Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2023 | Apr. 28, 2023 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2023 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2023 | |
Entity Registrant Name | Ovintiv Inc. | |
Entity Central Index Key | 0001792580 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Common Stock, Shares Outstanding | 244,523,940 | |
Trading Symbol | OVV | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Shell Company | false | |
Entity File Number | 001-39191 | |
Entity Tax Identification Number | 84-4427672 | |
Entity Address, Address Line One | Suite 1700 | |
Entity Address, Address Line Two | 370 17th Street | |
Entity Address, City or Town | Denver | |
Entity Address, State or Province | CO | |
Entity Address, Country | US | |
Entity Address, Postal Zip Code | 80202 | |
City Area Code | 303 | |
Local Phone Number | 623-2300 | |
Entity Incorporation, State or Country Code | DE | |
Title of 12(b) Security | Common Shares | |
Security Exchange Name | NYSE |
Condensed Consolidated Statemen
Condensed Consolidated Statement of Earnings (Unaudited) - USD ($) shares in Millions, $ in Millions | 3 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | ||
Revenues | |||
Product and service revenues | $ 2,592 | $ 3,407 | |
Gains (losses) on risk management, net | (58) | (1,458) | |
Sublease revenues | 17 | 18 | |
Total Revenues | 2,551 | 1,967 | |
Operating Expenses | |||
Production, mineral and other taxes | 84 | 94 | |
Transportation and processing | 455 | 406 | |
Operating | 206 | 188 | |
Purchased product | 701 | 1,066 | |
Depreciation, depletion and amortization | 364 | 264 | |
Accretion of asset retirement obligation | 5 | 5 | |
Administrative | 58 | 144 | |
Total Operating Expenses | 1,873 | 2,167 | |
Operating Income (Loss) | 678 | (200) | |
Other (Income) Expenses | |||
Interest | 71 | 74 | |
Foreign exchange (gain) loss, net | (3) | (1) | |
Other (gains) losses, net | (3) | (27) | |
Total Other (Income) Expenses | 65 | 46 | |
Net Earnings (Loss) Before Income Tax | 613 | (246) | |
Income tax expense (recovery) | 126 | (5) | |
Net Earnings (Loss) | $ 487 | $ (241) | |
Net Earnings (Loss) per Share of Common Stock | |||
Basic | $ 1.99 | $ (0.94) | |
Diluted | [1] | $ 1.97 | $ (0.94) |
Weighted Average Shares of Common Stock Outstanding (millions) | |||
Basic | 244.3 | 257.4 | |
Diluted | 247.7 | 257.4 | |
[1] For the three months ended March 31, 2022, all of Ovintiv’s equity-settled awards were determined to be antidilutive and therefore are excluded from the calculation of fully diluted net earnings (loss) per share of common stock. |
Condensed Consolidated Statem_2
Condensed Consolidated Statement of Comprehensive Income (unaudited) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Statement Of Income And Comprehensive Income [Abstract] | ||
Net Earnings (Loss) | $ 487 | $ (241) |
Other Comprehensive Income (Loss), Net of Tax | ||
Foreign currency translation adjustment | 2 | 28 |
Pension and other post-employment benefit plans | (2) | (1) |
Other Comprehensive Income (Loss) | 0 | 27 |
Comprehensive Income (Loss) | $ 487 | $ (214) |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheet (unaudited) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Current Assets | ||
Cash and cash equivalents | $ 26 | $ 5 |
Accounts receivable and accrued revenues (net of allowances of $4 million (2022: $4 million)) | 1,277 | 1,594 |
Risk management | 89 | 53 |
Income tax receivable | 3 | 43 |
Total Current Assets | 1,395 | 1,695 |
Oil and natural gas properties, based on full cost accounting | ||
Proved properties | 58,002 | 57,054 |
Unproved properties | 1,016 | 1,172 |
Other | 910 | 882 |
Property, plant and equipment | 59,928 | 59,108 |
Less: Accumulated depreciation, depletion and amortization | (50,017) | (49,640) |
Property, plant and equipment, net | 9,911 | 9,468 |
Other Assets | 1,009 | 1,004 |
Risk Management | 3 | 34 |
Deferred Income Taxes | 221 | 271 |
Goodwill | 2,584 | 2,584 |
Total Assets | 15,123 | 15,056 |
Current Liabilities | ||
Accounts payable and accrued liabilities | 1,872 | 2,221 |
Current portion of operating lease liabilities | 88 | 76 |
Income tax payable | 47 | 4 |
Risk management | 45 | 86 |
Current portion of long-term debt | 580 | 393 |
Total Current Liabilities | 2,632 | 2,780 |
Long-Term Debt | 3,176 | 3,177 |
Operating Lease Liabilities | 809 | 814 |
Other Liabilities and Provisions | 116 | 131 |
Risk Management | 22 | 0 |
Asset Retirement Obligation | 276 | 281 |
Deferred Income Taxes | 198 | 184 |
Total Liabilities | 7,229 | 7,367 |
Commitments and Contingencies | ||
Shareholders’ Equity | ||
Share capital - authorized 775 million shares of stock 2023 issued and outstanding: 244.5 million shares (2022: 245.7 million share) | 3 | 3 |
Paid in surplus | 7,555 | 7,776 |
Retained earnings (Accumulated deficit) | (655) | (1,081) |
Accumulated other comprehensive income | 991 | 991 |
Total Shareholders’ Equity | 7,894 | 7,689 |
Total Liabilities and Shareholders' Equity | $ 15,123 | $ 15,056 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheet (Parenthetical) (unaudited) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Statement Of Financial Position [Abstract] | ||
Allowances for accounts receivable and accrued revenues | $ 4 | $ 4 |
Share Capital, Authorized | 775,000,000 | 775,000,000 |
Common Stock, Shares, Issued | 244,500,000 | 245,700,000 |
Common Stock, Shares, Outstanding | 244,500,000 | 245,700,000 |
Condensed Consolidated Statem_3
Condensed Consolidated Statement of Changes in Shareholders' Equity (unaudited) - USD ($) $ in Thousands | Total | Normal Course Issuer Bid [Member] | Share Capital [Member] | Share Capital [Member] Normal Course Issuer Bid [Member] | Paid in Surplus [Member] | Paid in Surplus [Member] Normal Course Issuer Bid [Member] | Retained Earnings (Accumulated Deficit) [Member] | Retained Earnings (Accumulated Deficit) [Member] Normal Course Issuer Bid [Member] | Accumulated Other Comprehensive Income [Member] | Accumulated Other Comprehensive Income [Member] Normal Course Issuer Bid [Member] |
Balance, Beginning of Period at Dec. 31, 2021 | $ 5,074,000 | $ 3,000 | $ 8,458,000 | $ (4,479,000) | $ 1,092,000 | |||||
Net Earnings (Loss) | (241,000) | 0 | 0 | (241,000) | 0 | |||||
Dividends on Shares of Common Stock | (52,000) | 0 | 0 | (52,000) | 0 | |||||
Shares of Common Stock Purchased under Normal Course Issuer Bid | $ (71,000) | $ (14) | $ (71,000) | $ 0 | $ 0 | |||||
Equity-Settled Compensation Costs | (53,000) | 0 | (53,000) | 0 | 0 | |||||
Other Comprehensive Income (Loss) | 27,000 | 0 | 0 | 0 | 27,000 | |||||
Balance, End of Period at Mar. 31, 2022 | 4,684,000 | 3,000 | 8,334,000 | (4,772,000) | 1,119,000 | |||||
Balance, Beginning of Period at Dec. 31, 2021 | 5,074,000 | 3,000 | 8,458,000 | (4,479,000) | 1,092,000 | |||||
Dividends on Shares of Common Stock | (52,000) | |||||||||
Shares of Common Stock Purchased under Normal Course Issuer Bid | 0 | (719,000) | (147) | (719,000) | ||||||
Balance, End of Period at Dec. 31, 2022 | 7,689,000 | 3,000 | 7,776,000 | (1,081,000) | 991,000 | |||||
Net Earnings (Loss) | 487,000 | 0 | 0 | (487,000) | 0 | |||||
Dividends on Shares of Common Stock | (61,000) | 0 | 0 | (61,000) | 0 | |||||
Shares of Common Stock Purchased under Normal Course Issuer Bid | 0 | $ (239,000) | $ (52) | $ (239,000) | $ 0 | $ 0 | ||||
Equity-Settled Compensation Costs | 18,000 | 0 | 18,000 | 0 | 0 | |||||
Other Comprehensive Income (Loss) | 0 | 0 | 0 | 0 | 0 | |||||
Balance, End of Period at Mar. 31, 2023 | $ 7,894,000 | $ 3,000 | $ 7,555,000 | $ (655,000) | $ 991,000 |
Condensed Consolidated Statem_4
Condensed Consolidated Statement of Changes in Shareholders' Equity (Parenthetical) (unaudited) - $ / shares | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Statement Of Stockholders Equity [Abstract] | ||
Dividends on Shares of Common Stock, per share | $ 0.25 | $ 0.20 |
Condensed Consolidated Statem_5
Condensed Consolidated Statement Of Cash Flows (unaudited) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Operating Activities | ||
Net earnings (loss) | $ 487 | $ (241) |
Depreciation, depletion and amortization | 364 | 264 |
Accretion of asset retirement obligation | 5 | 5 |
Deferred income taxes | 64 | (8) |
Unrealized (gain) loss on risk management | (18) | 1,012 |
Unrealized foreign exchange (gain) loss | (5) | (3) |
Foreign exchange on settlements | (1) | (1) |
Other | (45) | 15 |
Net change in other assets and liabilities | (5) | (12) |
Net change in non-cash working capital | 222 | (346) |
Cash From (Used in) Operating Activities | 1,068 | 685 |
Investing Activities | ||
Capital expenditures | (610) | (451) |
Acquisitions | (199) | (15) |
Proceeds from divestitures | 12 | 1 |
Net change in investments and other | (66) | 48 |
Cash From (Used in) Investing Activities | (863) | (417) |
Financing Activities | ||
Net issuance (repayment) of revolving long-term debt | 187 | 0 |
Repayment of long-term debt | 0 | (6) |
Purchase of shares of common stock | (239) | (71) |
Dividends on shares of common stock | (61) | (52) |
Finance lease payments and other | (71) | (64) |
Cash From (Used in) Financing Activities | (184) | (193) |
Foreign Exchange Gain (Loss) on Cash, Cash Equivalents and [Restricted Cash] Held in Foreign Currency | 0 | 1 |
Increase (Decrease) in Cash, Cash Equivalents and [Restricted Cash] | 21 | 76 |
Cash, Cash Equivalents and [Restricted Cash], Beginning of Year | 5 | 195 |
Cash, Cash Equivalents and [Restricted Cash], End of Period | 26 | 271 |
Cash, End of Period | 6 | 48 |
Cash Equivalents, End of Period | 20 | 223 |
Restricted Cash, End of Period | $ 0 | $ 0 |
Basis of Presentation and Princ
Basis of Presentation and Principles of Consolidation | 3 Months Ended |
Mar. 31, 2023 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Basis of Presentation and Principles of Consolidation | 1. Bas is 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, 2022, which are included in Item 8 of Ovintiv’s 2022 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, 2022. 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. |
Segmented Information
Segmented Information | 3 Months Ended |
Mar. 31, 2023 | |
Segment Reporting [Abstract] | |
Segmented Information | 2. Segmented Information Ovintiv’s reportable segments are determined based on the following operations and geographic locations: • USA Operations includes the exploration for, development of, and production of oil, NGLs and natural gas and other related activities within the U.S. cost center. • Canadian Operations includes the exploration for, development of, and production of oil, NGLs and natural gas and other related activities within the Canadian cost center. • Market Optimization is primarily responsible for the sale of the Company’s proprietary production. These results are reported in the USA and Canadian Operations. Market optimization activities 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. These activities are reflected in the Market Optimization segment. Market Optimization sells substantially all of the Company’s upstream production to third-party customers. Transactions between segments are based on market values and are eliminated on consolidation. 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. Results of Operations (For the three months ended March 31) Segment and Geographic Information USA Operations Canadian Operations Market Optimization 2023 2022 2023 2022 2023 2022 Revenues Product and service revenues $ 1,186 $ 1,547 $ 690 $ 778 $ 716 $ 1,082 Gains (losses) on risk management, net 2 ( 219 ) ( 78 ) ( 227 ) - - Sublease revenues - - - - - - Total Revenues 1,188 1,328 612 551 716 1,082 Operating Expenses Production, mineral and other taxes 80 90 4 4 - - Transportation and processing 147 135 267 231 41 40 Operating 170 142 29 37 7 9 Purchased product - - - - 701 1,066 Depreciation, depletion and amortization 294 200 65 59 - - Total Operating Expenses 691 567 365 331 749 1,115 Operating Income (Loss) $ 497 $ 761 $ 247 $ 220 $ ( 33 ) $ ( 33 ) Corporate & Other Consolidated 2023 2022 2023 2022 Revenues Product and service revenues $ - $ - $ 2,592 $ 3,407 Gains (losses) on risk management, net 18 ( 1,012 ) ( 58 ) ( 1,458 ) Sublease revenues 17 18 17 18 Total Revenues 35 ( 994 ) 2,551 1,967 Operating Expenses Production, mineral and other taxes - - 84 94 Transportation and processing - - 455 406 Operating - - 206 188 Purchased product - - 701 1,066 Depreciation, depletion and amortization 5 5 364 264 Accretion of asset retirement obligation 5 5 5 5 Administrative 58 144 58 144 Total Operating Expenses 68 154 1,873 2,167 Operating Income (Loss) $ ( 33 ) $ ( 1,148 ) $ 678 ( 200 ) Other (Income) Expenses Interest 71 74 Foreign exchange (gain) loss, net ( 3 ) ( 1 ) Other (gains) losses, net ( 3 ) ( 27 ) Total Other (Income) Expenses 65 46 Net Earnings (Loss) Before Income Tax 613 ( 246 ) Income tax expense (recovery) 126 ( 5 ) Net Earnings (Loss) $ 487 $ ( 241 ) Intersegment Information Market Optimization Marketing Sales Upstream Eliminations Total For the three months ended March 31, 2023 2022 2023 2022 2023 2022 Revenues $ 3,136 $ 3,423 $ ( 2,420 ) $ ( 2,341 ) $ 716 $ 1,082 Operating Expenses Transportation and processing 165 152 ( 124 ) ( 112 ) 41 40 Operating 7 9 - - 7 9 Purchased product 2,997 3,295 ( 2,296 ) ( 2,229 ) 701 1,066 Operating Income (Loss) $ ( 33 ) $ ( 33 ) $ - $ - $ ( 33 ) $ ( 33 ) Capital Expenditures by Segment Three Months Ended March 31, 2023 2022 USA Operations $ 467 $ 372 Canadian Operations 142 78 Corporate & Other 1 1 $ 610 $ 451 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, 2023 2022 2023 2022 2023 2022 USA Operations $ 1,938 $ 1,938 $ 8,619 $ 8,259 $ 11,375 $ 11,043 Canadian Operations 646 646 1,131 1,044 2,039 2,075 Market Optimization - - - - 312 446 Corporate & Other - - 161 165 1,397 1,492 $ 2,584 $ 2,584 $ 9,911 $ 9,468 $ 15,123 $ 15,056 |
Revenues from Contracts with Cu
Revenues from Contracts with Customers | 3 Months Ended |
Mar. 31, 2023 | |
Revenue From Contract With Customer [Abstract] | |
Revenues from Contracts with Customers | 3. 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 Market Optimization 2023 2022 2023 2022 2023 2022 Revenues from Customers Product revenues (1) Oil $ 851 $ 1,080 $ - $ - $ 609 $ 886 NGLs 184 267 237 362 20 3 Natural gas 155 206 455 419 80 183 Service revenues Gathering and processing - - 1 1 - - Product and Service Revenues $ 1,190 $ 1,553 $ 693 $ 782 $ 709 $ 1,072 Corporate & Other Consolidated 2023 2022 2023 2022 Revenues from Customers Product revenues (1) Oil $ - $ - $ 1,460 $ 1,966 NGLs - - 441 632 Natural gas - - 690 808 Service revenues Gathering and processing - - 1 1 Product and Service Revenues $ - $ - $ 2,592 $ 3,407 (1) Includes revenues from production and revenues of product purchased from third parties, but excludes intercompany marketing fees transacted between the Company’s operating segments. The Company’s revenues from contracts with customers consists of product sales including oil, NGLs and natural gas, as well as the provision of gathering and processing services to third parties. Ovintiv had no contract asset or liability balances during the periods presented. As at March 31, 2023, receivables and accrued revenues from contracts with customers were $ 915 million ($ 1,257 million as at December 31, 2022). Ovintiv’s product sales are sold under short-term contracts with terms that are less than one year at either fixed or market index prices or under long-term contracts exceeding one year at market index prices. The Company’s gathering and processing services are provided on an interruptible basis with transaction prices that are for fixed prices and/or variable consideration. Variable consideration received is related to recovery of plant operating costs or escalation of the fixed price based on a consumer price index. As the service contracts are interruptible, with service provided on an “as available” basis, there are no unsatisfied performance obligations remaining at March 31, 2023. As at March 31, 2023, all remaining performance obligations are priced at market index prices or are variable volume delivery contracts. As such, the variable consideration is allocated entirely to the wholly unsatisfied performance obligation or promise to deliver units of production, and revenue is recognized at the amount for which the Company has the right to invoice the product delivered. As the period between when the product sales are transferred and Ovintiv receives payments is generally 30 to 60 days, there is no financing element associated with customer contracts. In addition, Ovintiv does not disclose unsatisfied performance obligations for customer contracts with terms less than 12 months or for variable consideration related to unsatisfied performance obligations. |
