Ovintiv (OVV) 10-Q 29 Jul 21 2021 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2021	Jul. 23, 2021
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2021
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2021
Entity Registrant Name	Ovintiv Inc.
Entity Central Index Key	0001792580
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Common Stock, Shares Outstanding		261,084,425
Trading Symbol	OVV
Document Quarterly Report	true
Document Transition Report	false
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Shell Company	false
Entity File Number	001-39191
Entity Tax Identification Number	84-4427672
Entity Address, Address Line One	Suite 1700
Entity Address, Address Line Two	370 17th Street
Entity Address, City or Town	Denver
Entity Address, State or Province	CO
Entity Address, Country	US
Entity Address, Postal Zip Code	80202
City Area Code	303
Local Phone Number	623-2300
Entity Incorporation, State or Country Code	DE
Title of 12(b) Security	Common Shares
Security Exchange Name	NYSE

Condensed Consolidated Statemen

Condensed Consolidated Statement of Earnings (Unaudited) - USD ($) shares in Millions, $ in Millions		3 Months Ended		6 Months Ended
		Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Revenues
Product and service revenues		$ 2,473	$ 1,023	$ 4,720	$ 2,593
Gains (losses) on risk management, net		(799)	(314)	(1,226)	741
Sublease revenues		18	17	36	35
Total Revenues		1,692	726	3,530	3,369
Operating Expenses
Production, mineral and other taxes		73	27	133	79
Transportation and processing		418	368	797	764
Operating		149	154	313	319
Purchased product		733	319	1,337	717
Depreciation, depletion and amortization		311	493	619	1,027
Impairments		0	3,250	0	3,527
Accretion of asset retirement obligation		6	9	12	18
Administrative		123	165	245	218
Total Operating Expenses		1,813	4,785	3,456	6,669
Operating Income (Loss)		(121)	(4,059)	74	(3,300)
Other (Income) Expenses
Interest		99	86	186	182
Foreign exchange (gain) loss, net		(8)	(40)	(15)	76
Other (gains) losses, net		(7)	(16)	(25)	(30)
Total Other (Income) Expenses		84	30	146	228
Net Earnings (Loss) Before Income Tax		(205)	(4,089)	(72)	(3,528)
Income tax expense (recovery)		0	294	(176)	434
Net Earnings (Loss)		$ (205)	$ (4,383)	$ 104	$ (3,962)
Net Earnings (Loss) per Share of Common Stock
Basic		$ (0.79)	$ (16.87)	$ 0.40	$ (15.25)
Diluted	[1],[2]	$ (0.79)	$ (16.87)	$ 0.39	$ (15.25)
Weighted Average Shares of Common Stock Outstanding (millions)
Basic		261.1	259.8	260.6	259.8
Diluted		261.1	259.8	265.9	259.8
[1]	During the fourth quarter of 2020, Ovintiv’s Board of Directors resolved to settle certain Performance Share Units (“PSUs”) and Restricted Share Units (“RSUs”) with the issuance of the Company’s common stock. As a result, the stock-based compensation awards were modified and reclassified as equity-settled awards.
[2]	For the three months ended June 30, 2021, all of Ovintiv’s equity-settled awards were determined to be antidilutive and therefore are excluded from the calculation of fully diluted net earnings (loss) per share of common stock.

Condensed Consolidated Statem_2

Condensed Consolidated Statement of Comprehensive Income (unaudited) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Statement Of Income And Comprehensive Income [Abstract]
Net Earnings (Loss)	$ (205)	$ (4,383)	$ 104	$ (3,962)
Other Comprehensive Income (Loss), Net of Tax
Foreign currency translation adjustment	25	87	44	(47)
Pension and other post-employment benefit plans	(2)	3	(3)	1
Other Comprehensive Income (Loss)	23	90	41	(46)
Comprehensive Income (Loss)	$ (182)	$ (4,293)	$ 145	$ (4,008)

Condensed Consolidated Balance

Condensed Consolidated Balance Sheet (unaudited) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Current Assets
Cash and cash equivalents	$ 122	$ 10
Accounts receivable and accrued revenues (net of allowances of $3 million (2020: $4 million))	1,222	928
Risk management	3	37
Income tax receivable	96	272
Total Current Assets	1,443	1,247
Oil and natural gas properties, based on full cost accounting
Proved properties	54,525	53,883
Unproved properties	2,444	2,962
Other	918	911
Property, plant and equipment	57,887	57,756
Less: Accumulated depreciation, depletion and amortization	(49,352)	(48,306)
Property, plant and equipment, net	8,535	9,450
Other Assets	1,146	1,143
Risk Management	0	4
Goodwill	2,643	2,625
Total Assets	13,767	14,469
Current Liabilities
Accounts payable and accrued liabilities	1,880	1,704
Current portion of operating lease liabilities	74	68
Income tax payable	2	3
Risk management	892	130
Current portion of long-term debt	518	518
Total Current Liabilities	3,366	2,423
Long-Term Debt	4,796	6,367
Operating Lease Liabilities	938	938
Other Liabilities and Provisions	206	358
Risk Management	183	125
Asset Retirement Obligation	344	401
Deferred Income Taxes	0	20
Total Liabilities	9,833	10,632
Commitments and Contingencies
Shareholders’ Equity
Share capital - authorized 775 million shares of stock 2021 issued and outstanding: 261.1 million shares (2020: 259.8 million shares)	3	3
Paid in surplus	8,532	8,531
Retained earnings (Accumulated deficit)	(5,718)	(5,773)
Accumulated other comprehensive income	1,117	1,076
Total Shareholders’ Equity	3,934	3,837
Total Liabilities and Shareholders' Equity	$ 13,767	$ 14,469

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheet (Parenthetical) (unaudited) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Statement Of Financial Position [Abstract]
Allowances for accounts receivable and accrued revenues	$ 3	$ 4
Share Capital, Authorized	775,000,000	775,000,000
Common Stock, Shares, Issued	261,100,000	259,800,000
Common Stock, Shares, Outstanding	261,100,000	259,800,000

Condensed Consolidated Statem_3

Condensed Consolidated Statement Of Changes In Shareholders' Equity (unaudited) - USD ($) $ in Millions	Total	Share Capital [Member]	Paid In Surplus [Member]	Retained Earnings (Accumulated Deficit) [Member]	Accumulated Other Comprehensive Income [Member]
Balance, Beginning of Period at Dec. 31, 2019	$ 9,930	$ 7,061	$ 1,402	$ 421	$ 1,046
Net Earnings (Loss)	(3,962)	0	0	(3,962)	0
Dividends on Shares of Common Stock	(49)	0	0	(49)	0
Other Comprehensive Income (Loss)	(46)	0	0	0	(46)
Reclassification of Share Capital	0	(7,058)	7,058	0	0
Balance, End of Period at Jun. 30, 2020	5,873	3	8,460	(3,590)	1,000
Balance, Beginning of Period at Dec. 31, 2019	9,930	7,061	1,402	421	1,046
Reclassification of Share Capital		(7,058)
Balance, End of Period at Dec. 31, 2020	3,837	3	8,531	(5,773)	1,076
Balance, Beginning of Period at Mar. 31, 2020	10,191	3	8,460	818	910
Net Earnings (Loss)	(4,383)	0	0	(4,383)	0
Dividends on Shares of Common Stock	(25)	0	0	(25)	0
Other Comprehensive Income (Loss)	90	0	0	0	90
Balance, End of Period at Jun. 30, 2020	5,873	3	8,460	(3,590)	1,000
Balance, Beginning of Period at Dec. 31, 2020	3,837	3	8,531	(5,773)	1,076
Net Earnings (Loss)	104	0	0	104	0
Dividends on Shares of Common Stock	(49)	0	0	(49)	0
Equity-Settled Compensation Costs	1	0	1	0	0
Other Comprehensive Income (Loss)	41	0	0	0	41
Reclassification of Share Capital		0
Balance, End of Period at Jun. 30, 2021	3,934	3	8,532	(5,718)	1,117
Balance, Beginning of Period at Mar. 31, 2021	4,134	3	8,525	(5,488)	1,094
Net Earnings (Loss)	(205)	0	0	(205)	0
Dividends on Shares of Common Stock	(25)	0	0	(25)	0
Equity-Settled Compensation Costs	7	0	7	0	0
Other Comprehensive Income (Loss)	23	0	0	0	23
Balance, End of Period at Jun. 30, 2021	$ 3,934	$ 3	$ 8,532	$ (5,718)	$ 1,117

Condensed Consolidated Statem_4

Condensed Consolidated Statement Of Changes In Shareholders' Equity (Parenthetical) (unaudited) - $ / shares	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Statement Of Stockholders Equity [Abstract]
Dividends on Shares of Common Stock, per share	$ 0.09375	$ 0.09375	$ 0.1875	$ 0.1875

Condensed Consolidated Statem_5

Condensed Consolidated Statement Of Cash Flows (unaudited) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Operating Activities
Net earnings (loss)	$ (205)	$ (4,383)	$ 104	$ (3,962)
Depreciation, depletion and amortization	311	493	619	1,027
Impairments	0	3,250	0	3,527
Accretion of asset retirement obligation	6	9	12	18
Deferred income taxes	0	295	(20)	435
Unrealized (gain) loss on risk management	576	679	847	(225)
Unrealized foreign exchange (gain) loss	4	(50)	6	51
Foreign exchange on settlements	(3)	0	(9)	20
Other	44	11	64	(52)
Net change in other assets and liabilities	(5)	(68)	(11)	(120)
Net change in non-cash working capital	22	(119)	(35)	(36)
Cash From (Used in) Operating Activities	750	117	1,577	683
Investing Activities
Capital expenditures	(383)	(252)	(733)	(1,042)
Acquisitions	(2)	(1)	(3)	(18)
Proceeds from divestitures	1,023	8	1,025	30
Net change in investments and other	(70)	(272)	(42)	(142)
Cash From (Used in) Investing Activities	568	(517)	247	(1,172)
Financing Activities
Net issuance (repayment) of revolving long-term debt	(490)	408	(950)	552
Repayment of long-term debt	(619)	(26)	(619)	(115)
Dividends on shares of common stock	(25)	(25)	(49)	(49)
Finance lease payments and other	(73)	(22)	(96)	(44)
Cash From (Used in) Financing Activities	(1,207)	335	(1,714)	344
Foreign Exchange Gain (Loss) on Cash, Cash Equivalents and Restricted Cash Held in Foreign Currency	2	1	2	(6)
Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash	113	(64)	112	(151)
Cash, Cash Equivalents and Restricted Cash, Beginning of Period	9	103	10	190
Cash, Cash Equivalents and Restricted Cash, End of Period	122	39	122	39
Cash, End of Period	67	29	67	29
Cash Equivalents, End of Period	55	10	55	10
Restricted Cash, End of Period	$ 0	$ 0	$ 0	$ 0

Basis of Presentation and Princ

Basis of Presentation and Principles of Consolidation	6 Months Ended
	Jun. 30, 2021
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Basis of Presentation and Principles of Consolidation	1. Basis of Presentation and Principles of Consolidation Ovintiv is in the business of the exploration for, the development of, and the production and marketing of oil, NGLs and natural gas. The interim Condensed Consolidated Financial Statements include the accounts of Ovintiv and entities in which it holds a controlling interest. All intercompany balances and transactions are eliminated on consolidation. Undivided interests in oil and natural gas exploration and production joint ventures and partnerships are consolidated on a proportionate basis. Investments in non-controlled entities over which the Company has the ability to exercise significant influence are accounted for using the equity method. The interim Condensed Consolidated Financial Statements are prepared in conformity with U.S. GAAP and the rules and regulations of the SEC. Pursuant to these rules and regulations, certain information and disclosures normally required under U.S. GAAP have been condensed or have been disclosed on an annual basis only. Accordingly, the interim Condensed Consolidated Financial Statements should be read in conjunction with the annual audited Consolidated Financial Statements and the notes thereto for the year ended December 31, 2020, which are included in Item 8 of Ovintiv’s 2020 Annual Report on Form 10-K. The interim Condensed Consolidated Financial Statements have been prepared following the same accounting policies and methods of computation as the annual audited Consolidated Financial Statements for the year ended December 31, 2020. These unaudited interim Condensed Consolidated Financial Statements reflect, in the opinion of Management, all normal and recurring adjustments necessary to present fairly the financial position and results of the Company as at and for the periods presented. Interim condensed consolidated financial results are not necessarily indicative of consolidated financial results expected for the fiscal year.

