Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2024 | Jul. 19, 2024 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2024 | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2024 | |
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 | 263,608,160 | |
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 | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Revenues | ||||
Product and service revenues | $ 2,193 | $ 2,352 | $ 4,580 | $ 4,944 |
Gains (losses) on risk management, net | 77 | 147 | 23 | 89 |
Sublease revenues | 18 | 18 | 37 | 35 |
Total Revenues | 2,288 | 2,517 | 4,640 | 5,068 |
Operating Expenses | ||||
Production, mineral and other taxes | 89 | 76 | 172 | 160 |
Transportation and processing | 413 | 452 | 832 | 907 |
Operating | 237 | 175 | 480 | 381 |
Purchased product | 333 | 692 | 773 | 1,393 |
Depreciation, depletion and amortization | 580 | 419 | 1,146 | 783 |
Accretion of asset retirement obligation | 4 | 4 | 9 | 9 |
Administrative | 76 | 168 | 178 | 226 |
Total Operating Expenses | 1,732 | 1,986 | 3,590 | 3,859 |
Operating Income (Loss) | 556 | 531 | 1,050 | 1,209 |
Other (Income) Expenses | ||||
Interest | 105 | 80 | 203 | 151 |
Foreign exchange (gain) loss, net | (10) | 25 | (38) | 22 |
Other (gains) losses, net | (5) | (11) | (9) | (14) |
Total Other (Income) Expenses | 90 | 94 | 156 | 159 |
Net Earnings (Loss) Before Income Tax | 466 | 437 | 894 | 1,050 |
Income tax expense (recovery) | 126 | 101 | 216 | 227 |
Net Earnings (Loss) | $ 340 | $ 336 | $ 678 | $ 823 |
Net Earnings (Loss) per Share of Common Stock | ||||
Basic | $ 1.28 | $ 1.35 | $ 2.53 | $ 3.33 |
Diluted | $ 1.27 | $ 1.34 | $ 2.51 | $ 3.28 |
Weighted Average Shares of Common Stock Outstanding (millions) | ||||
Basic | 266.2 | 249.4 | 267.9 | 246.9 |
Diluted | 268.1 | 250.8 | 270.6 | 250.8 |
Condensed Consolidated Statem_2
Condensed Consolidated Statement of Comprehensive Income (unaudited) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Statement of Comprehensive Income [Abstract] | ||||
Net Earnings (Loss) | $ 340 | $ 336 | $ 678 | $ 823 |
Other Comprehensive Income (Loss), Net of Tax | ||||
Foreign currency translation adjustment | (31) | 53 | (107) | 55 |
Pension and other post-employment benefit plans | (2) | (1) | (3) | (3) |
Other Comprehensive Income (Loss) | (33) | 52 | (110) | 52 |
Comprehensive Income (Loss) | $ 307 | $ 388 | $ 568 | $ 875 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheet (unaudited) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Current Assets | ||
Cash and cash equivalents | $ 8 | $ 3 |
Accounts receivable and accrued revenues (net of allowances of $5 million (2023: $5 million)) | 1,208 | 1,442 |
Risk management | 117 | 214 |
Income tax receivable | 67 | 17 |
Total Current Assets | 1,400 | 1,676 |
Oil and natural gas properties, based on full cost accounting | ||
Proved properties | 65,239 | 64,084 |
Unproved properties | 1,152 | 1,486 |
Other | 900 | 907 |
Property, plant and equipment | 67,291 | 66,477 |
Less: Accumulated depreciation, depletion and amortization | (52,447) | (51,837) |
Property, plant and equipment, net | 14,844 | 14,640 |
Other Assets | 978 | 1,015 |
Risk Management | 10 | 4 |
Deferred Income Taxes | 0 | 53 |
Goodwill | 2,577 | 2,599 |
Total Assets | 19,809 | 19,987 |
Current Liabilities | ||
Accounts payable and accrued liabilities | 1,872 | 2,209 |
Current portion of operating lease liabilities | 85 | 87 |
Income tax payable | 2 | 232 |
Risk management | 7 | 0 |
Current portion of long-term debt | 1,234 | 284 |
Total Current Liabilities | 3,200 | 2,812 |
Long-Term Debt | 4,853 | 5,453 |
Operating Lease Liabilities | 804 | 832 |
Other Liabilities and Provisions | 141 | 132 |
Risk Management | 6 | 2 |
Asset Retirement Obligation | 261 | 276 |
Deferred Income Taxes | 216 | 110 |
Total Liabilities | 9,481 | 9,617 |
Commitments and Contingencies | ||
Shareholders’ Equity | ||
Share capital - authorized 775 million shares of stock 2024 issued and outstanding: 264.1 million shares (2023: 271.7 million shares) | 3 | 3 |
Paid in surplus | 8,170 | 8,620 |
Retained earnings | 1,215 | 697 |
Accumulated other comprehensive income | 940 | 1,050 |
Total Shareholders’ Equity | 10,328 | 10,370 |
Total Liabilities and Shareholders' Equity | $ 19,809 | $ 19,987 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheet (Parenthetical) (unaudited) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Statement of Financial Position [Abstract] | ||
Allowances for accounts receivable and accrued revenues | $ 5 | $ 5 |
Share Capital, Authorized | 775,000,000 | 775,000,000 |
Common Stock, Shares, Issued | 264,100,000 | 271,700,000 |
Common Stock, Shares, Outstanding | 264,100,000 | 271,700,000 |
Condensed Consolidated Statem_3
Condensed Consolidated Statement of Changes in Shareholders' Equity (unaudited) - USD ($) $ in Millions | Total | Share Capital [Member] | Paid in Surplus [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income [Member] |
Balance, Beginning of Period at Dec. 31, 2022 | $ 7,689 | $ 3 | $ 7,776 | $ (1,081) | $ 991 |
Net Earnings (Loss) | 823 | 0 | 0 | 823 | 0 |
Dividends on Shares of Common Stock | (143) | 0 | 0 | (143) | 0 |
Shares of Common Stock Purchased | (328) | 0 | (328) | 0 | 0 |
Shares of Common Stock Issued | 1,169 | 0 | 1,169 | 0 | 0 |
Equity-Settled Compensation Costs | 54 | 0 | 54 | 0 | 0 |
Other Comprehensive Income (Loss) | 52 | 0 | 0 | 0 | 52 |
Balance, End of Period at Jun. 30, 2023 | 9,316 | 3 | 8,671 | (401) | 1,043 |
Balance, Beginning of Period at Dec. 31, 2022 | 7,689 | 3 | 7,776 | (1,081) | 991 |
Shares of Common Stock Purchased | 0 | ||||
Shares of Common Stock Issued | 0 | ||||
Balance, End of Period at Dec. 31, 2023 | 10,370 | 3 | 8,620 | 697 | 1,050 |
Balance, Beginning of Period at Mar. 31, 2023 | 7,894 | 3 | 7,555 | (655) | 991 |
Net Earnings (Loss) | 336 | 0 | 0 | 336 | 0 |
Dividends on Shares of Common Stock | (82) | 0 | 0 | (82) | 0 |
Shares of Common Stock Purchased | (89) | 0 | (89) | 0 | 0 |
Shares of Common Stock Issued | 1,169 | 0 | 1,169 | 0 | 0 |
Equity-Settled Compensation Costs | 36 | 0 | 36 | 0 | 0 |
Other Comprehensive Income (Loss) | 52 | 0 | 0 | 0 | 52 |
Balance, End of Period at Jun. 30, 2023 | 9,316 | 3 | 8,671 | (401) | 1,043 |
Balance, Beginning of Period at Dec. 31, 2023 | 10,370 | 3 | 8,620 | 697 | 1,050 |
Net Earnings (Loss) | 678 | 0 | 0 | 678 | 0 |
Dividends on Shares of Common Stock | (160) | 0 | 0 | (160) | 0 |
Shares of Common Stock Purchased | (434) | 0 | (434) | 0 | 0 |
Shares of Common Stock Issued | 0 | ||||
Equity-Settled Compensation Costs | (16) | 0 | (16) | 0 | 0 |
Other Comprehensive Income (Loss) | (110) | 0 | 0 | 0 | (110) |
Balance, End of Period at Jun. 30, 2024 | 10,328 | 3 | 8,170 | 1,215 | 940 |
Balance, Beginning of Period at Mar. 31, 2024 | 10,262 | 3 | 8,331 | 955 | 973 |
Net Earnings (Loss) | 340 | 0 | 0 | 340 | 0 |
Dividends on Shares of Common Stock | (80) | 0 | 0 | (80) | 0 |
Shares of Common Stock Purchased | (184) | 0 | (184) | 0 | 0 |
Equity-Settled Compensation Costs | 23 | 0 | 23 | 0 | 0 |
Other Comprehensive Income (Loss) | (33) | 0 | 0 | 0 | (33) |
Balance, End of Period at Jun. 30, 2024 | $ 10,328 | $ 3 | $ 8,170 | $ 1,215 | $ 940 |
Condensed Consolidated Statem_4
Condensed Consolidated Statement of Changes in Shareholders' Equity (Parenthetical) (unaudited) - $ / shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Statement of Stockholders' Equity [Abstract] | ||||
Dividends on Shares of Common Stock, per share | $ 0.3 | $ 0.3 | $ 0.6 | $ 0.55 |
Condensed Consolidated Statem_5
Condensed Consolidated Statement of Cash Flows (unaudited) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Operating Activities | ||||
Net earnings (loss) | $ 340 | $ 336 | $ 678 | $ 823 |
Depreciation, depletion and amortization | 580 | 419 | 1,146 | 783 |
Accretion of asset retirement obligation | 4 | 4 | 9 | 9 |
Deferred income taxes | 103 | 47 | 161 | 111 |
Unrealized (gain) loss on risk management | (8) | (142) | 92 | (160) |
Unrealized foreign exchange (gain) loss | (5) | 10 | (28) | 5 |
Foreign exchange (gain) loss on settlements | (5) | 4 | (7) | 3 |
Other | 16 | 21 | 9 | (24) |
Net change in other assets and liabilities | (42) | (12) | (54) | (17) |
Net change in non-cash working capital | 37 | 144 | (327) | 366 |
Cash From (Used in) Operating Activities | 1,020 | 831 | 1,679 | 1,899 |
Investing Activities | ||||
Capital expenditures | (622) | (640) | (1,213) | (1,250) |
Acquisitions | (5) | (15) | (195) | (214) |
Corporate acquisition, net of cash acquired | 0 | (3,225) | 12 | (3,225) |
Proceeds from divestitures | 2 | 717 | 4 | 729 |
Net change in investments and other | (16) | 155 | (10) | 89 |
Cash From (Used in) Investing Activities | (641) | (3,008) | (1,402) | (3,871) |
Financing Activities | ||||
Net issuance (repayment) of revolving debt | (111) | 100 | 350 | 287 |
Issuance of long-term debt | 0 | 2,278 | 0 | 2,278 |
Purchase of shares of common stock | (184) | (89) | (434) | (328) |
Dividends on shares of common stock | (80) | (82) | (160) | (143) |
Finance lease payments and other | (1) | (1) | (30) | (72) |
Cash From (Used in) Financing Activities | (376) | 2,206 | (274) | 2,022 |
Foreign Exchange Gain (Loss) on Cash, Cash Equivalents and Restricted Cash Held in Foreign Currency | 0 | (3) | 2 | (3) |
Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash | 3 | 26 | 5 | 47 |
Cash, Cash Equivalents and Restricted Cash, Beginning of Period | 5 | 26 | 3 | 5 |
Cash, Cash Equivalents and Restricted Cash, End of Period | 8 | 52 | 8 | 52 |
Cash, End of Period | 6 | 9 | 6 | 9 |
Cash Equivalents, End of Period | 2 | 43 | 2 | 43 |
Restricted Cash, End of Period | $ 0 | $ 0 | $ 0 | $ 0 |
Basis of Presentation and Princ
Basis of Presentation and Principles of Consolidation | 6 Months Ended |
Jun. 30, 2024 | |
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, 2023, which are included in Item 8 of Ovintiv’s 2023 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, 2023. 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. |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 6 Months Ended |
Jun. 30, 2024 | |
Accounting Standards Update and Change in Accounting Principle [Abstract] | |
Recent Accounting Pronouncements | 2. Recent Accounting Pronouncements Changes in Accounting Policies and Practices On January 1, 2024 , Ovintiv adopted ASU 2023-07 “Improvements to Reportable Segment Disclosures”, issued by FASB. The amendments enhance annual disclosure requirements about significant segment expenses that are regularly provided to the chief operating decision maker and included within reported measures of segment profit or loss. The amendments do not change how an entity identifies its operating segments. In addition, all annual disclosures are to be presented in interim periods beginning in the first quarter of 2025. The amendments will be applied retrospectively to all prior periods presented in the annual disclosures and are not expected to have a material impact on the Company’s Consolidated Financial Statements. New Standards Issued Not Yet Adopted As of January 1, 2025, Ovintiv will be required to adopt ASU 2023-09 “Improvements to Income Tax Disclosures”. The standard requires disaggregated information about the Company’s effective tax rate reconciliation as well as information on income taxes paid. The amendment requires the tabular rate reconciliation to be presented using both percentages and amounts, with additional separate disclosure for any reconciling items within certain categories equal to or greater than five percent of net earnings or loss before income tax and the applicable statutory federal income tax rate. The amendment also requires the disaggregation of income taxes paid by federal, state, and foreign jurisdictions, as well as additional disaggregated information on income taxes paid to an individual jurisdiction equal to or greater than five percent of total income taxes paid. Amendments will be applied prospectively at the date of adoption and are not expected to have a material impact on the Company’s Consolidated Financial Statements. |
Segmented Information
Segmented Information | 6 Months Ended |
Jun. 30, 2024 | |
Segment Reporting [Abstract] | |
Segmented Information | 3. 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 June 30) Segment and Geographic Information USA Operations Canadian Operations Market Optimization 2024 2023 2024 2023 2024 2023 Revenues Product and service revenues $ 1,421 $ 1,181 $ 422 $ 468 $ 350 $ 703 Gains (losses) on risk management, net 31 5 38 - - - Sublease revenues - - - - - - Total Revenues 1,452 1,186 460 468 350 703 Operating Expenses Production, mineral and other taxes 85 73 4 3 - - Transportation and processing 126 148 260 268 27 36 Operating 205 167 26 2 6 6 Purchased product - - - - 333 692 Depreciation, depletion and amortization 498 336 76 78 - - Total Operating Expenses 914 724 366 351 366 734 Operating Income (Loss) $ 538 $ 462 $ 94 $ 117 $ ( 16 ) $ ( 31 ) Corporate & Other Consolidated 2024 2023 2024 2023 Revenues Product and service revenues $ - $ - $ 2,193 $ 2,352 Gains (losses) on risk management, net 8 142 77 147 Sublease revenues 18 18 18 18 Total Revenues 26 160 2,288 2,517 Operating Expenses Production, mineral and other taxes - - 89 76 Transportation and processing - - 413 452 Operating - - 237 175 Purchased product - - 333 692 Depreciation, depletion and amortization 6 5 580 419 Accretion of asset retirement obligation 4 4 4 4 Administrative 76 168 76 168 Total Operating Expenses 86 177 1,732 1,986 Operating Income (Loss) $ ( 60 ) $ ( 17 ) 556 531 Other (Income) Expenses Interest 105 80 Foreign exchange (gain) loss, net ( 10 ) 25 Other (gains) losses, net ( 5 ) ( 11 ) Total Other (Income) Expenses 90 94 Net Earnings (Loss) Before Income Tax 466 437 Income tax expense (recovery) 126 101 Net Earnings (Loss) $ 340 $ 336 Results of Operations (For the six months ended June 30) Segment and Geographic Information USA Operations Canadian Operations Market Optimization 2024 2023 2024 2023 2024 2023 Revenues Product and service revenues $ 2,883 $ 2,367 $ 891 $ 1,158 $ 806 $ 1,419 Gains (losses) on risk management, net 55 7 60 ( 78 ) - - Sublease revenues - - - - - - Total Revenues 2,938 2,374 951 1,080 806 1,419 Operating Expenses Production, mineral and other taxes 165 153 7 7 - - Transportation and processing 253 295 511 535 68 77 Operating 416 337 51 31 13 13 Purchased product - - - - 773 1,393 Depreciation, depletion and amortization 987 630 148 143 - - Total Operating Expenses 1,821 1,415 717 716 854 1,483 Operating Income (Loss) $ 1,117 $ 959 $ 234 $ 364 $ ( 48 ) $ ( 64 ) Corporate & Other Consolidated 2024 2023 2024 2023 Revenues Product and service revenues $ - $ - $ 4,580 $ 4,944 Gains (losses) on risk management, net ( 92 ) 160 23 89 Sublease revenues 37 35 37 35 Total Revenues ( 55 ) 195 4,640 5,068 Operating Expenses Production, mineral and other taxes - - 172 160 Transportation and processing - - 832 907 Operating - - 480 381 Purchased product - - 773 1,393 Depreciation, depletion and amortization 11 10 1,146 783 Accretion of asset retirement obligation 9 9 9 9 Administrative 178 226 178 226 Total Operating Expenses 198 245 3,590 3,859 Operating Income (Loss) $ ( 253 ) $ ( 50 ) 1,050 1,209 Other (Income) Expenses Interest 203 151 Foreign exchange (gain) loss, net ( 38 ) 22 Other (gains) losses, net ( 9 ) ( 14 ) Total Other (Income) Expenses 156 159 Net Earnings (Loss) Before Income Tax 894 1,050 Income tax expense (recovery) 216 227 Net Earnings (Loss) $ 678 $ 823 Intersegment Information Market Optimization Marketing Sales Upstream Eliminations Total For the three months ended June 30, 2024 2023 2024 2023 2024 2023 Revenues $ 2,393 $ 2,874 $ ( 2,043 ) $ ( 2,171 ) $ 350 $ 703 Operating Expenses Transportation and processing 156 180 ( 129 ) ( 144 ) 27 36 Operating 6 6 - - 6 6 Purchased product 2,247 2,719 ( 1,914 ) ( 2,027 ) 333 692 Operating Income (Loss) $ ( 16 ) $ ( 31 ) $ - $ - $ ( 16 ) $ ( 31 ) Market Optimization Marketing Sales Upstream Eliminations Total For the six months ended June 30, 2024 2023 2024 2023 2024 2023 Revenues $ 4,891 $ 6,010 $ ( 4,085 ) $ ( 4,591 ) $ 806 $ 1,419 Operating Expenses Transportation and processing 326 345 ( 258 ) ( 268 ) 68 77 Operating 13 13 - - 13 13 Purchased product 4,600 5,716 ( 3,827 ) ( 4,323 ) 773 1,393 Operating Income (Loss) $ ( 48 ) $ ( 64 ) $ - $ - $ ( 48 ) $ ( 64 ) Capital Expenditures by Segment Three Months Ended Six Months Ended June 30, June 30, 2024 2023 2024 2023 USA Operations $ 504 $ 502 $ 961 $ 969 Canadian Operations 117 137 250 279 Corporate & Other 1 1 2 2 $ 622 $ 640 $ 1,213 $ 1,250 Goodwill, Property, Plant and Equipment and Total Assets by Segment Goodwill Property, Plant and Equipment Total Assets As at As at As at June 30, December 31, June 30, December 31, June 30, December 31, 2024 2023 2024 2023 2024 2023 USA Operations $ 1,938 $ 1,938 $ 13,286 $ 13,129 $ 16,098 $ 16,033 Canadian Operations 639 661 1,416 1,357 2,348 2,404 Market Optimization - - - - 200 232 Corporate & Other - - 142 154 1,163 1,318 $ 2,577 $ 2,599 $ 14,844 $ 14,640 $ 19,809 $ 19,987 |
