available uncommitted demand lines of $162 million, and cash and cash equivalents of $26 million, net of outstanding commercial paper of $824 million. The Company's Net Debt was approximately $6.4 billion of March 31, 2026.

Following the receipt of proceeds from the Anadarko disposition on April 9, 2026, Ovintiv repaid the balance under its Term Credit Agreement and the facility was terminated. The Company also redeemed its $700 million, 5.65% senior notes due May 15, 2028 on April 20, 2026. Annualized interest savings from the note redemption are expected to total approximately $40 million.

As of April 30, 2026, Ovintiv's Net Debt was less than $3.3 billion and Net Debt to Adjusted EBITDA was less than 0.8 times using twelve-month trailing EBITDA as of March 31, 2026.

The Company remains committed to maintaining a strong balance sheet and is currently rated investment grade by four credit rating agencies.

Dividend DeclaredOn May 11, 2026, Ovintiv's Board declared a quarterly dividend of $0.30 per share of common stock payable on June 30, 2026, to shareholders of record as of June 15, 2026.

Asset Highlights

PermianPermian production averaged 221 MBOE/d (79% liquids) in the first quarter with 34 net wells turned in line ("TIL"). In 2026, Ovintiv plans to invest approximately $1.325 billion to $1.375 billion in the play to run approximately 5 rigs and bring on an expected 125 to 135 net wells. 2026 oil and condensate production is expected to average 117 to 123 Mbbls/d and natural gas production is expected to average 270 to 295 MMcf/d.

Montney  Montney production averaged 365 MBOE/d (27% liquids) in the first quarter with 26 net wells TIL. In 2026, Ovintiv plans to invest approximately $875 million to $925 million in the play to run approximately 6 rigs and bring on an expected 130 to 140 net wells. 2026 oil and condensate production is expected to average 80 to 84 Mbbls/d and natural gas production is expected to average 1.7 to 1.8 Bcf/d.

2025 Sustainability Report ReleasedToday, the Company released its 21st annual Sustainability Report, highlighting its progress and performance on several key sustainability initiatives.

"We take our role as a responsible producer seriously," said McCracken. "We are proud of our track record of integrating tangible actions into our business that allow us to deliver superior returns to our shareholders while continuing to make progress on sustainability outcomes."

Key Sustainability Highlights

Ovintiv's sustainability report can be found on the Company's website at Download Sustainability Report â?? Ovintiv.

For additional information, please refer to the First Quarter 2026 Results Presentation available on Ovintiv's website, www.ovintiv.com under Presentations and Events â?? Ovintiv. Supplemental Information, and Non-GAAP Definitions and Reconciliations, are available on Ovintiv's website under Financial Document Library â?? Ovintiv.

Conference Call Information A conference call and webcast to discuss the Company's first quarter 2026 results will be held at 8:00 a.m. MT (10:00 a.m. ET) on May 12, 2026.

To join the conference call without operator assistance, you may register and enter your phone number at https://emportal.ink/4aQ9VDs to receive an instant automated call back. You can also dial direct to be entered to the call by an Operator. Please dial 888-510-2154 (toll-free in North America) or 437-900-0527 (international) approximately 15 minutes prior to the call.

The live audio webcast of the conference call, including slides and financial statements, will be available on Ovintiv's website, www.ovintiv.com under Investors/Presentations and Events. The webcast will be archived for approximately 90 days.

Refer to Note 1 Non-GAAP measures and the tables in this release for reconciliation to comparable GAAP financial measures.

Capital Investment and Production

First Quarter Financial Summary

Realized Pricing Summary (Including the impact of realized gains (losses) on risk management)

Cost Summary

Debt to EBITDA (1)

Debt to Adjusted EBITDA (1)

Hedge Details(1) as of March 31, 2026

Important informationOvintiv reports in U.S. dollars unless otherwise noted. Production, sales and reserves estimates are reported on an after-royalties basis, unless otherwise noted. Unless otherwise specified or the context otherwise requires, references to "Ovintiv," "we," "its," "our" or to "the Company" includes reference to subsidiaries of and partnership interests held by Ovintiv Inc. and its subsidiaries.

Please visit Ovintiv's website and Investor Relations page at www.ovintiv.com and investor.ovintiv.com, where Ovintiv often discloses important information about the Company, its business, and its results of operations.

