Ovintiv (OVV) 10-K 26 Feb 25 2024 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2024	Feb. 21, 2025	Jun. 28, 2024
Cover [Abstract]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2024
Document Fiscal Period Focus	FY
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 Shell Company	false
Entity Emerging Growth Company	false
Entity Common Stock, Shares Outstanding		260,324,464
Trading Symbol	OVV
Entity Well-known Seasoned Issuer	Yes
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Public Float			$ 12,376,088,462
Entity Interactive Data Current	Yes
Title of 12(b) Security	Common Shares
Security Exchange Name	NYSE
Entity File Number	001-39191
Entity Incorporation, State or Country Code	DE
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
Document Annual Report	true
Document Transition Report	false
ICFR Auditor Attestation Flag	true
Auditor Firm ID	271
Auditor Name	PricewaterhouseCoopers LLP
Auditor Location	Calgary, Alberta, Canada
Auditor Opinion	We have audited the accompanying consolidated balance sheets of Ovintiv Inc. and its subsidiaries (the “Company”) as of December 31, 2024 and 2023, and the related consolidated statements of earnings, comprehensive income, changes in shareholders’ equity and cash flows for each of the three years in the period ended December 31, 2024, including the related notes (collectively referred to as the “Consolidated Financial Statements”). We also have audited the Company’s internal control over financial reporting as of December 31, 2024, based on criteria established in Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (“COSO”). In our opinion, the Consolidated Financial Statements referred to above present fairly, in all material respects, the financial position of the Company as of December 31, 2024 and 2023, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2024 in conformity with accounting principles generally accepted in the United States of America. Also in our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, 2024, based on criteria established in Internal Control – Integrated Framework (2013) issued by the COSO.
Documents Incorporated by Reference	The information required by Part III of this Annual Report on Form 10-K, to the extent not set forth herein, is incorporated herein by reference from the registrant’s definitive proxy statement relating to the Annual Meeting of Shareholders to be held in 2025, which definitive proxy statement shall be filed with the Securities and Exchange Commission within 120 days after the end of the fiscal year to which this Annual Report on Form 10-K relates.
Document Financial Statement Error Correction [Flag]	false

Consolidated Statement of Earni

Consolidated Statement of Earnings - USD ($) shares in Millions, $ in Millions		12 Months Ended
		Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Revenues
Revenues		$ 8,943	$ 10,661	$ 14,263
Gains (losses) on risk management, net		135	151	(1,867)
Sublease revenues		74	71	68
Total Revenues		9,152	10,883	12,464
Operating Expenses
Production, mineral and other taxes		333	342	415
Transportation and processing		1,639	1,766	1,786
Operating		931	859	802
Purchased product		1,546	2,815	4,055
Depreciation, depletion and amortization		2,290	1,825	1,113
Impairments		450	0	0
Accretion of asset retirement obligation		19	19	18
Administrative		365	393	422
Total Operating Expenses		7,573	8,019	8,611
Operating Income (Loss)		1,579	2,864	3,853
Other (Income) Expenses
Interest		412	355	311
Foreign exchange (gain) loss, net		(19)	19	15
Other (gains) losses, net		(165)	(20)	(33)
Total Other (Income) Expenses		228	354	293
Net Earnings (Loss) Before Income Tax		1,351	2,510	3,560
Income tax expense (recovery)		226	425	(77)
Net Earnings (Loss)		$ 1,125	$ 2,085	$ 3,637
Net Earnings (Loss) per Share of Common Stock
Basic		$ 4.25	$ 8.02	$ 14.34
Diluted		$ 4.21	$ 7.9	$ 14.08
Weighted Average Shares of Common Stock Outstanding (millions)
Basic		264.6	259.9	253.6
Diluted		267.4	263.9	258.4
Product and Service Revenues [Member]
Revenues
Revenues	[1]	$ 7,358	$ 7,812	$ 10,183
Sales of Purchased Product [Member]
Revenues
Revenues	[1]	$ 1,585	$ 2,849	$ 4,080
[1] See Note 2 regarding the reclassification of the Company’s previously reported Market Optimization segment.

Consolidated Statement of Compr

Consolidated Statement of Comprehensive Income - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Statement of Comprehensive Income [Abstract]
Net Earnings (Loss)	$ 1,125	$ 2,085	$ 3,637
Other Comprehensive Income (Loss), Net of Tax
Foreign currency translation adjustment	(269)	63	(107)
Pension and other post-employment benefit plans	(4)	(4)	6
Other Comprehensive Income (Loss)	(273)	59	(101)
Comprehensive Income (Loss)	$ 852	$ 2,144	$ 3,536

Consolidated Balance Sheet

Consolidated Balance Sheet - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Current Assets
Cash and cash equivalents	$ 42	$ 3
Accounts receivable and accrued revenues (net of allowances of $5 million (2023: $5 million))	1,183	1,442
Risk management	108	214
Income tax receivable	36	17
Total Current Assets	1,369	1,676
Oil and natural gas properties, based on full cost accounting
Proved properties	66,009	64,084
Unproved properties	764	1,486
Other	865	907
Property, plant and equipment	67,638	66,477
Less: Accumulated depreciation, depletion and amortization	(53,274)	(51,837)
Property, plant and equipment, net	14,364	14,640
Other Assets	965	1,015
Risk Management	0	4
Deferred Income Taxes	10	53
Goodwill	2,546	2,599
Total Assets	19,254	19,987
Current Liabilities
Accounts payable and accrued liabilities	1,883	2,209
Current portion of operating lease liabilities	82	87
Income tax payable	9	232
Risk management	107	0
Current portion of long-term debt	600	284
Total Current Liabilities	2,681	2,812
Long-Term Debt	4,853	5,453
Operating Lease Liabilities	737	832
Other Liabilities and Provisions	114	132
Risk Management	21	2
Asset Retirement Obligation	315	276
Deferred Income Taxes	202	110
Total Liabilities	8,923	9,617
Commitments and Contingencies
Shareholders’ Equity
Share capital - authorized 775 million shares of stock 2024 issued and outstanding: 260.4 million shares (2023: 271.7 million shares)	3	3
Paid in surplus	8,045	8,620
Retained earnings	1,506	697
Accumulated other comprehensive income	777	1,050
Total Shareholders’ Equity	10,331	10,370
Total Liabilities and Shareholders' Equity	$ 19,254	$ 19,987

Consolidated Balance Sheet (Par

Consolidated Balance Sheet (Parenthetical) - USD ($) $ in Millions	Dec. 31, 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	260,400,000	271,700,000
Common Stock, Shares, Outstanding	260,400,000	271,700,000

Consolidated Statement of Chang

Consolidated Statement of Changes in Shareholders' Equity - USD ($) $ in Millions	Total	Share Capital [Member]	Paid in Surplus [Member]	Retained Earnings (Accumulated Deficit) [Member]	Accumulated Other Comprehensive Income [Member]
Balance, Beginning of Period at Dec. 31, 2021	$ 5,074	$ 3	$ 8,458	$ (4,479)	$ 1,092
Net Earnings (Loss)	3,637	0	0	3,637	0
Dividends on Shares of Common Stock	(239)	0	0	(239)	0
Shares of Common Stock Purchased	(719)	0	(719)	0	0
Shares of Common Stock Issued		0
Equity-Settled Compensation Costs	37	0	37	0	0
Other Comprehensive Income (Loss)	(101)	0	0	0	(101)
Balance, End of Period at Dec. 31, 2022	7,689	3	7,776	(1,081)	991
Net Earnings (Loss)	2,085	0	0	2,085	0
Dividends on Shares of Common Stock	(307)	0	0	(307)	0
Shares of Common Stock Purchased	(426)	0	(426)		0
Shares of Common Stock Issued	1,169	0	1,169	0	0
Equity-Settled Compensation Costs	101	0	101	0	0
Other Comprehensive Income (Loss)	59	0	0	0	59
Balance, End of Period at Dec. 31, 2023	10,370	3	8,620	697	1,050
Net Earnings (Loss)	1,125		0	1,125	0
Dividends on Shares of Common Stock	(316)	0	0	(316)	0
Shares of Common Stock Purchased	(597)	0	(597)	0	0
Shares of Common Stock Issued		0
Equity-Settled Compensation Costs	22	0	22	0	0
Other Comprehensive Income (Loss)	(273)	0	0	0	(273)
Balance, End of Period at Dec. 31, 2024	$ 10,331	$ 3	$ 8,045	$ 1,506	$ 777

Consolidated Statement of Cha_2

Consolidated Statement of Changes in Shareholders' Equity (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Statement of Stockholders' Equity [Abstract]
Dividends on Shares of Common Stock, per share	$ 1.2	$ 1.15	$ 0.95

Consolidated Statement of Cash

Consolidated Statement of Cash Flows - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Operating Activities
Net earnings (loss)	$ 1,125	$ 2,085	$ 3,637
Depreciation, depletion and amortization	2,290	1,825	1,113
Impairments	450	0	0
Accretion of asset retirement obligation	19	19	18
Deferred income taxes	144	144	(87)
Unrealized (gain) loss on risk management	136	(194)	(741)
Unrealized foreign exchange (gain) loss	35	(6)	14
Foreign exchange (gain) loss on settlements	(42)	6	8
Other	(115)	20	148
Net change in other assets and liabilities	(74)	(62)	(57)
Net change in non-cash working capital	(247)	330	(187)
Cash From (Used in) Operating Activities	3,721	4,167	3,866
Investing Activities
Capital expenditures	(2,303)	(2,744)	(1,831)
Acquisitions	(205)	(277)	(286)
Corporate acquisition, net of cash acquired	12	(3,225)	0
Proceeds from divestitures	163	772	228
Net change in investments and other	(124)	(45)	103
Cash From (Used in) Investing Activities	(2,457)	(5,519)	(1,786)
Financing Activities
Net issuance (repayment) of revolving debt	(284)	(109)	393
Issuance of long-term debt	0	2,278	0
Repayment of long-term debt	0	0	(1,634)
Purchase of shares of common stock	(597)	(426)	(719)
Dividends on shares of common stock	(316)	(307)	(239)
Finance lease payments and other	(34)	(77)	(69)
Cash From (Used in) Financing Activities	(1,231)	1,359	(2,268)
Foreign Exchange Gain (Loss) on Cash, Cash Equivalents and Restricted Cash Held in Foreign Currency	6	(9)	(2)
Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash	39	(2)	(190)
Cash, Cash Equivalents and Restricted Cash, Beginning of Year	3	5	195
Cash, Cash Equivalents and Restricted Cash, End of Year	42	3	5
Cash, End of Year	4	3	5
Cash Equivalents, End of Year	38	0	0
Restricted Cash, End of Year	$ 0	$ 0	$ 0

Cybersecurity Risk Management,

Cybersecurity Risk Management, Strategy and Governance	12 Months Ended
	Dec. 31, 2024
Cybersecurity Risk Management, Strategy, and Governance [Line Items]
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]	It em 1C. Cybersecurity Governance Board of Directors Ovintiv’s Board of Directors is responsible for the oversight of the Company’s enterprise risk management processes, and the Board’s committees help discharge this responsibility by managing issues under their purview. The Board has delegated the primary responsibility to oversee and monitor cybersecurity risks to the Audit Committee and the Audit Committee has direct oversight, and regularly reviews, the Company’s cybersecurity risks and related mitigations. The Audit Committee receives periodic updates from the Company’s Vice-President and Chief Information Officer (the “CIO”) concerning a wide range of topics, including risks from cybersecurity threats, evolving standards, vulnerability assessments, third-party and independent reviews, the threat environment, technological trends and information security considerations arising with respect to the Company’s peers and third parties. As part of the enterprise risk management process, the Audit Committee provides regular updates to the full Board on the risk categories for which it is responsible, which includes cybersecurity. The Company has processes by which certain cybersecurity incidents are escalated and where appropriate, reported in a timely manner to the Audit Committee and the Board. Management The Company’s Cybersecurity Group coordinates with business and legal functions to assess and manage the Company’s risks from cybersecurity threats, including those relating to information systems owned or operated by third parties that are used by the Company. The Cybersecurity Group is led by the Director, Cybersecurity (the “Cybersecurity Director”). The Cybersecurity Director has extensive cybersecurity knowledge and skills gained from over 30 years of relevant work experience. The Cybersecurity Director is a Certified Information Systems Auditor, Chartered Professional Accountant and a Certified Fraud Examiner. The Cybersecurity Group designs and implements the Company’s administrative and technical controls against risks from cybersecurity threats. The Cybersecurity Group also maintains the Company’s policies that prescribe procedures and standards for assessing, identifying and managing cybersecurity threats, which includes the Company’s Cybersecurity Incident Response Program. The Company’s Internal Audit Group conducts periodic independent audits of the Company’s cybersecurity procedures, systems, and controls, and also provides independent oversight into the engagement of cybersecurity resources. The Cybersecurity Group reports to the CIO, who reports to the Executive Vice-President, Corporate Services. The CIO is responsible for overseeing the Company’s information technology and cybersecurity, and, in conjunction with executive leadership, regularly reviews risk management measures implemented by the Company to identify and mitigate cybersecurity risk. The CIO receives reports from the Cybersecurity Group regarding cybersecurity matters on an ongoing basis and administers the Company’s Cybersecurity Incident Response Program. The CIO is primarily responsible for reporting cybersecurity matters, including cybersecurity incidents, to executive leadership and the Audit Committee. The CIO has 30 years of relevant information technology work experience with 10 years of cybersecurity oversight at the Company and elsewhere. Risk Management and Strategy Ovintiv’s risk management strategy includes identifying risks, and developing and implementing risk management practices that include mitigation activities, systems, controls and business continuity plans for specific risks, which are aligned with, and complementary to, Ovintiv’s corporate risk management policy. The identification, analysis and mitigation strategy of cybersecurity risk is incorporated into the Company’s risk practices and is a component of an internal Risk Network that is comprised of senior leadership responsible for understanding and reporting each of Ovintiv’s entity-level risks. Our cybersecurity program is aligned with the NIST Cybersecurity Framework and is designed to assess, identify, and manage material risks from cybersecurity threats, and protect and preserve the confidentiality, integrity, and continued availability of all information owned by, or in the care of, the Company. The Company maintains an Information Management Policy, which applies to both employees and third-party service providers, for the protection of the Company’s information. Our information systems are monitored by automated tools and the Cybersecurity Group. The Cybersecurity Group conducts an initial assessment of cybersecurity incidents and determines whether escalation is warranted. The Company’s Cybersecurity Incident Response Program (“CIRP”) provides guidelines to assist the Company in identifying and mitigating cyber risk effectively and efficiently, and sets out a coordinated approach to investigating, containing, documenting and mitigating incidents, including reporting findings and keeping executive leadership and other key stakeholders informed and involved as appropriate. The Company has implemented an incident response team and incident assessment team that includes internal leadership representatives from the executive, information technology, operational, legal, and corporate teams, as well as third-party experts as appropriate. Our processes and procedures also encompass oversight and identification of risks from cybersecurity threats associated with our use of third-party service providers , which includes engagement of a managed security service provider that performs a security review and ongoing monitoring of our third-party service providers. The cybersecurity program, including the CIRP, undergoes periodic internal and external review. The Company engages qualified external auditors and cybersecurity risk assessors to provide independent assessments of our cybersecurity program and response preparedness along with reviews and audits by the Company’s Internal Audit Group. The Company conducts annual internal training for employees, and internal and external teams, including the Cybersecurity Group, as well as periodic penetration testing, red teaming, tabletop exercises and phishing drills. The results of these tests are measured and assessed for potential improvements. The Company is not aware of having experienced any risks from cybersecurity threats or incidents through the date of this Annual Report on Form 10-K that have materially affected or are reasonably likely to materially affect the Company, its business strategy, results of operation or financial condition. This does not guarantee that future incidents or threats will not have a material impact or that we are not currently the subject of an undetected incident or threat that may have such an impact. Additional information on cybersecurity risks we face is discussed in Item 1A. Risk Factors of this Annual Report on Form 10-K, which should be read in conjunction with the foregoing information.
Cybersecurity Risk Management Third Party Engaged [Flag]	true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag]	true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]	false
Cybersecurity Risk Board of Directors Oversight [Text Block]	Board of Directors Ovintiv’s Board of Directors is responsible for the oversight of the Company’s enterprise risk management processes, and the Board’s committees help discharge this responsibility by managing issues under their purview. The Board has delegated the primary responsibility to oversee and monitor cybersecurity risks to the Audit Committee and the Audit Committee has direct oversight, and regularly reviews, the Company’s cybersecurity risks and related mitigations. The Audit Committee receives periodic updates from the Company’s Vice-President and Chief Information Officer (the “CIO”) concerning a wide range of topics, including risks from cybersecurity threats, evolving standards, vulnerability assessments, third-party and independent reviews, the threat environment, technological trends and information security considerations arising with respect to the Company’s peers and third parties. As part of the enterprise risk management process, the Audit Committee provides regular updates to the full Board on the risk categories for which it is responsible, which includes cybersecurity. The Company has processes by which certain cybersecurity incidents are escalated and where appropriate, reported in a timely manner to the Audit Committee and the Board.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]	The Board has delegated the primary responsibility to oversee and monitor cybersecurity risks to the Audit Committee and the Audit Committee has direct oversight, and regularly reviews, the Company’s cybersecurity risks and related mitigations. The Audit Committee receives periodic updates from the Company’s Vice-President and Chief Information Officer (the “CIO”) concerning a wide range of topics, including risks from cybersecurity threats, evolving standards, vulnerability assessments, third-party and independent reviews, the threat environment, technological trends and information security considerations arising with respect to the Company’s peers and third parties. As part of the enterprise risk management process, the Audit Committee provides regular updates to the full Board on the risk categories for which it is responsible, which includes cybersecurity.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]	The Company has processes by which certain cybersecurity incidents are escalated and where appropriate, reported in a timely manner to the Audit Committee and the Board.
Cybersecurity Risk Role of Management [Text Block]	Management The Company’s Cybersecurity Group coordinates with business and legal functions to assess and manage the Company’s risks from cybersecurity threats, including those relating to information systems owned or operated by third parties that are used by the Company. The Cybersecurity Group is led by the Director, Cybersecurity (the “Cybersecurity Director”). The Cybersecurity Director has extensive cybersecurity knowledge and skills gained from over 30 years of relevant work experience. The Cybersecurity Director is a Certified Information Systems Auditor, Chartered Professional Accountant and a Certified Fraud Examiner. The Cybersecurity Group designs and implements the Company’s administrative and technical controls against risks from cybersecurity threats. The Cybersecurity Group also maintains the Company’s policies that prescribe procedures and standards for assessing, identifying and managing cybersecurity threats, which includes the Company’s Cybersecurity Incident Response Program. The Company’s Internal Audit Group conducts periodic independent audits of the Company’s cybersecurity procedures, systems, and controls, and also provides independent oversight into the engagement of cybersecurity resources. The Cybersecurity Group reports to the CIO, who reports to the Executive Vice-President, Corporate Services. The CIO is responsible for overseeing the Company’s information technology and cybersecurity, and, in conjunction with executive leadership, regularly reviews risk management measures implemented by the Company to identify and mitigate cybersecurity risk. The CIO receives reports from the Cybersecurity Group regarding cybersecurity matters on an ongoing basis and administers the Company’s Cybersecurity Incident Response Program. The CIO is primarily responsible for reporting cybersecurity matters, including cybersecurity incidents, to executive leadership and the Audit Committee. The CIO has 30 years of relevant information technology work experience with 10 years of cybersecurity oversight at the Company and elsewhere.
Cybersecurity Risk Management Positions or Committees Responsible [Flag]	true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]	The CIO is responsible for overseeing the Company’s information technology and cybersecurity, and, in conjunction with executive leadership, regularly reviews risk management measures implemented by the Company to identify and mitigate cybersecurity risk.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]	The CIO has 30 years of relevant information technology work experience with 10 years of cybersecurity oversight at the Company and elsewhere.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]	The CIO receives reports from the Cybersecurity Group regarding cybersecurity matters on an ongoing basis and administers the Company’s Cybersecurity Incident Response Program. The CIO is primarily responsible for reporting cybersecurity matters, including cybersecurity incidents, to executive leadership and the Audit Committee.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag]	true

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Pay vs Performance Disclosure
Net Income (Loss)	$ 1,125	$ 2,085	$ 3,637

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Dec. 31, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2024
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	1. Summary of Significant Accounting Policies A) NATURE OF OPERATIONS Ovintiv Inc. and its subsidiaries (collectively, “Ovintiv”) are in the business of the exploration for, the development of, and the production and marketing of oil, NGLs and natural gas. B) BASIS OF PRESENTATION The Consolidated Financial Statements include the accounts of Ovintiv and are presented in conformity with U.S. GAAP and the rules and regulations of the SEC. In these Consolidated Financial Statements, unless otherwise indicated, all dollar amounts are expressed in U.S. dollars. Ovintiv’s financial results herein are consolidated and reported in U.S. dollars. All references to US$ or to $ are to United States dollars and references to C$ are to Canadian dollars. C) PRINCIPLES OF CONSOLIDATION The 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 Ovintiv has the ability to exercise significant influence are accounted for using the equity method. D) FOREIGN CURRENCY TRANSLATION Monetary assets and liabilities of the Company that are denominated in foreign currencies are translated at the rates of exchange in effect at the period end date. Any gains or losses are recorded in the Consolidated Statement of Earnings. Foreign currency revenues and expenses are translated at the rates of exchange in effect at the time of the transaction. Assets and liabilities of foreign operations are translated at period end exchange rates, while the related revenues and expenses are translated using average rates during the period. Translation gains and losses relating to foreign operations are included in accumulated other comprehensive income (“AOCI”). Recognition of Ovintiv’s accumulated translation gains and losses into net earnings occurs upon complete or substantially complete liquidation of the Company’s investment in the foreign operation. E) USE OF ESTIMATES Preparation of the Consolidated Financial Statements in conformity with U.S. GAAP requires Management to make informed estimates and assumptions and use judgments that affect reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the Consolidated Financial Statements and the reported amounts of revenues and expenses during the period. Such estimates primarily relate to unsettled transactions and events as of the date of the Consolidated Financial Statements. Accordingly, actual results may differ from estimated amounts as future events occur. Significant items subject to estimates and assumptions are: • Estimates of proved reserves used for depletion and ceiling test impairment calculations • Estimated fair value of long-term assets used for impairment calculations • Fair value of reporting units used for the assessment of goodwill • Estimates of future taxable earnings used to assess the realizable value of deferred tax assets • Estimates of incremental borrowing rates and lease terms used in the measurement of right-of-use (“ROU”) assets and lease liabilities • Fair value of asset retirement costs and related obligations • Fair value of derivative instruments • Fair value attributed to assets acquired and liabilities assumed in business combinations • Tax interpretations, regulations and legislation in the various jurisdictions in which the Company and its subsidiaries operate • Accruals for long-term performance-based compensation arrangements, including whether or not the performance criteria will be met and measurement of the ultimate payout amount • Recognized values of pension assets and obligations, as well as the pension costs charged to net earnings, depend on certain actuarial and economic assumptions • Accruals for legal claims, environmental risks and exposures F) REVENUES FROM CONTRACTS WITH CUSTOMERS Revenues from contracts with customers associated with Ovintiv’s oil, NGLs and natural gas, sales of purchased product and third-party processing and gathering are recognized when control of the good or service is transferred to the customer, and title or risk of loss transfers to the customer. Transaction prices are determined at inception of the contract and allocated to the performance obligations identified. Variable consideration is estimated and included in the transaction price, unless the variable consideration is constrained. For product sales, the performance obligations are satisfied at a point in time when the product is delivered to the customer and control is transferred. Payment from the customer is due when the product is delivered to the custody point. Revenues for product sales are presented on an after-royalties basis. For arrangements to gather and process natural gas for third parties, performance obligations are satisfied over time as the service is provided to the customer. Payment from the customer is due when the customer receives the benefit of the service and the product is delivered to the custody point or plant tailgate. Revenues associated with services provided where Ovintiv acts as agent are recorded on a net basis. G) PRODUCTION, MINERAL AND OTHER TAXES Costs paid by Ovintiv for taxes based on production or revenues from oil, NGLs and natural gas are recognized when the product is produced. Costs paid by Ovintiv for taxes on the valuation of upstream assets and reserves are recognized when incurred. H) TRANSPORTATION AND PROCESSING Costs paid by Ovintiv for the transportation and processing of oil, NGLs and natural gas are recognized when the product is delivered and the services made available or provided. I) OPERATING Operating costs paid by Ovintiv, net of amounts capitalized, are recognized for oil and natural gas properties in which the Company has a working interest. J) EMPLOYEE BENEFIT PLANS The Company sponsors defined contribution and defined benefit plans, providing pension and other post-employment benefits to its employees in the U.S. and Canada. As of January 1, 2003, the defined benefit pension plan was closed to new entrants. Pension expense for the defined contribution pension plan is recorded as the benefits are earned by the employees covered by the plans. Ovintiv accrues for its obligations under its employee defined benefit plans, net of plan assets. The cost of defined benefit pensions and other post-employment benefits is actuarially determined using the projected benefit method based on length of service and reflects Management’s best estimate of salary escalation, mortality rates, retirement ages of employees and expected future health care costs. The expected return on plan assets is based on historical and projected rates of return for assets in the investment plan portfolio. The actual return is based on the fair value of plan assets. The projected benefit obligation is discounted using the market interest rate on high-quality corporate debt instruments as at the measurement date. Defined benefit pension plan expenses include the cost of pension benefits earned during the current year, the interest cost on pension obligations, the expected return on pension plan assets, the amortization of adjustments arising from pension plan amendments, the amortization of net prior service costs, and the amortization of the excess of the net actuarial gains or losses over 10 percent of the greater of the benefit obligation and the fair value of plan assets. Amortization is on a straight-line basis over a period covering the expected average remaining service lives of employees covered by the plans. All components of the net defined periodic benefit cost, excluding the service cost component, are included in other (gains) losses, net. K) INCOME TAXES Ovintiv follows the liability method of accounting for income taxes. Under this method, deferred income taxes are recorded for the effect of any temporary difference between the accounting and income tax basis of an asset or liability, using the enacted income tax rates and laws expected to apply when the assets are realized and liabilities are settled. Current income taxes are measured at the amount expected to be recoverable from or payable to the taxing authorities based on the income tax rates and laws enacted at the end of the reporting period. The effect of a change in the enacted tax rates or laws is recognized in net earnings in the period of enactment. Income taxes are recognized in net earnings except to the extent that they relate to items recognized directly in shareholders’ equity, in which case the income taxes are recognized directly in shareholders’ equity. Deferred income tax assets are assessed routinely for realizability. If it is more likely than not that deferred tax assets will not be realized, a valuation allowance is recorded to reduce the deferred tax assets. Ovintiv considers available positive and negative evidence when assessing the realizability of deferred tax assets including historic and expected future taxable earnings, available tax planning strategies and carry forward periods. The assumptions used in determining expected future taxable earnings are consistent with those used in the goodwill impairment assessment. Ovintiv recognizes the financial statement effects of a tax position when it is more likely than not, based on the technical merits, that the position will be sustained upon examination by a taxing authority. A recognized tax position is initially and subsequently measured as the largest amount of tax benefit that is greater than 50 percent likely of being realized upon settlement with a taxing authority. Liabilities for unrecognized tax benefits that are not expected to be settled within the next 12 months are included in other liabilities and provisions. Interest related to unrecognized tax benefits is recognized in interest expense. L) EARNINGS PER SHARE AMOUNTS Basic net earnings per share of common stock is computed by dividing the net earnings by the weighted average number of shares of common stock outstanding during the period. Diluted net earnings per share of common stock is calculated giving effect to the potential dilution that would occur if stock options were exercised or other contracts to issue shares of common stock were exercised, fully vested, or converted to shares of common stock. The treasury stock method is used to determine the dilutive effect of stock options and other dilutive instruments. The treasury stock method assumes that proceeds received from the exercise of in-the-money stock options and other dilutive instruments are used to repurchase shares of common stock at the average market price. M) CASH AND CASH EQUIVALENTS Cash and cash equivalents include cash on hand and short-term investments, such as money market deposits or similar type instruments, with a maturity of three months or less when purchased. Outstanding disbursements issued in excess of applicable bank account balances are excluded from cash and cash equivalents and are recorded in accounts payable and accrued liabilities. N) PROPERTY, PLANT AND EQUIPMENT UPSTREAM Ovintiv uses the full cost method of accounting for its acquisition, exploration and development activities. Accordingly, all costs directly associated with the acquisition of, the exploration for, and the development of oil, NGLs and natural gas reserves, including costs of undeveloped leaseholds, dry holes and related equipment, are capitalized on a country-by-country cost center basis. Capitalized costs exclude costs relating to production, general overhead or similar activities. Capitalized costs accumulated within each cost center are depleted using the unit-of-production method based on proved reserves. Depletion is calculated using the capitalized costs, including estimated retirement costs, plus the undiscounted future expenditures, based on current costs, to be incurred in developing proved reserves. Costs associated with unproved properties are excluded from the depletion calculation until it is determined that proved reserves are attributable or impairment has occurred. Unproved properties are assessed separately for impairment on a quarterly basis. Costs that have been impaired are included in the costs subject to depletion within the full cost pool. Under the full cost method of accounting, the carrying amount of Ovintiv’s oil and natural gas properties within each of the USA and Canadian country cost centers is subject to a ceiling test at the end of each quarter. A ceiling test impairment is recognized in net earnings when the carrying amount of the country cost center exceeds the respective country cost center’s ceiling. The carrying amount of a country cost center includes capitalized costs of proved oil and natural gas properties, net of accumulated depletion and the related deferred income taxes. The country cost center ceiling is the sum of the estimated after-tax future net cash flows from proved reserves, using the 12‑month average trailing prices and unescalated future development and production costs, discounted at 10 percent, plus unproved property costs. The 12-month average trailing price is calculated as the average of the price on the first day of each month within the trailing 12-month period. Any excess of the carrying amount over the calculated ceiling amount is recognized as an impairment in net earnings. Proceeds from the divestiture of properties are normally deducted from the full cost pool without recognition of a gain or loss unless the deduction significantly alters the relationship between capitalized costs and proved reserves in the cost center, in which case a gain or loss is recognized in net earnings. Generally, a gain or loss on a divestiture would be recognized when 25 percent or more of the Company’s proved reserves quantities are sold in a particular country cost center. For divestitures that result in the recognition of a gain or loss on the sale and constitute a business, goodwill is allocated to the divestiture. CORPORATE Costs associated with office furniture, fixtures, leasehold improvements, information technology and aircraft are carried at cost and depreciated on a straight-line basis over the estimated service lives of the assets, which range from three to 25 years . Land is carried at cost. O) CAPITALIZATION OF COSTS Expenditures related to renewals or betterments that improve the productive capacity or extend the life of an asset are capitalized. Maintenance and repairs are expensed as incurred. Interest on borrowings associated with development projects is capitalized during the development phase. P) BUSINESS COMBINATIONS Business combinations are accounted for using the acquisition method. The acquired identifiable net assets are measured at fair value at the date of acquisition. Deferred taxes are recognized for any differences between the fair value of net assets acquired and the related tax bases. Any excess of the purchase price over the fair value of the net assets acquired is recognized as goodwill. Any deficiency of the purchase price below the fair value of the net assets acquired is recorded as a gain in net earnings. Associated transaction costs are expensed when incurred. Q) GOODWILL Goodwill represents the excess of purchase price over fair value of net assets acquired and is assessed for impairment at least annually at December 31. Goodwill and all other assets and liabilities are allocated to reporting units, which are Ovintiv’s country cost centers. To assess impairment, the carrying amount of each reporting unit is determined and compared to the fair value of each respective reporting unit. Any excess of the carrying value of the reporting unit, including goodwill, over its fair value is recognized as an impairment and charged to net earnings. The impairment charge measured is limited to the total amount of goodwill allocated to that reporting unit. Subsequent measurement of goodwill is at cost less any accumulated impairments. R) IMPAIRMENT OF LONG-TERM ASSETS The carrying value of long-term assets, excluding goodwill and upstream assets included in property, plant and equipment, is assessed for impairment when indicators suggest that the carrying value of an asset or asset group may not be recoverable. Individual assets are grouped for impairment purposes at the lowest level for which there are identifiable cashflows that are largely independent of the cashflows of other groups of assets. If the carrying amount exceeds the sum of the undiscounted cash flows expected to result from the continued use and eventual disposition of the asset or asset group, an impairment is recognized for the excess of the carrying amount over its estimated fair value. S) ASSET RETIREMENT OBLIGATION Asset retirement obligations are those legal obligations where the Company will be required to retire tangible long-lived assets such as producing well sites, processing plants, and restoring land at the end of oil and gas production operations. The asset retirement obligation is initially measured at its fair value and recorded as a liability with an offsetting retirement cost that is capitalized as part of the related long-lived asset in the Consolidated Balance Sheet. The estimated fair value is measured by reference to the expected future cash flows required to satisfy the obligation, discounted at the Company’s credit-adjusted risk-free rate. Changes in the estimated obligation resulting from revisions to estimated timing or amount of future cash flows are recognized as a change in the asset retirement obligation and the related asset retirement cost. Amortization of asset retirement costs are included in depreciation, depletion and amortization in the Consolidated Statement of Earnings. Increases in the asset retirement obligations resulting from the passage of time are recorded as accretion of asset retirement obligation in the Consolidated Statement of Earnings. Actual expenditures incurred are charged against the accumulated asset retirement obligation. T) STOCK-BASED COMPENSATION Stock-based compensation arrangements are accounted for at fair value. Fair values are determined using observable share prices and/or pricing models such as the Black-Scholes-Merton option-pricing model. For equity-settled stock-based compensation plans, fair values are determined at the grant date and are recognized over the vesting period as compensation costs with a corresponding credit to shareholders’ equity. For cash-settled stock-based compensation plans, fair values are determined at each reporting date and periodic changes are recognized as compensation costs, with a corresponding change to liabilities. Compensation costs are recognized over the vesting period using the accelerated attribution method for awards with a graded vesting feature. Forfeitures are estimated based on the Company’s historical turnover rates. U) LEASES Leases for the right to use an asset are classified as either an operating or finance lease. Upon commencement of the lease, a ROU asset and corresponding lease liability are recognized in the Consolidated Balance Sheet for all operating and finance leases. Ovintiv has elected the short-term lease exemption, which does not require a ROU asset or lease liability to be recognized in the Consolidated Balance Sheet when the lease term is 12 months or less and does not include an option to purchase the underlying asset that the lessee is reasonably certain to exercise. Upon commencement of the lease, ROU assets are recognized based on the initial measurement of the lease liability and adjusted for any lease payments made before the commencement date of the lease, less any lease incentives and including any initial direct costs incurred. Lease liabilities are initially measured at the present value of future minimum lease payments over the lease term. The discount rate used to determine the present value is the rate implicit in the lease unless that rate cannot be determined, in which case Ovintiv’s incremental borrowing rate is used. Rights to extend or terminate a lease are included in the lease term when there is reasonable certainty the right will be exercised. Factors used to assess reasonable certainty of rights to extend or terminate a lease include current and forecasted drilling plans, anticipated changes in development strategies, historical practice in extending similar contracts and current market conditions. Operating lease ROU assets and liabilities are subsequently measured at the present value of the lease payments not yet paid and discounted at the initial discount rate at commencement of the lease, less any impairments to the ROU asset. Operating lease expense and revenue from subleases are recognized in the Consolidated Statement of Earnings on a straight-line basis over the lease term. Finance lease ROU assets are amortized on a straight-line basis over the estimated useful life of the asset if the lessee is reasonably certain to exercise a purchase option or ownership of the leased asset transfers at the end of the lease term, otherwise the leased assets are amortized over the lease term. Amortization of finance lease ROU assets is included in depreciation, depletion and amortization in the Consolidated Statement of Earnings. Variable lease payments include changes in index rates, mobilization and demobilization costs related to oil and gas equipment and certain costs associated with office and building leases. Variable lease payments are recognized when incurred. Lease and non-lease components are accounted for as a single lease component for compression, coolers and office subleases. V) FAIR VALUE MEASUREMENTS Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Valuation techniques include the market, income and cost approach. The market approach uses information generated by market transactions involving identical or comparable assets or liabilities; the income approach converts estimated future cash flows to a present value; the cost approach is based on the amount that currently would be required to replace an asset. Inputs used in determining fair value are characterized according to a hierarchy that prioritizes those inputs based on the degree to which they are observable. The three input levels of the fair value hierarchy are as follows: • Level 1 - Inputs represent quoted prices in active markets for identical assets or liabilities, such as exchange-traded commodity derivatives. • Level 2 - Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly, such as quoted market prices for similar assets or liabilities in active markets or other market corroborated inputs. • Level 3 - Inputs that are not observable from objective sources, such as forward prices supported by little or no market activity or internally developed estimates of future cash flows used in a present value model. In determining fair value, the Company utilizes the most observable inputs available. If a fair value measurement reflects inputs at multiple levels within the hierarchy, the fair value measurement is characterized based on the lowest level of input that is significant to the fair value measurement. The carrying amount of cash and cash equivalents, accounts receivable and accrued revenues, and accounts payable and accrued liabilities reported in the Consolidated Balance Sheet approximates fair value. The fair value of long-term debt is disclosed in Note 15. Fair value information related to pension plan assets is included in Note 23. Recurring fair value measurements are performed for risk management assets and liabilities and other derivative contracts as discussed in Note 24. Certain non-financial assets and liabilities are initially measured at fair value, such as asset retirement obligations and assets and liabilities acquired in business combinations or certain non-monetary exchange transactions. W) RISK MANAGEMENT ASSETS AND LIABILITIES Risk management assets and liabilities are derivative financial instruments used by Ovintiv to manage economic exposure to market risks relating to commodity prices, foreign currency exchange rates and interest rates. The use of these derivative instruments is governed under formal policies and is subject to limits established by the Board of Directors. Derivative instruments that do not qualify for the normal purchases and sales exemption are measured at fair value with changes in fair value recognized in net earnings. The fair values recorded in the Consolidated Balance Sheet reflect netting the asset and liability positions where counterparty master netting arrangements contain provisions for net settlement. Realized gains or losses from financial derivatives related to oil, NGLs and natural gas commodity prices are presented in revenues as the contracts are settled. Realized gains or losses from foreign currency exchange swaps are presented in foreign exchange (gain) loss as the contracts are settled. Realized gains or losses recognized from other derivative contracts are presented in revenues as the obligations are settled. Unrealized gains and losses are recognized based on the changes in fair value of the contracts and are presented in revenues and foreign exchange (gain) loss. X) COMMITMENTS AND CONTINGENCIES Liabilities for loss contingencies arising from claims, assessments, litigation, environmental and other sources are recorded when it is probable that a liability has been incurred and the amount can be reasonably estimated. These accruals are adjusted as additional information becomes available or circumstances change. Y) 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 the FASB. The amendments enhance annual disclosure requirements about significant segment expenses that are regularly provided to the Chief Operating Decision Makers (“CODMs”) and included within reported measures of segment profit or loss. The amendments do not change how an entity identifies its operating segments. The amendments have been applied retrospectively to all prior periods presented in these annual disclosures and did not have a material impact on the Company’s Consolidated Financial Statements. In addition, these annual disclosures will be presented in all future interim periods beginning in the first quarter of 2025. 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. • As of January 1, 2027, Ovintiv will be required to adopt ASU 2024-03 “Disaggregation of Income Statement Expenses” for annual disclosures with interim disclosures required beginning in the first quarter of 2028. The new standard requires that an entity disclose tabular information about certain expenses including, but not limited to, purchases of inventory, employee compensation, and depreciation, depletion, and amortization expense that are presented within expense line captions reported on the statement of earnings. A qualitative description of the remaining other amounts within those expense line captions will be required. The Company will also be required to determine and disclose its definition of selling expenses and the total amount of selling expenses. The amendments are to be applied prospectively, with the option for retrospective application, and are not expected to have a material impact on the Company’s Consolidated Financial Statements.