Segmented Information

Segmented Information	6 Months Ended
	Jun. 30, 2021
Segment Reporting [Abstract]
Segmented Information	2 . Segmented Information Ovintiv’s reportable segments are determined based on the following operations and geographic locations: • USA Operations includes the exploration for, development of, and production of oil, NGLs and natural gas and other related activities within the U.S. cost center. • Canadian Operations includes the exploration for, development of, and production of oil, NGLs and natural gas and other related activities within the Canadian cost center. • Market Optimization is primarily responsible for the sale of the Company’s proprietary production. These results are reported in the USA and Canadian Operations. Market optimization activities include third-party purchases and sales of product to provide operational flexibility and cost mitigation for transportation commitments, product type, delivery points and customer diversification. These activities are reflected in the Market Optimization segment. Market Optimization sells substantially all of the Company’s upstream production to third-party customers. Transactions between segments are based on market values and are eliminated on consolidation. Corporate and Other mainly includes unrealized gains or losses recorded on derivative financial instruments. Once the instruments are settled, the realized gains and losses are recorded in the reporting segment to which the derivative instruments relate. Corporate and Other also includes amounts related to sublease rentals. Results of Operations (For the three months ended June 30) Segment and Geographic Information USA Operations Canadian Operations Market Optimization 2021 2020 2021 2020 2021 2020 Revenues Product and service revenues $ 1,155 $ 430 $ 570 $ 245 $ 748 $ 348 Gains (losses) on risk management, net (188 ) 260 (35 ) 103 - 2 Sublease revenues - - - - - - Total Revenues 967 690 535 348 748 350 Operating Expenses Production, mineral and other taxes 69 24 4 3 - - Transportation and processing 126 115 248 198 44 55 Operating 117 121 25 25 7 8 Purchased product - - - - 733 319 Depreciation, depletion and amortization 220 375 89 111 - - Impairments - 3,250 - - - - Total Operating Expenses 532 3,885 366 337 784 382 Operating Income (Loss) $ 435 $ (3,195 ) $ 169 $ 11 $ (36 ) $ (32 ) Corporate & Other Consolidated 2021 2020 2021 2020 Revenues Product and service revenues $ - $ - $ 2,473 $ 1,023 Gains (losses) on risk management, net (576 ) (679 ) (799 ) (314 ) Sublease revenues 18 17 18 17 Total Revenues (558 ) (662 ) 1,692 726 Operating Expenses Production, mineral and other taxes - - 73 27 Transportation and processing - - 418 368 Operating - - 149 154 Purchased product - - 733 319 Depreciation, depletion and amortization 2 7 311 493 Impairments - - - 3,250 Accretion of asset retirement obligation 6 9 6 9 Administrative 123 165 123 165 Total Operating Expenses 131 181 1,813 4,785 Operating Income (Loss) $ (689 ) $ (843 ) (121 ) (4,059 ) Other (Income) Expenses Interest 99 86 Foreign exchange (gain) loss, net (8 ) (40 ) Other (gains) losses, net (7 ) (16 ) Total Other (Income) Expenses 84 30 Net Earnings (Loss) Before Income Tax (205 ) (4,089 ) Income tax expense (recovery) - 294 Net Earnings (Loss) $ (205 ) $ (4,383 ) Results of Operations (For the six months ended June 30) Segment and Geographic Information USA Operations Canadian Operations Market Optimization 2021 2020 2021 2020 2021 2020 Revenues Product and service revenues $ 2,173 $ 1,230 $ 1,147 $ 596 $ 1,400 $ 767 Gains (losses) on risk management, net (324 ) 374 (57 ) 139 2 3 Sublease revenues - - - - - - Total Revenues 1,849 1,604 1,090 735 1,402 770 Operating Expenses Production, mineral and other taxes 124 72 9 7 - - Transportation and processing 239 236 472 411 86 117 Operating 246 260 53 51 14 10 Purchased product - - - - 1,337 717 Depreciation, depletion and amortization 428 793 182 220 - - Impairments - 3,527 - - - - Total Operating Expenses 1,037 4,888 716 689 1,437 844 Operating Income (Loss) $ 812 $ (3,284 ) $ 374 $ 46 $ (35 ) $ (74 ) Corporate & Other Consolidated 2021 2020 2021 2020 Revenues Product and service revenues $ - $ - $ 4,720 $ 2,593 Gains (losses) on risk management, net (847 ) 225 (1,226 ) 741 Sublease revenues 36 35 36 35 Total Revenues (811 ) 260 3,530 3,369 Operating Expenses Production, mineral and other taxes - - 133 79 Transportation and processing - - 797 764 Operating - (2 ) 313 319 Purchased product - - 1,337 717 Depreciation, depletion and amortization 9 14 619 1,027 Impairments - - - 3,527 Accretion of asset retirement obligation 12 18 12 18 Administrative 245 218 245 218 Total Operating Expenses 266 248 3,456 6,669 Operating Income (Loss) $ (1,077 ) $ 12 74 (3,300 ) Other (Income) Expenses Interest 186 182 Foreign exchange (gain) loss, net (15 ) 76 Other (gains) losses, net (25 ) (30 ) Total Other (Income) Expenses 146 228 Net Earnings (Loss) Before Income Tax (72 ) (3,528 ) Income tax expense (recovery) (176 ) 434 Net Earnings (Loss) $ 104 $ (3,962 ) Intersegment Information Market Optimization Marketing Sales Upstream Eliminations Total For the three months ended June 30, 2021 2020 2021 2020 2021 2020 Revenues $ 2,613 $ 1,047 $ (1,865 ) $ (697 ) $ 748 $ 350 Operating Expenses Transportation and processing 149 152 (105 ) (97 ) 44 55 Operating 7 8 - - 7 8 Purchased product 2,492 919 (1,759 ) (600 ) 733 319 Operating Income (Loss) $ (35 ) $ (32 ) $ (1 ) $ - $ (36 ) $ (32 ) Market Optimization Marketing Sales Upstream Eliminations Total For the six months ended June 30, 2021 2020 2021 2020 2021 2020 Revenues $ 4,781 $ 3,142 $ (3,379 ) $ (2,372 ) $ 1,402 $ 770 Operating Expenses Transportation and processing 286 320 (200 ) (203 ) 86 117 Operating 14 10 - - 14 10 Purchased product 4,515 2,886 (3,178 ) (2,169 ) 1,337 717 Operating Income (Loss) $ (34 ) $ (74 ) $ (1 ) $ - $ (35 ) $ (74 ) Capital Expenditures Three Months Ended Six Months Ended June 30, June 30, 2021 2020 2021 2020 USA Operations $ 279 $ 218 $ 540 $ 846 Canadian Operations 103 33 192 194 Corporate & Other 1 1 1 2 $ 383 $ 252 $ 733 $ 1,042 Goodwill, Property, Plant and Equipment and Total Assets by Segment Goodwill Property, Plant and Equipment Total Assets As at As at As at June 30, December 31, June 30, December 31, June 30, December 31, 2021 2020 2021 2020 2021 2020 USA Operations $ 1,938 $ 1,938 $ 7,408 $ 8,103 $ 10,066 $ 10,646 Canadian Operations 705 687 927 1,142 1,911 2,031 Market Optimization - - - 2 336 233 Corporate & Other - - 200 203 1,454 1,559 $ 2,643 $ 2,625 $ 8,535 $ 9,450 $ 13,767 $ 14,469

Revenues from Contracts with Cu

Revenues from Contracts with Customers	6 Months Ended
	Jun. 30, 2021
Revenue From Contract With Customer [Abstract]
Revenues from Contracts with Customers	3 . Revenues from Contracts with Customers The following tables summarize Ovintiv’s revenues from contracts with customers. Revenues (For the three months ended June 30) USA Operations Canadian Operations Market Optimization 2021 2020 2021 2020 2021 2020 Revenues from Customers Product revenues (1) Oil $ 861 $ 307 $ 1 $ 2 $ 602 $ 159 NGLs 179 60 285 88 11 2 Natural gas 118 65 286 157 128 181 Service revenues Gathering and processing - 1 2 1 - - Product and Service Revenues $ 1,158 $ 433 $ 574 $ 248 $ 741 $ 342 Corporate & Other Consolidated 2021 2020 2021 2020 Revenues from Customers Product revenues (1) Oil $ - $ - $ 1,464 $ 468 NGLs - - 475 150 Natural gas - - 532 403 Service revenues Gathering and processing - - 2 2 Product and Service Revenues $ - $ - $ 2,473 $ 1,023 (1) Includes revenues from production and revenues of product purchased from third parties, but excludes intercompany marketing fees transacted between the Company’s operating segments. Revenues (For the six months ended June 30) USA Operations Canadian Operations Market Optimization 2021 2020 2021 2020 2021 2020 Revenues from Customers Product revenues (1) Oil $ 1,602 $ 949 $ 6 $ 4 $ 987 $ 369 NGLs 337 146 541 267 26 4 Natural gas 241 137 603 329 369 386 Service revenues Gathering and processing - 1 3 1 5 - Product and Service Revenues $ 2,180 $ 1,233 $ 1,153 $ 601 $ 1,387 $ 759 Corporate & Other Consolidated 2021 2020 2021 2020 Revenues from Customers Product revenues (1) Oil $ - $ - $ 2,595 $ 1,322 NGLs - - 904 417 Natural gas - - 1,213 852 Service revenues Gathering and processing - - 8 2 Product and Service Revenues $ - $ - $ 4,720 $ 2,593 (1) Includes revenues from production and revenues of product purchased from third parties, but excludes intercompany marketing fees transacted between the Company’s operating segments. The Company’s revenues from contracts with customers consists of product sales including oil, NGLs and natural gas, as well as the provision of gathering and processing services to third parties. Ovintiv had no contract asset or liability balances during the periods presented. As at June 30, 2021, receivables and accrued revenues from contracts with customers were $1,105 million ($814 million as at December 31, 2020). Ovintiv’s product sales are sold under short-term contracts with terms that are less than one year at either fixed or market index prices or under long-term contracts exceeding one year at market index prices. The Company’s gathering and processing services are provided on an interruptible basis with transaction prices that are for fixed prices and/or variable consideration. Variable consideration received is related to recovery of plant operating costs or escalation of the fixed price based on a consumer price index. As the service contracts are interruptible, with service provided on an “as available” basis, there are no unsatisfied performance obligations remaining at June 30, 2021. As at June 30, 2021, all remaining performance obligations are priced at market index prices or are variable volume delivery contracts. As such, the variable consideration is allocated entirely to the wholly unsatisfied performance obligation or promise to deliver units of production, and revenue is recognized at the amount for which the Company has the right to invoice the product delivered. As the period between when the product sales are transferred and Ovintiv receives payments is generally 30 to 60 days, there is no financing element associated with customer contracts. In addition, Ovintiv does not disclose unsatisfied performance obligations for customer contracts with terms less than 12 months or for variable consideration related to unsatisfied performance obligations.

Interest

Interest	6 Months Ended
	Jun. 30, 2021
Interest Expense [Abstract]
Interest	4 . Interest Three Months Ended Six Months Ended June 30, June 30, 2021 2020 2021 2020 Interest Expense on: Debt $ 93 $ 82 $ 177 $ 171 Finance leases - 2 2 5 Other 6 2 7 6 $ 99 $ 86 $ 186 $ 182 Interest expense on debt for the three and six months ended June 30, 2021 includes a one-time make-whole interest payment of $19

Foreign Exchange (Gain) Loss, N

Foreign Exchange (Gain) Loss, Net	6 Months Ended
	Jun. 30, 2021
Foreign Currency [Abstract]
Foreign Exchange (Gain) Loss, Net	5 . Foreign Exchange (Gain) Loss, Net Three Months Ended Six Months Ended June 30, June 30, 2021 2020 2021 2020 Unrealized Foreign Exchange (Gain) Loss on: Translation of U.S. dollar financing debt issued from Canada $ - $ (14 ) $ 1 $ 62 Translation of U.S. dollar risk management contracts issued from Canada 4 (36 ) 5 16 Translation of intercompany notes - - - (27 ) 4 (50 ) 6 51 Foreign Exchange (Gain) Loss on Settlements of: U.S. dollar financing debt issued from Canada (3 ) - (9 ) 17 U.S. dollar risk management contracts issued from Canada (11 ) 6 (18 ) 9 Intercompany notes - - - 3 Other Monetary Revaluations 2 4 6 (4 ) $ (8 ) $ (40 ) $ (15 ) $ 76 Following the completion of the corporate reorganization and U.S. domestication in 2020, the U.S. dollar denominated unsecured notes issued by Encana Corporation from Canada were assumed by Ovintiv Inc., a company incorporated in Delaware with a U.S. dollar functional currency. Accordingly, these U.S. dollar denominated unsecured notes, along with certain intercompany notes, no longer attract foreign exchange translation gains or losses.