Interest
Interest | 3 Months Ended |
Mar. 31, 2023 | |
Interest Expense [Abstract] | |
Interest | 4. Interest Three Months Ended March 31, 2023 2022 Interest Expense on: Debt $ 60 $ 70 Other 11 4 $ 71 $ 74 |
Foreign Exchange (Gain) Loss, N
Foreign Exchange (Gain) Loss, Net | 3 Months Ended |
Mar. 31, 2023 | |
Foreign Currency [Abstract] | |
Foreign Exchange (Gain) Loss, Net | 5. Foreign Exchange (Gain) Loss, Net Three Months Ended March 31, 2023 2022 Unrealized Foreign Exchange (Gain) Loss on: Translation of U.S. dollar risk management contracts issued from Canada $ ( 6 ) $ ( 3 ) Translation of intercompany notes 1 - ( 5 ) ( 3 ) Foreign Exchange (Gain) Loss on Settlements of: U.S. dollar financing debt issued from Canada ( 1 ) ( 1 ) U.S. dollar risk management contracts issued from Canada 4 ( 1 ) Other Monetary Revaluations ( 1 ) 4 $ ( 3 ) $ ( 1 ) |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 6. Income Taxes Three Months Ended March 31, 2023 2022 Current Tax United States $ - $ 3 Canada 62 - Total Current Tax Expense (Recovery) 62 3 Deferred Tax United States 72 ( 17 ) Canada ( 8 ) 9 Total Deferred Tax Expense (Recovery) 64 ( 8 ) Income Tax Expense (Recovery) $ 126 $ ( 5 ) Effective Tax Rate 20.6 % 2.0 % Ovintiv’s interim income tax expense is determined using the estimated annual effective income tax rate applied to year-to-date net earnings before income tax plus the effect of legislative changes and amounts in respect of prior periods. The estimated annual effective income tax rate is impacted by expected annual earnings, changes in valuation allowances, income tax related to foreign operations, state taxes, the effect of legislative changes, non-taxable items and tax differences on transactions, which can produce interim effective tax rate fluctuations. During the three months ended March 31, 2023, the current income tax expense was primarily due to the expected full utilization of Ovintiv's Canadian operating losses resulting in Canadian current tax in 2023. During the three months ended March 31, 2023, the deferred tax expense was primarily due to the annual effective tax rate applied to the U.S. earnings. During the three months ended March 31, 2022, the deferred tax recovery was due to the lower annual effective income tax rate applied to jurisdictional earnings. The effective tax rate of 2.0 percent for the three months ended March 31, 2022 was lower than the U.S. federal statutory tax rate of 21 percent primarily due to the lower annual effective income tax rate resulting from a reduction in valuation allowances. |
Acquisitions and Divestitures
Acquisitions and Divestitures | 3 Months Ended |
Mar. 31, 2023 | |
Acquisitions And Divestitures [Abstract] | |
Acquisitions and Divestitures | 7. Acquisitions and Divestitures Three Months Ended March 31, 2023 2022 Acquisitions USA Operations $ 193 $ 15 Canadian Operations 6 - Total Acquisitions 199 15 Divestitures USA Operations ( 12 ) ( 1 ) Total Divestitures ( 12 ) ( 1 ) Net Acquisitions & (Divestitures) $ 187 $ 14 Acquisitions For the three months ended March 31, 2023, acquisitions in the USA Operations were $ 193 million (2022 - $ 15 million), which primarily included property purchases in Permian and Uinta with oil and liquids rich potential. For the three months ended March 31, 2023, acquisitions in the Canadian Operations were $ 6 million, which primarily included property purchases with oil and liquids rich potential. Divestitures For the three months ended March 31, 2023, divestitures in the USA Operations were $ 12 million, which primarily included the sale of certain properties that did not complement Ovintiv's existing portfolio of assets. Amounts received from the Company’s divestiture transactions have been deducted from the respective U.S. and Canadian full cost pools. |
Property, Plant and Equipment,
Property, Plant and Equipment, Net | 3 Months Ended |
Mar. 31, 2023 | |
Property Plant And Equipment [Abstract] | |
Property, Plant and Equipment, Net | 8. Property, Plant and Equipment, Net As at March 31, 2023 As at December 31, 2022 Accumulated Accumulated Cost DD&A Net Cost DD&A Net USA Operations Proved properties $ 42,162 $ ( 34,573 ) $ 7,589 $ 41,382 $ ( 34,280 ) $ 7,102 Unproved properties 973 - 973 1,127 - 1,127 Other 57 - 57 30 - 30 43,192 ( 34,573 ) 8,619 42,539 ( 34,280 ) 8,259 Canadian Operations Proved properties 15,840 ( 14,765 ) 1,075 15,672 ( 14,687 ) 985 Unproved properties 43 - 43 45 - 45 Other 13 - 13 14 - 14 15,896 ( 14,765 ) 1,131 15,731 ( 14,687 ) 1,044 Market Optimization 7 ( 7 ) - 7 ( 7 ) - Corporate & Other 833 ( 672 ) 161 831 ( 666 ) 165 $ 59,928 $ ( 50,017 ) $ 9,911 $ 59,108 $ ( 49,640 ) $ 9,468 USA and Canadian Operations’ property, plant and equipment include internal costs directly related to exploration, development and construction activities of $ 53 million, which have been capitalized during the three months ended March 31, 2023 (2022 - $ 49 million). |
Leases
Leases | 3 Months Ended |
Mar. 31, 2023 | |
Leases [Abstract] | |
Leases | 9. Leases The following table outlines Ovintiv’s estimated future sublease income as at March 31, 2023. All subleases are classified as operating leases. (undiscounted) 2023 2024 2025 2026 2027 Thereafter Total Sublease Income $ 37 $ 51 $ 51 $ 51 $ 47 $ 415 $ 652 For the three months ended March 31, 2023, operating lease income was $ 12 million (2022 - $ 13 million), and variable lease income was $ 5 million (2022 - $ 5 million). |
Long-Term Debt
Long-Term Debt | 3 Months Ended |
Mar. 31, 2023 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | 10. Long-Term Debt As at As at March 31, December 31, 2023 2022 U.S. Dollar Denominated Debt Revolving credit and term loan borrowings $ 580 $ 393 U.S. Unsecured Notes: 5.375 % due January 1, 2026 459 459 8.125 % due September 15, 2030 300 300 7.20 % due November 1, 2031 350 350 7.375 % due November 1, 2031 500 500 6.50 % due August 15, 2034 599 599 6.625 % due August 15, 2037 390 390 6.50 % due February 1, 2038 430 430 5.15 % due November 15, 2041 148 148 Total Principal 3,756 3,569 Increase in Value of Debt Acquired 26 27 Unamortized Debt Discounts and Issuance Costs ( 26 ) ( 26 ) Total Long-Term Debt $ 3,756 $ 3,570 Current Portion $ 580 $ 393 Long-Term Portion 3,176 3,177 $ 3,756 $ 3,570 As at March 31, 2023, the Company had outstanding commercial paper of $ 280 million maturing at various dates with a weighted average interest rate of approximately 5.66 percent. As at March 31, 2023, the Company also had $ 300 million drawn on its revolving credit facilities. As at March 31, 2023, total long-term debt had a carrying value of $ 3,756 million and a fair value of $ 3,837 million (as at December 31, 2022 - carrying value of $ 3,570 million and a fair value of $ 3,648 million). The estimated fair value of long-term borrowings is categorized within Level 2 of the fair value hierarchy and has been determined based on market information of long-term debt with similar terms and maturity, or by discounting future payments of interest and principal at interest rates expected to be available to the Company at period end. During the three months ended March 31, 2022, the Company repurchased, in the open market, approximately $ 6 million in principal amount of its senior notes, plus accrued interest. |
Other Liabilities and Provision
Other Liabilities and Provisions | 3 Months Ended |
Mar. 31, 2023 | |
Other Liabilities Disclosure [Abstract] | |
Other Liabilities and Provisions | 11. Other Liabilities and Provisions As at As at March 31, December 31, 2023 2022 Finance Lease Obligations $ 25 $ 27 Pensions and Other Post-Employment Benefits 73 73 Long-Term Incentive Costs (See Note 15) 1 14 Other Derivative Contracts (See Notes 17, 18) 5 5 Other 12 12 $ 116 $ 131 |
Share Capital
Share Capital | 3 Months Ended |
Mar. 31, 2023 | |
Class Of Stock Disclosures [Abstract] | |
Share Capital | 12. 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 March 31, 2023 December 31, 2022 Number Number (millions) Amount (millions) Amount Shares of Common Stock Outstanding, Beginning of Year 245.7 $ 3 258.0 $ 3 Shares of Common Stock Purchased ( 5.2 ) - ( 14.7 ) - Shares of Common Stock Issued 4.0 - 2.4 - Shares of Common Stock Outstanding, End of Period 244.5 $ 3 245.7 $ 3 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 4.0 million shares of common stock during the three months ended March 31, 2023 ( 2.4 million shares of common stock during the twelve months ended December 31, 2022) as certain PSU and RSU grants vested during the period. Normal Course Issuer Bid On September 28, 2022, the Company announced it had received regulatory approval for the renewal of its NCIB program, that enables the Company to purchase, for cancellation or return to treasury, up to approximately 24.8 million shares of common stock over a 12-month period from October 3, 2022 to October 2, 2023. During the three months ended March 31, 2023, the Company purchased approximately 5.2 million shares for total consideration of approximately $ 239 million. Of the amount paid, $ 52 thousand was charged to share capital and $ 239 million was charged to paid in surplus. During the three months ended March 31, 2022, the Company purchased approximately 1.7 million shares under its previous NCIB program which extended from October 1, 2021 to September 30, 2022. Total consideration of approximately $ 71 million was paid to complete the share repurchases, of which $ 14 thousand was charged to share capital and $ 71 million was charged to paid in surplus. For the twelve months ended December 31, 2022, the Company purchased approximately 14.7 million shares under a combination of its current and previous NCIB programs for total consideration of approximately $ 719 million. Of the amount paid, $ 147 thousand was charged to share capital and $ 719 million was charged to paid in surplus. All purchases were made in accordance with the respective NCIB 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 March 31, 2023, the Company declared and paid dividends of $ 0.25 per share of common stock totaling $ 61 million (2022 - $ 0.20 per share of common stock totaling $ 52 million). On April 2, 2023 , the Board of Directors declared a dividend of $ 0.30 per share of common stock payable on June 30, 2023 , to shareholders of record as of June 15, 2023 . Earnings Per Share of Common Stock The following table presents the calculation of net earnings (loss) per share of common stock: Three Months Ended March 31, (US$ millions, except per share amounts) 2023 2022 Net Earnings (Loss) $ 487 $ ( 241 ) Number of Shares of Common Stock: Weighted average shares of common stock outstanding - Basic 244.3 257.4 Effect of dilutive securities (1) 3.4 - Weighted Average Shares of Common Stock Outstanding - Diluted 247.7 257.4 Net Earnings (Loss) per Share of Common Stock Basic $ 1.99 $ ( 0.94 ) Diluted (1) 1.97 ( 0.94 ) (1) For the three months ended March 31, 2022, all of Ovintiv’s equity-settled awards were determined to be antidilutive and therefore are 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. Certain PSUs and RSUs are classified as equity-settled if the Company has sufficient common stock held in reserve for issuance. These awards are included in the calculation of fully diluted net earnings (loss) per share of common stock if dilutive. Ovintiv’s stock options with associated Tandem Stock Appreciation Rights (“TSARs”) give the employee the right to purchase shares of common stock of the Company or receive cash. Historically, most holders of options have elected to exercise their TSARs in exchange for a cash payment. As a result, outstanding options are not considered potentially dilutive securities. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income | 3 Months Ended |
Mar. 31, 2023 | |
Accumulated Other Comprehensive Income Loss Net Of Tax [Abstract] | |
Accumulated Other Comprehensive Income | 13. Accumulated Other Comprehensive Income Three Months Ended March 31, 2023 2022 Foreign Currency Translation Adjustment Balance, Beginning of Year $ 937 $ 1,044 Change in Foreign Currency Translation Adjustment 2 28 Balance, End of Period $ 939 $ 1,072 Pension and Other Post-Employment Benefit Plans Balance, Beginning of Year $ 54 $ 48 Amounts Reclassified from Other Comprehensive Income: Reclassification of net actuarial (gains) and losses to net earnings (See Note 16) ( 2 ) ( 1 ) Income taxes - - Balance, End of Period $ 52 $ 47 Total Accumulated Other Comprehensive Income $ 991 $ 1,119 |
Variable Interest Entities
Variable Interest Entities | 3 Months Ended |
Mar. 31, 2023 | |
Variable Interest Entity Not Primary Beneficiary Disclosures [Abstract] | |
Variable Interest Entities | 14. Variable Interest Entities Veresen Midstream Limited Partnership Veresen Midstream Limited Partnership (“VMLP”) provides gathering, compression and processing services under various agreements related to the Company’s development of liquids and natural gas production in the Montney play. As at March 31, 2023, VMLP provides approximately 1,156 MMcf/d of natural gas gathering and compression and 918 MMcf/d of natural gas processing under long-term service agreements with remaining terms ranging from eight to 22 years and have various renewal terms providing up to a potential maximum of 10 years. Ovintiv has determined that VMLP is a variable interest entity and that Ovintiv holds variable interests in VMLP. Ovintiv is not the primary beneficiary as the Company does not have the power to direct the activities that most significantly impact VMLP’s economic performance. These key activities relate to the construction, operation, maintenance and marketing of the assets owned by VMLP. The variable interests arise from certain terms under the various long-term service agreements and include: i) a take or pay for volumes in certain agreements; ii) an operating fee of which a portion can be converted into a fixed fee once VMLP assumes operatorship of certain assets; and iii) a potential payout of minimum costs in certain agreements. The potential payout of minimum costs will be assessed in the eighth year of the assets’ service period and is based on whether there is an overall shortfall of total system cash flows from natural gas gathered and compressed under certain agreements. The potential payout amount can be reduced in the event VMLP markets unutilized capacity to third-party users. Ovintiv is not required to provide any financial support or guarantees to VMLP. As a result of Ovintiv’s involvement with VMLP, the maximum total exposure to loss related to the commitments under the agreements is estimated to be $ 1,394 million as at March 31, 2023. The estimate comprises the take or pay volume commitments and the potential payout of minimum costs. The take or pay volume commitments associated with certain gathering and processing assets are included in Note 20 under Transportation and Processing. The potential payout requirement is highly uncertain as the amount is contingent on future production estimates, pace of development and downstream transportation constraints. As at March 31, 2023, accounts payable and accrued liabilities included $ 0.1 million related to the take or pay commitment. |
Compensation Plans
Compensation Plans | 3 Months Ended |