Segmented Information

Segmented Information	12 Months Ended
	Dec. 31, 2024
Segment Reporting [Abstract]
Segmented Information	2. Segmented Information Ovintiv’s exploration and production activities are subdivided into two geographic segments, including the USA Operations and Canadian Operations. These segments’ activities also include third-party purchases and sales of product to provide operational flexibility and cost mitigation for transportation commitments, product type, delivery points and customer diversification. The Company considers sales of purchased commodities as ancillary to its oil and gas development, exploration and producing activities and manages them to support such activities. In addition, the Company has a single, company-wide management team that allocates capital resources to maximize profitability and measures financial performance as a single enterprise. Corporate and Other mainly includes unrealized gains or losses recorded on derivative financial instruments. Once the instruments are settled, the realized gains and losses are recorded in the reporting segment to which the derivative instruments relate. Corporate and Other also includes amounts related to sublease rentals and administrative costs not allocated to the operating segments. During the year ended December 31, 2024, Ovintiv reassessed its reportable segments and determined the CODMs no longer separately review the Market Optimization operational results and activities. Accordingly, Ovintiv’s Market Optimization segment was reclassified to present the Company’s market optimization activities in their respective USA and Canadian operating segments, which they support. The Market Optimization revenues, which were previously included in Product and service revenues, are presented as Sales of purchased product in the Consolidated Statement of Earnings. In conjunction with this segment reclassification, intercompany marketing fees formerly transacted between operating segments are now excluded from Product and service revenues, and Sales of purchased product. Prior periods have been reclassified for comparative purposes. Additionally, intersegment eliminations are no longer required in this Segmented Information note as marketing activities are now reflected in the corresponding operating segment they relate to. The tables below summarize the results of operations and total assets by segment that are provided to the CODMs which have been identified as the Company’s President & Chief Executive Officer, Executive Vice President & Chief Operating Officer, and the Executive Vice President & Chief Financial Officer. The CODMs evaluate the performance of each of the reportable segments based on Operating Income (Loss) which is also used to assess performance and allocate capital for these segments. The Company evaluates the effects of debt financing, interest expense and/or interest income, foreign exchange gains (losses) and other gains (losses) at a consolidated level. Results of Operations Segment Information USA Operations Canadian Operations For the years ended December 31 2024 2023 2022 2024 2023 2022 Revenues Product and service revenues (1) (2) $ 5,612 $ 5,586 $ 6,696 $ 1,746 $ 2,226 $ 3,487 Sales of purchased product (1) 1,449 2,590 3,650 136 259 430 Gains (losses) on risk management, net 119 10 ( 1,123 ) 152 ( 53 ) ( 1,485 ) Sublease revenues - - - - - - Total Revenues 7,180 8,186 9,223 2,034 2,432 2,432 Operating Expenses Production, mineral and other taxes 319 327 401 14 15 14 Transportation and processing (1) 560 683 765 1,079 1,083 1,021 Operating (1) 810 757 665 121 102 137 Purchased product (1) 1,446 2,587 3,645 100 228 410 Depreciation, depletion and amortization 1,971 1,519 861 297 286 235 Impairments - - - 450 - - Total Operating Expenses 5,106 5,873 6,337 2,061 1,714 1,817 Operating Income (Loss) $ 2,074 $ 2,313 $ 2,886 $ ( 27 ) $ 718 $ 615 Corporate & Other Consolidated 2024 2023 2022 2024 2023 2022 Revenues Product and service revenues (1) (2) $ - $ - $ - $ 7,358 $ 7,812 $ 10,183 Sales of purchased product (1) - - - 1,585 2,849 4,080 Gains (losses) on risk management, net ( 136 ) 194 741 135 151 ( 1,867 ) Sublease revenues 74 71 68 74 71 68 Total Revenues ( 62 ) 265 809 9,152 10,883 12,464 Operating Expenses Production, mineral and other taxes - - - 333 342 415 Transportation and processing (1) - - - 1,639 1,766 1,786 Operating (1) - - - 931 859 802 Purchased product (1) - - - 1,546 2,815 4,055 Depreciation, depletion and amortization 22 20 17 2,290 1,825 1,113 Impairments - - - 450 - - Accretion of asset retirement obligation 19 19 18 19 19 18 Administrative 365 393 422 365 393 422 Total Operating Expenses 406 432 457 7,573 8,019 8,611 Operating Income (Loss) $ ( 468 ) $ ( 167 ) $ 352 1,579 2,864 3,853 Other (Income) Expenses Interest 412 355 311 Foreign exchange (gain) loss, net ( 19 ) 19 15 Other (gains) losses, net ( 165 ) ( 20 ) ( 33 ) Total Other (Income) Expenses 228 354 293 Net Earnings (Loss) Before Income Tax 1,351 2,510 3,560 Income tax expense (recovery) 226 425 ( 77 ) Net Earnings (Loss) $ 1,125 $ 2,085 $ 3,637 (1) See above regarding the reclassification of the Company’s previously reported Market Optimization segment. (2) Product and service revenues are split by product in Note 3. Corporate & Other Revenues by Geographic Region United States Canada Total For the years ended December 31 2024 2023 2022 2024 2023 2022 2024 2023 2022 Corporate & Other Revenues Gains (losses) on risk management, net $ ( 133 ) $ 94 $ 327 $ ( 3 ) $ 100 $ 414 $ ( 136 ) $ 194 $ 741 Sublease revenues 8 8 10 66 63 58 74 71 68 Total Corporate & $ ( 125 ) $ 102 $ 337 $ 63 $ 163 $ 472 $ ( 62 ) $ 265 $ 809 Major Customers In connection with the marketing and sale of Ovintiv’s own and purchased oil, NGLs and natural gas for the year ended December 31, 2024, the Company had one customer which individually accounted for more than 10 percent of Ovintiv’s product revenues. Sales to this customer, secured by a financial institution with an investment g rade credit rating, totaled approximately $ 1,997 million which comprised $ 1,989 million in the United States and $ 8 million in Canada (2023 - one customer with sales of approximately $ 1,976 million; 2022 - one customer with sales of approximately $ 2,231 million). Capital Expenditures by Segment For the years ended December 31 2024 2023 2022 USA Operations $ 1,868 $ 2,189 $ 1,493 Canadian Operations 428 549 334 Corporate & Other 7 6 4 $ 2,303 $ 2,744 $ 1,831 Goodwill, Property, Plant and Equipment and Total Assets by Segment Goodwill Property, Plant and Equipment Total Assets As at December 31 2024 2023 2024 2023 2024 2023 USA Operations (1) $ 1,938 $ 1,938 $ 13,263 $ 13,129 $ 16,233 $ 16,248 Canadian Operations (1) 608 661 970 1,357 1,917 2,421 Corporate & Other - - 131 154 1,104 1,318 $ 2,546 $ 2,599 $ 14,364 $ 14,640 $ 19,254 $ 19,987 (1) See above regarding the reclassification of the Company’s previously reported Market Optimization segment. Goodwill, Property, Plant and Equipment and Total Assets by Geographic Region Goodwill Property, Plant and Equipment Total Assets As at December 31 2024 2023 2024 2023 2024 2023 United States $ 1,938 $ 1,938 $ 13,302 $ 13,178 $ 16,320 $ 16,500 Canada 608 661 1,062 1,462 2,934 3,487 $ 2,546 $ 2,599 $ 14,364 $ 14,640 $ 19,254 $ 19,987

Revenues from Contracts with Cu

Revenues from Contracts with Customers	12 Months Ended
	Dec. 31, 2024
Revenue from Contract with Customer [Abstract]
Revenues from Contracts with Customers	3. Revenues from Contracts with Customers The following table summarizes Ovintiv’s revenues from contracts with customers. Revenues USA Operations Canadian Operations For the years ended December 31 2024 2023 2022 2024 2023 2022 Revenues from Customers Product revenues (1) Oil $ 4,549 $ 4,444 $ 4,537 $ 10 $ 3 $ 3 NGLs 740 679 1,049 992 1,029 1,363 Natural gas 318 458 1,107 741 1,192 2,119 Sales of purchased product (1) 1,449 2,590 3,650 136 259 430 Service revenues Gathering and processing 5 5 3 3 2 2 $ 7,061 $ 8,176 $ 10,346 $ 1,882 $ 2,485 $ 3,917 Corporate & Other Consolidated 2024 2023 2022 2024 2023 2022 Revenues from Customers Product revenues (1) Oil $ - $ - $ - $ 4,559 $ 4,447 $ 4,540 NGLs - - - 1,732 1,708 2,412 Natural gas - - - 1,059 1,650 3,226 Sales of purchased product (1) - - - 1,585 2,849 4,080 Service revenues Gathering and processing - - - 8 7 5 $ - $ - $ - $ 8,943 $ 10,661 $ 14,263 (1) See Note 2 regarding the reclassification of the Company’s previously reported Market Optimization segment. The Company’s revenues from contracts with customers consists of product sales including oil, NGLs and natural gas, sales of purchased product, 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 December 31, 2024, receivables and accrued revenues from contracts with customers were $ 921 million (2023 - $ 1,070 million). 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 December 31, 2024. As at December 31, 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	12 Months Ended
	Dec. 31, 2024
Interest Expense, Operating and Nonoperating [Abstract]
Interest	4. Interest For the years ended December 31 2024 2023 2022 Interest Expense on: Debt $ 403 $ 343 $ 297 Finance leases (See Note 14) 1 2 2 Other 8 10 12 $ 412 $ 355 $ 311 For the year ended December 31, 2024, interest expense on debt includes $ 12 million related to bridge loan financing fees incurred in contemplation of the announced Montney Acquisition as defined in Note 15. For the year ended December 31, 2022, interest expense on debt includes $ 22 million related to premiums paid to repurchase certain of the Company’s senior notes in the open market as discussed in Note 15. Additionally, interest expense on debt for the year ended December 31, 2022, includes a make-whole interest payment of $ 47 million resulting from the early redemption of certain of the Company's senior notes and $ 30 million in non-cash fair value amortization related to the redemption of those senior notes which were previously acquired through a business combination (see Note 15).

Foreign Exchange (Gain) Loss, N

Foreign Exchange (Gain) Loss, Net	12 Months Ended
	Dec. 31, 2024
Foreign Currency [Abstract]
Foreign Exchange (Gain) Loss, Net	5. Foreign Exchange (Gain) Loss, Net For the years ended December 31 2024 2023 2022 Unrealized Foreign Exchange (Gain) Loss on: Translation of U.S. dollar risk management contracts issued from Canada $ 92 $ ( 20 ) $ 14 Translation of intercompany notes ( 57 ) 14 - 35 ( 6 ) 14 Foreign Exchange (Gain) Loss on Settlements of: U.S. dollar financing debt issued from Canada ( 1 ) ( 2 ) 8 U.S. dollar risk management contracts issued from Canada 3 8 5 Intercompany notes ( 41 ) 8 - Other Monetary Revaluations ( 15 ) 11 ( 12 ) $ ( 19 ) $ 19 $ 15

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2024
Income Tax Disclosure [Abstract]
Income Taxes	6. Income Taxes The provision for income taxes is as follows: For the years ended December 31 2024 2023 2022 Current Tax United States $ 8 $ 12 $ 10 Canada 74 269 - Total Current Tax Expense (Recovery) 82 281 10 Deferred Tax United States 228 248 ( 275 ) Canada ( 84 ) ( 104 ) 188 Total Deferred Tax Expense (Recovery) 144 144 ( 87 ) Income Tax Expense (Recovery) $ 226 $ 425 $ ( 77 ) During the year ended December 31, 2024, the current income tax expense was primarily due to the Canadian earnings subject to current tax and the impact of the corporate alternative minimum tax (“CAMT”) in the U.S. During the year ended December 31, 2023, the current income tax expense was primarily due to the full utilization of Ovintiv’s operating losses in Canada and recognition of prior year deferred income, resulting in current tax in 2023. During the year ended December 31, 2022, the current income tax expense was primarily due to state taxes. During the year ended December 31, 2024, the deferred tax expense was primarily due to taxes on U.S. earnings, partially offset by deferred tax recovery in Canada due to ceiling test impairments. During the year ended December 31, 2023, the deferred tax expense was primarily due to taxes on U.S. earnings, offset by the recognition of U.S. research and development credits of $ 136 million. In addition, the deferred tax recovery in Canada was primarily from the recognition of prior year deferred income as discussed above. The following table reconciles income taxes calculated at the applicable statutory rate with the actual income taxes: For the years ended December 31 2024 2023 2022 Net Earnings (Loss) Before Income Tax $ 1,351 $ 2,510 $ 3,560 United States Federal Statutory Rate 21.0 % 21.0 % 21.0 % Expected Income Tax Expense (Recovery) 284 527 748 Effect on Taxes Resulting From: State income tax 15 23 26 Income tax related to foreign operations ( 14 ) 20 60 Research & development credits ( 67 ) ( 128 ) - Non-taxable items ( 5 ) 10 246 Amounts in respect of prior periods 5 ( 19 ) 101 U.S. international tax 40 8 22 Change in valuation allowance ( 45 ) ( 18 ) ( 1,299 ) Other 13 2 19 $ 226 $ 425 $ ( 77 ) Effective Tax Rate 16.7 % 16.9 % ( 2.2 %) During the year ended December 31, 2024, a valuation allowance of $ 45 million was reversed primarily related to utilization of Canadian net capital losses. During the year ended December 31, 2023, a valuation allowance of $ 18 million was reversed primarily related to operating losses and utilization of Canadian net capital losses. During the year ended December 31, 2022, a valuation allowance of $ 1,299 million was reversed of which $ 1,028 million was recognized as a result of positive earnings in the U.S. and Canada. Deferred income tax assets are routinely assessed for realizability, and consequently, after weighing both positive and negative evidence, the Company reversed an additional $ 271 million of the valuation allowance primarily due to positive forecasted earnings in the U.S. The effective tax rate of 16.7 percent for the year ended December 31, 2024 is lower than the U.S. federal statutory tax rate of 21 percent primarily due the recognition of U.S. research and development credits. The effective tax rate of 16.9 percent for the year ended December 31, 2023 is lower than the U.S. federal statutory tax rate of 21 percent primarily due to the recognition of U.S. research and development credits described above. The effective tax rate of ( 2.2 ) percent for the year ended December 31, 2022 is lower than the U.S. federal statutory tax rate of 21 percent primarily due to reductions in valuation allowances offset by certain non-taxable items. The net deferred income tax asset (liability) consists of: As at December 31 2024 2023 Deferred Income Tax Assets Property, plant and equipment $ 27 $ - Risk management 6 - Interest and other deferred deductions 40 - Net operating and net capital losses carried forward 1,665 1,874 General business credits 200 146 CAMT credits 40 - Compensation plans 45 60 Other - 15 Less: valuation allowance ( 1,204 ) ( 1,340 ) Deferred Income Tax Liabilities Property, plant and equipment ( 971 ) ( 744 ) Risk management ( 17 ) ( 49 ) Other ( 23 ) ( 19 ) Net Deferred Income Tax Asset (Liability) $ ( 192 ) $ ( 57 ) As at December 31, 2024, Ovintiv has a valuation allowance against certain U.S. state losses in the amount of $ 29 million (2023 - $ 39 million) and Canadian net capital losses in the amount of $ 1,175 million (2023 - $ 1,301 million) as it is more likely than not that these benefits will not be realized based on expected future taxable earnings as determined in accordance with the Company’s accounting policies. The net deferred income tax asset (liability) for the following jurisdictions is reflected in the Consolidated Balance Sheet as follows: As at December 31 2024 2023 Deferred Income Tax Assets United States $ - $ 53 Canada 10 - 10 53 Deferred Income Tax Liabilities United States $ ( 202 ) $ ( 28 ) Canada - ( 82 ) ( 202 ) ( 110 ) Net Deferred Income Tax Asset (Liability) $ ( 192 ) $ ( 57 ) Tax basis, loss carryforwards and credits available are as follows: As at December 31 2024 Expiration Date United States Tax basis $ 8,831 Indefinite Net operating losses (federal) 2,103 2025 - 2038 (1) General business credits 200 2032 - 2044 CAMT credits 40 Indefinite Canada Tax basis $ 1,013 Indefinite Net capital losses 4,957 Indefinite (1) Includes net operating losses of $ 1,187 million which have an indefinite expiration date. The Company has recorded a deferred income tax liability of $ 11 million on the undistributed earnings from its foreign investments. As at December 31, 2024, the Company had a taxable temporary difference of approximately $ 137 million (2023 ‑ $ 705 million) in respect of unremitted earnings that continue to be permanently reinvested for which a deferred income tax liability of $ 7 million (2023 - $ 35 million) has not been recognized and becomes subject to taxation upon the remittance of dividends. The deferred tax liability considers U.S. federal, state and foreign withholding tax implications. The following table presents changes in the balance of Ovintiv’s unrecognized tax benefits excluding interest: For the years ended December 31 2024 2023 Balance, Beginning of Year $ ( 187 ) $ ( 9 ) Additions for tax positions taken in the current year ( 39 ) ( 184 ) Additions for tax positions of prior years ( 24 ) - Reductions for tax positions of prior years 4 - Settlements - 6 Balance, End of Year $ ( 246 ) $ ( 187 ) The unrecognized tax benefit is reflected in the Consolidated Balance Sheet as follows: As at December 31 2024 2023 Income Tax Payable $ ( 2 ) $ ( 2 ) Other Liabilities and Provisions ( 12 ) ( 16 ) Deferred Income Tax Liability ( 232 ) ( 169 ) Balance, End of Year $ ( 246 ) $ ( 187 ) The Company recognizes tax benefits from uncertain tax positions only if it is more likely than not the tax position will be sustained upon audit by the taxing authorities. During the year ended December 31, 2024, the Company recorded unrecognized tax benefits of $ 59 million (2023 - $ 184 million). If recognized, all of Ovintiv’s unrecognized tax benefits as at December 31, 2024, would affect Ovintiv’s effective income tax rate. The nature of the unrecognized tax benefits is highly uncertain. As at December 31, 2024, Ovintiv does not anticipate that the amount of unrecognized tax benefits will significantly change during the next 12 months. Ovintiv may recognize interest accrued in respect of unrecognized tax benefits in interest expense. During 2024, Ovintiv recognized an expense of $ 1 million (2023 - nil; 2022 - nil) in interest expense. As at December 31, 2024, Ovintiv had a liability of $ 1 million (2023 - nil) for interest accrued in respect of unrecognized tax benefits. Included below is a summary of the tax years, by jurisdiction, that remain statutorily open for examination by the taxing authorities. Jurisdiction Taxation Year United States - Federal 2020 - 2024 United States - State 2019 - 2024 Canada - Federal 2016 - 2024 Canada - Provincial 2016 - 2024 Ovintiv and its subsidiaries file income tax returns in the U.S. and Canada. Issues in dispute for audited years and audits for subsequent years are ongoing and in various stages of completion.

Accounts Receivable and Accrued

Accounts Receivable and Accrued Revenues	12 Months Ended
	Dec. 31, 2024
Receivables [Abstract]
Accounts Receivable and Accrued Revenues	7. Accounts Receivable and Accrued Revenues As at December 31 2024 2023 Trade Receivables and Accrued Revenues Production accruals $ 747 $ 900 Purchased product accruals 174 170 Joint interest and trade receivables 132 244 Corporate and other 37 19 Total Trade Receivables and Accrued Revenues 1,090 1,333 Prepaids 56 55 Deposits and Other 42 59 1,188 1,447 Expected Credit Loss Allowance ( 5 ) ( 5 ) $ 1,183 $ 1,442 Ovintiv’s trade receivables and accrued revenues primarily consist of production sales of oil, NGLs and natural gas, product optimization from marketing and recoveries from joint working interest partners. The Company’s receivables are short dated with payments generally due within 30 to 60 days, with no financing element. Trade receivables and accrued revenues are subject to credit risk which is the risk of loss from the potential of a counterparty failing to meet its obligation in accordance with agreed terms. Ovintiv’s credit exposure related to product sales and derivative financial instruments are mitigated through the use of credit policies approved by the Board of Directors which govern credit practices that limit transactions according to counterparties’ credit quality, and regular monitoring and review of counterparties’ credit worthiness. The Company may also request collateral support, including standby letters of credit, from customers that purchase production. Receivables due from joint working interest partners include numerous counterparties ranging from large public companies to small private companies within the oil and gas industry. In the event of non-payment, Ovintiv may be able to mitigate losses through requiring prepayment of future costs and netting outstanding receivables against associated revenue payables to the interest owner. The Company monitors ongoing credit exposure through active review of counterparty balances against contract terms and due dates, timely dispute resolution, payment confirmation, consideration of the customers’ financial condition and general industry market conditions. Ovintiv’s estimated credit loss allowance is estimated using historical loss information, current industry conditions and payment practices, as well as reasonable and supportable forecasts of future economic conditions. Credit risk is assessed based on days outstanding and utilizes both internal credit assessments and publicly available credit information. As at December 31, 2024, the current period expected credit loss allowance was $ 5 million (2023 ‑ $ 5 million). See Note 25 for more information on credit risk exposures.

Acquisitions and Divestitures

Acquisitions and Divestitures	12 Months Ended
	Dec. 31, 2024
Acquisitions And Divestitures [Abstract]
Acquisitions and Divestitures	8. Acquisitions and Divestitures For the years ended December 31 2024 2023 2022 Acquisitions USA Operations $ 200 $ 271 $ 277 Canadian Operations 5 6 9 Total Acquisitions 205 277 286 Divestitures USA Operations ( 7 ) ( 771 ) ( 230 ) Canadian Operations - ( 1 ) 2 Total Divestitures ( 7 ) ( 772 ) ( 228 ) Net Acquisitions & (Divestitures) $ 198 $ ( 495 ) $ 58 ACQUISITIONS Acquisitions in the USA Operations in 2024 primarily included property purchases in Permian with oil and liquids‑rich potential. Acquisitions in the USA Operations in 2023 primarily included property purchases in Permian and Uinta with oil and liquids‑rich potential. Acquisitions in the USA Operations in 2022 primarily included property purchases in Permian with oil and liquids‑rich potential. DIVESTITURES In 2024, divestitures in the USA Operations primarily included the sale of certain properties that did not complement Ovintiv’s existing portfolio of assets. In 2023, divestitures in the USA Operations primarily included the sale of Bakken located in North Dakota for proceeds of approximately $ 734 million, after closing and other adjustments. In 2022, divestitures in the USA Operations primarily included the sales of portions of Uinta located in northeastern Utah and Bakken located in northeastern Montana for combined proceeds of approximately $ 215 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. During 2024, Ovintiv also received settlement proceeds of approximately $ 156 million related to the previous dispositions of certain legacy assets. Accordingly, the total net proceeds of $ 156 million has been recognized as a gain within Other (gains) losses, net in the Company’s Consolidated Statement of Earnings and is included in Proceeds from divestitures in the Company’s Consolidated Statement of Cash Flows for the year ended December 31, 2024.

Business Combination

Business Combination	12 Months Ended
	Dec. 31, 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 (see Note 15), net proceeds from the sale of Bakken during the second quarter of 2023 (see Note 8), 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 have been 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 includes 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. Unaudited Pro Forma Financial Information The following unaudited pro forma financial information combines the historical financial results of Ovintiv with the Permian LLCs and has been prepared as though the acquisition and the associated debt issuance described in Note 15 had occurred on January 1, 2023. The pro forma information is not intended to reflect the actual results of operations that would have occurred if the Permian Acquisition had been completed at the date indicated. In addition, the pro forma information is not intended to be a projection of Ovintiv’s results of operations for any future period. Additionally, pro forma earnings were adjusted to exclude acquisition-related costs incurred of approximately $ 76 million for the year ended December 31, 2023. The pro forma financial information does not include any cost savings or other synergies that may result from the acquisition or any estimated costs that have been incurred to integrate the assets. The pro forma financial data does not include the results of operations for any other acquisitions made during the period presented, as they were primarily acreage acquisitions, and their results were not deemed material. Ovintiv’s consolidated results for the year ended December 31, 2024, include the results from the Permian LLCs. For the year ended December 31 (US$ millions, except per share amounts) 2023 Revenues $ 11,485 Net Earnings (Loss) $ 2,315 Net Earnings (Loss) per Share Basic $ 8.43 Diluted 8.31

Property, Plant and Equipment,

Property, Plant and Equipment, Net	12 Months Ended
	Dec. 31, 2024
Property, Plant and Equipment [Abstract]
Property, Plant and Equipment, Net	10. Property, Plant and Equipment, Net As at December 31 2024 2023 Cost Accumulated Net Cost Accumulated Net USA Operations Proved properties $ 50,246 $ ( 37,770 ) $ 12,476 $ 47,440 $ ( 35,799 ) $ 11,641 Unproved properties 741 - 741 1,449 - 1,449 Other (1) 48 ( 2 ) 46 41 ( 2 ) 39 51,035 ( 37,772 ) 13,263 48,930 ( 35,801 ) 13,129 Canadian Operations Proved properties 15,763 ( 14,821 ) 942 16,644 ( 15,332 ) 1,312 Unproved properties 23 - 23 37 - 37 Other (1) 10 ( 5 ) 5 13 ( 5 ) 8 15,796 ( 14,826 ) 970 16,694 ( 15,337 ) 1,357 Corporate & Other 807 ( 676 ) 131 853 ( 699 ) 154 $ 67,638 $ ( 53,274 ) $ 14,364 $ 66,477 $ ( 51,837 ) $ 14,640 (1) See Note 2 regarding the reclassification of the Company’s previously reported Market Optimization segment. USA and Canadian Operations’ property, plant and equipment include internal costs directly related to exploration, development and construction activities of $ 181 million, which have been capitalized during the year ended December 31, 2024 (2023 - $ 177 million). For the year ended December 31, 2024, Ovintiv recognized a before-tax non-cash ceiling test impairment of $ 450 million in the Canadian Operations (2023 - nil ; 2022 - nil ). The non-cash ceiling test impairment is included with accumulated DD&A in the table above and primarily resulted from the decline in the 12-month average trailing prices, which reduced proved reserves. The 12-month average trailing prices used in the ceiling test calculations reflect benchmark prices adjusted for basis differentials to determine local reference prices, transportation costs and tariffs, heat content and quality. The benchmark prices are disclosed in Note 29.

Other Assets

Other Assets	12 Months Ended
	Dec. 31, 2024
Other Assets [Abstract]
Other Assets	11. Other Assets As at December 31 2024 2023 Operating Lease ROU Assets (See Note 14) $ 788 $ 894 Long-Term Investments 33 26 Long-Term Receivables 2 37 Deferred Charges 49 44 Other (1) 93 14 $ 965 $ 1,015 (1) Includes funds paid by the Company and held in escrow related to the Company’s previously announced Montney Acquisition (as defined in Note 15) at December 31, 2024.

Goodwill

Goodwill	12 Months Ended
	Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill	12. Goodwill As at December 31 2024 2023 United States Balance, beginning and end of year $ 1,938 $ 1,938 Canada Balance, beginning of year 661 646 Foreign currency translation adjustment ( 53 ) 15 Balance, end of year 608 661 Total Goodwill $ 2,546 $ 2,599 The Company had no additions or dispositions relating to goodwill during 2024 or 2023. The change in the Canada goodwill balance reflects movement due to foreign currency translation. Goodwill was assessed for impairment as at December 31, 2024, and December 31, 2023. The fair values of the United States and Canada reporting units were determined to be greater than the respective carrying values of the reporting units. Accordingly, no goodwill impairments were recognized.

Accounts Payable and Accrued Li

Accounts Payable and Accrued Liabilities	12 Months Ended
	Dec. 31, 2024
Payables and Accruals [Abstract]
Accounts Payable and Accrued Liabilities	13. Accounts Payable and Accrued Liabilities As at December 31 2024 2023 Trade Payables $ 435 $ 586 Capital Accruals 193 239 Royalty and Production Accruals 696 775 Purchased Product Accruals 155 179 Outstanding Disbursements 47 45 Payroll & Other Accruals 188 191 Interest Payable 107 115 Derivative Settlements 3 - Current Portion of Long-Term Incentive Costs (See Note 22) 10 14 Other Derivative Contracts (See Notes 24, 25) - 4 Current Portion of Finance Lease Obligations (See Note 14) 8 7 Current Portion of Asset Retirement Obligation (See Note 17) 41 54 $ 1,883 $ 2,209 Payables and accruals are non-interest bearing. Interest payable represents amounts accrued related to Ovintiv’s unsecured notes as disclosed in Note 15

Leases

Leases	12 Months Ended
	Dec. 31, 2024
Leases [Abstract]
Leases	14. Leases Operating leases include drilling rigs, compressors, office and buildings, certain land easements and various equipment utilized in the development and production of oil, NGLs and natural gas. The Company has an office building that is accounted for as a finance lease. Subleases relate to office and building leases. The tables below summarize Ovintiv’s operating and finance lease costs and include ROU assets and lease liabilities, amounts recognized in net earnings (loss) during the year and other lease information. As at December 31 (US$ millions, unless otherwise specified) 2024 2023 Consolidated Balance Sheet (1) : Operating Lease ROU Assets, in Other Assets $ 788 $ 894 Finance Lease ROU Assets, in Other Property Plant and Equipment 12 17 Operating Lease Liabilities: Current 82 87 Long-term 737 832 Finance Lease Liabilities: Current, in accounts payable and accrued liabilities 8 7 Long-term, in other liabilities and provisions 12 20 Weighted Average Discount Rate Operating leases 5.42 % 5.45 % Finance leases 6.11 % 6.11 % Weighted Average Remaining Lease Term Operating leases 12.1 years 12.8 years Finance leases 2.5 years 3.5 years (1) Total ROU assets and liabilities are recorded at the gross contractual amount. A portion of the future lease payments will be recovered from other working interest owners based on their proportionate share when incurred. For the years ended December 31 2024 2023 Lease Costs (1) : Operating Lease Costs, Excluding Short-Term Leases $ 271 $ 180 Finance Lease Costs: Amortization of ROU assets 5 5 Interest on lease liabilities 1 2 Total Finance Lease Costs 6 7 Short-Term Lease Costs 259 232 Variable Lease Costs 117 41 Sublease Income: Operating lease income 53 50 Variable lease income 21 21 Other Information (2) : Cash Paid for Amounts Included in the Measurement of Lease Liabilities: Operating cash outflows from operating leases 198 182 Investing cash outflows from operating leases 326 225 Operating cash outflows from finance leases 1 2 Financing cash outflows from finance leases 7 6 Supplemental Non-Cash Information: New ROU operating lease assets and liabilities 46 113 (1) Lease costs include amounts capitalized into property, plant and equipment in the Consolidated Balance Sheet and lease expense recognized in the Consolidated Statement of Earnings. (2) Rights to extend or terminate a lease are included in the lease term when there is reasonable certainty the right will be exercised. Lease contracts include rights to extend leases after the initial term, ranging from month-to-month to less than 10 years. Operating lease expense is reflected in the Consolidated Statement of Earnings as follows: For the years ended December 31 2024 2023 Operating Lease Expense Transportation and processing $ 2 $ 4 Operating 101 82 Administrative 101 101 Total Operating Lease Expense $ 204 $ 187 The following table outlines the Company’s future lease payments and lease liabilities related to the Company’s operating and finance leases as at December 31, 2024: 2025 2026 2027 2028 2029 Thereafter Total Operating Leases (1) Expected Future Lease Payments $ 124 $ 98 $ 87 $ 85 $ 81 $ 652 $ 1,127 Less: Discounting 308 Present Value of Future Operating Lease Payments $ 819 Sublease Income (undiscounted) $ ( 40 ) $ ( 41 ) $ ( 41 ) $ ( 39 ) $ ( 36 ) $ ( 311 ) $ ( 508 ) Finance Leases Expected Future Lease Payments $ 9 $ 9 $ 4 $ - $ - $ - $ 22 Less: Discounting 2 Present Value of Future Finance Lease Payments $ 20 Sublease Income (undiscounted) (2) $ ( 8 ) $ ( 8 ) $ ( 3 ) $ - $ - $ - $ ( 19 ) (1) Lease payments are presented based on the gross contractual amount. A portion of the future lease payments will be recovered from other working interest owners based on their proportionate share when incurred. (2) Classified as operating lease. There are no ma terial commitments for leases with terms greater than one year that have not yet commenced at December 31, 2024.

Long-Term Debt

Long-Term Debt	12 Months Ended
	Dec. 31, 2024
Debt Disclosure [Abstract]
Long-Term Debt	15. Long-Term Debt As at December 31 Note 2024 2023 U.S. Dollar Denominated Debt Revolving credit and term loan borrowings A $ - $ 284 U.S. Unsecured Notes: B 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 F 5,476 5,760 Increase in Value of Debt Acquired C 16 22 Unamortized Debt Discounts and Issuance Costs D ( 39 ) ( 45 ) Total Long-Term Debt $ 5,453 $ 5,737 Current Portion E $ 600 $ 284 Long-Term Portion 4,853 5,453 $ 5,453 $ 5,737 A) REVOLVING CREDIT AND TERM LOAN BORROWINGS At December 31, 2024, Ovintiv had in place committed revolving U.S. dollar denominated bank credit facilities totaling $ 3.5 billion, which included $ 2.2 billion on a revolving bank credit facility for Ovintiv Inc. and $ 1.3 billion on a revolving bank credit facility for a Canadian subsidiary. The facilities are extendible from time to time, but not more than once per year, for a period not longer than five years plus 90 days from the date of the extension request, at the option of the lenders and upon notice from Ovintiv. The facilities were renewed in 2024, mature in December 2029 , and are fully revolving up to maturity. In conjunction with the renewal, the Company incurred $ 9 million in fees which were capitalize d within Other Assets in the Consolidated Balance Sheet and will be amortized over the life of the credit facilities. The Ovintiv Inc. facility, which remained unused as at December 31, 2024, is unsecured and bears interest at either the lenders’ U.S. base rate or SOFR, plus applicable margins. The Canadian subsidiary facility, which remained unused as at December 31, 2024, is unsecured and bears interest at the lenders’ rates for Canadian prime, U.S. base rate, SOFR or CORRA, plus applicable margins. Ovintiv is subject to a financial covenant in its credit facility agreements whereby financing debt to adjusted capitalization cannot exceed 60 percent. Financing debt primarily includes total long-term debt and finance lease obligations. Adjusted capitalization is calculated as the sum of total financing debt, shareholders’ equity and a $ 7.7 billion equity adjustment for cumulative historical ceiling test impairments recorded in conjunction with the Company’s January 1, 2012 adoption of U.S. GAAP. As at December 31, 2024, the Company is in compliance with all financial covenants. On November 14, 2024, the Company announced it had entered into a definitive purchase agreement, valued at approximately $ 2.377 billion (C$ 3.325 billion), to acquire certain Montney assets from Paramount Resources Ltd. (“Montney Acquisition”). On December 10, 2024, the Company entered into two term facilities which consist of a $ 1.5 billion 364‑day Asset Sale Term Facility and a $ 1.0 billion 2‑year Term Facility, to be available to fund the Montney Acquisition. As at December 31, 2024, the Company had no outstanding borrowings under the term facilities. On January 22, 2025, following the closing of the Company’s previously announced Uinta disposition, the $ 1.5 billion 364‑day Asset Sale Term Facility was terminated and on January 31, 2025, following the closing of the Montney Acquisition, the $ 1.0 billion 2‑year Term Facility was terminated (See Note 28). Standby fees paid in 2024 relating to revolving credit and term loan agreements were approximately $ 8 million (2023 ‑ $ 8 million; 2022 - $ 8 million) and were included in interest expense in the Consolidated Statement of Earnings. B) UNSECURED NOTES Shelf Prospectus Ovintiv has a U.S. shelf registration statement under which the Company may issue from time to time, debt securities, common stock, preferred stock, warrants, units, share purchase contracts and share purchase units in the United States. The U.S. shelf registration statement expires in March 2026. The ability to issue securities under the U.S. shelf registration statement is dependent upon market conditions and securities law requirements. U.S. Unsecured Notes Unsecured notes include medium-term notes and senior notes that are issued from time to time under trust indentures and have equal priority with respect to the payment of both principal and interest. 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. On June 10, 2022, Ovintiv redeemed the Company’s $ 1,000 million, 5.625 percent senior notes due July 1, 2024 , using cash on hand and proceeds from short-term borrowings. Ovintiv paid approximately $ 1,072 million in cash including accrued and unpaid interest of $ 25 million and a make-whole payment of $ 47 million, which is included in interest expense as discussed in Note 4. During the year ended December 31, 2022, the Company repurchased approximately $ 565 million in principal amount of its senior notes in the open market. The aggregate cash payments related to the note repurchases were $ 587 million, plus accrued interest, and premiums of approximately $ 22 million were recognized in interest expense as discussed in Note 4. C) INCREASE IN VALUE OF DEBT ACQUIRED Certain of the notes and debentures of the Company were acquired in business combinations and were accounted for at their fair value at the dates of acquisition. The difference between the fair value and the principal amount of the debt is being amortized over the remaining life of the outstanding debt acquired, which has a weighted average remaining life of approximately four years . D) UNAMORTIZED DEBT DISCOUNTS AND ISSUANCE COSTS Long-term debt premiums and discounts are capitalized within long-term debt and are being amortized using the effective interest method. During 2024, no debt discounts or issuance costs were incurred related to long term-debt. During 2023, $ 22 million in debt discounts and issuance costs were capitalized related to the U.S. unsecured notes issued in May 2023. Issuance costs are amortized over the term of the related debt. E) CURRENT PORTION OF LONG-TERM DEBT As at December 31, 2024, the current portion of long-term debt was $ 600 million (2023 - $ 284 million). F) PROJECTED DEBT PAYMENTS Principal Interest As at December 31 Amount Amount 2025 $ 600 $ 334 2026 459 305 2027 - 292 2028 700 272 2029 - 253 Thereafter 3,717 1,711 Total $ 5,476 $ 3,167 As at December 31, 2024, total long-term debt had a carrying value of $ 5,453 million and a fair value of $ 5,649 million (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	12 Months Ended
	Dec. 31, 2024
Other Liabilities Disclosure [Abstract]
Other Liabilities and Provisions	16. Other Liabilities and Provisions As at December 31 2024 2023 Finance Lease Obligations (See Note 14) $ 12 $ 20 Unrecognized Tax Benefits (See Note 6) 12 16 Pensions and Other Post-Employment Benefits (See Note 23) 74 74 Other 16 22 $ 114 $ 132

Asset Retirement Obligation

Asset Retirement Obligation	12 Months Ended
	Dec. 31, 2024
Asset Retirement Obligation Disclosure [Abstract]
Asset Retirement Obligation	17. Asset Retirement Obligation As at December 31 2024 2023 Asset Retirement Obligation, Beginning of Year $ 330 $ 326 Liabilities Incurred 9 6 Liabilities Acquired (See Note 9) - 28 Liabilities Settled and Divested ( 52 ) ( 66 ) Change in Estimated Future Cash Outflows 64 13 Accretion Expense 19 19 Foreign Currency Translation ( 14 ) 4 Asset Retirement Obligation, End of Year $ 356 $ 330 Current Portion (See Note 13) $ 41 $ 54 Long-Term Portion 315 276 $ 356 $ 330

Share Capital

Share Capital	12 Months Ended
	Dec. 31, 2024
Class of Stock Disclosures [Abstract]
Share Capital	18. 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 December 31 2024 2023 2022 Number Amount Number Amount Number Amount Shares of Common Stock Outstanding, Beginning of Year 271.7 $ 3 245.7 $ 3 258.0 $ 3 Shares of Common Stock Purchased ( 12.7 ) - ( 9.9 ) - ( 14.7 ) - Shares of Common Stock Issued 1.4 - 35.9 - 2.4 - Shares of Common Stock Outstanding, End of Year 260.4 $ 3 271.7 $ 3 245.7 $ 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. NORMAL COURSE ISSUER BID AND OTHER SHARE BUYBACKS On September 26, 2024, Ovintiv announced it had received regulatory approval for the renewal of its NCIB program, which enables the Company to purchase, for cancellation or return to treasury, up to approximately 25.9 million shares of common stock over a 12-month period from October 3, 2024 to October 2, 2025. During the year ended December 31, 2024, under its 2023 NCIB program which extended from October 3, 2023 to October 2, 2024, the Company purchased approximately 12.7 million shares for total consideration of approximately $ 597 million. Of the amount paid, $ 127 thousand was charged to share capital and $ 597 million was charged to paid in surplus. During the year ended December 31, 2023, under its 2022 NCIB program which extended from October 3, 2022 to October 2, 2023, the Company purchased approximately 7.7 million shares for total consideration of approximately $ 328 million. Of the amount paid, $ 77 thousand was charged to share capital and $ 328 million was charged to paid in surplus. In addition to the NCIB purchases, during the year ended December 31, 2023, the Company purchased approximately 2.2 million shares of common stock for total consideration of approximately $ 98 million. Of the amount paid, $ 22 thousand was charged to share capital and $ 98 million was charged to paid in surplus. During the year ended December 31, 2022, the Company purchased approximately 3.5 million shares under its 2022 NCIB program and 11.2 million shares under its 2021 NCIB program, which extended from October 1, 2021 to September 30, 2022. Total consideration of approximately $ 719 million was paid to complete the share repurchases, of which $ 147 thousand was charged to share capital and $ 719 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 year ended December 31, 2024, the Company declared and paid dividends of $ 1.20 per share of common stock, totaling $ 316 million (2023 - $ 1.15 per share of common stock, totaling $ 307 million; 2022 - $ 0.95 per share of common stock, totaling $ 239 million). The quarterly dividend payment in 2024 was $ 0.30 per share of common stock. Ovintiv’s quarterly dividend payment in 2023 was $ 0.25 per share of common stock in the first quarter and $ 0.30 per share of common stock for each of the second, third and fourth quarters. Ovintiv’s quarterly dividend payment in 2022 was $ 0.20 per share of common stock in the first quarter and $ 0.25 per share of common stock for each of the second, third and fourth quarters. On February 26, 2025 , the Board of Directors declared a dividend of $ 0.30 per share of common stock payable on March 31, 2025 , to shareholders of record as of March 14, 2025 . EARNINGS PER SHARE OF COMMON STOCK The following table presents the calculation of net earnings (loss) per share of common stock: For the years ended December 31 (US$ millions, except per share amounts) 2024 2023 2022 Net Earnings (Loss) $ 1,125 $ 2,085 $ 3,637 Number of Shares of Common Stock: Weighted average shares of common stock outstanding - Basic 264.6 259.9 253.6 Effect of dilutive securities 2.8 4.0 4.8 Weighted Average Shares of Common Stock Outstanding - Diluted 267.4 263.9 258.4 Net Earnings (Loss) per Share of Common Stock Basic $ 4.25 $ 8.02 $ 14.34 Diluted 4.21 7.90 14.08 STOCK-BASED COMPENSATION PLANS Ovintiv’s Performance Share Unit (“PSU”) and Restricted Share Unit (“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 year ended December 31, 2024 (2023 - 4.1 million shares of common stock) as certain PSU and RSU grants vested during the year. Certain PSUs and RSUs are classified as equity-settled if the Company has sufficient common stock held in reserve for issuance. These awards are included in the calculation of fully diluted net earnings (loss) per share of common stock, using the treasury stock method, if dilutive. Ovintiv’s stock options with associated Tandem Stock Appreciation Rights (“TSARs”) give the employee the right to purchase shares of common stock of the Company or receive cash. Historically, most holders of options have elected to exercise their TSARs in exchange for a cash payment. As a result, outstanding options are not considered potentially dilutive securities. An aggregate of 7.4 million shares of common stock is authorized and held in reserve for issuance, of which 2.9 million shares of common stock remain available for issuance under the Company’s stock-based compensation plans as at December 31, 2024. Shares issued as a result of awards granted from stock-based compensation plans are generally funded out of the common stock authorized for issuance as approved by the Company’s shareholders. As at December 31, 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. See Note 22 for further information on Ovintiv’s outstanding and exercisable TSARs, PSUs and RSUs.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income	12 Months Ended
	Dec. 31, 2024
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Accumulated Other Comprehensive Income	19. Accumulated Other Comprehensive Income For the years ended December 31 2024 2023 2022 Foreign Currency Translation Adjustment Balance, Beginning of Year $ 1,000 $ 937 $ 1,044 Change in Foreign Currency Translation Adjustment ( 269 ) 63 ( 107 ) Balance, End of Year $ 731 $ 1,000 $ 937 Pension and Other Post-Employment Benefit Plans Balance, Beginning of Year $ 50 $ 54 $ 48 Other Comprehensive Income Before Reclassifications: Net actuarial gains and (losses) (See Note 23) 2 3 13 Income taxes - ( 1 ) ( 3 ) Amounts Reclassified from Other Comprehensive Income: Reclassification of net actuarial (gains) and losses to net earnings (See Note 23) ( 7 ) ( 8 ) ( 6 ) Income taxes 1 2 2 Balance, End of Year $ 46 $ 50 $ 54 Total Accumulated Other Comprehensive Income $ 777 $ 1,050 $ 991

Variable Interest Entities

Variable Interest Entities	12 Months Ended
	Dec. 31, 2024
Variable Interest Entity, Not Primary Beneficiary, Disclosures [Abstract]
Variable Interest Entities	20. 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 December 31, 2 024, 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 provid ing 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 $ 940 million as at December 31, 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 27 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 December 31, 2024, accounts payable and accrued liabilities included $ 20 million related to the take or pay commitment and payout of minimum costs.