Revenues from Contracts with Cu
Revenues from Contracts with Customers | 6 Months Ended |
Jun. 30, 2024 | |
Revenue from Contract with Customer [Abstract] | |
Revenues from Contracts with Customers | 4. Revenues from Contracts with Customers The following table summarizes Ovintiv’s revenues from contracts with customers. Revenues (For the three months ended June 30) USA Operations Canadian Operations Market Optimization 2024 2023 2024 2023 2024 2023 Revenues from Customers Product revenues (1) Oil $ 1,192 $ 947 $ 4 $ - $ 318 $ 644 NGLs 176 149 271 246 3 5 Natural gas 55 86 150 223 23 49 Service revenues Gathering and processing 1 2 - 1 - - Product and Service Revenues $ 1,424 $ 1,184 $ 425 $ 470 $ 344 $ 698 Corporate & Other Consolidated 2024 2023 2024 2023 Revenues from Customers Product revenues (1) Oil $ - $ - $ 1,514 $ 1,591 NGLs - - 450 400 Natural gas - - 228 358 Service revenues Gathering and processing - - 1 3 Product and Service Revenues $ - $ - $ 2,193 $ 2,352 (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. Revenues (For the six months ended June 30) USA Operations Canadian Operations Market Optimization 2024 2023 2024 2023 2024 2023 Revenues from Customers Product revenues (1) Oil $ 2,373 $ 1,798 $ 5 $ - $ 710 $ 1,253 NGLs 364 333 505 483 11 25 Natural gas 152 241 385 678 72 129 Service revenues Gathering and processing 2 2 1 2 - - Product and Service Revenues $ 2,891 $ 2,374 $ 896 $ 1,163 $ 793 $ 1,407 Corporate & Other Consolidated 2024 2023 2024 2023 Revenues from Customers Product revenues (1) Oil $ - $ - $ 3,088 $ 3,051 NGLs - - 880 841 Natural gas - - 609 1,048 Service revenues Gathering and processing - - 3 4 Product and Service Revenues $ - $ - $ 4,580 $ 4,944 (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 June 30, 2024, receivables and accrued revenues from contracts with customers were $ 917 million ($ 1,070 million as at December 31, 2023). 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 June 30, 2024. As at June 30, 2024, 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 | 6 Months Ended |
Jun. 30, 2024 | |
Interest Expense, Operating and Nonoperating [Abstract] | |
Interest | 5. Interest Three Months Ended Six Months Ended June 30, June 30, 2024 2023 2024 2023 Interest Expense on: Debt $ 100 $ 77 $ 197 $ 137 Finance leases 1 1 1 1 Other 4 2 5 13 $ 105 $ 80 $ 203 $ 151 |
Foreign Exchange (Gain) Loss, N
Foreign Exchange (Gain) Loss, Net | 6 Months Ended |
Jun. 30, 2024 | |
Foreign Currency [Abstract] | |
Foreign Exchange (Gain) Loss, Net | 6. Foreign Exchange (Gain) Loss, Net Three Months Ended Six Months Ended June 30, June 30, 2024 2023 2024 2023 Unrealized Foreign Exchange (Gain) Loss on: Translation of U.S. dollar risk management contracts issued from Canada $ 1 $ ( 9 ) $ 7 $ ( 15 ) Translation of intercompany notes ( 6 ) 19 ( 35 ) 20 ( 5 ) 10 ( 28 ) 5 Foreign Exchange (Gain) Loss on Settlements of: U.S. dollar financing debt issued from Canada 1 ( 1 ) 1 ( 2 ) U.S. dollar risk management contracts issued from Canada 1 3 1 7 Intercompany notes ( 6 ) 5 ( 8 ) 5 Other Monetary Revaluations ( 1 ) 8 ( 4 ) 7 $ ( 10 ) $ 25 $ ( 38 ) $ 22 |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2024 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 7. Income Taxes Three Months Ended Six Months Ended June 30, June 30, 2024 2023 2024 2023 Current Tax United States $ 10 $ 8 $ 24 $ 8 Canada 13 46 31 108 Total Current Tax Expense (Recovery) 23 54 55 116 Deferred Tax United States 77 65 135 137 Canada 26 ( 18 ) 26 ( 26 ) Total Deferred Tax Expense (Recovery) 103 47 161 111 Income Tax Expense (Recovery) $ 126 $ 101 $ 216 $ 227 Effective Tax Rate 27.0 % 23.1 % 24.2 % 21.6 % 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. |
Acquisitions and Divestitures
Acquisitions and Divestitures | 6 Months Ended |
Jun. 30, 2024 | |
Acquisitions And Divestitures [Abstract] | |
Acquisitions and Divestitures | 8. Acquisitions and Divestitures Three Months Ended Six Months Ended June 30, June 30, 2024 2023 2024 2023 Acquisitions USA Operations $ 5 $ 15 $ 195 $ 208 Canadian Operations - - - 6 Total Acquisitions 5 15 195 214 Divestitures USA Operations ( 2 ) ( 718 ) ( 4 ) ( 730 ) Canadian Operations - 1 - 1 Total Divestitures ( 2 ) ( 717 ) ( 4 ) ( 729 ) Net Acquisitions & (Divestitures) $ 3 $ ( 702 ) $ 191 $ ( 515 ) Acquisitions For the three and six months ended June 30, 2024, acquisitions in the USA Operations were $ 5 million and $ 195 million, respectively, which primarily included property purchases in Permian with oil and liquids-rich potential. For the three and six months ended June 30, 2023, acquisitions in the USA Operations were $ 15 million and $ 208 million, respectively, which primarily included property purchases in Permian and Uinta with oil and liquids-rich potential. Divestitures For the three and six months ended June 30, 2024, divestitures in the USA Operations were $ 2 million and $ 4 million respectively, which primarily included the sale of certain properties that did not complement Ovintiv’s existing portfolio of assets. For the three and six months ended June 30, 2023, divestitures in the USA Operations were $ 718 million and $ 730 million, respectively, which primarily included the sale of Bakken located in North Dakota for proceeds of approximately $ 706 million, after closing and other adjustments. Amounts received from the Company’s divestiture transactions have been deducted from the respective U.S. and Canadian full cost pools. |
Business Combination
Business Combination | 6 Months Ended |
Jun. 30, 2024 | |
Business Combinations [Abstract] | |
Business Combination | 9. Business Combination Acquisition of Midland Basin Assets (“Permian Acquisition”) On June 12, 2023, Ovintiv completed a business combination to purchase all of the outstanding equity interests in seven Delaware limited liability companies (“Permian LLCs”) pursuant to the purchase agreement with Black Swan Oil & Gas, LLC, PetroLegacy II Holdings, LLC, Piedra Energy III Holdings, LLC and Piedra Energy IV Holdings, LLC, which were portfolio companies of funds managed by EnCap Investments L.P. (“EnCap”). The Company paid aggregate cash consideration of approximately $ 3.2 billion and issued approximately 31.8 million shares of Ovintiv common stock, representing a value of approximately $ 1.2 billion. The cash portion of the consideration was funded through a combination of net proceeds from the Company’s May 2023 senior notes offering, net proceeds from the sale of Bakken during the second quarter of 2023, cash on hand and proceeds from short-term borrowings. During the period from June 12, 2023 to December 31, 2023, transaction costs of approximately $ 76 million were included in administrative expense. The acquisition was strategically located in close proximity to Ovintiv’s current Permian operations and added approximately 1,050 net well locations to Ovintiv’s Permian inventory and approximately 65,000 net acres. The results of operations from the acquired Permian assets have been included in Ovintiv’s consolidated financial statements since June 12, 2023. Purchase Price Allocation The Permian LLCs were accounted for under the acquisition method and as a single transaction because the purchase agreement was entered into at the same time with EnCap and in contemplation of one another to achieve an overall economic effect. The purchase price allocations represent the consideration paid and the fair values of the assets acquired, and liabilities assumed as of the acquisition date. The purchase price allocation was finalized during the first quarter of 2024. Purchase Price Allocation Consideration: Fair value of shares of Ovintiv common stock issued (1) $ 1,169 Consideration paid in cash (2) 3,229 Total Consideration $ 4,398 Assets Acquired: Cash and cash equivalents $ 16 Accounts receivable and accrued revenues (3) 202 Proved properties (3) 3,727 Unproved properties (3) 914 Other property, plant and equipment (3) 17 Liabilities Assumed: Accounts payable and accrued liabilities (3) ( 446 ) Asset retirement obligation ( 28 ) Other liabilities and provisions (3) ( 4 ) Total Purchase Price $ 4,398 (1) The fair value was based on the issuance of 31.8 million shares of common stock using the NYSE price of $ 36.78 on June 12, 2023. (2) Cash consideration paid reflects final cash settlements of $ 12 million which were completed during the first quarter of 2024. (3) Since the completion of the business combination on June 12, 2023, additional information related to pre-acquisition assets and liabilities was obtained resulting in measurement period adjustments. Changes in the fair value estimates comprised an increase in accounts receivable and accrued revenues of $ 22 million, an increase in proved properties of $ 134 million, a decrease in unproved properties of $ 227 million, a decrease in other property, plant and equipment of $ 16 million, a decrease in accounts payable and accrued liabilities of $ 73 million and a decrease in other liabilities and provisions of $ 2 million. The Company used the income approach valuation technique for the fair value of assets acquired and liabilities assumed. The carrying amounts of cash, accounts receivable and accounts payable approximate their fair values due to their nature and/or short-term maturity of the instruments. The fair value of tubular inventory in other property, plant and equipment was based on the fair value approach, which utilized subsequent sales of inventory, asset listings and cost records with consideration for the relative age, condition, utilization and economic support of the inventory. The fair values of the proved properties, unproved properties and asset retirement obligation were categorized within Level 3 and were determined using relevant market assumptions, including discount rates, future commodity prices and costs, timing of development activities, projections of oil and gas reserves, and estimates to abandon and reclaim producing wells. Level 3 inputs require significant judgment and estimates to be made. For income tax purposes, the Permian Acquisition was treated as an asset purchase, and as a result, the tax basis in the assets and liabilities reflect their allocated fair value. |
Property, Plant and Equipment,
Property, Plant and Equipment, Net | 6 Months Ended |
Jun. 30, 2024 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment, Net | 10. Property, Plant and Equipment, Net As at June 30, 2024 As at December 31, 2023 Accumulated Accumulated Cost DD&A Net Cost DD&A Net USA Operations Proved properties $ 48,897 $ ( 36,786 ) $ 12,111 $ 47,440 $ ( 35,799 ) $ 11,641 Unproved properties 1,121 - 1,121 1,449 - 1,449 Other 54 - 54 39 - 39 50,072 ( 36,786 ) 13,286 48,928 ( 35,799 ) 13,129 Canadian Operations Proved properties 16,342 ( 14,963 ) 1,379 16,644 ( 15,332 ) 1,312 Unproved properties 31 - 31 37 - 37 Other 6 - 6 8 - 8 16,379 ( 14,963 ) 1,416 16,689 ( 15,332 ) 1,357 Market Optimization 7 ( 7 ) - 7 ( 7 ) - Corporate & Other 833 ( 691 ) 142 853 ( 699 ) 154 $ 67,291 $ ( 52,447 ) $ 14,844 $ 66,477 $ ( 51,837 ) $ 14,640 USA and Canadian Operations’ property, plant and equipment include internal costs directly related to exploration, development and construction activities of $ 99 million, which have been capitalized during the six months ended June 30, 2024 (2023 - $ 76 million). |
Leases
Leases | 6 Months Ended |
Jun. 30, 2024 | |
Leases [Abstract] | |
Leases | 11. Leases The following table outlines Ovintiv’s estimated future sublease income as at June 30, 2024. All subleases are classified as operating leases. (undiscounted) 2024 2025 2026 2027 2028 Thereafter Total Sublease Income $ 25 $ 51 $ 51 $ 46 $ 41 $ 364 $ 578 For the three and six months ended June 30, 2024, operating lease income was $ 12 million and $ 26 million, respectively (2023 - $ 12 million and $ 24 million, respectively), and variable lease income was $ 6 million and $ 11 million, respectively (2023 - $ 6 million and $ 11 million, respectively). |
Long-Term Debt
Long-Term Debt | 6 Months Ended |
Jun. 30, 2024 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | 12. Long-Term Debt As at As at June 30, December 31, 2024 2023 U.S. Dollar Denominated Debt Revolving credit and term loan borrowings $ 634 $ 284 U.S. Unsecured Notes: 5.65 % due May 15, 2025 600 600 5.375 % due January 1, 2026 459 459 5.65 % due May 15, 2028 700 700 8.125 % due September 15, 2030 300 300 7.20 % due November 1, 2031 350 350 7.375 % due November 1, 2031 500 500 6.25 % due July 15, 2033 600 600 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 7.10 % due July 15, 2053 400 400 Total Principal 6,110 5,760 Increase in Value of Debt Acquired 19 22 Unamortized Debt Discounts and Issuance Costs ( 42 ) ( 45 ) Total Long-Term Debt $ 6,087 $ 5,737 Current Portion $ 1,234 $ 284 Long-Term Portion 4,853 5,453 $ 6,087 $ 5,737 On May 31, 2023, Ovintiv completed a public offering of senior unsecured notes of $ 600 million with a coupon rate of 5.65 percent due May 15, 2025 , $ 700 million with a coupon rate of 5.65 percent due May 15, 2028 , $ 600 million with a coupon rate of 6.25 percent due July 15, 2033 , and $ 400 million with a coupon rate of 7.10 percent due July 15, 2053 . The net proceeds of the offering, totaling $ 2,278 million, were used to fund a portion of the Company’s Permian Acquisition. See Note 9 for further information on the business combination. As at June 30, 2024, the Company had outstanding commercial paper of $ 384 million maturing at various dates with a weighted average interest rate of approximately 6.13 percent. As at June 30, 2024, the Company also had $ 250 million drawn on its revolving credit facilities. The credit facilities are unsecured and bear interest at the lenders’ U.S. base rate, Canadian prime, Bankers’ Acceptances, SOFR or CORRA, plus applicable margins. As at June 30, 2024, total long-term debt had a carrying value of $ 6,087 million and a fair value of $ 6,293 million (as at December 31, 2023 - carrying value of $ 5,737 million and a fair value of $ 5,989 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. |
Other Liabilities and Provision
Other Liabilities and Provisions | 6 Months Ended |
Jun. 30, 2024 | |
Other Liabilities Disclosure [Abstract] | |