Mar. 31, 2023 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Compensation Plans | 15. Compensation Plans Ovintiv has a number of compensation arrangements under which the Company awards various types of long-term incentive grants to eligible employees and Directors. They may include Stock Appreciation Rights (“SARs”), TSARs, PSUs, Deferred Share Units (“DSUs”) and RSUs. Ovintiv accounts for certain PSUs and RSUs as equity-settled stock-based payment transactions provided there is sufficient common stock held in reserve for issuance. SARs, TSARs and DSUs are accounted for as cash-settled stock-based payment transactions. The Company accrues compensation costs over the vesting period based on the fair value of the rights determined using the Black-Scholes-Merton or other appropriate fair value models. During the first quarter of 2023, Ovintiv's Board of Directors resolved to settle certain PSU awards and RSU awards with the issuance of the Company's common stock. Accordingly, these awards were modified and reclassified as equity-settled share-based p ayment transactions at the modification date. The modification date fair value of the awards was US$ 43.80 per share and C$ 59.47 per share for the U.S. dollar denominated and Canadian dollar denominated awards, respectively, and there was no incr emental compensation cost recognized at the modification date. The following weighted average assumptions were used to determine the fair value of SAR and TSAR units outstanding: As at March 31, 2023 As at March 31, 2022 US$ SAR C$ TSAR US$ SAR C$ TSAR Share Units Share Units Share Units Share Units Risk Free Interest Rate 3.79 % 3.79 % 2.21 % 2.21 % Dividend Yield 2.77 % 2.78 % 1.48 % 1.50 % Expected Volatility Rate (1) 64.06 % 60.86 % 106.57 % 105.29 % Expected Term 1.5 yrs 1.4 yrs 1.6 yrs 1.7 yrs Market Share Price US$ 36.08 C$ 48.72 US$ 54.07 C$ 67.63 Weighted Average Grant Date Fair Value US$ 45.01 C$ 62.36 US$ 37.98 C$ 53.93 (1) Volatility was estimated using historical rates. The Company has recognized the following share-based compensation costs: Three Months Ended March 31, 2023 2022 Total Compensation Costs of Transactions Classified as Cash-Settled $ ( 28 ) $ 89 Total Compensation Costs of Transactions Classified as Equity-Settled 21 10 Less: Total Share-Based Compensation Costs Capitalized ( 8 ) ( 9 ) Total Share-Based Compensation Expense (Recovery) $ ( 15 ) $ 90 Recognized in the Condensed Consolidated Statement of Earnings in: Operating $ 4 $ 11 Administrative ( 19 ) 79 $ ( 15 ) $ 90 As at March 31, 2023, the liability for cash-settled share-based payment transactions totaled $ 26 million ($ 153 million as at December 31, 2022), of which $ 25 million ($ 139 million as at December 31, 2022) is recognized in accounts payable and accrued liabilities and $ 1 million ($ 14 million as at December 31, 2022) is recognized in other liabilities and provisions in the Condensed Consolidated Balance Sheet. The following units were granted primarily in conjunction with the Company’s annual grant of long-term incentive awards. The PSUs and RSUs were granted at the volume-weighted average trading price of shares of Ovintiv common stock for the five days prior to the grant date. Three Months Ended March 31, 2023 (thousands of units) PSUs 1,875 RSUs 1,500 DSUs 1 |
Pension and Other Post-Employme
Pension and Other Post-Employment Benefits | 3 Months Ended |
Mar. 31, 2023 | |
General Discussion Of Pension And Other Postretirement Benefits [Abstract] | |
Pension and Other Post-Employment Benefits | 16. Pension and Other Post-Employment Benefits The Company has recognized total benefit plans expense which includes pension benefits and other post-employment benefits (“OPEB”) for the three months ended March 31 as follows: Pension Benefits OPEB Total 2023 2022 2023 2022 2023 2022 Net Defined Periodic Benefit Cost $ 1 $ - $ ( 1 ) $ ( 1 ) $ - $ ( 1 ) Defined Contribution Plan Expense 6 6 - - 6 6 Total Benefit Plans Expense $ 7 $ 6 $ ( 1 ) $ ( 1 ) $ 6 $ 5 Of the total benefit plans expense, $ 6 million (2022 - $ 5 million) was included in operating expense and $ 1 million (2022 - $ 1 million) was included in administrative expense. Excluding service costs, net defined periodic benefit gains of $ 1 million (2022 - gains of $ 1 million) were recorded in other (gains) l osses, net. The net defined periodic benefit cost for the three months ended March 31 is as follows: Defined Benefits OPEB Total 2023 2022 2023 2022 2023 2022 Service Cost $ - $ - $ 1 $ - $ 1 $ - Interest Cost 2 1 - - 2 1 Expected Return on Plan Assets ( 1 ) ( 1 ) - - ( 1 ) ( 1 ) Amounts Reclassified from Accumulated Other Amortization of net actuarial (gains) and losses - - ( 2 ) ( 1 ) ( 2 ) ( 1 ) Total Net Defined Periodic Benefit Cost (1) $ 1 $ - $ ( 1 ) $ ( 1 ) $ - $ ( 1 ) (1) The components of total net defined periodic benefit cost, excluding the service cost component, are included in other (gains) losses, net. |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 17. Fair Value Measurements The fair values of cash and cash equivalents, accounts receivable and accrued revenues, and accounts payable and accrued liabilities approximate their carrying amounts due to the short-term maturity of those instruments. The fair values of restricted cash and marketable securities included in other assets approximate their carrying amounts due to the nature of the instruments held. Recurring fair value measurements are performed for risk management assets and liabilities and other derivative contracts, as discussed further in Note 18. These items are carried at fair value in the Condensed Consolidated Balance Sheet and are classified within the three levels of the fair value hierarchy in the following tables. Fair value changes and settlements for amounts related to risk management assets and liabilities are recognized in revenues and foreign exchange gains and losses according to their purpose. As at March 31, 2023 Level 1 Level 2 Level 3 Total Fair Netting (1) Carrying Risk Management Assets Commodity Derivatives: Current assets $ 1 $ 94 $ 22 $ 117 $ ( 28 ) $ 89 Long-term assets - 3 - 3 - 3 Foreign Currency Derivatives: Current assets - 3 - 3 ( 3 ) - Risk Management Liabilities Commodity Derivatives: Current liabilities $ - $ 67 $ 2 $ 69 $ ( 28 ) $ 41 Long-term liabilities - 22 - 22 - 22 Foreign Currency Derivatives: Current liabilities - 7 - 7 ( 3 ) 4 Other Derivative Contracts (2) Long-term in other liabilities and provisions $ - $ 5 $ - $ 5 $ - $ 5 As at December 31, 2022 Level 1 Level 2 Level 3 Total Fair Netting (1) Carrying Risk Management Assets Commodity Derivatives: Current assets $ - $ 93 $ 12 $ 105 $ ( 53 ) $ 52 Long-term assets - 34 - 34 - 34 Foreign Currency Derivatives: Current assets - 1 - 1 - 1 Risk Management Liabilities Commodity Derivatives: Current liabilities $ - $ 128 $ - $ 128 $ ( 53 ) $ 75 Foreign Currency Derivatives: Current liabilities - 11 - 11 - 11 Other Derivative Contracts (2) Long-term in other liabilities and provisions $ - $ 5 $ - $ 5 $ - $ 5 (1) Netting to offset derivative assets and liabilities where the legal right and intention to offset exists, or where counterparty master netting arrangements contain provisions for net settlement. (2) Includes credit derivatives associated with certain prior years’ divestitures. The Company’s Level 1 and Level 2 risk management assets and liabilities consist of commodity fixed price contracts, NYMEX three-way options, NYMEX costless collars, foreign currency swaps and basis swaps with terms to 2025. The fair values of these contracts are estimated using inputs which are either directly or indirectly observable from active markets, such as exchange and other published prices, broker quotes and observable trading activity throughout the term of the instruments. Level 3 Fair Value Measurements As at March 31, 2023, the Company’s Level 3 risk management assets and liabilities consist of WTI three-way options and WTI costless collars with terms to 2024. The WTI three-way options are a combination of a sold call, a bought put and a sold put. The WTI costless collars are a combination of a sold call and a bought put. These contracts allow the Company to participate in the upside of commodity prices to the ceiling of the call option and provide the Company with complete (collars) or partial (three-way) downside price protection through the put options. The fair values of these contracts are determined using an option pricing model using observable and unobservable inputs such as implied volatility. The unobservable inputs are obtained from third parties whenever possible and reviewed by the Company for reasonableness. A summary of changes in Level 3 fair value measurements for risk management positions is presented below: Three Months Ended March 31, 2023 2022 Balance, Beginning of Year $ 12 $ ( 172 ) Total Gains (Losses) 8 ( 553 ) Purchases, Sales, Issuances and Settlements: Purchases, sales and issuances - - Settlements - 163 Transfers Out of Level 3 - - Balance, End of Period $ 20 $ ( 562 ) Change in Unrealized Gains (Losses) During the Period Included in Net Earnings (Loss) $ 8 $ ( 390 ) Quantitative information about unobservable inputs used in Level 3 fair value measurements is presented below as at March 31, 2023: Valuation Technique Unobservable Input Range Weighted Average (1) Risk Management - WTI Options Option Model Implied Volatility 30 % - 75 % 45 % (1) Unobservable inputs were weighted by the relative fair value of the instruments. A 10 percent increase or decrease in implied volatility for the WTI options would cause an approximate corresponding $ 1 million ($ 2 million as at December 31, 2022) increase or decrease to net risk management assets and liabilities. |
Financial Instruments and Risk
Financial Instruments and Risk Management | 3 Months Ended |
Mar. 31, 2023 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Financial Instruments and Risk Management | 18. Financial Instruments and Risk Management A) Financial Instruments Ovintiv’s financial assets and liabilities are recognized in cash and cash equivalents, accounts receivable and accrued revenues, other assets, accounts payable and accrued liabilities, risk management assets and liabilities, long-term debt, and other liabilities and provisions. B) Risk Management Activities Ovintiv uses derivative financial instruments to manage its exposure to fluctuating commodity prices and foreign currency exchange rates. The Company does not apply hedge accounting to any of its derivative financial instruments. As a result, gains and losses from changes in the fair value are recognized in net earnings (loss). Commodity Price Risk Commodity price risk arises from the effect that fluctuations in future commodity prices may have on revenues from production. To partially mitigate exposure to commodity price risk, the Company has entered into various derivative financial instruments. The use of these derivative instruments is governed under formal policies and is subject to limits established by the Board of Directors. Oil and NGLs - To partially mitigate oil and NGL commodity price risk, the Company uses WTI- and NGL-based contracts such as fixed price contracts, options and costless collars. Ovintiv has also entered into basis swaps to manage against widening price differentials between various production areas, products and price points. Natural Gas - To partially mitigate natural gas commodity price risk, the Company uses NYMEX-based contracts such as fixed price contracts, options and costless collars. Ovintiv has also entered into basis swaps to manage against widening price differentials between various production areas and benchmark price points. Foreign Exchange Risk Foreign exchange risk arises from changes in foreign currency exchange rates that may affect the fair value or future cash flows from the Company’s financial assets or liabilities. To partially mitigate the effect of foreign exchange fluctuations on future commodity revenues and expenses, the Company may enter into foreign currency derivative contracts. As at March 31, 2023, the Company has enter ed into $ 401 million notional U.S. dollar denominated currency swaps at an average exchange rate of C$ 1.3356 to US$1, whic h mature monthly through the remainder of 2023. Risk Management Positions as at March 31, 2023 Notional Volumes Term Average Price Fair Value Oil and NGL Contracts US$/bbl Fixed Price Contracts Ethane Fixed Price 5.0 Mbbls/d 2024 10.28 $ - WTI Three-Way Options Sold call / bought put / sold put 40.0 Mbbls/d 2023 112.05 / 65.42 / 50.00 22 WTI Costless Collars Sold call / bought put 2.5 Mbbls/d 2024 80.09 / 60.00 ( 2 ) Basis Contracts (1) 2023 1 Other Financial Positions - Oil and NGLs Fair Value Position 21 Natural Gas Contracts US$/Mcf Fixed Price Contracts NYMEX Fixed Price 100 MMcf/d 2024 3.72 3 NYMEX Three-Way Options Sold call / bought put / sold put 397 MMcf/d 2023 7.55 / 3.61 / 2.59 74 NYMEX Costless Collars Sold call / bought put 134 MMcf/d 2023 3.68 / 3.00 8 Sold call / bought put 12 MMcf/d 2024 5.50 / 3.00 - Basis Contracts (2) 2023 ( 53 ) 2024 ( 10 ) 2025 ( 16 ) Other Financial Positions 2 Natural Gas Fair Value Position 8 Other Derivative Contracts Fair Value Position (3) ( 5 ) Foreign Currency Contracts Fair Value Position (4) 2023 ( 4 ) Total Fair Value Position $ 20 (1) Ovintiv has entered into oil differential swaps associated with Canadian condensate and WTI. (2) Ovintiv has entered into natural gas basis swaps associated with AECO, Malin, Waha and NYMEX. (3) Includes credit derivatives associated with certain prior years’ divestitures. (4) Ovintiv has entered into U.S. dollar denominated fixed-for-floating average currency swaps to protect against fluctuations between the Canadian and U.S. dollars. Earnings Impact of Realized and Unrealized Gains (Losses) on Risk Management Positions Three Months Ended March 31, 2023 2022 Realized Gains (Losses) on Risk Management Commodity and Other Derivatives: Revenues (1) $ ( 76 ) $ ( 446 ) Foreign Currency Derivatives: Foreign exchange ( 4 ) 1 $ ( 80 ) $ ( 445 ) Unrealized Gains (Losses) on Risk Management Commodity and Other Derivatives: Revenues (2) $ 18 $ ( 1,012 ) Foreign Currency Derivatives: Foreign exchange 6 3 $ 24 $ ( 1,009 ) Total Realized and Unrealized Gains (Losses) on Risk Management , net Commodity and Other Derivatives: Revenues (1) (2) $ ( 58 ) $ ( 1,458 ) Foreign Currency Derivatives: Foreign exchange 2 4 $ ( 56 ) $ ( 1,454 ) (1) Includes a realized gain of nil for the three months ended March 31, 2023 (2022 - gain of $ 2 million), related to other derivative contracts. (2) There were no unrealized gains or losses related to other derivative contracts for the three months ended March 31, 2023 or 2022. Reconciliation of Unrealized Risk Management Positions from January 1 to March 31 2023 2022 Fair Value Total Total Fair Value of Contracts, Beginning of Year $ ( 4 ) Change in Fair Value of Contracts in Place at Beginning of Year and Contracts Entered into During the Period ( 56 ) $ ( 56 ) $ ( 1,454 ) Settlement of Other Derivative Contracts - Fair Value of Contracts Realized During the Period 80 80 445 Fair Value of Contracts, End of Period $ 20 $ 24 $ ( 1,009 ) Risk management assets and liabilities arise from the use of derivative financial instruments and are measured at fair value. See Note 17 for a discussion of fair value measurements. Unrealized Risk Management Positions As at As at March 31, December 31, 2023 2022 Risk Management Assets Current $ 89 $ 53 Long-term 3 34 92 87 Risk Management Liabilities Current 45 86 Long-term 22 - 67 86 Other Derivative Contract Liabilities Long-term in other liabilities and provisions 5 5 5 5 Net Risk Management Assets (Liabilities) and Other Derivative Contracts $ 20 $ ( 4 ) C) Credit Risk Credit risk arises from the potential that the Company may incur a loss if a counterparty to a financial instrument fails to meet its obligation in accordance with agreed terms. While exchange-traded contracts are subject to nominal credit risk due to the financial safeguards established by the exchanges and clearing agencies, over-the-counter traded contracts expose Ovintiv to counterparty credit risk. Counterparties to the Company’s derivative financial instruments consist primarily of major financial institutions and companies within the energy industry. This credit risk exposure is mitigated through the use of credit policies approved by the Board of Directors governing the Company’s credit portfolio including credit practices that limit transactions according to counterparties’ credit quality. Mitigation strategies may include master netting arrangements, requesting collateral, purchasing credit insurance and/or transacting credit derivatives. The Company executes commodity derivative financial instruments under master agreements that have netting provisions that provide for offsetting payables against receivables. Ovintiv actively evaluates the creditworthiness of its counterparties, assigns appropriate credit limits and monitors credit exposures against those assigned limits. As at March 31, 2023, Ovintiv’s maximum exposure of loss due to credit risk from derivative financial instrument assets on a gross and net fair value basis was $ 123 million and $ 92 million, respectively, as disclosed in Note 17. The Company had no significant credit derivatives in place and held no collateral at March 31, 2023. Any cash equivalents include high-grade, short-term securities, placed primarily with financial institutions with strong investment grade ratings. Any foreign currency agreements entered into are with major financial institutions that have investment grade credit ratings. A substantial portion of the Company’s accounts receivable are with customers and working interest owners in the oil and gas industry and are subject to normal industry credit risks. As at March 31, 2023, approximately 85 percent ( 88 percent as at December 31, 2022) of Ovintiv’s accounts receivable and financial derivative credit exposures were with investment grade counterparties. During 2015 and 2017, the Company entered into agreements resulting from divestitures, which may require Ovintiv to fulfill certain payment obligations on the take or pay volume commitments assumed by the purchasers. The circumstances that would require Ovintiv to perform under the agreements include events where a purchaser fails to make payment to the guaranteed party and/or a purchaser is subject to an insolvency event. The agreements expire in June 2024 with a fair value recognized of $ 5 million as at March 31, 2023 ($ 5 million as at December 31, 2022). The maximum potential amount of undiscounted future payments is $ 29 million as at March 31, 2023, and is considered unlikely. |