Restructuring Charges

Restructuring Charges	12 Months Ended
	Dec. 31, 2024
Restructuring Charges [Abstract]
Restructuring Charges	21. Restructuring Charges In October 2024 , Ovintiv undertook a plan to reduce its workforce by approximately 10 percent as part of a corporate reorganization. The Company incurred total restructuring charges of $ 27 million, before tax, related to severance costs. As at December 31, 2024, $ 19 million remained accrued and is expected to be paid in 2025. Restructuring charges are included in administrative expense presented in the Corporate and Other segment in the Consolidated Statement of Earnings. For the years ended December 31 2024 2023 2022 Severance and Outplacement $ 27 $ - $ - Restructuring Expenses $ 27 $ - $ - As at December 31 2024 2023 2022 Outstanding Restructuring Accrual, Beginning of Year $ - $ - $ 3 Restructuring Expenses Incurred 27 - - Restructuring Costs Paid ( 8 ) - ( 3 ) Outstanding Restructuring Accrual, End of Year (1) $ 19 $ - $ - (1) Included in accounts payable and accrued liabilities in the Consolidated Balance Sheet.

Compensation Plans

Compensation Plans	12 Months Ended
	Dec. 31, 2024
Share-Based Payment Arrangement [Abstract]
Compensation Plans	22. Compensation Plans Ovintiv has a number of compensation arrangements under which the Company awards various types of long-term incentive grants to eligible employees and Directors. They may include Stock Appreciation Rights (“SARs”), TSARs, PSUs, Deferred Share Units (“DSUs”) and RSUs. Ovintiv accounts for certain PSUs and RSUs as equity-settled stock-based payment transactions provided there is sufficient common stock held in reserve for issuance. SARs, TSARs and DSUs are accounted for as cash-settled stock-based payment transactions. The Company accrues compensation costs over the vesting period based on the fair value of the rights determined using the Black-Scholes-Merton or other appropriate fair value models. During the first quarter of 2023, Ovintiv’s Board of Directors resolved to settle certain PSU awards and RSU awards with the issuance of the Company’s common stock. Accordingly, these awards were modified and reclassified as equity-settled share-based payment transactions at the modification date. There was no incremental compensation cost recognized at the modification date. As at December 31, 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: For the years ended December 31 2024 2023 2022 Total Compensation Costs of Transactions Classified as Cash-Settled $ ( 1 ) $ ( 22 ) $ 152 Total Compensation Costs of Transactions Classified as Equity-Settled 92 98 82 Less: Total Share-Based Compensation Costs Capitalized ( 25 ) ( 29 ) ( 32 ) Total Share-Based Compensation Expense (Recovery) $ 66 $ 47 $ 202 Recognized in the Consolidated Statement of Earnings in: Operating $ 26 $ 25 $ 38 Administrative 40 22 164 $ 66 $ 47 $ 202 As at December 31, 2024, the liability for cash-settled share-based payment transactions totaled $ 10 million (2023 ‑ $ 14 million), which is recognized in accounts payable and accrued liabilities in the Consolidated Balance Sheet. The following sections outline certain information related to Ovintiv’s compensation plans as at December 31, 2024. A) STOCK APPRECIATION RIGHTS U.S. dollar denominated SARs were historically granted to eligible U.S.-based employees, which entitle the employee to receive a cash payment equal to the excess of the market price of Ovintiv’s shares of common stock at the time of exercise over the original grant price of the right. SARs granted vest and are exercisable at 30 percent of the number granted after one year , an additional 30 percent of the number granted after two years , are fully exercisable after three years and expire seven years after the date granted. SARs are classified as a liability and remeasured at the end of each reporting period. The following table summarizes information related to the U.S. dollar denominated SARs: As at December 31 2024 2023 Outstanding Weighted Weighted Outstanding Weighted Weighted Outstanding, Beginning of Year 496 44.77 1.5 530 44.17 Granted - - - - Exercised (1) ( 31 ) 35.80 ( 20 ) 20.91 Forfeited ( 5 ) 54.35 ( 14 ) 56.95 Expired ( 112 ) 58.75 - - Outstanding, End of Year (2) 348 40.91 0.9 496 44.77 1.5 Vested and Exercisable, End of Year (3) 348 40.91 0.9 496 44.77 1.5 (1) The intrinsic value of option awards exercised and cash-settled during 2024 was nil (2023 - $ 1 million; 2022 - $ 11 million). (2) The intrinsic value of option awards outstanding at December 31, 2024, was $ 2 million (2023 - $ 5 million). (3) The intrinsic value of option awards vested and exercisable at December 31, 2024, was $ 2 million (2023 - $ 5 million). The following weighted average assumptions were used to determine the fair value of SARs outstanding: US$ Share Units As at December 31 2024 2023 2022 Risk Free Interest Rate 2.92 % 3.95 % 4.02 % Dividend Yield 2.96 % 2.73 % 1.97 % Expected Volatility Rate (1) 46.02 % 52.32 % 107.80 % Expected Term 0.7 yrs 1.1 yrs 1.6 yrs Market Share Price US$ 40.50 US$ 43.92 US$ 50.71 Weighted Average Grant Date Fair Value US$ 40.91 US$ 44.77 US$ 44.17 (1) Volatility was estimated using historical rates. As at December 31, 2024, and 2023, there were no unvested SARs outstanding and no associated unrecognized compensation costs. B) TANDEM STOCK APPRECIATION RIGHTS All options to purchase shares of common stock historically issued to eligible Canadian-based employees under Ovintiv’s Stock Option Plan have associated TSARs attached. In lieu of exercising the option, the associated TSARs give the option holder the right to purchase shares of common stock of the Company or receive a cash payment equal to the excess of the market price of Ovintiv’s shares of common stock at the time of exercise over the original grant price. TSARs granted vest and are exercisable at 30 percent of the number granted after one year , an additional 30 percent of the number granted after two years , are fully exercisable after three years and expire seven years after the date granted. TSARs are classified as a liability and remeasured at the end of each reporting period. The following table summarizes information related to the TSARs: As at December 31 2024 2023 Outstanding Weighted Weighted Outstanding Weighted Weighted Outstanding, Beginning of Year 262 62.45 1.3 290 60.31 Granted - - - - Exercised - SARs (1) ( 20 ) 63.06 ( 23 ) 32.67 Exercised - Options (1) - - - - Forfeited - - ( 5 ) 72.77 Expired ( 82 ) 77.15 - - Outstanding, End of Year (2) 160 54.84 0.8 262 62.45 1.3 Vested and Exercisable, End of Year (3) 160 54.84 0.8 262 62.45 1.3 (1) The intrinsic value of option awards exercised and cash-settled during 2024 was nil (2023 - nil ; 2022 - $ 6 million). (2) The intrinsic value of option awards outstanding at December 31, 2024, was $ 1 million (2023 - $ 2 million). (3) The intrinsic value of option awards vested and exercisable at December 31, 2024, was $ 1 million (2023 - $ 2 million). The following weighted average assumptions were used to determine the fair value of TSARs outstanding: C$ Share Units As at December 31 2024 2023 2022 Risk Free Interest Rate 2.92 % 3.95 % 4.02 % Dividend Yield 2.82 % 2.78 % 1.90 % Expected Volatility Rate (1) 42.83 % 48.87 % 106.16 % Expected Term 0.6 yrs 0.9 yrs 1.5 yrs Market Share Price C$ 58.23 C$ 58.16 C$ 68.56 Weighted Average Grant Date Fair Value C$ 54.84 C$ 62.45 C$ 60.31 (1) Volatility was estimated using historical rates. As at December 31, 2024, and 2023, there were no unvested TSARs outstanding and no associated unrecognized compensation costs. C) PERFORMA NCE SHARE UNITS PSUs are granted to eligible employees, which entitle the employee to receive, upon vesting, one share of Ovintiv common stock for each PSU held or a cash equivalent, at the discretion of the Company. PSUs vest three years from the date granted, provided the employee remains actively employed with Ovintiv on the vesting date. Based on the performance assessment, up to a maximum of two times the original PSU grant may be eligible to vest in respect of the year being measured. The ultimate value of the PSUs will depend upon Ovintiv’s performance relative to predetermined strategic milestones as well as the performance of a specified peer group over a three-year period. The following tables summarize information related to the PSUs: As at December 31 2024 2023 (1) Units Weighted Average Units Weighted Average Unvested and Outstanding, Beginning of Year 1,307 33.91 2,261 20.17 Granted 416 43.90 1,248 21.38 Vested and Released (2) ( 761 ) 23.08 ( 2,202 ) 12.65 Units, in Lieu of Dividends 28 46.13 37 33.41 Forfeited ( 47 ) 44.80 ( 37 ) 36.59 Unvested and Outstanding, End of Year 943 46.86 1,307 33.91 As at December 31 2024 2023 (1) Units Weighted Average Units Weighted Average Unvested and Outstanding, Beginning of Year 487 45.30 1,048 24.74 Granted 149 59.49 614 26.20 Vested and Released (2) ( 259 ) 29.04 ( 1,176 ) 16.95 Units, in Lieu of Dividends 10 62.10 14 43.74 Forfeited ( 22 ) 62.40 ( 13 ) 48.70 Unvested and Outstanding, End of Year 365 62.10 487 45.30 (1) During the first quarter of 2023, Ovintiv’s Board of Directors resolved to settle certain PSU awards and RSU awards with the issuance of the Company’s common stock. Accordingly, these awards were modified and reclassified as equity-settled awards. The modification date fair value of the awards was US$ 43.80 per share and C$ 59.47 per share for the U.S. dollar denominated and Canadian dollar denominated PSUs, respectively. (2) During the year ended December 31, 2024, performance shares that vested and were cash-settled resulted in payments of $ 36 million (2023 ‑ $ 22 million; 2022 - $ 22 million). As at December 31, 2024, there were approximately $ 22 million of unrecognized compensation costs (2023 ‑ $ 25 million) related to unvested PSUs. The costs are expected to be recognized over a weighted average period of 1.7 years. D) DEFERRED SHARE UNITS The Company has in place a program whereby Directors and certain key employees are issued DSUs, which vest immediately, are equivalent in value to a share of Ovintiv common stock and are settled in cash. DSUs are classified as a liability and remeasured at the end of each reporting period based on the change in fair value of the Company’s common stock. Under the DSU Plan, employees have the option to convert either 25 or 50 percent of their annual bonus award into DSUs. The number of DSUs converted is based on the value of the award divided by the closing value of Ovintiv’s share price at the end of the performance period of the bonus award. For both Directors and employees, DSUs can only be redeemed following departure from Ovintiv in accordance with the terms of the respective DSU Plan and must be redeemed prior to December 15 th of the year following the departure from Ovintiv. The following table summarizes information related to the DSUs: U.S. Dollar Denominated Canadian Dollar Denominated As at December 31 2024 2023 2024 2023 Vested and Outstanding, Beginning of Year 18 10 147 188 Granted 5 7 2 - Converted from Bonus Awards - - - - Units, in Lieu of Dividends 1 1 4 5 Redeemed (1) - - ( 7 ) ( 46 ) Vested and Outstanding, End of Year (2) 24 18 146 147 (1) During the year ended December 31, 2024, deferred shares that vested and were cash-settled resulted in payments of nil (2023 ‑ $ 2 million, 2022 ‑ $ 1 million). (2) The intrinsic value of deferred shares outstanding at December 31, 2024, was $ 7 million (2023 - $ 7 million). E) RESTRICTED SHARE UNITS RSUs are granted to eligible employees and Directors. An RSU is a conditional grant to receive a share of Ovintiv common stock or a cash equivalent at the Company’s discretion upon vesting of the RSUs and in accordance with the terms and conditions of the RSU Plans and grant agreements. RSUs issued to employees vest over their three-year service period. RSUs issued to Directors fully vest on the grant date and have no required term of service. RSUs issued to Directors before May 2022 are settled three years from the date granted or following the Director’s departure from Ovintiv, whichever is earlier. Beginning with the RSUs issued in May 2022, all RSU awards issued to Directors are equity-settled immediately upon issuance. The following tables summarize information related to the RSUs: As at December 31 2024 2023 (1) Units Weighted Average Units Weighted Average Unvested and Outstanding, Beginning of Year 2,225 39.11 3,369 25.48 Granted 1,050 49.30 1,155 43.72 Units, in Lieu of Dividends 55 47.06 64 38.74 Vested and Released (2) ( 1,269 ) 34.87 ( 2,200 ) 20.61 Forfeited ( 183 ) 46.61 ( 163 ) 39.61 Unvested and Outstanding, End of Year 1,878 47.24 2,225 39.11 As at December 31 2024 2023 (1) Units Weighted Average Units Weighted Average Unvested and Outstanding, Beginning of Year 982 51.93 1,540 32.65 Granted 420 67.13 463 60.28 Units, in Lieu of Dividends 23 63.43 28 51.65 Vested and Released (2) ( 550 ) 45.80 ( 1,002 ) 26.23 Forfeited ( 77 ) 63.12 ( 47 ) 50.16 Unvested and Outstanding, End of Year 798 63.47 982 51.93 (1) During the first quarter of 2023, Ovintiv’s Board of Directors resolved to settle certain PSU awards and RSU awards with the issuance of the Company’s common stock. Accordingly, these awards were modified and reclassified as equity-settled awards. The modification date fair value of the awards was US$ 43.80 per share and C$ 59.47 per share for the U.S. dollar denominated and Canadian dollar denominated RSUs, respectively. (2) During the year ended December 31, 2024, restricted shares that vested and were cash-settled resulted in payments of $ 7 million (2023 ‑ $ 18 million; 2022 - $ 51 million). As at December 31, 2024, there were approximately $ 40 million of unrecognized compensation costs (2023 ‑ $ 43 million) related to unvested RSUs. The costs are expected to be recognized over a weighted average period of 1.4 years.

Pension and Other Post-Employme

Pension and Other Post-Employment Benefits	12 Months Ended
	Dec. 31, 2024
Retirement Benefits, Description [Abstract]
Pension and Other Post-Employment Benefits	23. Pension and Other Post-Employment Benefits Ovintiv sponsors defined benefit and defined contribution plans, providing pension and other post-employment benefits (“OPEB”) to its employees in the U.S. and Canada. As of January 1, 2003, the de fined benefit pension plan was closed to new entrants. The average remaining service period of active employees participating in the defined benefit pension plan is five years and the average remaining life expectancy of inactive employees is 13 years. The average remaining service period of the active employees participating in the OPEB plan is 10 years. The Company is required to file an actuarial valuation of its pension plans with the provincial regulator at least every three years, or more frequently if directed by the regulator. The most recent filing was dated December 31, 2023, and the next required filing is expected to be as at December 31, 2026. The following tables set forth changes in the benefit obligations and fair value of plan assets for the Company’s defined benefit pension and other post-employment benefit plans for the years ended December 31, 2024 and 2023, as well as the funded status of the plans and amounts recognized in the Consolidated Financial Statements as at December 31, 2024 and 2023. Defined Benefits OPEB As at December 31 2024 2023 2024 2023 Change in Benefit Obligations Projected Benefit Obligation, Beginning of Year $ 138 $ 140 $ 48 $ 50 Service Cost - - 2 2 Interest Cost 6 7 2 2 Actuarial (Gains) Losses 3 3 ( 1 ) 1 Exchange Differences ( 11 ) 4 ( 1 ) - Employee Contributions - - 1 1 Benefits Paid ( 12 ) ( 13 ) ( 6 ) ( 8 ) Settlement - ( 3 ) - - Projected Benefit Obligation, End of Year $ 124 $ 138 $ 45 $ 48 Change in Plan Assets Fair Value of Plan Assets, Beginning of Year $ 123 $ 124 $ - $ - Actual Return on Plan Assets 9 12 - - Exchange Differences ( 10 ) 3 - - Employee Contributions - - 1 1 Employer Contributions - - 5 7 Benefits Paid ( 12 ) ( 13 ) ( 6 ) ( 8 ) Settlement - ( 3 ) - - Fair Value of Plan Assets, End of Year $ 110 $ 123 $ - $ - Funded Status of Plan Assets, End of Year $ ( 14 ) $ ( 15 ) $ ( 45 ) $ ( 48 ) Total Recognized Amounts in the Consolidated Balance Sheet Consist of: Other Assets $ 6 $ 5 $ - $ - Current Liabilities - - ( 5 ) ( 6 ) Non-Current Liabilities ( 20 ) ( 20 ) ( 40 ) ( 42 ) Total $ ( 14 ) $ ( 15 ) $ ( 45 ) $ ( 48 ) Total Recognized Amounts in Accumulated Other Comprehensive Income Consist of: Net Actuarial (Gains) Losses $ 13 $ 15 $ ( 73 ) $ ( 79 ) Net Prior Service Costs ( 7 ) ( 8 ) 7 7 Total Recognized in Accumulated Other Comprehensive Income, Before Tax $ 6 $ 7 $ ( 66 ) $ ( 72 ) The accumulated defined benefit obligation for all defined benefit plans was $ 169 million as at December 31, 2024 (2023 - $ 186 million). The following table sets forth the defined benefit plans where the accumulated benefit obligation and projected benefit obligation are in excess of the fair value of the plan assets: Defined Benefits OPEB As at December 31 2024 2023 2024 2023 Projected Benefit Obligation $ ( 40 ) $ ( 44 ) $ ( 45 ) $ ( 48 ) Accumulated Benefit Obligation ( 40 ) ( 44 ) ( 45 ) ( 48 ) Fair Value of Plan Assets (1) 20 24 - - (1) The Company does not aggregate benefit plans. Following are the weighted average assumptions used by the Company in determining the defined benefit pension and other post-employment benefit obligations: Defined Benefits OPEB For the years ended December 31 2024 2023 2024 2023 Discount Rate 4.50 % 4.60 % 5.12 % 4.90 % Rates of Increase in Compensation Levels 3.37 % 3.24 % 4.93 % 4.93 % The following sets forth the total benefit plans expense recognized by the Company: Pension Benefits OPEB For the years ended December 31 2024 2023 2022 2024 2023 2022 Net Defined Periodic Benefit Cost $ 1 $ 2 $ - $ ( 3 ) $ ( 4 ) $ ( 3 ) Defined Contribution Plan Expense 26 25 24 - - - Total Benefit Plans Expense $ 27 $ 27 $ 24 $ ( 3 ) $ ( 4 ) $ ( 3 ) Of the total benefit plans expense, $ 23 million (2023 - $ 22 million; 2022 - $ 22 million) was included in operating expense and $ 5 million (2023 - $ 5 million; 2022 - $ 4 million) was included in administrative expense. Excluding service costs, net defined periodic benefit gains of $ 4 million (2023 - $ 4 million; 2022 - $ 5 million) were recorded in other (gains) losses, net. The net defined periodic benefit cost is as follows: Defined Benefits OPEB For the years ended December 31 2024 2023 2022 2024 2023 2022 Service Cost $ - $ - $ - $ 2 $ 2 $ 2 Interest Cost 6 7 5 2 2 2 Expected Return on Plan Assets ( 5 ) ( 5 ) ( 6 ) - - - Amounts Reclassified from Accumulated Other Comprehensive Income: Amortization of net actuarial (gains) and losses - - 1 ( 7 ) ( 8 ) ( 7 ) Total Net Defined Periodic Benefit Cost (1) $ 1 $ 2 $ - $ ( 3 ) $ ( 4 ) $ ( 3 ) (1) The components of total net defined periodic benefit cost, excluding the service cost component, are included in other (gains) losses, net. Actuarial losses related to changes in the projected benefit obligations for the Company’s defined benefit pension plans were due to a decrease in the discount rate used to measure the obligations. Actuarial gains related to changes in projected benefit obligations for the Company’s OPEB plans were due to an increase in the discount rate used to measure the obligations. The amounts recognized in other comprehensive income are as follows: Defined Benefits OPEB For the years ended December 31 2024 2023 2022 2024 2023 2022 Net Actuarial (Gains) Losses $ ( 1 ) $ ( 4 ) $ - $ ( 1 ) $ 1 $ ( 13 ) Amortization of Net Actuarial Gains and (Losses) - - ( 1 ) 7 8 7 Total Amounts Recognized in Other Comprehensive (Income) Loss, Before Tax $ ( 1 ) $ ( 4 ) $ ( 1 ) $ 6 $ 9 $ ( 6 ) Total Amounts Recognized in Other Comprehensive (Income) Loss, After Tax $ ( 1 ) $ ( 3 ) $ ( 1 ) $ 5 $ 7 $ ( 5 ) Following are the weighted average assumptions used by the Company in determining the net periodic pension and other post-retirement benefit costs: Defined Benefits OPEB For the years ended December 31 2024 2023 2022 2024 2023 2022 Discount Rate 4.50 % 5.10 % 5.10 % 4.96 % 5.30 % 2.46 % Long-Term Rate of Return on Plan Assets 4.00 % 3.85 % 3.85 % - - - Rates of Increase in Compensation Levels 3.37 % 3.24 % 3.24 % 4.93 % 4.93 % 4.83 % The Company’s assumed health care cost trend rates are as follows: For the years ended December 31 2024 2023 2022 Health Care Cost Trend Rate for Next Year 7.04 % 6.96 % 6.16 % Rate to Which the Cost Trend Rate is Assumed to Decline (Ultimate Trend Rate) 5.00 % 5.00 % 5.00 % Year that the Rate Reaches the Ultimate Trend Rate 2032 2030 2027 The Company does no t expect to contribute to its defined benefit pension plans in 2025 . The Company’s OPEB plans are funded on an as required basis. The following provides an estimate of benefit payments for the next 10 years. These estimates reflect benefit increases due to continuing employee service. Defined Benefit Other Benefit 2025 $ 12 $ 5 2026 12 4 2027 11 4 2028 11 4 2029 11 4 2030 - 2034 48 17 The Company’s registered and other defined benefit pension plan assets are presented by investment asset category and input level within the fair value hierarchy as follows: As at December 31 2024 Level 1 Level 2 Level 3 Total Investments: Cash and Cash Equivalents $ 13 $ - $ - $ 13 Fixed Income - 61 - 61 Equity - 36 - 36 Fair Value of Plan Assets, End of Year $ 13 $ 97 $ - $ 110 As at December 31 2023 Level 1 Level 2 Level 3 Total Investments: Cash and Cash Equivalents $ 15 $ 2 $ - $ 17 Fixed Income - 68 - 68 Equity - 38 - 38 Fair Value of Plan Assets, End of Year $ 15 $ 108 $ - $ 123 Fixed Income investments consist of Canadian bonds issued by investment grade companies. Equity investments consist of international securities and securities held in the U.S. The fair values of these securities are based on dealer quotes, quoted market prices and net asset values. Registered pension plan assets were invested by the Company in the following as at December 31, 2024: 66 percent Bonds (2023 - 68 percent), 31 percent U.S. and Foreign Equity (2023 - 31 percent) and three percent Cash and Cash Equivalents (2023 ‑ one percent). The expected long-term rate of return is 5.0 percent. The expected rate of return on pension plan assets is based on historical and projected rates of return for each asset class in the plan investment portfolio. The actual return on plan assets was $ 9 million (2023 ‑ $ 12 million). The asset allocation structure is subject to diversification requirements and constraints, which reduce risk by limiting exposure to individual equity investment, credit rating categories and foreign currency exposure.

Fair Value Measurements

Fair Value Measurements	12 Months Ended
	Dec. 31, 2024
Fair Value Disclosures [Abstract]
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. Fair value information related to pension plan assets is included in Note 23. Recurring fair value measurements are performed for risk management assets and liabilities and other derivative contracts, as discussed further in Note 25. These items are carried at fair value in the 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 December 31, 2024 Level 1 Level 2 Level 3 Total Fair Netting (1) Carrying Risk Management Assets Commodity Derivatives: Current assets $ - $ 116 $ - $ 116 $ ( 6 ) $ 110 Foreign Currency Derivatives: Current assets - - - - ( 2 ) ( 2 ) Risk Management Liabilities Commodity Derivatives: Current liabilities $ - $ 26 $ - $ 26 $ ( 6 ) $ 20 Long-term liabilities - 21 - 21 - 21 Foreign Currency Derivatives: Current liabilities - 89 - 89 ( 2 ) 87 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 2 risk management assets and liabilities consist of commodity fixed price contracts, NYMEX three-way options, WTI three-way options, foreign currency swaps and basis swaps with terms to 2027. Level 2 also included financial guarantee contracts before they expired in June 2024 as discussed in Note 25. The Company uses discounted cash flow and option-pricing models for fair valuing commodity derivatives. The fair value models use inputs such as contracted notional volumes, market future prices, maturities, credit adjusted risk free rates, and market-based implied volatility factors. 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. During 2024, the Company transferred all remaining WTI three-way options from Level 3 into Level 2 as a result of the availability of more observable inputs, such as volatility and comparable contract terms, from independent active markets. The three-way options are a combination of a sold call, a bought put and a sold 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 partial downside price protection through the put options. Level 3 Fair Value Measurements A summary of changes in Level 3 fair value measurements for risk management positions is presented below: Risk Management 2024 2023 Balance, Beginning of Year $ 16 $ 12 Total Gains (Losses) 14 2 Purchases, Sales, Issuances and Settlements: Purchases, sales and issuances - - Settlements 9 2 Transfers Out of Level 3 (1) ( 39 ) - Balance, End of Year $ - $ 16 Change in Unrealized Gains (Losses) During the Year Included in Net Earnings (Loss) $ 23 $ 4 (1) During 2024, the Company transferred all remaining WTI three-way options from Level 3 into Level 2 as a result of the availability of more observable inputs, such as volatility and comparable contract terms, from independent active markets.

Financial Instruments and Risk

Financial Instruments and Risk Management	12 Months Ended
	Dec. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Financial Instruments and Risk Management	25. 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 and options. Natural Gas - To partially mitigate natural gas commodity price risk, the Company uses NYMEX-based contracts such as fixed price contracts and options. 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 December 31, 2024, the Company has entered into $ 100 million notional U.S. dollar denominated currency swaps at an average exchange rate of C$ 1.3875 to US$1, which mature monthly throughout the first half of 2025. Additionally, on November 14, 2024, the Company announced the Montney Acquisition (see Note 15). To manage the foreign exchange risk associated with purchasing an asset denominated in Canadian dollars, the Company entered into $ 2.4 billion notional U.S. dollar denominated currency swaps at an average exchange rate of C$ 1.3825 to US$1. These swaps were settled ahead of the transaction close on January 31, 2025 (see Note 28). RISK MANAGEMENT POSITIONS AS AT DECEMBER 31, 2024 Notional Volumes Term Average Price Fair Value Oil and NGL Contracts US$/bbl Fixed Price Contracts WTI Fixed Price (1) 15.6 Mbbls/d 2025 66.61 $ ( 17 ) WTI Fixed Price (1) 17.6 Mbbls/d 2026 64.55 ( 11 ) WTI Fixed Price (1) 11.6 Mbbls/d 2027 63.45 ( 5 ) WTI Three-Way Options Sold call / bought put / sold put 48.2 Mbbls/d 2025 82.31 / 65.00 / 50.00 12 Oil and NGLs Fair Value Position ( 21 ) Natural Gas Contracts US$/Mcf Fixed Price Contracts NYMEX Fixed Price (1) 19 MMcf/d 2025 3.38 ( 1 ) NYMEX Fixed Price (1) 19 MMcf/d 2026 3.38 ( 3 ) NYMEX Fixed Price (1) 14 MMcf/d 2027 3.40 ( 2 ) NYMEX Three-Way Options Sold call / bought put / sold put 500 MMcf/d 2025 4.54 / 3.00 / 2.25 ( 5 ) Basis Contracts (2) 2025 101 Natural Gas Fair Value Position 90 Foreign Currency Contracts Fair Value Position (3) 2025 ( 89 ) Total Fair Value Position $ ( 20 ) (1) The WTI and NYMEX fixed price contracts at December 31, 2024, were executed on behalf of the purchaser for the Company’s previously announced Uinta divestiture and were novated to the purchaser upon close of the transaction on January 22, 2025 (see Note 28). (2) Ovintiv has entered into natural gas basis swaps associated with AECO 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 For the years ended December 31 2024 2023 2022 Realized Gains (Losses) on Risk Management Commodity and Other Derivatives: Revenues (1) $ 271 $ ( 43 ) $ ( 2,608 ) Foreign Currency Derivatives: Foreign exchange ( 3 ) ( 8 ) ( 5 ) Interest Rate Derivatives: Interest rate (2) - 1 - $ 268 $ ( 50 ) $ ( 2,613 ) Unrealized Gains (Losses) on Risk Management Commodity and Other Derivatives: Revenues (3) $ ( 136 ) $ 194 $ 741 Foreign Currency Derivatives: Foreign exchange ( 100 ) 21 ( 15 ) $ ( 236 ) $ 215 $ 726 Total Realized and Unrealized Gains (Losses) on Risk Management , net Commodity and Other Derivatives: Revenues (1) (3) $ 135 $ 151 $ ( 1,867 ) Foreign Currency Derivatives : Foreign exchange ( 103 ) 13 ( 20 ) Interest Rate Derivatives : Interest rate (2) - 1 - $ 32 $ 165 $ ( 1,887 ) (1) Includes a realized gain of $ 4 million for the year ended December 31, 2024 (2023 - gain of $ 1 million; 2022 - gain of $ 6 million) related to other derivative contracts. (2) The interest rate swap in 2023 was executed and settled in relation to the senior notes issuance described in Note 15. The gain was recognized in interest expense. (3) There were no unrealized gains or losses related to other derivative contracts for the year ended December 31, 2024 (2023 - nil ; 2022 - loss of $ 2 million). RECONCILIATION OF UNREALIZED RISK MANAGEMENT POSITIONS FROM JANUARY 1 TO DECEMBER 31 2024 2023 2022 Fair Value Total Unrealized Gain (Loss) Total Unrealized Gain (Loss) Total Unrealized Gain (Loss) 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 Year 32 $ 32 $ 165 $ ( 1,887 ) Settlement of Other Derivative Contracts 4 Fair Value of Contracts Realized During the Year ( 268 ) ( 268 ) 50 2,613 Fair Value of Contracts, End of Year $ ( 20 ) $ ( 236 ) $ 215 $ 726 Risk management assets and liabilities arise from the use of derivative financial instruments and are measured at fair value. See Note 24 for a discussion of fair value measurements. UNREALIZED RISK MANAGEMENT POSITIONS As at December 31 2024 2023 Risk Management Assets Current $ 108 $ 214 Long-term - 4 108 218 Risk Management Liabilities Current 107 - Long-term 21 2 128 2 Other Derivative Contract Liabilities Current in accounts payable and accrued liabilities - 4 - 4 Net Risk Management Assets (Liabilities) and Other Derivative Contracts $ ( 20 ) $ 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 December 31, 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 $ 116 million and $ 108 million, respectively, as disclosed in Note 24. The Company had no significant credit derivatives in place and held no collateral at December 31, 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 December 31, 2024, approximate ly 94 percent (2023 - 91 percent) 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	12 Months Ended
	Dec. 31, 2024
Supplemental Cash Flow Elements [Abstract]
Supplementary Information	26. Supplementary Information Supplemental disclosures to the Consolidated Statement of Cash Flows are presented below: A) NET CHANGE IN NON-CASH WORKING CAPITAL For the years ended December 31 2024 2023 2022 Operating Activities Accounts receivable and accrued revenues $ 256 $ 352 $ ( 304 ) Accounts payable and accrued liabilities ( 247 ) ( 304 ) 50 Current portion of operating lease liabilities ( 6 ) 11 14 Income tax receivable and payable ( 250 ) 271 53 $ ( 247 ) $ 330 $ ( 187 ) B) NON-CASH ACTIVITIES For the years ended December 31 2024 2023 2022 Non-Cash Operating Activities ROU operating lease assets and liabilities (See Note 14) $ ( 46 ) $ ( 113 ) $ ( 75 ) Non-Cash Investing Activities Asset retirement obligation incurred (See Note 17) $ 9 $ 6 $ 4 Asset retirement obligation change in estimated future cash outflows (See Note 17) 64 13 58 Property, plant and equipment accruals ( 34 ) 26 35 Capitalized long-term incentives ( 8 ) ( 3 ) 4 Property additions/dispositions, including swaps 122 29 126 Non-Cash Financing Activities Shares of common stock issued in conjunction with the Permian $ - $ ( 1,169 ) $ - C) SUPPLEMENTARY CASH FLOW INFORMATION For the years ended December 31 2024 2023 2022 Interest Paid $ 426 $ 308 $ 376 Income Taxes (Recovered), net of Amounts Paid $ 295 $ ( 19 ) $ ( 38 )

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	27. Commitments and Contingencies COMMITMENTS The following table outlines the Company’s commitments as at December 31, 2024: Expected Future Payments (undiscounted) 2025 2026 2027 2028 2029 Thereafter Total Transportation and Processing $ 655 $ 642 $ 552 $ 444 $ 388 $ 1,783 $ 4,464 Drilling and Field Services 260 9 - - - - 269 Building Leases & Other Commitments 13 7 6 6 4 8 44 Total $ 928 $ 658 $ 558 $ 450 $ 392 $ 1,791 $ 4,777 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. See Note 14 for additional disclosures on leases. Included within transportation and processing in the table above are certain commitments associated with midstream service agreements with VMLP as described in Note 20. 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.

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2024
Subsequent Events [Abstract]
Subsequent Events	28. Subsequent Events Divestiture of Uinta On January 22, 2025, the Company closed its previously announced Uinta divestiture for proceeds of approximately $ 2.0 billion, before closing and other adjustments. Ovintiv also announced the termination of the $ 1.5 billion 364‑day Asset Sale Term Facility, which was anticipated to partially finance the Company’s Montney Acquisition (see Note 15). In conjunction with the Uinta divestiture, the WTI- and NYMEX-based fixed price contracts that Ovintiv held at December 31, 2024, were novated to the purchaser (see Note 25). Montney Acquisition On January 31, 2025, the Company closed its previously announced Montney Acquisition for cash consideration of approximately $ 2.307 billion (C$ 3.325 billion), before closing and other adjustments. Ovintiv funded the acquisition using proceeds from the divestiture of Uinta, cash on hand and proceeds from short-term borrowings. Accordingly, the Company also announced the termination of the $ 1.0 billion Two Year Term Facility (see Note 15). In conjunction with the closing of the Montney Acquisition, the Company settled its $ 2.4 billion notional U.S. dollar denominated currency swaps (see Note 25), and recognized a realized foreign exchange loss of approximately $ 97 million.