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2021
Income Tax Disclosure [Abstract]
Income Taxes	6 . Income Taxes Three Months Ended Six Months Ended June 30, June 30, 2021 2020 2021 2020 Current Tax United States $ - $ (1 ) $ - $ (1 ) Canada - - (156 ) - Total Current Tax Expense (Recovery) - (1 ) (156 ) (1 ) Deferred Tax United States - (267 ) - (139 ) Canada - 563 (20 ) 573 Other Countries - (1 ) - 1 Total Deferred Tax Expense (Recovery) - 295 (20 ) 435 Income Tax Expense (Recovery) $ - $ 294 $ (176 ) $ 434 Effective Tax Rate 0.0 % (7.2 %) 244.4 % (12.3 %) Ovintiv’s interim income tax expense is determined using the estimated annual effective income tax rate applied to year-to-date net earnings before income tax plus the effect of legislative changes and amounts in respect of prior periods. The estimated annual effective income tax rate is impacted by expected annual earnings, changes in valuation allowances, income tax related to foreign operations, state tax, the effect of legislative changes, non-taxable capital gains and losses, and tax differences on divestitures and transactions, which can produce interim effective tax rate fluctuations. During the six months ended June 30, 2021, the current income tax recovery was primarily due to the resolution of prior year tax items. The resolution, along with other items, resulted in a $222 million reduction of unrecognized tax benefits, offset by a $66 million reduction in valuation allowance. The Company also recognized related interest income of $12 million in other (gains) losses, net. During the six months ended June 30, 2021, the deferred tax recovery was primarily due to the change in valuation allowances recorded relating to the current year net loss before tax and from the resolution of prior year tax items. During the six months ended June 30, 2020, the deferred tax expense was primarily due to the recognition of a valuation allowance to reduce the associated deferred tax assets in the United States and Canada. The effective tax rate of 244.4 percent for the six months ended June 30, 2021 is higher than the U.S. federal statutory tax rate of 21 percent primarily due to the resolution of certain tax items relating to prior taxation years and the change in valuation allowances recorded relating to the current year net loss before tax . The effective tax rate of (12.3) percent for the six months ended June 30 , 2020 was lower than the U.S. federal statutory tax rate of 21 percent primarily due to valuation allowances recorded due to net losses arising from ceiling test impairments and an increase in the valuation allowance of $ 568 million in Canada related to prior years’ deferred tax assets which was recorded as a discrete item. See Note 8 for further discussion related to the ceiling test impairments.

Acquisitions and Divestitures

Acquisitions and Divestitures	6 Months Ended
	Jun. 30, 2021
Acquisitions And Divestitures [Abstract]
Acquisitions and Divestitures	7 . Acquisitions and Divestitures Three Months Ended Six Months Ended June 30, June 30, 2021 2020 2021 2020 Acquisitions USA Operations $ 2 $ 1 $ 3 $ 18 Total Acquisitions 2 1 3 18 Divestitures USA Operations (773 ) (6 ) (774 ) (27 ) Canadian Operations (250 ) (2 ) (251 ) (3 ) Total Divestitures (1,023 ) (8 ) (1,025 ) (30 ) Net Acquisitions & (Divestitures) $ (1,021 ) $ (7 ) $ (1,022 ) $ (12 ) Acquisitions For the six months ended June 30, 2020, acquisitions in the USA Operations were $18 million, which primarily included property purchases with oil and liquids rich potential. Divestitures For the three and six months ended June 30, 2021, divestitures in the USA Operations were $773 million and $774 million, respectively, which primarily included the sale of the Eagle Ford assets located in south Texas for proceeds of approximately $771 million, after closing and other adjustments. For the six months ended June 30, 2020, divestitures in the USA Operations were $27 million, which primarily included the sale of certain properties that did not complement Ovintiv’s existing portfolio of assets. For the three and six months ended June 30, 2021, divestitures in the Canadian Operations were $250 million and $251 million, respectively, which primarily included the sale of the Duvernay assets located in west central Alberta for proceeds of approximately $239 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. As part of the Duvernay asset divestiture, the Company agreed to a contingent consideration arrangement, which is payable to Ovintiv in the amount of C$5 million at the end of 2021 and an additional C$10 million at the end of 2022, if the annual average of the WTI reference price for each calendar year is greater than $56 per barrel and $62 per barrel, respectively. The contingent consideration was determined to be an embedded derivative and accordingly, the Company recorded the contingent consideration at its fair value of $6 million on the closing date. Subsequent changes in the fair value of the contingent consideration are recognized as a gain or loss and presented in gains (losses) on risk management, net in the Condensed Consolidated Statement of Earnings. The fair value is presented in accounts receivable and accrued revenues, and other assets in the Condensed Consolidated Balance Sheet. See Notes 18 and 19 for further information on the contingent consideration.

Property, Plant and Equipment,

Property, Plant and Equipment, Net	6 Months Ended
	Jun. 30, 2021
Property Plant And Equipment [Abstract]
Property, Plant and Equipment, Net	8 . Property, Plant and Equipment, Net As at June 30, 2021 As at December 31, 2020 Accumulated Accumulated Cost DD&A Net Cost DD&A Net USA Operations Proved properties $ 38,029 $ (33,010 ) $ 5,019 $ 37,875 $ (32,581 ) $ 5,294 Unproved properties 2,374 - 2,374 2,785 - 2,785 Other 15 - 15 24 - 24 40,418 (33,010 ) 7,408 40,684 (32,581 ) 8,103 Canadian Operations Proved properties 16,496 (15,650 ) 846 16,008 (15,056 ) 952 Unproved properties 70 - 70 177 - 177 Other 11 - 11 13 - 13 16,577 (15,650 ) 927 16,198 (15,056 ) 1,142 Market Optimization 7 (7 ) - 9 (7 ) 2 Corporate & Other 885 (685 ) 200 865 (662 ) 203 $ 57,887 $ (49,352 ) $ 8,535 $ 57,756 $ (48,306 ) $ 9,450 USA and Canadian Operations’ property, plant and equipment include internal costs directly related to exploration, development and construction activities of $82 For the three and six months ended June 30, 2021, Ovintiv did not recognize ceiling test impairments in the USA Operations (2020 - $3,250 million and $3,527 million before tax, respectively) or Canadian Operations (2020 - nil, respectively). The non-cash ceiling test impairments recognized in the USA Operations in 2020 are included with accumulated DD&A in the table above and primarily resulted from the decline in the 12-month average trailing prices, which reduced proved reserves. The 12-month average trailing prices used in the ceiling test calculations were based on the benchmark prices presented below. The benchmark prices were adjusted for basis differentials to determine local reference prices, transportation costs and tariffs, heat content and quality. Oil & NGLs Natural Gas WTI Edmonton Condensate Henry Hub AECO ($/bbl) (C$/bbl) ($/MMBtu) (C$/MMBtu) 12-Month Average Trailing Reserves Pricing (1) June 30, 2021 $ 49.78 $ 62.73 $ 2.43 $ 2.60 December 31, 2020 39.62 49.77 1.98 2.13 June 30, 2020 47.47 58.46 2.07 1.70 (1 ) All prices were held constant in all future years when estimating net revenues and reserves.

Leases

Leases	6 Months Ended
	Jun. 30, 2021
Leases [Abstract]
Leases	9 . Leases The following table outlines Ovintiv’s estimated future sublease income as at June 30, 2021. All subleases are classified as operating leases. (undiscounted) 2021 2022 2023 2024 2025 Thereafter Total Sublease Income $ 27 $ 49 $ 47 $ 47 $ 47 $ 535 $ 752 For the three and six months ended June 30, 2021, operating lease income was $14 million and $27 million, respectively (2020 - $13 million and $26 million, respectively), and variable lease income was $4 million and $9 million, respectively (2020 - $4 million and $9 million, respectively).

Long-Term Debt

Long-Term Debt	6 Months Ended
	Jun. 30, 2021
Debt Disclosure [Abstract]
Long-Term Debt	1 0 . Long-Term Debt As at As at June 30, December 31, 2021 2020 U.S. Dollar Denominated Debt Revolving credit and term loan borrowings $ - $ 950 U.S. Unsecured Notes: 3.90% due November 15, 2021 518 518 5.75% due January 30, 2022 - 600 5.625% due July 1, 2024 1,000 1,000 5.375% due January 1, 2026 688 688 8.125% due September 15, 2030 300 300 7.20% due November 1, 2031 350 350 7.375% due November 1, 2031 500 500 6.50% due August 15, 2034 750 750 6.625% due August 15, 2037 462 462 6.50% due February 1, 2038 488 488 5.15% due November 15, 2041 203 203 Total Principal 5,259 6,809 Increase in Value of Debt Acquired 88 111 Unamortized Debt Discounts and Issuance Costs (33 ) (35 ) Total Long-Term Debt $ 5,314 $ 6,885 Current Portion $ 518 $ 518 Long-Term Portion 4,796 6,367 $ 5,314 $ 6,885 On May 19, 2021, Ovintiv announced its intention to redeem the Company’s $600 million, 5.75 percent senior notes due January 30, 2022. On June 18, 2021, the Company used a portion of the net proceeds from its Eagle Ford and Duvernay asset sales, as discussed in Note 7, to complete the senior note redemptions. Ovintiv paid approximately $632 million in cash including accrued and unpaid interest of $13 million and a one-time make-whole payment of $19 million, which is included in interest expense as discussed in Note 4. During the three and six months ended June 30, 2020, the Company repurchased in the open market approximately $37 million and $137 million, respectively, in principal amount of its senior notes. The aggregate cash payments related to the note repurchases were $26 million and $115 million, respectively, plus accrued interest, and net gains of approximately $11 million and $22 million, respectively, were recognized in other (gains) losses, net in the Condensed Consolidated Statement of Earnings. As at June 30, 2021, total long-term debt had a carrying value of $5,314 million and a fair value of $6,409 million (as at December 31, 2020 - carrying value of $6,885 million and a fair value of $7,379 million). The estimated fair value of long-term borrowings is categorized within Level 2 of the fair value hierarchy and has been determined based on market information of long-term debt with similar terms and maturity, or by discounting future payments of interest and principal at interest rates expected to be available to the Company at period end.

Other Liabilities and Provision

Other Liabilities and Provisions	6 Months Ended
	Jun. 30, 2021
Other Liabilities Disclosure [Abstract]
Other Liabilities and Provisions	1 1 . Other Liabilities and Provisions As at As at June 30, December 31, 2021 2020 Finance Lease Obligations $ 36 $ 39 Unrecognized Tax Benefits (See Note 6) - 158 Pensions and Other Post-Employment Benefits 128 129 Long-Term Incentive Costs (See Note 16) 21 9 Other Derivative Contracts (See Notes 18, 19) 5 7 Other 16 16 $ 206 $ 358

Share Capital

Share Capital	6 Months Ended
	Jun. 30, 2021
Class Of Stock Disclosures [Abstract]
Share Capital	1 2 . 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 June 30, 2021 As at December 31, 2020 Number (millions) Amount Number (millions) Amount Shares of Common Stock Outstanding, Beginning of Year 259.8 $ 3 259.8 $ 7,061 Shares of Common Stock Issued (See Note 16) 1.3 - - - Reclassification of Share Capital - - - (7,058 ) Shares of Common Stock Outstanding, End of Period 261.1 $ 3 259.8 $ 3 In conjunction with the corporate reorganization and U.S. domestication completed in 2020, the amount recognized in share capital in excess of Ovintiv’s established par value of $0.01 per share was reclassified to paid in surplus. Accordingly, approximately $7,058 million was reclassified. Dividends During the three months ended June 30, 2021, the Company declared and paid dividends of $0.09375 per share of Ovintiv common stock totaling $25 million (2020 - $0.09375 per share of Ovintiv common stock totaling $25 million). During the six months ended June 30, 2021, the Company declared and paid dividends of $0.1875 per share of Ovintiv common stock totaling $49 million (2020 - $0.1875 per share of Ovintiv common stock totaling $49 million). On July 27, 2021, the Board of Directors declared a dividend of $0.14 per share of Ovintiv common stock payable on September 30, 2021 to stockholders of record as of September 15, 2021. Earnings Per Share of Common Stock The following table presents the computation of net earnings (loss) per share of common stock: Three Months Ended Six Months Ended June 30, June 30, (US$ millions, except per share amounts) 2021 2020 2021 2020 Net Earnings (Loss) $ (205 ) $ (4,383 ) $ 104 $ (3,962 ) Number of Shares of Common Stock: Weighted average shares of common stock outstanding - Basic 261.1 259.8 260.6 259.8 Effect of dilutive securities (1) (2) - - 5.3 - Weighted Average Shares of Common Stock Outstanding - Diluted 261.1 259.8 265.9 259.8 Net Earnings (Loss) per Share of Common Stock Basic $ (0.79 ) $ (16.87 ) $ 0.40 $ (15.25 ) Diluted (1) (2) (0.79 ) (16.87 ) 0.39 (15.25 ) (1) During the fourth quarter of 2020, Ovintiv’s Board of Directors resolved to settle certain Performance Share Units (“PSUs”) and Restricted Share Units (“RSUs”) with the issuance of the Company’s common stock. As a result, the stock-based compensation awards were modified and reclassified as equity-settled awards. (2) For the three months ended June 30, 2021, all of Ovintiv’s equity-settled awards were determined to be antidilutive and therefore are excluded from the calculation of fully diluted net earnings (loss) per share of common stock. 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. Stock-Based Compensation Plans Ovintiv’s PSU and RSU stock-based compensation plans allow the Company to settle the awards either in cash or in the Company’s common stock. The 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 computation of diluted net earnings (loss) per share of common stock if dilutive. Ovintiv’s stock options with associated Tandem Stock Appreciation Rights (“TSARs”) give the employee the right to purchase shares of common stock of the Company or receive cash. Historically, most holders of options have elected to exercise their TSARs in exchange for a cash payment. As a result, outstanding options are not considered potentially dilutive securities.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income	6 Months Ended
	Jun. 30, 2021
Accumulated Other Comprehensive Income Loss Net Of Tax [Abstract]
Accumulated Other Comprehensive Income	1 3 . Three Months Ended Six Months Ended June 30, June 30, 2021 2020 2021 2020 Foreign Currency Translation Adjustment Balance, Beginning of Period $ 1,061 $ 870 $ 1,042 $ 1,004 Change in Foreign Currency Translation Adjustment 25 87 44 (47 ) Balance, End of Period $ 1,086 $ 957 $ 1,086 $ 957 Pension and Other Post-Employment Benefit Plans Balance, Beginning of Period $ 33 $ 40 $ 34 $ 42 Amounts Reclassified from Other Comprehensive Income: Reclassification of net actuarial (gains) and losses to net earnings (See Note 17) (3 ) (2 ) (4 ) (4 ) Income taxes 1 1 1 1 Curtailment in net defined periodic benefit cost (See Note 17) - 5 - 5 Income taxes - (1 ) - (1 ) Balance, End of Period $ 31 $ 43 $ 31 $ 43 Total Accumulated Other Comprehensive Income $ 1,117 $ 1,000 $ 1,117 $ 1,000

