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EX-99.1

2 ovv-ex99_1.htm

EX-99.1

EX-99.1

Exhibit 99.1

news release

Ovintiv Reports First Quarter 2026 Financial and Operating Results

Efficiency, Best-in-Class Inventory, and Clean Balance Sheet Delivering Superior Returns

Highlights:

• Generated first quarter cash from operating activities of $1.1 billion, Non-GAAP Cash Flow of $1.2 billion and Non-GAAP Free Cash Flow of $634 million after capital expenditures of $605 million

• Produced average first quarter volumes of 679 thousand barrels of oil equivalent per day (“MBOE/d”), at the high end of company guidance across all products including 225 thousand barrels per day (“Mbbls/d”) of oil and condensate, 100 Mbbls/d of other NGLs (C2 to C4) and 2,124 million cubic feet per day (“MMcf/d”) of natural gas

• Closed the acquisition of NuVista Energy Ltd., adding approximately 100 MBOE/d of production, 930 net 10,000-foot equivalent well locations, and approximately 140,000 net acres of land for approximately $2.8 billion

• Closed the sale of the Company’s Anadarko assets in April for total cash proceeds of approximately $2.85 billion after preliminary closing adjustments

• Redeemed the Company’s $700 million, 5.65% senior notes due May 15, 2028, on April 20, 2026, using proceeds from the Anadarko divestiture; annualized interest savings to total approximately $40 million

• Net Debt of less than $3.3 billion as of April 30, 2026; approximately 40% lower than one year prior

• Resumed share buybacks in March with the repurchase of approximately 1.5 million shares for total consideration of approximately $84 million; year-to-date share buybacks as of April 30, 2026, totaled 3.2 million shares for total consideration of $180 million

• Released the 2025 Sustainability Report on the Company’s website

DENVER, May 11, 2026 – Ovintiv Inc. (NYSE, 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 – 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.”

Ovintiv Inc.

1

First Quarter 2026 Financial and Operating Results

• Reported first quarter net loss of $630 million, or $2.35 per share diluted, including non-cash ceiling test impairments of $1.2 billion, after tax, or $4.30 per share diluted; impairment primarily driven by a weaker SEC 12-month trailing oil price relative to the previous quarter

• Recognized a net loss on risk management in revenues of $63 million, before tax

• Generated cash from operating activities of $1.1 billion and Non-GAAP Cash Flow of $1.2 billion

• First quarter average total production volumes were approximately 679 MBOE/d, including 225 Mbbls/d of oil and condensate, 100 Mbbls/d of other NGLs (C2 to C4) and 2,124 MMcf/d of natural gas; all products were at the high end of guidance

• First quarter capital investment of $605 million was at the low end of the guidance range of $600 million to $650 million

• First quarter upstream operating expense of $3.71 per BOE, upstream transportation and processing costs of $7.53 per BOE, production, mineral and other taxes of $1.30 per BOE, or 3.6% of upstream product revenue; costs were at the low end of guidance on a combined basis.

• Including the impact of hedges, first quarter average realized price for oil and condensate was $70.14 per barrel (98% of WTI), $18.12 per barrel for other NGLs, and $3.24 per Mcf (64% of NYMEX) for natural gas, resulting in a total average realized price of $36.08 per BOE

2026 Guidance

The 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.

2026 Guidance

2Q 2026

Full Year 2026

Total Production (MBOE/d)

610 – 635

620 – 645

Oil & Condensate (Mbbls/d)

200 – 205

205 – 212

NGLs (C2 to C4) (Mbbls/d)

75 – 80

80 – 85

Natural Gas (MMcf/d)

2,000 – 2,100

2,000 – 2,100

Capital Investment ($ Millions)

$550 – $600

$2,250 – $2,350

Shareholder Returns

First 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

8-K

false000179258000017925802026-02-232026-02-23

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): February 23, 2026

Ovintiv Inc. (Exact name of Registrant as Specified in Its Charter)

Delaware

001-39191

84-4427672

(State or Other Jurisdiction of Incorporation)

(Commission File Number)

(IRS Employer Identification No.)

Suite 1700, 370 17th Street

Denver, Colorado

80202

(Address of Principal Executive Offices)

(Zip Code)

Registrant’s Telephone Number, Including Area Code: (303) 623-2300

Not Applicable

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: ☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) ☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) ☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) ☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) 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 Stock, par value $0.01 per share

OVV

New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter). 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. ☐

Item 2.02 Results of Operations and Financial Condition. On February 23, 2026, Ovintiv Inc. (the “Company”) issued a news release announcing its financial and operating results for its fourth quarter and full year ended December 31, 2025. In connection with this announcement, the Company provided an earnings release and certain selected and supplemental financial information. A copy of the news release and supplemental financial information are attached as Exhibit 99.1 and 99.2 to this Current Report on Form 8-K.

The information contained in this report, including Exhibits 99.1 and 99.2 attached hereto, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Exchange Act or Securities Act of 1933, as amended, except as expressly set forth by specific reference in such a filing. Item 8.01 Other Events. In its February 23, 2026 news release, the Company also announced that its Board of Directors had declared a quarterly dividend of $0.30 per share of the Company’s outstanding common stock. The dividend is payable on March 31, 2026 to holders of record at the close of business on March 13, 2026. A copy of the news release is attached as Exhibit 99.1 to this Current Report on Form 8‑K. Item 9.01 Financial Statements and Exhibits. (d) Exhibits

Exhibit No.

Exhibit Description

Exhibit 99.1

News Release dated February 23, 2026.

Exhibit 99.2

Selected and Supplemental Financial Information.

Exhibit 104

Cover Page Interactive Data File (embedded within the Inline XBRL document).

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Ovintiv Inc.

Date:

February 23, 2026

By:

/s/ Dawna I. Gibb

Name: Dawna I. Gibb Title: Assistant Corporate Secretary