Supplementary Oil and Gas Infor

Supplementary Oil and Gas Information	12 Months Ended
	Dec. 31, 2024
Extractive Industries [Abstract]
Supplementary Oil and Gas Information	29. Supplementary Oil and Gas Information (unaudited) The unaudited supplementary information on oil and natural gas exploration and production activities for 2024, 2023 and 2022 has been presented in accordance with the FASB’s ASC Topic 932, “Extractive Activities - Oil and Gas” and the SEC’s final rule, “Modernization of Oil and Gas Reporting”. Disclosures by geographic area include the United States and Canada. Proved Oil and Natural Gas Reserves The following reserves disclosures reflect estimates of proved reserves, proved developed reserves, and proved undeveloped reserves, net of third-party royalty interests of oil, NGLs and natural gas owned at each year end and changes in proved reserves during each of the last three years. The Company’s estimates of proved reserves are made using available geological and reservoir data as well as production performance data. These estimates are reviewed annually by internal reservoir engineers and revised, either upward or downward, as warranted by additional data. The results of infill drilling are treated as positive revisions due to increases to expected recovery. Other revisions are due to changes in, among other things, development plans, reservoir performance, commodity prices, economic conditions, and government restrictions. Estimates of proved reserves are inherently imprecise and are continually subject to revision based on production history, results of additional exploration and development, price changes and other factors. The following reference prices were utilized in the determination of reserves and future net revenue: Oil & NGLs Natural Gas WTI Edmonton Henry Hub AECO Reserves Pricing (1) 2024 $ 75.48 $ 99.60 $ 2.13 $ 1.26 2023 78.22 104.61 2.64 2.78 2022 93.82 121.18 6.36 5.65 (1) All prices were held constant in all future years when estimating net revenues and reserves. PROVED RESERVES (1) (12-MONTH AVERAGE TRAILING PRICES) Oil (MMbbls) NGLs (MMbbls) Natural Gas (Bcf) Total (MMBOE) United Canada Total United Canada Total United Canada Total 2022 Beginning of year 557.5 1.1 558.6 434.7 170.0 604.7 2,536 4,033 6,570 2,258.2 Revisions and improved recovery (2) ( 65.1 ) ( 0.3 ) ( 65.5 ) 2.9 ( 36.0 ) ( 33.2 ) 38 ( 582 ) ( 544 ) ( 189.2 ) Extensions and discoveries 95.2 - 95.2 37.2 31.3 68.5 237 1,005 1,241 370.6 Purchase of reserves in place 15.8 - 15.8 13.7 1.7 15.4 72 16 88 45.9 Sale of reserves in place ( 20.2 ) ( 0.6 ) ( 20.8 ) ( 0.7 ) ( 0.6 ) ( 1.3 ) ( 5 ) ( 16 ) ( 22 ) ( 25.7 ) Production ( 48.0 ) - ( 48.0 ) ( 29.9 ) ( 17.3 ) ( 47.3 ) ( 180 ) ( 366 ) ( 545 ) ( 186.2 ) End of year 535.2 0.1 535.3 457.8 149.0 606.9 2,698 4,090 6,789 2,273.6 Developed 257.2 0.1 257.3 288.3 71.2 359.5 1,755 2,276 4,031 1,288.7 Undeveloped 278.0 - 278.0 169.5 77.8 247.4 943 1,814 2,757 984.9 Total 535.2 0.1 535.3 457.8 149.0 606.9 2,698 4,090 6,789 2,273.6 2023 Beginning of year 535.2 0.1 535.3 457.8 149.0 606.9 2,698 4,090 6,789 2,273.6 Revisions and improved recovery (2) ( 134.0 ) - ( 134.0 ) ( 89.1 ) ( 6.2 ) ( 95.4 ) ( 460 ) ( 21 ) ( 482 ) ( 309.6 ) Extensions and discoveries 64.7 - 64.7 23.3 20.4 43.6 146 916 1,061 285.3 Purchase of reserves in place 160.0 - 160.0 46.6 1.1 47.7 201 17 218 243.9 Sale of reserves in place ( 49.1 ) - ( 49.1 ) ( 28.9 ) - ( 28.9 ) ( 137 ) - ( 137 ) ( 100.8 ) Production ( 58.0 ) - ( 58.0 ) ( 31.2 ) ( 17.4 ) ( 48.6 ) ( 189 ) ( 411 ) ( 599 ) ( 206.5 ) End of year 518.8 0.1 518.9 378.4 146.9 525.3 2,259 4,591 6,850 2,185.9 Developed 277.6 0.1 277.7 275.7 78.0 353.7 1,695 2,590 4,286 1,345.6 Undeveloped 241.2 - 241.2 102.7 68.9 171.6 564 2,000 2,565 840.2 Total 518.8 0.1 518.9 378.4 146.9 525.3 2,259 4,591 6,850 2,185.9 2024 Beginning of year 518.8 0.1 518.9 378.4 146.9 525.3 2,259 4,591 6,850 2,185.9 Revisions and improved recovery (2) 2.9 0.1 2.9 129.1 ( 43.7 ) 85.4 639 ( 2,476 ) ( 1,837 ) ( 217.9 ) Extensions and discoveries 118.0 0.3 118.3 58.2 13.6 71.8 346 315 660 300.1 Purchase of reserves in place 1.8 - 1.8 1.0 - 1.0 6 1 7 4.0 Sale of reserves in place ( 0.3 ) - ( 0.3 ) ( 0.4 ) - ( 0.4 ) ( 2 ) - ( 2 ) ( 1.0 ) Production ( 61.4 ) ( 0.1 ) ( 61.5 ) ( 31.8 ) ( 17.1 ) ( 48.9 ) ( 197 ) ( 425 ) ( 621 ) ( 214.1 ) End of year 579.8 0.2 580.0 534.5 99.7 634.2 3,052 2,005 5,057 2,057.1 Developed 273.7 0.2 274.0 336.2 59.9 396.1 1,953 1,269 3,222 1,207.1 Undeveloped 306.0 - 306.0 198.4 39.8 238.2 1,099 736 1,835 850.0 Total 579.8 0.2 580.0 534.5 99.7 634.2 3,052 2,005 5,057 2,057.1 (1) Numbers may not add due to rounding. (2) Changes in reserve estimates resulting from application of improved recovery techniques are included in revisions of previous estimates. Definitions: a. “Proved” oil and gas reserves are those quantities of oil and gas which, by analysis of geoscience and engineering data, can be estimated with reasonable certainty to be economically producible from a given date forward, from known reservoirs, and under existing economic conditions, operating methods and government regulations. b. “Developed” oil and gas reserves are reserves of any category that are expected to be recovered through existing wells with existing equipment and operating methods or in which the cost of the required equipment is relatively minor compared to the cost of a new well. c. “Undeveloped” oil and gas reserves are reserves of any category that are expected to be recovered from new wells on undrilled acreage, or from existing wells where a relatively major expenditure is required for recompletion. Total Proved reserves decreased 128.8 MMBOE including production of 214.1 MMBOE in 2024 due to the following: • Revisions and improved recovery of oil and NGLs were positive primarily due to positive revisions other than price of 97.5 MMBOE, and changes in the approved development plan of 17.9 MMBOE, partially offset by lower 12-month average trailing prices of 27.1 MMBOE. Revisions and improved recovery of natural gas were negative primarily due to lower 12-month average trailing prices of 1,914 Bcf ( 319.1 MMBOE), and changes in the approved development plan of 239 Bcf ( 39.8 MMBOE), partially offset by positive revisions other than price of 316 Bcf ( 52.7 MMBOE). • Extensions and discoveries of oil, NGLs and natural gas increased proved reserves by 300.1 MMBOE due to successful drilling leading to increased technical delineation, as well as new proved undeveloped locations resulting from updated development plans in Permian, Montney and Uinta. Total Proved reserves decreased 87.7 MMBOE including production of 206.5 MMBOE in 2023 due to the following: • Revisions and improved recovery of oil, NGLs and natural gas were negative primarily due to changes in the approved development plan of 330.0 MMBOE and revisions other than price of 9.2 MMBOE, partially offset by positive price revisions of 29.6 MMBOE from lower royalties in Canada due to lower 12-month average trailing prices. • Extensions and discoveries of oil, NGLs and natural gas increased proved reserves by 285.3 MMBOE due to successful drilling leading to increased technical delineation, as well as new proved undeveloped locations resulting from updated development plans in Montney, Permian and Uinta. • Purchases of 243.9 MMBOE were primarily from the Permian Acquisition. • Sale of reserves in place decreased proved developed reserves by 100.8 MMBOE primarily due to the divestiture of the Bakken. Total Proved reserves increased 15.4 MMBOE including production of 186.2 MMBOE in 2022 due to the following: • Revisions and improved recovery of oil, NGLs and natural gas were negative primarily due to changes in the approved development plan of 142.5 MMBOE, negative price revisions of 49.6 MMBOE from higher royalties in Canada due to higher 12-month average trailing prices, and 1.5 MMBOE from revisions other than price, partially offset by 4.4 MMBOE from infill drilling locations. • Extensions and discoveries of oil, NGLs and natural gas increased proved reserves by 370.6 MMBOE due to successful drilling leading to increased technical delineation, as well as new proved undeveloped locations resulting from updated development plans in Montney and Permian. • Purchases of 45.9 MMBOE were primarily properties with oil and liquids-rich potential in Permian. • Sale of reserves in place decreased proved developed reserves by 25.7 MMBOE primarily due to the divestiture of properties held in Uinta. STANDARDIZED MEASURE OF DISCOUNTED FUTURE NET CASH FLOWS RELATING TO PROVED OIL AND GAS RESERVES In calculating the standardized measure of discounted future net cash flows, constant price and cost assumptions were applied to Ovintiv’s annual future production from proved reserves to determine cash inflows. Estimates of future net cash flows from proved reserves are computed based on the average beginning-of-the-month prices during the 12-month period for the year. Future production and development costs include estimates for abandonment and dismantlement costs associated with asset retirement obligations and assume the continuation of existing economic, operating and regulatory conditions. Future income taxes are calculated by applying statutory income tax rates to future pre-tax cash flows after provision for the tax cost of the oil and natural gas properties based upon existing laws and regulations. The effect of tax credits is also considered in determining the income tax expense. The discount was computed by application of a 10 percent discount factor to the future net cash flows. Ovintiv cautions that the discounted future net cash flows relating to proved oil and gas reserves are an indication of neither the fair market value of Ovintiv’s oil and natural gas properties, nor the future net cash flows expected to be generated from such properties. The discounted future net cash flows do not include the fair market value of exploratory properties and probable or possible oil and gas reserves, nor is consideration given to the effect of anticipated future changes in oil and natural gas prices, development, asset retirement and production costs, and possible changes to tax and royalty regulations. The prescribed discount rate of 10 percent may not appropriately reflect future interest rates. United States Canada 2024 2023 2022 2024 2023 2022 Future Cash Inflows $ 52,682 $ 47,946 $ 74,567 $ 6,562 $ 19,697 $ 29,149 Less Future: Production costs 15,122 14,405 17,043 3,959 8,147 8,173 Development costs 10,269 8,849 8,951 1,537 2,264 2,142 Income taxes 3,690 2,735 9,333 94 2,016 4,182 Future Net Cash Flows 23,601 21,957 39,240 972 7,270 14,652 Less 10% annual discount for estimated timing of cash flows 10,741 10,182 20,272 160 2,963 6,121 Discounted Future Net Cash Flows $ 12,860 $ 11,775 $ 18,968 $ 812 $ 4,307 $ 8,531 Total 2024 2023 2022 Future Cash Inflows $ 59,244 $ 67,643 $ 103,716 Less Future: Production costs 19,081 22,552 25,216 Development costs 11,806 11,113 11,093 Income taxes 3,784 4,751 13,515 Future Net Cash Flows 24,573 29,227 53,892 Less 10% annual discount for estimated timing of cash flows 10,901 13,145 26,393 Discounted Future Net Cash Flows $ 13,672 $ 16,082 $ 27,499 CHANGES IN STANDARDIZED MEASURE OF DISCOUNTED FUTURE NET CASH FLOWS RELATING TO PROVED OIL AND GAS RESERVES United States Canada 2024 2023 2022 2024 2023 2022 Balance, Beginning of Year $ 11,775 $ 18,968 $ 14,291 $ 4,307 $ 8,531 $ 4,484 Changes Resulting From: Sales of oil and gas produced during the year (1) ( 3,984 ) ( 3,969 ) ( 5,023 ) ( 580 ) ( 1,067 ) ( 2,344 ) Discoveries and extensions, net of related costs 2,106 1,141 2,735 152 1,059 2,635 Purchases of proved reserves in place 34 2,440 661 - 24 58 Sales and transfers of proved reserves in place ( 11 ) ( 1,765 ) ( 278 ) - - ( 28 ) Net change in prices and production costs (1) ( 1,704 ) ( 5,730 ) 9,075 ( 1,700 ) ( 6,867 ) 5,543 Revisions to quantity estimates 2,148 ( 5,250 ) ( 712 ) ( 3,073 ) ( 143 ) ( 961 ) Accretion of discount 1,286 2,290 1,630 549 1,094 545 Development costs incurred during the year 1,850 2,184 1,475 441 575 339 Changes in estimated future development costs ( 67 ) ( 1,384 ) ( 2,965 ) ( 393 ) ( 120 ) ( 303 ) Other - 1 ( 2 ) ( 1 ) - - Net change in income taxes ( 573 ) 2,849 ( 1,919 ) 1,110 1,221 ( 1,437 ) Balance, End of Year $ 12,860 $ 11,775 $ 18,968 $ 812 $ 4,307 $ 8,531 Total 2024 2023 2022 Balance, Beginning of Year $ 16,082 $ 27,499 $ 18,775 Changes Resulting From: Sales of oil and gas produced during the year (1) ( 4,564 ) ( 5,036 ) ( 7,367 ) Discoveries and extensions, net of related costs 2,258 2,200 5,370 Purchases of proved reserves in place 34 2,464 719 Sales and transfers of proved reserves in place ( 11 ) ( 1,765 ) ( 306 ) Net change in prices and production costs (1) ( 3,404 ) ( 12,597 ) 14,618 Revisions to quantity estimates ( 925 ) ( 5,393 ) ( 1,673 ) Accretion of discount 1,835 3,384 2,175 Development costs incurred during the year 2,291 2,759 1,814 Changes in estimated future development costs ( 460 ) ( 1,504 ) ( 3,268 ) Other ( 1 ) 1 ( 2 ) Net change in income taxes 537 4,070 ( 3,356 ) Balance, End of Year $ 13,672 $ 16,082 $ 27,499 (1) See Note 2 regarding the reclassification of the Company’s previously reported Market Optimization segment. RESULTS OF OPERATIONS The following table sets forth revenue and direct cost information relating to the Company’s oil and natural gas exploration and production activities. United States Canada 2024 2023 2022 2024 2023 2022 Oil, NGL and Natural Gas Revenues (1) $ 5,612 $ 5,586 $ 6,696 $ 1,746 $ 2,226 $ 3,487 Less: Production, mineral and other taxes 319 327 401 14 15 14 Transportation and processing (2) 510 547 626 1,043 1,056 1,002 Operating (2) 799 743 646 109 88 127 Depreciation, depletion and amortization 1,971 1,519 861 297 286 235 Impairments - - - 450 - - Accretion of asset retirement obligation 9 8 8 10 11 10 Operating Income (Loss) 2,004 2,442 4,154 ( 177 ) 770 2,099 Income Taxes 436 531 955 ( 42 ) 182 502 Results of Operations $ 1,568 $ 1,911 $ 3,199 $ ( 135 ) $ 588 $ 1,597 Total 2024 2023 2022 Oil, NGL and Natural Gas Revenues (1) $ 7,358 $ 7,812 $ 10,183 Less: Production, mineral and other taxes 333 342 415 Transportation and processing (2) 1,553 1,603 1,628 Operating (2) 908 831 773 Depreciation, depletion and amortization 2,268 1,805 1,096 Impairments 450 - - Accretion of asset retirement obligation 19 19 18 Operating Income (Loss) 1,827 3,212 6,253 Income Taxes 394 713 1,457 Results of Operations $ 1,433 $ 2,499 $ 4,796 (1) Excludes gains (losses) on risk management and sales of volumes purchased from third-parties. See Note 2 regarding the reclassification of the Company’s previously reported Market Optimization segment. (2) Excludes costs related to the purchase and sale of third-party volumes. CAPITALIZED COSTS Capitalized costs include the cost of properties, equipment and facilities for oil and natural gas producing activities. Capitalized costs for proved properties include costs for oil and natural gas leaseholds where proved reserves have been identified, development wells and related equipment and facilities, including development wells in progress. Capitalized costs for unproved properties include costs for acquiring oil and natural gas leaseholds where no proved reserves have been identified. United States Canada 2024 2023 2022 2024 2023 2022 Proved Oil and Gas Properties $ 50,246 $ 47,440 $ 41,382 $ 15,763 $ 16,644 $ 15,672 Unproved Oil and Gas Properties 741 1,449 1,127 23 37 45 Total Capital Cost 50,987 48,889 42,509 15,786 16,681 15,717 Accumulated DD&A 37,770 35,799 34,280 14,821 15,332 14,687 Net Capitalized Costs $ 13,217 $ 13,090 $ 8,229 $ 965 $ 1,349 $ 1,030 Total 2024 2023 2022 Proved Oil and Gas Properties $ 66,009 $ 64,084 $ 57,054 Unproved Oil and Gas Properties 764 1,486 1,172 Total Capital Cost 66,773 65,570 58,226 Accumulated DD&A 52,591 51,131 48,967 Net Capitalized Costs $ 14,182 $ 14,439 $ 9,259 COSTS INCURRED Costs incurred includes both capitalized costs and costs charged to expense when incurred. Costs incurred also includes internal costs directly related to acquisition, exploration, and development activities, new asset retirement costs established in the current year as well as increases or decreases to the asset retirement obligations resulting from changes to cost estimates during the year. United States Canada 2024 2023 2022 2024 2023 2022 Acquisition Costs Unproved $ - $ 1,063 $ 154 $ - $ - $ - Proved 200 3,868 123 5 6 9 Total Acquisition Costs 200 4,931 277 5 6 9 Exploration Costs 6 3 5 - - 7 Development Costs 1,925 2,224 1,530 467 562 376 Total Costs Incurred $ 2,131 $ 7,158 $ 1,812 $ 472 $ 568 $ 392 Total 2024 2023 2022 Acquisition Costs Unproved $ - $ 1,063 $ 154 Proved 205 3,874 132 Total Acquisition Costs 205 4,937 286 Exploration Costs 6 3 12 Development Costs 2,392 2,786 1,906 Total Costs Incurred $ 2,603 $ 7,726 $ 2,204 COSTS NOT SUBJECT TO DEPLETION OR AMORTIZATION Upstream costs in respect of significant unproved properties are excluded from the country cost center’s depletable base as follows: As at December 31 2024 2023 United States $ 741 $ 1,449 Canada 23 37 $ 764 $ 1,486 The following is a summary of the costs related to Ovintiv’s unproved properties as at December 31, 2024: 2024 2023 2022 Prior to 2022 Total Acquisition Costs $ - $ 539 $ 79 $ 99 $ 717 Exploration Costs 6 3 5 33 47 $ 6 $ 542 $ 84 $ 132 $ 764 Acquisition costs primarily include costs incurred to acquire or lease properties. Exploration costs primarily include costs related to geological and geophysical studies and unevaluated costs associated with drilling and equipping exploratory wells. Ultimate recoverability of these costs and the timing of inclusion within the applicable country cost center’s depletable base is dependent upon either the finding of proved oil, NGL and natural gas reserves, expiration of leases or recognition of impairments. The $ 764 million of oil and natural gas properties not subject to depletion or amortization primarily includes leasehold and mineral costs related to acquisitions in Permian. These acquisition costs are associated with acquired acreage for which proved reserves have yet to be assigned from future development. The Company continually assesses the development timeline of the acquired acreage. The timing and amount of the transfer of property acquisition costs into the depletable base are based on several factors and may be subject to changes over time from drilling plans, drilling results, availability of capital, project economics and other assessments of the property. The inclusion of these acquisition costs in the depletable base is expected to occur within two years . The remaining costs excluded from depletion are related to properties which are not individually significant.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2024
Accounting Policies [Abstract]
Basis of Presentation	B) BASIS OF PRESENTATION The Consolidated Financial Statements include the accounts of Ovintiv and are presented in conformity with U.S. GAAP and the rules and regulations of the SEC. In these Consolidated Financial Statements, unless otherwise indicated, all dollar amounts are expressed in U.S. dollars. Ovintiv’s financial results herein are consolidated and reported in U.S. dollars. All references to US$ or to $ are to United States dollars and references to C$ are to Canadian dollars.
Principles of Consolidation	C) PRINCIPLES OF CONSOLIDATION The 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 Ovintiv has the ability to exercise significant influence are accounted for using the equity method.
Foreign Currency Translation	D) FOREIGN CURRENCY TRANSLATION Monetary assets and liabilities of the Company that are denominated in foreign currencies are translated at the rates of exchange in effect at the period end date. Any gains or losses are recorded in the Consolidated Statement of Earnings. Foreign currency revenues and expenses are translated at the rates of exchange in effect at the time of the transaction. Assets and liabilities of foreign operations are translated at period end exchange rates, while the related revenues and expenses are translated using average rates during the period. Translation gains and losses relating to foreign operations are included in accumulated other comprehensive income (“AOCI”). Recognition of Ovintiv’s accumulated translation gains and losses into net earnings occurs upon complete or substantially complete liquidation of the Company’s investment in the foreign operation.
Use of Estimates	E) USE OF ESTIMATES Preparation of the Consolidated Financial Statements in conformity with U.S. GAAP requires Management to make informed estimates and assumptions and use judgments that affect reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the Consolidated Financial Statements and the reported amounts of revenues and expenses during the period. Such estimates primarily relate to unsettled transactions and events as of the date of the Consolidated Financial Statements. Accordingly, actual results may differ from estimated amounts as future events occur. Significant items subject to estimates and assumptions are: • Estimates of proved reserves used for depletion and ceiling test impairment calculations • Estimated fair value of long-term assets used for impairment calculations • Fair value of reporting units used for the assessment of goodwill • Estimates of future taxable earnings used to assess the realizable value of deferred tax assets • Estimates of incremental borrowing rates and lease terms used in the measurement of right-of-use (“ROU”) assets and lease liabilities • Fair value of asset retirement costs and related obligations • Fair value of derivative instruments • Fair value attributed to assets acquired and liabilities assumed in business combinations • Tax interpretations, regulations and legislation in the various jurisdictions in which the Company and its subsidiaries operate • Accruals for long-term performance-based compensation arrangements, including whether or not the performance criteria will be met and measurement of the ultimate payout amount • Recognized values of pension assets and obligations, as well as the pension costs charged to net earnings, depend on certain actuarial and economic assumptions • Accruals for legal claims, environmental risks and exposures
Revenues from Contracts with Customers	F) REVENUES FROM CONTRACTS WITH CUSTOMERS Revenues from contracts with customers associated with Ovintiv’s oil, NGLs and natural gas, sales of purchased product and third-party processing and gathering are recognized when control of the good or service is transferred to the customer, and title or risk of loss transfers to the customer. Transaction prices are determined at inception of the contract and allocated to the performance obligations identified. Variable consideration is estimated and included in the transaction price, unless the variable consideration is constrained. For product sales, the performance obligations are satisfied at a point in time when the product is delivered to the customer and control is transferred. Payment from the customer is due when the product is delivered to the custody point. Revenues for product sales are presented on an after-royalties basis. For arrangements to gather and process natural gas for third parties, performance obligations are satisfied over time as the service is provided to the customer. Payment from the customer is due when the customer receives the benefit of the service and the product is delivered to the custody point or plant tailgate. Revenues associated with services provided where Ovintiv acts as agent are recorded on a net basis.
Production, Mineral and Other Taxes	G) PRODUCTION, MINERAL AND OTHER TAXES Costs paid by Ovintiv for taxes based on production or revenues from oil, NGLs and natural gas are recognized when the product is produced. Costs paid by Ovintiv for taxes on the valuation of upstream assets and reserves are recognized when incurred.
Transportation and Processing	H) TRANSPORTATION AND PROCESSING Costs paid by Ovintiv for the transportation and processing of oil, NGLs and natural gas are recognized when the product is delivered and the services made available or provided.
Operating	I) OPERATING Operating costs paid by Ovintiv, net of amounts capitalized, are recognized for oil and natural gas properties in which the Company has a working interest.
Employee Benefit Plans	J) EMPLOYEE BENEFIT PLANS The Company sponsors defined contribution and defined benefit plans, providing pension and other post-employment benefits to its employees in the U.S. and Canada. As of January 1, 2003, the defined benefit pension plan was closed to new entrants. Pension expense for the defined contribution pension plan is recorded as the benefits are earned by the employees covered by the plans. Ovintiv accrues for its obligations under its employee defined benefit plans, net of plan assets. The cost of defined benefit pensions and other post-employment benefits is actuarially determined using the projected benefit method based on length of service and reflects Management’s best estimate of salary escalation, mortality rates, retirement ages of employees and expected future health care costs. The expected return on plan assets is based on historical and projected rates of return for assets in the investment plan portfolio. The actual return is based on the fair value of plan assets. The projected benefit obligation is discounted using the market interest rate on high-quality corporate debt instruments as at the measurement date. Defined benefit pension plan expenses include the cost of pension benefits earned during the current year, the interest cost on pension obligations, the expected return on pension plan assets, the amortization of adjustments arising from pension plan amendments, the amortization of net prior service costs, and the amortization of the excess of the net actuarial gains or losses over 10 percent of the greater of the benefit obligation and the fair value of plan assets. Amortization is on a straight-line basis over a period covering the expected average remaining service lives of employees covered by the plans. All components of the net defined periodic benefit cost, excluding the service cost component, are included in other (gains) losses, net.
Income Taxes	K) INCOME TAXES Ovintiv follows the liability method of accounting for income taxes. Under this method, deferred income taxes are recorded for the effect of any temporary difference between the accounting and income tax basis of an asset or liability, using the enacted income tax rates and laws expected to apply when the assets are realized and liabilities are settled. Current income taxes are measured at the amount expected to be recoverable from or payable to the taxing authorities based on the income tax rates and laws enacted at the end of the reporting period. The effect of a change in the enacted tax rates or laws is recognized in net earnings in the period of enactment. Income taxes are recognized in net earnings except to the extent that they relate to items recognized directly in shareholders’ equity, in which case the income taxes are recognized directly in shareholders’ equity. Deferred income tax assets are assessed routinely for realizability. If it is more likely than not that deferred tax assets will not be realized, a valuation allowance is recorded to reduce the deferred tax assets. Ovintiv considers available positive and negative evidence when assessing the realizability of deferred tax assets including historic and expected future taxable earnings, available tax planning strategies and carry forward periods. The assumptions used in determining expected future taxable earnings are consistent with those used in the goodwill impairment assessment. Ovintiv recognizes the financial statement effects of a tax position when it is more likely than not, based on the technical merits, that the position will be sustained upon examination by a taxing authority. A recognized tax position is initially and subsequently measured as the largest amount of tax benefit that is greater than 50 percent likely of being realized upon settlement with a taxing authority. Liabilities for unrecognized tax benefits that are not expected to be settled within the next 12 months are included in other liabilities and provisions. Interest related to unrecognized tax benefits is recognized in interest expense.
Earnings Per Share Amounts	L) EARNINGS PER SHARE AMOUNTS Basic net earnings per share of common stock is computed by dividing the net earnings by the weighted average number of shares of common stock outstanding during the period. Diluted net earnings per share of common stock is calculated giving effect to the potential dilution that would occur if stock options were exercised or other contracts to issue shares of common stock were exercised, fully vested, or converted to shares of common stock. The treasury stock method is used to determine the dilutive effect of stock options and other dilutive instruments. The treasury stock method assumes that proceeds received from the exercise of in-the-money stock options and other dilutive instruments are used to repurchase shares of common stock at the average market price.
Cash and Cash Equivalents	M) CASH AND CASH EQUIVALENTS Cash and cash equivalents include cash on hand and short-term investments, such as money market deposits or similar type instruments, with a maturity of three months or less when purchased. Outstanding disbursements issued in excess of applicable bank account balances are excluded from cash and cash equivalents and are recorded in accounts payable and accrued liabilities.
Property, Plant and Equipment	N) PROPERTY, PLANT AND EQUIPMENT UPSTREAM Ovintiv uses the full cost method of accounting for its acquisition, exploration and development activities. Accordingly, all costs directly associated with the acquisition of, the exploration for, and the development of oil, NGLs and natural gas reserves, including costs of undeveloped leaseholds, dry holes and related equipment, are capitalized on a country-by-country cost center basis. Capitalized costs exclude costs relating to production, general overhead or similar activities. Capitalized costs accumulated within each cost center are depleted using the unit-of-production method based on proved reserves. Depletion is calculated using the capitalized costs, including estimated retirement costs, plus the undiscounted future expenditures, based on current costs, to be incurred in developing proved reserves. Costs associated with unproved properties are excluded from the depletion calculation until it is determined that proved reserves are attributable or impairment has occurred. Unproved properties are assessed separately for impairment on a quarterly basis. Costs that have been impaired are included in the costs subject to depletion within the full cost pool. Under the full cost method of accounting, the carrying amount of Ovintiv’s oil and natural gas properties within each of the USA and Canadian country cost centers is subject to a ceiling test at the end of each quarter. A ceiling test impairment is recognized in net earnings when the carrying amount of the country cost center exceeds the respective country cost center’s ceiling. The carrying amount of a country cost center includes capitalized costs of proved oil and natural gas properties, net of accumulated depletion and the related deferred income taxes. The country cost center ceiling is the sum of the estimated after-tax future net cash flows from proved reserves, using the 12‑month average trailing prices and unescalated future development and production costs, discounted at 10 percent, plus unproved property costs. The 12-month average trailing price is calculated as the average of the price on the first day of each month within the trailing 12-month period. Any excess of the carrying amount over the calculated ceiling amount is recognized as an impairment in net earnings. Proceeds from the divestiture of properties are normally deducted from the full cost pool without recognition of a gain or loss unless the deduction significantly alters the relationship between capitalized costs and proved reserves in the cost center, in which case a gain or loss is recognized in net earnings. Generally, a gain or loss on a divestiture would be recognized when 25 percent or more of the Company’s proved reserves quantities are sold in a particular country cost center. For divestitures that result in the recognition of a gain or loss on the sale and constitute a business, goodwill is allocated to the divestiture. CORPORATE Costs associated with office furniture, fixtures, leasehold improvements, information technology and aircraft are carried at cost and depreciated on a straight-line basis over the estimated service lives of the assets, which range from three to 25 years . Land is carried at cost.
Capitalization of Costs	O) CAPITALIZATION OF COSTS Expenditures related to renewals or betterments that improve the productive capacity or extend the life of an asset are capitalized. Maintenance and repairs are expensed as incurred. Interest on borrowings associated with development projects is capitalized during the development phase.
Business Combinations	P) BUSINESS COMBINATIONS Business combinations are accounted for using the acquisition method. The acquired identifiable net assets are measured at fair value at the date of acquisition. Deferred taxes are recognized for any differences between the fair value of net assets acquired and the related tax bases. Any excess of the purchase price over the fair value of the net assets acquired is recognized as goodwill. Any deficiency of the purchase price below the fair value of the net assets acquired is recorded as a gain in net earnings. Associated transaction costs are expensed when incurred.
Goodwill	Q) GOODWILL Goodwill represents the excess of purchase price over fair value of net assets acquired and is assessed for impairment at least annually at December 31. Goodwill and all other assets and liabilities are allocated to reporting units, which are Ovintiv’s country cost centers. To assess impairment, the carrying amount of each reporting unit is determined and compared to the fair value of each respective reporting unit. Any excess of the carrying value of the reporting unit, including goodwill, over its fair value is recognized as an impairment and charged to net earnings. The impairment charge measured is limited to the total amount of goodwill allocated to that reporting unit. Subsequent measurement of goodwill is at cost less any accumulated impairments.
Impairment of Long-Term Assets	R) IMPAIRMENT OF LONG-TERM ASSETS The carrying value of long-term assets, excluding goodwill and upstream assets included in property, plant and equipment, is assessed for impairment when indicators suggest that the carrying value of an asset or asset group may not be recoverable. Individual assets are grouped for impairment purposes at the lowest level for which there are identifiable cashflows that are largely independent of the cashflows of other groups of assets. If the carrying amount exceeds the sum of the undiscounted cash flows expected to result from the continued use and eventual disposition of the asset or asset group, an impairment is recognized for the excess of the carrying amount over its estimated fair value.
Asset Retirement Obligation	S) ASSET RETIREMENT OBLIGATION Asset retirement obligations are those legal obligations where the Company will be required to retire tangible long-lived assets such as producing well sites, processing plants, and restoring land at the end of oil and gas production operations. The asset retirement obligation is initially measured at its fair value and recorded as a liability with an offsetting retirement cost that is capitalized as part of the related long-lived asset in the Consolidated Balance Sheet. The estimated fair value is measured by reference to the expected future cash flows required to satisfy the obligation, discounted at the Company’s credit-adjusted risk-free rate. Changes in the estimated obligation resulting from revisions to estimated timing or amount of future cash flows are recognized as a change in the asset retirement obligation and the related asset retirement cost. Amortization of asset retirement costs are included in depreciation, depletion and amortization in the Consolidated Statement of Earnings. Increases in the asset retirement obligations resulting from the passage of time are recorded as accretion of asset retirement obligation in the Consolidated Statement of Earnings. Actual expenditures incurred are charged against the accumulated asset retirement obligation.
Stock-Based Compensation	T) STOCK-BASED COMPENSATION Stock-based compensation arrangements are accounted for at fair value. Fair values are determined using observable share prices and/or pricing models such as the Black-Scholes-Merton option-pricing model. For equity-settled stock-based compensation plans, fair values are determined at the grant date and are recognized over the vesting period as compensation costs with a corresponding credit to shareholders’ equity. For cash-settled stock-based compensation plans, fair values are determined at each reporting date and periodic changes are recognized as compensation costs, with a corresponding change to liabilities. Compensation costs are recognized over the vesting period using the accelerated attribution method for awards with a graded vesting feature. Forfeitures are estimated based on the Company’s historical turnover rates.
Leases	U) LEASES Leases for the right to use an asset are classified as either an operating or finance lease. Upon commencement of the lease, a ROU asset and corresponding lease liability are recognized in the Consolidated Balance Sheet for all operating and finance leases. Ovintiv has elected the short-term lease exemption, which does not require a ROU asset or lease liability to be recognized in the Consolidated Balance Sheet when the lease term is 12 months or less and does not include an option to purchase the underlying asset that the lessee is reasonably certain to exercise. Upon commencement of the lease, ROU assets are recognized based on the initial measurement of the lease liability and adjusted for any lease payments made before the commencement date of the lease, less any lease incentives and including any initial direct costs incurred. Lease liabilities are initially measured at the present value of future minimum lease payments over the lease term. The discount rate used to determine the present value is the rate implicit in the lease unless that rate cannot be determined, in which case Ovintiv’s incremental borrowing rate is used. Rights to extend or terminate a lease are included in the lease term when there is reasonable certainty the right will be exercised. Factors used to assess reasonable certainty of rights to extend or terminate a lease include current and forecasted drilling plans, anticipated changes in development strategies, historical practice in extending similar contracts and current market conditions. Operating lease ROU assets and liabilities are subsequently measured at the present value of the lease payments not yet paid and discounted at the initial discount rate at commencement of the lease, less any impairments to the ROU asset. Operating lease expense and revenue from subleases are recognized in the Consolidated Statement of Earnings on a straight-line basis over the lease term. Finance lease ROU assets are amortized on a straight-line basis over the estimated useful life of the asset if the lessee is reasonably certain to exercise a purchase option or ownership of the leased asset transfers at the end of the lease term, otherwise the leased assets are amortized over the lease term. Amortization of finance lease ROU assets is included in depreciation, depletion and amortization in the Consolidated Statement of Earnings. Variable lease payments include changes in index rates, mobilization and demobilization costs related to oil and gas equipment and certain costs associated with office and building leases. Variable lease payments are recognized when incurred. Lease and non-lease components are accounted for as a single lease component for compression, coolers and office subleases.
Fair Value Measurements	V) FAIR VALUE MEASUREMENTS Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Valuation techniques include the market, income and cost approach. The market approach uses information generated by market transactions involving identical or comparable assets or liabilities; the income approach converts estimated future cash flows to a present value; the cost approach is based on the amount that currently would be required to replace an asset. Inputs used in determining fair value are characterized according to a hierarchy that prioritizes those inputs based on the degree to which they are observable. The three input levels of the fair value hierarchy are as follows: • Level 1 - Inputs represent quoted prices in active markets for identical assets or liabilities, such as exchange-traded commodity derivatives. • Level 2 - Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly, such as quoted market prices for similar assets or liabilities in active markets or other market corroborated inputs. • Level 3 - Inputs that are not observable from objective sources, such as forward prices supported by little or no market activity or internally developed estimates of future cash flows used in a present value model. In determining fair value, the Company utilizes the most observable inputs available. If a fair value measurement reflects inputs at multiple levels within the hierarchy, the fair value measurement is characterized based on the lowest level of input that is significant to the fair value measurement. The carrying amount of cash and cash equivalents, accounts receivable and accrued revenues, and accounts payable and accrued liabilities reported in the Consolidated Balance Sheet approximates fair value. The fair value of long-term debt is disclosed in Note 15. Fair value information related to pension plan assets is included in Note 23. Recurring fair value measurements are performed for risk management assets and liabilities and other derivative contracts as discussed in Note 24. Certain non-financial assets and liabilities are initially measured at fair value, such as asset retirement obligations and assets and liabilities acquired in business combinations or certain non-monetary exchange transactions.
Risk Management Assets and Liabilities	W) RISK MANAGEMENT ASSETS AND LIABILITIES Risk management assets and liabilities are derivative financial instruments used by Ovintiv to manage economic exposure to market risks relating to commodity prices, foreign currency exchange rates and interest rates. The use of these derivative instruments is governed under formal policies and is subject to limits established by the Board of Directors. Derivative instruments that do not qualify for the normal purchases and sales exemption are measured at fair value with changes in fair value recognized in net earnings. The fair values recorded in the Consolidated Balance Sheet reflect netting the asset and liability positions where counterparty master netting arrangements contain provisions for net settlement. Realized gains or losses from financial derivatives related to oil, NGLs and natural gas commodity prices are presented in revenues as the contracts are settled. Realized gains or losses from foreign currency exchange swaps are presented in foreign exchange (gain) loss as the contracts are settled. Realized gains or losses recognized from other derivative contracts are presented in revenues as the obligations are settled. Unrealized gains and losses are recognized based on the changes in fair value of the contracts and are presented in revenues and foreign exchange (gain) loss.
Commitments and Contingencies	X) COMMITMENTS AND CONTINGENCIES Liabilities for loss contingencies arising from claims, assessments, litigation, environmental and other sources are recorded when it is probable that a liability has been incurred and the amount can be reasonably estimated. These accruals are adjusted as additional information becomes available or circumstances change.
Recent Accounting Pronouncements	Y) 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 the FASB. The amendments enhance annual disclosure requirements about significant segment expenses that are regularly provided to the Chief Operating Decision Makers (“CODMs”) and included within reported measures of segment profit or loss. The amendments do not change how an entity identifies its operating segments. The amendments have been applied retrospectively to all prior periods presented in these annual disclosures and did not have a material impact on the Company’s Consolidated Financial Statements. In addition, these annual disclosures will be presented in all future interim periods beginning in the first quarter of 2025. 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. • As of January 1, 2027, Ovintiv will be required to adopt ASU 2024-03 “Disaggregation of Income Statement Expenses” for annual disclosures with interim disclosures required beginning in the first quarter of 2028. The new standard requires that an entity disclose tabular information about certain expenses including, but not limited to, purchases of inventory, employee compensation, and depreciation, depletion, and amortization expense that are presented within expense line captions reported on the statement of earnings. A qualitative description of the remaining other amounts within those expense line captions will be required. The Company will also be required to determine and disclose its definition of selling expenses and the total amount of selling expenses. The amendments are to be applied prospectively, with the option for retrospective application, and are not expected to have a material impact on the Company’s Consolidated Financial Statements.

Segmented Information (Tables)

Segmented Information (Tables)	12 Months Ended
	Dec. 31, 2024
Segment Reporting [Abstract]
Segment Information	Results of Operations Segment Information USA Operations Canadian Operations For the years ended December 31 2024 2023 2022 2024 2023 2022 Revenues Product and service revenues (1) (2) $ 5,612 $ 5,586 $ 6,696 $ 1,746 $ 2,226 $ 3,487 Sales of purchased product (1) 1,449 2,590 3,650 136 259 430 Gains (losses) on risk management, net 119 10 ( 1,123 ) 152 ( 53 ) ( 1,485 ) Sublease revenues - - - - - - Total Revenues 7,180 8,186 9,223 2,034 2,432 2,432 Operating Expenses Production, mineral and other taxes 319 327 401 14 15 14 Transportation and processing (1) 560 683 765 1,079 1,083 1,021 Operating (1) 810 757 665 121 102 137 Purchased product (1) 1,446 2,587 3,645 100 228 410 Depreciation, depletion and amortization 1,971 1,519 861 297 286 235 Impairments - - - 450 - - Total Operating Expenses 5,106 5,873 6,337 2,061 1,714 1,817 Operating Income (Loss) $ 2,074 $ 2,313 $ 2,886 $ ( 27 ) $ 718 $ 615 Corporate & Other Consolidated 2024 2023 2022 2024 2023 2022 Revenues Product and service revenues (1) (2) $ - $ - $ - $ 7,358 $ 7,812 $ 10,183 Sales of purchased product (1) - - - 1,585 2,849 4,080 Gains (losses) on risk management, net ( 136 ) 194 741 135 151 ( 1,867 ) Sublease revenues 74 71 68 74 71 68 Total Revenues ( 62 ) 265 809 9,152 10,883 12,464 Operating Expenses Production, mineral and other taxes - - - 333 342 415 Transportation and processing (1) - - - 1,639 1,766 1,786 Operating (1) - - - 931 859 802 Purchased product (1) - - - 1,546 2,815 4,055 Depreciation, depletion and amortization 22 20 17 2,290 1,825 1,113 Impairments - - - 450 - - Accretion of asset retirement obligation 19 19 18 19 19 18 Administrative 365 393 422 365 393 422 Total Operating Expenses 406 432 457 7,573 8,019 8,611 Operating Income (Loss) $ ( 468 ) $ ( 167 ) $ 352 1,579 2,864 3,853 Other (Income) Expenses Interest 412 355 311 Foreign exchange (gain) loss, net ( 19 ) 19 15 Other (gains) losses, net ( 165 ) ( 20 ) ( 33 ) Total Other (Income) Expenses 228 354 293 Net Earnings (Loss) Before Income Tax 1,351 2,510 3,560 Income tax expense (recovery) 226 425 ( 77 ) Net Earnings (Loss) $ 1,125 $ 2,085 $ 3,637 (1) See above regarding the reclassification of the Company’s previously reported Market Optimization segment. (2) Product and service revenues are split by product in Note 3.
Revenue by Geographic Region	Revenues by Geographic Region United States Canada Total For the years ended December 31 2024 2023 2022 2024 2023 2022 2024 2023 2022 Corporate & Other Revenues Gains (losses) on risk management, net $ ( 133 ) $ 94 $ 327 $ ( 3 ) $ 100 $ 414 $ ( 136 ) $ 194 $ 741 Sublease revenues 8 8 10 66 63 58 74 71 68 Total Corporate & $ ( 125 ) $ 102 $ 337 $ 63 $ 163 $ 472 $ ( 62 ) $ 265 $ 809
Capital Expenditures by Segment	Capital Expenditures by Segment For the years ended December 31 2024 2023 2022 USA Operations $ 1,868 $ 2,189 $ 1,493 Canadian Operations 428 549 334 Corporate & Other 7 6 4 $ 2,303 $ 2,744 $ 1,831
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 December 31 2024 2023 2024 2023 2024 2023 USA Operations (1) $ 1,938 $ 1,938 $ 13,263 $ 13,129 $ 16,233 $ 16,248 Canadian Operations (1) 608 661 970 1,357 1,917 2,421 Corporate & Other - - 131 154 1,104 1,318 $ 2,546 $ 2,599 $ 14,364 $ 14,640 $ 19,254 $ 19,987 (1) See above regarding the reclassification of the Company’s previously reported Market Optimization segment.
Goodwill, Property, Plant and Equipment and Total Assets by Geographical Region	Goodwill, Property, Plant and Equipment and Total Assets by Geographic Region Goodwill Property, Plant and Equipment Total Assets As at December 31 2024 2023 2024 2023 2024 2023 United States $ 1,938 $ 1,938 $ 13,302 $ 13,178 $ 16,320 $ 16,500 Canada 608 661 1,062 1,462 2,934 3,487 $ 2,546 $ 2,599 $ 14,364 $ 14,640 $ 19,254 $ 19,987

Revenues from Contracts with _2

Revenues from Contracts with Customers (Tables)	12 Months Ended
	Dec. 31, 2024
Disaggregation of Revenue [Abstract]
Disaggregation of Revenue	Revenues USA Operations Canadian Operations For the years ended December 31 2024 2023 2022 2024 2023 2022 Revenues from Customers Product revenues (1) Oil $ 4,549 $ 4,444 $ 4,537 $ 10 $ 3 $ 3 NGLs 740 679 1,049 992 1,029 1,363 Natural gas 318 458 1,107 741 1,192 2,119 Sales of purchased product (1) 1,449 2,590 3,650 136 259 430 Service revenues Gathering and processing 5 5 3 3 2 2 $ 7,061 $ 8,176 $ 10,346 $ 1,882 $ 2,485 $ 3,917 Corporate & Other Consolidated 2024 2023 2022 2024 2023 2022 Revenues from Customers Product revenues (1) Oil $ - $ - $ - $ 4,559 $ 4,447 $ 4,540 NGLs - - - 1,732 1,708 2,412 Natural gas - - - 1,059 1,650 3,226 Sales of purchased product (1) - - - 1,585 2,849 4,080 Service revenues Gathering and processing - - - 8 7 5 $ - $ - $ - $ 8,943 $ 10,661 $ 14,263 (1) See Note 2 regarding the reclassification of the Company’s previously reported Market Optimization segment.