Other Liabilities and Provisions | 13. Other Liabilities and Provisions As at As at June 30, December 31, 2024 2023 Finance Lease Obligations $ 16 $ 20 Unrecognized Tax Benefits 36 16 Pensions and Other Post-Employment Benefits 77 74 Other 12 22 $ 141 $ 132 |
Share Capital
Share Capital | 6 Months Ended |
Jun. 30, 2024 | |
Class of Stock Disclosures [Abstract] | |
Share Capital | 14. 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 June 30, 2024 December 31, 2023 Number Number (millions) Amount (millions) Amount Shares of Common Stock Outstanding, Beginning of Year 271.7 $ 3 245.7 $ 3 Shares of Common Stock Purchased ( 9.0 ) - ( 9.9 ) - Shares of Common Stock Issued 1.4 - 35.9 - Shares of Common Stock Outstanding, End of Period 264.1 $ 3 271.7 $ 3 On June 12, 2023, in accordance with the terms of the Permian Acquisition agreement, Ovintiv issued approximately 31.8 million shares of common stock as a component of the consideration paid to EnCap as discussed in Note 9. In conjunction with the share issuance, the Company recognized share capital of $ 318 thousand and paid in surplus of $ 1,169 million. 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 1.4 million shares of common stock during the six months ended June 30, 2024 ( 4.1 million shares of common stock during the twelve months ended December 31, 2023), as certain PSU and RSU grants vested during the period. Normal Course Issuer Bid and Other Share Buybacks During the three and six months ended June 30, 2024, the Company purchased approximately 3.6 million shares and 9.0 million shares, respectively, for total consideration of approximately $ 184 million and $ 434 million, respectively. Of the amounts paid during the same three and six month periods, $ 36 thousand and $ 90 thousand, respectively, were charged to share capital and $ 184 million and $ 434 million, respectively, were charged to paid in surplus. During the three and six months ended June 30, 2023, the Company purchased approximately 2.5 million shares and 7.7 million shares, respectively, for total consideration of approximately $ 89 million and $ 328 million, respectively. Of the amounts paid during the same three and six month periods, $ 25 thousand and $ 77 thousand, respectively, were charged to share capital and $ 89 million and $ 328 million, respectively, were charged to paid in surplus. For the twelve months ended December 31, 2023, the Company purchased approximately 9.9 million shares for total consideration of approximately $ 426 million, of which $ 99 thousand was charged to share capital and $ 426 million was charged to paid in surplus. All NCIB purchases were made in accordance with their respective 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 June 30, 2024, the Company declared and paid dividends of $ 0.30 per share of common stock totaling $ 80 million (2023 - $ 0.30 per share of common stock totaling $ 82 million). During the six months ended June 30, 2024, the Company declared and paid dividends of $ 0.60 per share of common stock totaling $ 160 million (2023 - $ 0.55 per share of common stock totaling $ 143 million). On July 30, 2024 , the Board of Directors declared a dividend of $ 0.30 per share of common stock payable on September 27, 2024 , to shareholders of record as of September 13, 2024 . Earnings Per Share of Common Stock The following table presents the calculation of net earnings (loss) per share of common stock: Three Months Ended Six Months Ended June 30, June 30, (US$ millions, except per share amounts) 2024 2023 2024 2023 Net Earnings (Loss) $ 340 $ 336 $ 678 $ 823 Number of Shares of Common Stock: Weighted average shares of common stock outstanding - Basic 266.2 249.4 267.9 246.9 Effect of dilutive securities 1.9 1.4 2.7 3.9 Weighted Average Shares of Common Stock Outstanding - Diluted 268.1 250.8 270.6 250.8 Net Earnings (Loss) per Share of Common Stock Basic $ 1.28 $ 1.35 $ 2.53 $ 3.33 Diluted 1.27 1.34 2.51 3.28 Stock-Based Compensation Plans Shares issued as a result of awards granted from stock-based compensation plans are funded out of the common stock authorized for issuance as approved by the Company’s shareholders. As at June 30, 2024, there were no changes to Ovintiv’s compensation plans and the Company has sufficient common stock held in reserve for issuance in accordance with its equity-settled stock-based compensation plans. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income | 6 Months Ended |
Jun. 30, 2024 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Accumulated Other Comprehensive Income | 15. Accumulated Other Comprehensive Income Three Months Ended Six Months Ended June 30, June 30, 2024 2023 2024 2023 Foreign Currency Translation Adjustment Balance, Beginning of Period $ 924 $ 939 $ 1,000 $ 937 Change in Foreign Currency Translation Adjustment ( 31 ) 53 ( 107 ) 55 Balance, End of Period $ 893 $ 992 $ 893 $ 992 Pension and Other Post-Employment Benefit Plans Balance, Beginning of Period $ 49 $ 52 $ 50 $ 54 Amounts Reclassified from Other Comprehensive Income: Reclassification of net actuarial (gains) and losses to net earnings ( 2 ) ( 2 ) ( 3 ) ( 4 ) Income taxes - 1 - 1 Balance, End of Period $ 47 $ 51 $ 47 $ 51 Total Accumulated Other Comprehensive Income $ 940 $ 1,043 $ 940 $ 1,043 |
Variable Interest Entities
Variable Interest Entities | 6 Months Ended |
Jun. 30, 2024 | |
Variable Interest Entity, Not Primary Beneficiary, Disclosures [Abstract] | |
Variable Interest Entities | 16. 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 June 30, 2024, VMLP provides approximately 1,153 MMcf/d of natural gas gathering and compression and 913 MMcf/d of natural gas processing under long-term service agreements with remaining terms ranging from seven to 21 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 $ 1,111 million as at June 30, 2024. 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 21 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 June 30, 2024, accounts payable and accrued liabilities included $ 0.6 million related to the take or pay commitment. |
Compensation Plans
Compensation Plans | 6 Months Ended |
Jun. 30, 2024 | |
Share-Based Payment Arrangement [Abstract] | |
Compensation Plans | 17. Compensation Plans As at June 30, 2024, there were no changes to Ovintiv’s compensation plans and the Company has sufficient common stock held in reserve for issuance in accordance with its equity-settled stock-based compensation plans. The Company has recognized the following share-based compensation costs: Three Months Ended Six Months Ended June 30, June 30, 2024 2023 2024 2023 Total Compensation Costs of Transactions Classified as Cash-Settled $ ( 3 ) $ 4 $ 2 $ ( 24 ) Total Compensation Costs of Transactions Classified as Equity-Settled 24 24 48 45 Less: Total Share-Based Compensation Costs Capitalized ( 8 ) ( 5 ) ( 14 ) ( 13 ) Total Share-Based Compensation Expense (Recovery) $ 13 $ 23 $ 36 $ 8 Recognized in the Condensed Consolidated Statement of Earnings in: Operating $ 5 $ 7 $ 13 $ 11 Administrative 8 16 23 ( 3 ) $ 13 $ 23 $ 36 $ 8 As at June 30, 2024, the liability for cash-settled share-based payment transactions totaled $ 14 million ($ 14 million as at December 31, 2023), which is recognized in accounts payable and accrued liabilities. The following weighted average assumptions were used to determine the fair value of SAR and TSAR units outstanding: As at June 30, 2024 As at June 30, 2023 US$ SAR C$ TSAR US$ SAR C$ TSAR Share Units Share Units Share Units Share Units Risk Free Interest Rate 4.04 % 4.04 % 4.61 % 4.61 % Dividend Yield 2.56 % 2.54 % 3.15 % 3.21 % Expected Volatility Rate (1) 48.63 % 45.21 % 59.69 % 55.88 % Expected Term 1.0 yrs 1.0 yrs 1.4 yrs 1.2 yrs Market Share Price US$ 46.87 C$ 64.13 US$ 38.07 C$ 50.42 Weighted Average Grant Date Fair Value US$ 40.91 C$ 54.84 US$ 44.87 C$ 62.66 (1) Volatility was estimated using historical rates. 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. Six Months Ended June 30, 2024 (thousands of units) RSUs 1,494 PSUs 582 DSUs 5 |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 30, 2024 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 18. 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 19. 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 June 30, 2024 Level 1 Level 2 Level 3 Total Fair Netting (1) Carrying Risk Management Assets Commodity Derivatives: Current assets $ - $ 126 $ - $ 126 $ ( 10 ) $ 116 Long-term assets - 16 - 16 ( 6 ) 10 Foreign Currency Derivatives: Current assets - 1 - 1 - 1 Risk Management Liabilities Commodity Derivatives: Current liabilities $ - $ - $ 17 $ 17 $ ( 10 ) $ 7 Long-term liabilities - 12 - 12 ( 6 ) 6 As at December 31, 2023 Level 1 Level 2 Level 3 Total Fair Netting (1) Carrying Risk Management Assets Commodity Derivatives: Current assets $ - $ 188 $ 16 $ 204 $ ( 1 ) $ 203 Long-term assets - 5 - 5 ( 1 ) 4 Foreign Currency Derivatives: Current assets - 11 - 11 - 11 Risk Management Liabilities Commodity Derivatives: Current liabilities $ - $ 1 $ - $ 1 $ ( 1 ) $ - Long-term liabilities - 3 - 3 ( 1 ) 2 Other Derivative Contracts (2) Current in accounts payable and accrued liabilities $ - $ 4 $ - $ 4 $ - $ 4 (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 June 30, 2024, the Company’s Level 3 risk management assets and liabilities consist of WTI costless collars and WTI three-way options with terms to 2025. 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: Six Months Ended June 30, 2024 2023 Balance, Beginning of Year $ 16 $ 12 Total Gains (Losses) ( 42 ) 48 Purchases, Sales, Issuances and Settlements: Purchases, sales and issuances - - Settlements 9 - Transfers Out of Level 3 - - Balance, End of Period $ ( 17 ) $ 60 Change in Unrealized Gains (Losses) During the Period Included in Net Earnings (Loss) $ ( 33 ) $ 48 Quantitative information about unobservable inputs used in Level 3 fair value measurements is presented below as at June 30, 2024: Valuation Technique Unobservable Input Range Weighted Average (1) Risk Management - WTI Options Option Model Implied Volatility 20 % - 36 % 23 % (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 $ 4 million ($ 1 million as at December 31, 2023) increase or decrease to net risk management assets and liabilities. |
Financial Instruments and Risk
Financial Instruments and Risk Management | 6 Months Ended |
Jun. 30, 2024 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Financial Instruments and Risk Management | 19. 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 June 30, 2024, the Company has enter ed into $ 236 million notional U.S. dollar denominated currency swaps at an average exchange rate of C$ 1.3697 to US$1, which mature monthly through the remainder of 2024. Risk Management Positions as at June 30, 2024 Notional Volumes Term Average Price Fair Value Oil and NGL Contracts US$/bbl Fixed Price Contracts Ethane Fixed Price 5.0 Mbbls/d 2024 10.28 $ 2 WTI Three-Way Options Sold call / bought put / sold put 45.0 Mbbls/d 2024 86.75 / 65.00 / 50.00 ( 9 ) Sold call / bought put / sold put 25.3 Mbbls/d 2025 85.52 / 65.00 / 50.00 ( 8 ) WTI Costless Collars Sold call / bought put 5.0 Mbbls/d 2024 92.06 / 60.00 - Basis Contracts (1) 2024 - Oil and NGLs Fair Value Position ( 15 ) Natural Gas Contracts US$/Mcf Fixed Price Contracts NYMEX Fixed Price 200 MMcf/d 2024 3.62 27 NYMEX Three-Way Options Sold call / bought put / sold put 200 MMcf/d 2024 4.51 / 3.00 / 2.25 10 Sold call / bought put / sold put 500 MMcf/d 2025 4.54 / 3.00 / 2.25 ( 9 ) NYMEX Costless Collars Sold call / bought put 400 MMcf/d 2024 4.49 / 3.00 26 Basis Contracts (2) 2024 46 2025 28 Natural Gas Fair Value Position 128 Foreign Currency Contracts Fair Value Position (3) 2024 1 Total Fair Value Position $ 114 (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, Waha and NYMEX. (3) 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 Six Months Ended June 30, June 30, 2024 2023 2024 2023 Realized Gains (Losses) on Risk Management Commodity and Other Derivatives: Revenues (1) $ 69 $ 5 $ 115 $ ( 71 ) Foreign Currency Derivatives: Foreign exchange ( 1 ) ( 3 ) ( 1 ) ( 7 ) Interest Rate Derivatives: Interest Rate (2) - 1 - 1 $ 68 $ 3 $ 114 $ ( 77 ) Unrealized Gains (Losses) on Risk Management Commodity and Other Derivatives: Revenues (3) $ 8 $ 142 $ ( 92 ) $ 160 Foreign Currency Derivatives: Foreign exchange ( 2 ) 9 ( 10 ) 15 $ 6 $ 151 $ ( 102 ) $ 175 Total Realized and Unrealized Gains (Losses) on Risk Management , net Commodity and Other Derivatives: Revenues (1) (3) $ 77 $ 147 $ 23 $ 89 Foreign Currency Derivatives : Foreign exchange ( 3 ) 6 ( 11 ) 8 Interest Rate Derivatives: Interest Rate (2) - 1 - 1 $ 74 $ 154 $ 12 $ 98 (1) Includes a realized gain of $ 4 million for the three and six months ended June 30, 2024, respectively (2023 - nil , respectively), related to other derivative contracts. (2) The interest rate swap was executed and settled during the three months ended June 30, 2023, in relation to the senior notes issuance described in Note 12. The gain was recognized in interest expense. (3) There were no unrealized gains or losses related to other derivative contracts for the three or six months ended June 30, 2024 or 2023. Reconciliation of Unrealized Risk Management Positions from January 1 to June 30 2024 2023 Fair Value Total Total Fair Value of Contracts, Beginning of Year $ 212 Change in Fair Value of Contracts in Place at Beginning of Year and Contracts Entered into During the Period 12 $ 12 $ 98 Settlement of Other Derivative Contracts 4 Fair Value of Contracts Realized During the Period ( 114 ) ( 114 ) 77 Fair Value of Contracts, End of Period $ 114 $ ( 102 ) $ 175 Risk management assets and liabilities arise from the use of derivative financial instruments and are measured at fair value. See Note 18 for a discussion of fair value measurements. Unrealized Risk Management Positions As at As at June 30, December 31, 2024 2023 Risk Management Assets Current $ 117 $ 214 Long-term 10 4 127 218 Risk Management Liabilities Current 7 - Long-term 6 2 13 2 Other Derivative Contract Liabilities Current in accounts payable and accrued liabilities - 4 - 4 Net Risk Management Assets (Liabilities) and Other Derivative Contracts $ 114 $ 212 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 June 30, 2024, Ovintiv’s maximum exposure of loss due to credit risk from derivative financial instrument assets on a gross and net fair value basis was $ 143 million and $ 127 million, respectively, as disclosed in Note 18. The Company had no significant credit derivatives in place and held no collateral at June 30, 2024. Any cash equivalents include high-grade, short-term securities, placed primarily with financial institutions with 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 June 30, 2024, approximately 93 percent ( 91 percent as at December 31, 2023) 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 required 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 included events where a purchaser failed to make payment to the guaranteed party and/or a purchaser was subject to an insolvency event. The agreements had a fair value of $ 4 million as at December 31, 2023 and expired in June 2024 . |
Supplementary Information
Supplementary Information | 6 Months Ended |
Jun. 30, 2024 | |
Supplemental Cash Flow Elements [Abstract] | |