Supplementary Information
Supplementary Information | 3 Months Ended |
Mar. 31, 2023 | |
Supplemental Cash Flow Elements [Abstract] | |
Supplementary Information | 19. Supplementary Information Supplemental disclosures to the Condensed Consolidated Statement of Cash Flows are presented below: A) Net Change in Non-Cash Working Capital Three Months Ended March 31, 2023 2022 Operating Activities Accounts receivable and accrued revenues $ 314 $ ( 501 ) Accounts payable and accrued liabilities ( 187 ) 153 Current portion of operating lease liabilities 12 - Income tax receivable and payable 83 2 $ 222 $ ( 346 ) B) Non-Cash Activities Three Months Ended March 31, 2023 2022 Non-Cash Operating Activities ROU operating lease assets and liabilities $ ( 29 ) $ ( 24 ) Non-Cash Investing Activities Property, plant and equipment accruals $ ( 1 ) $ 41 Capitalized long-term incentives ( 2 ) 5 Property additions/dispositions, including swaps 18 4 |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2023 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 20. Commitments and Contingencies Commitments The following table outlines the Company’s commitments as at March 31, 2023: Expected Future Payments (undiscounted) 2023 2024 2025 2026 2027 Thereafter Total Transportation and Processing $ 595 $ 696 $ 581 $ 503 $ 476 $ 2,261 $ 5,112 Drilling and Field Services 244 21 - - - - 265 Building Leases 7 8 8 2 - - 25 Total $ 846 $ 725 $ 589 $ 505 $ 476 $ 2,261 $ 5,402 Operating leases with terms greater than one year are not included in the commitments table above. The table above includes short-term leases with contract terms less than 12 months, such as drilling rigs and field office leases, as well as non-lease operating cost components associated with building leases. Included within transportation and processing in the table above are certain commitments associated with midstream service agreements with VMLP as described in Note 14. Divestiture transactions can reduce certain commitments disclosed above. Contingencies Ovintiv is involved in various legal claims and actions arising in the normal course of the Company’s operations. Although the outcome of these claims cannot be predicted with certainty, the Company does not expect these matters to have a material adverse effect on Ovintiv’s financial position, cash flows or results of operations. Management’s assessment of these matters may change in the future as certain of these matters are in early stages or are subject to a number of uncertainties. For material matters that the Company believes an unfavorable outcome is reasonably possible, the Company discloses the nature and a range of potential exposures. If an unfavorable outcome were to occur, there exists the possibility of a material impact on the Company’s consolidated net earnings or loss for the period in which the effect becomes reasonably estimable. The Company accrues for such items when a liability is both probable and the amount can be reasonably estimated. Such accruals are based on the Company’s information known about the matters, estimates of the outcomes of such matters and experience in handling similar matters. |
Subsequent Event
Subsequent Event | 3 Months Ended |
Mar. 31, 2023 | |
Subsequent Events [Abstract] | |
Subsequent Event | 21. Subsequent Events Acquisition of Core Midland Basin Assets (“Permian Acquisition”) On April 3, 2023, the Company announced it had entered into a definitive purchase agreement to acquire substantially all leasehold interest and related assets of Black Swan Oil & Gas, LLC, PetroLegacy II Holdings, LLC, Piedra Energy III Holdings, LLC and Piedra Energy IV Holdings, LLC (collectively, the "Sellers"), which are portfolio companies of funds managed by EnCap Investments L.P. ("EnCap"), in a cash and stock transaction valued at approximately $ 4.275 billion before closing adjustments. Under the terms of the agreement, the Company expects to issue approximately 32.6 million shares of Ovintiv common stock and pay approximately $ 3.125 billion in cash to complete the transaction. The transaction has been unanimously approved by the Board of Directors and is subject to the terms and conditions set forth in the purchase agreement as well as other customary closing conditions and regulatory approvals. The transaction is expected to close in the second quarter of 2023 and has an effective date of January 1, 2023 . Divestiture of Bakken In conjunction with the Permian Acquisition noted above, on April 3, 2023, the Company also announced an agreement to sell the entirety of its Bakken assets located in North Dakota, to Grayson Mill Bakken, LLC, which is a portfolio company of funds managed by EnCap, for approximately $ 825 million before closing adjustments. The transaction is expected to close in the second quarter of 2023 and is subject to ordinary closing conditions, regulatory approvals and other adjustments. The transaction has an effective date of January 1, 2023. |
Basis of Presentation and Pri_2
Basis of Presentation and Principles of Consolidation (Policies) | 3 Months Ended |
Mar. 31, 2023 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
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, 2022, which are included in Item 8 of Ovintiv’s 2022 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, 2022. 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. |
Segmented Information (Tables)
Segmented Information (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Segment Reporting [Abstract] | |
Segment and Geographic Information | Results of Operations (For the three months ended March 31) Segment and Geographic Information USA Operations Canadian Operations Market Optimization 2023 2022 2023 2022 2023 2022 Revenues Product and service revenues $ 1,186 $ 1,547 $ 690 $ 778 $ 716 $ 1,082 Gains (losses) on risk management, net 2 ( 219 ) ( 78 ) ( 227 ) - - Sublease revenues - - - - - - Total Revenues 1,188 1,328 612 551 716 1,082 Operating Expenses Production, mineral and other taxes 80 90 4 4 - - Transportation and processing 147 135 267 231 41 40 Operating 170 142 29 37 7 9 Purchased product - - - - 701 1,066 Depreciation, depletion and amortization 294 200 65 59 - - Total Operating Expenses 691 567 365 331 749 1,115 Operating Income (Loss) $ 497 $ 761 $ 247 $ 220 $ ( 33 ) $ ( 33 ) Corporate & Other Consolidated 2023 2022 2023 2022 Revenues Product and service revenues $ - $ - $ 2,592 $ 3,407 Gains (losses) on risk management, net 18 ( 1,012 ) ( 58 ) ( 1,458 ) Sublease revenues 17 18 17 18 Total Revenues 35 ( 994 ) 2,551 1,967 Operating Expenses Production, mineral and other taxes - - 84 94 Transportation and processing - - 455 406 Operating - - 206 188 Purchased product - - 701 1,066 Depreciation, depletion and amortization 5 5 364 264 Accretion of asset retirement obligation 5 5 5 5 Administrative 58 144 58 144 Total Operating Expenses 68 154 1,873 2,167 Operating Income (Loss) $ ( 33 ) $ ( 1,148 ) $ 678 ( 200 ) Other (Income) Expenses Interest 71 74 Foreign exchange (gain) loss, net ( 3 ) ( 1 ) Other (gains) losses, net ( 3 ) ( 27 ) Total Other (Income) Expenses 65 46 Net Earnings (Loss) Before Income Tax 613 ( 246 ) Income tax expense (recovery) 126 ( 5 ) Net Earnings (Loss) $ 487 $ ( 241 ) |
Schedule of Marketing Intersegment Eliminations | Intersegment Information Market Optimization Marketing Sales Upstream Eliminations Total For the three months ended March 31, 2023 2022 2023 2022 2023 2022 Revenues $ 3,136 $ 3,423 $ ( 2,420 ) $ ( 2,341 ) $ 716 $ 1,082 Operating Expenses Transportation and processing 165 152 ( 124 ) ( 112 ) 41 40 Operating 7 9 - - 7 9 Purchased product 2,997 3,295 ( 2,296 ) ( 2,229 ) 701 1,066 Operating Income (Loss) $ ( 33 ) $ ( 33 ) $ - $ - $ ( 33 ) $ ( 33 ) |
Capital Expenditures by Segment | Capital Expenditures by Segment Three Months Ended March 31, 2023 2022 USA Operations $ 467 $ 372 Canadian Operations 142 78 Corporate & Other 1 1 $ 610 $ 451 |
Goodwill, Property, Plant and Equipment and Total Assets by Segment | 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, 2023 2022 2023 2022 2023 2022 USA Operations $ 1,938 $ 1,938 $ 8,619 $ 8,259 $ 11,375 $ 11,043 Canadian Operations 646 646 1,131 1,044 2,039 2,075 Market Optimization - - - - 312 446 Corporate & Other - - 161 165 1,397 1,492 $ 2,584 $ 2,584 $ 9,911 $ 9,468 $ 15,123 $ 15,056 |
Revenues from Contracts with _2
Revenues from Contracts with Customers (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Disaggregation Of Revenue [Abstract] | |
Disaggregation of Revenue | Revenues (For the three months ended March 31) USA Operations Canadian Operations Market Optimization 2023 2022 2023 2022 2023 2022 Revenues from Customers Product revenues (1) Oil $ 851 $ 1,080 $ - $ - $ 609 $ 886 NGLs 184 267 237 362 20 3 Natural gas 155 206 455 419 80 183 Service revenues Gathering and processing - - 1 1 - - Product and Service Revenues $ 1,190 $ 1,553 $ 693 $ 782 $ 709 $ 1,072 Corporate & Other Consolidated 2023 2022 2023 2022 Revenues from Customers Product revenues (1) Oil $ - $ - $ 1,460 $ 1,966 NGLs - - 441 632 Natural gas - - 690 808 Service revenues Gathering and processing - - 1 1 Product and Service Revenues $ - $ - $ 2,592 $ 3,407 (1) Includes revenues from production and revenues of product purchased from third parties, but excludes intercompany marketing fees transacted between the Company’s operating segments. |
Interest (Tables)
Interest (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Interest Expense [Abstract] | |
Schedule of Interest Expense | Three Months Ended March 31, 2023 2022 Interest Expense on: Debt $ 60 $ 70 Other 11 4 $ 71 $ 74 |
Foreign Exchange (Gain) Loss,_2
Foreign Exchange (Gain) Loss, Net (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Foreign Currency [Abstract] | |
Foreign Exchange (Gain) Loss, Net | Three Months Ended March 31, 2023 2022 Unrealized Foreign Exchange (Gain) Loss on: Translation of U.S. dollar risk management contracts issued from Canada $ ( 6 ) $ ( 3 ) Translation of intercompany notes 1 - ( 5 ) ( 3 ) Foreign Exchange (Gain) Loss on Settlements of: U.S. dollar financing debt issued from Canada ( 1 ) ( 1 ) U.S. dollar risk management contracts issued from Canada 4 ( 1 ) Other Monetary Revaluations ( 1 ) 4 $ ( 3 ) $ ( 1 ) |
Income Taxes (Tables)
Income Taxes (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Provision For Income Taxes | Three Months Ended March 31, 2023 2022 Current Tax United States $ - $ 3 Canada 62 - Total Current Tax Expense (Recovery) 62 3 Deferred Tax United States 72 ( 17 ) Canada ( 8 ) 9 Total Deferred Tax Expense (Recovery) 64 ( 8 ) Income Tax Expense (Recovery) $ 126 $ ( 5 ) Effective Tax Rate 20.6 % 2.0 % |
Acquisitions and Divestitures (
Acquisitions and Divestitures (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Acquisitions And Divestitures [Abstract] | |
Schedule of Net Acquisitions & (Divestitures) | Three Months Ended March 31, 2023 2022 Acquisitions USA Operations $ 193 $ 15 Canadian Operations 6 - Total Acquisitions 199 15 Divestitures USA Operations ( 12 ) ( 1 ) Total Divestitures ( 12 ) ( 1 ) Net Acquisitions & (Divestitures) $ 187 $ 14 |
Property, Plant and Equipment_2
Property, Plant and Equipment, Net (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Property Plant And Equipment [Abstract] | |
Schedule Of Property, Plant And Equipment | As at March 31, 2023 As at December 31, 2022 Accumulated Accumulated Cost DD&A Net Cost DD&A Net USA Operations Proved properties $ 42,162 $ ( 34,573 ) $ 7,589 $ 41,382 $ ( 34,280 ) $ 7,102 Unproved properties 973 - 973 1,127 - 1,127 Other 57 - 57 30 - 30 43,192 ( 34,573 ) 8,619 42,539 ( 34,280 ) 8,259 Canadian Operations Proved properties 15,840 ( 14,765 ) 1,075 15,672 ( 14,687 ) 985 Unproved properties 43 - 43 45 - 45 Other 13 - 13 14 - 14 15,896 ( 14,765 ) 1,131 15,731 ( 14,687 ) 1,044 Market Optimization 7 ( 7 ) - 7 ( 7 ) - Corporate & Other 833 ( 672 ) 161 831 ( 666 ) 165 $ 59,928 $ ( 50,017 ) $ 9,911 $ 59,108 $ ( 49,640 ) $ 9,468 |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Leases [Abstract] | |
Schedule of Estimated Future Sublease Income | The following table outlines Ovintiv’s estimated future sublease income as at March 31, 2023. All subleases are classified as operating leases. (undiscounted) 2023 2024 2025 2026 2027 Thereafter Total Sublease Income $ 37 $ 51 $ 51 $ 51 $ 47 $ 415 $ 652 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Debt Disclosure [Abstract] | |
Schedule Of Long-Term Debt | As at As at March 31, December 31, 2023 2022 U.S. Dollar Denominated Debt Revolving credit and term loan borrowings $ 580 $ 393 U.S. Unsecured Notes: 5.375 % due January 1, 2026 459 459 8.125 % due September 15, 2030 300 300 7.20 % due November 1, 2031 350 350 7.375 % due November 1, 2031 500 500 6.50 % due August 15, 2034 599 599 6.625 % due August 15, 2037 390 390 6.50 % due February 1, 2038 430 430 5.15 % due November 15, 2041 148 148 Total Principal 3,756 3,569 Increase in Value of Debt Acquired 26 27 Unamortized Debt Discounts and Issuance Costs ( 26 ) ( 26 ) Total Long-Term Debt $ 3,756 $ 3,570 Current Portion $ 580 $ 393 Long-Term Portion 3,176 3,177 $ 3,756 $ 3,570 |
Other Liabilities and Provisi_2
Other Liabilities and Provisions (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Other Liabilities Disclosure [Abstract] | |
Schedule of Other Liabilities and Provisions | As at As at March 31, December 31, 2023 2022 Finance Lease Obligations $ 25 $ 27 Pensions and Other Post-Employment Benefits 73 73 Long-Term Incentive Costs (See Note 15) 1 14 Other Derivative Contracts (See Notes 17, 18) 5 5 Other 12 12 $ 116 $ 131 |
Share Capital (Tables)
Share Capital (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Class Of Stock Disclosures [Abstract] | |
Schedule of Common Stock Issued and Outstanding | As at As at March 31, 2023 December 31, 2022 Number Number (millions) Amount (millions) Amount Shares of Common Stock Outstanding, Beginning of Year 245.7 $ 3 258.0 $ 3 Shares of Common Stock Purchased ( 5.2 ) - ( 14.7 ) - Shares of Common Stock Issued 4.0 - 2.4 - Shares of Common Stock Outstanding, End of Period 244.5 $ 3 245.7 $ 3 |
Earnings Per Common Share | The following table presents the calculation of net earnings (loss) per share of common stock: Three Months Ended March 31, (US$ millions, except per share amounts) 2023 2022 Net Earnings (Loss) $ 487 $ ( 241 ) Number of Shares of Common Stock: Weighted average shares of common stock outstanding - Basic 244.3 257.4 Effect of dilutive securities (1) 3.4 - Weighted Average Shares of Common Stock Outstanding - Diluted 247.7 257.4 Net Earnings (Loss) per Share of Common Stock Basic $ 1.99 $ ( 0.94 ) Diluted (1) 1.97 ( 0.94 ) (1) For the three months ended March 31, 2022, all of Ovintiv’s equity-settled awards were determined to be antidilutive and therefore are excluded from the calculation of fully diluted net earnings (loss) per share of common stock. |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Accumulated Other Comprehensive Income Loss Net Of Tax [Abstract] | |
Schedule of Accumulated Other Comprehensive Income | 13. Accumulated Other Comprehensive Income Three Months Ended March 31, 2023 2022 Foreign Currency Translation Adjustment Balance, Beginning of Year $ 937 $ 1,044 Change in Foreign Currency Translation Adjustment 2 28 Balance, End of Period $ 939 $ 1,072 Pension and Other Post-Employment Benefit Plans Balance, Beginning of Year $ 54 $ 48 Amounts Reclassified from Other Comprehensive Income: Reclassification of net actuarial (gains) and losses to net earnings (See Note 16) ( 2 ) ( 1 ) Income taxes - - Balance, End of Period $ 52 $ 47 Total Accumulated Other Comprehensive Income $ 991 $ 1,119 |
Compensation Plans (Tables)
Compensation Plans (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Schedule of Weighted Average Assumptions Used to Fair Value Share Units | The following weighted average assumptions were used to determine the fair value of SAR and TSAR units outstanding: As at March 31, 2023 As at March 31, 2022 US$ SAR C$ TSAR US$ SAR C$ TSAR Share Units Share Units Share Units Share Units Risk Free Interest Rate 3.79 % 3.79 % 2.21 % 2.21 % Dividend Yield 2.77 % 2.78 % 1.48 % 1.50 % Expected Volatility Rate (1) 64.06 % 60.86 % 106.57 % 105.29 % Expected Term 1.5 yrs 1.4 yrs 1.6 yrs 1.7 yrs Market Share Price US$ 36.08 C$ 48.72 US$ 54.07 C$ 67.63 Weighted Average Grant Date Fair Value US$ 45.01 C$ 62.36 US$ 37.98 C$ 53.93 (1) Volatility was estimated using historical rates. |