Variable Interest Entities

Variable Interest Entities	6 Months Ended
	Jun. 30, 2021
Variable Interest Entity Not Primary Beneficiary Disclosures [Abstract]
Variable Interest Entities	1 4 . Variable Interest Entities Veresen Midstream Limited Partnership Veresen Midstream Limited Partnership (“VMLP”) provides gathering, compression and processing services under various agreements related to the Company’s development of liquids and natural gas production in the Montney play. As at June 30, 2021, VMLP provides approximately 1,167 MMcf/d of natural gas gathering and compression and 925 MMcf/d of natural gas processing under long-term service agreements with remaining terms ranging from 10 to 24 years and have various renewal terms providing up to a potential maximum of 10 years. Ovintiv has determined that VMLP is a VIE and that Ovintiv holds variable interests in VMLP. Ovintiv is not the primary beneficiary as the Company does not have the power to direct the activities that most significantly impact VMLP’s economic performance. These key activities relate to the construction, operation, maintenance and marketing of the assets owned by VMLP. The variable interests arise from certain terms under the various long-term service agreements and include: i) a take or pay for volumes in certain agreements; ii) an operating fee of which a portion can be converted into a fixed fee once VMLP assumes operatorship of certain assets; and iii) a potential payout of minimum costs in certain agreements. The potential payout of minimum costs will be assessed in the eighth year of the assets’ service period and is based on whether there is an overall shortfall of total system cash flows from natural gas gathered and compressed under certain agreements. The potential payout amount can be reduced in the event VMLP markets unutilized capacity to third-party users. Ovintiv is not required to provide any financial support or guarantees to VMLP. As a result of Ovintiv’s involvement with VMLP, the maximum total exposure to loss related to the commitments under the agreements is estimated to be $1,883 million as at June 30, 2021. The estimate comprises the take or pay volume commitments and the potential payout of minimum costs. The take or pay volume commitments associated with certain gathering and processing assets are included in Note 21 under Transportation and Processing. The potential payout requirement is highly uncertain as the amount is contingent on future production estimates, pace of development and the amount of capacity contracted to third parties. As at June 30, 2021, accounts payable and accrued liabilities included $0.1 million related to the take or pay commitment.

Restructuring Charges

Restructuring Charges	6 Months Ended
	Jun. 30, 2021
Restructuring Charges [Abstract]
Restructuring Charges	1 5 . Restructuring Charges In June 2020, Ovintiv undertook a plan to reduce its workforce by approximately 25 percent as part of a company-wide reorganization in response to the low commodity price environment resulting from the global pandemic and the Company’s planned reductions in capital spending. During the three and six months ended June 30, 2021, the Company incurred restructuring charges of $5 million and $11 million, respectively (2020 - $81 million, respectively), before tax, primarily related to severance costs. Of the $101 million in restructuring charges incurred to date, $5 million remains accrued as at June 30, 2021 ($14 million as at December 31, 2020). The majority of the remaining amounts accrued are expected to be paid in 2021 and total transition and severance costs are expected to be approximately $104 million, before tax. Restructuring charges are included in administrative expense presented in the Corporate and Other segment in the Condensed Consolidated Statement of Earnings. Three Months Ended Six Months Ended June 30, June 30, 2021 2020 2021 2020 Severance and Benefits $ 5 $ 80 $ 11 $ 80 Outplacement, Moving and Other Expenses - 1 - 1 Restructuring Expenses $ 5 $ 81 $ 11 $ 81 As at As at June 30, December 31, 2021 2020 Outstanding Restructuring Accrual, Beginning of Year $ 14 $ 8 Restructuring Expenses Incurred 11 90 Restructuring Costs Paid (20 ) (84 ) Outstanding Restructuring Accrual, End of Period (1) $ 5 $ 14 (1) Included in accounts payable and accrued liabilities in the Condensed Consolidated Balance Sheet.

Compensation Plans

Compensation Plans	6 Months Ended
	Jun. 30, 2021
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Compensation Plans	1 6 . 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 TSARs, Stock Appreciation Rights (“SARs”), PSUs, Deferred Share Units (“DSUs”) and RSUs. Ovintiv accounts for PSUs and RSUs as equity-settled stock-based payment transactions provided there is sufficient common stock held in reserve for issuance. TSARs, SARs 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 fourth quarter of 2020, Ovintiv’s Board of Directors resolved to settle certain PSU awards and RSU awards with the issuance of the Company’s common stock. Historically, the Company settled PSU and RSU awards in cash. As a result, the respective awards were modified and reclassified as equity-settled share-based payment transactions at the modification date. The modified awards accrue compensation expense using the modification date fair value of the awards over the remaining vesting period. Common stock used to settle the PSU and RSU awards will be issued from Ovintiv’s common stock authorized and held in reserve for issuance under the Company’s stock-based compensation plans. The following weighted average assumptions were used to determine the fair value of TSAR and SAR units outstanding: As at June 30, 2021 As at June 30, 2020 US$ SAR Share Units C$ TSAR Share Units US$ SAR Share Units C$ TSAR Share Units Risk Free Interest Rate 0.44% 0.44% 0.25% 0.25% Dividend Yield 1.19% 1.20% 3.93% 3.97% Expected Volatility Rate (1) 105.96% 104.94% 100.88% 100.34% Expected Term 1.7 yrs 1.7 yrs 2.8 yrs 2.3 yrs Market Share Price US$31.47 C$39.07 US$9.55 C$12.91 Weighted Average Grant Date Fair Value US$36.98 C$50.16 US$38.11 C$48.28 ( 1) Volatility was estimated using historical rates. The Company has recognized the following share-based compensation costs: Three Months Ended Six Months Ended June 30, June 30, 2021 2020 2021 2020 Total Compensation Costs of Transactions Classified as Cash-Settled $ 42 $ 35 $ 82 $ (16 ) Total Compensation Costs of Transactions Classified as Equity-Settled 7 - 18 - Less: Total Share-Based Compensation Costs Capitalized (9 ) (8 ) (16 ) 5 Total Share-Based Compensation Expense (Recovery) $ 40 $ 27 $ 84 $ (11 ) Recognized in the Condensed Consolidated Statement of Earnings in: Operating $ 9 $ 8 $ 18 $ (4 ) Administrative 31 19 66 (7 ) $ 40 $ 27 $ 84 $ (11 ) As at June 30, 2021, the liability for cash-settled share-based payment transactions totaled $91 million ($34 million as at December 31, 2020), of which $70 million ($25 million as at December 31, 2020) is recognized in accounts payable and accrued liabilities and $21 million ($9 million as at December 31, 2020) is recognized in other liabilities and provisions in the Condensed Consolidated Balance Sheet. The following units were granted primarily in conjunction with the Company’s annual grant of long-term incentive awards. The PSUs and RSUs were granted at the volume-weighted average trading price of shares of Ovintiv common stock for the five days prior to the grant date. Six Months Ended June 30, 2021 (thousands of units) RSUs 2,642 PSUs 855 DSUs 11

Pension and Other Post-Employme

Pension and Other Post-Employment Benefits	6 Months Ended
	Jun. 30, 2021
General Discussion Of Pension And Other Postretirement Benefits [Abstract]
Pension and Other Post-Employment Benefits	1 7 . Pension and Other Post-Employment Benefits The Company has recognized total benefit plans expense which includes pension benefits and other post-employment benefits (“OPEB”) for the six months ended June 30 as follows: Pension Benefits OPEB Total 2021 2020 2021 2020 2021 2020 Net Defined Periodic Benefit Cost $ - $ - $ (1 ) $ 3 $ (1 ) $ 3 Defined Contribution Plan Expense 13 16 - - 13 16 Total Benefit Plans Expense $ 13 $ 16 $ (1 ) $ 3 $ 12 $ 19 Of the total benefit plans expense, $12 million (2020 - $15 million) was included in operating expense and $3 million (2020 - $3 million) was included in administrative expense. Excluding service costs, net defined periodic benefit gains of $3 million (2020 - costs of $1 million) were recorded in other (gains) losses, net. The net defined periodic benefit cost for the six months ended June 30 is as follows: Defined Benefits OPEB Total 2021 2020 2021 2020 2021 2020 Service Cost $ - $ - $ 2 $ 2 $ 2 $ 2 Interest Cost 3 3 1 1 4 4 Expected Return on Plan Assets (3 ) (3 ) - - (3 ) (3 ) Amounts Reclassified from Accumulated Other Comprehensive Income: Amortization of net actuarial (gains) and losses - - (4 ) (4 ) (4 ) (4 ) Curtailment from net prior service costs - - - 5 - 5 Curtailment - - - (1 ) - (1 ) Total Net Defined Periodic Benefit Cost (1) $ - $ - $ (1 ) $ 3 $ (1 ) $ 3 (1) The components of total net defined periodic benefit cost, excluding the service cost component, are included in other (gains) losses, net.

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2021
Fair Value Disclosures [Abstract]
Fair Value Measurements	1 8 . Fair Value Measurements The fair values of cash and cash equivalents, accounts receivable and accrued revenues, and accounts payable and accrued liabilities approximate their carrying amounts due to the short-term maturity of those instruments. The fair values of restricted cash and marketable securities included in other assets approximate their carrying amounts due to the nature of the instruments held. Recurring fair value measurements are performed for risk management assets and liabilities and other derivative contracts, as discussed further in Note 19. These items are carried at fair value in the Condensed Consolidated Balance Sheet and are classified within the three levels of the fair value hierarchy in the following tables. Fair value changes and settlements for amounts related to risk management assets and liabilities are recognized in revenues and foreign exchange gains and losses according to their purpose. As at June 30, 2021 Level 1 Quoted Prices in Active Markets Level 2 Other Observable Inputs Level 3 Significant Unobservable Inputs Total Fair Value Netting (1) Carrying Amount Risk Management Assets Commodity Derivatives: Current assets $ - $ 12 $ - $ 12 $ (12 ) $ - Long-term assets - 3 - 3 (3 ) - Foreign Currency Derivatives: Current assets - 18 - 18 (15 ) 3 Risk Management Liabilities Commodity Derivatives: Current liabilities $ - $ 519 $ 400 $ 919 $ (12 ) $ 907 Long-term liabilities - 156 30 186 (3 ) 183 Foreign Currency Derivatives: Current liabilities - - - - (15 ) (15 ) Other Derivative Contracts (2) Current in accounts receivable and accrued revenues $ - $ - $ 3 $ 3 $ - $ 3 Long-term in other assets - - 5 5 - 5 Current in accounts payable and accrued liabilities - 1 - 1 - 1 Long-term in other liabilities and provisions - 5 - 5 - 5 As at December 31, 2020 Level 1 Quoted Prices in Active Markets Level 2 Other Observable Inputs Level 3 Significant Unobservable Inputs Total Fair Value Netting (1) Carrying Amount Risk Management Assets Commodity Derivatives: Current assets $ - $ 70 $ - $ 70 $ (59 ) $ 11 Long-term assets - 7 - 7 (3 ) 4 Foreign Currency Derivatives: Current assets - 26 - 26 - 26 Risk Management Liabilities Commodity Derivatives: Current liabilities $ 1 $ 114 $ 74 $ 189 $ (59 ) $ 130 Long-term liabilities - 128 - 128 (3 ) 125 Other Derivative Contracts (2) Current in accounts payable and accrued liabilities $ - $ 1 $ - $ 1 $ - $ 1 Long-term in other liabilities and provisions - 7 - 7 - 7 (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 and contingent consideration associated with certain previous and current year divestitures, respectively. The Company’s Level 1 and Level 2 risk management assets and liabilities consist of commodity fixed price contracts, NYMEX fixed price swaptions, NYMEX three-way options, NYMEX costless collars, NYMEX call options, foreign currency swaps and basis swaps with terms to 2025. Level 2 also includes financial guarantee contracts as discussed in Note 19. The fair values of these contracts are estimated using inputs which are either directly or indirectly observable from active markets, such as exchange and other published prices, broker quotes and observable trading activity throughout the term of the instruments. Level 3 Fair Value Measurements As at June 30, 2021, the Company’s Level 3 risk management assets and liabilities consist of WTI three-way options, WTI costless collars and contingent consideration derivative contracts tied to WTI with terms to 2022. The WTI three-way options are a combination of a sold call, bought put and a sold put. The WTI costless collars are a combination of a sold call and a bought put. These contracts allow the Company to participate in the upside of commodity prices to the ceiling of the call option and provide the Company with complete (collars) or partial (three-way) downside price protection through the put options. The fair values of these contracts are determined using an option pricing model using observable and unobservable inputs such as implied volatility. The unobservable inputs are obtained from third parties whenever possible and reviewed by the Company for reasonableness. A summary of changes in Level 3 fair value measurements for risk management positions is presented below: Six Months Ended June 30, 2021 2020 Balance, Beginning of Year $ (74 ) $ (52 ) Total Gains (Losses) (569 ) 204 Purchases, Sales, Issuances and Settlements: Purchases, sales and issuances (1) 6 - Settlements 215 (71 ) Transfers Out of Level 3 - - Balance, End of Period $ (422 ) $ 81 Change in Unrealized Gains (Losses) During the Period Included in Net Earnings (Loss) $ (354 ) $ 133 (1) Relates to the contingent consideration associated with the Duvernay divestiture discussed in Note 7. Quantitative information about unobservable inputs used in Level 3 fair value measurements is presented below as at June 30, 2021: Valuation Technique Unobservable Input Range Weighted Average (1) Risk Management - WTI Options Option Model Implied Volatility 28% - 106% 46% (1) Unobservable inputs were weighted by the relative fair value of the instruments. A 10 percent increase or decrease in implied volatility for the WTI options would cause an approximate corresponding $16 million ($6 million as at December 31, 2020) increase or decrease to net risk management assets and liabilities.