Supplementary Information | 20. 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 Six Months Ended June 30, June 30, 2024 2023 2024 2023 Operating Activities Accounts receivable and accrued revenues $ 63 $ 205 $ 235 $ 519 Accounts payable and accrued liabilities ( 9 ) ( 103 ) ( 301 ) ( 290 ) Current portion of operating lease liabilities 6 ( 3 ) ( 3 ) 9 Income tax receivable and payable ( 23 ) 45 ( 258 ) 128 $ 37 $ 144 $ ( 327 ) $ 366 B) Non-Cash Activities Three Months Ended Six Months Ended June 30, June 30, 2024 2023 2024 2023 Non-Cash Operating Activities ROU operating lease assets and liabilities $ ( 25 ) $ ( 40 ) $ ( 33 ) $ ( 69 ) Non-Cash Investing Activities Property, plant and equipment accruals $ ( 17 ) $ 93 $ ( 2 ) $ 92 Capitalized long-term incentives - - ( 7 ) ( 2 ) Property additions/dispositions, including swaps 14 4 31 22 Non-Cash Financing Activities Common shares issued in conjunction with the Permian Acquisition (See Note 9) $ - $ ( 1,169 ) $ - $ ( 1,169 ) |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2024 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 21. Commitments and Contingencies Commitments The following table outlines the Company’s commitments as at June 30, 2024: Expected Future Payments (undiscounted) 2024 2025 2026 2027 2028 Thereafter Total Transportation and Processing $ 336 $ 669 $ 594 $ 498 $ 445 $ 2,145 $ 4,687 Drilling and Field Services 172 105 7 - - - 284 Building Leases & Other Commitments 5 9 8 7 6 19 54 Total $ 513 $ 783 $ 609 $ 505 $ 451 $ 2,164 $ 5,025 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 16. 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 these matters are subject to a number of uncertainties. For any material matters that the Company believes an unfavorable outcome is reasonably possible, the Company discloses the nature and a range of potential exposures, if reasonably estimable. 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. During the second quarter of 2024, Ovintiv resolved a dispute related to the previous disposition of certain legacy assets. The Company expects to receive net proceeds of approximately $ 150 million later in the year, at which time the Company will recognize a contingent gain within Other (gains) losses, net in its Consolidated Statement of Earnings. Ovintiv recognizes contingent gains in its Consolidated Financial Statements when the gain is realized or considered realizable. |
Basis of Presentation and Pri_2
Basis of Presentation and Principles of Consolidation (Policies) | 6 Months Ended |
Jun. 30, 2024 | |
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, 2023, which are included in Item 8 of Ovintiv’s 2023 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, 2023. 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. |
Changes in Accounting Policies and Practices and New Standards Issued Not Yet Adopted | Changes in Accounting Policies and Practices On January 1, 2024 , Ovintiv adopted ASU 2023-07 “Improvements to Reportable Segment Disclosures”, issued by FASB. The amendments enhance annual disclosure requirements about significant segment expenses that are regularly provided to the chief operating decision maker and included within reported measures of segment profit or loss. The amendments do not change how an entity identifies its operating segments. In addition, all annual disclosures are to be presented in interim periods beginning in the first quarter of 2025. The amendments will be applied retrospectively to all prior periods presented in the annual disclosures and are not expected to have a material impact on the Company’s Consolidated Financial Statements. New Standards Issued Not Yet Adopted As of January 1, 2025, Ovintiv will be required to adopt ASU 2023-09 “Improvements to Income Tax Disclosures”. The standard requires disaggregated information about the Company’s effective tax rate reconciliation as well as information on income taxes paid. The amendment requires the tabular rate reconciliation to be presented using both percentages and amounts, with additional separate disclosure for any reconciling items within certain categories equal to or greater than five percent of net earnings or loss before income tax and the applicable statutory federal income tax rate. The amendment also requires the disaggregation of income taxes paid by federal, state, and foreign jurisdictions, as well as additional disaggregated information on income taxes paid to an individual jurisdiction equal to or greater than five percent of total income taxes paid. Amendments will be applied prospectively at the date of adoption and are not expected to have a material impact on the Company’s Consolidated Financial Statements. |
Segmented Information (Tables)
Segmented Information (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Segment Reporting [Abstract] | |
Segment and Geographic Information | Results of Operations (For the three months ended June 30) Segment and Geographic Information USA Operations Canadian Operations Market Optimization 2024 2023 2024 2023 2024 2023 Revenues Product and service revenues $ 1,421 $ 1,181 $ 422 $ 468 $ 350 $ 703 Gains (losses) on risk management, net 31 5 38 - - - Sublease revenues - - - - - - Total Revenues 1,452 1,186 460 468 350 703 Operating Expenses Production, mineral and other taxes 85 73 4 3 - - Transportation and processing 126 148 260 268 27 36 Operating 205 167 26 2 6 6 Purchased product - - - - 333 692 Depreciation, depletion and amortization 498 336 76 78 - - Total Operating Expenses 914 724 366 351 366 734 Operating Income (Loss) $ 538 $ 462 $ 94 $ 117 $ ( 16 ) $ ( 31 ) Corporate & Other Consolidated 2024 2023 2024 2023 Revenues Product and service revenues $ - $ - $ 2,193 $ 2,352 Gains (losses) on risk management, net 8 142 77 147 Sublease revenues 18 18 18 18 Total Revenues 26 160 2,288 2,517 Operating Expenses Production, mineral and other taxes - - 89 76 Transportation and processing - - 413 452 Operating - - 237 175 Purchased product - - 333 692 Depreciation, depletion and amortization 6 5 580 419 Accretion of asset retirement obligation 4 4 4 4 Administrative 76 168 76 168 Total Operating Expenses 86 177 1,732 1,986 Operating Income (Loss) $ ( 60 ) $ ( 17 ) 556 531 Other (Income) Expenses Interest 105 80 Foreign exchange (gain) loss, net ( 10 ) 25 Other (gains) losses, net ( 5 ) ( 11 ) Total Other (Income) Expenses 90 94 Net Earnings (Loss) Before Income Tax 466 437 Income tax expense (recovery) 126 101 Net Earnings (Loss) $ 340 $ 336 Results of Operations (For the six months ended June 30) Segment and Geographic Information USA Operations Canadian Operations Market Optimization 2024 2023 2024 2023 2024 2023 Revenues Product and service revenues $ 2,883 $ 2,367 $ 891 $ 1,158 $ 806 $ 1,419 Gains (losses) on risk management, net 55 7 60 ( 78 ) - - Sublease revenues - - - - - - Total Revenues 2,938 2,374 951 1,080 806 1,419 Operating Expenses Production, mineral and other taxes 165 153 7 7 - - Transportation and processing 253 295 511 535 68 77 Operating 416 337 51 31 13 13 Purchased product - - - - 773 1,393 Depreciation, depletion and amortization 987 630 148 143 - - Total Operating Expenses 1,821 1,415 717 716 854 1,483 Operating Income (Loss) $ 1,117 $ 959 $ 234 $ 364 $ ( 48 ) $ ( 64 ) Corporate & Other Consolidated 2024 2023 2024 2023 Revenues Product and service revenues $ - $ - $ 4,580 $ 4,944 Gains (losses) on risk management, net ( 92 ) 160 23 89 Sublease revenues 37 35 37 35 Total Revenues ( 55 ) 195 4,640 5,068 Operating Expenses Production, mineral and other taxes - - 172 160 Transportation and processing - - 832 907 Operating - - 480 381 Purchased product - - 773 1,393 Depreciation, depletion and amortization 11 10 1,146 783 Accretion of asset retirement obligation 9 9 9 9 Administrative 178 226 178 226 Total Operating Expenses 198 245 3,590 3,859 Operating Income (Loss) $ ( 253 ) $ ( 50 ) 1,050 1,209 Other (Income) Expenses Interest 203 151 Foreign exchange (gain) loss, net ( 38 ) 22 Other (gains) losses, net ( 9 ) ( 14 ) Total Other (Income) Expenses 156 159 Net Earnings (Loss) Before Income Tax 894 1,050 Income tax expense (recovery) 216 227 Net Earnings (Loss) $ 678 $ 823 |
Schedule of Marketing Intersegment Eliminations | Intersegment Information Market Optimization Marketing Sales Upstream Eliminations Total For the three months ended June 30, 2024 2023 2024 2023 2024 2023 Revenues $ 2,393 $ 2,874 $ ( 2,043 ) $ ( 2,171 ) $ 350 $ 703 Operating Expenses Transportation and processing 156 180 ( 129 ) ( 144 ) 27 36 Operating 6 6 - - 6 6 Purchased product 2,247 2,719 ( 1,914 ) ( 2,027 ) 333 692 Operating Income (Loss) $ ( 16 ) $ ( 31 ) $ - $ - $ ( 16 ) $ ( 31 ) Market Optimization Marketing Sales Upstream Eliminations Total For the six months ended June 30, 2024 2023 2024 2023 2024 2023 Revenues $ 4,891 $ 6,010 $ ( 4,085 ) $ ( 4,591 ) $ 806 $ 1,419 Operating Expenses Transportation and processing 326 345 ( 258 ) ( 268 ) 68 77 Operating 13 13 - - 13 13 Purchased product 4,600 5,716 ( 3,827 ) ( 4,323 ) 773 1,393 Operating Income (Loss) $ ( 48 ) $ ( 64 ) $ - $ - $ ( 48 ) $ ( 64 ) |
Capital Expenditures by Segment | Capital Expenditures by Segment Three Months Ended Six Months Ended June 30, June 30, 2024 2023 2024 2023 USA Operations $ 504 $ 502 $ 961 $ 969 Canadian Operations 117 137 250 279 Corporate & Other 1 1 2 2 $ 622 $ 640 $ 1,213 $ 1,250 |
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 June 30, December 31, June 30, December 31, June 30, December 31, 2024 2023 2024 2023 2024 2023 USA Operations $ 1,938 $ 1,938 $ 13,286 $ 13,129 $ 16,098 $ 16,033 Canadian Operations 639 661 1,416 1,357 2,348 2,404 Market Optimization - - - - 200 232 Corporate & Other - - 142 154 1,163 1,318 $ 2,577 $ 2,599 $ 14,844 $ 14,640 $ 19,809 $ 19,987 |
Revenues from Contracts with _2
Revenues from Contracts with Customers (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Disaggregation of Revenue [Abstract] | |
Disaggregation of Revenue | Revenues (For the three months ended June 30) USA Operations Canadian Operations Market Optimization 2024 2023 2024 2023 2024 2023 Revenues from Customers Product revenues (1) Oil $ 1,192 $ 947 $ 4 $ - $ 318 $ 644 NGLs 176 149 271 246 3 5 Natural gas 55 86 150 223 23 49 Service revenues Gathering and processing 1 2 - 1 - - Product and Service Revenues $ 1,424 $ 1,184 $ 425 $ 470 $ 344 $ 698 Corporate & Other Consolidated 2024 2023 2024 2023 Revenues from Customers Product revenues (1) Oil $ - $ - $ 1,514 $ 1,591 NGLs - - 450 400 Natural gas - - 228 358 Service revenues Gathering and processing - - 1 3 Product and Service Revenues $ - $ - $ 2,193 $ 2,352 (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. Revenues (For the six months ended June 30) USA Operations Canadian Operations Market Optimization 2024 2023 2024 2023 2024 2023 Revenues from Customers Product revenues (1) Oil $ 2,373 $ 1,798 $ 5 $ - $ 710 $ 1,253 NGLs 364 333 505 483 11 25 Natural gas 152 241 385 678 72 129 Service revenues Gathering and processing 2 2 1 2 - - Product and Service Revenues $ 2,891 $ 2,374 $ 896 $ 1,163 $ 793 $ 1,407 Corporate & Other Consolidated 2024 2023 2024 2023 Revenues from Customers Product revenues (1) Oil $ - $ - $ 3,088 $ 3,051 NGLs - - 880 841 Natural gas - - 609 1,048 Service revenues Gathering and processing - - 3 4 Product and Service Revenues $ - $ - $ 4,580 $ 4,944 (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) | 6 Months Ended |
Jun. 30, 2024 | |
Interest Expense, Operating and Nonoperating [Abstract] | |
Schedule of Interest Expense | Three Months Ended Six Months Ended June 30, June 30, 2024 2023 2024 2023 Interest Expense on: Debt $ 100 $ 77 $ 197 $ 137 Finance leases 1 1 1 1 Other 4 2 5 13 $ 105 $ 80 $ 203 $ 151 |
Foreign Exchange (Gain) Loss,_2
Foreign Exchange (Gain) Loss, Net (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Foreign Currency [Abstract] | |
Foreign Exchange (Gain) Loss, Net | Three Months Ended Six Months Ended June 30, June 30, 2024 2023 2024 2023 Unrealized Foreign Exchange (Gain) Loss on: Translation of U.S. dollar risk management contracts issued from Canada $ 1 $ ( 9 ) $ 7 $ ( 15 ) Translation of intercompany notes ( 6 ) 19 ( 35 ) 20 ( 5 ) 10 ( 28 ) 5 Foreign Exchange (Gain) Loss on Settlements of: U.S. dollar financing debt issued from Canada 1 ( 1 ) 1 ( 2 ) U.S. dollar risk management contracts issued from Canada 1 3 1 7 Intercompany notes ( 6 ) 5 ( 8 ) 5 Other Monetary Revaluations ( 1 ) 8 ( 4 ) 7 $ ( 10 ) $ 25 $ ( 38 ) $ 22 |
Income Taxes (Tables)
Income Taxes (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Income Tax Disclosure [Abstract] | |
Provision For Income Taxes | Three Months Ended Six Months Ended June 30, June 30, 2024 2023 2024 2023 Current Tax United States $ 10 $ 8 $ 24 $ 8 Canada 13 46 31 108 Total Current Tax Expense (Recovery) 23 54 55 116 Deferred Tax United States 77 65 135 137 Canada 26 ( 18 ) 26 ( 26 ) Total Deferred Tax Expense (Recovery) 103 47 161 111 Income Tax Expense (Recovery) $ 126 $ 101 $ 216 $ 227 Effective Tax Rate 27.0 % 23.1 % 24.2 % 21.6 % |
Acquisitions and Divestitures (
Acquisitions and Divestitures (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Acquisitions And Divestitures [Abstract] | |
Schedule of Net Acquisitions & (Divestitures) | Three Months Ended Six Months Ended June 30, June 30, 2024 2023 2024 2023 Acquisitions USA Operations $ 5 $ 15 $ 195 $ 208 Canadian Operations - - - 6 Total Acquisitions 5 15 195 214 Divestitures USA Operations ( 2 ) ( 718 ) ( 4 ) ( 730 ) Canadian Operations - 1 - 1 Total Divestitures ( 2 ) ( 717 ) ( 4 ) ( 729 ) Net Acquisitions & (Divestitures) $ 3 $ ( 702 ) $ 191 $ ( 515 ) Acquisitions |
Business Combination (Tables)
Business Combination (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Business Combinations [Abstract] | |
Schedule of Purchase Price Allocation | Purchase Price Allocation Consideration: Fair value of shares of Ovintiv common stock issued (1) $ 1,169 Consideration paid in cash (2) 3,229 Total Consideration $ 4,398 Assets Acquired: Cash and cash equivalents $ 16 Accounts receivable and accrued revenues (3) 202 Proved properties (3) 3,727 Unproved properties (3) 914 Other property, plant and equipment (3) 17 Liabilities Assumed: Accounts payable and accrued liabilities (3) ( 446 ) Asset retirement obligation ( 28 ) Other liabilities and provisions (3) ( 4 ) Total Purchase Price $ 4,398 (1) The fair value was based on the issuance of 31.8 million shares of common stock using the NYSE price of $ 36.78 on June 12, 2023. (2) Cash consideration paid reflects final cash settlements of $ 12 million which were completed during the first quarter of 2024. (3) Since the completion of the business combination on June 12, 2023, additional information related to pre-acquisition assets and liabilities was obtained resulting in measurement period adjustments. Changes in the fair value estimates comprised an increase in accounts receivable and accrued revenues of $ 22 million, an increase in proved properties of $ 134 million, a decrease in unproved properties of $ 227 million, a decrease in other property, plant and equipment of $ 16 million, a decrease in accounts payable and accrued liabilities of $ 73 million and a decrease in other liabilities and provisions of $ 2 million. |
Property, Plant and Equipment_2
Property, Plant and Equipment, Net (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Property, Plant and Equipment [Abstract] | |
Schedule Of Property, Plant And Equipment | As at June 30, 2024 As at December 31, 2023 Accumulated Accumulated Cost DD&A Net Cost DD&A Net USA Operations Proved properties $ 48,897 $ ( 36,786 ) $ 12,111 $ 47,440 $ ( 35,799 ) $ 11,641 Unproved properties 1,121 - 1,121 1,449 - 1,449 Other 54 - 54 39 - 39 50,072 ( 36,786 ) 13,286 48,928 ( 35,799 ) 13,129 Canadian Operations Proved properties 16,342 ( 14,963 ) 1,379 16,644 ( 15,332 ) 1,312 Unproved properties 31 - 31 37 - 37 Other 6 - 6 8 - 8 16,379 ( 14,963 ) 1,416 16,689 ( 15,332 ) 1,357 Market Optimization 7 ( 7 ) - 7 ( 7 ) - Corporate & Other 833 ( 691 ) 142 853 ( 699 ) 154 $ 67,291 $ ( 52,447 ) $ 14,844 $ 66,477 $ ( 51,837 ) $ 14,640 |
Leases (Tables)
Leases (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Leases [Abstract] | |