Interest (Tables)

Interest (Tables)	12 Months Ended
	Dec. 31, 2024
Interest Expense, Operating and Nonoperating [Abstract]
Schedule of Interest Expense	For the years ended December 31 2024 2023 2022 Interest Expense on: Debt $ 403 $ 343 $ 297 Finance leases (See Note 14) 1 2 2 Other 8 10 12 $ 412 $ 355 $ 311

Foreign Exchange (Gain) Loss,_2

Foreign Exchange (Gain) Loss, Net (Tables)	12 Months Ended
	Dec. 31, 2024
Foreign Currency [Abstract]
Foreign Exchange (Gain) Loss, Net	For the years ended December 31 2024 2023 2022 Unrealized Foreign Exchange (Gain) Loss on: Translation of U.S. dollar risk management contracts issued from Canada $ 92 $ ( 20 ) $ 14 Translation of intercompany notes ( 57 ) 14 - 35 ( 6 ) 14 Foreign Exchange (Gain) Loss on Settlements of: U.S. dollar financing debt issued from Canada ( 1 ) ( 2 ) 8 U.S. dollar risk management contracts issued from Canada 3 8 5 Intercompany notes ( 41 ) 8 - Other Monetary Revaluations ( 15 ) 11 ( 12 ) $ ( 19 ) $ 19 $ 15

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2024
Income Tax Disclosure [Abstract]
Provision For Income Taxes	The provision for income taxes is as follows: For the years ended December 31 2024 2023 2022 Current Tax United States $ 8 $ 12 $ 10 Canada 74 269 - Total Current Tax Expense (Recovery) 82 281 10 Deferred Tax United States 228 248 ( 275 ) Canada ( 84 ) ( 104 ) 188 Total Deferred Tax Expense (Recovery) 144 144 ( 87 ) Income Tax Expense (Recovery) $ 226 $ 425 $ ( 77 )
Income Taxes Reconciliation	The following table reconciles income taxes calculated at the applicable statutory rate with the actual income taxes: For the years ended December 31 2024 2023 2022 Net Earnings (Loss) Before Income Tax $ 1,351 $ 2,510 $ 3,560 United States Federal Statutory Rate 21.0 % 21.0 % 21.0 % Expected Income Tax Expense (Recovery) 284 527 748 Effect on Taxes Resulting From: State income tax 15 23 26 Income tax related to foreign operations ( 14 ) 20 60 Research & development credits ( 67 ) ( 128 ) - Non-taxable items ( 5 ) 10 246 Amounts in respect of prior periods 5 ( 19 ) 101 U.S. international tax 40 8 22 Change in valuation allowance ( 45 ) ( 18 ) ( 1,299 ) Other 13 2 19 $ 226 $ 425 $ ( 77 ) Effective Tax Rate 16.7 % 16.9 % ( 2.2 %)
Components of Net Deferred Income Tax Asset (Liability)	The net deferred income tax asset (liability) consists of: As at December 31 2024 2023 Deferred Income Tax Assets Property, plant and equipment $ 27 $ - Risk management 6 - Interest and other deferred deductions 40 - Net operating and net capital losses carried forward 1,665 1,874 General business credits 200 146 CAMT credits 40 - Compensation plans 45 60 Other - 15 Less: valuation allowance ( 1,204 ) ( 1,340 ) Deferred Income Tax Liabilities Property, plant and equipment ( 971 ) ( 744 ) Risk management ( 17 ) ( 49 ) Other ( 23 ) ( 19 ) Net Deferred Income Tax Asset (Liability) $ ( 192 ) $ ( 57 )
Net Deferred Income Tax Asset (Liability) by Jurisdiction	The net deferred income tax asset (liability) for the following jurisdictions is reflected in the Consolidated Balance Sheet as follows: As at December 31 2024 2023 Deferred Income Tax Assets United States $ - $ 53 Canada 10 - 10 53 Deferred Income Tax Liabilities United States $ ( 202 ) $ ( 28 ) Canada - ( 82 ) ( 202 ) ( 110 ) Net Deferred Income Tax Asset (Liability) $ ( 192 ) $ ( 57 )
Schedule of Tax Basis, Loss Carryforwards and Tax Credits Available	Tax basis, loss carryforwards and credits available are as follows: As at December 31 2024 Expiration Date United States Tax basis $ 8,831 Indefinite Net operating losses (federal) 2,103 2025 - 2038 (1) General business credits 200 2032 - 2044 CAMT credits 40 Indefinite Canada Tax basis $ 1,013 Indefinite Net capital losses 4,957 Indefinite (1) Includes net operating losses of $ 1,187 million which have an indefinite expiration date.
Changes in Balance of Unrecognized Tax Benefits Excluding Interest	The following table presents changes in the balance of Ovintiv’s unrecognized tax benefits excluding interest: For the years ended December 31 2024 2023 Balance, Beginning of Year $ ( 187 ) $ ( 9 ) Additions for tax positions taken in the current year ( 39 ) ( 184 ) Additions for tax positions of prior years ( 24 ) - Reductions for tax positions of prior years 4 - Settlements - 6 Balance, End of Year $ ( 246 ) $ ( 187 )
Unrecognized Tax Benefit Reflected In Balance Sheet	The unrecognized tax benefit is reflected in the Consolidated Balance Sheet as follows: As at December 31 2024 2023 Income Tax Payable $ ( 2 ) $ ( 2 ) Other Liabilities and Provisions ( 12 ) ( 16 ) Deferred Income Tax Liability ( 232 ) ( 169 ) Balance, End of Year $ ( 246 ) $ ( 187 )
Tax Years Subject to Examination, by Jurisdiction	Included below is a summary of the tax years, by jurisdiction, that remain statutorily open for examination by the taxing authorities. Jurisdiction Taxation Year United States - Federal 2020 - 2024 United States - State 2019 - 2024 Canada - Federal 2016 - 2024 Canada - Provincial 2016 - 2024

Accounts Receivable and Accru_2

Accounts Receivable and Accrued Revenues (Tables)	12 Months Ended
	Dec. 31, 2024
Receivables [Abstract]
Schedule of Accounts Receivable and Accrued Revenues	As at December 31 2024 2023 Trade Receivables and Accrued Revenues Production accruals $ 747 $ 900 Purchased product accruals 174 170 Joint interest and trade receivables 132 244 Corporate and other 37 19 Total Trade Receivables and Accrued Revenues 1,090 1,333 Prepaids 56 55 Deposits and Other 42 59 1,188 1,447 Expected Credit Loss Allowance ( 5 ) ( 5 ) $ 1,183 $ 1,442

Acquisitions and Divestitures (

Acquisitions and Divestitures (Tables)	12 Months Ended
	Dec. 31, 2024
Acquisitions And Divestitures [Abstract]
Schedule of Net Acquisitions & (Divestitures)	For the years ended December 31 2024 2023 2022 Acquisitions USA Operations $ 200 $ 271 $ 277 Canadian Operations 5 6 9 Total Acquisitions 205 277 286 Divestitures USA Operations ( 7 ) ( 771 ) ( 230 ) Canadian Operations - ( 1 ) 2 Total Divestitures ( 7 ) ( 772 ) ( 228 ) Net Acquisitions & (Divestitures) $ 198 $ ( 495 ) $ 58

Business Combination (Tables)

Business Combination (Tables)	12 Months Ended
	Dec. 31, 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 includes 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.
Schedule of Unaudited Pro Forma Financial Information	For the year ended December 31 (US$ millions, except per share amounts) 2023 Revenues $ 11,485 Net Earnings (Loss) $ 2,315 Net Earnings (Loss) per Share Basic $ 8.43 Diluted 8.31

Property, Plant and Equipment_2

Property, Plant and Equipment, Net (Tables)	12 Months Ended
	Dec. 31, 2024
Property, Plant and Equipment [Abstract]
Schedule Of Property, Plant And Equipment	As at December 31 2024 2023 Cost Accumulated Net Cost Accumulated Net USA Operations Proved properties $ 50,246 $ ( 37,770 ) $ 12,476 $ 47,440 $ ( 35,799 ) $ 11,641 Unproved properties 741 - 741 1,449 - 1,449 Other (1) 48 ( 2 ) 46 41 ( 2 ) 39 51,035 ( 37,772 ) 13,263 48,930 ( 35,801 ) 13,129 Canadian Operations Proved properties 15,763 ( 14,821 ) 942 16,644 ( 15,332 ) 1,312 Unproved properties 23 - 23 37 - 37 Other (1) 10 ( 5 ) 5 13 ( 5 ) 8 15,796 ( 14,826 ) 970 16,694 ( 15,337 ) 1,357 Corporate & Other 807 ( 676 ) 131 853 ( 699 ) 154 $ 67,638 $ ( 53,274 ) $ 14,364 $ 66,477 $ ( 51,837 ) $ 14,640 (1) See Note 2 regarding the reclassification of the Company’s previously reported Market Optimization segment.

Other Assets (Tables)

Other Assets (Tables)	12 Months Ended
	Dec. 31, 2024
Other Assets [Abstract]
Schedule of Other Assets	As at December 31 2024 2023 Operating Lease ROU Assets (See Note 14) $ 788 $ 894 Long-Term Investments 33 26 Long-Term Receivables 2 37 Deferred Charges 49 44 Other (1) 93 14 $ 965 $ 1,015 (1) Includes funds paid by the Company and held in escrow related to the Company’s previously announced Montney Acquisition (as defined in Note 15) at December 31, 2024.

Goodwill (Tables)

Goodwill (Tables)	12 Months Ended
	Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Goodwill	As at December 31 2024 2023 United States Balance, beginning and end of year $ 1,938 $ 1,938 Canada Balance, beginning of year 661 646 Foreign currency translation adjustment ( 53 ) 15 Balance, end of year 608 661 Total Goodwill $ 2,546 $ 2,599

Accounts Payable and Accrued _2

Accounts Payable and Accrued Liabilities (Tables)	12 Months Ended
	Dec. 31, 2024
Payables and Accruals [Abstract]
Schedule of Accounts Payable and Accrued Liabilities	13. Accounts Payable and Accrued Liabilities As at December 31 2024 2023 Trade Payables $ 435 $ 586 Capital Accruals 193 239 Royalty and Production Accruals 696 775 Purchased Product Accruals 155 179 Outstanding Disbursements 47 45 Payroll & Other Accruals 188 191 Interest Payable 107 115 Derivative Settlements 3 - Current Portion of Long-Term Incentive Costs (See Note 22) 10 14 Other Derivative Contracts (See Notes 24, 25) - 4 Current Portion of Finance Lease Obligations (See Note 14) 8 7 Current Portion of Asset Retirement Obligation (See Note 17) 41 54 $ 1,883 $ 2,209

Leases (Tables)

Leases (Tables)	12 Months Ended
	Dec. 31, 2024
Leases [Abstract]
Summary of Operating and Finance Lease Costs	The tables below summarize Ovintiv’s operating and finance lease costs and include ROU assets and lease liabilities, amounts recognized in net earnings (loss) during the year and other lease information. As at December 31 (US$ millions, unless otherwise specified) 2024 2023 Consolidated Balance Sheet (1) : Operating Lease ROU Assets, in Other Assets $ 788 $ 894 Finance Lease ROU Assets, in Other Property Plant and Equipment 12 17 Operating Lease Liabilities: Current 82 87 Long-term 737 832 Finance Lease Liabilities: Current, in accounts payable and accrued liabilities 8 7 Long-term, in other liabilities and provisions 12 20 Weighted Average Discount Rate Operating leases 5.42 % 5.45 % Finance leases 6.11 % 6.11 % Weighted Average Remaining Lease Term Operating leases 12.1 years 12.8 years Finance leases 2.5 years 3.5 years (1) Total ROU assets and liabilities are recorded at the gross contractual amount. A portion of the future lease payments will be recovered from other working interest owners based on their proportionate share when incurred. For the years ended December 31 2024 2023 Lease Costs (1) : Operating Lease Costs, Excluding Short-Term Leases $ 271 $ 180 Finance Lease Costs: Amortization of ROU assets 5 5 Interest on lease liabilities 1 2 Total Finance Lease Costs 6 7 Short-Term Lease Costs 259 232 Variable Lease Costs 117 41 Sublease Income: Operating lease income 53 50 Variable lease income 21 21 Other Information (2) : Cash Paid for Amounts Included in the Measurement of Lease Liabilities: Operating cash outflows from operating leases 198 182 Investing cash outflows from operating leases 326 225 Operating cash outflows from finance leases 1 2 Financing cash outflows from finance leases 7 6 Supplemental Non-Cash Information: New ROU operating lease assets and liabilities 46 113 (1) Lease costs include amounts capitalized into property, plant and equipment in the Consolidated Balance Sheet and lease expense recognized in the Consolidated Statement of Earnings. (2) Rights to extend or terminate a lease are included in the lease term when there is reasonable certainty the right will be exercised. Lease contracts include rights to extend leases after the initial term, ranging from month-to-month to less than 10 years.
Schedule Operating Lease Expense	Operating lease expense is reflected in the Consolidated Statement of Earnings as follows: For the years ended December 31 2024 2023 Operating Lease Expense Transportation and processing $ 2 $ 4 Operating 101 82 Administrative 101 101 Total Operating Lease Expense $ 204 $ 187
Schedule of Future Lease Payments and Lease Liabilities Related to Operating and Finance Leases	The following table outlines the Company’s future lease payments and lease liabilities related to the Company’s operating and finance leases as at December 31, 2024: 2025 2026 2027 2028 2029 Thereafter Total Operating Leases (1) Expected Future Lease Payments $ 124 $ 98 $ 87 $ 85 $ 81 $ 652 $ 1,127 Less: Discounting 308 Present Value of Future Operating Lease Payments $ 819 Sublease Income (undiscounted) $ ( 40 ) $ ( 41 ) $ ( 41 ) $ ( 39 ) $ ( 36 ) $ ( 311 ) $ ( 508 ) Finance Leases Expected Future Lease Payments $ 9 $ 9 $ 4 $ - $ - $ - $ 22 Less: Discounting 2 Present Value of Future Finance Lease Payments $ 20 Sublease Income (undiscounted) (2) $ ( 8 ) $ ( 8 ) $ ( 3 ) $ - $ - $ - $ ( 19 ) (1) Lease payments are presented based on the gross contractual amount. A portion of the future lease payments will be recovered from other working interest owners based on their proportionate share when incurred. (2) Classified as operating lease.

Long-Term Debt (Tables)

Long-Term Debt (Tables)	12 Months Ended
	Dec. 31, 2024
Debt Disclosure [Abstract]
Schedule Of Long-Term Debt	As at December 31 Note 2024 2023 U.S. Dollar Denominated Debt Revolving credit and term loan borrowings A $ - $ 284 U.S. Unsecured Notes: B 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 F 5,476 5,760 Increase in Value of Debt Acquired C 16 22 Unamortized Debt Discounts and Issuance Costs D ( 39 ) ( 45 ) Total Long-Term Debt $ 5,453 $ 5,737 Current Portion E $ 600 $ 284 Long-Term Portion 4,853 5,453 $ 5,453 $ 5,737
Mandatory Debt Payments	Principal Interest As at December 31 Amount Amount 2025 $ 600 $ 334 2026 459 305 2027 - 292 2028 700 272 2029 - 253 Thereafter 3,717 1,711 Total $ 5,476 $ 3,167

Other Liabilities and Provisi_2

Other Liabilities and Provisions (Tables)	12 Months Ended
	Dec. 31, 2024
Other Liabilities Disclosure [Abstract]
Schedule of Other Liabilities and Provisions	As at December 31 2024 2023 Finance Lease Obligations (See Note 14) $ 12 $ 20 Unrecognized Tax Benefits (See Note 6) 12 16 Pensions and Other Post-Employment Benefits (See Note 23) 74 74 Other 16 22 $ 114 $ 132

Asset Retirement Obligation (Ta

Asset Retirement Obligation (Tables)	12 Months Ended
	Dec. 31, 2024
Asset Retirement Obligation Disclosure [Abstract]
Schedule of Change In Asset Retirement Obligation	As at December 31 2024 2023 Asset Retirement Obligation, Beginning of Year $ 330 $ 326 Liabilities Incurred 9 6 Liabilities Acquired (See Note 9) - 28 Liabilities Settled and Divested ( 52 ) ( 66 ) Change in Estimated Future Cash Outflows 64 13 Accretion Expense 19 19 Foreign Currency Translation ( 14 ) 4 Asset Retirement Obligation, End of Year $ 356 $ 330 Current Portion (See Note 13) $ 41 $ 54 Long-Term Portion 315 276 $ 356 $ 330

Share Capital (Tables)

Share Capital (Tables)	12 Months Ended
	Dec. 31, 2024
Class of Stock Disclosures [Abstract]
Schedule of Common Stock Issued and Outstanding	As at December 31 2024 2023 2022 Number Amount Number Amount Number Amount Shares of Common Stock Outstanding, Beginning of Year 271.7 $ 3 245.7 $ 3 258.0 $ 3 Shares of Common Stock Purchased ( 12.7 ) - ( 9.9 ) - ( 14.7 ) - Shares of Common Stock Issued 1.4 - 35.9 - 2.4 - Shares of Common Stock Outstanding, End of Year 260.4 $ 3 271.7 $ 3 245.7 $ 3
Earnings Per Common Share	For the years ended December 31 (US$ millions, except per share amounts) 2024 2023 2022 Net Earnings (Loss) $ 1,125 $ 2,085 $ 3,637 Number of Shares of Common Stock: Weighted average shares of common stock outstanding - Basic 264.6 259.9 253.6 Effect of dilutive securities 2.8 4.0 4.8 Weighted Average Shares of Common Stock Outstanding - Diluted 267.4 263.9 258.4 Net Earnings (Loss) per Share of Common Stock Basic $ 4.25 $ 8.02 $ 14.34 Diluted 4.21 7.90 14.08

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Income (Tables)	12 Months Ended
	Dec. 31, 2024
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Schedule of Accumulated Other Comprehensive Income	For the years ended December 31 2024 2023 2022 Foreign Currency Translation Adjustment Balance, Beginning of Year $ 1,000 $ 937 $ 1,044 Change in Foreign Currency Translation Adjustment ( 269 ) 63 ( 107 ) Balance, End of Year $ 731 $ 1,000 $ 937 Pension and Other Post-Employment Benefit Plans Balance, Beginning of Year $ 50 $ 54 $ 48 Other Comprehensive Income Before Reclassifications: Net actuarial gains and (losses) (See Note 23) 2 3 13 Income taxes - ( 1 ) ( 3 ) Amounts Reclassified from Other Comprehensive Income: Reclassification of net actuarial (gains) and losses to net earnings (See Note 23) ( 7 ) ( 8 ) ( 6 ) Income taxes 1 2 2 Balance, End of Year $ 46 $ 50 $ 54 Total Accumulated Other Comprehensive Income $ 777 $ 1,050 $ 991

Restructuring Charges (Tables)

Restructuring Charges (Tables)	12 Months Ended
	Dec. 31, 2024
Restructuring Charges [Abstract]
Restructuring Costs Expensed	For the years ended December 31 2024 2023 2022 Severance and Outplacement $ 27 $ - $ - Restructuring Expenses $ 27 $ - $ -
Schedule of Change in Restructuring Accrual	As at December 31 2024 2023 2022 Outstanding Restructuring Accrual, Beginning of Year $ - $ - $ 3 Restructuring Expenses Incurred 27 - - Restructuring Costs Paid ( 8 ) - ( 3 ) Outstanding Restructuring Accrual, End of Year (1) $ 19 $ - $ - (1) Included in accounts payable and accrued liabilities in the Consolidated Balance Sheet.

Compensation Plans (Tables)

Compensation Plans (Tables)	12 Months Ended
	Dec. 31, 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Amounts Recognized For Share-Based Payment Transactions	The Company has recognized the following share-based compensation costs: For the years ended December 31 2024 2023 2022 Total Compensation Costs of Transactions Classified as Cash-Settled $ ( 1 ) $ ( 22 ) $ 152 Total Compensation Costs of Transactions Classified as Equity-Settled 92 98 82 Less: Total Share-Based Compensation Costs Capitalized ( 25 ) ( 29 ) ( 32 ) Total Share-Based Compensation Expense (Recovery) $ 66 $ 47 $ 202 Recognized in the Consolidated Statement of Earnings in: Operating $ 26 $ 25 $ 38 Administrative 40 22 164 $ 66 $ 47 $ 202
Schedule of Nonvested Performance Based Units Activity	As at December 31 2024 2023 (1) Units Weighted Average Units Weighted Average Unvested and Outstanding, Beginning of Year 1,307 33.91 2,261 20.17 Granted 416 43.90 1,248 21.38 Vested and Released (2) ( 761 ) 23.08 ( 2,202 ) 12.65 Units, in Lieu of Dividends 28 46.13 37 33.41 Forfeited ( 47 ) 44.80 ( 37 ) 36.59 Unvested and Outstanding, End of Year 943 46.86 1,307 33.91 As at December 31 2024 2023 (1) Units Weighted Average Units Weighted Average Unvested and Outstanding, Beginning of Year 487 45.30 1,048 24.74 Granted 149 59.49 614 26.20 Vested and Released (2) ( 259 ) 29.04 ( 1,176 ) 16.95 Units, in Lieu of Dividends 10 62.10 14 43.74 Forfeited ( 22 ) 62.40 ( 13 ) 48.70 Unvested and Outstanding, End of Year 365 62.10 487 45.30 (1) During the first quarter of 2023, Ovintiv’s Board of Directors resolved to settle certain PSU awards and RSU awards with the issuance of the Company’s common stock. Accordingly, these awards were modified and reclassified as equity-settled awards. The modification date fair value of the awards was US$ 43.80 per share and C$ 59.47 per share for the U.S. dollar denominated and Canadian dollar denominated PSUs, respectively. (2) During the year ended December 31, 2024, performance shares that vested and were cash-settled resulted in payments of $ 36 million (2023 ‑ $ 22 million; 2022 - $ 22 million).
Schedule of Outstanding Deferred Share Units	U.S. Dollar Denominated Canadian Dollar Denominated As at December 31 2024 2023 2024 2023 Vested and Outstanding, Beginning of Year 18 10 147 188 Granted 5 7 2 - Converted from Bonus Awards - - - - Units, in Lieu of Dividends 1 1 4 5 Redeemed (1) - - ( 7 ) ( 46 ) Vested and Outstanding, End of Year (2) 24 18 146 147 (1) During the year ended December 31, 2024, deferred shares that vested and were cash-settled resulted in payments of nil (2023 ‑ $ 2 million, 2022 ‑ $ 1 million). (2) The intrinsic value of deferred shares outstanding at December 31, 2024, was $ 7 million (2023 - $ 7 million).
Schedule of Share-based Compensation, Restricted Stock Units Award Activity	As at December 31 2024 2023 (1) Units Weighted Average Units Weighted Average Unvested and Outstanding, Beginning of Year 2,225 39.11 3,369 25.48 Granted 1,050 49.30 1,155 43.72 Units, in Lieu of Dividends 55 47.06 64 38.74 Vested and Released (2) ( 1,269 ) 34.87 ( 2,200 ) 20.61 Forfeited ( 183 ) 46.61 ( 163 ) 39.61 Unvested and Outstanding, End of Year 1,878 47.24 2,225 39.11 As at December 31 2024 2023 (1) Units Weighted Average Units Weighted Average Unvested and Outstanding, Beginning of Year 982 51.93 1,540 32.65 Granted 420 67.13 463 60.28 Units, in Lieu of Dividends 23 63.43 28 51.65 Vested and Released (2) ( 550 ) 45.80 ( 1,002 ) 26.23 Forfeited ( 77 ) 63.12 ( 47 ) 50.16 Unvested and Outstanding, End of Year 798 63.47 982 51.93 (1) During the first quarter of 2023, Ovintiv’s Board of Directors resolved to settle certain PSU awards and RSU awards with the issuance of the Company’s common stock. Accordingly, these awards were modified and reclassified as equity-settled awards. The modification date fair value of the awards was US$ 43.80 per share and C$ 59.47 per share for the U.S. dollar denominated and Canadian dollar denominated RSUs, respectively. (2) During the year ended December 31, 2024, restricted shares that vested and were cash-settled resulted in payments of $ 7 million (2023 ‑ $ 18 million; 2022 - $ 51 million).
Stock Appreciation Rights (SARs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Schedule of Share-based Compensation, Stock Appreciation Rights Award Activity	The following table summarizes information related to the U.S. dollar denominated SARs: As at December 31 2024 2023 Outstanding Weighted Weighted Outstanding Weighted Weighted Outstanding, Beginning of Year 496 44.77 1.5 530 44.17 Granted - - - - Exercised (1) ( 31 ) 35.80 ( 20 ) 20.91 Forfeited ( 5 ) 54.35 ( 14 ) 56.95 Expired ( 112 ) 58.75 - - Outstanding, End of Year (2) 348 40.91 0.9 496 44.77 1.5 Vested and Exercisable, End of Year (3) 348 40.91 0.9 496 44.77 1.5 (1) The intrinsic value of option awards exercised and cash-settled during 2024 was nil (2023 - $ 1 million; 2022 - $ 11 million). (2) The intrinsic value of option awards outstanding at December 31, 2024, was $ 2 million (2023 - $ 5 million). (3) The intrinsic value of option awards vested and exercisable at December 31, 2024, was $ 2 million (2023 - $ 5 million).
Schedule of Weighted Average Assumptions Used to Fair Value Share Units	The following weighted average assumptions were used to determine the fair value of SARs outstanding: US$ Share Units As at December 31 2024 2023 2022 Risk Free Interest Rate 2.92 % 3.95 % 4.02 % Dividend Yield 2.96 % 2.73 % 1.97 % Expected Volatility Rate (1) 46.02 % 52.32 % 107.80 % Expected Term 0.7 yrs 1.1 yrs 1.6 yrs Market Share Price US$ 40.50 US$ 43.92 US$ 50.71 Weighted Average Grant Date Fair Value US$ 40.91 US$ 44.77 US$ 44.17 (1) Volatility was estimated using historical rates.
Tandem Stock Appreciation Rights (TSARs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Schedule of Share-based Compensation, Stock Appreciation Rights Award Activity	The following table summarizes information related to the TSARs: As at December 31 2024 2023 Outstanding Weighted Weighted Outstanding Weighted Weighted Outstanding, Beginning of Year 262 62.45 1.3 290 60.31 Granted - - - - Exercised - SARs (1) ( 20 ) 63.06 ( 23 ) 32.67 Exercised - Options (1) - - - - Forfeited - - ( 5 ) 72.77 Expired ( 82 ) 77.15 - - Outstanding, End of Year (2) 160 54.84 0.8 262 62.45 1.3 Vested and Exercisable, End of Year (3) 160 54.84 0.8 262 62.45 1.3 (1) The intrinsic value of option awards exercised and cash-settled during 2024 was nil (2023 - nil ; 2022 - $ 6 million). (2) The intrinsic value of option awards outstanding at December 31, 2024, was $ 1 million (2023 - $ 2 million). (3) The intrinsic value of option awards vested and exercisable at December 31, 2024, was $ 1 million (2023 - $ 2 million).
Schedule of Weighted Average Assumptions Used to Fair Value Share Units	The following weighted average assumptions were used to determine the fair value of TSARs outstanding: C$ Share Units As at December 31 2024 2023 2022 Risk Free Interest Rate 2.92 % 3.95 % 4.02 % Dividend Yield 2.82 % 2.78 % 1.90 % Expected Volatility Rate (1) 42.83 % 48.87 % 106.16 % Expected Term 0.6 yrs 0.9 yrs 1.5 yrs Market Share Price C$ 58.23 C$ 58.16 C$ 68.56 Weighted Average Grant Date Fair Value C$ 54.84 C$ 62.45 C$ 60.31 (1) Volatility was estimated using historical rates.

Pension and Other Post-Employ_2

Pension and Other Post-Employment Benefits (Tables)	12 Months Ended
	Dec. 31, 2024
Retirement Benefits, Description [Abstract]
Changes In Benefit Obligation And Fair Value Of Plan Assets	The following tables set forth changes in the benefit obligations and fair value of plan assets for the Company’s defined benefit pension and other post-employment benefit plans for the years ended December 31, 2024 and 2023, as well as the funded status of the plans and amounts recognized in the Consolidated Financial Statements as at December 31, 2024 and 2023. Defined Benefits OPEB As at December 31 2024 2023 2024 2023 Change in Benefit Obligations Projected Benefit Obligation, Beginning of Year $ 138 $ 140 $ 48 $ 50 Service Cost - - 2 2 Interest Cost 6 7 2 2 Actuarial (Gains) Losses 3 3 ( 1 ) 1 Exchange Differences ( 11 ) 4 ( 1 ) - Employee Contributions - - 1 1 Benefits Paid ( 12 ) ( 13 ) ( 6 ) ( 8 ) Settlement - ( 3 ) - - Projected Benefit Obligation, End of Year $ 124 $ 138 $ 45 $ 48 Change in Plan Assets Fair Value of Plan Assets, Beginning of Year $ 123 $ 124 $ - $ - Actual Return on Plan Assets 9 12 - - Exchange Differences ( 10 ) 3 - - Employee Contributions - - 1 1 Employer Contributions - - 5 7 Benefits Paid ( 12 ) ( 13 ) ( 6 ) ( 8 ) Settlement - ( 3 ) - - Fair Value of Plan Assets, End of Year $ 110 $ 123 $ - $ - Funded Status of Plan Assets, End of Year $ ( 14 ) $ ( 15 ) $ ( 45 ) $ ( 48 ) Total Recognized Amounts in the Consolidated Balance Sheet Consist of: Other Assets $ 6 $ 5 $ - $ - Current Liabilities - - ( 5 ) ( 6 ) Non-Current Liabilities ( 20 ) ( 20 ) ( 40 ) ( 42 ) Total $ ( 14 ) $ ( 15 ) $ ( 45 ) $ ( 48 ) Total Recognized Amounts in Accumulated Other Comprehensive Income Consist of: Net Actuarial (Gains) Losses $ 13 $ 15 $ ( 73 ) $ ( 79 ) Net Prior Service Costs ( 7 ) ( 8 ) 7 7 Total Recognized in Accumulated Other Comprehensive Income, Before Tax $ 6 $ 7 $ ( 66 ) $ ( 72 )
Accumulated Benefit Obligation And Projected Benefit Obligation In Excess Of The Plan Assets Fair Value	The following table sets forth the defined benefit plans where the accumulated benefit obligation and projected benefit obligation are in excess of the fair value of the plan assets: Defined Benefits OPEB As at December 31 2024 2023 2024 2023 Projected Benefit Obligation $ ( 40 ) $ ( 44 ) $ ( 45 ) $ ( 48 ) Accumulated Benefit Obligation ( 40 ) ( 44 ) ( 45 ) ( 48 ) Fair Value of Plan Assets (1) 20 24 - - (1) The Company does not aggregate benefit plans.
Weighted Average Assumptions Used	Following are the weighted average assumptions used by the Company in determining the defined benefit pension and other post-employment benefit obligations: Defined Benefits OPEB For the years ended December 31 2024 2023 2024 2023 Discount Rate 4.50 % 4.60 % 5.12 % 4.90 % Rates of Increase in Compensation Levels 3.37 % 3.24 % 4.93 % 4.93 %
Total Benefit Plans Expense Recognized	The following sets forth the total benefit plans expense recognized by the Company: Pension Benefits OPEB For the years ended December 31 2024 2023 2022 2024 2023 2022 Net Defined Periodic Benefit Cost $ 1 $ 2 $ - $ ( 3 ) $ ( 4 ) $ ( 3 ) Defined Contribution Plan Expense 26 25 24 - - - Total Benefit Plans Expense $ 27 $ 27 $ 24 $ ( 3 ) $ ( 4 ) $ ( 3 )
Schedule of Net Defined Periodic Benefit Cost	The net defined periodic benefit cost is as follows: Defined Benefits OPEB For the years ended December 31 2024 2023 2022 2024 2023 2022 Service Cost $ - $ - $ - $ 2 $ 2 $ 2 Interest Cost 6 7 5 2 2 2 Expected Return on Plan Assets ( 5 ) ( 5 ) ( 6 ) - - - Amounts Reclassified from Accumulated Other Comprehensive Income: Amortization of net actuarial (gains) and losses - - 1 ( 7 ) ( 8 ) ( 7 ) Total Net Defined Periodic Benefit Cost (1) $ 1 $ 2 $ - $ ( 3 ) $ ( 4 ) $ ( 3 ) (1) The components of total net defined periodic benefit cost, excluding the service cost component, are included in other (gains) losses, net.
Recognized Amounts In Other Comprehensive Income	The amounts recognized in other comprehensive income are as follows: Defined Benefits OPEB For the years ended December 31 2024 2023 2022 2024 2023 2022 Net Actuarial (Gains) Losses $ ( 1 ) $ ( 4 ) $ - $ ( 1 ) $ 1 $ ( 13 ) Amortization of Net Actuarial Gains and (Losses) - - ( 1 ) 7 8 7 Total Amounts Recognized in Other Comprehensive (Income) Loss, Before Tax $ ( 1 ) $ ( 4 ) $ ( 1 ) $ 6 $ 9 $ ( 6 ) Total Amounts Recognized in Other Comprehensive (Income) Loss, After Tax $ ( 1 ) $ ( 3 ) $ ( 1 ) $ 5 $ 7 $ ( 5 )
Weighted Average Assumptions Used In Determining Net Periodic Pension And Other Post Retirement Benefit Cost	Following are the weighted average assumptions used by the Company in determining the net periodic pension and other post-retirement benefit costs: Defined Benefits OPEB For the years ended December 31 2024 2023 2022 2024 2023 2022 Discount Rate 4.50 % 5.10 % 5.10 % 4.96 % 5.30 % 2.46 % Long-Term Rate of Return on Plan Assets 4.00 % 3.85 % 3.85 % - - - Rates of Increase in Compensation Levels 3.37 % 3.24 % 3.24 % 4.93 % 4.93 % 4.83 %
Assumed Health Care Cost Trend Rates	The Company’s assumed health care cost trend rates are as follows: For the years ended December 31 2024 2023 2022 Health Care Cost Trend Rate for Next Year 7.04 % 6.96 % 6.16 % Rate to Which the Cost Trend Rate is Assumed to Decline (Ultimate Trend Rate) 5.00 % 5.00 % 5.00 % Year that the Rate Reaches the Ultimate Trend Rate 2032 2030 2027
Estimate Of Benefit Payments For The Next 10 Years	The following provides an estimate of benefit payments for the next 10 years. These estimates reflect benefit increases due to continuing employee service. Defined Benefit Other Benefit 2025 $ 12 $ 5 2026 12 4 2027 11 4 2028 11 4 2029 11 4 2030 - 2034 48 17
Schedule of Allocation of Plan Assets	The Company’s registered and other defined benefit pension plan assets are presented by investment asset category and input level within the fair value hierarchy as follows: As at December 31 2024 Level 1 Level 2 Level 3 Total Investments: Cash and Cash Equivalents $ 13 $ - $ - $ 13 Fixed Income - 61 - 61 Equity - 36 - 36 Fair Value of Plan Assets, End of Year $ 13 $ 97 $ - $ 110 As at December 31 2023 Level 1 Level 2 Level 3 Total Investments: Cash and Cash Equivalents $ 15 $ 2 $ - $ 17 Fixed Income - 68 - 68 Equity - 38 - 38 Fair Value of Plan Assets, End of Year $ 15 $ 108 $ - $ 123

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	12 Months Ended
	Dec. 31, 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 December 31, 2024 Level 1 Level 2 Level 3 Total Fair Netting (1) Carrying Risk Management Assets Commodity Derivatives: Current assets $ - $ 116 $ - $ 116 $ ( 6 ) $ 110 Foreign Currency Derivatives: Current assets - - - - ( 2 ) ( 2 ) Risk Management Liabilities Commodity Derivatives: Current liabilities $ - $ 26 $ - $ 26 $ ( 6 ) $ 20 Long-term liabilities - 21 - 21 - 21 Foreign Currency Derivatives: Current liabilities - 89 - 89 ( 2 ) 87 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: Risk Management 2024 2023 Balance, Beginning of Year $ 16 $ 12 Total Gains (Losses) 14 2 Purchases, Sales, Issuances and Settlements: Purchases, sales and issuances - - Settlements 9 2 Transfers Out of Level 3 (1) ( 39 ) - Balance, End of Year $ - $ 16 Change in Unrealized Gains (Losses) During the Year Included in Net Earnings (Loss) $ 23 $ 4 (1) During 2024, the Company transferred all remaining WTI three-way options from Level 3 into Level 2 as a result of the availability of more observable inputs, such as volatility and comparable contract terms, from independent active markets.

Financial Instruments and Ris_2

Financial Instruments and Risk Management (Tables)	12 Months Ended
	Dec. 31, 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 WTI Fixed Price (1) 15.6 Mbbls/d 2025 66.61 $ ( 17 ) WTI Fixed Price (1) 17.6 Mbbls/d 2026 64.55 ( 11 ) WTI Fixed Price (1) 11.6 Mbbls/d 2027 63.45 ( 5 ) WTI Three-Way Options Sold call / bought put / sold put 48.2 Mbbls/d 2025 82.31 / 65.00 / 50.00 12 Oil and NGLs Fair Value Position ( 21 ) Natural Gas Contracts US$/Mcf Fixed Price Contracts NYMEX Fixed Price (1) 19 MMcf/d 2025 3.38 ( 1 ) NYMEX Fixed Price (1) 19 MMcf/d 2026 3.38 ( 3 ) NYMEX Fixed Price (1) 14 MMcf/d 2027 3.40 ( 2 ) NYMEX Three-Way Options Sold call / bought put / sold put 500 MMcf/d 2025 4.54 / 3.00 / 2.25 ( 5 ) Basis Contracts (2) 2025 101 Natural Gas Fair Value Position 90 Foreign Currency Contracts Fair Value Position (3) 2025 ( 89 ) Total Fair Value Position $ ( 20 ) (1) The WTI and NYMEX fixed price contracts at December 31, 2024, were executed on behalf of the purchaser for the Company’s previously announced Uinta divestiture and were novated to the purchaser upon close of the transaction on January 22, 2025 (see Note 28). (2) Ovintiv has entered into natural gas basis swaps associated with AECO 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	For the years ended December 31 2024 2023 2022 Realized Gains (Losses) on Risk Management Commodity and Other Derivatives: Revenues (1) $ 271 $ ( 43 ) $ ( 2,608 ) Foreign Currency Derivatives: Foreign exchange ( 3 ) ( 8 ) ( 5 ) Interest Rate Derivatives: Interest rate (2) - 1 - $ 268 $ ( 50 ) $ ( 2,613 ) Unrealized Gains (Losses) on Risk Management Commodity and Other Derivatives: Revenues (3) $ ( 136 ) $ 194 $ 741 Foreign Currency Derivatives: Foreign exchange ( 100 ) 21 ( 15 ) $ ( 236 ) $ 215 $ 726 Total Realized and Unrealized Gains (Losses) on Risk Management , net Commodity and Other Derivatives: Revenues (1) (3) $ 135 $ 151 $ ( 1,867 ) Foreign Currency Derivatives : Foreign exchange ( 103 ) 13 ( 20 ) Interest Rate Derivatives : Interest rate (2) - 1 - $ 32 $ 165 $ ( 1,887 ) (1) Includes a realized gain of $ 4 million for the year ended December 31, 2024 (2023 - gain of $ 1 million; 2022 - gain of $ 6 million) related to other derivative contracts. (2) The interest rate swap in 2023 was executed and settled in relation to the senior notes issuance described in Note 15. The gain was recognized in interest expense. (3) There were no unrealized gains or losses related to other derivative contracts for the year ended December 31, 2024 (2023 - nil ; 2022 - loss of $ 2 million).
Reconciliation of Unrealized Risk Management Positions	2024 2023 2022 Fair Value Total Unrealized Gain (Loss) Total Unrealized Gain (Loss) Total Unrealized Gain (Loss) 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 Year 32 $ 32 $ 165 $ ( 1,887 ) Settlement of Other Derivative Contracts 4 Fair Value of Contracts Realized During the Year ( 268 ) ( 268 ) 50 2,613 Fair Value of Contracts, End of Year $ ( 20 ) $ ( 236 ) $ 215 $ 726
Unrealized Risk Management Positions	As at December 31 2024 2023 Risk Management Assets Current $ 108 $ 214 Long-term - 4 108 218 Risk Management Liabilities Current 107 - Long-term 21 2 128 2 Other Derivative Contract Liabilities Current in accounts payable and accrued liabilities - 4 - 4 Net Risk Management Assets (Liabilities) and Other Derivative Contracts $ ( 20 ) $ 212

Supplementary Information (Tabl

Supplementary Information (Tables)	12 Months Ended
	Dec. 31, 2024
Supplemental Cash Flow Elements [Abstract]
Net Change in Non-Cash Working Capital	A) NET CHANGE IN NON-CASH WORKING CAPITAL For the years ended December 31 2024 2023 2022 Operating Activities Accounts receivable and accrued revenues $ 256 $ 352 $ ( 304 ) Accounts payable and accrued liabilities ( 247 ) ( 304 ) 50 Current portion of operating lease liabilities ( 6 ) 11 14 Income tax receivable and payable ( 250 ) 271 53 $ ( 247 ) $ 330 $ ( 187 )
Non-Cash Activities	B) NON-CASH ACTIVITIES For the years ended December 31 2024 2023 2022 Non-Cash Operating Activities ROU operating lease assets and liabilities (See Note 14) $ ( 46 ) $ ( 113 ) $ ( 75 ) Non-Cash Investing Activities Asset retirement obligation incurred (See Note 17) $ 9 $ 6 $ 4 Asset retirement obligation change in estimated future cash outflows (See Note 17) 64 13 58 Property, plant and equipment accruals ( 34 ) 26 35 Capitalized long-term incentives ( 8 ) ( 3 ) 4 Property additions/dispositions, including swaps 122 29 126 Non-Cash Financing Activities Shares of common stock issued in conjunction with the Permian $ - $ ( 1,169 ) $ -
Supplementary Cash Flow Information	C) SUPPLEMENTARY CASH FLOW INFORMATION For the years ended December 31 2024 2023 2022 Interest Paid $ 426 $ 308 $ 376 Income Taxes (Recovered), net of Amounts Paid $ 295 $ ( 19 ) $ ( 38 )

Commitments and Contingencies (

Commitments and Contingencies (Tables)	12 Months Ended
	Dec. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments	The following table outlines the Company’s commitments as at December 31, 2024: Expected Future Payments (undiscounted) 2025 2026 2027 2028 2029 Thereafter Total Transportation and Processing $ 655 $ 642 $ 552 $ 444 $ 388 $ 1,783 $ 4,464 Drilling and Field Services 260 9 - - - - 269 Building Leases & Other Commitments 13 7 6 6 4 8 44 Total $ 928 $ 658 $ 558 $ 450 $ 392 $ 1,791 $ 4,777