Financial Instruments and Risk

Financial Instruments and Risk Management	6 Months Ended
	Jun. 30, 2021
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Financial Instruments and Risk Management	19 . Financial Instruments and Risk Management A) Financial Instruments Ovintiv’s financial assets and liabilities are recognized in cash and cash equivalents, accounts receivable and accrued revenues, other assets, accounts payable and accrued liabilities, risk management assets and liabilities, long-term debt, and other liabilities and provisions. B) Risk Management Activities Ovintiv uses derivative financial instruments to manage its exposure to cash flow variability from commodity prices and fluctuating 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 future cash flows. 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. Crude Oil and NGLs - To partially mitigate crude oil and NGL commodity price risk, the Company uses WTI- and NGL-based contracts such as fixed price contracts, options and costless collars. Ovintiv has also entered into basis swaps to manage against widening price differentials between various production areas, products and price points. Natural Gas - To partially mitigate natural gas commodity price risk, the Company uses NYMEX-based contracts such as fixed price contracts, fixed price swaptions, options and costless collars. Ovintiv has also entered into basis swaps to manage against widening price differentials between various production areas and benchmark price points. Foreign Exchange Risk Foreign exchange risk arises from changes in foreign currency exchange rates that may affect the fair value or future cash flows of the Company’s financial assets or liabilities. To partially mitigate the effect of foreign exchange fluctuations on future commodity revenues and expenses, the Company may enter into foreign currency derivative contracts. As at June 30, 2021, the Company has entered into $175 million notional U.S. dollar denominated currency swaps at an average exchange rate of C$1.3720 to US$1, which mature monthly through the remainder of 2021. Risk Management Positions as at June 30, 2021 Notional Volumes Term Average Price Fair Value Crude Oil and NGL Contracts US$/bbl Fixed Price Contracts WTI Fixed Price 30.0 Mbbls/d 2021 46.37 $ (136 ) WTI Fixed Price 5.0 Mbbls/d 2022 60.16 (10 ) Ethane Fixed Price 8.0 Mbbls/d 2021 10.38 (2 ) Propane Fixed Price 12.0 Mbbls/d 2021 25.78 (43 ) Butane Fixed Price 5.0 Mbbls/d 2021 24.83 (25 ) WTI Three-Way Options Sold call / bought put / sold put 85.0 Mbbls/d 2021 53.92 / 44.66 / 34.79 (283 ) Sold call / bought put / sold put 65.0 Mbbls/d 2022 70.10 / 60.17 / 48.46 (76 ) WTI Costless Collars Sold call / bought put 15.0 Mbbls/d 2021 45.84 / 35.00 (71 ) Basis Contracts (1) 2021 (3 ) Other Crude Financial Positions - Crude Oil and NGLs Fair Value Position (649 ) Natural Gas Contracts US$/Mcf Fixed Price Contracts NYMEX Fixed Price 165 MMcf/d 2021 2.51 (34 ) NYMEX Fixed Price 200 MMcf/d 2022 2.67 (36 ) NYMEX Fixed Price Swaptions (2) 165 MMcf/d 2022 2.51 (41 ) NYMEX Three-Way Options Sold call / bought put / sold put 1,005 MMcf/d 2021 3.36 / 2.88 / 2.50 (72 ) Sold call / bought put / sold put 398 MMcf/d 2022 3.02 / 2.75 / 2.00 (39 ) NYMEX Costless Collars Sold call / bought put 200 MMcf/d 2022 2.85 / 2.55 (30 ) NYMEX Call Options Sold call 330 MMcf/d 2022 2.38 (101 ) Basis Contracts (3) 2021 (22 ) 2022 (30 ) 2023 - 2025 (37 ) Other Financial Positions 1 Natural Gas Fair Value Position (441 ) Other Derivative Contracts Fair Value Position (4) 2 Foreign Currency Contracts Fair Value Position (5) 2021 18 Total Fair Value Position $ (1,070 ) (1) Ovintiv has entered into crude and NGL differential swaps associated with Canadian condensate and WTI. ( 2 ) NYMEX Fixed Price Swaptions give the counterparty the option to extend certain 2021 Fixed Price swaps to 2022. ( 3 ) Ovintiv has entered into natural gas basis swaps associated with AECO, Dawn, Malin, Waha, Houston Ship Channel and NYMEX. (4) Includes credit derivatives and contingent consideration associated with certain previous and current year divestitures, respectively. ( 5 ) Ovintiv has entered into U.S. dollar denominated fixed-for-floating average currency swaps to protect against fluctuations between the Canadian and U.S. dollars. Earnings Impact of Realized and Unrealized Gains (Losses) on Risk Management Positions Three Months Ended Six Months Ended June 30, June 30, 2021 2020 2021 2020 Realized Gains (Losses) on Risk Management Commodity and Other Derivatives: Revenues (1) $ (223 ) $ 365 $ (379 ) $ 516 Foreign Currency Derivatives: Foreign exchange 11 (6 ) 18 (9 ) $ (212 ) $ 359 $ (361 ) $ 507 Unrealized Gains (Losses) on Risk Management Commodity and Other Derivatives: Revenues (2) $ (576 ) $ (679 ) $ (847 ) $ 225 Foreign Currency Derivatives: Foreign exchange (6 ) 36 (8 ) (16 ) $ (582 ) $ (643 ) $ (855 ) $ 209 Total Realized and Unrealized Gains (Losses) on Risk Management, net Commodity and Other Derivatives: Revenues (1) (2) $ (799 ) $ (314 ) $ (1,226 ) $ 741 Foreign Currency Derivatives: Foreign exchange 5 30 10 (25 ) $ (794 ) $ (284 ) $ (1,216 ) $ 716 (1) Includes realized gains of $1 million for the three and six months ended June 30, 2021, respectively (2020 - gains of $1 million and $2 million, respectively), related to other derivative contracts. (2) Includes unrealized gains of $1 million and $3 million for the three and six months ended June 30, 2021, respectively (2020 - gain of $13 million and loss of $4 million, respectively), related to other derivative contracts. Reconciliation of Unrealized Risk Management Positions from January 1 to June 30 2021 2020 Fair Value Total Unrealized Gain (Loss) Total Unrealized Gain (Loss) Fair Value of Contracts, Beginning of Year $ (222 ) Change in Fair Value of Contracts in Place at Beginning of Year and Contracts Entered into During the Period (1,216 ) $ (1,216 ) $ 716 Settlement of Other Derivative Contracts 1 Fair Value of Other Derivative Contract Assets Entered into During the Period (See Note 7) 6 Fair Value of Contracts Realized During the Period 361 361 (507 ) Fair Value of Contracts, End of Period $ (1,070 ) $ (855 ) $ 209 Risk management assets and liabilities arise from the use of derivative financial instruments and are measured at fair value. See Note 18 for a discussion of fair value measurements. Unrealized Risk Management Positions As at As at June 30, December 31, 2021 2020 Risk Management Assets Current $ 3 $ 37 Long-term - 4 3 41 Risk Management Liabilities Current 892 130 Long-term 183 125 1,075 255 Other Derivative Contract Assets Current in accounts receivable and accrued revenues 3 - Long-term in other assets 5 - 8 - Other Derivative Contract Liabilities Current in accounts payable and accrued liabilities 1 1 Long-term in other liabilities and provisions 5 7 6 8 Net Risk Management Assets (Liabilities) and Other Derivative Contracts $ (1,070 ) $ (222 ) 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 NYSE and the TSX, over-the-counter traded contracts expose Ovintiv to counterparty credit risk. Counterparties to the Company’s derivative financial instruments consist primarily of major financial institutions and companies within the energy industry. This credit risk exposure is mitigated through the use of credit policies approved by the Board of Directors governing the Company’s credit portfolio including credit practices that limit transactions according to counterparties’ credit quality. Mitigation strategies may include master netting arrangements, requesting collateral, purchasing credit insurance and/or transacting credit derivatives. The Company executes commodity derivative financial instruments under master agreements that have netting provisions that provide for offsetting payables against receivables. Ovintiv actively evaluates the creditworthiness of its counterparties, assigns appropriate credit limits and monitors credit exposures against those assigned limits. As at June 30, 2021, Ovintiv’s maximum exposure of loss due to credit risk from derivative financial instrument assets on a gross and net fair value basis was $41 million and $11 million, respectively, as disclosed in Note 18. The Company had no significant credit derivatives in place and held no collateral at June 30, 2021. As at June 30, 2021, cash equivalents include high-grade, short-term securities, placed primarily with financial institutions with strong investment grade ratings. Any foreign currency agreements entered into are with major financial institutions that have investment grade credit ratings. A substantial portion of the Company’s accounts receivable are with customers and working interest owners in the oil and gas industry and are subject to normal industry credit risks. As at June 30, 2021, approximately 90 percent (89 percent as at December 31, 2020) of Ovintiv’s accounts receivable and financial derivative credit exposures were with investment grade counterparties. During 2015 and 2017, the Company entered into agreements resulting from divestitures, which may require Ovintiv to fulfill certain payment obligations on the take or pay volume commitments assumed by the purchasers. The circumstances that would require Ovintiv to perform under the agreements include events where a purchaser fails to make payment to the guaranteed party and/or a purchaser is subject to an insolvency event. The agreements have remaining terms of up to three years with a fair value recognized of $6 million as at June 30, 2021 ($8 million as at December 31, 2020). The maximum potential amount of undiscounted future payments is $69 million as at June 30, 2021, and is considered unlikely.

Supplementary Information

Supplementary Information	6 Months Ended
	Jun. 30, 2021
Supplemental Cash Flow Elements [Abstract]
Supplementary Information	2 0 . Supplementary Information Supplemental disclosures to the Condensed Consolidated Statement of Cash Flows are presented below: A) Net Change in Non-Cash Working Capital Three Months Ended Six Months Ended June 30, June 30, 2021 2020 2021 2020 Operating Activities Accounts receivable and accrued revenues $ (96 ) $ 90 $ (262 ) $ 211 Accounts payable and accrued liabilities 76 (223 ) 198 (254 ) Current portion of operating lease liabilities (1 ) (5 ) 4 (6 ) Income tax receivable and payable 43 19 25 13 $ 22 $ (119 ) $ (35 ) $ (36 ) B) Non-Cash Activities Three Months Ended Six Months Ended June 30, June 30, 2021 2020 2021 2020 Non-Cash Operating Activities ROU operating lease assets and liabilities $ (5 ) $ - $ (18 ) $ (1 ) Non-Cash Investing Activities Asset retirement obligation incurred $ - $ 2 $ - $ 9 Asset retirement obligation change in estimated future cash outflows - - - 22 Property, plant and equipment accruals (67 ) (280 ) (37 ) (130 ) Capitalized long-term incentives 7 8 7 (9 ) Property additions/dispositions (swaps) 2 13 6 17 Contingent consideration (See Note 7) 6 - 6 -

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2021
Commitments And Contingencies Disclosure [Abstract]
Commitments and Contingencies	2 1 . Commitments and Contingencies Commitments The following table outlines the Company’s commitments as at June 30, 2021: Expected Future Payments (undiscounted) 2021 2022 2023 2024 2025 Thereafter Total Transportation and Processing $ 367 $ 753 $ 693 $ 497 $ 435 $ 2,384 $ 5,129 Drilling and Field Services 52 1 - - - - 53 Building Leases 6 10 6 6 6 2 36 Total $ 425 $ 764 $ 699 $ 503 $ 441 $ 2,386 $ 5,218 Operating leases with terms greater than one year are not included in the commitments table above. The table above includes short-term leases with contract terms less than 12 months, such as drilling rigs and field office leases, as well as non-lease operating cost components associated with building leases. Included within transportation and processing in the table above are certain commitments associated with midstream service agreements with VMLP as described in Note 14. Divestiture transactions can reduce certain commitments disclosed above. Contingencies Ovintiv is involved in various legal claims and actions arising in the normal course of the Company’s operations. Although the outcome of these claims cannot be predicted with certainty, the Company does not expect these matters to have a material adverse effect on Ovintiv’s financial position, cash flows or results of operations. Management’s assessment of these matters may change in the future as certain of these matters are in early stages or are subject to a number of uncertainties. For material matters that the Company believes an unfavorable outcome is reasonably possible, the Company discloses the nature and a range of potential exposures. If an unfavorable outcome were to occur, there exists the possibility of a material impact on the Company’s consolidated net earnings or loss for the period in which the effect becomes reasonably estimable. The Company accrues for such items when a liability is both probable and the amount can be reasonably estimated. Such accruals are based on the Company’s information known about the matters, estimates of the outcomes of such matters and experience in handling similar matters.