Schedule of Estimated Future Sublease Income | The following table outlines Ovintiv’s estimated future sublease income as at June 30, 2024. All subleases are classified as operating leases. (undiscounted) 2024 2025 2026 2027 2028 Thereafter Total Sublease Income $ 25 $ 51 $ 51 $ 46 $ 41 $ 364 $ 578 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Debt Disclosure [Abstract] | |
Schedule Of Long-Term Debt | As at As at June 30, December 31, 2024 2023 U.S. Dollar Denominated Debt Revolving credit and term loan borrowings $ 634 $ 284 U.S. Unsecured Notes: 5.65 % due May 15, 2025 600 600 5.375 % due January 1, 2026 459 459 5.65 % due May 15, 2028 700 700 8.125 % due September 15, 2030 300 300 7.20 % due November 1, 2031 350 350 7.375 % due November 1, 2031 500 500 6.25 % due July 15, 2033 600 600 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 7.10 % due July 15, 2053 400 400 Total Principal 6,110 5,760 Increase in Value of Debt Acquired 19 22 Unamortized Debt Discounts and Issuance Costs ( 42 ) ( 45 ) Total Long-Term Debt $ 6,087 $ 5,737 Current Portion $ 1,234 $ 284 Long-Term Portion 4,853 5,453 $ 6,087 $ 5,737 |
Other Liabilities and Provisi_2
Other Liabilities and Provisions (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Other Liabilities Disclosure [Abstract] | |
Schedule of Other Liabilities and Provisions | As at As at June 30, December 31, 2024 2023 Finance Lease Obligations $ 16 $ 20 Unrecognized Tax Benefits 36 16 Pensions and Other Post-Employment Benefits 77 74 Other 12 22 $ 141 $ 132 |
Share Capital (Tables)
Share Capital (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Class of Stock Disclosures [Abstract] | |
Schedule of Common Stock Issued and Outstanding | As at As at June 30, 2024 December 31, 2023 Number Number (millions) Amount (millions) Amount Shares of Common Stock Outstanding, Beginning of Year 271.7 $ 3 245.7 $ 3 Shares of Common Stock Purchased ( 9.0 ) - ( 9.9 ) - Shares of Common Stock Issued 1.4 - 35.9 - Shares of Common Stock Outstanding, End of Period 264.1 $ 3 271.7 $ 3 |
Earnings Per Common Share | The following table presents the calculation of net earnings (loss) per share of common stock: Three Months Ended Six Months Ended June 30, June 30, (US$ millions, except per share amounts) 2024 2023 2024 2023 Net Earnings (Loss) $ 340 $ 336 $ 678 $ 823 Number of Shares of Common Stock: Weighted average shares of common stock outstanding - Basic 266.2 249.4 267.9 246.9 Effect of dilutive securities 1.9 1.4 2.7 3.9 Weighted Average Shares of Common Stock Outstanding - Diluted 268.1 250.8 270.6 250.8 Net Earnings (Loss) per Share of Common Stock Basic $ 1.28 $ 1.35 $ 2.53 $ 3.33 Diluted 1.27 1.34 2.51 3.28 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Schedule of Accumulated Other Comprehensive Income | Three Months Ended Six Months Ended June 30, June 30, 2024 2023 2024 2023 Foreign Currency Translation Adjustment Balance, Beginning of Period $ 924 $ 939 $ 1,000 $ 937 Change in Foreign Currency Translation Adjustment ( 31 ) 53 ( 107 ) 55 Balance, End of Period $ 893 $ 992 $ 893 $ 992 Pension and Other Post-Employment Benefit Plans Balance, Beginning of Period $ 49 $ 52 $ 50 $ 54 Amounts Reclassified from Other Comprehensive Income: Reclassification of net actuarial (gains) and losses to net earnings ( 2 ) ( 2 ) ( 3 ) ( 4 ) Income taxes - 1 - 1 Balance, End of Period $ 47 $ 51 $ 47 $ 51 Total Accumulated Other Comprehensive Income $ 940 $ 1,043 $ 940 $ 1,043 |
Compensation Plans (Tables)
Compensation Plans (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Share-Based Payment Arrangement [Abstract] | |
Amounts Recognized For Share-Based Payment Transactions | The Company has recognized the following share-based compensation costs: Three Months Ended Six Months Ended June 30, June 30, 2024 2023 2024 2023 Total Compensation Costs of Transactions Classified as Cash-Settled $ ( 3 ) $ 4 $ 2 $ ( 24 ) Total Compensation Costs of Transactions Classified as Equity-Settled 24 24 48 45 Less: Total Share-Based Compensation Costs Capitalized ( 8 ) ( 5 ) ( 14 ) ( 13 ) Total Share-Based Compensation Expense (Recovery) $ 13 $ 23 $ 36 $ 8 Recognized in the Condensed Consolidated Statement of Earnings in: Operating $ 5 $ 7 $ 13 $ 11 Administrative 8 16 23 ( 3 ) $ 13 $ 23 $ 36 $ 8 |
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 June 30, 2024 As at June 30, 2023 US$ SAR C$ TSAR US$ SAR C$ TSAR Share Units Share Units Share Units Share Units Risk Free Interest Rate 4.04 % 4.04 % 4.61 % 4.61 % Dividend Yield 2.56 % 2.54 % 3.15 % 3.21 % Expected Volatility Rate (1) 48.63 % 45.21 % 59.69 % 55.88 % Expected Term 1.0 yrs 1.0 yrs 1.4 yrs 1.2 yrs Market Share Price US$ 46.87 C$ 64.13 US$ 38.07 C$ 50.42 Weighted Average Grant Date Fair Value US$ 40.91 C$ 54.84 US$ 44.87 C$ 62.66 (1) Volatility was estimated using historical rates. |
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. Six Months Ended June 30, 2024 (thousands of units) RSUs 1,494 PSUs 582 DSUs 5 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
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 June 30, 2024 Level 1 Level 2 Level 3 Total Fair Netting (1) Carrying Risk Management Assets Commodity Derivatives: Current assets $ - $ 126 $ - $ 126 $ ( 10 ) $ 116 Long-term assets - 16 - 16 ( 6 ) 10 Foreign Currency Derivatives: Current assets - 1 - 1 - 1 Risk Management Liabilities Commodity Derivatives: Current liabilities $ - $ - $ 17 $ 17 $ ( 10 ) $ 7 Long-term liabilities - 12 - 12 ( 6 ) 6 As at December 31, 2023 Level 1 Level 2 Level 3 Total Fair Netting (1) Carrying Risk Management Assets Commodity Derivatives: Current assets $ - $ 188 $ 16 $ 204 $ ( 1 ) $ 203 Long-term assets - 5 - 5 ( 1 ) 4 Foreign Currency Derivatives: Current assets - 11 - 11 - 11 Risk Management Liabilities Commodity Derivatives: Current liabilities $ - $ 1 $ - $ 1 $ ( 1 ) $ - Long-term liabilities - 3 - 3 ( 1 ) 2 Other Derivative Contracts (2) Current in accounts payable and accrued liabilities $ - $ 4 $ - $ 4 $ - $ 4 (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: Six Months Ended June 30, 2024 2023 Balance, Beginning of Year $ 16 $ 12 Total Gains (Losses) ( 42 ) 48 Purchases, Sales, Issuances and Settlements: Purchases, sales and issuances - - Settlements 9 - Transfers Out of Level 3 - - Balance, End of Period $ ( 17 ) $ 60 Change in Unrealized Gains (Losses) During the Period Included in Net Earnings (Loss) $ ( 33 ) $ 48 |
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 June 30, 2024: Valuation Technique Unobservable Input Range Weighted Average (1) Risk Management - WTI Options Option Model Implied Volatility 20 % - 36 % 23 % (1) Unobservable inputs were weighted by the relative fair value of the instruments. |
Financial Instruments and Ris_2
Financial Instruments and Risk Management (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
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 $ 2 WTI Three-Way Options Sold call / bought put / sold put 45.0 Mbbls/d 2024 86.75 / 65.00 / 50.00 ( 9 ) Sold call / bought put / sold put 25.3 Mbbls/d 2025 85.52 / 65.00 / 50.00 ( 8 ) WTI Costless Collars Sold call / bought put 5.0 Mbbls/d 2024 92.06 / 60.00 - Basis Contracts (1) 2024 - Oil and NGLs Fair Value Position ( 15 ) Natural Gas Contracts US$/Mcf Fixed Price Contracts NYMEX Fixed Price 200 MMcf/d 2024 3.62 27 NYMEX Three-Way Options Sold call / bought put / sold put 200 MMcf/d 2024 4.51 / 3.00 / 2.25 10 Sold call / bought put / sold put 500 MMcf/d 2025 4.54 / 3.00 / 2.25 ( 9 ) NYMEX Costless Collars Sold call / bought put 400 MMcf/d 2024 4.49 / 3.00 26 Basis Contracts (2) 2024 46 2025 28 Natural Gas Fair Value Position 128 Foreign Currency Contracts Fair Value Position (3) 2024 1 Total Fair Value Position $ 114 (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, Waha and NYMEX. (3) 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 Six Months Ended June 30, June 30, 2024 2023 2024 2023 Realized Gains (Losses) on Risk Management Commodity and Other Derivatives: Revenues (1) $ 69 $ 5 $ 115 $ ( 71 ) Foreign Currency Derivatives: Foreign exchange ( 1 ) ( 3 ) ( 1 ) ( 7 ) Interest Rate Derivatives: Interest Rate (2) - 1 - 1 $ 68 $ 3 $ 114 $ ( 77 ) Unrealized Gains (Losses) on Risk Management Commodity and Other Derivatives: Revenues (3) $ 8 $ 142 $ ( 92 ) $ 160 Foreign Currency Derivatives: Foreign exchange ( 2 ) 9 ( 10 ) 15 $ 6 $ 151 $ ( 102 ) $ 175 Total Realized and Unrealized Gains (Losses) on Risk Management , net Commodity and Other Derivatives: Revenues (1) (3) $ 77 $ 147 $ 23 $ 89 Foreign Currency Derivatives : Foreign exchange ( 3 ) 6 ( 11 ) 8 Interest Rate Derivatives: Interest Rate (2) - 1 - 1 $ 74 $ 154 $ 12 $ 98 (1) Includes a realized gain of $ 4 million for the three and six months ended June 30, 2024, respectively (2023 - nil , respectively), related to other derivative contracts. (2) The interest rate swap was executed and settled during the three months ended June 30, 2023, in relation to the senior notes issuance described in Note 12. The gain was recognized in interest expense. (3) There were no unrealized gains or losses related to other derivative contracts for the three or six months ended June 30, 2024 or 2023. |
Reconciliation of Unrealized Risk Management Positions | 2024 2023 Fair Value Total Total Fair Value of Contracts, Beginning of Year $ 212 Change in Fair Value of Contracts in Place at Beginning of Year and Contracts Entered into During the Period 12 $ 12 $ 98 Settlement of Other Derivative Contracts 4 Fair Value of Contracts Realized During the Period ( 114 ) ( 114 ) 77 Fair Value of Contracts, End of Period $ 114 $ ( 102 ) $ 175 |
Unrealized Risk Management Positions | As at As at June 30, December 31, 2024 2023 Risk Management Assets Current $ 117 $ 214 Long-term 10 4 127 218 Risk Management Liabilities Current 7 - Long-term 6 2 13 2 Other Derivative Contract Liabilities Current in accounts payable and accrued liabilities - 4 - 4 Net Risk Management Assets (Liabilities) and Other Derivative Contracts $ 114 $ 212 |
Supplementary Information (Tabl
Supplementary Information (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Supplemental Cash Flow Elements [Abstract] | |
Net Change in Non-Cash Working Capital | A) Net Change in Non-Cash Working Capital Three Months Ended Six Months Ended June 30, June 30, 2024 2023 2024 2023 Operating Activities Accounts receivable and accrued revenues $ 63 $ 205 $ 235 $ 519 Accounts payable and accrued liabilities ( 9 ) ( 103 ) ( 301 ) ( 290 ) Current portion of operating lease liabilities 6 ( 3 ) ( 3 ) 9 Income tax receivable and payable ( 23 ) 45 ( 258 ) 128 $ 37 $ 144 $ ( 327 ) $ 366 |
Non-Cash Activities | B) Non-Cash Activities Three Months Ended Six Months Ended June 30, June 30, 2024 2023 2024 2023 Non-Cash Operating Activities ROU operating lease assets and liabilities $ ( 25 ) $ ( 40 ) $ ( 33 ) $ ( 69 ) Non-Cash Investing Activities Property, plant and equipment accruals $ ( 17 ) $ 93 $ ( 2 ) $ 92 Capitalized long-term incentives - - ( 7 ) ( 2 ) Property additions/dispositions, including swaps 14 4 31 22 Non-Cash Financing Activities Common shares issued in conjunction with the Permian Acquisition (See Note 9) $ - $ ( 1,169 ) $ - $ ( 1,169 ) |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments | The following table outlines the Company’s commitments as at June 30, 2024: Expected Future Payments (undiscounted) 2024 2025 2026 2027 2028 Thereafter Total Transportation and Processing $ 336 $ 669 $ 594 $ 498 $ 445 $ 2,145 $ 4,687 Drilling and Field Services 172 105 7 - - - 284 Building Leases & Other Commitments 5 9 8 7 6 19 54 Total $ 513 $ 783 $ 609 $ 505 $ 451 $ 2,164 $ 5,025 |
Recent Accounting Pronounceme_2
Recent Accounting Pronouncements (Narrative) (Details) - ASU 2023-07 [Member] | Jun. 30, 2024 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
Change in Accounting Principle, Accounting Standards Update, Adopted [true false] | true |
Change in Accounting Principle, Accounting Standards Update, Adoption Date | Jan. 01, 2024 |
Segmented Information (Segment
Segmented Information (Segment and Geographic Information) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Segment Reporting Information [Line Items] | ||||
Product and service revenues | $ 2,193 | $ 2,352 | $ 4,580 | $ 4,944 |
Gains (losses) on risk management, net | 77 | 147 | 23 | 89 |
Sublease revenues | 18 | 18 | 37 | 35 |
Total Revenues | 2,288 | 2,517 | 4,640 | 5,068 |
Production, mineral and other taxes | 89 | 76 | 172 | 160 |
Transportation and processing | 413 | 452 | 832 | 907 |
Operating | 237 | 175 | 480 | 381 |
Purchased product | 333 | 692 | 773 | 1,393 |
Depreciation, depletion and amortization | 580 | 419 | 1,146 | 783 |
Accretion of asset retirement obligation | 4 | 4 | 9 | 9 |
Administrative | 76 | 168 | 178 | 226 |
Total Operating Expenses | 1,732 | 1,986 | 3,590 | 3,859 |
Operating Income (Loss) | 556 | 531 | 1,050 | 1,209 |
Interest | 105 | 80 | 203 | 151 |
Foreign exchange (gain) loss, net | (10) | 25 | (38) | 22 |
Other (gains) losses, net | (5) | (11) | (9) | (14) |
Total Other (Income) Expenses | 90 | 94 | 156 | 159 |
Net Earnings (Loss) Before Income Tax | 466 | 437 | 894 | 1,050 |
Income tax expense (recovery) | 126 | 101 | 216 | 227 |
Net Earnings (Loss) | 340 | 336 | 678 | 823 |
Operating Segments [Member] | USA Operations [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Product and service revenues | 1,421 | 1,181 | 2,883 | 2,367 |
Gains (losses) on risk management, net | 31 | 5 | 55 | 7 |
Sublease revenues | 0 | 0 | 0 | 0 |
Total Revenues | 1,452 | 1,186 | 2,938 | 2,374 |
Production, mineral and other taxes | 85 | 73 | 165 | 153 |
Transportation and processing | 126 | 148 | 253 | 295 |
Operating | 205 | 167 | 416 | 337 |
Purchased product | 0 | 0 | 0 | 0 |
Depreciation, depletion and amortization | 498 | 336 | 987 | 630 |
Total Operating Expenses | 914 | 724 | 1,821 | 1,415 |
Operating Income (Loss) | 538 | 462 | 1,117 | 959 |
Operating Segments [Member] | Canadian Operations [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Product and service revenues | 422 | 468 | 891 | 1,158 |
Gains (losses) on risk management, net | 38 | 0 | 60 | (78) |
Sublease revenues | 0 | 0 | 0 | 0 |
Total Revenues | 460 | 468 | 951 | 1,080 |
Production, mineral and other taxes | 4 | 3 | 7 | 7 |
Transportation and processing | 260 | 268 | 511 | 535 |
Operating | 26 | 2 | 51 | 31 |
Purchased product | 0 | 0 | 0 | 0 |
Depreciation, depletion and amortization | 76 | 78 | 148 | 143 |
Total Operating Expenses | 366 | 351 | 717 | 716 |
Operating Income (Loss) | 94 | 117 | 234 | 364 |
Operating Segments [Member] | Market Optimization [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Product and service revenues | 350 | 703 | 806 | 1,419 |
Gains (losses) on risk management, net | 0 | 0 | 0 | 0 |
Sublease revenues | 0 | 0 | 0 | 0 |
Total Revenues | 350 | 703 | 806 | 1,419 |
Production, mineral and other taxes | 0 | 0 | 0 | 0 |
Transportation and processing | 27 | 36 | 68 | 77 |
Operating | 6 | 6 | 13 | 13 |
Purchased product | 333 | 692 | 773 | 1,393 |
Depreciation, depletion and amortization | 0 | 0 | 0 | 0 |
Total Operating Expenses | 366 | 734 | 854 | 1,483 |
Operating Income (Loss) | (16) | (31) | (48) | (64) |
Corporate & Other [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Product and service revenues | 0 | 0 | 0 | 0 |
Gains (losses) on risk management, net | 8 | 142 | (92) | 160 |
Sublease revenues | 18 | 18 | 37 | 35 |
Total Revenues | 26 | 160 | (55) | 195 |
Production, mineral and other taxes | 0 | 0 | 0 | 0 |
Transportation and processing | 0 | 0 | 0 | 0 |
Operating | 0 | 0 | 0 | 0 |
Purchased product | 0 | 0 | 0 | 0 |
Depreciation, depletion and amortization | 6 | 5 | 11 | 10 |
Accretion of asset retirement obligation | 4 | 4 | 9 | 9 |