NI 51-101 ExemptionThe Canadian securities regulatory authorities have issued a decision document (the "Decision") granting Ovintiv exemptive relief from the requirements contained in Canada's National Instrument 51-101 Standards of Disclosure for Oil and Gas Activities ("NI 51-101").  As a result of the Decision, and provided that certain conditions set out in the Decision are met on an on-going basis, Ovintiv will not be required to comply with the Canadian requirements of NI 51-101 and the Canadian Oil and Gas Evaluation Handbook. The Decision permits Ovintiv to provide disclosure in respect of its oil and gas activities in the form permitted by, and in accordance with, the legal requirements imposed by the U.S. Securities and Exchange Commission ("SEC"), the Securities Act of 1933, the Securities and Exchange Act of 1934, the Sarbanes-Oxley Act of 2002 and the rules of the NYSE. The Decision also provides that Ovintiv is required to file all such oil and gas disclosures with the Canadian securities regulatory authorities on www.sedarplus.ca as soon as practicable after such disclosure is filed with the SEC.

NOTE 1: Non-GAAP Measures   Certain measures in this news release do not have any standardized meaning as prescribed by U.S. GAAP and, therefore, are considered non-GAAP measures. These measures may not be comparable to similar measures presented by other companies and should not be viewed as a substitute for measures reported under U.S. GAAP. These measures are commonly used in the oil and gas industry and/or by Ovintiv to provide shareholders and potential investors with additional information regarding the Company's liquidity and its ability to generate funds to finance its operations. For additional information regarding non-GAAP measures, see the Company's website. This news release contains references to non-GAAP measures as follows:

ADVISORY REGARDING OIL AND GAS INFORMATION â?? The conversion of natural gas volumes to barrels of oil equivalent (BOE) is on the basis of six thousand cubic feet to one barrel. 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. Readers are cautioned that BOE may be misleading, particularly if used in isolation.

ADVISORY REGARDING FORWARD-LOOKING STATEMENTS â?? This news release contains 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, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, except for statements of historical fact, that relate to the anticipated future activities, plans, strategies, objectives or expectations of the Company, including the first quarter and fiscal year 2026 guidance and expected free cash flow, the presence of recoverability of estimated reserves, the expectation of delivering sustainable durable returns to shareholders in future years, plans regarding share buybacks and debt reduction, and timing and expectations regarding capital efficiencies and well completion and performance, are forward-looking statements. When used in this news release, the use of words and phrases including "anticipates," "believes," "continue," "could," "estimates," "expects," "focused on," "forecast," "guidance," "intends," "maintain," "may," "opportunities," "outlook," "plans," "potential," "strategy," "targets," "will," "would" and other similar terminology are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words or phrases. Readers are cautioned against unduly relying on forward-looking statements which, are based on current expectations and by their nature, involve numerous assumptions that are subject to both known and unknown risks and uncertainties (many of which are beyond our control) that may cause such statements not to occur, or actual results to differ materially and/or adversely from those expressed or implied. These assumptions include, without limitation:  future commodity prices and basis differentials; the ability of the Company to access credit facilities and capital markets; the availability of attractive commodity or financial hedges and the enforceability of risk management programs; the Company's ability to capture and maintain gains in productivity and efficiency; the ability for the Company to generate cash returns and execute on its share buyback plan; expectations of plans, strategies and objectives of the Company, including anticipated production volumes and capital investment; the Company's ability to manage cost inflation and expected cost structures, including expected operating, transportation, processing and labor expenses; the outlook of the oil and natural gas industry generally, including impacts from war and changes to the geopolitical environment, including tariffs between the United States and Canada; and projections made in light of, and generally consistent with, the Company's historical experience and its perception of historical industry trends; and the other assumptions contained herein.

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 news release are made as of the date of this news release and, except as required by law, the Company undertakes no obligation to update publicly, revise or keep current any forward-looking statements. The forward-looking statements contained or incorporated by reference in this news release, 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 the "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" sections of the Company's most recent Annual Report on Form 10-K, Quarterly Report on Form 10-Q, and in other filings with the SEC or Canadian securities regulators, for a description of certain risks that could, among other things, cause actual results to differ from these forward-looking statements. Other unpredictable or unknown factors not discussed in this news release could also have material adverse effects on forward-looking statements.

Further information on Ovintiv Inc. is available on the Company's website, www.ovintiv.com, or by contacting:

SOURCE Ovintiv Inc.

SOURCE: Ovintiv Inc.

COMTEX_478948743/2197/2026-05-11T17:01:00