Amounts Recognized For Share-Based Payment Transactions | The Company has recognized the following share-based compensation costs: Three Months Ended March 31, 2023 2022 Total Compensation Costs of Transactions Classified as Cash-Settled $ ( 28 ) $ 89 Total Compensation Costs of Transactions Classified as Equity-Settled 21 10 Less: Total Share-Based Compensation Costs Capitalized ( 8 ) ( 9 ) Total Share-Based Compensation Expense (Recovery) $ ( 15 ) $ 90 Recognized in the Condensed Consolidated Statement of Earnings in: Operating $ 4 $ 11 Administrative ( 19 ) 79 $ ( 15 ) $ 90 |
Schedule of Share-based Compensation Activity | The following units were granted primarily in conjunction with the Company’s annual grant of long-term incentive awards. The PSUs and RSUs were granted at the volume-weighted average trading price of shares of Ovintiv common stock for the five days prior to the grant date. Three Months Ended March 31, 2023 (thousands of units) PSUs 1,875 RSUs 1,500 DSUs 1 |
Pension and Other Post-Employ_2
Pension and Other Post-Employment Benefits (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
General Discussion Of Pension And Other Postretirement Benefits [Abstract] | |
Total Benefit Plans Expense Recognized | The Company has recognized total benefit plans expense which includes pension benefits and other post-employment benefits (“OPEB”) for the three months ended March 31 as follows: Pension Benefits OPEB Total 2023 2022 2023 2022 2023 2022 Net Defined Periodic Benefit Cost $ 1 $ - $ ( 1 ) $ ( 1 ) $ - $ ( 1 ) Defined Contribution Plan Expense 6 6 - - 6 6 Total Benefit Plans Expense $ 7 $ 6 $ ( 1 ) $ ( 1 ) $ 6 $ 5 |
Schedule of Net Defined Periodic Benefit Cost | The net defined periodic benefit cost for the three months ended March 31 is as follows: Defined Benefits OPEB Total 2023 2022 2023 2022 2023 2022 Service Cost $ - $ - $ 1 $ - $ 1 $ - Interest Cost 2 1 - - 2 1 Expected Return on Plan Assets ( 1 ) ( 1 ) - - ( 1 ) ( 1 ) Amounts Reclassified from Accumulated Other Amortization of net actuarial (gains) and losses - - ( 2 ) ( 1 ) ( 2 ) ( 1 ) Total Net Defined Periodic Benefit Cost (1) $ 1 $ - $ ( 1 ) $ ( 1 ) $ - $ ( 1 ) (1) The components of total net defined periodic benefit cost, excluding the service cost component, are included in other (gains) losses, net. |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Schedule Of Fair Value, Assets And Liabilities Measured On Recurring Basis | Fair value changes and settlements for amounts related to risk management assets and liabilities are recognized in revenues and foreign exchange gains and losses according to their purpose. As at March 31, 2023 Level 1 Level 2 Level 3 Total Fair Netting (1) Carrying Risk Management Assets Commodity Derivatives: Current assets $ 1 $ 94 $ 22 $ 117 $ ( 28 ) $ 89 Long-term assets - 3 - 3 - 3 Foreign Currency Derivatives: Current assets - 3 - 3 ( 3 ) - Risk Management Liabilities Commodity Derivatives: Current liabilities $ - $ 67 $ 2 $ 69 $ ( 28 ) $ 41 Long-term liabilities - 22 - 22 - 22 Foreign Currency Derivatives: Current liabilities - 7 - 7 ( 3 ) 4 Other Derivative Contracts (2) Long-term in other liabilities and provisions $ - $ 5 $ - $ 5 $ - $ 5 As at December 31, 2022 Level 1 Level 2 Level 3 Total Fair Netting (1) Carrying Risk Management Assets Commodity Derivatives: Current assets $ - $ 93 $ 12 $ 105 $ ( 53 ) $ 52 Long-term assets - 34 - 34 - 34 Foreign Currency Derivatives: Current assets - 1 - 1 - 1 Risk Management Liabilities Commodity Derivatives: Current liabilities $ - $ 128 $ - $ 128 $ ( 53 ) $ 75 Foreign Currency Derivatives: Current liabilities - 11 - 11 - 11 Other Derivative Contracts (2) Long-term in other liabilities and provisions $ - $ 5 $ - $ 5 $ - $ 5 (1) Netting to offset derivative assets and liabilities where the legal right and intention to offset exists, or where counterparty master netting arrangements contain provisions for net settlement. (2) Includes credit derivatives associated with certain prior years’ divestitures. |
Summary Of Changes In Level 3 Fair Value Measurements | A summary of changes in Level 3 fair value measurements for risk management positions is presented below: Three Months Ended March 31, 2023 2022 Balance, Beginning of Year $ 12 $ ( 172 ) Total Gains (Losses) 8 ( 553 ) Purchases, Sales, Issuances and Settlements: Purchases, sales and issuances - - Settlements - 163 Transfers Out of Level 3 - - Balance, End of Period $ 20 $ ( 562 ) Change in Unrealized Gains (Losses) During the Period Included in Net Earnings (Loss) $ 8 $ ( 390 ) |
Quantitative Information About Unobservable Inputs Used In Level 3 | Quantitative information about unobservable inputs used in Level 3 fair value measurements is presented below as at March 31, 2023: Valuation Technique Unobservable Input Range Weighted Average (1) Risk Management - WTI Options Option Model Implied Volatility 30 % - 75 % 45 % (1) Unobservable inputs were weighted by the relative fair value of the instruments. |
Financial Instruments and Ris_2
Financial Instruments and Risk Management (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Risk Management Positions | Notional Volumes Term Average Price Fair Value Oil and NGL Contracts US$/bbl Fixed Price Contracts Ethane Fixed Price 5.0 Mbbls/d 2024 10.28 $ - WTI Three-Way Options Sold call / bought put / sold put 40.0 Mbbls/d 2023 112.05 / 65.42 / 50.00 22 WTI Costless Collars Sold call / bought put 2.5 Mbbls/d 2024 80.09 / 60.00 ( 2 ) Basis Contracts (1) 2023 1 Other Financial Positions - Oil and NGLs Fair Value Position 21 Natural Gas Contracts US$/Mcf Fixed Price Contracts NYMEX Fixed Price 100 MMcf/d 2024 3.72 3 NYMEX Three-Way Options Sold call / bought put / sold put 397 MMcf/d 2023 7.55 / 3.61 / 2.59 74 NYMEX Costless Collars Sold call / bought put 134 MMcf/d 2023 3.68 / 3.00 8 Sold call / bought put 12 MMcf/d 2024 5.50 / 3.00 - Basis Contracts (2) 2023 ( 53 ) 2024 ( 10 ) 2025 ( 16 ) Other Financial Positions 2 Natural Gas Fair Value Position 8 Other Derivative Contracts Fair Value Position (3) ( 5 ) Foreign Currency Contracts Fair Value Position (4) 2023 ( 4 ) Total Fair Value Position $ 20 (1) Ovintiv has entered into oil differential swaps associated with Canadian condensate and WTI. (2) Ovintiv has entered into natural gas basis swaps associated with AECO, Malin, Waha and NYMEX. (3) Includes credit derivatives associated with certain prior years’ divestitures. (4) Ovintiv has entered into U.S. dollar denominated fixed-for-floating average currency swaps to protect against fluctuations between the Canadian and U.S. dollars. |
Earnings Impact of Realized and Unrealized Gains (Losses) on Risk Management Positions | Three Months Ended March 31, 2023 2022 Realized Gains (Losses) on Risk Management Commodity and Other Derivatives: Revenues (1) $ ( 76 ) $ ( 446 ) Foreign Currency Derivatives: Foreign exchange ( 4 ) 1 $ ( 80 ) $ ( 445 ) Unrealized Gains (Losses) on Risk Management Commodity and Other Derivatives: Revenues (2) $ 18 $ ( 1,012 ) Foreign Currency Derivatives: Foreign exchange 6 3 $ 24 $ ( 1,009 ) Total Realized and Unrealized Gains (Losses) on Risk Management , net Commodity and Other Derivatives: Revenues (1) (2) $ ( 58 ) $ ( 1,458 ) Foreign Currency Derivatives: Foreign exchange 2 4 $ ( 56 ) $ ( 1,454 ) (1) Includes a realized gain of nil for the three months ended March 31, 2023 (2022 - gain of $ 2 million), related to other derivative contracts. (2) There were no unrealized gains or losses related to other derivative contracts for the three months ended March 31, 2023 or 2022. |
Reconciliation of Unrealized Risk Management Positions | 2023 2022 Fair Value Total Total Fair Value of Contracts, Beginning of Year $ ( 4 ) Change in Fair Value of Contracts in Place at Beginning of Year and Contracts Entered into During the Period ( 56 ) $ ( 56 ) $ ( 1,454 ) Settlement of Other Derivative Contracts - Fair Value of Contracts Realized During the Period 80 80 445 Fair Value of Contracts, End of Period $ 20 $ 24 $ ( 1,009 ) |
Unrealized Risk Management Positions | As at As at March 31, December 31, 2023 2022 Risk Management Assets Current $ 89 $ 53 Long-term 3 34 92 87 Risk Management Liabilities Current 45 86 Long-term 22 - 67 86 Other Derivative Contract Liabilities Long-term in other liabilities and provisions 5 5 5 5 Net Risk Management Assets (Liabilities) and Other Derivative Contracts $ 20 $ ( 4 ) |
Supplementary Information (Tabl
Supplementary Information (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Supplemental Cash Flow Elements [Abstract] | |
Net Change in Non-Cash Working Capital | A) Net Change in Non-Cash Working Capital Three Months Ended March 31, 2023 2022 Operating Activities Accounts receivable and accrued revenues $ 314 $ ( 501 ) Accounts payable and accrued liabilities ( 187 ) 153 Current portion of operating lease liabilities 12 - Income tax receivable and payable 83 2 $ 222 $ ( 346 ) |
Non-Cash Activities | B) Non-Cash Activities Three Months Ended March 31, 2023 2022 Non-Cash Operating Activities ROU operating lease assets and liabilities $ ( 29 ) $ ( 24 ) Non-Cash Investing Activities Property, plant and equipment accruals $ ( 1 ) $ 41 Capitalized long-term incentives ( 2 ) 5 Property additions/dispositions, including swaps 18 4 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments | The following table outlines the Company’s commitments as at March 31, 2023: Expected Future Payments (undiscounted) 2023 2024 2025 2026 2027 Thereafter Total Transportation and Processing $ 595 $ 696 $ 581 $ 503 $ 476 $ 2,261 $ 5,112 Drilling and Field Services 244 21 - - - - 265 Building Leases 7 8 8 2 - - 25 Total $ 846 $ 725 $ 589 $ 505 $ 476 $ 2,261 $ 5,402 |
Segmented Information (Segment
Segmented Information (Segment and Geographical Information) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Segment Reporting Information [Line Items] | ||
Product and service revenues | $ 2,592 | $ 3,407 |
Gains (losses) on risk management, net | (58) | (1,458) |
Sublease revenues | 17 | 18 |
Total Revenues | 2,551 | 1,967 |
Production, mineral and other taxes | 84 | 94 |
Transportation and processing | 455 | 406 |
Operating | 206 | 188 |
Purchased product | 701 | 1,066 |
Depreciation, depletion and amortization | 364 | 264 |
Accretion of asset retirement obligation | 5 | 5 |
Administrative | 58 | 144 |
Total Operating Expenses | 1,873 | 2,167 |
Operating Income (Loss) | 678 | (200) |
Interest | 71 | 74 |
Foreign exchange (gain) loss, net | (3) | (1) |
Other (gains) losses, net | (3) | (27) |
Total Other (Income) Expenses | 65 | 46 |
Net Earnings (Loss) Before Income Tax | 613 | (246) |
Income tax expense (recovery) | 126 | (5) |
Net Earnings (Loss) | 487 | (241) |
Operating Segments [Member] | USA Operations [Member] | ||
Segment Reporting Information [Line Items] | ||
Product and service revenues | 1,186 | 1,547 |
Gains (losses) on risk management, net | 2 | (219) |
Sublease revenues | 0 | 0 |
Total Revenues | 1,188 | 1,328 |
Production, mineral and other taxes | 80 | 90 |
Transportation and processing | 147 | 135 |
Operating | 170 | 142 |
Purchased product | 0 | 0 |
Depreciation, depletion and amortization | 294 | 200 |
Total Operating Expenses | 691 | 567 |
Operating Income (Loss) | 497 | 761 |
Operating Segments [Member] | Canadian Operations [Member] | ||
Segment Reporting Information [Line Items] | ||
Product and service revenues | 690 | 778 |
Gains (losses) on risk management, net | (78) | (227) |
Sublease revenues | 0 | 0 |
Total Revenues | 612 | 551 |
Production, mineral and other taxes | 4 | 4 |
Transportation and processing | 267 | 231 |
Operating | 29 | 37 |
Purchased product | 0 | 0 |
Depreciation, depletion and amortization | 65 | 59 |
Total Operating Expenses | 365 | 331 |
Operating Income (Loss) | 247 | 220 |
Operating Segments [Member] | Market Optimization [Member] | ||
Segment Reporting Information [Line Items] | ||
Product and service revenues | 716 | 1,082 |
Gains (losses) on risk management, net | 0 | 0 |
Sublease revenues | 0 | 0 |
Total Revenues | 716 | 1,082 |
Production, mineral and other taxes | 0 | 0 |
Transportation and processing | 41 | 40 |
Operating | 7 | 9 |
Purchased product | 701 | 1,066 |
Depreciation, depletion and amortization | 0 | 0 |
Total Operating Expenses | 749 | 1,115 |
Operating Income (Loss) | (33) | (33) |
Corporate & Other [Member] | ||
Segment Reporting Information [Line Items] | ||
Product and service revenues | 0 | 0 |
Gains (losses) on risk management, net | 18 | (1,012) |
Sublease revenues | 17 | 18 |
Total Revenues | 35 | (994) |
Production, mineral and other taxes | 0 | 0 |
Transportation and processing | 0 | 0 |
Operating | 0 | 0 |
Purchased product | 0 | 0 |
Depreciation, depletion and amortization | 5 | 5 |
Accretion of asset retirement obligation | 5 | 5 |
Administrative | 58 | 144 |
Total Operating Expenses | 68 | 154 |
Operating Income (Loss) | $ (33) | $ (1,148) |
Segmented Information (Schedule
Segmented Information (Schedule of Marketing Intersegment Eliminations) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Product Information [Line Items] | ||
Revenues | $ 2,551 | $ 1,967 |
Transportation and processing | 455 | 406 |
Operating | 206 | 188 |
Purchased product | 701 | 1,066 |
Operating Income (Loss) | 678 | (200) |
Market Optimization [Member] | Operating Segments [Member] | ||
Product Information [Line Items] | ||
Revenues | 716 | 1,082 |
Transportation and processing | 41 | 40 |
Operating | 7 | 9 |
Purchased product | 701 | 1,066 |
Operating Income (Loss) | (33) | (33) |
Market Optimization [Member] | Reportable Subsegments [Member] | Marketing Sales [Member] | ||
Product Information [Line Items] | ||
Revenues | 3,136 | 3,423 |
Transportation and processing | 165 | 152 |
Operating | 7 | 9 |
Purchased product | 2,997 | 3,295 |
Operating Income (Loss) | (33) | (33) |
Market Optimization [Member] | Intersubsegment Eliminations [Member] | ||
Product Information [Line Items] | ||
Revenues | (2,420) | (2,341) |
Transportation and processing | (124) | (112) |
Operating | 0 | 0 |
Purchased product | (2,296) | (2,229) |
Operating Income (Loss) | $ 0 | $ 0 |
Segmented Information (Capital
Segmented Information (Capital Expenditures by Segment) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Segment Reporting Information [Line Items] | ||
Capital Expenditures | $ 610 | $ 451 |
Operating Segments [Member] | USA Operations [Member] | ||
Segment Reporting Information [Line Items] | ||
Capital Expenditures | 467 | 372 |
Operating Segments [Member] | Canadian Operations [Member] | ||
Segment Reporting Information [Line Items] | ||
Capital Expenditures | 142 | 78 |
Corporate & Other [Member] | ||
Segment Reporting Information [Line Items] | ||
Capital Expenditures | $ 1 | $ 1 |
Segmented Information (Goodwill
Segmented Information (Goodwill, Property, Plant and Equipment and Total Assets by Segment) (Details) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Goodwill | $ 2,584 | $ 2,584 |
Property, Plant and Equipment | 9,911 | 9,468 |
Total Assets | 15,123 | 15,056 |
Operating Segments [Member] | USA Operations [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Goodwill | 1,938 | 1,938 |
Property, Plant and Equipment | 8,619 | 8,259 |
Total Assets | 11,375 | 11,043 |
Operating Segments [Member] | Canadian Operations [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Goodwill | 646 | 646 |
Property, Plant and Equipment | 1,131 | 1,044 |
Total Assets | 2,039 | 2,075 |
Operating Segments [Member] | Market Optimization [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Goodwill | 0 | 0 |
Property, Plant and Equipment | 0 | 0 |
Total Assets | 312 | 446 |
Corporate & Other [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Goodwill | 0 | 0 |
Property, Plant and Equipment | 161 | 165 |
Total Assets | $ 1,397 | $ 1,492 |
Revenues from Contracts with _3
Revenues from Contracts with Customers (Disaggregation of Revenue) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Disaggregation of Revenue [Line Items] | ||
Product revenues | $ 2,592 | $ 3,407 |
Operating Segments [Member] | USA Operations Excluding Intercompany Segment Transactions [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Product revenues | 1,190 | 1,553 |
Operating Segments [Member] | Canadian Operations Excluding Intercompany Segment Transactions [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Product revenues | 693 | 782 |
Operating Segments [Member] | Market Optimization Excluding Intercompany Segment Transactions [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Product revenues | 709 | 1,072 |
Corporate & Other [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Product revenues | 0 | 0 |
Oil [Member] | Product Revenues Including Sale of Product Purchased from Third Parties [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Product revenues | 1,460 | 1,966 |