Administrative | 76 | 168 | 178 | 226 |
Total Operating Expenses | 86 | 177 | 198 | 245 |
Operating Income (Loss) | $ (60) | $ (17) | $ (253) | $ (50) |
Segmented Information (Schedule
Segmented Information (Schedule of Marketing Intersegment Eliminations) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Product Information [Line Items] | ||||
Revenues | $ 2,288 | $ 2,517 | $ 4,640 | $ 5,068 |
Transportation and processing | 413 | 452 | 832 | 907 |
Operating | 237 | 175 | 480 | 381 |
Purchased product | 333 | 692 | 773 | 1,393 |
Operating Income (Loss) | 556 | 531 | 1,050 | 1,209 |
Market Optimization [Member] | Operating Segments [Member] | ||||
Product Information [Line Items] | ||||
Revenues | 350 | 703 | 806 | 1,419 |
Transportation and processing | 27 | 36 | 68 | 77 |
Operating | 6 | 6 | 13 | 13 |
Purchased product | 333 | 692 | 773 | 1,393 |
Operating Income (Loss) | (16) | (31) | (48) | (64) |
Market Optimization [Member] | Reportable Subsegments [Member] | Marketing Sales [Member] | ||||
Product Information [Line Items] | ||||
Revenues | 2,393 | 2,874 | 4,891 | 6,010 |
Transportation and processing | 156 | 180 | 326 | 345 |
Operating | 6 | 6 | 13 | 13 |
Purchased product | 2,247 | 2,719 | 4,600 | 5,716 |
Operating Income (Loss) | (16) | (31) | (48) | (64) |
Market Optimization [Member] | Intersubsegment Eliminations [Member] | ||||
Product Information [Line Items] | ||||
Revenues | (2,043) | (2,171) | (4,085) | (4,591) |
Transportation and processing | (129) | (144) | (258) | (268) |
Operating | 0 | 0 | 0 | 0 |
Purchased product | (1,914) | (2,027) | (3,827) | (4,323) |
Operating Income (Loss) | $ 0 | $ 0 | $ 0 | $ 0 |
Segmented Information (Capital
Segmented Information (Capital Expenditures by Segment) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Segment Reporting, Asset Reconciling Item [Line Items] | ||||
Capital Expenditures | $ 622 | $ 640 | $ 1,213 | $ 1,250 |
Operating Segments [Member] | USA Operations [Member] | ||||
Segment Reporting, Asset Reconciling Item [Line Items] | ||||
Capital Expenditures | 504 | 502 | 961 | 969 |
Operating Segments [Member] | Canadian Operations [Member] | ||||
Segment Reporting, Asset Reconciling Item [Line Items] | ||||
Capital Expenditures | 117 | 137 | 250 | 279 |
Corporate & Other [Member] | ||||
Segment Reporting, Asset Reconciling Item [Line Items] | ||||
Capital Expenditures | $ 1 | $ 1 | $ 2 | $ 2 |
Segmented Information (Goodwill
Segmented Information (Goodwill, Property, Plant and Equipment and Total Assets by Segment) (Details) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Goodwill | $ 2,577 | $ 2,599 |
Property, Plant and Equipment | 14,844 | 14,640 |
Total Assets | 19,809 | 19,987 |
Operating Segments [Member] | USA Operations [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Goodwill | 1,938 | 1,938 |
Property, Plant and Equipment | 13,286 | 13,129 |
Total Assets | 16,098 | 16,033 |
Operating Segments [Member] | Canadian Operations [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Goodwill | 639 | 661 |
Property, Plant and Equipment | 1,416 | 1,357 |
Total Assets | 2,348 | 2,404 |
Operating Segments [Member] | Market Optimization [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Goodwill | 0 | 0 |
Property, Plant and Equipment | 0 | 0 |
Total Assets | 200 | 232 |
Corporate & Other [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Goodwill | 0 | 0 |
Property, Plant and Equipment | 142 | 154 |
Total Assets | $ 1,163 | $ 1,318 |
Revenues from Contracts with _3
Revenues from Contracts with Customers (Disaggregation of Revenue) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Disaggregation of Revenue [Line Items] | ||||
Product revenues | $ 2,193 | $ 2,352 | $ 4,580 | $ 4,944 |
Operating Segments [Member] | USA Operations Excluding Intercompany Segment Transactions [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Product revenues | 1,424 | 1,184 | 2,891 | 2,374 |
Operating Segments [Member] | Canadian Operations Excluding Intercompany Segment Transactions [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Product revenues | 425 | 470 | 896 | 1,163 |
Operating Segments [Member] | Market Optimization Excluding Intercompany Segment Transactions [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Product revenues | 344 | 698 | 793 | 1,407 |
Corporate & Other [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Product revenues | 0 | 0 | 0 | 0 |
Oil [Member] | Product Revenues Including Sale of Product Purchased from Third Parties [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Product revenues | 1,514 | 1,591 | 3,088 | 3,051 |
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 | 1,192 | 947 | 2,373 | 1,798 |
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 | 4 | 0 | 5 | 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 | 318 | 644 | 710 | 1,253 |
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 | 0 | 0 |
Natural Gas Liquids [Member] | Product Revenues Including Sale of Product Purchased from Third Parties [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Product revenues | 450 | 400 | 880 | 841 |
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 | 176 | 149 | 364 | 333 |
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 | 271 | 246 | 505 | 483 |
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 | 3 | 5 | 11 | 25 |
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 | 0 | 0 |
Natural Gas [Member] | Product Revenues Including Sale of Product Purchased from Third Parties [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Product revenues | 228 | 358 | 609 | 1,048 |
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 | 55 | 86 | 152 | 241 |
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 | 150 | 223 | 385 | 678 |
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 | 23 | 49 | 72 | 129 |
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 | 0 | 0 |
Natural Gas Gathering and Processing [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Product revenues | 1 | 3 | 3 | 4 |
Natural Gas Gathering and Processing [Member] | Operating Segments [Member] | USA Operations Excluding Intercompany Segment Transactions [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Product revenues | 1 | 2 | 2 | 2 |
Natural Gas Gathering and Processing [Member] | Operating Segments [Member] | Canadian Operations Excluding Intercompany Segment Transactions [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Product revenues | 0 | 1 | 1 | 2 |
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 | 0 | 0 |
Natural Gas Gathering and Processing [Member] | Corporate & Other [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Product revenues | $ 0 | $ 0 | $ 0 | $ 0 |
Revenues from Contracts with _4
Revenues from Contracts with Customers (Narrative) (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2024 | Dec. 31, 2023 | |
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 | 917 | $ 1,070 |
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 | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Interest Expense, Operating and Nonoperating [Abstract] | ||||
Interest Expense on Debt | $ 100 | $ 77 | $ 197 | $ 137 |
Interest on Finance Leases | 1 | 1 | 1 | 1 |
Interest - Other | 4 | 2 | 5 | 13 |
Interest | $ 105 | $ 80 | $ 203 | $ 151 |
Foreign Exchange (Gain) Loss,_3
Foreign Exchange (Gain) Loss, Net (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Schedule Of Foreign Exchange Transactions [Line Items] | ||||
Unrealized Foreign Exchange (Gain) Loss | $ (5) | $ 10 | $ (28) | $ 5 |
Foreign Exchange (Gain) Loss, Net | (10) | 25 | (38) | 22 |
Translation of U.S. Dollar Debt Issued From Canada [Member] | ||||
Schedule Of Foreign Exchange Transactions [Line Items] | ||||
Foreign Exchange on Settlements | 1 | (1) | 1 | (2) |
Translation of U.S. Dollar Risk Management Contracts Issued From Canada [Member] | ||||
Schedule Of Foreign Exchange Transactions [Line Items] | ||||
Unrealized Foreign Exchange (Gain) Loss | 1 | (9) | 7 | (15) |
Foreign Exchange on Settlements | 1 | 3 | 1 | 7 |
Translation of Intercompany Notes [Member] | ||||
Schedule Of Foreign Exchange Transactions [Line Items] | ||||
Unrealized Foreign Exchange (Gain) Loss | (6) | 19 | (35) | 20 |
Foreign Exchange on Settlements | (6) | 5 | (8) | 5 |
Other Monetary Revaluations [Member] | ||||
Schedule Of Foreign Exchange Transactions [Line Items] | ||||
Foreign Exchange on Settlements | $ (1) | $ 8 | $ (4) | $ 7 |
Income Taxes (Provision For Inc
Income Taxes (Provision For Income Taxes) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Income Tax Disclosure [Line Items] | ||||
Total Current Tax Expense (Recovery) | $ 23 | $ 54 | $ 55 | $ 116 |
Total Deferred Tax Expense (Recovery) | 103 | 47 | 161 | 111 |
Income Tax Expense (Recovery) | $ 126 | $ 101 | $ 216 | $ 227 |
Effective Tax Rate | 27% | 23.10% | 24.20% | 21.60% |
United States [Member] | ||||
Income Tax Disclosure [Line Items] | ||||
Total Current Tax Expense (Recovery) | $ 10 | $ 8 | $ 24 | $ 8 |
Total Deferred Tax Expense (Recovery) | 77 | 65 | 135 | 137 |
Canada [Member] | ||||
Income Tax Disclosure [Line Items] | ||||
Total Current Tax Expense (Recovery) | 13 | 46 | 31 | 108 |
Total Deferred Tax Expense (Recovery) | $ 26 | $ (18) | $ 26 | $ (26) |
Acquisitions and Divestitures_2
Acquisitions and Divestitures (Schedule of Net Acquisitions & (Divestitures)) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Acquisitions and Divestitures [Line Items] | ||||
Acquisitions | $ 5 | $ 15 | $ 195 | $ 214 |
Divestitures | (2) | (717) | (4) | (729) |
Net Acquisitions and Divestitures | 3 | (702) | 191 | (515) |
Operating Segments [Member] | USA Operations [Member] | ||||
Acquisitions and Divestitures [Line Items] | ||||
Acquisitions | 5 | 15 | 195 | 208 |
Divestitures | (2) | (718) | (4) | (730) |
Operating Segments [Member] | Canadian Operations [Member] | ||||
Acquisitions and Divestitures [Line Items] | ||||
Acquisitions | $ 0 | 0 | $ 0 | 6 |
Divestitures | $ 1 | $ 1 |
Acquisitions and Divestitures_3
Acquisitions and Divestitures (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Acquisitions and Divestitures [Line Items] | ||||
Acquisitions | $ 5 | $ 15 | $ 195 | $ 214 |
Divestitures | 2 | 717 | 4 | 729 |
USA Operations [Member] | Operating Segments [Member] | ||||
Acquisitions and Divestitures [Line Items] | ||||
Acquisitions | 5 | 15 | 195 | 208 |
Divestitures | $ 2 | $ 718 | $ 4 | 730 |
USA Operations [Member] | Operating Segments [Member] | Uinta and Bakken Assets [Member] | ||||
Acquisitions and Divestitures [Line Items] | ||||
Divestitures | $ 706 |
Business Combination (Narrative
Business Combination (Narrative) (Details) - Permian Acquisition [Member] shares in Millions, $ in Millions | Jun. 12, 2023 USD ($) a WellLocation shares | Dec. 31, 2023 USD ($) |
Business Acquisition [Line Items] | ||
Cash paid for acquisition | $ 3,229 | |
Number of shares issued | shares | 31.8 | |
Value issued | $ 1,169 | |
Transaction costs | $ 76 | |
Number of well locations acquired | WellLocation | 1,050 | |
Number of acres acquired | a | 65,000 | |
Share Capital [Member] | ||
Business Acquisition [Line Items] | ||
Number of shares issued | shares | 31.8 |
Business Combination (Schedule
Business Combination (Schedule of Purchase Price Allocation) (Details) - Permian Acquisition [Member] $ in Millions | Jun. 12, 2023 USD ($) |
Consideration: | |
Fair value of shares of Ovintiv common stock issued | $ 1,169 |
Cash | 3,229 |
Total Consideration | 4,398 |
Assets Acquired: | |
Cash and cash equivalents | 16 |
Accounts receivable and accrued revenues | 202 |
Liabilities Assumed: | |
Accounts payable and accrued liabilities | (446) |
Asset retirement obligation | (28) |
Other liabilities and provisions | (4) |
Total Purchase Price | 4,398 |
Proved Properties [Member] | |
Assets Acquired: | |
Property, plant and equipment, net | 3,727 |
Unproved Properties [Member] | |
Assets Acquired: | |
Property, plant and equipment, net | 914 |
Other Capitalized Property Plant and Equipment [Member] | |
Assets Acquired: | |
Property, plant and equipment, net | $ 17 |
Business Combination (Schedul_2
Business Combination (Schedule of Purchase Price Allocation) (Parenthetical) (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | ||||
Jun. 12, 2023 | Jun. 30, 2024 | Mar. 31, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Business Acquisition [Line Items] | ||||||
Decrease in accounts payable and accrued liabilities | $ (9) | $ (103) | $ (301) | $ (290) | ||
Permian Acquisition [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Fair value of shares of Ovintiv common stock issued | 31.8 | |||||
Shares of common stock closing price | $ 36.78 | |||||
Increase in accounts receivable and accrued revenues | $ 22 | |||||
Decrease in accounts payable and accrued liabilities | 73 | |||||
Decrease in other liabilities and provisions | 2 | |||||
Cash consideration, final cash settlements | $ 12 | |||||
Permian Acquisition [Member] | Proved Properties [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Increase (decrease) in properties | 134 | |||||
Permian Acquisition [Member] | Other Capitalized Property Plant and Equipment [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Increase (decrease) in properties | 16 | |||||
Permian Acquisition [Member] | Unproved Properties [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Increase (decrease) in properties | $ (227) |
Property, Plant and Equipment_3
Property, Plant and Equipment, Net (Schedule Of Property, Plant And Equipment) (Details) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Cost | $ 67,291 | $ 66,477 |
Less: Accumulated depreciation, depletion and amortization | (52,447) | (51,837) |
Property, plant and equipment, net | 14,844 | 14,640 |
Operating Segments [Member] | USA Operations [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Cost | 50,072 | 48,928 |
Less: Accumulated depreciation, depletion and amortization | (36,786) | (35,799) |
Property, plant and equipment, net | 13,286 | 13,129 |
Operating Segments [Member] | Canadian Operations [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Cost | 16,379 | 16,689 |
Less: Accumulated depreciation, depletion and amortization | (14,963) | (15,332) |
Property, plant and equipment, net | 1,416 | 1,357 |
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 | 142 | 154 |
Proved Properties [Member] | Operating Segments [Member] | USA Operations [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Cost | 48,897 | 47,440 |
Less: Accumulated depreciation, depletion and amortization | (36,786) | (35,799) |
Property, plant and equipment, net | 12,111 | 11,641 |
Proved Properties [Member] | Operating Segments [Member] | Canadian Operations [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Cost | 16,342 | 16,644 |
Less: Accumulated depreciation, depletion and amortization | (14,963) | (15,332) |
Property, plant and equipment, net | 1,379 | 1,312 |
Unproved Properties [Member] | Operating Segments [Member] | USA Operations [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Cost | 1,121 | 1,449 |
Less: Accumulated depreciation, depletion and amortization | 0 | 0 |
Property, plant and equipment, net | 1,121 | 1,449 |
Unproved Properties [Member] | Operating Segments [Member] | Canadian Operations [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Cost | 31 | 37 |
Less: Accumulated depreciation, depletion and amortization | 0 | 0 |
Property, plant and equipment, net | 31 | 37 |
Other Capitalized Property Plant and Equipment [Member] | Operating Segments [Member] | USA Operations [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Cost | 54 | 39 |
Less: Accumulated depreciation, depletion and amortization | 0 | 0 |
Property, plant and equipment, net | 54 | 39 |