Supplementary Oil and Gas Inf_2

Supplementary Oil and Gas Information (Tables)	12 Months Ended
	Dec. 31, 2024
Extractive Industries [Abstract]
12 Month Average Trailing Prices	The following reference prices were utilized in the determination of reserves and future net revenue: Oil & NGLs Natural Gas WTI Edmonton Henry Hub AECO Reserves Pricing (1) 2024 $ 75.48 $ 99.60 $ 2.13 $ 1.26 2023 78.22 104.61 2.64 2.78 2022 93.82 121.18 6.36 5.65 (1) All prices were held constant in all future years when estimating net revenues and reserves.
Net Proved Reserves	Oil (MMbbls) NGLs (MMbbls) Natural Gas (Bcf) Total (MMBOE) United Canada Total United Canada Total United Canada Total 2022 Beginning of year 557.5 1.1 558.6 434.7 170.0 604.7 2,536 4,033 6,570 2,258.2 Revisions and improved recovery (2) ( 65.1 ) ( 0.3 ) ( 65.5 ) 2.9 ( 36.0 ) ( 33.2 ) 38 ( 582 ) ( 544 ) ( 189.2 ) Extensions and discoveries 95.2 - 95.2 37.2 31.3 68.5 237 1,005 1,241 370.6 Purchase of reserves in place 15.8 - 15.8 13.7 1.7 15.4 72 16 88 45.9 Sale of reserves in place ( 20.2 ) ( 0.6 ) ( 20.8 ) ( 0.7 ) ( 0.6 ) ( 1.3 ) ( 5 ) ( 16 ) ( 22 ) ( 25.7 ) Production ( 48.0 ) - ( 48.0 ) ( 29.9 ) ( 17.3 ) ( 47.3 ) ( 180 ) ( 366 ) ( 545 ) ( 186.2 ) End of year 535.2 0.1 535.3 457.8 149.0 606.9 2,698 4,090 6,789 2,273.6 Developed 257.2 0.1 257.3 288.3 71.2 359.5 1,755 2,276 4,031 1,288.7 Undeveloped 278.0 - 278.0 169.5 77.8 247.4 943 1,814 2,757 984.9 Total 535.2 0.1 535.3 457.8 149.0 606.9 2,698 4,090 6,789 2,273.6 2023 Beginning of year 535.2 0.1 535.3 457.8 149.0 606.9 2,698 4,090 6,789 2,273.6 Revisions and improved recovery (2) ( 134.0 ) - ( 134.0 ) ( 89.1 ) ( 6.2 ) ( 95.4 ) ( 460 ) ( 21 ) ( 482 ) ( 309.6 ) Extensions and discoveries 64.7 - 64.7 23.3 20.4 43.6 146 916 1,061 285.3 Purchase of reserves in place 160.0 - 160.0 46.6 1.1 47.7 201 17 218 243.9 Sale of reserves in place ( 49.1 ) - ( 49.1 ) ( 28.9 ) - ( 28.9 ) ( 137 ) - ( 137 ) ( 100.8 ) Production ( 58.0 ) - ( 58.0 ) ( 31.2 ) ( 17.4 ) ( 48.6 ) ( 189 ) ( 411 ) ( 599 ) ( 206.5 ) End of year 518.8 0.1 518.9 378.4 146.9 525.3 2,259 4,591 6,850 2,185.9 Developed 277.6 0.1 277.7 275.7 78.0 353.7 1,695 2,590 4,286 1,345.6 Undeveloped 241.2 - 241.2 102.7 68.9 171.6 564 2,000 2,565 840.2 Total 518.8 0.1 518.9 378.4 146.9 525.3 2,259 4,591 6,850 2,185.9 2024 Beginning of year 518.8 0.1 518.9 378.4 146.9 525.3 2,259 4,591 6,850 2,185.9 Revisions and improved recovery (2) 2.9 0.1 2.9 129.1 ( 43.7 ) 85.4 639 ( 2,476 ) ( 1,837 ) ( 217.9 ) Extensions and discoveries 118.0 0.3 118.3 58.2 13.6 71.8 346 315 660 300.1 Purchase of reserves in place 1.8 - 1.8 1.0 - 1.0 6 1 7 4.0 Sale of reserves in place ( 0.3 ) - ( 0.3 ) ( 0.4 ) - ( 0.4 ) ( 2 ) - ( 2 ) ( 1.0 ) Production ( 61.4 ) ( 0.1 ) ( 61.5 ) ( 31.8 ) ( 17.1 ) ( 48.9 ) ( 197 ) ( 425 ) ( 621 ) ( 214.1 ) End of year 579.8 0.2 580.0 534.5 99.7 634.2 3,052 2,005 5,057 2,057.1 Developed 273.7 0.2 274.0 336.2 59.9 396.1 1,953 1,269 3,222 1,207.1 Undeveloped 306.0 - 306.0 198.4 39.8 238.2 1,099 736 1,835 850.0 Total 579.8 0.2 580.0 534.5 99.7 634.2 3,052 2,005 5,057 2,057.1 (1) Numbers may not add due to rounding. (2) Changes in reserve estimates resulting from application of improved recovery techniques are included in revisions of previous estimates.
Standardized Measure of Discounted Future Net Cash Flows Relating to Proved Oil and Gas Reserves	United States Canada 2024 2023 2022 2024 2023 2022 Future Cash Inflows $ 52,682 $ 47,946 $ 74,567 $ 6,562 $ 19,697 $ 29,149 Less Future: Production costs 15,122 14,405 17,043 3,959 8,147 8,173 Development costs 10,269 8,849 8,951 1,537 2,264 2,142 Income taxes 3,690 2,735 9,333 94 2,016 4,182 Future Net Cash Flows 23,601 21,957 39,240 972 7,270 14,652 Less 10% annual discount for estimated timing of cash flows 10,741 10,182 20,272 160 2,963 6,121 Discounted Future Net Cash Flows $ 12,860 $ 11,775 $ 18,968 $ 812 $ 4,307 $ 8,531 Total 2024 2023 2022 Future Cash Inflows $ 59,244 $ 67,643 $ 103,716 Less Future: Production costs 19,081 22,552 25,216 Development costs 11,806 11,113 11,093 Income taxes 3,784 4,751 13,515 Future Net Cash Flows 24,573 29,227 53,892 Less 10% annual discount for estimated timing of cash flows 10,901 13,145 26,393 Discounted Future Net Cash Flows $ 13,672 $ 16,082 $ 27,499
Changes in Standardized Measure of Discounted Future Net Cash Flows Relating to Proved Oil and Gas Reserves	United States Canada 2024 2023 2022 2024 2023 2022 Balance, Beginning of Year $ 11,775 $ 18,968 $ 14,291 $ 4,307 $ 8,531 $ 4,484 Changes Resulting From: Sales of oil and gas produced during the year (1) ( 3,984 ) ( 3,969 ) ( 5,023 ) ( 580 ) ( 1,067 ) ( 2,344 ) Discoveries and extensions, net of related costs 2,106 1,141 2,735 152 1,059 2,635 Purchases of proved reserves in place 34 2,440 661 - 24 58 Sales and transfers of proved reserves in place ( 11 ) ( 1,765 ) ( 278 ) - - ( 28 ) Net change in prices and production costs (1) ( 1,704 ) ( 5,730 ) 9,075 ( 1,700 ) ( 6,867 ) 5,543 Revisions to quantity estimates 2,148 ( 5,250 ) ( 712 ) ( 3,073 ) ( 143 ) ( 961 ) Accretion of discount 1,286 2,290 1,630 549 1,094 545 Development costs incurred during the year 1,850 2,184 1,475 441 575 339 Changes in estimated future development costs ( 67 ) ( 1,384 ) ( 2,965 ) ( 393 ) ( 120 ) ( 303 ) Other - 1 ( 2 ) ( 1 ) - - Net change in income taxes ( 573 ) 2,849 ( 1,919 ) 1,110 1,221 ( 1,437 ) Balance, End of Year $ 12,860 $ 11,775 $ 18,968 $ 812 $ 4,307 $ 8,531 Total 2024 2023 2022 Balance, Beginning of Year $ 16,082 $ 27,499 $ 18,775 Changes Resulting From: Sales of oil and gas produced during the year (1) ( 4,564 ) ( 5,036 ) ( 7,367 ) Discoveries and extensions, net of related costs 2,258 2,200 5,370 Purchases of proved reserves in place 34 2,464 719 Sales and transfers of proved reserves in place ( 11 ) ( 1,765 ) ( 306 ) Net change in prices and production costs (1) ( 3,404 ) ( 12,597 ) 14,618 Revisions to quantity estimates ( 925 ) ( 5,393 ) ( 1,673 ) Accretion of discount 1,835 3,384 2,175 Development costs incurred during the year 2,291 2,759 1,814 Changes in estimated future development costs ( 460 ) ( 1,504 ) ( 3,268 ) Other ( 1 ) 1 ( 2 ) Net change in income taxes 537 4,070 ( 3,356 ) Balance, End of Year $ 13,672 $ 16,082 $ 27,499 (1) See Note 2 regarding the reclassification of the Company’s previously reported Market Optimization segment.
Results of Operations	The following table sets forth revenue and direct cost information relating to the Company’s oil and natural gas exploration and production activities. United States Canada 2024 2023 2022 2024 2023 2022 Oil, NGL and Natural Gas Revenues (1) $ 5,612 $ 5,586 $ 6,696 $ 1,746 $ 2,226 $ 3,487 Less: Production, mineral and other taxes 319 327 401 14 15 14 Transportation and processing (2) 510 547 626 1,043 1,056 1,002 Operating (2) 799 743 646 109 88 127 Depreciation, depletion and amortization 1,971 1,519 861 297 286 235 Impairments - - - 450 - - Accretion of asset retirement obligation 9 8 8 10 11 10 Operating Income (Loss) 2,004 2,442 4,154 ( 177 ) 770 2,099 Income Taxes 436 531 955 ( 42 ) 182 502 Results of Operations $ 1,568 $ 1,911 $ 3,199 $ ( 135 ) $ 588 $ 1,597 Total 2024 2023 2022 Oil, NGL and Natural Gas Revenues (1) $ 7,358 $ 7,812 $ 10,183 Less: Production, mineral and other taxes 333 342 415 Transportation and processing (2) 1,553 1,603 1,628 Operating (2) 908 831 773 Depreciation, depletion and amortization 2,268 1,805 1,096 Impairments 450 - - Accretion of asset retirement obligation 19 19 18 Operating Income (Loss) 1,827 3,212 6,253 Income Taxes 394 713 1,457 Results of Operations $ 1,433 $ 2,499 $ 4,796 (1) Excludes gains (losses) on risk management and sales of volumes purchased from third-parties. See Note 2 regarding the reclassification of the Company’s previously reported Market Optimization segment. (2) Excludes costs related to the purchase and sale of third-party volumes.
Capitalized Costs	United States Canada 2024 2023 2022 2024 2023 2022 Proved Oil and Gas Properties $ 50,246 $ 47,440 $ 41,382 $ 15,763 $ 16,644 $ 15,672 Unproved Oil and Gas Properties 741 1,449 1,127 23 37 45 Total Capital Cost 50,987 48,889 42,509 15,786 16,681 15,717 Accumulated DD&A 37,770 35,799 34,280 14,821 15,332 14,687 Net Capitalized Costs $ 13,217 $ 13,090 $ 8,229 $ 965 $ 1,349 $ 1,030 Total 2024 2023 2022 Proved Oil and Gas Properties $ 66,009 $ 64,084 $ 57,054 Unproved Oil and Gas Properties 764 1,486 1,172 Total Capital Cost 66,773 65,570 58,226 Accumulated DD&A 52,591 51,131 48,967 Net Capitalized Costs $ 14,182 $ 14,439 $ 9,259
Costs Incurred	United States Canada 2024 2023 2022 2024 2023 2022 Acquisition Costs Unproved $ - $ 1,063 $ 154 $ - $ - $ - Proved 200 3,868 123 5 6 9 Total Acquisition Costs 200 4,931 277 5 6 9 Exploration Costs 6 3 5 - - 7 Development Costs 1,925 2,224 1,530 467 562 376 Total Costs Incurred $ 2,131 $ 7,158 $ 1,812 $ 472 $ 568 $ 392 Total 2024 2023 2022 Acquisition Costs Unproved $ - $ 1,063 $ 154 Proved 205 3,874 132 Total Acquisition Costs 205 4,937 286 Exploration Costs 6 3 12 Development Costs 2,392 2,786 1,906 Total Costs Incurred $ 2,603 $ 7,726 $ 2,204
Costs Not Subject to Depletion or Amortization	Upstream costs in respect of significant unproved properties are excluded from the country cost center’s depletable base as follows: As at December 31 2024 2023 United States $ 741 $ 1,449 Canada 23 37 $ 764 $ 1,486 The following is a summary of the costs related to Ovintiv’s unproved properties as at December 31, 2024: 2024 2023 2022 Prior to 2022 Total Acquisition Costs $ - $ 539 $ 79 $ 99 $ 717 Exploration Costs 6 3 5 33 47 $ 6 $ 542 $ 84 $ 132 $ 764

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Narative) (Details)	Dec. 31, 2024
Corporate [Member] | Minimum [Member]
Assets estimated service lives	3 years
Corporate [Member] | Maximum [Member]
Assets estimated service lives	25 years
ASU 2023-07 [Member]
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 Information) (Details) - USD ($) $ in Millions		12 Months Ended
		Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Segment Reporting Information [Line Items]
Revenues		$ 8,943	$ 10,661	$ 14,263
Gains (losses) on risk management, net		135	151	(1,867)
Sublease revenues		74	71	68
Total Revenues		9,152	10,883	12,464
Production, mineral and other taxes		333	342	415
Transportation and processing		1,639	1,766	1,786
Operating		931	859	802
Purchased product		1,546	2,815	4,055
Depreciation, depletion and amortization		2,290	1,825	1,113
Impairments		450	0	0
Accretion of asset retirement obligation		19	19	18
Administrative		365	393	422
Total Operating Expenses		7,573	8,019	8,611
Operating Income (Loss)		1,579	2,864	3,853
Interest		412	355	311
Foreign exchange (gain) loss, net		(19)	19	15
Other (gains) losses, net		(165)	(20)	(33)
Total Other (Income) Expenses		228	354	293
Net Earnings (Loss) Before Income Tax		1,351	2,510	3,560
Income tax expense (recovery)		226	425	(77)
Net Earnings (Loss)		1,125	2,085	3,637
Product and Service Revenues [Member]
Segment Reporting Information [Line Items]
Revenues	[1]	7,358	7,812	10,183
Sales of Purchased Product [Member]
Segment Reporting Information [Line Items]
Revenues	[1]	1,585	2,849	4,080
Operating Segments [Member] | USA Operations [Member]
Segment Reporting Information [Line Items]
Gains (losses) on risk management, net		119	10	(1,123)
Sublease revenues		0	0	0
Total Revenues		7,180	8,186	9,223
Production, mineral and other taxes		319	327	401
Transportation and processing		560	683	765
Operating		810	757	665
Purchased product		1,446	2,587	3,645
Depreciation, depletion and amortization		1,971	1,519	861
Impairments		0	0	0
Total Operating Expenses		5,106	5,873	6,337
Operating Income (Loss)		2,074	2,313	2,886
Operating Segments [Member] | USA Operations [Member] | Product and Service Revenues [Member]
Segment Reporting Information [Line Items]
Revenues		5,612	5,586	6,696
Operating Segments [Member] | USA Operations [Member] | Sales of Purchased Product [Member]
Segment Reporting Information [Line Items]
Revenues		1,449	2,590	3,650
Operating Segments [Member] | Canadian Operations [Member]
Segment Reporting Information [Line Items]
Gains (losses) on risk management, net		152	(53)	(1,485)
Sublease revenues		0	0	0
Total Revenues		2,034	2,432	2,432
Production, mineral and other taxes		14	15	14
Transportation and processing		1,079	1,083	1,021
Operating		121	102	137
Purchased product		100	228	410
Depreciation, depletion and amortization		297	286	235
Impairments		450	0	0
Total Operating Expenses		2,061	1,714	1,817
Operating Income (Loss)		(27)	718	615
Operating Segments [Member] | Canadian Operations [Member] | Product and Service Revenues [Member]
Segment Reporting Information [Line Items]
Revenues		1,746	2,226	3,487
Operating Segments [Member] | Canadian Operations [Member] | Sales of Purchased Product [Member]
Segment Reporting Information [Line Items]
Revenues		136	259	430
Corporate & Other [Member]
Segment Reporting Information [Line Items]
Revenues		0	0	0
Gains (losses) on risk management, net		(136)	194	741
Sublease revenues		74	71	68
Total Revenues		(62)	265	809
Transportation and processing		0	0	0
Operating		0	0	0
Purchased product		0	0	0
Depreciation, depletion and amortization		22	20	17
Accretion of asset retirement obligation		19	19	18
Administrative		365	393	422
Total Operating Expenses		406	432	457
Operating Income (Loss)		(468)	(167)	352
Corporate & Other [Member] | Product and Service Revenues [Member]
Segment Reporting Information [Line Items]
Revenues		0	0	0
Corporate & Other [Member] | Sales of Purchased Product [Member]
Segment Reporting Information [Line Items]
Revenues		$ 0	$ 0	$ 0
[1] See Note 2 regarding the reclassification of the Company’s previously reported Market Optimization segment.

Segmented Information (Revenue

Segmented Information (Revenue by Geographic Region) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Disaggregation Of Revenue [Line Items]
Revenues	$ 8,943	$ 10,661	$ 14,263
Gains (losses) on risk management, net	135	151	(1,867)
Sublease revenues	74	71	68
Total Revenues	9,152	10,883	12,464
Corporate & Other [Member]
Disaggregation Of Revenue [Line Items]
Revenues	0	0	0
Gains (losses) on risk management, net	(136)	194	741
Sublease revenues	74	71	68
Total Revenues	(62)	265	809
United States [Member] | Corporate & Other [Member]
Disaggregation Of Revenue [Line Items]
Gains (losses) on risk management, net	(133)	94	327
Sublease revenues	8	8	10
Total Revenues	(125)	102	337
Canada [Member] | Corporate & Other [Member]
Disaggregation Of Revenue [Line Items]
Gains (losses) on risk management, net	(3)	100	414
Sublease revenues	66	63	58
Total Revenues	$ 63	$ 163	$ 472

Segmented Information (Narrativ

Segmented Information (Narrative) (Details) $ in Millions	12 Months Ended
	Dec. 31, 2024 USD ($) Operations	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Segment Reporting, Revenue Reconciling Item [Line Items]
Total Revenues	$ 9,152	$ 10,883	$ 12,464
Number of geographic segments | Operations	2
Segment reporting, CODM, profit (loss) measure,description	The CODMs evaluate the performance of each of the reportable segments based on Operating Income (Loss) which is also used to assess performance and allocate capital for these segments.
Major Customers Accounting For More Than 10 Percent of Revenues [member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Major Customers	one	one	one
First Major Customer Accounting For More Than 10 Percent of Revenues [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Total Revenues	$ 1,997	$ 1,976	$ 2,231
Canada [Member] | First Major Customer Accounting For More Than 10 Percent of Revenues [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Total Revenues	8
United States [Member] | First Major Customer Accounting For More Than 10 Percent of Revenues [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Total Revenues	$ 1,989

Segmented Information (Capital

Segmented Information (Capital Expenditures by Segment) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Segment Reporting, Asset Reconciling Item [Line Items]
Capital Expenditures	$ 2,303	$ 2,744	$ 1,831
Operating Segments [Member] | USA Operations [Member]
Segment Reporting, Asset Reconciling Item [Line Items]
Capital Expenditures	1,868	2,189	1,493
Operating Segments [Member] | Canadian Operations [Member]
Segment Reporting, Asset Reconciling Item [Line Items]
Capital Expenditures	428	549	334
Corporate & Other [Member]
Segment Reporting, Asset Reconciling Item [Line Items]
Capital Expenditures	$ 7	$ 6	$ 4

Segmented Information (Goodwill

Segmented Information (Goodwill, Property, Plant and Equipment and Total Assets by Segment) (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Segment Reporting, Asset Reconciling Item [Line Items]
Goodwill	$ 2,546	$ 2,599
Property, Plant and Equipment	14,364	14,640
Total Assets	19,254	19,987
Operating Segments [Member] | USA Operations [Member]
Segment Reporting, Asset Reconciling Item [Line Items]
Goodwill	1,938	1,938
Property, Plant and Equipment	13,263	13,129
Total Assets	16,233	16,248
Operating Segments [Member] | Canadian Operations [Member]
Segment Reporting, Asset Reconciling Item [Line Items]
Goodwill	608	661
Property, Plant and Equipment	970	1,357
Total Assets	1,917	2,421
Corporate & Other [Member]
Segment Reporting, Asset Reconciling Item [Line Items]
Goodwill	0	0
Property, Plant and Equipment	131	154
Total Assets	$ 1,104	$ 1,318

Segmented Information (Goodwi_2

Segmented Information (Goodwill, Property, Plant and Equipment and Total Assets by Geographic Region) (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Segment Reporting, Asset Reconciling Item [Line Items]
Goodwill	$ 2,546	$ 2,599
Property, Plant and Equipment	14,364	14,640
Total Assets	19,254	19,987
United States [Member]
Segment Reporting, Asset Reconciling Item [Line Items]
Goodwill	1,938	1,938	$ 1,938
Property, Plant and Equipment	13,302	13,178
Total Assets	16,320	16,500
Canada [Member]
Segment Reporting, Asset Reconciling Item [Line Items]
Goodwill	608	661	$ 646
Property, Plant and Equipment	1,062	1,462
Total Assets	$ 2,934	$ 3,487

Revenues from Contracts with _3

Revenues from Contracts with Customers (Disaggregation of Revenue) (Details) - USD ($) $ in Millions		12 Months Ended
		Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Disaggregation of Revenue [Line Items]
Product and service revenues		$ 8,943	$ 10,661	$ 14,263
Sales of Purchased Product [Member]
Disaggregation of Revenue [Line Items]
Product and service revenues	[1]	1,585	2,849	4,080
Sales of Purchased Product [Member] | Market Optimization Excluding Intercompany Segment Transactions [Member]
Disaggregation of Revenue [Line Items]
Product and service revenues	[2]	1,585	2,849	4,080
Operating Segments [Member] | USA Operations Excluding Intercompany Segment Transactions [Member]
Disaggregation of Revenue [Line Items]
Product and service revenues		7,061	8,176	10,346
Operating Segments [Member] | Canadian Operations Excluding Intercompany Segment Transactions [Member]
Disaggregation of Revenue [Line Items]
Product and service revenues		1,882	2,485	3,917
Operating Segments [Member] | Sales of Purchased Product [Member] | USA Operations Excluding Intercompany Segment Transactions [Member]
Disaggregation of Revenue [Line Items]
Product and service revenues	[2]	1,449	2,590	3,650
Operating Segments [Member] | Sales of Purchased Product [Member] | Canadian Operations Excluding Intercompany Segment Transactions [Member]
Disaggregation of Revenue [Line Items]
Product and service revenues	[2]	136	259	430
Corporate & Other [Member]
Disaggregation of Revenue [Line Items]
Product and service revenues		0	0	0
Corporate & Other [Member] | Sales of Purchased Product [Member]
Disaggregation of Revenue [Line Items]
Product and service revenues		0	0	0
Corporate & Other [Member] | Sales of Purchased Product [Member] | Market Optimization Excluding Intercompany Segment Transactions [Member]
Disaggregation of Revenue [Line Items]
Product and service revenues	[2]	0	0	0
Oil [Member] | Product Revenue [Member]
Disaggregation of Revenue [Line Items]
Product and service revenues	[2]	4,559	4,447	4,540
Oil [Member] | Operating Segments [Member] | Product Revenue [Member] | USA Operations Excluding Intercompany Segment Transactions [Member]
Disaggregation of Revenue [Line Items]
Product and service revenues	[2]	4,549	4,444	4,537
Oil [Member] | Operating Segments [Member] | Product Revenue [Member] | Canadian Operations Excluding Intercompany Segment Transactions [Member]
Disaggregation of Revenue [Line Items]
Product and service revenues	[2]	10	3	3
Oil [Member] | Corporate & Other [Member] | Product Revenue [Member]
Disaggregation of Revenue [Line Items]
Product and service revenues	[2]	0	0	0
Natural Gas Liquids [Member] | Product Revenue [Member]
Disaggregation of Revenue [Line Items]
Product and service revenues	[2]	1,732	1,708	2,412
Natural Gas Liquids [Member] | Operating Segments [Member] | Product Revenue [Member] | USA Operations Excluding Intercompany Segment Transactions [Member]
Disaggregation of Revenue [Line Items]
Product and service revenues	[2]	740	679	1,049
Natural Gas Liquids [Member] | Operating Segments [Member] | Product Revenue [Member] | Canadian Operations Excluding Intercompany Segment Transactions [Member]
Disaggregation of Revenue [Line Items]
Product and service revenues	[2]	992	1,029	1,363
Natural Gas Liquids [Member] | Corporate & Other [Member] | Product Revenue [Member]
Disaggregation of Revenue [Line Items]
Product and service revenues	[2]	0	0	0
Natural Gas [Member] | Product Revenue [Member]
Disaggregation of Revenue [Line Items]
Product and service revenues	[2]	1,059	1,650	3,226
Natural Gas [Member] | Operating Segments [Member] | Product Revenue [Member] | USA Operations Excluding Intercompany Segment Transactions [Member]
Disaggregation of Revenue [Line Items]
Product and service revenues	[2]	318	458	1,107
Natural Gas [Member] | Operating Segments [Member] | Product Revenue [Member] | Canadian Operations Excluding Intercompany Segment Transactions [Member]
Disaggregation of Revenue [Line Items]
Product and service revenues	[2]	741	1,192	2,119
Natural Gas [Member] | Corporate & Other [Member] | Product Revenue [Member]
Disaggregation of Revenue [Line Items]
Product and service revenues	[2]	0	0	0
Natural Gas Gathering and Processing [Member]
Disaggregation of Revenue [Line Items]
Product and service revenues		8	7	5
Natural Gas Gathering and Processing [Member] | Operating Segments [Member] | USA Operations Excluding Intercompany Segment Transactions [Member]
Disaggregation of Revenue [Line Items]
Product and service revenues		5	5	3
Natural Gas Gathering and Processing [Member] | Operating Segments [Member] | Canadian Operations Excluding Intercompany Segment Transactions [Member]
Disaggregation of Revenue [Line Items]
Product and service revenues		3	2	2
Natural Gas Gathering and Processing [Member] | Corporate & Other [Member]
Disaggregation of Revenue [Line Items]
Product and service revenues		$ 0	$ 0	$ 0
[1] See Note 2 regarding the reclassification of the Company’s previously reported Market Optimization segment. See Note 2 regarding the reclassification of the Company’s previously reported Market Optimization segment.

Revenues from Contracts with _4

Revenues from Contracts with Customers (Narrative) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Revenue from Contract with Customer [Abstract]
Contract with customer, asset net	$ 0	$ 0	$ 0
Contract with customer, liability	0	0	$ 0
Receivables & accrued revenues from contracts with customers	921	$ 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	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Interest Expense, Operating and Nonoperating [Abstract]
Interest expense on debt	$ 403	$ 343	$ 297
Interest on Finance leases (See Note 14)	1	2	2
Interest - Other	8	10	12
Interest	$ 412	$ 355	$ 311

Interest (Narrative) (Details)

Interest (Narrative) (Details) - USD ($) $ in Millions		12 Months Ended
	Jun. 10, 2022	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Schedule Of Interest Expense [Line Items]
Interest expense on debt		$ 403	$ 343	$ 297
Unsecured Notes, Due July 1, 2024 [Member] | 5.625% Unsecured Notes [Member]
Schedule Of Interest Expense [Line Items]
Interest expense on debt	$ 47			47
Non-cash fair value amortization				30
Premiums Paid To Repurchase Certain Senior Notes [Member]
Schedule Of Interest Expense [Line Items]
Interest expense on debt				22
Bridge Loan Financing Fees [Member]
Schedule Of Interest Expense [Line Items]
Interest expense on debt				$ 12

Foreign Exchange (Gain) Loss,_3

Foreign Exchange (Gain) Loss, Net (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Schedule Of Foreign Exchange Transactions [Line Items]
Unrealized Foreign Exchange (Gain) Loss	$ 35	$ (6)	$ 14
Foreign Exchange (Gain) Loss, Net	(19)	19	15
Translation of U.S. Dollar Debt Issued From Canada [Member]
Schedule Of Foreign Exchange Transactions [Line Items]
Foreign Exchange on Settlements	(1)	(2)	8
Translation of U.S. Dollar Risk Management Contracts Issued From Canada [Member]
Schedule Of Foreign Exchange Transactions [Line Items]
Unrealized Foreign Exchange (Gain) Loss	92	(20)	14
Foreign Exchange on Settlements	3	8	5
Translation of Intercompany Notes [Member]
Schedule Of Foreign Exchange Transactions [Line Items]
Unrealized Foreign Exchange (Gain) Loss	(57)	14	0
Foreign Exchange on Settlements	(41)	8	0
Other Monetary Revaluations [Member]
Schedule Of Foreign Exchange Transactions [Line Items]
Foreign Exchange on Settlements	$ (15)	$ 11	$ (12)

Income Taxes (Provision For Inc

Income Taxes (Provision For Income Taxes) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Tax Disclosure [Line Items]
Total Current Tax Expense (Recovery)	$ 82	$ 281	$ 10
Total Deferred Tax Expense (Recovery)	144	144	(87)
Income Tax Expense (Recovery)	226	425	(77)
United States [Member]
Income Tax Disclosure [Line Items]
Total Current Tax Expense (Recovery)	8	12	10
Total Deferred Tax Expense (Recovery)	228	248	(275)
Canada [Member]
Income Tax Disclosure [Line Items]
Total Current Tax Expense (Recovery)	74	269	0
Total Deferred Tax Expense (Recovery)	$ (84)	$ (104)	$ 188

Income Taxes (Narrative) (Detai

Income Taxes (Narrative) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Tax Disclosure [Line Items]
Unrecognized tax benefits	$ 24	$ 0
Effective Tax Rate	16.70%	16.90%	(2.20%)
United States Federal Statutory Rate	21%	21%	21%
Deferred tax assets valuation allowance, reversed	$ (45)	$ (18)	$ (1,299)
Deferred tax assets valuation allowance	1,204	1,340
Deferred tax liabilities, undistributed earnings from its foreign investments	11
Taxable temporary difference in respect of unremitted earnings	137	705
Deferred income tax liabilities	202	110
Unrecognized Tax Benefit, interest expense	1
Unrecognized Tax Benefit, Liability for accrued interest	1
Unremitted Earnings Permanently Reinvested [Member]
Income Tax Disclosure [Line Items]
Deferred income tax liabilities	7	35
United States [Member]
Income Tax Disclosure [Line Items]
Unrecognized tax benefits	$ 59	$ 184
United States Federal Statutory Rate	21%	21%	21%
United States [Member] | Research and Development Credits [Member]
Income Tax Disclosure [Line Items]
Recognition of research and development credits		$ 136
United States [Member]
Income Tax Disclosure [Line Items]
Deferred tax assets valuation allowance			$ 271
Deferred income tax liabilities	$ 202	28
United States [Member] | State Losses [Member]
Income Tax Disclosure [Line Items]
Deferred tax assets valuation allowance	29	39
Canada [Member]
Income Tax Disclosure [Line Items]
Deferred income tax liabilities	0	82
Canada [Member] | Net Operating Losses [Member]
Income Tax Disclosure [Line Items]
Deferred tax assets valuation allowance	$ 1,175	$ 1,301
U.S. and Canada [Member]
Income Tax Disclosure [Line Items]
Deferred tax assets valuation allowance			$ 1,028

Income Taxes (Income Taxes Reco

Income Taxes (Income Taxes Reconciliation) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Net Earnings (Loss) Before Income Tax	$ 1,351	$ 2,510	$ 3,560
United States Federal Statutory Rate	21%	21%	21%
Expected Income Tax Expense (Recovery)	$ 284	$ 527	$ 748
State income tax	15	23	26
Income tax related to foreign operations	(14)	20	60
Research and developement credits	(67)	(128)	0
Non-taxable items	(5)	10	246
Amounts in respect of prior periods	5	(19)	101
U.S. international tax	40	8	22
Change in valuation allowance	(45)	(18)	(1,299)
Other	13	2	19
Income Tax Expense (Recovery)	$ 226	$ 425	$ (77)
Effective Tax Rate	16.70%	16.90%	(2.20%)

Income Taxes (Components of Net

Income Taxes (Components of Net Deferred Income Tax Asset (Liability)) (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Deferred Income Tax Assets, Property, plant and equipment	$ 27	$ 0
Deferred Income Tax Assets, Risk management	6	0
Deferred Income Tax Assets, Interest and other deferred deductions	40	0
Deferred Income Tax Assets, Net operating and net capital losses carried forward	1,665	1,874
Deferred Income Tax Assets,General business credits	200	146
Deferred Income Tax Assets, CAMT credits	40
Deferred Income Tax Assets, Compensation plans	45	60
Deferred Income Tax Assets, Other	0	15
Deferred Income Tax Assets, Valuation allowance	(1,204)	(1,340)
Deferred Income Tax Liabilities, Property, plant and equipment	(971)	(744)
Deferred Income Tax Liabilities, Risk management	(17)	(49)
Deferred Income Tax Liabilities, Other	(23)	(19)
Net Deferred Income Tax (Liability)	$ (192)	$ (57)

Income Taxes (Net Deferred Inco

Income Taxes (Net Deferred Income Tax Asset (Liability) by Jurisdiction) (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Deferred Income Taxes Assets	$ 10	$ 53
Deferred Income Tax Liabilities	(202)	(110)
Net Deferred Income Tax (Liability)	(192)	(57)
United States [Member]
Deferred Income Taxes Assets	0	53
Deferred Income Tax Liabilities	(202)	(28)
Canada [Member]
Deferred Income Taxes Assets	10	0
Deferred Income Tax Liabilities	$ 0	$ (82)

Income Taxes (Schedule of Tax B

Income Taxes (Schedule of Tax Basis, Loss Carryforwards and Tax Credits Available) (Details) $ in Millions	12 Months Ended
	Dec. 31, 2024 USD ($)
Canada [Member]
Tax Credit Carryforward [Line Items]
Tax Basis	$ 1,013
Canada [Member] | Capital Loss Carryforward [Member]
Tax Credit Carryforward [Line Items]
Other Tax Carryforward, Gross Amount	4,957
United States [Member]
Tax Credit Carryforward [Line Items]
Tax Basis	8,831
Net operating losses (federal)	$ 2,103
United States [Member] | Minimum [Member]
Tax Credit Carryforward [Line Items]
Net Operating losses (federal), Expiration Dates	Dec. 31, 2024	[1]
United States [Member] | Maximum [Member]
Tax Credit Carryforward [Line Items]
Net Operating losses (federal), Expiration Dates	Dec. 31, 2038	[1]
United States [Member] | General Business Credits [Member]
Tax Credit Carryforward [Line Items]
Other Tax Carryforward, Gross Amount	$ 200
United States [Member] | General Business Credits [Member] | Minimum [Member]
Tax Credit Carryforward [Line Items]
Other Tax Carryforward, Expiration Dates	Dec. 31, 2032
United States [Member] | General Business Credits [Member] | Maximum [Member]
Tax Credit Carryforward [Line Items]
Other Tax Carryforward, Expiration Dates	Dec. 31, 2044
United States [Member] | CAMT credits
Tax Credit Carryforward [Line Items]
Other Tax Carryforward, Gross Amount	$ 40
[1] Includes net operating losses of $ 1,187 million which have an indefinite expiration date.

Income Taxes (Schedule of Tax_2

Income Taxes (Schedule of Tax Basis, Loss Carryforwards and Business Tax Credits Available) (Parenthetical) (Details) $ in Millions	Dec. 31, 2024 USD ($)
United States [Member]
Tax Credit Carryforward [Line Items]
Operating loss carryforwards indefinite expiration period	$ 1,187

Income Taxes (Changes in Balanc

Income Taxes (Changes in Balance of Unrecognized Tax Benefits Excluding Interest) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Unrecognized Tax Benefits, Beginning Balance	$ (187)	$ (9)
Additions for tax positions taken in the current year	(39)	(184)
Additions for tax positions of prior years	(24)	0
Reductions for tax positions of prior years	4	0
Settlements	0	6
Unrecognized Tax Benefits, Ending Balance	$ (246)	$ (187)

Income Taxes (Unrecognized Tax

Income Taxes (Unrecognized Tax Benefit Reflected In Balance Sheet) (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Tax Contingency [Line Items]
Unrecognized Tax Benefits	$ (246)	$ (187)	$ (9)
Income Tax Payable [Member]
Income Tax Contingency [Line Items]
Unrecognized Tax Benefits	(2)	(2)
Other Liabilities and Provisions [Member]
Income Tax Contingency [Line Items]
Unrecognized Tax Benefits	(12)	(16)
Deferred Income Tax Liability [Member]
Income Tax Contingency [Line Items]
Unrecognized Tax Benefits	$ (232)	$ (169)

Income Taxes (Summary Of Tax Ye

Income Taxes (Summary Of Tax Years By Jurisdiction) (Details)	12 Months Ended
	Dec. 31, 2024
Minimum [Member] | Internal Revenue Service (IRS) [Member] | Federal [Member]
Income Tax Examination [Line Items]
Taxation Year	2020
Minimum [Member] | Internal Revenue Service (IRS) [Member] | Provincial/State [Member]
Income Tax Examination [Line Items]
Taxation Year	2019
Minimum [Member] | Canada Revenue Agency [Member] | Foreign [Member]
Income Tax Examination [Line Items]
Taxation Year	2016
Minimum [Member] | Canada Revenue Agency [Member] | Provincial/State [Member]
Income Tax Examination [Line Items]
Taxation Year	2016
Maximum [Member] | Internal Revenue Service (IRS) [Member] | Federal [Member]
Income Tax Examination [Line Items]
Taxation Year	2024
Maximum [Member] | Internal Revenue Service (IRS) [Member] | Provincial/State [Member]
Income Tax Examination [Line Items]
Taxation Year	2024
Maximum [Member] | Canada Revenue Agency [Member] | Foreign [Member]
Income Tax Examination [Line Items]
Taxation Year	2024
Maximum [Member] | Canada Revenue Agency [Member] | Provincial/State [Member]
Income Tax Examination [Line Items]
Taxation Year	2024

Accounts Receivable and Accru_3

Accounts Receivable and Accrued Revenues (Schedule of Accounts Receivable and Accrued Revenues) (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Trade Receivable and Accrued Revenues	$ 1,090	$ 1,333
Prepaids	56	55
Deposits and Other	42	59
Accounts Receivable and Accrued Revenues, Gross	1,188	1,447
Expected Credit Loss Allowance	(5)	(5)
Accounts Receivable and Accrued Revenues	1,183	1,442
Production accruals receivable [Member]
Trade Receivable and Accrued Revenues	747	900
Purchased product accruals receivable [Member]
Trade Receivable and Accrued Revenues	174	170
Joint interest and trade receivables [Member]
Trade Receivable and Accrued Revenues	132	244
Corporate and other receivable [Member]
Trade Receivable and Accrued Revenues	$ 37	$ 19

Accounts Receivable and Accru_4

Accounts Receivable and Accrued Revenues (Narrative) (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Receivables [Abstract]
Allowance for credit loss	$ 5	$ 5

Acquisitions and Divestitures_2

Acquisitions and Divestitures (Schedule of Net Acquisitions & (Divestitures)) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Acquisitions and Divestitures [Line Items]
Acquisitions	$ 205	$ 277	$ 286
Divestitures	(7)	(772)	(228)
Net Acquisitions and Divestitures	198	(495)	58
Operating Segments [Member] | USA Operations [Member]
Acquisitions and Divestitures [Line Items]
Acquisitions	200	271	277
Divestitures	(7)	(771)	(230)
Operating Segments [Member] | Canadian Operations [Member]
Acquisitions and Divestitures [Line Items]
Acquisitions	5	6	9
Divestitures	$ 0	$ (1)	$ 2

Acquisitions and Divestitures_3

Acquisitions and Divestitures (Narrative) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Acquisitions and Divestitures [Line Items]
Proceeds from divestitures	$ 163	$ 772	$ 228
Litigation settlement, amounts awarded	156
Other Nonoperating Income (Expense) [Member]
Acquisitions and Divestitures [Line Items]
Litigation settlement, amounts awarded	$ 156
USA Operations [Member] | Operating Segments [Member] | Uinta and Bakken Assets [Member]
Acquisitions and Divestitures [Line Items]
Proceeds from divestitures		$ 734	$ 215

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	12 Months Ended
	Jun. 12, 2023	Mar. 31, 2024	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Business Acquisition [Line Items]
Decrease in accounts payable and accrued liabilities			$ (247)	$ (304)	$ 50
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
Cash consideration, final cash settlements		$ 12
Increase in accounts receivable and accrued revenues	$ 22
Decrease in accounts payable and accrued liabilities	73
Decrease in other liabilities and provisions	2
Permian Acquisition [Member] | Proved Properties [Member]
Business Acquisition [Line Items]
Increase (decrease) in properties	134
Permian Acquisition [Member] | Unproved Properties [Member]
Business Acquisition [Line Items]
Increase (decrease) in properties	(227)
Permian Acquisition [Member] | Other Capitalized Property Plant and Equipment [Member]
Business Acquisition [Line Items]
Increase (decrease) in properties	$ (16)

Business Combination (Schedul_3

Business Combination (Schedule of Unaudited Pro Forma Financial Information) (Details) - Permian Acquisition [Member] $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2023 USD ($) $ / shares
Business Acquisition [Line Items]
Revenues | $	$ 11,485
Net Earnings (Loss) | $	$ 2,315
Net Earnings (Loss) per Share of Common Stock
Basic | $ / shares	$ 8.43
Diluted | $ / shares	$ 8.31

Property, Plant and Equipment_3

Property, Plant and Equipment, Net (Schedule Of Property, Plant And Equipment) (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Cost	$ 67,638	$ 66,477
Less: Accumulated depreciation, depletion and amortization	(53,274)	(51,837)
Property, plant and equipment, net	14,364	14,640
Operating Segments [Member] | USA Operations [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Cost	51,035	48,930
Less: Accumulated depreciation, depletion and amortization	(37,772)	(35,801)
Property, plant and equipment, net	13,263	13,129
Operating Segments [Member] | Canadian Operations [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Cost	15,796	16,694
Less: Accumulated depreciation, depletion and amortization	(14,826)	(15,337)
Property, plant and equipment, net	970	1,357
Corporate & Other [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, net	131	154
Proved Properties [Member] | Operating Segments [Member] | USA Operations [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Cost	50,246	47,440
Less: Accumulated depreciation, depletion and amortization	(37,770)	(35,799)
Property, plant and equipment, net	12,476	11,641
Proved Properties [Member] | Operating Segments [Member] | Canadian Operations [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Cost	15,763	16,644
Less: Accumulated depreciation, depletion and amortization	(14,821)	(15,332)
Property, plant and equipment, net	942	1,312
Unproved Properties [Member] | Operating Segments [Member] | USA Operations [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Cost	741	1,449
Less: Accumulated depreciation, depletion and amortization	0	0
Property, plant and equipment, net	741	1,449
Unproved Properties [Member] | Operating Segments [Member] | Canadian Operations [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Cost	23	37
Less: Accumulated depreciation, depletion and amortization	0	0
Property, plant and equipment, net	23	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	48	41
Less: Accumulated depreciation, depletion and amortization	(2)	(2)
Property, plant and equipment, net	46	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	10	13
Less: Accumulated depreciation, depletion and amortization	(5)	(5)
Property, plant and equipment, net	5	8
Other Capitalized Property Plant and Equipment [Member] | Corporate & Other [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Cost	807	853
Less: Accumulated depreciation, depletion and amortization	(676)	(699)
Property, plant and equipment, net	$ 131	$ 154