Basis of Presentation and Pri_2

Basis of Presentation and Principles of Consolidation (Policies)	6 Months Ended
	Jun. 30, 2021
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Basis of Presentation and Principles of Consolidation	Ovintiv is in the business of the exploration for, the development of, and the production and marketing of oil, NGLs and natural gas. The interim Condensed Consolidated Financial Statements include the accounts of Ovintiv and entities in which it holds a controlling interest. All intercompany balances and transactions are eliminated on consolidation. Undivided interests in oil and natural gas exploration and production joint ventures and partnerships are consolidated on a proportionate basis. Investments in non-controlled entities over which the Company has the ability to exercise significant influence are accounted for using the equity method. The interim Condensed Consolidated Financial Statements are prepared in conformity with U.S. GAAP and the rules and regulations of the SEC. Pursuant to these rules and regulations, certain information and disclosures normally required under U.S. GAAP have been condensed or have been disclosed on an annual basis only. Accordingly, the interim Condensed Consolidated Financial Statements should be read in conjunction with the annual audited Consolidated Financial Statements and the notes thereto for the year ended December 31, 2020, which are included in Item 8 of Ovintiv’s 2020 Annual Report on Form 10-K. The interim Condensed Consolidated Financial Statements have been prepared following the same accounting policies and methods of computation as the annual audited Consolidated Financial Statements for the year ended December 31, 2020. These unaudited interim Condensed Consolidated Financial Statements reflect, in the opinion of Management, all normal and recurring adjustments necessary to present fairly the financial position and results of the Company as at and for the periods presented. Interim condensed consolidated financial results are not necessarily indicative of consolidated financial results expected for the fiscal year.

Segmented Information (Tables)

Segmented Information (Tables)	6 Months Ended
	Jun. 30, 2021
Segment Reporting [Abstract]
Segment and Geographic Information	Results of Operations (For the three months ended June 30) Segment and Geographic Information USA Operations Canadian Operations Market Optimization 2021 2020 2021 2020 2021 2020 Revenues Product and service revenues $ 1,155 $ 430 $ 570 $ 245 $ 748 $ 348 Gains (losses) on risk management, net (188 ) 260 (35 ) 103 - 2 Sublease revenues - - - - - - Total Revenues 967 690 535 348 748 350 Operating Expenses Production, mineral and other taxes 69 24 4 3 - - Transportation and processing 126 115 248 198 44 55 Operating 117 121 25 25 7 8 Purchased product - - - - 733 319 Depreciation, depletion and amortization 220 375 89 111 - - Impairments - 3,250 - - - - Total Operating Expenses 532 3,885 366 337 784 382 Operating Income (Loss) $ 435 $ (3,195 ) $ 169 $ 11 $ (36 ) $ (32 ) Corporate & Other Consolidated 2021 2020 2021 2020 Revenues Product and service revenues $ - $ - $ 2,473 $ 1,023 Gains (losses) on risk management, net (576 ) (679 ) (799 ) (314 ) Sublease revenues 18 17 18 17 Total Revenues (558 ) (662 ) 1,692 726 Operating Expenses Production, mineral and other taxes - - 73 27 Transportation and processing - - 418 368 Operating - - 149 154 Purchased product - - 733 319 Depreciation, depletion and amortization 2 7 311 493 Impairments - - - 3,250 Accretion of asset retirement obligation 6 9 6 9 Administrative 123 165 123 165 Total Operating Expenses 131 181 1,813 4,785 Operating Income (Loss) $ (689 ) $ (843 ) (121 ) (4,059 ) Other (Income) Expenses Interest 99 86 Foreign exchange (gain) loss, net (8 ) (40 ) Other (gains) losses, net (7 ) (16 ) Total Other (Income) Expenses 84 30 Net Earnings (Loss) Before Income Tax (205 ) (4,089 ) Income tax expense (recovery) - 294 Net Earnings (Loss) $ (205 ) $ (4,383 ) Results of Operations (For the six months ended June 30) Segment and Geographic Information USA Operations Canadian Operations Market Optimization 2021 2020 2021 2020 2021 2020 Revenues Product and service revenues $ 2,173 $ 1,230 $ 1,147 $ 596 $ 1,400 $ 767 Gains (losses) on risk management, net (324 ) 374 (57 ) 139 2 3 Sublease revenues - - - - - - Total Revenues 1,849 1,604 1,090 735 1,402 770 Operating Expenses Production, mineral and other taxes 124 72 9 7 - - Transportation and processing 239 236 472 411 86 117 Operating 246 260 53 51 14 10 Purchased product - - - - 1,337 717 Depreciation, depletion and amortization 428 793 182 220 - - Impairments - 3,527 - - - - Total Operating Expenses 1,037 4,888 716 689 1,437 844 Operating Income (Loss) $ 812 $ (3,284 ) $ 374 $ 46 $ (35 ) $ (74 ) Corporate & Other Consolidated 2021 2020 2021 2020 Revenues Product and service revenues $ - $ - $ 4,720 $ 2,593 Gains (losses) on risk management, net (847 ) 225 (1,226 ) 741 Sublease revenues 36 35 36 35 Total Revenues (811 ) 260 3,530 3,369 Operating Expenses Production, mineral and other taxes - - 133 79 Transportation and processing - - 797 764 Operating - (2 ) 313 319 Purchased product - - 1,337 717 Depreciation, depletion and amortization 9 14 619 1,027 Impairments - - - 3,527 Accretion of asset retirement obligation 12 18 12 18 Administrative 245 218 245 218 Total Operating Expenses 266 248 3,456 6,669 Operating Income (Loss) $ (1,077 ) $ 12 74 (3,300 ) Other (Income) Expenses Interest 186 182 Foreign exchange (gain) loss, net (15 ) 76 Other (gains) losses, net (25 ) (30 ) Total Other (Income) Expenses 146 228 Net Earnings (Loss) Before Income Tax (72 ) (3,528 ) Income tax expense (recovery) (176 ) 434 Net Earnings (Loss) $ 104 $ (3,962 )
Schedule of Marketing Intersegment Eliminations	Intersegment Information Market Optimization Marketing Sales Upstream Eliminations Total For the three months ended June 30, 2021 2020 2021 2020 2021 2020 Revenues $ 2,613 $ 1,047 $ (1,865 ) $ (697 ) $ 748 $ 350 Operating Expenses Transportation and processing 149 152 (105 ) (97 ) 44 55 Operating 7 8 - - 7 8 Purchased product 2,492 919 (1,759 ) (600 ) 733 319 Operating Income (Loss) $ (35 ) $ (32 ) $ (1 ) $ - $ (36 ) $ (32 ) Market Optimization Marketing Sales Upstream Eliminations Total For the six months ended June 30, 2021 2020 2021 2020 2021 2020 Revenues $ 4,781 $ 3,142 $ (3,379 ) $ (2,372 ) $ 1,402 $ 770 Operating Expenses Transportation and processing 286 320 (200 ) (203 ) 86 117 Operating 14 10 - - 14 10 Purchased product 4,515 2,886 (3,178 ) (2,169 ) 1,337 717 Operating Income (Loss) $ (34 ) $ (74 ) $ (1 ) $ - $ (35 ) $ (74 )
Capital Expenditures	Capital Expenditures Three Months Ended Six Months Ended June 30, June 30, 2021 2020 2021 2020 USA Operations $ 279 $ 218 $ 540 $ 846 Canadian Operations 103 33 192 194 Corporate & Other 1 1 1 2 $ 383 $ 252 $ 733 $ 1,042
Goodwill, Property, Plant and Equipment and Total Assets by Segment	Goodwill, Property, Plant and Equipment and Total Assets by Segment Goodwill Property, Plant and Equipment Total Assets As at As at As at June 30, December 31, June 30, December 31, June 30, December 31, 2021 2020 2021 2020 2021 2020 USA Operations $ 1,938 $ 1,938 $ 7,408 $ 8,103 $ 10,066 $ 10,646 Canadian Operations 705 687 927 1,142 1,911 2,031 Market Optimization - - - 2 336 233 Corporate & Other - - 200 203 1,454 1,559 $ 2,643 $ 2,625 $ 8,535 $ 9,450 $ 13,767 $ 14,469

Revenues from Contracts with _2

Revenues from Contracts with Customers (Tables)	6 Months Ended
	Jun. 30, 2021
Disaggregation Of Revenue [Abstract]
Disaggregation of Revenue	Revenues (For the three months ended June 30) USA Operations Canadian Operations Market Optimization 2021 2020 2021 2020 2021 2020 Revenues from Customers Product revenues (1) Oil $ 861 $ 307 $ 1 $ 2 $ 602 $ 159 NGLs 179 60 285 88 11 2 Natural gas 118 65 286 157 128 181 Service revenues Gathering and processing - 1 2 1 - - Product and Service Revenues $ 1,158 $ 433 $ 574 $ 248 $ 741 $ 342 Corporate & Other Consolidated 2021 2020 2021 2020 Revenues from Customers Product revenues (1) Oil $ - $ - $ 1,464 $ 468 NGLs - - 475 150 Natural gas - - 532 403 Service revenues Gathering and processing - - 2 2 Product and Service Revenues $ - $ - $ 2,473 $ 1,023 (1) Includes revenues from production and revenues of product purchased from third parties, but excludes intercompany marketing fees transacted between the Company’s operating segments. Revenues (For the six months ended June 30) USA Operations Canadian Operations Market Optimization 2021 2020 2021 2020 2021 2020 Revenues from Customers Product revenues (1) Oil $ 1,602 $ 949 $ 6 $ 4 $ 987 $ 369 NGLs 337 146 541 267 26 4 Natural gas 241 137 603 329 369 386 Service revenues Gathering and processing - 1 3 1 5 - Product and Service Revenues $ 2,180 $ 1,233 $ 1,153 $ 601 $ 1,387 $ 759 Corporate & Other Consolidated 2021 2020 2021 2020 Revenues from Customers Product revenues (1) Oil $ - $ - $ 2,595 $ 1,322 NGLs - - 904 417 Natural gas - - 1,213 852 Service revenues Gathering and processing - - 8 2 Product and Service Revenues $ - $ - $ 4,720 $ 2,593 (1) Includes revenues from production and revenues of product purchased from third parties, but excludes intercompany marketing fees transacted between the Company’s operating segments.

Interest (Tables)

Interest (Tables)	6 Months Ended
	Jun. 30, 2021
Interest Expense [Abstract]
Schedule of Interest Expense	Three Months Ended Six Months Ended June 30, June 30, 2021 2020 2021 2020 Interest Expense on: Debt $ 93 $ 82 $ 177 $ 171 Finance leases - 2 2 5 Other 6 2 7 6 $ 99 $ 86 $ 186 $ 182

Foreign Exchange (Gain) Loss,_2

Foreign Exchange (Gain) Loss, Net (Tables)	6 Months Ended
	Jun. 30, 2021
Foreign Currency [Abstract]
Foreign Exchange (Gain) Loss, Net	Three Months Ended Six Months Ended June 30, June 30, 2021 2020 2021 2020 Unrealized Foreign Exchange (Gain) Loss on: Translation of U.S. dollar financing debt issued from Canada $ - $ (14 ) $ 1 $ 62 Translation of U.S. dollar risk management contracts issued from Canada 4 (36 ) 5 16 Translation of intercompany notes - - - (27 ) 4 (50 ) 6 51 Foreign Exchange (Gain) Loss on Settlements of: U.S. dollar financing debt issued from Canada (3 ) - (9 ) 17 U.S. dollar risk management contracts issued from Canada (11 ) 6 (18 ) 9 Intercompany notes - - - 3 Other Monetary Revaluations 2 4 6 (4 ) $ (8 ) $ (40 ) $ (15 ) $ 76

Income Taxes (Tables)

Income Taxes (Tables)	6 Months Ended
	Jun. 30, 2021
Income Tax Disclosure [Abstract]
Provision For Income Taxes	Three Months Ended Six Months Ended June 30, June 30, 2021 2020 2021 2020 Current Tax United States $ - $ (1 ) $ - $ (1 ) Canada - - (156 ) - Total Current Tax Expense (Recovery) - (1 ) (156 ) (1 ) Deferred Tax United States - (267 ) - (139 ) Canada - 563 (20 ) 573 Other Countries - (1 ) - 1 Total Deferred Tax Expense (Recovery) - 295 (20 ) 435 Income Tax Expense (Recovery) $ - $ 294 $ (176 ) $ 434 Effective Tax Rate 0.0 % (7.2 %) 244.4 % (12.3 %)