Oil [Member] | Operating Segments [Member] | Product Revenues Including Sale of Product Purchased from Third Parties [Member] | USA Operations Excluding Intercompany Segment Transactions [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Product revenues | 851 | 1,080 |
Oil [Member] | Operating Segments [Member] | Product Revenues Including Sale of Product Purchased from Third Parties [Member] | Canadian Operations Excluding Intercompany Segment Transactions [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Product revenues | 0 | 0 |
Oil [Member] | Operating Segments [Member] | Product Revenues Including Sale of Product Purchased from Third Parties [Member] | Market Optimization Excluding Intercompany Segment Transactions [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Product revenues | 609 | 886 |
Oil [Member] | Corporate & Other [Member] | Product Revenues Including Sale of Product Purchased from Third Parties [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Product revenues | 0 | 0 |
Natural Gas Liquids [Member] | Product Revenues Including Sale of Product Purchased from Third Parties [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Product revenues | 441 | 632 |
Natural Gas Liquids [Member] | Operating Segments [Member] | Product Revenues Including Sale of Product Purchased from Third Parties [Member] | USA Operations Excluding Intercompany Segment Transactions [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Product revenues | 184 | 267 |
Natural Gas Liquids [Member] | Operating Segments [Member] | Product Revenues Including Sale of Product Purchased from Third Parties [Member] | Canadian Operations Excluding Intercompany Segment Transactions [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Product revenues | 237 | 362 |
Natural Gas Liquids [Member] | Operating Segments [Member] | Product Revenues Including Sale of Product Purchased from Third Parties [Member] | Market Optimization Excluding Intercompany Segment Transactions [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Product revenues | 20 | 3 |
Natural Gas Liquids [Member] | Corporate & Other [Member] | Product Revenues Including Sale of Product Purchased from Third Parties [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Product revenues | 0 | 0 |
Natural Gas [Member] | Product Revenues Including Sale of Product Purchased from Third Parties [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Product revenues | 690 | 808 |
Natural Gas [Member] | Operating Segments [Member] | Product Revenues Including Sale of Product Purchased from Third Parties [Member] | USA Operations Excluding Intercompany Segment Transactions [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Product revenues | 155 | 206 |
Natural Gas [Member] | Operating Segments [Member] | Product Revenues Including Sale of Product Purchased from Third Parties [Member] | Canadian Operations Excluding Intercompany Segment Transactions [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Product revenues | 455 | 419 |
Natural Gas [Member] | Operating Segments [Member] | Product Revenues Including Sale of Product Purchased from Third Parties [Member] | Market Optimization Excluding Intercompany Segment Transactions [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Product revenues | 80 | 183 |
Natural Gas [Member] | Corporate & Other [Member] | Product Revenues Including Sale of Product Purchased from Third Parties [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Product revenues | 0 | 0 |
Natural Gas Gathering and Processing [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Product revenues | 1 | 1 |
Natural Gas Gathering and Processing [Member] | Operating Segments [Member] | USA Operations Excluding Intercompany Segment Transactions [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Product revenues | 0 | 0 |
Natural Gas Gathering and Processing [Member] | Operating Segments [Member] | Canadian Operations Excluding Intercompany Segment Transactions [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Product revenues | 1 | 1 |
Natural Gas Gathering and Processing [Member] | Operating Segments [Member] | Market Optimization Excluding Intercompany Segment Transactions [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Product revenues | 0 | 0 |
Natural Gas Gathering and Processing [Member] | Corporate & Other [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Product revenues | $ 0 | $ 0 |
Revenues from Contracts with _4
Revenues from Contracts with Customers (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Dec. 31, 2022 | |
Revenue From Contract With Customer [Abstract] | ||
Contract with customer, asset net | $ 0 | $ 0 |
Contract with customer, liability | 0 | 0 |
Receivables & accrued revenues from contracts with customers | 915 | $ 1,257 |
Revenue, remaining performance obligation | $ 0 | |
Description of payment terms | As the period between when the product sales are transferred and Ovintiv receives payments is generally 30 to 60 days, there is no financing element associated with customer contracts. |
Interest (Details)
Interest (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Interest Expense [Abstract] | ||
Interest Expense on Debt | $ 60 | $ 70 |
Interest - Other | 11 | 4 |
Interest | $ 71 | $ 74 |
Foreign Exchange (Gain) Loss,_3
Foreign Exchange (Gain) Loss, Net (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Schedule Of Foreign Exchange Transactions [Line Items] | ||
Unrealized Foreign Exchange (Gain) Loss | $ (5) | $ (3) |
Foreign Exchange (Gain) Loss, Net | (3) | (1) |
Translation of U.S. Dollar Debt Issued From Canada [Member] | ||
Schedule Of Foreign Exchange Transactions [Line Items] | ||
Foreign Exchange on Settlements | (1) | (1) |
Translation of U.S. Dollar Risk Management Contracts Issued From Canada [Member] | ||
Schedule Of Foreign Exchange Transactions [Line Items] | ||
Unrealized Foreign Exchange (Gain) Loss | (6) | (3) |
Foreign Exchange on Settlements | 4 | (1) |
Translation of Intercompany Notes [Member] | ||
Schedule Of Foreign Exchange Transactions [Line Items] | ||
Unrealized Foreign Exchange (Gain) Loss | 1 | 0 |
Other Monetary Revaluations [Member] | ||
Schedule Of Foreign Exchange Transactions [Line Items] | ||
Foreign Exchange on Settlements | $ (1) | $ 4 |
Income Taxes (Provision For Inc
Income Taxes (Provision For Income Taxes) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Total Current Tax Expense (Recovery) | $ 62 | $ 3 |
Total Deferred Tax Expense (Recovery) | 64 | (8) |
Income Tax Expense (Recovery) | $ 126 | $ (5) |
Effective Tax Rate | 20.60% | 2% |
United States [Member] | ||
Total Current Tax Expense (Recovery) | $ 0 | $ 3 |
Total Deferred Tax Expense (Recovery) | 72 | (17) |
Canada [Member] | ||
Total Current Tax Expense (Recovery) | 62 | 0 |
Total Deferred Tax Expense (Recovery) | $ (8) | $ 9 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Income Tax Disclosure [Line Items] | ||
Effective Tax Rate | 20.60% | 2% |
United States [Member] | ||
Income Tax Disclosure [Line Items] | ||
Statutory tax rate | 21% |
Acquisitions and Divestitures_2
Acquisitions and Divestitures (Schedule of Net Acquisitions & (Divestitures)) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Acquisitions and Divestitures [Line Items] | ||
Acquisitions | $ 199 | $ 15 |
Divestitures | (12) | (1) |
Net Acquisitions and Divestitures | 187 | 14 |
Operating Segments [Member] | USA Operations [Member] | ||
Acquisitions and Divestitures [Line Items] | ||
Acquisitions | 193 | 15 |
Divestitures | (12) | (1) |
Operating Segments [Member] | Canadian Operations [Member] | ||
Acquisitions and Divestitures [Line Items] | ||
Acquisitions | $ 6 | $ 0 |
Acquisitions and Divestitures_3
Acquisitions and Divestitures (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Acquisitions and Divestitures [Line Items] | ||
Acquisitions | $ 199 | $ 15 |
Divestitures | 12 | 1 |
USA Operations [Member] | Operating Segments [Member] | ||
Acquisitions and Divestitures [Line Items] | ||
Acquisitions | 193 | 15 |
Divestitures | 12 | 1 |
Canadian Operations [Member] | Operating Segments [Member] | ||
Acquisitions and Divestitures [Line Items] | ||
Acquisitions | $ 6 | $ 0 |
Property, Plant and Equipment_3
Property, Plant and Equipment, Net (Schedule Of Property, Plant And Equipment) (Details) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Cost | $ 59,928 | $ 59,108 |
Less: Accumulated depreciation, depletion and amortization | (50,017) | (49,640) |
Property, plant and equipment, net | 9,911 | 9,468 |
Operating Segments [Member] | USA Operations [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Cost | 43,192 | 42,539 |
Less: Accumulated depreciation, depletion and amortization | (34,573) | (34,280) |
Property, plant and equipment, net | 8,619 | 8,259 |
Operating Segments [Member] | Canadian Operations [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Cost | 15,896 | 15,731 |
Less: Accumulated depreciation, depletion and amortization | (14,765) | (14,687) |
Property, plant and equipment, net | 1,131 | 1,044 |
Operating Segments [Member] | Market Optimization [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, net | 0 | 0 |
Corporate & Other [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, net | 161 | 165 |
Proved Properties [Member] | Operating Segments [Member] | USA Operations [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Cost | 42,162 | 41,382 |
Less: Accumulated depreciation, depletion and amortization | (34,573) | (34,280) |
Property, plant and equipment, net | 7,589 | 7,102 |
Proved Properties [Member] | Operating Segments [Member] | Canadian Operations [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Cost | 15,840 | 15,672 |
Less: Accumulated depreciation, depletion and amortization | (14,765) | (14,687) |
Property, plant and equipment, net | 1,075 | 985 |
Unproved Properties [Member] | Operating Segments [Member] | USA Operations [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Cost | 973 | 1,127 |
Less: Accumulated depreciation, depletion and amortization | 0 | 0 |
Property, plant and equipment, net | 973 | 1,127 |
Unproved Properties [Member] | Operating Segments [Member] | Canadian Operations [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Cost | 43 | 45 |
Less: Accumulated depreciation, depletion and amortization | 0 | 0 |
Property, plant and equipment, net | 43 | 45 |
Other Capitalized Property Plant and Equipment [Member] | Operating Segments [Member] | USA Operations [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Cost | 57 | 30 |
Less: Accumulated depreciation, depletion and amortization | 0 | 0 |
Property, plant and equipment, net | 57 | 30 |
Other Capitalized Property Plant and Equipment [Member] | Operating Segments [Member] | Canadian Operations [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Cost | 13 | 14 |
Less: Accumulated depreciation, depletion and amortization | 0 | 0 |
Property, plant and equipment, net | 13 | 14 |
Other Capitalized Property Plant and Equipment [Member] | Operating Segments [Member] | Market Optimization [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Cost | 7 | 7 |
Less: Accumulated depreciation, depletion and amortization | (7) | (7) |
Property, plant and equipment, net | 0 | 0 |
Other Capitalized Property Plant and Equipment [Member] | Corporate & Other [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Cost | 833 | 831 |
Less: Accumulated depreciation, depletion and amortization | (672) | (666) |
Property, plant and equipment, net | $ 161 | $ 165 |
Property, Plant and Equipment_4
Property, Plant and Equipment, Net (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Property Plant And Equipment [Abstract] | ||
Internal Costs Capitalized | $ 53 | $ 49 |
Leases (Schedule of Estimated F
Leases (Schedule of Estimated Future Sublease Income) (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2023 USD ($) | |
Leases [Abstract] | |
2023 | $ 37 |
2024 | 51 |
2025 | 51 |
2026 | 51 |
2027 | 47 |
Thereafter | 415 |
Total | $ 652 |
Leases (Narrative) (Details)
Leases (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Leases [Abstract] | ||
Operating lease income | $ 12 | $ 13 |
Variable lease income | $ 5 | $ 5 |
Long-Term Debt (Schedule Of Lon
Long-Term Debt (Schedule Of Long-Term Debt) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended |
Mar. 31, 2023 | Dec. 31, 2022 | |
Debt Instrument [Line Items] | ||
Revolving credit and term loan borrowings | $ 580 | $ 393 |
Total Principal | 3,756 | 3,569 |
Increase in Value of Debt Acquired | 26 | 27 |
Unamortized Debt Discounts and Issuance Costs | (26) | (26) |
Total Long-Term Debt | 3,756 | 3,570 |
Current Portion | 580 | 393 |
Long-Term Portion | 3,176 | 3,177 |
5.375% Unsecured Notes [Member] | Unsecured Notes, Due Jan 1, 2026 [Member] | ||
Debt Instrument [Line Items] | ||
Unsecured Debt | $ 459 | $ 459 |
Debt Instrument, Interest Rate, Stated Percentage | 5.375% | 5.375% |
Debt Instrument, Maturity Date | Jan. 01, 2026 | Jan. 01, 2026 |
8.125% Unsecured Notes [Member] | Unsecured Notes, Due September 15, 2030 [Member] | ||
Debt Instrument [Line Items] | ||
Unsecured Debt | $ 300 | $ 300 |
Debt Instrument, Interest Rate, Stated Percentage | 8.125% | 8.125% |
Debt Instrument, Maturity Date | Sep. 15, 2030 | Sep. 15, 2030 |
7.20% Unsecured Notes [Member] | Unsecured Notes, Due November 1, 2031 [Member] | ||
Debt Instrument [Line Items] | ||
Unsecured Debt | $ 350 | $ 350 |
Debt Instrument, Interest Rate, Stated Percentage | 7.20% | 7.20% |
Debt Instrument, Maturity Date | Nov. 01, 2031 | Nov. 01, 2031 |
7.375% Unsecured Notes [Member] | Unsecured Notes, Due November 1, 2031 [Member] | ||
Debt Instrument [Line Items] | ||
Unsecured Debt | $ 500 | $ 500 |
Debt Instrument, Interest Rate, Stated Percentage | 7.375% | 7.375% |
Debt Instrument, Maturity Date | Nov. 01, 2031 | Nov. 01, 2031 |
6.50% Unsecured Notes [Member] | Unsecured Notes, Due August 15, 2034 [Member] | ||
Debt Instrument [Line Items] | ||
Unsecured Debt | $ 599 | $ 599 |
Debt Instrument, Interest Rate, Stated Percentage | 6.50% | 6.50% |
Debt Instrument, Maturity Date | Aug. 15, 2034 | Aug. 15, 2034 |
6.50% Unsecured Notes [Member] | Unsecured Notes, Due February 1, 2038 [Member] | ||
Debt Instrument [Line Items] | ||
Unsecured Debt | $ 430 | $ 430 |
Debt Instrument, Interest Rate, Stated Percentage | 6.50% | 6.50% |
Debt Instrument, Maturity Date | Feb. 01, 2038 | Feb. 01, 2038 |
6.625% Unsecured Notes [Member] | Unsecured Notes, Due August 15, 2037 [Member] | ||
Debt Instrument [Line Items] | ||
Unsecured Debt | $ 390 | $ 390 |
Debt Instrument, Interest Rate, Stated Percentage | 6.625% | 6.625% |
Debt Instrument, Maturity Date | Aug. 15, 2037 | Aug. 15, 2037 |
5.15% Unsecured Notes [Member] | Unsecured Notes, Due November 15, 2041 [Member] | ||
Debt Instrument [Line Items] | ||
Unsecured Debt | $ 148 | $ 148 |
Debt Instrument, Interest Rate, Stated Percentage | 5.15% | 5.15% |
Debt Instrument, Maturity Date | Nov. 15, 2041 | Nov. 15, 2041 |
Long-Term Debt (Narrative) (Det
Long-Term Debt (Narrative) (Details) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 | Mar. 31, 2022 |
Debt Instrument [Line Items] | |||
Long-term debt current | $ 580 | $ 393 | |
Drawn from revolving credit facilities | 300 | ||
Long-term debt carrying value | 3,756 | 3,570 | |
Long-term debt, fair value | 3,837 | $ 3,648 | |
Debt instrument repurchased face amount | $ 6 | ||
Commercial Paper [Member] | |||
Debt Instrument [Line Items] | |||
Long-term debt current | $ 280 | ||
Weighted average interest rate | 5.66% |
Other Liabilities and Provisi_3
Other Liabilities and Provisions (Schedule of Other Liabilities and Provisions) (Details) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Other Liabilities And Provisions [Line Items] | ||
Finance Lease Obligations | $ 25 | $ 27 |
Pensions and Other Post-Employment Benefits | 73 | 73 |
Long-Term Incentives | 1 | 14 |
Other Derivative Contracts, Liabilities | 5 | 5 |
Other | 12 | 12 |
Other Liabilities and Provisions | 116 | 131 |
Other Liabilities and Provisions [Member] | ||
Other Liabilities And Provisions [Line Items] | ||
Other Derivative Contracts, Liabilities | $ 5 | $ 5 |
Share Capital (Narrative) (Deta
Share Capital (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Apr. 02, 2023 | Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | Sep. 28, 2022 | |
Class Of Stock [Line Items] | |||||
Common stock, shares authorized | 750,000,000 | ||||
Common stock, par value | $ 0.01 | ||||
Preferred stock, shares authorized | 25,000,000 | ||||
Preferred stock, par value | $ 0.01 | ||||
Preferred stock, shares outstanding | 0 | ||||
Common shares purchased, shares | 5,200,000 | 14,700,000 | |||
Common shares purchased, value | $ 0 | $ 0 | |||
Dividends on common shares | $ 61,000 | $ 52,000 | $ 52,000 | ||
Common stock, dividends, per share, paid | $ 0.25 | $ 0.20 | |||