Property, Plant and Equipment_4

Property, Plant and Equipment, Net (Narrative) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Property, Plant and Equipment [Line Items]
Internal Costs Capitalized	$ 181,000,000	$ 177,000,000
Impairments	450,000,000
Operating Segments [Member] | Canadian Operations [Member]
Property, Plant and Equipment [Line Items]
Impairments	$ 450,000,000	$ 0	$ 0

Other Assets (Schedule of Other

Other Assets (Schedule of Other Assets) (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Other Assets [Abstract]
Operating Lease ROU Assets	$ 788	$ 894
Long-Term Investments	33	26
Long-Term Receivables	2	37
Deferred Charges	49	44
Other	93	14
Other Assets	$ 965	$ 1,015

Goodwill (Schedule of Goodwill)

Goodwill (Schedule of Goodwill) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Goodwill [Line Items]
Goodwill, Beginning Balance	$ 2,599
Goodwill, Ending Balance	2,546	$ 2,599
Canada [Member]
Goodwill [Line Items]
Goodwill, Beginning Balance	661	646
Foreign currency translation adjustment	(53)	15
Goodwill, Ending Balance	608	661
United States [Member]
Goodwill [Line Items]
Goodwill, Beginning Balance	1,938	1,938
Goodwill, Ending Balance	$ 1,938	$ 1,938

Goodwill (Narrative) (Details)

Goodwill (Narrative) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Addition of goodwill	$ 0	$ 0
Goodwill allocated to divestiture	0	0
Goodwill Impairment	$ 0	$ 0

Accounts Payable and Accrued _3

Accounts Payable and Accrued Liabilities (Schedule of Accounts Payable and Accrued Liabilities) (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Payables and Accruals [Abstract]
Trade Payables	$ 435	$ 586
Capital Accruals	193	239
Royalty and Production Accruals	696	775
Purchased Product Accruals	155	179
Outstanding Disbursements	47	45
Payroll & Other Accruals	188	191
Interest Payable	107	115
Derivative Settlements	3	0
Current Portion of Long-Term Incentive Costs	10	14
Other Derivative Contracts	0	4
Current Portion of Finance Lease Obligations	8	7
Current Portion of Asset Retirement Obligation	41	54
Accounts Payable and Accrued Liabilities	$ 1,883	$ 2,209

Leases (Summary of Operating An

Leases (Summary of Operating And Finance Lease Costs) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Leases [Abstract]
Operating Lease ROU Assets, in Other Assets	$ 788	$ 894
Operating Lease Right Of Use Asset Statement Of Financial Position Extensible List	Other Assets	Other Assets
Finance Lease ROU Assets, in Other Property Plant and Equipment	$ 12	$ 17
Finance Lease Right Of Use Asset Statement Of Financial Position Extensible List	Property, Plant and Equipment, Cost	Property, Plant and Equipment, Cost
Operating Lease Liabilities, Current	$ 82	$ 87
Operating Lease Liabilities, Long-term	737	832
Finance Lease Liabilities, Current, in accounts payable and accrued liabilities	$ 8	$ 7
Finance Lease, Liability, Current, Statement Of Financial Position [Extensible List]	Accounts payable and accrued liabilities	Accounts payable and accrued liabilities
Finance Lease Liabilities, Long-term, in other liabilities and provisions	$ 12	$ 20
Finance Lease, Liability, Noncurrent, Statement Of Financial Position [Extensible List]	Other Liabilities and Provisions	Other Liabilities and Provisions
Weighted Average Discount Rate
Operating leases	5.42%	5.45%
Finance leases	6.11%	6.11%
Weighted Average Remaining Lease Term
Operating leases	12 years 1 month 6 days	12 years 9 months 18 days
Finance leases	2 years 6 months	3 years 6 months
Lease Costs:
Operating Lease Costs, Excluding Short-Term Leases	$ 271	$ 180
Finance Lease Costs:
Amortization of ROU assets	5	5
Interest on lease liabilities	1	2	$ 2
Total Finance Lease Costs	6	7
Short-Term Lease Costs	259	232
Variable Lease Costs	117	41
Sublease Income:
Operating lease income	53	50
Variable lease income	21	21
Cash Paid for Amounts Included in the Measurement of Lease Liabilities:
Operating cash outflows from operating leases	198	182
Investing cash outflows from operating leases	326	225
Operating cash outflows from finance leases	1	2
Financing cash outflows from finance leases	7	6
Supplemental Non-Cash Information:
New ROU operating lease assets and liabilities	$ 46	$ 113

Leases (Summary of Operating _2

Leases (Summary of Operating And Finance Lease Costs) (Parenthetical) (Details)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Maximum [Member]
Lessee Lease Description [Line Items]
Lessee, operating and finance lease, option to extend lease, term	10 years	10 years

Leases (Schedule of Operating L

Leases (Schedule of Operating Lease Expense) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Operating Lease Expense
Total Operating Lease Expense	$ 204	$ 187
Transportation and Processing [Member]
Operating Lease Expense
Total Operating Lease Expense	2	4
Operating [Member]
Operating Lease Expense
Total Operating Lease Expense	101	82
Administrative [Member]
Operating Lease Expense
Total Operating Lease Expense	$ 101	$ 101

Leases (Schedule of Future Leas

Leases (Schedule of Future Lease Payments and Lease Liabilities Related to Operating and Finance Leases) (Details) $ in Millions	12 Months Ended
	Dec. 31, 2024 USD ($)
Operating Leases
Expected Future Operating Lease Payments 2025	$ 124
Expected Future Operating Lease Payments 2026	98
Expected Future Operating Lease Payments 2027	87
Expected Future Operating Lease Payments 2028	85
Expected Future Operating Lease Payments 2029	81
Expected Future Operating Lease Payments thereafter	652
Expected Future Operating Lease Payments,Total	1,127
Less: Discounting	308
Present Value of Future Operating Lease Payments Total	819
Sublease Income (undiscounted) 2025	(40)
Sublease Income (undiscounted) 2026	(41)
Sublease Income (undiscounted) 2027	(41)
Sublease Income (undiscounted) 2028	(39)
Sublease Income (undiscounted) 2029	(36)
Sublease Income (undiscounted) Thereafter	(311)
Sublease Income (undiscounted) Total	(508)
Finance Leases
Expected Future Finance Lease Payments, 2025	9
Expected Future Finance Lease Payments, 2026	9
Expected Future Finance Lease Payments, 2027	4
Expected Future Finance Lease Payments, 2028	0
Expected Future Finance Lease Payments, 2029	0
Expected Future Finance Lease Payments, Thereafter	0
Expected Future Finance Lease Payments, Total	22
Less: Discounting	2
Present Value of Future Finance Lease Payments Total	20
Sublease Income (undiscounted) 2025	(8)
Sublease Income (undiscounted) 2026	(8)
Sublease Income (undiscounted) 2027	(3)
Sublease Income (undiscounted) 2028	0
Sublease Income (undiscounted) 2029	0
Sublease Income (undiscounted) Thereafter	0
Sublease Income (undiscounted) Total	$ (19)

Long-Term Debt (Schedule Of Lon

Long-Term Debt (Schedule Of Long-Term Debt) (Details) - USD ($) $ in Millions			12 Months Ended
	May 31, 2023	Jun. 10, 2022	Dec. 31, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Revolving credit and term loan borrowings			$ 0	$ 284
Total Principal			5,476	5,760
Increase in Value of Debt Acquired			16	22
Unamortized Debt Discounts and Issuance Costs			(39)	(45)
Total Long-Term Debt			5,453	5,737
Current Portion			600	284
Long-Term Portion			4,853	5,453
5.625% Unsecured Notes [Member] | Unsecured Notes, Due July 1, 2024 [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage		5.625%
Debt Instrument, Maturity Date		Jul. 01, 2024
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) $ in Millions, $ in Millions			12 Months Ended
	May 31, 2023 USD ($)	Jun. 10, 2022 USD ($)	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Jan. 31, 2025 USD ($)	Jan. 22, 2025 USD ($)	Dec. 10, 2024 USD ($)	Nov. 14, 2024 USD ($)	Nov. 14, 2024 CAD ($)
Debt Instrument [Line Items]
Net proceeds of offering			$ 0	$ 2,278	$ 0
Standby fees			8	8	8
Debt instrument repurchased face amount					565
Interest expense on debt			403	343	297
Aggregate cash payment for repurchased debt			$ 0	0	1,634
Weighted average remaining life of outstanding debt			4 years
Issuance costs capitalized			$ 0	22
Current portion of long-term debt			600	284
Long-term debt carrying value			5,453	5,737
Long-term debt, fair value			5,649	5,989
Unsecured Notes [Member]
Debt Instrument [Line Items]
Aggregate cash payment for repurchased debt					587
Recognized net gain on debt					22
Premiums Paid on Open Market Senior Note Repurchases Included in Interest Expense [Member]
Debt Instrument [Line Items]
Interest expense on debt					22
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
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
5.65% 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
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
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
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
5.625% Unsecured Notes [Member] | Unsecured Notes, Due July 1, 2024 [Member]
Debt Instrument [Line Items]
Debt instrument repurchased face amount		$ 1,000
Debt Instrument, Interest Rate, Stated Percentage		5.625%
Interest expense on debt		$ 47			$ 47
Debt instrument maturity date		Jul. 01, 2024
Aggregate cash payment for repurchased debt		$ 1,072
Accrued and unpaid interest		$ 25
Permian Acquisition [Member]
Debt Instrument [Line Items]
Net proceeds of offering	$ 2,278
Definitive Purchase Agreement [Member] | Montney Acquisition [Member]
Debt Instrument [Line Items]
Line of credit outstanding amount									$ 2,377	$ 3,325
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity			$ 3,500
Expiration date - line of credit			Dec. 31, 2029
Maximum number of extensions per year			1
Maximum period of years line of credit can extended			5 years
Additional period in days added to extension			90 days
Line of credit facility remaining outstanding borrowings			$ 0
Equity adjustment, cumulative historical ceiling test impairment			7,700
Standby fees			$ 9
Revolving Credit Facility [Member] | Maximum [Member]
Debt Instrument [Line Items]
Financing debt-to-adjusted capitalization, percentage			0.60
Revolving Credit Facility [Member] | Parent Company [Member]
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity			$ 2,200
Revolving Credit Facility [Member] | Subsidiary Issuer [Member] | Canada [Member]
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity			$ 1,300
364-Day Asset Sale Term Facility [Member]
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity								$ 1,500
364-Day Asset Sale Term Facility [Member] | Subsequent Event [Member]
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity							$ 1,500
2-Year Term Facility [Member]
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity								$ 1,000
2-Year Term Facility [Member] | Subsequent Event [Member]
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity						$ 1,000

Long-Term Debt (Schedule Of Man

Long-Term Debt (Schedule Of Mandatory Debt Payments) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Debt Disclosure [Abstract]
Debt Maturity, Mandatory Repayment, Next Twelve Months	$ 600
Debt Maturity, Mandatory Repayment, In Two Years	459
Debt Maturity, Mandatory Repayment, In Three Years	700
Debt Maturity, Mandatory Repayment, In Four Years	0
Debt Maturity, Mandatory Repayment, In Five Years	0
Debt Maturity, Mandatory Repayment, After Five Years	3,717
Total Principal	5,476	$ 5,760
Interest Payments on Remaining Long-term Debt, Next Twelve Months	334
Interest Payments on Remaining Long-term Debt in Year two	305
Interest Payments on Remaining Long-term Debt in Year Three	272
Interest Payments on Remaining Long-term Debt in Year Four	292
Interest Payments on Remaining Long-term Debt in Year Five	253
Interest Payments on Remaining Long-term Debt, After Five Years	1,711
Total Interest Payments on Remaining Long-term Debt	$ 3,167

Other Liabilities and Provisi_3

Other Liabilities and Provisions (Schedule of Other Liabilities and Provisions) (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Other Liabilities And Provisions [Line Items]
Finance Lease Obligations	$ 12	$ 20
Unrecognized Tax Benefits	246	187	$ 9
Pensions and Other Post-Employment Benefits	74	74
Other	16	22
Other Liabilities and Provisions	114	132
Other Liabilities and Provisions [Member]
Other Liabilities And Provisions [Line Items]
Unrecognized Tax Benefits	$ 12	$ 16

Asset Retirement Obligation (Sc

Asset Retirement Obligation (Schedule of Change In Asset Retirement Obligation) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Asset Retirement Obligation Disclosure [Abstract]
Asset Retirement Obligation, Beginning of Year	$ 330	$ 326
Liabilities Incurred	9	6	$ 4
Liabilities Acquired (See Note 9)	0	28
Liabilities Settled and Divested	(52)	(66)
Change in Estimated Future Cash Outflows	64	13	58
Accretion of asset retirement obligation	19	19	18
Foreign Currency Translation	(14)	4
Asset Retirement Obligation, End of Year	$ 356	$ 330	$ 326

Asset Retirement Obligation (_2

Asset Retirement Obligation (Schedule of Asset Retirement Obligation) (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Asset Retirement Obligation Disclosure [Abstract]
Current Portion (See Note 13)	$ 41	$ 54
Long-Term Portion	315	276
Asset Retirement Obligation, Total	$ 356	$ 330	$ 326

Share Capital (Narrative) (Deta

Share Capital (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands			3 Months Ended									12 Months Ended
	Feb. 26, 2025	Jun. 12, 2023	Mar. 31, 2024	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Sep. 30, 2022	Sep. 26, 2023
Class Of Stock [Line Items]
Common stock, shares authorized												750,000,000
Common stock, par value												$ 0.01
Preferred stock, shares authorized												25,000,000
Preferred stock, par value												$ 0.01
Preferred stock, shares outstanding												0
Common shares purchased, shares												12,700,000	9,900,000	14,700,000
Share capital													$ 1,169,000
Common shares purchased, value												$ 597,000	426,000	$ 719,000
Dividends on common shares												$ 316,000	$ 307,000	$ 239,000
Common stock, dividends, per share, paid			$ 0.3	$ 0.30	$ 0.30	$ 0.30	$ 0.25	$ 0.25	$ 0.25	$ 0.25	$ 0.20	$ 1.2	$ 1.15	$ 0.95
Common stock, dividends, per share, declared												$ 1.2	$ 1.15	$ 0.95
Common stock authorized reserved for issuance												7,400,000
Common stock remained available for issuance												2,900,000
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
Common shares purchased, value												0	0	0
Dividends on common shares												0	0	0
Paid in Surplus [Member]
Class Of Stock [Line Items]
Share capital													1,169,000
Common shares purchased, value												597,000	426,000	719,000
Dividends on common shares												$ 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]
Common stock, dividends, per share, declared	$ 0.30
Subsequent Event [Member] | Quarterly Cash Dividend Q1 2025 [Member]
Class Of Stock [Line Items]
Dividends payable, date declared	Feb. 26, 2025
Dividends payable, date of record	Mar. 14, 2025
Dividends payable, date to be paid	Mar. 31, 2025
Normal Course Issuer Bid [Member]
Class Of Stock [Line Items]
Common shares purchased, shares												12,700,000	7,700,000	3,500,000	11,200,000
Common shares purchased, value												$ 597,000	$ 328,000	$ 719,000
Normal Course Issuer Bid [Member] | Share Capital [Member]
Class Of Stock [Line Items]
Common shares purchased, value												127	77	147
Normal Course Issuer Bid [Member] | Paid in Surplus [Member]
Class Of Stock [Line Items]
Common shares purchased, value												$ 597,000	$ 328,000	$ 719,000
Normal Course Issuer Bid [Member] | Maximum [Member]
Class Of Stock [Line Items]
Stock repurchase program, number of shares authorized to be repurchased																25,900,000
Normal Course Issuer Bid and Other Share Buyback [Member]
Class Of Stock [Line Items]
Common shares purchased, shares													2,200,000
Common shares purchased, value													$ 98,000
Normal Course Issuer Bid and Other Share Buyback [Member] | Share Capital [Member]
Class Of Stock [Line Items]
Common shares purchased, value													22
Normal Course Issuer Bid and Other Share Buyback [Member] | Paid in Surplus [Member]
Class Of Stock [Line Items]
Common shares purchased, value													$ 98,000

Share Capital (Schedule of Comm

Share Capital (Schedule of Common Stock Issued and Outstanding) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Class Of Stock [Line Items]
Shares of Common Stock Outstanding, Beginning of Year	271,700,000	245,700,000	258,000,000
Shares of Common Stock Purchased	(12,700,000)	(9,900,000)	(14,700,000)
Shares of Common Stock Issued	1,400,000	35,900,000	2,400,000
Shares of Common Stock Outstanding, End of Year	260,400,000	271,700,000	245,700,000
Shares of Common Stock Outstanding, Beginning of Year	$ 3	$ 3	$ 3
Shares of Common Stock Purchased	(597)	(426)	(719)
Shares of Common Stock Issued		1,169
Shares of Common Stock Outstanding, End of Year	3	3	3
Share Capital [Member]
Class Of Stock [Line Items]
Shares of Common Stock Purchased	0	0	0
Shares of Common Stock Issued	$ 0	$ 0	$ 0

Share Capital (Earnings Per Com

Share Capital (Earnings Per Common Share) (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Class of Stock Disclosures [Abstract]
Net Earnings (Loss)	$ 1,125	$ 2,085	$ 3,637
Weighted average shares of common stock outstanding - Basic	264.6	259.9	253.6
Effect of dilutive securities	2.8	4	4.8
Weighted Average Shares of Common Stock Outstanding - Diluted	267.4	263.9	258.4
Net Earnings (Loss) per Share of Common Stock Basic	$ 4.25	$ 8.02	$ 14.34
Net Earnings (Loss) per Share of Common Stock Diluted	$ 4.21	$ 7.9	$ 14.08

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Income (Schedule of Accumulated Other Comprehensive Income) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Balance, Beginning of Year, Foreign Currency Translation Adjustment	$ 1,000	$ 937	$ 1,044
Change in Foreign Currency Translation Adjustment	(269)	63	(107)
Balance, End of Year, Foreign Currency Translation Adjustment	731	1,000	937
Pension and Other Post-Employment Benefit Plans
Balance, Beginning of Year	50	54	48
Other Comprehensive Income Before Reclassifications:
Net actuarial gains and (losses)	2	3	13
Income taxes	0	(1)	(3)
Reclassification of net actuarial (gains) and losses to net earnings	(7)	(8)	(6)
Income taxes	1	2	2
Balance, End of Year	46	50	54
Total Accumulated Other Comprehensive Income	$ 777	$ 1,050	$ 991

Variable Interest Entities (Nar

Variable Interest Entities (Narrative) (Details) $ in Millions	12 Months Ended
	Dec. 31, 2024 USD ($) MMcf	Dec. 31, 2023 USD ($)
Variable Interest Entity [Line Items]
Accounts payable and accrued liabilities, current	$ 1,883	$ 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	$ 940
Veresen Midstream Limited Partnership [Member] | Take or Pay Commitment [Member]
Variable Interest Entity [Line Items]
Accounts payable and accrued liabilities, current	$ 20
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

Restructuring Charges (Narrativ

Restructuring Charges (Narrative) (Details) - USD ($) $ in Millions	1 Months Ended	12 Months Ended
	Oct. 31, 2024	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Restructuring Charges [Abstract]
Restructuring and related activities, initiation date	Oct. 01, 2024
Workforce reduction percentage	10%
Restructuring Charges	$ 27	$ 27	$ 0	$ 0
Restructuring Charges, Statement of Income or Comprehensive Income [Extensible Enumeration]	Costs and Expenses
Remained restructuring accrued		$ 19	$ 0	$ 0	$ 3

Restructuring Charges (Restruct

Restructuring Charges (Restructuring Costs Expensed) (Details) - USD ($) $ in Millions	1 Months Ended	12 Months Ended
	Oct. 31, 2024	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Restructuring Charges [Abstract]
Severance and Outplacement		$ 27	$ 0	$ 0
Restructuring Expenses	$ 27	$ 27	$ 0	$ 0

Restructuring Charges (Schedule

Restructuring Charges (Schedule of Change in Restructuring Accrual) (Details) - USD ($) $ in Millions	1 Months Ended	12 Months Ended
	Oct. 31, 2024	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Restructuring Charges [Abstract]
Outstanding Restructuring Accrual, Beginning of Year		$ 0	$ 0	$ 3
Restructuring Expenses Incurred	$ 27	27	0	0
Restructuring Costs Paid		(8)	0	(3)
Outstanding Restructuring Accrual, End of Year		$ 19	$ 0	$ 0

Compensation Plans (Amounts Rec

Compensation Plans (Amounts Recognized For Share-Based Payment Transactions) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total Compensation Costs of Transactions Classified as Cash-Settled	$ (1)	$ (22)	$ 152
Total Compensation Costs of Transactions Classified as Equity-Settled	92	98	82
Less: Total Share-Based Compensation Costs Capitalized	(25)	(29)	(32)
Total Share-Based Compensation Expense	66	47	202
Operating Expense [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total Share-Based Compensation Expense	26	25	38
Administrative Expense [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total Share-Based Compensation Expense	$ 40	$ 22	$ 164

Compensation Plans (Narrative)

Compensation Plans (Narrative) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Liability for share-based payment recognized in accounts payable and accrued liabilities	$ 10	$ 14
Stock Appreciation Rights (SARs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expiration period	7 years
Stock Appreciation Rights (SARs) [Member] | United States Of America Dollars [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation, unvested award, outstanding	0	0
Share-based compensation, unvested award, unrecognized compensation costs	$ 0	$ 0
Stock Appreciation Rights (SARs) [Member] | Share-Based Payment Arrangement, Tranche One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting rights percentage	30%
Vesting period	1 year
Stock Appreciation Rights (SARs) [Member] | Share-Based Payment Arrangement, Tranche Two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting rights percentage	30%
Vesting period	2 years
Stock Appreciation Rights (SARs) [Member] | Share-based Compensation Award, Tranche Three [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	3 years
Tandem Stock Appreciation Rights (TSARs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expiration period	7 years
Share-based compensation, unvested award, outstanding	0	0
Share-based compensation, unvested award, unrecognized compensation costs	$ 0	$ 0
Tandem Stock Appreciation Rights (TSARs) [Member] | Share-Based Payment Arrangement, Tranche One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting rights percentage	30%
Vesting period	1 year
Tandem Stock Appreciation Rights (TSARs) [Member] | Share-Based Payment Arrangement, Tranche Two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting rights percentage	30%
Vesting period	2 years
Tandem Stock Appreciation Rights (TSARs) [Member] | Share-based Compensation Award, Tranche Three [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	3 years
Performance Share Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	3 years
Share-based compensation, unvested award, unrecognized compensation costs	$ 22	$ 25
Share-based compensation, unvested award, unrecognized compensation costs expected to recognize over a weighted average period	1 year 8 months 12 days
Maximum multiplication of original performance stock units granted may be awarded	2
Performance Share Units [Member] | United States Of America Dollars [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation, unvested award, outstanding	943,000	1,307,000	2,261,000
Deferred Share Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share based compensation arrangement by share based payment award redemption description	For both Directors and employees, DSUs can only be redeemed following departure from Ovintiv in accordance with the terms of the respective DSU Plan and must be redeemed prior to December 15th of the year following the departure from Ovintiv.
Deferred Share Units [Member] | Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Conversion percentage of bonus awards into deferred share units	25%
Deferred Share Units [Member] | Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Conversion percentage of bonus awards into deferred share units	50%
Restricted Share Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation, unvested award, unrecognized compensation costs	$ 40	$ 43
Share-based compensation, unvested award, unrecognized compensation costs expected to recognize over a weighted average period	1 year 4 months 24 days
Restricted Share Units [Member] | Employees [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting rights	RSUs issued to employees vest over their three-year service period.
Restricted Share Units [Member] | Directors [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Settlement period	3 years
Restricted Share Units [Member] | United States Of America Dollars [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation, unvested award, outstanding	1,878,000	2,225,000	3,369,000

Compensation Plans (Schedule of

Compensation Plans (Schedule of Outstanding Stock Appreciation Rights) (Details) - Stock Appreciation Rights (SARs) - United States Of America Dollars [Member] - $ / shares shares in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Outstanding, Beginning of Year	496	530
Granted	0	0
Exercised	(31)	(20)
Forfeited	(5)	(14)
Expired	(112)	0
Outstanding, End of Year	348	496
Vested and Exercisable, End of Year	348	496
Weighted Average Exercise Price, Beginning of Year	$ 44.77	$ 44.17
Grants, Weighted Average Exercise Price	0	0
Exercised, Weighted Average Exercise Price	35.8	20.91
Forfeited, Weighted Average Exercise Price	54.35	56.95
Expired, Weighted Average Exercise Price	58.75	0
Weighted Average Exercise Price, End of Year	40.91	44.77
Weighted Average Exercise Price, Vested and Exercisable	$ 40.91	$ 44.77
Weighted Average Remaining Contractual Life, End of Year	10 months 24 days	1 year 6 months
Weighted Average Remaining Contractual Life, Vested and Exercisable	10 months 24 days	1 year 6 months

Compensation Plans (Schedule _2

Compensation Plans (Schedule of Outstanding Stock Appreciation Rights) (Parenthetical) (Details) - Stock Appreciation Rights (SARs) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Intrinsic value of options awards, exercised and cash settled	$ 0	$ 1	$ 11
Intrinsic value of options awards, outstanding	2	5
Intrinsic value of options awards, vested and exercisable	$ 2	$ 5

Compensation Plans (Schedule _3

Compensation Plans (Schedule of Outstanding Tandem Stock Appreciation Rights) (Details) - Tandem Stock Appreciation Rights (TSARs) [Member] - $ / shares shares in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Outstanding, Beginning of Year	262	290
Granted	0	0
Exercised - SARs	(20)	(23)
Exercised - Options	0	0
Forfeited	0	(5)
Expired	(82)	0
Outstanding, End of Year	160	262
Vested and Exercisable, End of Year	160	262
Weighted Average Exercise Price, Beginning of Year	$ 62.45	$ 60.31
Grants, Weighted Average Exercise Price	0	0
Exercised - SARs, Weighted Average Exercise Price	63.06	32.67
Exercised - options, Weighted Average Exercise Price	0	0
Forfeited, Weighted Average Exercise Price	0	72.77
Expired, Weighted Average Exercise Price	77.15	0
Weighted Average Exercise Price, End of Year	54.84	62.45
Weighted Average Exercise Price, Vested and Exercisable	$ 54.84	$ 62.45
Weighted Average Remaining Contractual Life, End of Year	9 months 18 days	1 year 3 months 18 days
Weighted Average Remaining Contractual Life, Vested and Exercisable	9 months 18 days	1 year 3 months 18 days

Compensation Plans (Schedule _4

Compensation Plans (Schedule of Outstanding Tandem Stock Appreciation Rights) (Parenthetical) (Details) - Tandem Stock Appreciation Rights (TSARs) [Member] - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Intrinsic value of options awards, exercised and cash settled	$ 0	$ 0	$ 6
Intrinsic value of options awards, outstanding	1	2
Intrinsic value of options awards, vested and exercisable	$ 1	$ 2

Compensation Plans (Schedule _5

Compensation Plans (Schedule of Weighted Average Assumptions Used to Fair Value Share Units) (Details)	12 Months Ended
	Dec. 31, 2024 $ / shares	Dec. 31, 2023 $ / shares	Dec. 31, 2022 $ / shares	Dec. 31, 2024 $ / shares	Dec. 31, 2023 $ / shares	Dec. 31, 2022 $ / shares
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	2.92%	3.95%	4.02%
Fair Value Assumptions, Dividend Yield	2.82%	2.78%	1.90%
Fair Value Assumptions, Expected Volatility Rate	42.83%	48.87%	106.16%
Fair Value Assumptions, Expected Term	7 months 6 days	10 months 24 days	1 year 6 months
Market Share Price				$ 58.23	$ 58.16	$ 68.56
Weighted Average Grant Date Fair Value				$ 54.84	$ 62.45	$ 60.31
United States Of America Dollars [Member] | Stock Appreciation Rights (SARs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair Value Assumptions, Risk Free Interest Rate	2.92%	3.95%	4.02%
Fair Value Assumptions, Dividend Yield	2.96%	2.73%	1.97%
Fair Value Assumptions, Expected Volatility Rate	46.02%	52.32%	107.80%
Fair Value Assumptions, Expected Term	8 months 12 days	1 year 1 month 6 days	1 year 7 months 6 days
Market Share Price	$ 40.5	$ 43.92	$ 50.71
Weighted Average Grant Date Fair Value	$ 40.91	$ 44.77	$ 44.17

Compensation Plans (Schedule _6

Compensation Plans (Schedule of Outstanding Performance Share Units) (Details) - Performance Share Units [Member] shares in Thousands	12 Months Ended
	Dec. 31, 2024 $ / shares shares	Dec. 31, 2024 $ / shares shares	Dec. 31, 2023 $ / shares shares	Dec. 31, 2023 $ / shares shares
United States Of America Dollars [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unvested and Outstanding, Beginning of Year | shares	1,307	1,307	2,261	2,261
Granted | shares	416	416	1,248	1,248
Vested and Released | shares	(761)	(761)	(2,202)	(2,202)
Units, in Lieu of Dividends | shares	28	28	37	37
Forfeited | shares	(47)	(47)	(37)	(37)
Unvested and Outstanding, End of Year | shares	943	943	1,307	1,307
Unvested and Outstanding, Beginning of Year | $ / shares	$ 33.91		$ 20.17
Granted | $ / shares	43.9		21.38
Vested and Released | $ / shares	23.08		12.65
Units, in Lieu of Dividends | $ / shares	46.13		33.41
Forfeited | $ / shares	44.8		36.59
Unvested and Outstanding, End of Year | $ / shares	$ 46.86		$ 33.91
Canadian Dollar [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unvested and Outstanding, Beginning of Year | shares	487	487	1,048	1,048
Granted | shares	149	149	614	614
Vested and Released | shares	(259)	(259)	(1,176)	(1,176)
Units, in Lieu of Dividends | shares	10	10	14	14
Forfeited | shares	(22)	(22)	(13)	(13)
Unvested and Outstanding, End of Year | shares	365	365	487	487
Unvested and Outstanding, Beginning of Year | $ / shares		$ 45.30		$ 24.74
Granted | $ / shares		59.49		26.2
Vested and Released | $ / shares		29.04		16.95
Units, in Lieu of Dividends | $ / shares		62.1		43.74
Forfeited | $ / shares		62.4		48.7
Unvested and Outstanding, End of Year | $ / shares		$ 62.1		$ 45.30

Compensation Plans (Schedule _7

Compensation Plans (Schedule of Outstanding Performance Share Units) (Parenthetical) (Details) - Performance Share Units [Member] $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2024 USD ($) $ / shares	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2024 $ / shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Payments of cash-settled | $	$ 36	$ 22	$ 22
United States Of America Dollars [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average grant date fair value per share as of date of modification	$ 43.80
Canadian Dollar [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average grant date fair value per share as of date of modification				$ 59.47

Compensation Plans (Schedule _8

Compensation Plans (Schedule of Outstanding Deferred Share Units) (Details) - Deferred Share Units [Member] - shares shares in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
United States Of America Dollars [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vested and Outstanding, Beginning of Year	18	10
Granted	5	7
Converted from Bonus Awards	0	0
Units, in Lieu of Dividends	1	1
Redeemed	0	0
Vested and Outstanding, End of Year	24	18
Canadian Dollar [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vested and Outstanding, Beginning of Year	147	188
Granted	2	0
Converted from Bonus Awards	0	0
Units, in Lieu of Dividends	4	5
Redeemed	(7)	(46)
Vested and Outstanding, End of Year	146	147

Compensation Plans - (Schedule

Compensation Plans - (Schedule of Outstanding Deferred Share Units) (Parenthetical) (Details) - Deferred Share Units [Member] - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Payments of cash-settled	$ 0	$ 2	$ 1
Outstanding intrinsic value	$ 7	$ 7

Compensation Plans (Schedule _9

Compensation Plans (Schedule of Outstanding Restricted Share Units) (Details) - Restricted Share Units [Member] shares in Thousands	12 Months Ended
	Dec. 31, 2024 $ / shares shares	Dec. 31, 2024 $ / shares shares	Dec. 31, 2023 $ / shares shares	Dec. 31, 2023 $ / shares shares
United States Of America Dollars [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unvested and Outstanding, Beginning of Year | shares	2,225	2,225	3,369	3,369
Granted | shares	1,050	1,050	1,155	1,155
Units, in Lieu of Dividends | shares	55	55	64	64
Vested and Released | shares	(1,269)	(1,269)	(2,200)	(2,200)
Forfeited | shares	(183)	(183)	(163)	(163)
Unvested and Outstanding, End of Year | shares	1,878	1,878	2,225	2,225
Unvested and Outstanding, Beginning of Year | $ / shares	$ 39.11		$ 25.48
Granted | $ / shares	49.3		43.72
Units, in Lieu of Dividends | $ / shares	47.06		38.74
Vested and Released | $ / shares	34.87		20.61
Forfeited | $ / shares	46.61		39.61
Unvested and Outstanding, End of Year | $ / shares	$ 47.24		$ 39.11
Canadian Dollar [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unvested and Outstanding, Beginning of Year | shares	982	982	1,540	1,540
Granted | shares	420	420	463	463
Units, in Lieu of Dividends | shares	23	23	28	28
Vested and Released | shares	(550)	(550)	(1,002)	(1,002)
Forfeited | shares	(77)	(77)	(47)	(47)
Unvested and Outstanding, End of Year | shares	798	798	982	982
Unvested and Outstanding, Beginning of Year | $ / shares		$ 51.93		$ 32.65
Granted | $ / shares		67.13		60.28
Units, in Lieu of Dividends | $ / shares		63.43		51.65
Vested and Released | $ / shares		45.8		26.23
Forfeited | $ / shares		63.12		50.16
Unvested and Outstanding, End of Year | $ / shares		$ 63.47		$ 51.93

Compensation Plans (Schedule_10

Compensation Plans (Schedule of Outstanding Restricted Share Units) (Parenthetical) (Details) - Restricted Share Units [Member] $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2024 USD ($) $ / shares	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2024 $ / shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Payments of cash-settled | $	$ 7	$ 18	$ 51
United States Of America Dollars [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average grant date fair value per share as of date of modification	$ 43.80
Canadian Dollar [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average grant date fair value per share as of date of modification				$ 59.47

Pension and Other Post-Employ_3

Pension and Other Post-Employment Benefits (Narrative) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Defined Benefit Plan Disclosure [Line Items]
Average Remaining Life Expectancy of Inactive Employees in Defined Benefit Plan, In Years		13 years
Accumulated Benefit Obligation	$ 169	$ 186
Defined Benefit Plan, Estimated Future Employer Contributions in Next Fiscal Year	$ 0
Defined Benefit Plan, Actual Plan Asset Allocations	66%	68%
Long-Term Rate of Return on Plan Assets	5%
U.S. and Foreign Equity [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Actual Plan Asset Allocations	31%	31%
Operating Expense [Member]
Defined Benefit Plan Disclosure [Line Items]
Pension and Other Postretirement (Benefit) Expense	$ 23	$ 22	$ 22
Administrative Expense [Member]
Defined Benefit Plan Disclosure [Line Items]
Pension and Other Postretirement (Benefit) Expense	5	5	4
Other Nonoperating Income (Expense) [Member]
Defined Benefit Plan Disclosure [Line Items]
Pension and Other Postretirement (Benefit) Expense	$ 4	$ 4	5
Cash and Cash Equivalents [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Actual Plan Asset Allocations	3%	1%
Pension Benefits [Member]
Defined Benefit Plan Disclosure [Line Items]
Average Remaining Service Period Of Active Participates In Plan In Years		10 years
Pension and Other Postretirement (Benefit) Expense	$ 27	$ 27	$ 24
Long-Term Rate of Return on Plan Assets	4%	3.85%	3.85%
Actual Return on Plan Assets	$ 9	$ 12
OPEB [Member]
Defined Benefit Plan Disclosure [Line Items]
Average Remaining Service Period Of Active Participates In Plan In Years		5 years
Pension and Other Postretirement (Benefit) Expense	$ (3)	$ (4)	$ (3)
Long-Term Rate of Return on Plan Assets	0%	0%	0%
Actual Return on Plan Assets	$ 0	$ 0

Pension and Other Post-Employ_4

Pension and Other Post-Employment Benefits (Changes In Benefit Obligation And Fair Value Of Plan Assets) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Defined Benefit Plan Disclosure [Line Items]
Fair Value of Plan Assets, Beginning of Year	$ 123
Fair Value of Plan Assets, End of Year	110	$ 123
Non-Current Liabilities	(74)	(74)
Defined Benefits [Member]
Defined Benefit Plan Disclosure [Line Items]
Projected Benefit Obligation, Beginning of Year	138	140
Service Cost	0	0	$ 0
Interest Cost	6	7	5
Actuarial (Gains) Losses	3	3
Exchange Differences	(10)	3
Employee Contributions	0	0
Benefits Paid	(12)	(13)
Settlement	0	(3)
Projected Benefit Obligation, End of Year	124	138	140
Fair Value of Plan Assets, Beginning of Year	123	124
Actual Return on Plan Assets	9	12
Exchange Differences	(11)	4
Employee Contributions	0	0
Employer Contributions	0	0
Benefits Paid	(12)	(13)
Settlement	0	(3)
Fair Value of Plan Assets, End of Year	110	123	124
Funded Status of Plan Assets, End of Year	(14)	(15)
Other Assets	6	5
Current Liabilities	0	0
Non-Current Liabilities	(20)	(20)
Total	(14)	(15)
Net Actuarial (Gains) Losses	13	15
Net Prior Service Costs	(7)	(8)
Total Recognized in Accumulated Other Comprehensive Income, Before Tax	6	7
OPEB [Member]
Defined Benefit Plan Disclosure [Line Items]
Projected Benefit Obligation, Beginning of Year	48	50
Service Cost	2	2	2
Interest Cost	2	2	2
Actuarial (Gains) Losses	(1)	1
Exchange Differences	0	0
Employee Contributions	1	1
Benefits Paid	(6)	(8)
Settlement	0	0
Projected Benefit Obligation, End of Year	45	48	50
Fair Value of Plan Assets, Beginning of Year	0	0
Actual Return on Plan Assets	0	0
Exchange Differences	(1)	0
Employee Contributions	1	1
Employer Contributions	5	7
Benefits Paid	(6)	(8)
Settlement	0	0
Fair Value of Plan Assets, End of Year	0	0	$ 0
Funded Status of Plan Assets, End of Year	(45)	(48)
Other Assets	0	0
Current Liabilities	(5)	(6)
Non-Current Liabilities	(40)	(42)
Total	(45)	(48)
Net Actuarial (Gains) Losses	(73)	(79)
Net Prior Service Costs	7	7
Total Recognized in Accumulated Other Comprehensive Income, Before Tax	$ (66)	$ (72)

Pension and Other Post-Employ_5

Pension and Other Post-Employment Benefits (Accumulated Benefit Obligation And Projected Benefit Obligation In Excess Of The Plan Assets Fair Value) (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Defined Benefits [Member]
Defined Benefit Plan Disclosure [Line Items]
Projected Benefit Obligation	$ (40)	$ (44)
Accumulated Benefit Obligation	(40)	(44)
Fair Value of Plan Assets	20	24
OPEB [Member]
Defined Benefit Plan Disclosure [Line Items]
Projected Benefit Obligation	(45)	(48)
Accumulated Benefit Obligation	(45)	(48)
Fair Value of Plan Assets	$ 0	$ 0

Pension and Other Post-Employ_6

Pension and Other Post-Employment Benefits (Weighted Average Assumptions Used) (Details)	Dec. 31, 2024	Dec. 31, 2023
Defined Benefits [Member]
Defined Benefit Plan Disclosure [Line Items]
Discount Rate	4.50%	4.60%
Rates of Increase in Compensation Levels	3.37%	3.24%
OPEB [Member]
Defined Benefit Plan Disclosure [Line Items]
Discount Rate	5.12%	4.90%
Rates of Increase in Compensation Levels	4.93%	4.93%

Pension and Other Post-Employ_7

Pension and Other Post-Employment Benefits (Total Benefit Plan Expense Recognized) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Pension Benefits [Member]
Defined Benefit Plan Disclosure [Line Items]
Net Defined Periodic Benefit Cost	$ 1	$ 2	$ 0
Defined Contribution Plan Expense	26	25	24
Total Benefit Plans Expense	27	27	24
OPEB [Member]
Defined Benefit Plan Disclosure [Line Items]
Net Defined Periodic Benefit Cost	(3)	(4)	(3)
Defined Contribution Plan Expense	0	0	0
Total Benefit Plans Expense	$ (3)	$ (4)	$ (3)

Pension and Other Post-Employ_8

Pension and Other Post-Employment Benefits (Defined Periodic Pension And OPEB Expense) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Defined Benefits [Member]
Defined Benefit Plan Disclosure [Line Items]
Service Cost	$ 0	$ 0	$ 0
Interest Cost	$ 6	$ 7	$ 5
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Interest Cost, Statement of Income or Comprehensive Income [Extensible Enumeration]	Other Nonoperating Income (Expense)	Other Nonoperating Income (Expense)	Other Nonoperating Income (Expense)
Expected Return on Plan Assets	$ (5)	$ (5)	$ (6)
Defined Benefit Plan, Net Periodic Benefit (Cost) Credit, Expected Return (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Other Nonoperating Income (Expense)	Other Nonoperating Income (Expense)	Other Nonoperating Income (Expense)
Amortization of net actuarial (gains) and losses	$ 0	$ 0	$ 1
Defined Benefit Plan, Net Periodic Benefit (Cost) Credit, Amortization of Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Other Nonoperating Income (Expense)	Other Nonoperating Income (Expense)	Other Nonoperating Income (Expense)
Total Net Defined Periodic Benefit Cost	$ 1	$ 2	$ 0
OPEB [Member]
Defined Benefit Plan Disclosure [Line Items]
Service Cost	2	2	2
Interest Cost	$ 2	$ 2	$ 2
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Interest Cost, Statement of Income or Comprehensive Income [Extensible Enumeration]	Other Nonoperating Income (Expense)	Other Nonoperating Income (Expense)	Other Nonoperating Income (Expense)
Expected Return on Plan Assets	$ 0	$ 0	$ 0
Defined Benefit Plan, Net Periodic Benefit (Cost) Credit, Expected Return (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Other Nonoperating Income (Expense)	Other Nonoperating Income (Expense)	Other Nonoperating Income (Expense)
Amortization of net actuarial (gains) and losses	$ (7)	$ (8)	$ (7)
Defined Benefit Plan, Net Periodic Benefit (Cost) Credit, Amortization of Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Other Nonoperating Income (Expense)	Other Nonoperating Income (Expense)	Other Nonoperating Income (Expense)
Total Net Defined Periodic Benefit Cost	$ (3)	$ (4)	$ (3)