Acquisitions and Divestitures (

Acquisitions and Divestitures (Tables)	6 Months Ended
	Jun. 30, 2021
Acquisitions And Divestitures [Abstract]
Schedule of Net Acquisitions & (Divestitures)	Three Months Ended Six Months Ended June 30, June 30, 2021 2020 2021 2020 Acquisitions USA Operations $ 2 $ 1 $ 3 $ 18 Total Acquisitions 2 1 3 18 Divestitures USA Operations (773 ) (6 ) (774 ) (27 ) Canadian Operations (250 ) (2 ) (251 ) (3 ) Total Divestitures (1,023 ) (8 ) (1,025 ) (30 ) Net Acquisitions & (Divestitures) $ (1,021 ) $ (7 ) $ (1,022 ) $ (12 )

Property, Plant and Equipment_2

Property, Plant and Equipment, Net (Tables)	6 Months Ended
	Jun. 30, 2021
Property Plant And Equipment [Abstract]
Schedule Of Property, Plant And Equipment	As at June 30, 2021 As at December 31, 2020 Accumulated Accumulated Cost DD&A Net Cost DD&A Net USA Operations Proved properties $ 38,029 $ (33,010 ) $ 5,019 $ 37,875 $ (32,581 ) $ 5,294 Unproved properties 2,374 - 2,374 2,785 - 2,785 Other 15 - 15 24 - 24 40,418 (33,010 ) 7,408 40,684 (32,581 ) 8,103 Canadian Operations Proved properties 16,496 (15,650 ) 846 16,008 (15,056 ) 952 Unproved properties 70 - 70 177 - 177 Other 11 - 11 13 - 13 16,577 (15,650 ) 927 16,198 (15,056 ) 1,142 Market Optimization 7 (7 ) - 9 (7 ) 2 Corporate & Other 885 (685 ) 200 865 (662 ) 203 $ 57,887 $ (49,352 ) $ 8,535 $ 57,756 $ (48,306 ) $ 9,450
Schedule of Twelve Month Average Trailing Reserves Prices	The 12-month average trailing prices used in the ceiling test calculations were based on the benchmark prices presented below. The benchmark prices were adjusted for basis differentials to determine local reference prices, transportation costs and tariffs, heat content and quality. Oil & NGLs Natural Gas WTI Edmonton Condensate Henry Hub AECO ($/bbl) (C$/bbl) ($/MMBtu) (C$/MMBtu) 12-Month Average Trailing Reserves Pricing (1) June 30, 2021 $ 49.78 $ 62.73 $ 2.43 $ 2.60 December 31, 2020 39.62 49.77 1.98 2.13 June 30, 2020 47.47 58.46 2.07 1.70 (1 ) All prices were held constant in all future years when estimating net revenues and reserves.

Leases (Tables)

Leases (Tables)	6 Months Ended
	Jun. 30, 2021
Leases [Abstract]
Schedule of Estimated Future Sublease Income	The following table outlines Ovintiv’s estimated future sublease income as at June 30, 2021. All subleases are classified as operating leases. (undiscounted) 2021 2022 2023 2024 2025 Thereafter Total Sublease Income $ 27 $ 49 $ 47 $ 47 $ 47 $ 535 $ 752

Long-Term Debt (Tables)

Long-Term Debt (Tables)	6 Months Ended
	Jun. 30, 2021
Debt Disclosure [Abstract]
Schedule Of Long-Term Debt	As at As at June 30, December 31, 2021 2020 U.S. Dollar Denominated Debt Revolving credit and term loan borrowings $ - $ 950 U.S. Unsecured Notes: 3.90% due November 15, 2021 518 518 5.75% due January 30, 2022 - 600 5.625% due July 1, 2024 1,000 1,000 5.375% due January 1, 2026 688 688 8.125% due September 15, 2030 300 300 7.20% due November 1, 2031 350 350 7.375% due November 1, 2031 500 500 6.50% due August 15, 2034 750 750 6.625% due August 15, 2037 462 462 6.50% due February 1, 2038 488 488 5.15% due November 15, 2041 203 203 Total Principal 5,259 6,809 Increase in Value of Debt Acquired 88 111 Unamortized Debt Discounts and Issuance Costs (33 ) (35 ) Total Long-Term Debt $ 5,314 $ 6,885 Current Portion $ 518 $ 518 Long-Term Portion 4,796 6,367 $ 5,314 $ 6,885

Other Liabilities and Provisi_2

Other Liabilities and Provisions (Tables)	6 Months Ended
	Jun. 30, 2021
Other Liabilities Disclosure [Abstract]
Schedule of Other Liabilities and Provisions	As at As at June 30, December 31, 2021 2020 Finance Lease Obligations $ 36 $ 39 Unrecognized Tax Benefits (See Note 6) - 158 Pensions and Other Post-Employment Benefits 128 129 Long-Term Incentive Costs (See Note 16) 21 9 Other Derivative Contracts (See Notes 18, 19) 5 7 Other 16 16 $ 206 $ 358

Share Capital (Tables)

Share Capital (Tables)	6 Months Ended
	Jun. 30, 2021
Class Of Stock Disclosures [Abstract]
Schedule of Common Stock Issued and Outstanding	As at June 30, 2021 As at December 31, 2020 Number (millions) Amount Number (millions) Amount Shares of Common Stock Outstanding, Beginning of Year 259.8 $ 3 259.8 $ 7,061 Shares of Common Stock Issued (See Note 16) 1.3 - - - Reclassification of Share Capital - - - (7,058 ) Shares of Common Stock Outstanding, End of Period 261.1 $ 3 259.8 $ 3
Earnings Per Common Share	Three Months Ended Six Months Ended June 30, June 30, (US$ millions, except per share amounts) 2021 2020 2021 2020 Net Earnings (Loss) $ (205 ) $ (4,383 ) $ 104 $ (3,962 ) Number of Shares of Common Stock: Weighted average shares of common stock outstanding - Basic 261.1 259.8 260.6 259.8 Effect of dilutive securities (1) (2) - - 5.3 - Weighted Average Shares of Common Stock Outstanding - Diluted 261.1 259.8 265.9 259.8 Net Earnings (Loss) per Share of Common Stock Basic $ (0.79 ) $ (16.87 ) $ 0.40 $ (15.25 ) Diluted (1) (2) (0.79 ) (16.87 ) 0.39 (15.25 ) (1) During the fourth quarter of 2020, Ovintiv’s Board of Directors resolved to settle certain Performance Share Units (“PSUs”) and Restricted Share Units (“RSUs”) with the issuance of the Company’s common stock. As a result, the stock-based compensation awards were modified and reclassified as equity-settled awards. (2) For the three months ended June 30, 2021, all of Ovintiv’s equity-settled awards were determined to be antidilutive and therefore are excluded from the calculation of fully diluted net earnings (loss) per share of common stock. 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.

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Income (Tables)	6 Months Ended
	Jun. 30, 2021
Accumulated Other Comprehensive Income Loss Net Of Tax [Abstract]
Schedule of Accumulated Other Comprehensive Income	Three Months Ended Six Months Ended June 30, June 30, 2021 2020 2021 2020 Foreign Currency Translation Adjustment Balance, Beginning of Period $ 1,061 $ 870 $ 1,042 $ 1,004 Change in Foreign Currency Translation Adjustment 25 87 44 (47 ) Balance, End of Period $ 1,086 $ 957 $ 1,086 $ 957 Pension and Other Post-Employment Benefit Plans Balance, Beginning of Period $ 33 $ 40 $ 34 $ 42 Amounts Reclassified from Other Comprehensive Income: Reclassification of net actuarial (gains) and losses to net earnings (See Note 17) (3 ) (2 ) (4 ) (4 ) Income taxes 1 1 1 1 Curtailment in net defined periodic benefit cost (See Note 17) - 5 - 5 Income taxes - (1 ) - (1 ) Balance, End of Period $ 31 $ 43 $ 31 $ 43 Total Accumulated Other Comprehensive Income $ 1,117 $ 1,000 $ 1,117 $ 1,000

Restructuring Charges (Tables)

Restructuring Charges (Tables)	6 Months Ended
	Jun. 30, 2021
Restructuring Charges [Abstract]
Restructuring Costs Expensed	Three Months Ended Six Months Ended June 30, June 30, 2021 2020 2021 2020 Severance and Benefits $ 5 $ 80 $ 11 $ 80 Outplacement, Moving and Other Expenses - 1 - 1 Restructuring Expenses $ 5 $ 81 $ 11 $ 81
Schedule of Change in Restructuring Accrual	As at As at June 30, December 31, 2021 2020 Outstanding Restructuring Accrual, Beginning of Year $ 14 $ 8 Restructuring Expenses Incurred 11 90 Restructuring Costs Paid (20 ) (84 ) Outstanding Restructuring Accrual, End of Period (1) $ 5 $ 14 (1) Included in accounts payable and accrued liabilities in the Condensed Consolidated Balance Sheet.

Compensation Plans (Tables)

Compensation Plans (Tables)	6 Months Ended
	Jun. 30, 2021
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Schedule of Weighted Average Assumptions Used to Fair Value Share Units	The following weighted average assumptions were used to determine the fair value of TSAR and SAR units outstanding: As at June 30, 2021 As at June 30, 2020 US$ SAR Share Units C$ TSAR Share Units US$ SAR Share Units C$ TSAR Share Units Risk Free Interest Rate 0.44% 0.44% 0.25% 0.25% Dividend Yield 1.19% 1.20% 3.93% 3.97% Expected Volatility Rate (1) 105.96% 104.94% 100.88% 100.34% Expected Term 1.7 yrs 1.7 yrs 2.8 yrs 2.3 yrs Market Share Price US$31.47 C$39.07 US$9.55 C$12.91 Weighted Average Grant Date Fair Value US$36.98 C$50.16 US$38.11 C$48.28 ( 1) Volatility was estimated using historical rates.
Amounts Recognized For Share-Based Payment Transactions	The Company has recognized the following share-based compensation costs: Three Months Ended Six Months Ended June 30, June 30, 2021 2020 2021 2020 Total Compensation Costs of Transactions Classified as Cash-Settled $ 42 $ 35 $ 82 $ (16 ) Total Compensation Costs of Transactions Classified as Equity-Settled 7 - 18 - Less: Total Share-Based Compensation Costs Capitalized (9 ) (8 ) (16 ) 5 Total Share-Based Compensation Expense (Recovery) $ 40 $ 27 $ 84 $ (11 ) Recognized in the Condensed Consolidated Statement of Earnings in: Operating $ 9 $ 8 $ 18 $ (4 ) Administrative 31 19 66 (7 ) $ 40 $ 27 $ 84 $ (11 )
Schedule of Share-based Compensation Activity	Six Months Ended June 30, 2021 (thousands of units) RSUs 2,642 PSUs 855 DSUs 11

Pension and Other Post-Employ_2

Pension and Other Post-Employment Benefits (Tables)	6 Months Ended
	Jun. 30, 2021
General Discussion Of Pension And Other Postretirement Benefits [Abstract]
Total Benefit Plans Expense Recognized	The Company has recognized total benefit plans expense which includes pension benefits and other post-employment benefits (“OPEB”) for the six months ended June 30 as follows: Pension Benefits OPEB Total 2021 2020 2021 2020 2021 2020 Net Defined Periodic Benefit Cost $ - $ - $ (1 ) $ 3 $ (1 ) $ 3 Defined Contribution Plan Expense 13 16 - - 13 16 Total Benefit Plans Expense $ 13 $ 16 $ (1 ) $ 3 $ 12 $ 19
Schedule of Net Defined Periodic Benefit Cost	The net defined periodic benefit cost for the six months ended June 30 is as follows: Defined Benefits OPEB Total 2021 2020 2021 2020 2021 2020 Service Cost $ - $ - $ 2 $ 2 $ 2 $ 2 Interest Cost 3 3 1 1 4 4 Expected Return on Plan Assets (3 ) (3 ) - - (3 ) (3 ) Amounts Reclassified from Accumulated Other Comprehensive Income: Amortization of net actuarial (gains) and losses - - (4 ) (4 ) (4 ) (4 ) Curtailment from net prior service costs - - - 5 - 5 Curtailment - - - (1 ) - (1 ) Total Net Defined Periodic Benefit Cost (1) $ - $ - $ (1 ) $ 3 $ (1 ) $ 3 (1) The components of total net defined periodic benefit cost, excluding the service cost component, are included in other (gains) losses, net.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2021
Fair Value Disclosures [Abstract]
Schedule Of Fair Value, Assets And Liabilities Measured On Recurring Basis	Fair value changes and settlements for amounts related to risk management assets and liabilities are recognized in revenues and foreign exchange gains and losses according to their purpose. As at June 30, 2021 Level 1 Quoted Prices in Active Markets Level 2 Other Observable Inputs Level 3 Significant Unobservable Inputs Total Fair Value Netting (1) Carrying Amount Risk Management Assets Commodity Derivatives: Current assets $ - $ 12 $ - $ 12 $ (12 ) $ - Long-term assets - 3 - 3 (3 ) - Foreign Currency Derivatives: Current assets - 18 - 18 (15 ) 3 Risk Management Liabilities Commodity Derivatives: Current liabilities $ - $ 519 $ 400 $ 919 $ (12 ) $ 907 Long-term liabilities - 156 30 186 (3 ) 183 Foreign Currency Derivatives: Current liabilities - - - - (15 ) (15 ) Other Derivative Contracts (2) Current in accounts receivable and accrued revenues $ - $ - $ 3 $ 3 $ - $ 3 Long-term in other assets - - 5 5 - 5 Current in accounts payable and accrued liabilities - 1 - 1 - 1 Long-term in other liabilities and provisions - 5 - 5 - 5 As at December 31, 2020 Level 1 Quoted Prices in Active Markets Level 2 Other Observable Inputs Level 3 Significant Unobservable Inputs Total Fair Value Netting (1) Carrying Amount Risk Management Assets Commodity Derivatives: Current assets $ - $ 70 $ - $ 70 $ (59 ) $ 11 Long-term assets - 7 - 7 (3 ) 4 Foreign Currency Derivatives: Current assets - 26 - 26 - 26 Risk Management Liabilities Commodity Derivatives: Current liabilities $ 1 $ 114 $ 74 $ 189 $ (59 ) $ 130 Long-term liabilities - 128 - 128 (3 ) 125 Other Derivative Contracts (2) Current in accounts payable and accrued liabilities $ - $ 1 $ - $ 1 $ - $ 1 Long-term in other liabilities and provisions - 7 - 7 - 7 (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 and contingent consideration associated with certain previous and current year divestitures, respectively.
Summary Of Changes In Level 3 Fair Value Measurements	A summary of changes in Level 3 fair value measurements for risk management positions is presented below: Six Months Ended June 30, 2021 2020 Balance, Beginning of Year $ (74 ) $ (52 ) Total Gains (Losses) (569 ) 204 Purchases, Sales, Issuances and Settlements: Purchases, sales and issuances (1) 6 - Settlements 215 (71 ) Transfers Out of Level 3 - - Balance, End of Period $ (422 ) $ 81 Change in Unrealized Gains (Losses) During the Period Included in Net Earnings (Loss) $ (354 ) $ 133 (1) Relates to the contingent consideration associated with the Duvernay divestiture discussed in Note 7.
Quantitative Information About Unobservable Inputs Used In Level 3	Quantitative information about unobservable inputs used in Level 3 fair value measurements is presented below as at June 30, 2021: Valuation Technique Unobservable Input Range Weighted Average (1) Risk Management - WTI Options Option Model Implied Volatility 28% - 106% 46% (1) Unobservable inputs were weighted by the relative fair value of the instruments.