Other Capitalized Property Plant and Equipment [Member] | Operating Segments [Member] | Canadian Operations [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Cost | 6 | 8 |
Less: Accumulated depreciation, depletion and amortization | 0 | 0 |
Property, plant and equipment, net | 6 | 8 |
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 | 853 |
Less: Accumulated depreciation, depletion and amortization | (691) | (699) |
Property, plant and equipment, net | $ 142 | $ 154 |
Property, Plant and Equipment_4
Property, Plant and Equipment, Net (Narrative) (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Property, Plant and Equipment [Abstract] | ||
Internal Costs Capitalized | $ 99 | $ 76 |
Leases (Schedule of Estimated F
Leases (Schedule of Estimated Future Sublease Income) (Details) $ in Millions | 6 Months Ended |
Jun. 30, 2024 USD ($) | |
Leases [Abstract] | |
2024 | $ 25 |
2025 | 51 |
2026 | 51 |
2027 | 46 |
2028 | 41 |
Thereafter | 364 |
Total | $ 578 |
Leases (Narrative) (Details)
Leases (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Leases [Abstract] | ||||
Operating lease income | $ 12 | $ 12 | $ 26 | $ 24 |
Variable lease income | $ 6 | $ 6 | $ 11 | $ 11 |
Long-Term Debt (Schedule Of Lon
Long-Term Debt (Schedule Of Long-Term Debt) (Details) - USD ($) $ in Millions | 6 Months Ended | 12 Months Ended | |
May 31, 2023 | Jun. 30, 2024 | Dec. 31, 2023 | |
Debt Instrument [Line Items] | |||
Revolving credit and term loan borrowings | $ 634 | $ 284 | |
Total Principal | 6,110 | 5,760 | |
Increase in Value of Debt Acquired | 19 | 22 | |
Unamortized Debt Discounts and Issuance Costs | (42) | (45) | |
Total Long-Term Debt | 6,087 | 5,737 | |
Current Portion | 1,234 | 284 | |
Long-Term Portion | 4,853 | 5,453 | |
5.65% Unsecured Notes [Member] | Unsecured Notes, Due May 15, 2025 [Member] | |||
Debt Instrument [Line Items] | |||
Unsecured Debt | $ 600 | $ 600 | $ 600 |
Debt Instrument, Interest Rate, Stated Percentage | 5.65% | 5.65% | 5.65% |
Debt Instrument, Maturity Date | May 15, 2025 | May 15, 2025 | May 15, 2025 |
5.65% Unsecured Notes [Member] | Unsecured Notes, Due May 15, 2028 [Member] | |||
Debt Instrument [Line Items] | |||
Unsecured Debt | $ 700 | $ 700 | $ 700 |
Debt Instrument, Interest Rate, Stated Percentage | 5.65% | 5.65% | 5.65% |
Debt Instrument, Maturity Date | May 15, 2028 | May 15, 2028 | May 15, 2028 |
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 | |
6.25% Unsecured Notes [Member] | Unsecured Notes, Due July 15, 2033 [Member] | |||
Debt Instrument [Line Items] | |||
Unsecured Debt | $ 600 | $ 600 | $ 600 |
Debt Instrument, Interest Rate, Stated Percentage | 6.25% | 6.25% | 6.25% |
Debt Instrument, Maturity Date | Jul. 15, 2033 | Jul. 15, 2033 | Jul. 15, 2033 |
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 | |
7.10% Unsecured Notes [Member] | Unsecured Notes, Due July 15, 2053 [Member] | |||
Debt Instrument [Line Items] | |||
Unsecured Debt | $ 400 | $ 400 | $ 400 |
Debt Instrument, Interest Rate, Stated Percentage | 7.10% | 7.10% | 7.10% |
Debt Instrument, Maturity Date | Jul. 15, 2053 | Jul. 15, 2053 | Jul. 15, 2053 |
Long-Term Debt (Narrative) (Det
Long-Term Debt (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
May 31, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
Debt Instrument [Line Items] | ||||||
Net proceeds of offering | $ 0 | $ 2,278 | $ 0 | $ 2,278 | ||
Long-term debt current | 1,234 | 1,234 | $ 284 | |||
Drawn from revolving credit facilities | 250 | 250 | ||||
Long-term debt carrying value | 6,087 | 6,087 | 5,737 | |||
Long-term debt, fair value | 6,293 | 6,293 | 5,989 | |||
5.65% Unsecured Notes [Member] | Unsecured Notes, Due May 15, 2025 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Unsecured Debt | $ 600 | $ 600 | $ 600 | $ 600 | ||
Debt instrument interest rate stated percentage | 5.65% | 5.65% | 5.65% | 5.65% | ||
Debt instrument maturity date | May 15, 2025 | May 15, 2025 | May 15, 2025 | |||
5.65% Unsecured Notes [Member] | Unsecured Notes, Due May 15, 2028 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Unsecured Debt | $ 700 | $ 700 | $ 700 | $ 700 | ||
Debt instrument interest rate stated percentage | 5.65% | 5.65% | 5.65% | 5.65% | ||
Debt instrument maturity date | May 15, 2028 | May 15, 2028 | May 15, 2028 | |||
6.25% Unsecured Notes [Member] | Unsecured Notes, Due July 15, 2033 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Unsecured Debt | $ 600 | $ 600 | $ 600 | $ 600 | ||
Debt instrument interest rate stated percentage | 6.25% | 6.25% | 6.25% | 6.25% | ||
Debt instrument maturity date | Jul. 15, 2033 | Jul. 15, 2033 | Jul. 15, 2033 | |||
7.10% Unsecured Notes [Member] | Unsecured Notes, Due July 15, 2053 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Unsecured Debt | $ 400 | $ 400 | $ 400 | $ 400 | ||
Debt instrument interest rate stated percentage | 7.10% | 7.10% | 7.10% | 7.10% | ||
Debt instrument maturity date | Jul. 15, 2053 | Jul. 15, 2053 | Jul. 15, 2053 | |||
Permian Acquisition [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Net proceeds of offering | $ 2,278 | |||||
Commercial Paper [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Long-term debt current | $ 384 | $ 384 | ||||
Weighted average interest rate | 6.13% | 6.13% |
Other Liabilities and Provisi_3
Other Liabilities and Provisions (Schedule of Other Liabilities and Provisions) (Details) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Other Liabilities And Provisions [Line Items] | ||
Finance Lease Obligations | $ 16 | $ 20 |
Pensions and Other Post-Employment Benefits | 77 | 74 |
Other | 12 | 22 |
Other Liabilities and Provisions | 141 | 132 |
Other Liabilities and Provisions [Member] | ||
Other Liabilities And Provisions [Line Items] | ||
Unrecognized Tax Benefits | $ 36 | $ 16 |
Share Capital (Narrative) (Deta
Share Capital (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||
Jul. 30, 2024 | Jun. 12, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
Class Of Stock [Line Items] | |||||||
Common stock, shares authorized | 750,000,000 | 750,000,000 | |||||
Common stock, par value | $ 0.01 | $ 0.01 | |||||
Preferred stock, shares authorized | 25,000,000 | 25,000,000 | |||||
Preferred stock, par value | $ 0.01 | $ 0.01 | |||||
Preferred stock, shares outstanding | 0 | 0 | |||||
Share capital | $ 1,169,000 | $ 1,169,000 | |||||
Common shares purchased, shares | 9,000,000 | 9,900,000 | |||||
Common shares purchased, value | $ 184,000 | 89,000 | $ 434,000 | 328,000 | |||
Dividends on common shares | $ 80,000 | $ 82,000 | $ 160,000 | $ 143,000 | |||
Common stock, dividends, per share, paid | $ 0.3 | $ 0.3 | $ 0.6 | $ 0.55 | |||
Common stock, dividends, per share, declared | $ 0.3 | $ 0.3 | $ 0.6 | $ 0.55 | |||
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 | 1,400,000 | 4,100,000 | |||||
Share Capital [Member] | |||||||
Class Of Stock [Line Items] | |||||||
Share capital | $ 0 | $ 0 | $ 0 | $ 0 | |||
Common shares purchased, value | $ 0 | 0 | 0 | 0 | $ 0 | ||
Dividends on common shares | 0 | 0 | 0 | 0 | |||
Paid in Surplus [Member] | |||||||
Class Of Stock [Line Items] | |||||||
Share capital | 1,169,000 | 1,169,000 | |||||
Common shares purchased, value | 184,000 | 89,000 | 434,000 | 328,000 | |||
Dividends on common shares | $ 0 | $ 0 | $ 0 | $ 0 | |||
Permian Acquisition [Member] | |||||||
Class Of Stock [Line Items] | |||||||
Number of shares issued | 31,800,000 | ||||||
Permian Acquisition [Member] | Share Capital [Member] | |||||||
Class Of Stock [Line Items] | |||||||
Number of shares issued | 31,800,000 | ||||||
Share capital | $ 318 | ||||||
Permian Acquisition [Member] | Paid in Surplus [Member] | |||||||
Class Of Stock [Line Items] | |||||||
Share capital | $ 1,169,000 | ||||||
Subsequent Event [Member] | |||||||
Class Of Stock [Line Items] | |||||||
Dividends payable, date declared | Jul. 30, 2024 | ||||||
Common stock, dividends, per share, declared | $ 0.30 | ||||||
Dividends payable, date to be paid | Sep. 27, 2024 | ||||||
Dividends payable, date of record | Sep. 13, 2024 | ||||||
Normal Course Issuer Bid [Member] | |||||||
Class Of Stock [Line Items] | |||||||
Common shares purchased, shares | 3,600,000 | 2,500,000 | 9,000,000 | 7,700,000 | 9,900,000 | ||
Common shares purchased, value | $ 184,000 | $ 89,000 | $ 434,000 | $ 328,000 | $ 426,000 | ||
Normal Course Issuer Bid [Member] | Share Capital [Member] | |||||||
Class Of Stock [Line Items] | |||||||
Common shares purchased, value | 36 | 25 | 90 | 77 | 99 | ||
Normal Course Issuer Bid [Member] | Paid in Surplus [Member] | |||||||
Class Of Stock [Line Items] | |||||||
Common shares purchased, value | $ 184,000 | $ 89,000 | $ 434,000 | $ 328,000 | $ 426,000 |
Share Capital (Schedule of Comm
Share Capital (Schedule of Common Stock Issued and Outstanding) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
Class of Stock [Line Items] | |||||
Shares of Common Stock Outstanding, Beginning of Year | 271,700,000 | 245,700,000 | 245,700,000 | ||
Shares of Common Stock Purchased | (9,000,000) | (9,900,000) | |||
Shares of Common Stock Issued | 1,400,000 | 35,900,000 | |||
Shares of Common Stock Outstanding, End of Period | 264,100,000 | 264,100,000 | 271,700,000 | ||
Shares of Common Stock Outstanding, Beginning of Year | $ 3 | $ 3 | $ 3 | ||
Shares of Common Stock Purchased | $ (184) | $ (89) | (434) | (328) | |
Shares of Common Stock Issued | 1,169 | 1,169 | |||
Shares of Common Stock Outstanding, End of Period | 3 | 3 | 3 | ||
Share Capital [Member] | |||||
Class of Stock [Line Items] | |||||
Shares of Common Stock Purchased | $ 0 | 0 | 0 | 0 | 0 |
Shares of Common Stock Issued | $ 0 | $ 0 | $ 0 | $ 0 |
Share Capital (Earnings Per Com
Share Capital (Earnings Per Common Share) (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Class of Stock Disclosures [Abstract] | ||||
Net Earnings (Loss) | $ 340 | $ 336 | $ 678 | $ 823 |
Weighted average shares of common stock outstanding - Basic | 266.2 | 249.4 | 267.9 | 246.9 |
Effect of dilutive securities | 1.9 | 1.4 | 2.7 | 3.9 |
Weighted Average Shares of Common Stock Outstanding - Diluted | 268.1 | 250.8 | 270.6 | 250.8 |
Net Earnings (Loss) per Share of Common Stock Basic | $ 1.28 | $ 1.35 | $ 2.53 | $ 3.33 |
Net Earnings (Loss) per Share of Common Stock Diluted | $ 1.27 | $ 1.34 | $ 2.51 | $ 3.28 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income (Schedule of Accumulated Other Comprehensive Income) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||||
Balance, Beginning of Period, Foreign Currency Translation Adjustment | $ 924 | $ 939 | $ 1,000 | $ 937 | |
Change in Foreign Currency Translation Adjustment | (31) | 53 | (107) | 55 | |
Balance, End of Period, Foreign Currency Translation Adjustment | 893 | 992 | 893 | 992 | |
Pension and Other Post-Employment Benefit Plans | |||||
Balance, Beginning of Period | 49 | 52 | 50 | 54 | |
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) | (2) | (3) | (4) | |
Income taxes | 0 | 1 | 0 | 1 | |
Balance, End of Period | 47 | 51 | 47 | 51 | |
Total Accumulated Other Comprehensive Income | $ 940 | $ 1,043 | $ 940 | $ 1,043 | $ 1,050 |
Variable Interest Entities (Nar
Variable Interest Entities (Narrative) (Details) $ in Millions | 6 Months Ended | |
Jun. 30, 2024 USD ($) MMcf | Dec. 31, 2023 USD ($) | |
Variable Interest Entity [Line Items] | ||
Accounts payable and accrued liabilities, current | $ 1,872 | $ 2,209 |
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 | $ 1,111 | |
Veresen Midstream Limited Partnership [Member] | Take or Pay Commitment [Member] | ||
Variable Interest Entity [Line Items] | ||
Accounts payable and accrued liabilities, current | $ 0.6 | |
Veresen Midstream Limited Partnership [Member] | Natural gas gathering and compression [Member] | ||
Variable Interest Entity [Line Items] | ||
Contracted capacity volumes | MMcf | 1,153 | |
Veresen Midstream Limited Partnership [Member] | Natural gas processing [Member] | ||
Variable Interest Entity [Line Items] | ||
Contracted capacity volumes | MMcf | 913 | |
Veresen Midstream Limited Partnership [Member] | Minimum [Member] | ||
Variable Interest Entity [Line Items] | ||
Length of remaining terms, in years | 7 years | |
Veresen Midstream Limited Partnership [Member] | Maximum [Member] | ||
Variable Interest Entity [Line Items] | ||
Length of remaining terms, in years | 21 years | |
Length of renewal term, in years | 10 years |
Compensation Plans (Amounts Rec
Compensation Plans (Amounts Recognized For Share-Based Payment Transactions) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total Compensation Costs of Transactions Classified as Cash-Settled | $ (3) | $ 4 | $ 2 | $ (24) |
Total Compensation Costs of Transactions Classified as Equity-Settled | 24 | 24 | 48 | 45 |
Less: Total Share-Based Compensation Costs Capitalized | (8) | (5) | (14) | (13) |
Total Share-Based Compensation Expense (Recovery) | 13 | 23 | 36 | 8 |
Operating Expense [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total Share-Based Compensation Expense (Recovery) | 5 | 7 | 13 | 11 |
Administrative Expense [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total Share-Based Compensation Expense (Recovery) | $ 8 | $ 16 | $ 23 | $ (3) |
Compensation Plans (Schedule of
Compensation Plans (Schedule of Weighted Average Assumptions Used to Fair Value Share Units) (Details) | 6 Months Ended | |||
Jun. 30, 2024 $ / shares | Jun. 30, 2023 $ / shares | Jun. 30, 2024 $ / shares | Jun. 30, 2023 $ / 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 | 4.04% | 4.61% | ||
Fair Value Assumptions, Dividend Yield | 2.56% | 3.15% | ||
Fair Value Assumptions, Expected Volatility Rate | 48.63% | 59.69% | ||
Fair Value Assumptions, Expected Term | 1 year | 1 year 4 months 24 days | ||
Market Share Price | $ 46.87 | $ 38.07 | ||
Weighted Average Grant Date Fair Value | $ 40.91 | $ 44.87 | ||
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 | 4.04% | 4.61% | ||
Fair Value Assumptions, Dividend Yield | 2.54% | 3.21% | ||
Fair Value Assumptions, Expected Volatility Rate | 45.21% | 55.88% | ||
Fair Value Assumptions, Expected Term | 1 year | 1 year 2 months 12 days | ||
Market Share Price | $ 64.13 | $ 50.42 | ||
Weighted Average Grant Date Fair Value | $ 54.84 | $ 62.66 |
Compensation Plans (Narrative)
Compensation Plans (Narrative) (Details) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Liability for cash-settled share-based payment transactions | $ 14 | $ 14 |
Compensation Plans (Schedule _2
Compensation Plans (Schedule of Share-based Compensation, Activity) (Details) shares in Thousands | 6 Months Ended |
Jun. 30, 2024 shares | |
PSUs [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 582 |
RSUs [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 1,494 |
DSUs [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 5 |
Fair Value Measurements (Schedu
Fair Value Measurements (Schedule Of Fair Value, Assets And Liabilities Measured On Recurring Basis) (Details) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Risk Management Assets, Net, Current | $ 117 | $ 214 |
Risk Management Assets, Net, Long-term | 10 | 4 |
Risk Management Liabilities, Net, Current | 7 | 0 |
Risk Management | 6 | 2 |
Guarantor Obligations, Current Carrying Value | 0 | 4 |
Accounts Payable and Accrued Liabilities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Risk Management Liabilities, Gross Assets | 0 | |
Guarantor Obligations, Current Carrying Value | 0 | 4 |
Accounts Payable and Accrued Liabilities [Member] | Carrying Amount [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Guarantor Obligations, Current Carrying Value | 4 | |
Accounts Payable and Accrued Liabilities [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Guarantor Obligations, Current Carrying Value | 0 | |