Pension and Other Post-Employ_9

Pension and Other Post-Employment Benefits (Recognized Amounts In Other Comprehensive Income) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Defined Benefit Plan Disclosure [Line Items]
Amortization of Net Actuarial Gains and (Losses)	$ 7	$ 8	$ 6
Total Amounts Recognized in Other Comprehensive (Income) Loss, After Tax	4	4	(6)
Defined Benefits [Member]
Defined Benefit Plan Disclosure [Line Items]
Net Actuarial (Gains) Losses	(1)	(4)	0
Amortization of Net Actuarial Gains and (Losses)	0	0	(1)
Total Amounts Recognized in Other Comprehensive (Income) Loss, Before Tax	(1)	(4)	(1)
Total Amounts Recognized in Other Comprehensive (Income) Loss, After Tax	(1)	(3)	(1)
OPEB [Member]
Defined Benefit Plan Disclosure [Line Items]
Net Actuarial (Gains) Losses	(1)	1	(13)
Amortization of Net Actuarial Gains and (Losses)	7	8	7
Total Amounts Recognized in Other Comprehensive (Income) Loss, Before Tax	6	9	(6)
Total Amounts Recognized in Other Comprehensive (Income) Loss, After Tax	$ 5	$ 7	$ (5)

Pension and Other Post-Emplo_10

Pension and Other Post-Employment Benefits (Weighted Average Assumptions Used In Determining Net Periodic Pension And Other Post-Retirement Benefit Cost) (Details)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Defined Benefit Plan Disclosure [Line Items]
Long-Term Rate of Return on Plan Assets	5%
Defined Benefits [Member]
Defined Benefit Plan Disclosure [Line Items]
Discount Rate	4.50%	5.10%	5.10%
Long-Term Rate of Return on Plan Assets	4%	3.85%	3.85%
Rates of Increase in Compensation Levels	3.37%	3.24%	3.24%
OPEB [Member]
Defined Benefit Plan Disclosure [Line Items]
Discount Rate	4.96%	5.30%	2.46%
Long-Term Rate of Return on Plan Assets	0%	0%	0%
Rates of Increase in Compensation Levels	4.93%	4.93%	4.83%

Pension and Other Post-Emplo_11

Pension and Other Post-Employment Benefits (Assumed Health Care Cost Trend Rates) (Details)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Share-Based Payment Arrangement [Abstract]
Health Care Cost Trend Rate for Next Year	7.04%	6.96%	6.16%
Rate to Which the Cost Trend Rate is Assumed to Decline (Ultimate Trend Rate)	5%	5%	5%
Year that the Rate Reaches the Ultimate Trend Rate	2032	2030	2027

Pension and Other Post-Emplo_12

Pension and Other Post-Employment Benefits (Estimate Of Benefit Payments For The Next 10 Years) (Details) $ in Millions	Dec. 31, 2024 USD ($)
Pension Benefits [Member]
Defined Benefit Plan Disclosure [Line Items]
2025	$ 12
2026	11
2027	12
2028	11
2029	11
2030 - 2034	48
OPEB [Member]
Defined Benefit Plan Disclosure [Line Items]
2025	5
2026	4
2027	4
2028	4
2029	4
2030 - 2034	$ 17

Pension and Other Post-Emplo_13

Pension and Other Post-Employment Benefits (Plan Assets By Investment Asset Category And Fair Value Input Level) (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Defined Benefit Plan Disclosure [Line Items]
Fair Value of Plan Assets, End of Year	$ 110	$ 123
Cash and Cash Equivalents [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair Value of Plan Assets, End of Year	13	17
Fixed Income [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair Value of Plan Assets, End of Year	61	68
Equity [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair Value of Plan Assets, End of Year	36	38
Level 1 [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair Value of Plan Assets, End of Year	13	15
Level 1 [Member] | Cash and Cash Equivalents [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair Value of Plan Assets, End of Year	13	15
Level 1 [Member] | Fixed Income [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair Value of Plan Assets, End of Year	0	0
Level 1 [Member] | Equity [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair Value of Plan Assets, End of Year	0	0
Level 2 [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair Value of Plan Assets, End of Year	97	108
Level 2 [Member] | Cash and Cash Equivalents [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair Value of Plan Assets, End of Year	0	2
Level 2 [Member] | Fixed Income [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair Value of Plan Assets, End of Year	61	68
Level 2 [Member] | Equity [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair Value of Plan Assets, End of Year	36	38
Level 3 [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair Value of Plan Assets, End of Year	0	0
Level 3 [Member] | Cash and Cash Equivalents [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair Value of Plan Assets, End of Year	0	0
Level 3 [Member] | Fixed Income [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair Value of Plan Assets, End of Year	0	0
Level 3 [Member] | Equity [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair Value of Plan Assets, End of Year	$ 0	$ 0

Fair Value Measurements (Schedu

Fair Value Measurements (Schedule Of Fair Value, Assets And Liabilities Measured On Recurring Basis) (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Risk Management Assets, Net, Current	$ 108	$ 214
Risk Management Assets, Net, Long-term	0	4
Risk Management Liabilities, Net, Current	107	0
Risk Management	21	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	$ 110	$ 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		$ 4
Derivative Asset, Noncurrent, Statement of Financial Position [Extensible Enumeration]		Risk Management Assets, Net, Long-term
Risk Management Liabilities, Net, Current	$ 20	$ 0
Derivative Liability, Current, Statement of Financial Position [Extensible Enumeration]	Risk Management Liabilities, Net, Current	Risk Management Liabilities, Net, Current
Risk Management	$ 21	$ 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	$ 116	$ 204
Risk Management Assets, Gross Liabilities	(6)	(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	116	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		5
Risk Management Assets, Gross Liabilities		(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
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		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
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	26	1
Risk Management Liabilities, Gross Assets	(6)	(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	26	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	0	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	21	3
Risk Management Liabilities, Gross Assets	0	(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	21	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	$ (2)	$ 11
Derivative Asset, Current, Statement of Financial Position [Extensible Enumeration]	Risk Management Assets, Net, Current	Risk Management Assets, Net, Current
Risk Management Liabilities, Net, Current	$ 87
Derivative Liability, Current, Statement of Financial Position [Extensible Enumeration]	Risk Management Liabilities, Net, Current
Foreign Currency Derivatives [Member] | Other Current Assets [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Risk Management Assets, Gross assets	$ 0	$ 11
Risk Management Assets, Gross Liabilities	(2)	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	0	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
Foreign Currency Derivatives [Member] | Other Current Liabilities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Risk Management Liabilities, Gross liabilities	89
Risk Management Liabilities, Gross Assets	(2)
Foreign Currency Derivatives [Member] | Other Current Liabilities [Member] | Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Risk Management Liabilities, Gross liabilities	0
Foreign Currency Derivatives [Member] | Other Current Liabilities [Member] | Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Risk Management Liabilities, Gross liabilities	89
Foreign Currency Derivatives [Member] | Other Current Liabilities [Member] | Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Risk Management Liabilities, Gross liabilities	$ 0

Fair Value Measurements (Summar

Fair Value Measurements (Summary Of Changes In Level 3 Fair Value Measurements) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract]
Balance, Beginning Balance	$ 16	$ 12
Total Gains (Losses)	$ 14	$ 2
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	2
Transfers Out of Level 3	(39)	0
Balance, Ending Balance	0	16
Change in Unrealized Gains (Losses) During the Year Included in Net Earnings (Loss)	$ 23	$ 4

Financial Instruments and Ris_3

Financial Instruments and Risk Management (Narrative) (Details)	12 Months Ended
	Dec. 31, 2024 USD ($) Contract $ / $	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Nov. 14, 2024 USD ($) $ / $
Derivative [Line Items]
Realized gain on derivatives	$ 268,000,000	$ (50,000,000)	$ (2,613,000,000)
Unrealized gain (loss) on derivatives	(236,000,000)	$ 215,000,000	726,000,000
Credit risk, financial instrument, maximum exposure, based on gross fair value basis	116,000,000
Credit risk, financial instrument, maximum exposure, based on net fair value basis	$ 108,000,000
Number of credit risk derivatives held | Contract	0
Collateral balances	$ 0
Concentration risk, percentage	94%	91%
Guarantor Obligations, Current Carrying Value	$ 0	$ 4,000,000
Guarantor obligations, expiration date	2024-06
Revenue [Member]
Derivative [Line Items]
Realized gain on derivatives	$ 271,000,000	(43,000,000)	(2,608,000,000)
Unrealized gain (loss) on derivatives	(136,000,000)	194,000,000	741,000,000
Currency Swaps Maturing Throughout First Half of 2025 [Member]
Derivative [Line Items]
Foreign currency swap, contract amount outstanding	$ 100,000,000
Derivative, average forward exchange rate | $ / $	1.3875
Currency Swaps Maturing March 31, 2025 [Member] | Paramount Resources Ltd [Member]
Derivative [Line Items]
Foreign currency swap, contract amount outstanding				$ 2,400,000,000
Derivative, average forward exchange rate | $ / $				1.3825
Other Derivative Contracts [Member] | Revenue [Member]
Derivative [Line Items]
Realized gain on derivatives	$ 4,000,000	1,000,000	6,000,000
Unrealized gain (loss) on derivatives	$ 0	$ 0	$ (2,000,000)

Financial Instruments and Ris_4

Financial Instruments and Risk Management (Risk Management Positions) (Details) $ in Millions	12 Months Ended
	Dec. 31, 2024 USD ($) $ / Mcf $ / bbl MBbls MMcf
Derivative [Line Items]
Foreign Currency Swaps, at Fair value, Net	$ (89)
Total Fair Value Position	$ (20)
Currency Swap [Member]
Derivative [Line Items]
Term	Dec. 31, 2025
Oil [Member] | WTI Fixed Price Contracts Maturing 2025 [Member]
Derivative [Line Items]
Derivative, Nonmonetary Notional Amount, Volumes/day | MBbls	15.6
Term	Dec. 31, 2025
Average Price, Fixed Price Contracts | $ / bbl	66.61
Price Risk Derivatives, at Fair Value, Net	$ (17)
Oil [Member] | WTI Fixed Price Contracts Maturing 2026 [Member]
Derivative [Line Items]
Derivative, Nonmonetary Notional Amount, Volumes/day | MBbls	17.6
Term	Dec. 31, 2026
Average Price, Fixed Price Contracts | $ / bbl	64.55
Price Risk Derivatives, at Fair Value, Net	$ (11)
Oil [Member] | WTI Fixed Price Contracts Maturing 2027 [Member]
Derivative [Line Items]
Derivative, Nonmonetary Notional Amount, Volumes/day | MBbls	11.6
Term	Dec. 31, 2027
Average Price, Fixed Price Contracts | $ / bbl	63.45
Price Risk Derivatives, at Fair Value, Net	$ (5)
Oil [Member] | WTI Three-Way Options Maturing 2025 [Member]
Derivative [Line Items]
Derivative, Nonmonetary Notional Amount, Volumes/day | MBbls	48.2
Term	Dec. 31, 2025
Price Risk Derivatives, at Fair Value, Net	$ 12
Oil [Member] | WTI Three-Way Options Maturing 2025 [Member] | Sold [Member] | Call Option [Member]
Derivative [Line Items]
Average Price, Options/Collars | $ / bbl	82.31
Oil [Member] | WTI Three-Way Options Maturing 2025 [Member] | Sold [Member] | Put Option [Member]
Derivative [Line Items]
Average Price, Options/Collars | $ / bbl	50
Oil [Member] | WTI Three-Way Options Maturing 2025 [Member] | Bought [Member] | Put Option [Member]
Derivative [Line Items]
Average Price, Options/Collars | $ / bbl	65
Oil and NGLs [Member]
Derivative [Line Items]
Price Risk Derivatives, at Fair Value, Net	$ (21)
Natural Gas [Member] | Fair Value Position Excluding Unexpired Options [Member]
Derivative [Line Items]
Price Risk Derivatives, at Fair Value, Net	$ 90
Natural Gas [Member] | NYMEX Fixed Price Contracts Maturing 2025 [Member]
Derivative [Line Items]
Derivative, Nonmonetary Notional Amount, Volumes/day | MMcf	19
Term	Dec. 31, 2025
Average Price, Fixed Price Contracts | $ / Mcf	3.38
Price Risk Derivatives, at Fair Value, Net	$ (1)
Natural Gas [Member] | NYMEX Fixed Price Contracts Maturing 2026 [Member]
Derivative [Line Items]
Derivative, Nonmonetary Notional Amount, Volumes/day | MMcf	19
Term	Dec. 31, 2026
Average Price, Fixed Price Contracts | $ / Mcf	3.38
Price Risk Derivatives, at Fair Value, Net	$ (3)
Natural Gas [Member] | NYMEX Fixed Price Contracts Maturing 2027 [Member]
Derivative [Line Items]
Derivative, Nonmonetary Notional Amount, Volumes/day | MMcf	14
Term	Dec. 31, 2027
Average Price, Fixed Price Contracts | $ / Mcf	3.4
Price Risk Derivatives, at Fair Value, Net	$ (2)
Natural Gas [Member] | NYMEX Three-Way Options Maturing 2025 [Member]
Derivative [Line Items]
Derivative, Nonmonetary Notional Amount, Volumes/day | MMcf	500
Term	Dec. 31, 2025
Price Risk Derivatives, at Fair Value, Net	$ (5)
Natural Gas [Member] | NYMEX Three-Way Options Maturing 2025 [Member] | Sold [Member] | Call Option [Member]
Derivative [Line Items]
Average Price, Options/Collars | $ / Mcf	4.54
Natural Gas [Member] | NYMEX Three-Way Options Maturing 2025 [Member] | Sold [Member] | Put Option [Member]
Derivative [Line Items]
Average Price, Options/Collars | $ / Mcf	2.25
Natural Gas [Member] | NYMEX Three-Way Options Maturing 2025 [Member] | Bought [Member] | Put Option [Member]
Derivative [Line Items]
Average Price, Options/Collars | $ / Mcf	3
Natural Gas [Member] | Basis Contracts Maturing 2025 [Member]
Derivative [Line Items]
Term	Dec. 31, 2025
Price Risk Derivatives, at Fair Value, Net	$ 101

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	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Derivative Instruments, Gain (Loss) [Line Items]
Realized Gain (Loss) on Derivatives	$ 268	$ (50)	$ (2,613)
Unrealized Gain (Loss) on Derivatives	(236)	215	726
Realized and Unrealized Gain (Loss) on Risk Management	$ 32	$ 165	$ (1,887)
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
Revenue [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Realized Gain (Loss) on Derivatives	$ 271	$ (43)	$ (2,608)
Unrealized Gain (Loss) on Derivatives	(136)	194	741
Realized and Unrealized Gain (Loss) on Risk Management	$ 135	$ 151	$ (1,867)
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
Foreign Currency Gain (Loss) [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Realized Gain (Loss) on Derivatives	$ (3)	$ (8)	$ (5)
Unrealized Gain (Loss) on Derivatives	(100)	21	(15)
Realized and Unrealized Gain (Loss) on Risk Management	$ (103)	$ 13	$ (20)
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
Interest Rate [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Realized Gain (Loss) on Derivatives	$ 0	$ 1	$ 0
Realized and Unrealized Gain (Loss) on Risk Management	$ 0	$ 1	$ 0
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

Financial Instruments and Ris_6

Financial Instruments and Risk Management (Reconciliation of Unrealized Risk Management Positions) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Derivative [Line Items]
Fair Value of Contracts, Beginning of Year	$ 212
Settlement of Other Derivative Contracts	4
Fair Value of Contracts Realized During the Year	(268)	$ 50	$ 2,613
Fair Value of Contracts, End of Year	(20)	212
Unrealized Gain (Loss) on Derivatives	(236)	215	726
Commodity Contract [Member]
Derivative [Line Items]
Increase (Decrease) in Derivative Assets and Liabilities	$ 32	$ 165	$ (1,887)

Financial Instruments and Ris_7

Financial Instruments and Risk Management (Unrealized Risk Management Positions) (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Derivatives, Fair Value [Line Items]
Risk Management, Current asset	$ 108	$ 214
Risk Management, Long-term asset	0	4
Risk Management, Total asset	108	218
Risk Management, Current liability	107	0
Risk Management, Long-term liability	21	2
Risk Management, Total liability	128	2
Guarantor Obligations, Current Carrying Value	0	4
Risk Management and Other Derivative Guarantee, at Fair Value, Net	(20)	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	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Supplemental Cash Flow Elements [Abstract]
Accounts receivable and accrued revenues	$ 256	$ 352	$ (304)
Accounts payable and accrued liabilities	(247)	(304)	50
Current portion of operating lease liabilities	(6)	11	14
Income tax receivable and payable	(250)	271	53
Net change in non-cash working capital	$ (247)	$ 330	$ (187)

Supplementary Information (Non-

Supplementary Information (Non-Cash Activity) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Non-Cash Operating Activities
ROU operating lease assets and liabilities	$ (46)	$ (113)	$ (75)
Non-Cash Investing Activities
Asset retirement obligation incurred	9	6	4
Asset retirement obligation change in estimated future cash outflows	64	13	58
Property, plant and equipment accruals	(34)	26	35
Capitalized long-term incentives	(8)	(3)	4
Property additions/dispositions, including swaps	122	29	126
Non-Cash Financing Activities
Shares of common stock issued in conjunction with the Permian Acquisition (See Note 9)	$ 0	$ (1,169)	$ 0

Supplemental Information (Suppl

Supplemental Information (Supplementary Cash Flow Information) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Supplemental Cash Flow Elements [Abstract]
Interest Paid	$ 426	$ 308	$ 376
Income Taxes (Recovered), net of Amounts Paid	$ 295	$ (19)	$ (38)

Commitments and Contingencies_2

Commitments and Contingencies (Details) $ in Millions	Dec. 31, 2024 USD ($)
Commitments [Line Items]
2025	$ 928
2026	658
2027	558
2028	450
2029	392
Thereafter	1,791
Total	4,777
Transportation and Processing Commitments [Member]
Commitments [Line Items]
2025	655
2026	642
2027	552
2028	444
2029	388
Thereafter	1,783
Total	4,464
Drilling and Field Services Commitments [Member]
Commitments [Line Items]
2025	260
2026	9
2027	0
2028	0
2029	0
Thereafter	0
Total	269
Building Leases & Other Commitments [Member]
Commitments [Line Items]
2025	13
2026	7
2027	6
2028	6
2029	4
Thereafter	8
Total	$ 44

Subsequent Events (Additional I

Subsequent Events (Additional Information) (Details) $ in Millions, $ in Millions				12 Months Ended
	Jan. 31, 2025 USD ($)	Jan. 31, 2025 CAD ($)	Jan. 22, 2025 USD ($)	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 10, 2024 USD ($)	Nov. 14, 2024 USD ($)
Subsequent Event [Line Items]
Proceeds from divestitures				$ 163	$ 772	$ 228
Realized foreign exchange loss				(268)	50	2,613
Foreign Currency Gain (Loss) [Member]
Subsequent Event [Line Items]
Realized foreign exchange loss				$ 3	$ 8	$ 5
Subsequent Event [Member]
Subsequent Event [Line Items]
Proceeds from divestitures			$ 2,000
Montney Acquisition [Member] | Subsequent Event [Member]
Subsequent Event [Line Items]
Cash paid for acquisition	$ 2,307	$ 3,325
Montney Acquisition [Member] | Subsequent Event [Member] | Foreign Currency Gain (Loss) [Member]
Subsequent Event [Line Items]
Realized foreign exchange loss	97
Paramount Resources Ltd [Member] | Currency Swaps Maturing March 31, 2025 [Member]
Subsequent Event [Line Items]
Foreign currency swap, contract amount outstanding								$ 2,400
Paramount Resources Ltd [Member] | Currency Swaps Maturing March 31, 2025 [Member] | Subsequent Event [Member]
Subsequent Event [Line Items]
Foreign currency swap, contract amount outstanding	2,400
364-Day Asset Sale Term Facility [Member]
Subsequent Event [Line Items]
Line of credit facility, maximum borrowing capacity							$ 1,500
364-Day Asset Sale Term Facility [Member] | Subsequent Event [Member]
Subsequent Event [Line Items]
Line of credit facility, maximum borrowing capacity			$ 1,500
2-Year Term Facility [Member]
Subsequent Event [Line Items]
Line of credit facility, maximum borrowing capacity							$ 1,000
2-Year Term Facility [Member] | Subsequent Event [Member]
Subsequent Event [Line Items]
Line of credit facility, maximum borrowing capacity	$ 1,000

Supplementary Oil and Gas Inf_3

Supplementary Oil and Gas Information (Twelve Month Average Trailing Prices) (Details)	12 Months Ended
	Dec. 31, 2024 $ / MMBTU $ / bbl $ / MMBTU $ / bbl	Dec. 31, 2023 $ / MMBTU $ / bbl $ / MMBTU $ / bbl	Dec. 31, 2022 $ / bbl $ / MMBTU $ / bbl $ / MMBTU
Oil and NGLs [Member] | WTI [Member]
Average Sales Price and Production Costs Per Unit of Production [Line Items]
Reference Price | $ / bbl	75.48	78.22	93.82
Oil and NGLs [Member] | Edmonton Condensate [Member]
Average Sales Price and Production Costs Per Unit of Production [Line Items]
Reference Price | $ / bbl	99.6	104.61	121.18
Natural Gas [Member] | Henry Hub [Member]
Average Sales Price and Production Costs Per Unit of Production [Line Items]
Reference Price | $ / MMBTU	2.13	2.64	6.36
Natural Gas [Member] | AECO [Member]
Average Sales Price and Production Costs Per Unit of Production [Line Items]
Reference Price | $ / MMBTU	1.26	2.78	5.65

Supplementary Oil and Gas Inf_4

Supplementary Oil and Gas Information (Net Proved Reserves) (Details)	12 Months Ended
	Dec. 31, 2024 MMBbls Bcf	Dec. 31, 2023 MMBbls Bcf	Dec. 31, 2022 Bcf MMBbls
Reserve Quantities [Line Items]
Beginning of year	2,185.9	2,273.6	2,258.2
Revisions and improved recovery	(217.9)	(309.6)	(189.2)
Extensions and discoveries	300.1	285.3	370.6
Purchase of reserves in place	4	243.9	45.9
Sale of reserves in place	(1)	(100.8)	(25.7)
Production	(214.1)	(206.5)	(186.2)
End of year	2,057.1	2,185.9	2,273.6
Developed	1,207.1	1,345.6	1,288.7
Undeveloped	850	840.2	984.9
Oil [Member]
Reserve Quantities [Line Items]
Beginning of year	518.9	535.3	558.6
Revisions and improved recovery	2.9	(134)	(65.5)
Extensions and discoveries	118.3	64.7	95.2
Purchase of reserves in place	1.8	160	15.8
Sale of reserves in place	(0.3)	(49.1)	(20.8)
Production	(61.5)	(58)	(48)
End of year	580	518.9	535.3
Developed	274	277.7	257.3
Undeveloped	306	241.2	278
Natural Gas Liquids [Member]
Reserve Quantities [Line Items]
Beginning of year	525.3	606.9	604.7
Revisions and improved recovery	85.4	(95.4)	(33.2)
Extensions and discoveries	71.8	43.6	68.5
Purchase of reserves in place	1	47.7	15.4
Sale of reserves in place	(0.4)	(28.9)	(1.3)
Production	(48.9)	(48.6)	(47.3)
End of year	634.2	525.3	606.9
Developed	396.1	353.7	359.5
Undeveloped	238.2	171.6	247.4
Natural Gas [Member]
Reserve Quantities [Line Items]
Beginning of year | Bcf	6,850	6,789	6,570
Revisions and improved recovery | Bcf	(1,837)	(482)	(544)
Extensions and discoveries | Bcf	660	1,061	1,241
Purchase of reserves in place | Bcf	7	218	88
Sale of reserves in place | Bcf	(2)	(137)	(22)
Production | Bcf	(621)	(599)	(545)
End of year | Bcf	5,057	6,850	6,789
Developed | Bcf	3,222	4,286	4,031
Undeveloped | Bcf	1,835	2,565	2,757
United States [Member] | Oil [Member]
Reserve Quantities [Line Items]
Beginning of year	518.8	535.2	557.5
Revisions and improved recovery	2.9	(134)	(65.1)
Extensions and discoveries	118	64.7	95.2
Purchase of reserves in place	1.8	160	15.8
Sale of reserves in place	(0.3)	(49.1)	(20.2)
Production	(61.4)	(58)	(48)
End of year	579.8	518.8	535.2
Developed	273.7	277.6	257.2
Undeveloped	306	241.2	278
United States [Member] | Natural Gas Liquids [Member]
Reserve Quantities [Line Items]
Beginning of year	378.4	457.8	434.7
Revisions and improved recovery	129.1	(89.1)	2.9
Extensions and discoveries	58.2	23.3	37.2
Purchase of reserves in place	1	46.6	13.7
Sale of reserves in place	(0.4)	(28.9)	(0.7)
Production	(31.8)	(31.2)	(29.9)
End of year	534.5	378.4	457.8
Developed	336.2	275.7	288.3
Undeveloped	198.4	102.7	169.5
United States [Member] | Natural Gas [Member]
Reserve Quantities [Line Items]
Beginning of year | Bcf	2,259	2,698	2,536
Revisions and improved recovery | Bcf	639	(460)	38
Extensions and discoveries | Bcf	346	146	237
Purchase of reserves in place | Bcf	6	201	72
Sale of reserves in place | Bcf	(2)	(137)	(5)
Production | Bcf	(197)	(189)	(180)
End of year | Bcf	3,052	2,259	2,698
Developed | Bcf	1,953	1,695	1,755
Undeveloped | Bcf	1,099	564	943
Canada [Member] | Oil [Member]
Reserve Quantities [Line Items]
Beginning of year	0.1	0.1	1.1
Revisions and improved recovery	0.1	0	(0.3)
Extensions and discoveries	0.3	0	0
Purchase of reserves in place	0	0	0
Sale of reserves in place	0	0	(0.6)
Production	(0.1)	0	0
End of year	0.2	0.1	0.1
Developed	0.2	0.1	0.1
Undeveloped	0	0	0
Canada [Member] | Natural Gas Liquids [Member]
Reserve Quantities [Line Items]
Beginning of year	146.9	149	170
Revisions and improved recovery	(43.7)	(6.2)	(36)
Extensions and discoveries	13.6	20.4	31.3
Purchase of reserves in place	0	1.1	1.7
Sale of reserves in place	0	0	(0.6)
Production	(17.1)	(17.4)	(17.3)
End of year	99.7	146.9	149
Developed	59.9	78	71.2
Undeveloped	39.8	68.9	77.8
Canada [Member] | Natural Gas [Member]
Reserve Quantities [Line Items]
Beginning of year | Bcf	4,591	4,090	4,033
Revisions and improved recovery | Bcf	(2,476)	(21)	(582)
Extensions and discoveries | Bcf	315	916	1,005
Purchase of reserves in place | Bcf	1	17	16
Sale of reserves in place | Bcf	0	0	(16)
Production | Bcf	(425)	(411)	(366)
End of year | Bcf	2,005	4,591	4,090
Developed | Bcf	1,269	2,590	2,276
Undeveloped | Bcf	736	2,000	1,814

Supplementary Oil and Gas Inf_5

Supplementary Oil and Gas Information (Narrative) (Details) $ in Millions	12 Months Ended
	Dec. 31, 2024 USD ($)	Dec. 31, 2024 USD ($) MMBbls	Dec. 31, 2024 USD ($) Bcf	Dec. 31, 2023 USD ($) Bcf MMBbls	Dec. 31, 2022 MMBbls Bcf
Reserve Quantities [Line Items]
Proved Developed and Undeveloped Reserves, Net, Period Increase (Decrease)		128.8		(87.7)	15.4
Proved Developed and Undeveloped Reserves, Production		214.1		206.5	186.2
Revisions of previous estimates		(217.9)		(309.6)	(189.2)
Extensions and discoveries		300.1		285.3	370.6
Purchase of reserves in place		4		243.9	45.9
Sale of reserves in place		1		100.8	25.7
Capitalized Costs of Unproved Properties Excluded from Amortization, Cumulative | $	$ 764	$ 764	$ 764	$ 1,486
Permian Assets [Member]
Reserve Quantities [Line Items]
Anticipated Timing of Inclusion of Costs In Amortization base, In Years	2 years
Infill Drilling Locations [Member]
Reserve Quantities [Line Items]
Revisions of previous estimates					4.4
Proved Developed [Member]
Reserve Quantities [Line Items]
Sale of reserves in place				100.8	25.7
Natural Gas [Member]
Reserve Quantities [Line Items]
Proved Developed and Undeveloped Reserves, Production | Bcf			621	599	545
Revisions of previous estimates | Bcf			(1,837)	(482)	(544)
Extensions and discoveries | Bcf			660	1,061	1,241
Purchase of reserves in place | Bcf			7	218	88
Sale of reserves in place | Bcf			2	137	22
Change Due to Change in Approved Development Plan [Member]
Reserve Quantities [Line Items]
Revisions of previous estimates				(330)	(142.5)
Change Due to Change in Approved Development Plan [Member] | Oil and NGLs [Member]
Reserve Quantities [Line Items]
Revisions of previous estimates		17.9
Change Due to Change in Approved Development Plan [Member] | Natural Gas [Member]
Reserve Quantities [Line Items]
Revisions of previous estimates		(39.8)	(239)
Change Due To Changes In Prices [Member] | Oil and NGLs [Member]
Reserve Quantities [Line Items]
Revisions of previous estimates		(27.1)		29.6	(49.6)
Change Due To Changes In Prices [Member] | Natural Gas [Member]
Reserve Quantities [Line Items]
Revisions of previous estimates		(319.1)	(1,914)
Change Due To Change In Other Than Prices [Member]
Reserve Quantities [Line Items]
Revisions of previous estimates		97.5		9.2	1.5
Change Due To Change In Other Than Prices [Member] | Natural Gas [Member]
Reserve Quantities [Line Items]
Revisions of previous estimates		52.7	316

Supplementary Oil and Gas Inf_6

Supplementary Oil and Gas Information (Standardized Measure of Discounted Future Net Cash Flows Relating to Proved Oil and Gas Reserves-Before Discounting) (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Discounted Future Net Cash Flows Relating to Proved Oil and Gas Reserves [Line Items]
Future Cash Inflows	$ 59,244	$ 67,643	$ 103,716
Production costs	19,081	22,552	25,216
Development costs	11,806	11,113	11,093
Income taxes	3,784	4,751	13,515
Future Net Cash Flows	24,573	29,227	53,892
Less 10% annual discount for estimated timing of cash flows	10,901	13,145	26,393
Discounted Future Net Cash Flows	13,672	16,082	27,499	$ 18,775
United States [Member]
Discounted Future Net Cash Flows Relating to Proved Oil and Gas Reserves [Line Items]
Future Cash Inflows	52,682	47,946	74,567
Production costs	15,122	14,405	17,043
Development costs	10,269	8,849	8,951
Income taxes	3,690	2,735	9,333
Future Net Cash Flows	23,601	21,957	39,240
Less 10% annual discount for estimated timing of cash flows	10,741	10,182	20,272
Discounted Future Net Cash Flows	12,860	11,775	18,968	14,291
Canada [Member]
Discounted Future Net Cash Flows Relating to Proved Oil and Gas Reserves [Line Items]
Future Cash Inflows	6,562	19,697	29,149
Production costs	3,959	8,147	8,173
Development costs	1,537	2,264	2,142
Income taxes	94	2,016	4,182
Future Net Cash Flows	972	7,270	14,652
Less 10% annual discount for estimated timing of cash flows	160	2,963	6,121
Discounted Future Net Cash Flows	$ 812	$ 4,307	$ 8,531	$ 4,484

Supplementary Oil and Gas Inf_7

Supplementary Oil and Gas Information (Changes in Standardized Measure of Discounted Future Net Cash Flows Relating to Proved Oil and Gas Reserves) (Details) - USD ($) $ in Millions		12 Months Ended
		Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Discounted Future Net Cash Flows Relating to Proved Oil and Gas Reserves [Line Items]
Balance, Beginning of Year		$ 16,082	$ 27,499	$ 18,775
Sales of oil and gas produced during the year	[1]	(4,564)	(5,036)	(7,367)
Discoveries and extensions, net of related costs		2,258	2,200	5,370
Purchases of proved reserves in place		34	2,464	719
Sales and transfers of proved reserves in place		(11)	(1,765)	(306)
Net change in prices and production costs	[1]	(3,404)	(12,597)	14,618
Revisions to quantity estimates		(925)	(5,393)	(1,673)
Accretion of discount		1,835	3,384	2,175
Development costs incurred during the year		2,291	2,759	1,814
Changes in estimated future development costs		(460)	(1,504)	(3,268)
Other		(1)	1	(2)
Net change in income taxes		537	4,070	(3,356)
Balance, End of Year		13,672	16,082	27,499
United States [Member]
Discounted Future Net Cash Flows Relating to Proved Oil and Gas Reserves [Line Items]
Balance, Beginning of Year		11,775	18,968	14,291
Sales of oil and gas produced during the year	[1]	(3,984)	(3,969)	(5,023)
Discoveries and extensions, net of related costs		2,106	1,141	2,735
Purchases of proved reserves in place		34	2,440	661
Sales and transfers of proved reserves in place		(11)	(1,765)	(278)
Net change in prices and production costs	[1]	(1,704)	(5,730)	9,075
Revisions to quantity estimates		2,148	(5,250)	(712)
Accretion of discount		1,286	2,290	1,630
Development costs incurred during the year		1,850	2,184	1,475
Changes in estimated future development costs		(67)	(1,384)	(2,965)
Other		0	1	(2)
Net change in income taxes		(573)	2,849	(1,919)
Balance, End of Year		12,860	11,775	18,968
Canada [Member]
Discounted Future Net Cash Flows Relating to Proved Oil and Gas Reserves [Line Items]
Balance, Beginning of Year		4,307	8,531	4,484
Sales of oil and gas produced during the year	[1]	(580)	(1,067)	(2,344)
Discoveries and extensions, net of related costs		152	1,059	2,635
Purchases of proved reserves in place		0	24	58
Sales and transfers of proved reserves in place		0	0	(28)
Net change in prices and production costs	[1]	(1,700)	(6,867)	5,543
Revisions to quantity estimates		(3,073)	(143)	(961)
Accretion of discount		549	1,094	545
Development costs incurred during the year		441	575	339
Changes in estimated future development costs		(393)	(120)	(303)
Other		(1)	0	0
Net change in income taxes		1,110	1,221	(1,437)
Balance, End of Year		$ 812	$ 4,307	$ 8,531
[1] See Note 2 regarding the reclassification of the Company’s previously reported Market Optimization segment.

Supplementary Oil and Gas Inf_8

Supplementary Oil and Gas Information (Results of Operations) (Details) - USD ($) $ in Millions		12 Months Ended
		Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Results of Operations for Oil and Gas Producing Activities, by Geographic Area [Line Items]
Oil, NGL and Natural Gas Revenues	[1]	$ 7,358	$ 7,812	$ 10,183
Production, mineral and other taxes		333	342	415
Transportation and processing	[2]	1,553	1,603	1,628
Operating	[2]	908	831	773
Depreciation, depletion and amortization		2,268	1,805	1,096
Impairments		450
Accretion of asset retirement obligation		19	19	18
Operating Income (Loss)		1,827	3,212	6,253
Income Taxes		394	713	1,457
Results of Operations		1,433	2,499	4,796
United States [Member]
Results of Operations for Oil and Gas Producing Activities, by Geographic Area [Line Items]
Oil, NGL and Natural Gas Revenues	[1]	5,612	5,586	6,696
Production, mineral and other taxes		319	327	401
Transportation and processing	[2]	510	547	626
Operating	[2]	799	743	646
Depreciation, depletion and amortization		1,971	1,519	861
Accretion of asset retirement obligation		9	8	8
Operating Income (Loss)		2,004	2,442	4,154
Income Taxes		436	531	955
Results of Operations		1,568	1,911	3,199
Canada [Member]
Results of Operations for Oil and Gas Producing Activities, by Geographic Area [Line Items]
Oil, NGL and Natural Gas Revenues	[1]	1,746	2,226	3,487
Production, mineral and other taxes		14	15	14
Transportation and processing	[2]	1,043	1,056	1,002
Operating	[2]	109	88	127
Depreciation, depletion and amortization		297	286	235
Impairments		450
Accretion of asset retirement obligation		10	11	10
Operating Income (Loss)		(177)	770	2,099
Income Taxes		(42)	182	502
Results of Operations		$ (135)	$ 588	$ 1,597
[1] Excludes gains (losses) on risk management and sales of volumes purchased from third-parties. See Note 2 regarding the reclassification of the Company’s previously reported Market Optimization segment. Excludes costs related to the purchase and sale of third-party volumes.

Supplementary Oil and Gas Inf_9

Supplementary Oil and Gas Information (Capitalized Costs) (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Capitalized Costs Relating to Oil and Gas Producing Activities, by Geographic Area [Line Items]
Proved Oil and Gas Properties	$ 66,009	$ 64,084	$ 57,054
Unproved Oil and Gas Properties	764	1,486	1,172
Total Capital Cost	66,773	65,570	58,226
Accumulated DD&A	52,591	51,131	48,967
Net Capitalized Costs	14,182	14,439	9,259
United States [Member]
Capitalized Costs Relating to Oil and Gas Producing Activities, by Geographic Area [Line Items]
Proved Oil and Gas Properties	50,246	47,440	41,382
Unproved Oil and Gas Properties	741	1,449	1,127
Total Capital Cost	50,987	48,889	42,509
Accumulated DD&A	37,770	35,799	34,280
Net Capitalized Costs	13,217	13,090	8,229
Canada [Member]
Capitalized Costs Relating to Oil and Gas Producing Activities, by Geographic Area [Line Items]
Proved Oil and Gas Properties	15,763	16,644	15,672
Unproved Oil and Gas Properties	23	37	45
Total Capital Cost	15,786	16,681	15,717
Accumulated DD&A	14,821	15,332	14,687
Net Capitalized Costs	$ 965	$ 1,349	$ 1,030

Supplementary Oil and Gas In_10

Supplementary Oil and Gas Information (Costs Incurred) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Costs Incurred (Line Items)
Unproved oil and gas properties	$ 0	$ 1,063	$ 154
Proved	205	3,874	132
Total Acquisition Costs	205	4,937	286
Exploration Costs	6	3	12
Development Costs	2,392	2,786	1,906
Total Costs Incurred	2,603	7,726	2,204
United States [Member]
Costs Incurred (Line Items)
Unproved oil and gas properties	0	1,063	154
Proved	200	3,868	123
Total Acquisition Costs	200	4,931	277
Exploration Costs	6	3	5
Development Costs	1,925	2,224	1,530
Total Costs Incurred	2,131	7,158	1,812
Canada [Member]
Costs Incurred (Line Items)
Unproved oil and gas properties	0	0	0
Proved	5	6	9
Total Acquisition Costs	5	6	9
Exploration Costs	0	0	7
Development Costs	467	562	376
Total Costs Incurred	$ 472	$ 568	$ 392

Supplementary Oil and Gas In_11

Supplementary Oil and Gas Information (Costs Not Subject to Depletion or Amortization) (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Capitalized Costs of Unproved Properties Excluded from Amortization [Line Items]
Capitalized Costs of Unproved Properties Excluded from Amortization, Cumulative	$ 764	$ 1,486
United States [Member]
Capitalized Costs of Unproved Properties Excluded from Amortization [Line Items]
Capitalized Costs of Unproved Properties Excluded from Amortization, Cumulative	741	1,449
Canada [Member]
Capitalized Costs of Unproved Properties Excluded from Amortization [Line Items]
Capitalized Costs of Unproved Properties Excluded from Amortization, Cumulative	$ 23	$ 37

Supplementary Oil and Gas In_12

Supplementary Oil and Gas Information (Costs Related to Unproved Properties) (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Capitalized Costs of Unproved Properties Excluded from Amortization [Line Items]
Acquisition Costs, Cumulative	$ 717
Exploration Costs, Cumulative	47
Capitalized Costs of Unproved Properties Excluded from Amortization, Cumulative, Total	764	$ 1,486
Current Year [Member]
Capitalized Costs of Unproved Properties Excluded from Amortization [Line Items]
Acquisition Costs, Cumulative	0
Exploration Costs, Cumulative	6
Capitalized Costs of Unproved Properties Excluded from Amortization, Cumulative, Total	6
Prior Year [Member]
Capitalized Costs of Unproved Properties Excluded from Amortization [Line Items]
Acquisition Costs, Cumulative	539
Exploration Costs, Cumulative	3
Capitalized Costs of Unproved Properties Excluded from Amortization, Cumulative, Total	542
Second Prior Year [Member]
Capitalized Costs of Unproved Properties Excluded from Amortization [Line Items]
Acquisition Costs, Cumulative	79
Exploration Costs, Cumulative	5
Capitalized Costs of Unproved Properties Excluded from Amortization, Cumulative, Total	84
Third Prior Year and Previous [Member]
Capitalized Costs of Unproved Properties Excluded from Amortization [Line Items]
Acquisition Costs, Cumulative	99
Exploration Costs, Cumulative	33
Capitalized Costs of Unproved Properties Excluded from Amortization, Cumulative, Total	$ 132