Common stock, dividends, per share, declared | $ 0.25 | $ 0.20 | |||
PSU and RSU [Member] | |||||
Class Of Stock [Line Items] | |||||
Share based compensation arrangement by share based payment award equity instruments other than options grants vested in period | 4,000,000 | 2,400,000 | |||
Subsequent Event [Member] | |||||
Class Of Stock [Line Items] | |||||
Dividends payable, date declared | Apr. 02, 2023 | ||||
Common stock, dividends, per share, declared | $ 0.30 | ||||
Dividends payable, date to be paid | Jun. 30, 2023 | ||||
Dividends payable, date of record | Jun. 15, 2023 | ||||
Share Capital [Member] | |||||
Class Of Stock [Line Items] | |||||
Dividends on common shares | $ 0 | $ 0 | |||
Paid in Surplus [Member] | |||||
Class Of Stock [Line Items] | |||||
Dividends on common shares | $ 0 | $ 0 | |||
Normal Course Issuer Bid [Member] | |||||
Class Of Stock [Line Items] | |||||
Common shares purchased, shares | 5,200,000 | 1,700,000 | 14,700,000 | ||
Common shares purchased, value | $ 239,000 | $ 71,000 | $ 719,000 | ||
Normal Course Issuer Bid [Member] | Share Capital [Member] | |||||
Class Of Stock [Line Items] | |||||
Common shares purchased, value | 52 | 14 | 147 | ||
Normal Course Issuer Bid [Member] | Paid in Surplus [Member] | |||||
Class Of Stock [Line Items] | |||||
Common shares purchased, value | $ 239,000 | $ 71,000 | $ 719,000 | ||
Normal Course Issuer Bid [Member] | Maximum [Member] | |||||
Class Of Stock [Line Items] | |||||
Stock repurchase program, number of shares authorized to be repurchased | 24,800,000 |
Share Capital (Schedule of Comm
Share Capital (Schedule of Common Stock Issued and Outstanding) (Details) - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 12 Months Ended |
Mar. 31, 2023 | Dec. 31, 2022 | |
Class Of Stock Disclosures [Abstract] | ||
Shares of Common Stock Outstanding, Beginning of Year | 245.7 | 258 |
Shares of Common Stock Purchased | (5.2) | (14.7) |
Shares of Common Stock Issued | 4 | 2.4 |
Shares of Common Stock Outstanding, End of Period | 244.5 | 245.7 |
Shares of Common Stock Outstanding, Beginning of Year | $ 3 | $ 3 |
Shares of Common Stock Purchased | 0 | 0 |
Shares of Common Stock Issued | 0 | 0 |
Shares of Common Stock Outstanding, End of Period | $ 3 | $ 3 |
Share Capital (Earnings Per Com
Share Capital (Earnings Per Common Share) (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | ||
Class Of Stock Disclosures [Abstract] | |||
Net Earnings (Loss) | $ 487 | $ (241) | |
Weighted average shares of common stock outstanding - Basic | 244.3 | 257.4 | |
Effect of dilutive securities | [1] | 3.4 | 0 |
Weighted Average Shares of Common Stock Outstanding - Diluted | 247.7 | 257.4 | |
Net Earnings (Loss) per Share of Common Stock Basic | $ 1.99 | $ (0.94) | |
Net Earnings (Loss) per Share of Common Stock Diluted | [1] | $ 1.97 | $ (0.94) |
[1] For the three months ended March 31, 2022, all of Ovintiv’s equity-settled awards were determined to be antidilutive and therefore are excluded from the calculation of fully diluted net earnings (loss) per share of common stock. |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income (Schedule of Accumulated Other Comprehensive Income) (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | |
Accumulated Other Comprehensive Income Loss Net Of Tax [Abstract] | |||
Balance, Beginning of Year, Foreign Currency Translation Adjustment | $ 937 | $ 1,044 | |
Change in Foreign Currency Translation Adjustment | 2 | 28 | |
Balance, End of Period, Foreign Currency Translation Adjustment | 939 | 1,072 | |
Pension and Other Post-Employment Benefit Plans | |||
Balance, Beginning of Year | 54 | 48 | |
Other Comprehensive (Income) Loss, Defined Benefit Plan, Reclassification Adjustment from AOCI, before Tax [Abstract] | |||
Reclassification of net actuarial (gains) and losses to net earnings | (2) | (1) | |
Income taxes | 0 | 0 | |
Balance, End of Period | 52 | 47 | |
Total Accumulated Other Comprehensive Income | $ 991 | $ 1,119 | $ 991 |
Variable Interest Entities (Nar
Variable Interest Entities (Narrative) (Details) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 USD ($) MMcf | Dec. 31, 2022 USD ($) | |
Variable Interest Entity [Line Items] | ||
Accounts payable and accrued liabilities, current | $ 1,872 | $ 2,221 |
Veresen Midstream Limited Partnership [Member] | ||
Variable Interest Entity [Line Items] | ||
Variable interest entity, financial support, term of assessment | 8 years | |
Variable interest entity, reporting entity involvement, maximum loss exposure, amount | $ 1,394 | |
Veresen Midstream Limited Partnership [Member] | Take or Pay Commitment [Member] | ||
Variable Interest Entity [Line Items] | ||
Accounts payable and accrued liabilities, current | $ 0.1 | |
Veresen Midstream Limited Partnership [Member] | Natural gas gathering and compression [Member] | ||
Variable Interest Entity [Line Items] | ||
Contracted capacity volumes | MMcf | 1,156 | |
Veresen Midstream Limited Partnership [Member] | Natural gas processing [Member] | ||
Variable Interest Entity [Line Items] | ||
Contracted capacity volumes | MMcf | 918 | |
Veresen Midstream Limited Partnership [Member] | Minimum [Member] | ||
Variable Interest Entity [Line Items] | ||
Length of remaining terms, in years | 8 years | |
Veresen Midstream Limited Partnership [Member] | Maximum [Member] | ||
Variable Interest Entity [Line Items] | ||
Length of remaining terms, in years | 22 years | |
Length of renewal term, in years | 10 years |
Compensation Plans (Narrative)
Compensation Plans (Narrative) (Details) $ / shares in Units, $ in Millions | Mar. 31, 2023 USD ($) $ / shares | Mar. 31, 2023 $ / shares | Dec. 31, 2022 USD ($) |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Liability for cash-settled share-based payment transactions | $ 26 | $ 153 | |
Liability for share-based payment recognized in accounts payable and accrued liabilities | 25 | 139 | |
Liability for share-based payment recognized in other liabilities and provisions | $ 1 | $ 14 | |
United States Of America Dollars [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Weighted average grant date fair value per share as of date of modification | $ / shares | $ 43.80 | ||
Canadian Dollar [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Weighted average grant date fair value per share as of date of modification | $ / shares | $ 59.47 |
Compensation Plans (Schedule of
Compensation Plans (Schedule of Weighted Average Assumptions Used to Fair Value Share Units) (Details) | 3 Months Ended | |||
Mar. 31, 2023 $ / shares | Mar. 31, 2022 $ / shares | Mar. 31, 2023 $ / shares | Mar. 31, 2022 $ / shares | |
United States Of America Dollars [Member] | Stock Appreciation Rights (SARs) [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Fair Value Assumptions, Risk Free Interest Rate | 3.79% | 2.21% | ||
Fair Value Assumptions, Dividend Yield | 2.77% | 1.48% | ||
Fair Value Assumptions, Expected Volatility Rate | 64.06% | 106.57% | ||
Fair Value Assumptions, Expected Term | 1 year 6 months | 1 year 7 months 6 days | ||
Market Share Price | $ 36.08 | $ 54.07 | ||
Weighted Average Grant Date Fair Value | $ 45.01 | $ 37.98 | ||
Canadian Dollar [Member] | Tandem Stock Appreciation Rights (TSARs) [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Fair Value Assumptions, Risk Free Interest Rate | 3.79% | 2.21% | ||
Fair Value Assumptions, Dividend Yield | 2.78% | 1.50% | ||
Fair Value Assumptions, Expected Volatility Rate | 60.86% | 105.29% | ||
Fair Value Assumptions, Expected Term | 1 year 4 months 24 days | 1 year 8 months 12 days | ||
Market Share Price | $ 48.72 | $ 67.63 | ||
Weighted Average Grant Date Fair Value | $ 62.36 | $ 53.93 |
Compensation Plans (Amounts Rec
Compensation Plans (Amounts Recognized For Share-Based Payment Transactions) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Total Compensation Costs of Transactions Classified as Cash-Settled | $ (28) | $ 89 |
Total Compensation Costs of Transactions Classified as Equity-Settled | 21 | 10 |
Less: Total Share-Based Compensation Costs Capitalized | (8) | (9) |
Total Share-Based Compensation Expense (Recovery) | (15) | 90 |
Operating Expense [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Total Share-Based Compensation Expense (Recovery) | 4 | 11 |
Administrative Expense [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Total Share-Based Compensation Expense (Recovery) | $ (19) | $ 79 |
Compensation Plans (Schedule _2
Compensation Plans (Schedule of Share-based Compensation, Activity) (Details) shares in Thousands | 3 Months Ended |
Mar. 31, 2023 shares | |
PSUs [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 1,875 |
RSUs [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 1,500 |
DSUs [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 1 |
Pension and Other Post-Employ_3
Pension and Other Post-Employment Benefits (Total Benefit Plan Expense Recognized) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Net Defined Periodic Benefit Cost | $ 0 | $ (1) |
Defined Contribution Plan Expense | 6 | 6 |
Total Benefit Plans Expense | 6 | 5 |
Pension Benefits [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Net Defined Periodic Benefit Cost | 1 | 0 |
Defined Contribution Plan Expense | 6 | 6 |
Total Benefit Plans Expense | 7 | 6 |
OPEB [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Net Defined Periodic Benefit Cost | (1) | (1) |
Defined Contribution Plan Expense | 0 | 0 |
Total Benefit Plans Expense | $ (1) | $ (1) |
Pension and Other Post-Employ_4
Pension and Other Post-Employment Benefits (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Pension and Other Postretirement (Benefit) Expense | $ 6 | $ 5 |
Operating Expense [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Pension and Other Postretirement (Benefit) Expense | 6 | 5 |
Administrative Expense [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Pension and Other Postretirement (Benefit) Expense | 1 | 1 |
Other Nonoperating Income (Expense) [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Pension and Other Postretirement (Benefit) Expense | $ (1) | $ (1) |
Pension and Other Post-Employ_5
Pension and Other Post-Employment Benefits (Defined Periodic Pension And OPEB Expense) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Service Cost | $ 1 | $ 0 |
Interest Cost | 2 | 1 |
Expected Return on Plan Assets | $ (1) | $ (1) |
Defined Benefit Plan, Net Periodic Benefit (Cost) Credit, Expected Return (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Other Nonoperating Income Expense | Other Nonoperating Income Expense |
Amortization of net actuarial (gains) and losses | $ (2) | $ (1) |
Defined Benefit Plan, Net Periodic Benefit (Cost) Credit, Amortization of Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Other Nonoperating Income Expense | Other Nonoperating Income Expense |
Total Net Defined Periodic Benefit Cost | $ 0 | $ (1) |
Pension Benefits [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service Cost | 0 | 0 |
Interest Cost | $ 2 | $ 1 |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Interest Cost, Statement of Income or Comprehensive Income [Extensible Enumeration] | Other Nonoperating Income Expense | Other Nonoperating Income Expense |
Expected Return on Plan Assets | $ (1) | $ (1) |
Defined Benefit Plan, Net Periodic Benefit (Cost) Credit, Expected Return (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Other Nonoperating Income Expense | Other Nonoperating Income Expense |
Amortization of net actuarial (gains) and losses | $ 0 | $ 0 |
Defined Benefit Plan, Net Periodic Benefit (Cost) Credit, Amortization of Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Other Nonoperating Income Expense | Other Nonoperating Income Expense |
Total Net Defined Periodic Benefit Cost | $ 1 | $ 0 |
OPEB [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service Cost | 1 | 0 |
Interest Cost | $ 0 | $ 0 |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Interest Cost, Statement of Income or Comprehensive Income [Extensible Enumeration] | Other Nonoperating Income Expense | Other Nonoperating Income Expense |
Expected Return on Plan Assets | $ 0 | $ 0 |
Defined Benefit Plan, Net Periodic Benefit (Cost) Credit, Expected Return (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Other Nonoperating Income Expense | Other Nonoperating Income Expense |
Amortization of net actuarial (gains) and losses | $ (2) | $ (1) |
Defined Benefit Plan, Net Periodic Benefit (Cost) Credit, Amortization of Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Other Nonoperating Income Expense | Other Nonoperating Income Expense |
Total Net Defined Periodic Benefit Cost | $ (1) | $ (1) |
Fair Value Measurements (Schedu
Fair Value Measurements (Schedule Of Fair Value, Assets And Liabilities Measured On Recurring Basis) (Details) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Risk Management Assets, Net, Current | $ 89 | $ 53 |
Risk Management Assets, Net, Long-term | 3 | 34 |
Risk Management Liabilities, Net, Current | 45 | 86 |
Risk Management | 22 | 0 |
Guarantor Obligations, Current Carrying Value | 5 | 5 |
Long-term Liabilities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Guarantor Obligations, Current Carrying Value | 5 | 5 |
Long-term Liabilities [Member] | Carrying Amount [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Guarantor Obligations, Current Carrying Value | 5 | 5 |
Long-term Liabilities [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Guarantor Obligations, Current Carrying Value | 0 | 0 |
Long-term Liabilities [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Guarantor Obligations, Current Carrying Value | 5 | 5 |
Long-term Liabilities [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Guarantor Obligations, Current Carrying Value | 0 | 0 |
Commodity Derivatives [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Risk Management Assets, Net, Current | $ 89 | $ 52 |
Derivative Asset, Current, Statement of Financial Position [Extensible Enumeration] | Risk Management Assets, Net, Current | Risk Management Assets, Net, Current |
Risk Management Assets, Net, Long-term | $ 3 | $ 34 |
Derivative Asset, Noncurrent, Statement of Financial Position [Extensible Enumeration] | Risk Management Assets, Net, Long-term | Risk Management Assets, Net, Long-term |
Risk Management Liabilities, Net, Current | $ 41 | $ 75 |
Derivative Liability, Current, Statement of Financial Position [Extensible Enumeration] | Risk Management Liabilities, Net, Current | Risk Management Liabilities, Net, Current |
Risk Management | $ 22 | |
Derivative Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] | Risk Management | |
Commodity Derivatives [Member] | Other Current Assets [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Risk Management Assets, Gross assets | $ 117 | $ 105 |
Risk Management Assets, Gross Liabilities | (28) | (53) |
Commodity Derivatives [Member] | Other Current Assets [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Risk Management Assets, Gross assets | 1 | 0 |
Commodity Derivatives [Member] | Other Current Assets [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Risk Management Assets, Gross assets | 94 | 93 |
Commodity Derivatives [Member] | Other Current Assets [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Risk Management Assets, Gross assets | 22 | 12 |
Commodity Derivatives [Member] | Other Noncurrent Assets [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Risk Management Assets, Gross assets | 3 | 34 |
Risk Management Assets, Gross Liabilities | 0 | 0 |
Commodity Derivatives [Member] | Other Noncurrent Assets [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Risk Management Assets, Gross assets | 0 | 0 |
Commodity Derivatives [Member] | Other Noncurrent Assets [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Risk Management Assets, Gross assets | 3 | 34 |
Commodity Derivatives [Member] | Other Noncurrent Assets [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Risk Management Assets, Gross assets | 0 | 0 |
Commodity Derivatives [Member] | Other Current Liabilities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Risk Management Liabilities, Gross liabilities | 69 | 128 |
Risk Management Liabilities, Gross Assets | (28) | (53) |
Commodity Derivatives [Member] | Other Current Liabilities [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Risk Management Liabilities, Gross liabilities | 0 | 0 |
Commodity Derivatives [Member] | Other Current Liabilities [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Risk Management Liabilities, Gross liabilities | 67 | 128 |
Commodity Derivatives [Member] | Other Current Liabilities [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Risk Management Liabilities, Gross liabilities | 2 | 0 |
Commodity Derivatives [Member] | Long-term Liabilities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Risk Management Liabilities, Gross liabilities | 22 | |