Accounts Payable and Accrued Liabilities [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Guarantor Obligations, Current Carrying Value | 4 | |
Accounts Payable and Accrued Liabilities [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Guarantor Obligations, Current Carrying Value | 0 | |
Commodity Derivatives [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Risk Management Assets, Net, Current | $ 116 | $ 203 |
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 | $ 10 | $ 4 |
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 | $ 7 | $ 0 |
Derivative Liability, Current, Statement of Financial Position [Extensible Enumeration] | Risk Management Liabilities, Net, Current | Risk Management Liabilities, Net, Current |
Risk Management | $ 6 | $ 2 |
Derivative Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] | Risk Management | 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 | $ 126 | $ 204 |
Risk Management Assets, Gross Liabilities | (10) | (1) |
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 | 0 | 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 | 126 | 188 |
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 | 0 | 16 |
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 | 16 | 5 |
Risk Management Assets, Gross Liabilities | (6) | (1) |
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 | 16 | 5 |
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 | 17 | 1 |
Risk Management Liabilities, Gross Assets | (10) | (1) |
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 | 0 | 1 |
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 | 17 | 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 | 12 | 3 |
Risk Management Liabilities, Gross Assets | (6) | (1) |
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 | 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 | 12 | 3 |
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 | 0 |
Foreign Currency Derivatives [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Risk Management Assets, Net, Current | $ 1 | $ 11 |
Derivative Asset, Current, Statement of Financial Position [Extensible Enumeration] | Risk Management Assets, Net, Current | Risk Management Assets, 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 | $ 1 | $ 11 |
Risk Management Assets, Gross Liabilities | 0 | 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 | 1 | 11 |
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 |
Fair Value Measurements (Summar
Fair Value Measurements (Summary Of Changes In Level 3 Fair Value Measurements) (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract] | ||
Balance, Beginning Balance | $ 16 | $ 12 |
Total Gains (Losses) | $ (42) | $ 48 |
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 | 9 | 0 |
Transfers Out of Level 3 | 0 | 0 |
Balance, Ending Balance | (17) | 60 |
Change in Unrealized Gains (Losses) During the Period Included in Net Earnings (Loss) | $ (33) | $ 48 |
Fair Value Measurements (Quanti
Fair Value Measurements (Quantitative Information About Unobservable Inputs Used In Level 3) (Details) - WTI Options [Member] - Option Model [Member] | 6 Months Ended |
Jun. 30, 2024 | |
Minimum [Member] | |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |
Fair Value Inputs Commodity Price Volatility | 20% |
Maximum [Member] | |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |
Fair Value Inputs Commodity Price Volatility | 36% |
Weighted Average [Member] | |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |
Fair Value Inputs Commodity Price Volatility | 23% |
Fair Value Measurements (Narrat
Fair Value Measurements (Narrative) (Details) - USD ($) $ in Millions | 6 Months Ended | 12 Months Ended |
Jun. 30, 2024 | Dec. 31, 2023 | |
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 | $ 4 | $ 1 |
Financial Instruments and Ris_3
Financial Instruments and Risk Management (Narrative) (Details) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2024 USD ($) Contract $ / $ | Jun. 30, 2023 USD ($) | Jun. 30, 2024 USD ($) Contract $ / $ | Jun. 30, 2023 USD ($) | Dec. 31, 2023 USD ($) | |
Derivative [Line Items] | |||||
Realized gain on derivatives | $ 68,000,000 | $ 3,000,000 | $ 114,000,000 | $ (77,000,000) | |
Unrealized gain (loss) on derivatives | 6,000,000 | 151,000,000 | (102,000,000) | 175,000,000 | |
Credit risk, financial instrument, maximum exposure, based on gross fair value basis | 143,000,000 | ||||
Credit risk, financial instrument, maximum exposure, based on net fair value basis | $ 127,000,000 | $ 127,000,000 | |||
Number of credit risk derivatives held | Contract | 0 | 0 | |||
Collateral balances | $ 0 | $ 0 | |||
Concentration risk, percentage | 93% | 93% | 91% | ||
Guarantor obligations, expiration date | 2024-06 | ||||
Guarantor Obligations, Current Carrying Value | $ 0 | $ 0 | $ 4,000,000 | ||
Revenue [Member] | |||||
Derivative [Line Items] | |||||
Realized gain on derivatives | 69,000,000 | 5,000,000 | 115,000,000 | (71,000,000) | |
Unrealized gain (loss) on derivatives | 8,000,000 | 142,000,000 | (92,000,000) | 160,000,000 | |
Currency Swaps Mature Monthly Throughout 2024 [Member] | |||||
Derivative [Line Items] | |||||
Foreign currency swap, contract amount outstanding | $ 236,000,000 | $ 236,000,000 | |||
Derivative, average forward exchange rate | $ / $ | 1.3697 | 1.3697 | |||
Other Derivative Contracts [Member] | Revenue [Member] | |||||
Derivative [Line Items] | |||||
Realized gain on derivatives | $ 4,000,000 | 0 | $ 4,000,000 | 0 | |
Unrealized gain (loss) on derivatives | $ 0 | $ 0 | $ 0 | $ 0 |
Financial Instruments and Ris_4
Financial Instruments and Risk Management (Risk Management Positions) (Details) $ in Millions | 6 Months Ended | |
Jun. 30, 2024 USD ($) $ / bbl $ / Mcf MMcf MBbls | Dec. 31, 2023 USD ($) | |
Derivative [Line Items] | ||
Other Derivative Contracts, Net | $ 1 | |
Total Fair Value Position | $ 114 | $ 212 |
Currency Swap [Member] | ||
Derivative [Line Items] | ||
Term | Dec. 31, 2024 | |
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 | $ 2 | |
Average Price, Options/Collars | $ / bbl | 10.28 | |
Oil [Member] | WTI Three-Way Options Maturing 2024 [Member] | ||
Derivative [Line Items] | ||
Derivative, Nonmonetary Notional Amount, Volumes/day | MBbls | 45 | |
Term | Dec. 31, 2024 | |
Price Risk Derivatives, at Fair Value, Net | $ (9) | |
Oil [Member] | WTI Three-Way Options Maturing 2024 [Member] | Sold [Member] | Call Option [Member] | ||
Derivative [Line Items] | ||
Average Price, Options/Collars | $ / bbl | 86.75 | |
Oil [Member] | WTI Three-Way Options Maturing 2024 [Member] | Sold [Member] | Put Option [Member] | ||
Derivative [Line Items] | ||
Average Price, Options/Collars | $ / bbl | 50 | |
Oil [Member] | WTI Three-Way Options Maturing 2024 [Member] | Bought [Member] | Put Option [Member] | ||
Derivative [Line Items] | ||
Average Price, Options/Collars | $ / bbl | 65 | |
Oil [Member] | WTI Three-Way Options Maturing 2025 [Member] | ||
Derivative [Line Items] | ||
Derivative, Nonmonetary Notional Amount, Volumes/day | MMcf | 25.3 | |
Term | Dec. 31, 2025 | |
Price Risk Derivatives, at Fair Value, Net | $ (8) | |
Oil [Member] | WTI Three-Way Options Maturing 2025 [Member] | Sold [Member] | Call Option [Member] | ||
Derivative [Line Items] | ||
Average Price, Options/Collars | $ / Mcf | 85.52 | |
Oil [Member] | WTI Three-Way Options Maturing 2025 [Member] | Sold [Member] | Put Option [Member] | ||
Derivative [Line Items] | ||
Average Price, Options/Collars | $ / Mcf | 50 | |
Oil [Member] | WTI Three-Way Options Maturing 2025 [Member] | Bought [Member] | Put Option [Member] | ||
Derivative [Line Items] | ||
Average Price, Options/Collars | $ / Mcf | 65 | |
Oil [Member] | Basis Contracts Maturing 2024 [Member] | ||
Derivative [Line Items] | ||
Term | Dec. 31, 2024 | |
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 | 5 | |
Term | Dec. 31, 2024 | |
Price Risk Derivatives, at Fair Value, Net | $ 0 | |
Oil [Member] | WTI Costless Collars Maturing 2024 [Member] | Sold [Member] | Call Option [Member] | ||
Derivative [Line Items] | ||
Average Price, Options/Collars | $ / bbl | 92.06 | |
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 | $ (15) | |
Natural Gas [Member] | Fair Value Position Excluding Unexpired Options [Member] | ||
Derivative [Line Items] | ||
Price Risk Derivatives, at Fair Value, Net | $ 128 | |
Natural Gas [Member] | NYMEX Fixed Price Contracts Maturing 2024 [Member] | ||
Derivative [Line Items] | ||
Derivative, Nonmonetary Notional Amount, Volumes/day | MMcf | 200 | |
Term | Dec. 31, 2024 | |
Price Risk Derivatives, at Fair Value, Net | $ 27 | |
Average Price, Options/Collars | $ / Mcf | 3.62 | |
Natural Gas [Member] | NYMEX Three-Way Options Maturing 2024 [Member] | ||
Derivative [Line Items] | ||
Derivative, Nonmonetary Notional Amount, Volumes/day | MMcf | 200 | |
Term | Dec. 31, 2024 | |
Price Risk Derivatives, at Fair Value, Net | $ 10 | |
Natural Gas [Member] | NYMEX Three-Way Options Maturing 2024 [Member] | Sold [Member] | Call Option [Member] | ||
Derivative [Line Items] | ||
Average Price, Options/Collars | $ / Mcf | 4.51 | |
Natural Gas [Member] | NYMEX Three-Way Options Maturing 2024 [Member] | Sold [Member] | Put Option [Member] | ||
Derivative [Line Items] | ||
Average Price, Options/Collars | $ / Mcf | 2.25 | |
Natural Gas [Member] | NYMEX Three-Way Options Maturing 2024 [Member] | Bought [Member] | Put Option [Member] | ||
Derivative [Line Items] | ||
Average Price, Options/Collars | $ / Mcf | 3 | |
Natural Gas [Member] | NYMEX Three-Way Options Maturing 2024 One [Member] | ||
Derivative [Line Items] | ||
Derivative, Nonmonetary Notional Amount, Volumes/day | MMcf | 500 | |
Term | Dec. 31, 2025 | |
Price Risk Derivatives, at Fair Value, Net | $ (9) | |
Natural Gas [Member] | NYMEX Three-Way Options Maturing 2024 One [Member] | Sold [Member] | Call Option [Member] | ||
Derivative [Line Items] | ||
Average Price, Options/Collars | $ / Mcf | 4.54 | |
Natural Gas [Member] | NYMEX Three-Way Options Maturing 2024 One [Member] | Sold [Member] | Put Option [Member] | ||
Derivative [Line Items] | ||
Average Price, Options/Collars | $ / Mcf | 2.25 | |
Natural Gas [Member] | NYMEX Three-Way Options Maturing 2024 One [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 | 400 | |
Term | Dec. 31, 2024 | |
Price Risk Derivatives, at Fair Value, Net | $ 26 | |
Natural Gas [Member] | NYMEX Costless Collars Maturing 2024 [Member] | Sold [Member] | Call Option [Member] | ||
Derivative [Line Items] | ||
Average Price, Options/Collars | $ / Mcf | 4.49 | |
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 2024 [Member] | ||
Derivative [Line Items] | ||
Term | Dec. 31, 2024 | |
Price Risk Derivatives, at Fair Value, Net | $ 46 | |
Natural Gas [Member] | Basis Contracts Maturing 2025 [Member] | ||
Derivative [Line Items] | ||
Term | Dec. 31, 2025 | |
Price Risk Derivatives, at Fair Value, Net | $ 28 |
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 | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Realized Gain (Loss) on Derivatives | $ 68 | $ 3 | $ 114 | $ (77) |
Unrealized Gain (Loss) on Derivatives | 6 | 151 | (102) | 175 |
Realized and Unrealized Gain (Loss) on Risk Management | $ 74 | $ 154 | $ 12 | $ 98 |
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 | 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 | $ 69 | $ 5 | $ 115 | $ (71) |
Unrealized Gain (Loss) on Derivatives | 8 | 142 | (92) | 160 |
Realized and Unrealized Gain (Loss) on Risk Management | $ 77 | $ 147 | $ 23 | $ 89 |
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 | 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 | $ (1) | $ (3) | $ (1) | $ (7) |
Unrealized Gain (Loss) on Derivatives | (2) | 9 | (10) | 15 |
Realized and Unrealized Gain (Loss) on Risk Management | $ (3) | $ 6 | $ (11) | $ 8 |
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 | Gain (Loss) from Price Risk Management Activity | Gain (Loss) from Price Risk Management Activity |
Interest Rate [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Realized Gain (Loss) on Derivatives | $ 0 | $ 1 | $ 0 | $ 1 |
Realized and Unrealized Gain (Loss) on Risk Management | $ 0 | $ 1 | $ 0 | $ 1 |
Financial Instruments and Ris_6
Financial Instruments and Risk Management (Reconciliation of Unrealized Risk Management Positions) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Derivative [Line Items] | ||||
Fair Value of Contracts, Beginning of Year | $ 212 | |||
Settlement of Other Derivative Contracts | 4 | |||
Fair Value of Contracts Realized During the Period | $ (68) | $ (3) | (114) | $ 77 |
Fair Value of Contracts, End of Period | 114 | 114 | ||
Unrealized Gain (Loss) on Derivatives | $ 6 | $ 151 | (102) | 175 |
Commodity Contract [Member] | ||||
Derivative [Line Items] | ||||
Increase (Decrease) in Derivative Assets and Liabilities | $ 12 | $ 98 |
Financial Instruments and Ris_7
Financial Instruments and Risk Management (Unrealized Risk Management Positions) (Details) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Derivatives, Fair Value [Line Items] | ||
Risk Management, Current asset | $ 117 | $ 214 |
Risk Management, Long-term asset | 10 | 4 |
Risk Management, Total asset | 127 | 218 |
Risk Management, Current liability | 7 | 0 |
Risk Management, Long-term liability | 6 | 2 |
Risk Management, Total liability | 13 | 2 |
Guarantor Obligations, Current Carrying Value | 0 | 4 |
Risk Management and Other Derivative Guarantee, at Fair Value, Net | 114 | 212 |
Accounts Payable and Accrued Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Guarantor Obligations, Current Carrying Value | $ 0 | $ 4 |
Supplementary Information (Net
Supplementary Information (Net Change in Non-Cash Working Capital) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Supplemental Cash Flow Elements [Abstract] | ||||
Accounts receivable and accrued revenues | $ 63 | $ 205 | $ 235 | $ 519 |
Accounts payable and accrued liabilities | (9) | (103) | (301) | (290) |
Current portion of operating lease liabilities | 6 | (3) | (3) | 9 |
Income tax receivable and payable | (23) | 45 | (258) | 128 |
Net change in non-cash working capital | $ 37 | $ 144 | $ (327) | $ 366 |
Supplementary Information (Non-
Supplementary Information (Non-Cash Activity) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Non-Cash Operating Activities | ||||
ROU operating lease assets and liabilities | $ (25) | $ (40) | $ (33) | $ (69) |
Non-Cash Investing Activities | ||||
Property, plant and equipment accruals | (17) | 93 | (2) | 92 |
Capitalized long-term incentives | 0 | 0 | (7) | (2) |
Property additions/dispositions, including swaps | $ 14 | 4 | $ 31 | 22 |
Non-Cash Financing Activities | ||||
Common shares issued in conjunction with the Permian Acquisition (See Note 8) | $ (1,169) | $ (1,169) |
Commitments and Contingencies_2
Commitments and Contingencies (Details) $ in Millions | Jun. 30, 2024 USD ($) |
Commitments [Line Items] | |
2024 | $ 513 |
2025 | 783 |
2026 | 609 |
2027 | 505 |
2028 | 451 |
Thereafter | 2,164 |
Total | 5,025 |
Transportation and Processing Commitments [Member] | |
Commitments [Line Items] | |
2024 | 336 |
2025 | 669 |
2026 | 594 |
2027 | 498 |
2028 | 445 |
Thereafter | 2,145 |
Total | 4,687 |
Drilling and Field Services Commitments [Member] | |
Commitments [Line Items] | |
2024 | 172 |
2025 | 105 |
2026 | 7 |
2027 | 0 |
2028 | 0 |
Thereafter | 0 |
Total | 284 |
Building Leases & Other Commitments [Member] | |
Commitments [Line Items] | |
2024 | 5 |
2025 | 9 |
2026 | 8 |
2027 | 7 |
2028 | 6 |
Thereafter | 19 |
Total | $ 54 |
Commitments and Contingencies_3
Commitments and Contingencies (Narrative) (Details) $ in Millions | 3 Months Ended |
Jun. 30, 2024 USD ($) | |
Commitments and Contingencies Disclosure [Abstract] | |
Litigation settlement, amounts awarded | $ 150 |