Risk Management Liabilities, Gross Assets | 0 | |
Commodity Derivatives [Member] | Long-term Liabilities [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Risk Management Liabilities, Gross liabilities | 0 | |
Commodity Derivatives [Member] | Long-term Liabilities [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Risk Management Liabilities, Gross liabilities | 22 | |
Commodity Derivatives [Member] | Long-term Liabilities [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Risk Management Liabilities, Gross liabilities | 0 | |
Foreign Currency Derivatives [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Risk Management Assets, Net, Current | $ 0 | $ 1 |
Derivative Asset, Current, Statement of Financial Position [Extensible Enumeration] | Risk Management Assets, Net, Current | Risk Management Assets, Net, Current |
Risk Management Liabilities, Net, Current | $ 4 | $ 11 |
Derivative Liability, Current, Statement of Financial Position [Extensible Enumeration] | Risk Management Liabilities, Net, Current | Risk Management Liabilities, Net, Current |
Foreign Currency Derivatives [Member] | Other Current Assets [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Risk Management Assets, Gross assets | $ 3 | $ 1 |
Risk Management Assets, Gross Liabilities | (3) | 0 |
Foreign Currency Derivatives [Member] | Other Current Assets [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Risk Management Assets, Gross assets | 0 | 0 |
Foreign Currency Derivatives [Member] | Other Current Assets [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Risk Management Assets, Gross assets | 3 | 1 |
Foreign Currency Derivatives [Member] | Other Current Assets [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Risk Management Assets, Gross assets | 0 | 0 |
Foreign Currency Derivatives [Member] | Other Current Liabilities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Risk Management Liabilities, Gross liabilities | 7 | 11 |
Risk Management Liabilities, Gross Assets | (3) | 0 |
Foreign Currency Derivatives [Member] | Other Current Liabilities [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Risk Management Liabilities, Gross liabilities | 0 | 0 |
Foreign Currency Derivatives [Member] | Other Current Liabilities [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Risk Management Liabilities, Gross liabilities | 7 | 11 |
Foreign Currency Derivatives [Member] | Other Current Liabilities [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Risk Management Liabilities, Gross liabilities | $ 0 | $ 0 |
Fair Value Measurements (Summar
Fair Value Measurements (Summary Of Changes In Level 3 Fair Value Measurements) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Abstract] | ||
Balance, Beginning Balance | $ 12 | $ (172) |
Total Gains (Losses) | $ 8 | $ (553) |
Fair Value, Net Derivative Asset (Liability), Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Other Nonoperating Income Expense | Other Nonoperating Income Expense |
Purchases, sales and issuances | $ 0 | $ 0 |
Settlements | 0 | 163 |
Transfers Out of Level 3 | 0 | 0 |
Balance, Ending Balance | 20 | (562) |
Change in Unrealized Gains (Losses) During the Period Included in Net Earnings (Loss) | $ 8 | $ (390) |
Fair Value Measurements (Quanti
Fair Value Measurements (Quantitative Information About Unobservable Inputs Used In Level 3) (Details) - WTI Options [Member] - Option Model [Member] | 3 Months Ended |
Mar. 31, 2023 | |
Minimum [Member] | |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |
Fair Value Inputs Commodity Price Volatility | 30% |
Maximum [Member] | |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |
Fair Value Inputs Commodity Price Volatility | 75% |
Weighted Average [Member] | |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |
Fair Value Inputs Commodity Price Volatility | 45% |
Fair Value Measurements (Narrat
Fair Value Measurements (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended |
Mar. 31, 2023 | Dec. 31, 2022 | |
Ten Percent Change in Implied Volatility [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Increase (Decrease) in Risk Management Assets and Liabilities | $ 1 | $ 2 |
Financial Instruments and Ris_3
Financial Instruments and Risk Management (Narrative) (Details) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2023 USD ($) Contract $ / $ | Mar. 31, 2022 USD ($) | Dec. 31, 2022 USD ($) | |
Derivative [Line Items] | |||
Realized Gains on Derivatives | $ (80,000,000) | $ (445,000,000) | |
Unrealized gains or losses on Derivatives | 24,000,000 | (1,009,000,000) | |
Credit risk, financial instrument, maximum exposure, based on gross fair value basis | 123,000,000 | ||
Credit risk, financial instrument, maximum exposure, based on net fair value basis | $ 92,000,000 | ||
Number of credit risk derivatives held | Contract | 0 | ||
Collateral balances | $ 0 | ||
Concentration risk, percentage | 85% | (88.00%) | |
Guarantor Obligations, Current Carrying Value | $ 5,000,000 | $ 5,000,000 | |
Guarantor Obligations, Maximum Exposure, Undiscounted | $ 29,000,000 | ||
Maximum [Member] | |||
Derivative [Line Items] | |||
Guarantor obligations, expiration date | June 2024 | ||
Revenue [Member] | |||
Derivative [Line Items] | |||
Realized Gains on Derivatives | $ (76,000,000) | (446,000,000) | |
Unrealized gains or losses on Derivatives | 18,000,000 | (1,012,000,000) | |
Currency Swaps, Maturing Remainder Of Fiscal Year [Member] | |||
Derivative [Line Items] | |||
Foreign currency swap, contract amount outstanding | $ 401,000,000 | ||
Derivative, average forward exchange rate | $ / $ | 1.3356 | ||
Other Derivative Contracts [Member] | Revenue [Member] | |||
Derivative [Line Items] | |||
Realized Gains on Derivatives | $ 0 | 2,000,000 | |
Unrealized gains or losses on Derivatives | $ 0 | $ 0 |
Financial Instruments and Ris_4
Financial Instruments and Risk Management (Risk Management Positions) (Details) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 USD ($) $ / bbl $ / Mcf MBbls MMcf | Dec. 31, 2022 USD ($) | |
Derivative [Line Items] | ||
Other Derivative Contracts, Net | $ (5) | |
Foreign Currency Swaps, at Fair value, Net | (4) | |
Total Fair Value Position | $ 20 | $ (4) |
Currency Swap [Member] | ||
Derivative [Line Items] | ||
Term | Dec. 31, 2023 | |
Oil [Member] | Ethane Fixed Price Maturing 2024 [Member] | ||
Derivative [Line Items] | ||
Derivative, Nonmonetary Notional Amount, Volumes/day | MBbls | 5 | |
Term | Dec. 31, 2024 | |
Price Risk Derivatives, at Fair Value, Net | $ 0 | |
Average Price, Options/Collars | $ / bbl | 10.28 | |
Oil [Member] | WTI Three-Way Options Maturing 2023 [Member] | ||
Derivative [Line Items] | ||
Derivative, Nonmonetary Notional Amount, Volumes/day | MBbls | 40 | |
Term | Dec. 31, 2023 | |
Price Risk Derivatives, at Fair Value, Net | $ 22 | |
Oil [Member] | WTI Three-Way Options Maturing 2023 [Member] | Sold [Member] | Call Option [Member] | ||
Derivative [Line Items] | ||
Average Price, Options/Collars | $ / bbl | 112.05 | |
Oil [Member] | WTI Three-Way Options Maturing 2023 [Member] | Sold [Member] | Put Option [Member] | ||
Derivative [Line Items] | ||
Average Price, Options/Collars | $ / bbl | 50 | |
Oil [Member] | WTI Three-Way Options Maturing 2023 [Member] | Bought [Member] | Put Option [Member] | ||
Derivative [Line Items] | ||
Average Price, Options/Collars | $ / bbl | 65.42 | |
Oil [Member] | Basis Contracts Maturing 2023 [Member] | ||
Derivative [Line Items] | ||
Term | Dec. 31, 2023 | |
Price Risk Derivatives, at Fair Value, Net | $ 1 | |
Oil [Member] | Other Financial Positions [Member] | ||
Derivative [Line Items] | ||
Price Risk Derivatives, at Fair Value, Net | $ 0 | |
Oil [Member] | WTI Costless Collars Maturing 2024 [Member] | ||
Derivative [Line Items] | ||
Derivative, Nonmonetary Notional Amount, Volumes/day | MBbls | 2.5 | |
Term | Dec. 31, 2024 | |
Price Risk Derivatives, at Fair Value, Net | $ (2) | |
Oil [Member] | WTI Costless Collars Maturing 2024 [Member] | Sold [Member] | Call Option [Member] | ||
Derivative [Line Items] | ||
Average Price, Options/Collars | $ / bbl | 80.09 | |
Oil [Member] | WTI Costless Collars Maturing 2024 [Member] | Bought [Member] | Put Option [Member] | ||
Derivative [Line Items] | ||
Average Price, Options/Collars | $ / bbl | 60 | |
Oil and NGLs [Member] | ||
Derivative [Line Items] | ||
Price Risk Derivatives, at Fair Value, Net | $ 21 | |
Natural Gas [Member] | Fair Value Position Excluding Unexpired Options [Member] | ||
Derivative [Line Items] | ||
Price Risk Derivatives, at Fair Value, Net | $ 8 | |
Natural Gas [Member] | NYMEX Fixed Price Contracts Maturing 2024 [Member] | ||
Derivative [Line Items] | ||
Derivative, Nonmonetary Notional Amount, Volumes/day | MMcf | 100 | |
Term | Dec. 31, 2024 | |
Price Risk Derivatives, at Fair Value, Net | $ 3 | |
Average Price, Options/Collars | $ / Mcf | 3.72 | |
Natural Gas [Member] | NYMEX Three-Way Options Maturing 2023 [Member] | ||
Derivative [Line Items] | ||
Derivative, Nonmonetary Notional Amount, Volumes/day | MMcf | 397 | |
Term | Dec. 31, 2023 | |
Price Risk Derivatives, at Fair Value, Net | $ 74 | |
Natural Gas [Member] | NYMEX Three-Way Options Maturing 2023 [Member] | Sold [Member] | Call Option [Member] | ||
Derivative [Line Items] | ||
Average Price, Options/Collars | $ / Mcf | 7.55 | |
Natural Gas [Member] | NYMEX Three-Way Options Maturing 2023 [Member] | Sold [Member] | Put Option [Member] | ||
Derivative [Line Items] | ||
Average Price, Options/Collars | $ / Mcf | 2.59 | |
Natural Gas [Member] | NYMEX Three-Way Options Maturing 2023 [Member] | Bought [Member] | Put Option [Member] | ||
Derivative [Line Items] | ||
Average Price, Options/Collars | $ / Mcf | 3.61 | |
Natural Gas [Member] | NYMEX Costless Collars Maturing 2023 [Member] | ||
Derivative [Line Items] | ||
Derivative, Nonmonetary Notional Amount, Volumes/day | MMcf | 134 | |
Term | Dec. 31, 2023 | |
Price Risk Derivatives, at Fair Value, Net | $ 8 | |
Natural Gas [Member] | NYMEX Costless Collars Maturing 2023 [Member] | Sold [Member] | Call Option [Member] | ||
Derivative [Line Items] | ||
Average Price, Options/Collars | $ / Mcf | 3.68 | |
Natural Gas [Member] | NYMEX Costless Collars Maturing 2023 [Member] | Bought [Member] | Put Option [Member] | ||
Derivative [Line Items] | ||
Average Price, Options/Collars | $ / Mcf | 3 | |
Natural Gas [Member] | NYMEX Costless Collars Maturing 2024 [Member] | ||
Derivative [Line Items] | ||
Derivative, Nonmonetary Notional Amount, Volumes/day | MMcf | 12 | |
Term | Dec. 31, 2024 | |
Price Risk Derivatives, at Fair Value, Net | $ 0 | |
Natural Gas [Member] | NYMEX Costless Collars Maturing 2024 [Member] | Sold [Member] | Call Option [Member] | ||
Derivative [Line Items] | ||
Average Price, Options/Collars | $ / Mcf | 5.50 | |
Natural Gas [Member] | NYMEX Costless Collars Maturing 2024 [Member] | Bought [Member] | Put Option [Member] | ||
Derivative [Line Items] | ||
Average Price, Options/Collars | $ / Mcf | 3 | |
Natural Gas [Member] | Basis Contracts Maturing 2023 [Member] | ||
Derivative [Line Items] | ||
Term | Dec. 31, 2023 | |
Price Risk Derivatives, at Fair Value, Net | $ (53) | |
Natural Gas [Member] | Basis Contracts Maturing 2024 [Member] | ||
Derivative [Line Items] | ||
Term | Dec. 31, 2024 | |
Price Risk Derivatives, at Fair Value, Net | $ (10) | |
Natural Gas [Member] | Basis Contracts Maturing 2025 [Member] | ||
Derivative [Line Items] | ||
Term | Jan. 01, 2025 | |
Price Risk Derivatives, at Fair Value, Net | $ (16) | |
Natural Gas [Member] | Other Financial Positions [Member] | ||
Derivative [Line Items] | ||
Price Risk Derivatives, at Fair Value, Net | $ 2 |
Financial Instruments and Ris_5
Financial Instruments and Risk Management (Earnings Impact of Realized and Unrealized Gains (Losses) On Risk Management Positions) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Realized Gain (Loss) on Derivatives | $ (80) | $ (445) |
Unrealized Gain (Loss) on Derivatives | 24 | (1,009) |
Realized and Unrealized Gain (Loss) on Risk Management | $ (56) | $ (1,454) |
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Gain Loss From Price Risk Management Activity | Gain Loss From Price Risk Management Activity |
Revenue [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Realized Gain (Loss) on Derivatives | $ (76) | $ (446) |
Unrealized Gain (Loss) on Derivatives | 18 | (1,012) |
Realized and Unrealized Gain (Loss) on Risk Management | $ (58) | $ (1,458) |
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Gain Loss From Price Risk Management Activity | Gain Loss From Price Risk Management Activity |
Foreign Currency Gain (Loss) [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Realized Gain (Loss) on Derivatives | $ (4) | $ 1 |
Unrealized Gain (Loss) on Derivatives | 6 | 3 |
Realized and Unrealized Gain (Loss) on Risk Management | $ 2 | $ 4 |
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Gain Loss From Price Risk Management Activity | Gain Loss From Price Risk Management Activity |
Financial Instruments and Ris_6
Financial Instruments and Risk Management (Reconciliation of Unrealized Risk Management Positions) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Derivative [Line Items] | ||
Fair Value of Contracts, Beginning of Year | $ (4) | |
Settlement of Other Derivative Contracts | 0 | |
Fair Value of Contracts Realized During the Period | 80 | $ 445 |
Fair Value of Contracts, End of Period | 20 | |
Unrealized Gain (Loss) on Derivatives | 24 | (1,009) |
Commodity Contract [Member] | ||
Derivative [Line Items] | ||
Increase (Decrease) in Derivative Assets and Liabilities | $ (56) | $ (1,454) |
Financial Instruments and Ris_7
Financial Instruments and Risk Management (Unrealized Risk Management Positions) (Details) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Derivatives, Fair Value [Line Items] | ||
Risk Management, Current asset | $ 89 | $ 53 |
Risk Management, Long-term asset | 3 | 34 |
Risk Management, Total asset | 92 | 87 |
Risk Management, Current liability | 45 | 86 |
Risk Management, Long-term liability | 22 | 0 |
Risk Management, Total liability | 67 | 86 |
Guarantor Obligations, Current Carrying Value | 5 | 5 |
Risk Management and Other Derivative Guarantee, at Fair Value, Net | 20 | (4) |
Other Liabilities and Provisions [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Guarantor Obligations, Current Carrying Value | $ 5 | $ 5 |
Supplementary Information (Net
Supplementary Information (Net Change in Non-Cash Working Capital) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Supplemental Cash Flow Elements [Abstract] | ||
Accounts receivable and accrued revenues | $ 314 | $ (501) |
Accounts payable and accrued liabilities | (187) | 153 |
Current portion of operating lease liabilities | 12 | 0 |
Income tax receivable and payable | 83 | 2 |
Net change in non-cash working capital | $ 222 | $ (346) |
Supplementary Information (Non-
Supplementary Information (Non-Cash Activity) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Non-Cash Operating Activities | ||
ROU operating lease assets and liabilities | $ (29) | $ (24) |
Non-Cash Investing Activities | ||
Property, plant and equipment accruals | (1) | 41 |
Capitalized long-term incentives | (2) | 5 |
Property additions/dispositions, including swaps | $ 18 | $ 4 |
Commitments and Contingencies_2
Commitments and Contingencies (Details) $ in Millions | Mar. 31, 2023 USD ($) |
Commitments [Line Items] | |
2023 | $ 846 |
2024 | 725 |
2025 | 589 |
2026 | 505 |
2027 | 476 |
Thereafter | 2,261 |
Total | 5,402 |
Transportation and Processing Commitments [Member] | |
Commitments [Line Items] | |
2023 | 595 |
2024 | 696 |
2025 | 581 |
2026 | 503 |
2027 | 476 |
Thereafter | 2,261 |
Total | 5,112 |
Drilling and Field Services Commitments [Member] | |
Commitments [Line Items] | |
2023 | 244 |
2024 | 21 |
2025 | 0 |
2026 | 0 |
2027 | 0 |
Thereafter | 0 |
Total | 265 |
Building Leases [Member] | |
Commitments [Line Items] | |
2023 | 7 |
2024 | 8 |
2025 | 8 |
2026 | 2 |
2027 | 0 |
Thereafter | 0 |
Total | $ 25 |
Subsequent Event (Narrative) (D
Subsequent Event (Narrative) (Details) - USD ($) shares in Millions, $ in Millions | 3 Months Ended | |
Apr. 03, 2023 | Mar. 31, 2023 | |
Permian Acquisition [Member] | ||
Subsequent Event [Line Items] | ||
Effective date of acquisition | Jan. 01, 2023 | |
Permian Acquisition [Member] | Subsequent Event [Member] | ||
Subsequent Event [Line Items] | ||
Cash and stock transaction value for acquisition | $ 4,275 | |
Cash paid for acquisition | $ 3,125 | |
Permian Acquisition [Member] | Common Stock [Member] | Subsequent Event [Member] | ||
Subsequent Event [Line Items] | ||
Number of shares issued | 32.6 | |
Bakken Assets [Member] | Subsequent Event [Member] | ||
Subsequent Event [Line Items] | ||
Proceeds from sale of business | $ 825 |