Financial Instruments and Ris_2

Financial Instruments and Risk Management (Tables)	6 Months Ended
	Jun. 30, 2021
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Risk Management Positions	Notional Volumes Term Average Price Fair Value Crude Oil and NGL Contracts US$/bbl Fixed Price Contracts WTI Fixed Price 30.0 Mbbls/d 2021 46.37 $ (136 ) WTI Fixed Price 5.0 Mbbls/d 2022 60.16 (10 ) Ethane Fixed Price 8.0 Mbbls/d 2021 10.38 (2 ) Propane Fixed Price 12.0 Mbbls/d 2021 25.78 (43 ) Butane Fixed Price 5.0 Mbbls/d 2021 24.83 (25 ) WTI Three-Way Options Sold call / bought put / sold put 85.0 Mbbls/d 2021 53.92 / 44.66 / 34.79 (283 ) Sold call / bought put / sold put 65.0 Mbbls/d 2022 70.10 / 60.17 / 48.46 (76 ) WTI Costless Collars Sold call / bought put 15.0 Mbbls/d 2021 45.84 / 35.00 (71 ) Basis Contracts (1) 2021 (3 ) Other Crude Financial Positions - Crude Oil and NGLs Fair Value Position (649 ) Natural Gas Contracts US$/Mcf Fixed Price Contracts NYMEX Fixed Price 165 MMcf/d 2021 2.51 (34 ) NYMEX Fixed Price 200 MMcf/d 2022 2.67 (36 ) NYMEX Fixed Price Swaptions (2) 165 MMcf/d 2022 2.51 (41 ) NYMEX Three-Way Options Sold call / bought put / sold put 1,005 MMcf/d 2021 3.36 / 2.88 / 2.50 (72 ) Sold call / bought put / sold put 398 MMcf/d 2022 3.02 / 2.75 / 2.00 (39 ) NYMEX Costless Collars Sold call / bought put 200 MMcf/d 2022 2.85 / 2.55 (30 ) NYMEX Call Options Sold call 330 MMcf/d 2022 2.38 (101 ) Basis Contracts (3) 2021 (22 ) 2022 (30 ) 2023 - 2025 (37 ) Other Financial Positions 1 Natural Gas Fair Value Position (441 ) Other Derivative Contracts Fair Value Position (4) 2 Foreign Currency Contracts Fair Value Position (5) 2021 18 Total Fair Value Position $ (1,070 ) (1) Ovintiv has entered into crude and NGL differential swaps associated with Canadian condensate and WTI. ( 2 ) NYMEX Fixed Price Swaptions give the counterparty the option to extend certain 2021 Fixed Price swaps to 2022. ( 3 ) Ovintiv has entered into natural gas basis swaps associated with AECO, Dawn, Malin, Waha, Houston Ship Channel and NYMEX. (4) Includes credit derivatives and contingent consideration associated with certain previous and current year divestitures, respectively. ( 5 ) Ovintiv has entered into U.S. dollar denominated fixed-for-floating average currency swaps to protect against fluctuations between the Canadian and U.S. dollars.
Earnings Impact of Realized and Unrealized Gains (Losses) on Risk Management Positions	Three Months Ended Six Months Ended June 30, June 30, 2021 2020 2021 2020 Realized Gains (Losses) on Risk Management Commodity and Other Derivatives: Revenues (1) $ (223 ) $ 365 $ (379 ) $ 516 Foreign Currency Derivatives: Foreign exchange 11 (6 ) 18 (9 ) $ (212 ) $ 359 $ (361 ) $ 507 Unrealized Gains (Losses) on Risk Management Commodity and Other Derivatives: Revenues (2) $ (576 ) $ (679 ) $ (847 ) $ 225 Foreign Currency Derivatives: Foreign exchange (6 ) 36 (8 ) (16 ) $ (582 ) $ (643 ) $ (855 ) $ 209 Total Realized and Unrealized Gains (Losses) on Risk Management, net Commodity and Other Derivatives: Revenues (1) (2) $ (799 ) $ (314 ) $ (1,226 ) $ 741 Foreign Currency Derivatives: Foreign exchange 5 30 10 (25 ) $ (794 ) $ (284 ) $ (1,216 ) $ 716 (1) Includes realized gains of $1 million for the three and six months ended June 30, 2021, respectively (2020 - gains of $1 million and $2 million, respectively), related to other derivative contracts. (2) Includes unrealized gains of $1 million and $3 million for the three and six months ended June 30, 2021, respectively (2020 - gain of $13 million and loss of $4 million, respectively), related to other derivative contracts.
Reconciliation of Unrealized Risk Management Positions	2021 2020 Fair Value Total Unrealized Gain (Loss) Total Unrealized Gain (Loss) Fair Value of Contracts, Beginning of Year $ (222 ) Change in Fair Value of Contracts in Place at Beginning of Year and Contracts Entered into During the Period (1,216 ) $ (1,216 ) $ 716 Settlement of Other Derivative Contracts 1 Fair Value of Other Derivative Contract Assets Entered into During the Period (See Note 7) 6 Fair Value of Contracts Realized During the Period 361 361 (507 ) Fair Value of Contracts, End of Period $ (1,070 ) $ (855 ) $ 209
Unrealized Risk Management Positions	As at As at June 30, December 31, 2021 2020 Risk Management Assets Current $ 3 $ 37 Long-term - 4 3 41 Risk Management Liabilities Current 892 130 Long-term 183 125 1,075 255 Other Derivative Contract Assets Current in accounts receivable and accrued revenues 3 - Long-term in other assets 5 - 8 - Other Derivative Contract Liabilities Current in accounts payable and accrued liabilities 1 1 Long-term in other liabilities and provisions 5 7 6 8 Net Risk Management Assets (Liabilities) and Other Derivative Contracts $ (1,070 ) $ (222 )

Supplementary Information (Tabl

Supplementary Information (Tables)	6 Months Ended
	Jun. 30, 2021
Supplemental Cash Flow Elements [Abstract]
Net Change in Non-Cash Working Capital	A) Net Change in Non-Cash Working Capital Three Months Ended Six Months Ended June 30, June 30, 2021 2020 2021 2020 Operating Activities Accounts receivable and accrued revenues $ (96 ) $ 90 $ (262 ) $ 211 Accounts payable and accrued liabilities 76 (223 ) 198 (254 ) Current portion of operating lease liabilities (1 ) (5 ) 4 (6 ) Income tax receivable and payable 43 19 25 13 $ 22 $ (119 ) $ (35 ) $ (36 )
Non-Cash Activities	B) Non-Cash Activities Three Months Ended Six Months Ended June 30, June 30, 2021 2020 2021 2020 Non-Cash Operating Activities ROU operating lease assets and liabilities $ (5 ) $ - $ (18 ) $ (1 ) Non-Cash Investing Activities Asset retirement obligation incurred $ - $ 2 $ - $ 9 Asset retirement obligation change in estimated future cash outflows - - - 22 Property, plant and equipment accruals (67 ) (280 ) (37 ) (130 ) Capitalized long-term incentives 7 8 7 (9 ) Property additions/dispositions (swaps) 2 13 6 17 Contingent consideration (See Note 7) 6 - 6 -

Commitments and Contingencies (

Commitments and Contingencies (Tables)	6 Months Ended
	Jun. 30, 2021
Commitments And Contingencies Disclosure [Abstract]
Commitments	The following table outlines the Company’s commitments as at June 30, 2021: Expected Future Payments (undiscounted) 2021 2022 2023 2024 2025 Thereafter Total Transportation and Processing $ 367 $ 753 $ 693 $ 497 $ 435 $ 2,384 $ 5,129 Drilling and Field Services 52 1 - - - - 53 Building Leases 6 10 6 6 6 2 36 Total $ 425 $ 764 $ 699 $ 503 $ 441 $ 2,386 $ 5,218

Segmented Information (Segment

Segmented Information (Segment and Geographical Information) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Segment Reporting Information [Line Items]
Product and service revenues	$ 2,473	$ 1,023	$ 4,720	$ 2,593
Gains (losses) on risk management, net	(799)	(314)	(1,226)	741
Sublease revenues	18	17	36	35
Total Revenues	1,692	726	3,530	3,369
Production, mineral and other taxes	73	27	133	79
Transportation and processing	418	368	797	764
Operating	149	154	313	319
Purchased product	733	319	1,337	717
Depreciation, depletion and amortization	311	493	619	1,027
Impairments	0	3,250	0	3,527
Accretion of asset retirement obligation	6	9	12	18
Administrative	123	165	245	218
Total Operating Expenses	1,813	4,785	3,456	6,669
Operating Income (Loss)	(121)	(4,059)	74	(3,300)
Interest	99	86	186	182
Foreign exchange (gain) loss, net	(8)	(40)	(15)	76
Other (gains) losses, net	(7)	(16)	(25)	(30)
Total Other (Income) Expenses	84	30	146	228
Net Earnings (Loss) Before Income Tax	(205)	(4,089)	(72)	(3,528)
Income tax expense (recovery)	0	294	(176)	434
Net Earnings (Loss)	(205)	(4,383)	104	(3,962)
Corporate & Other [Member]
Segment Reporting Information [Line Items]
Product and service revenues	0	0	0	0
Gains (losses) on risk management, net	(576)	(679)	(847)	225
Sublease revenues	18	17	36	35
Total Revenues	(558)	(662)	(811)	260
Production, mineral and other taxes	0	0	0	0
Transportation and processing	0	0	0	0
Operating	0	0	0	(2)
Purchased product	0	0	0	0
Depreciation, depletion and amortization	2	7	9	14
Impairments	0	0	0	0
Accretion of asset retirement obligation	6	9	12	18
Administrative	123	165	245	218
Total Operating Expenses	131	181	266	248
Operating Income (Loss)	(689)	(843)	(1,077)	12
USA Operations [Member] | Operating Segments [Member]
Segment Reporting Information [Line Items]
Product and service revenues	1,155	430	2,173	1,230
Gains (losses) on risk management, net	(188)	260	(324)	374
Sublease revenues	0	0	0	0
Total Revenues	967	690	1,849	1,604
Production, mineral and other taxes	69	24	124	72
Transportation and processing	126	115	239	236
Operating	117	121	246	260
Purchased product	0	0	0	0
Depreciation, depletion and amortization	220	375	428	793
Impairments	0	3,250	0	3,527
Total Operating Expenses	532	3,885	1,037	4,888
Operating Income (Loss)	435	(3,195)	812	(3,284)
Canadian Operations [Member] | Operating Segments [Member]
Segment Reporting Information [Line Items]
Product and service revenues	570	245	1,147	596
Gains (losses) on risk management, net	(35)	103	(57)	139
Sublease revenues	0	0	0	0
Total Revenues	535	348	1,090	735
Production, mineral and other taxes	4	3	9	7
Transportation and processing	248	198	472	411
Operating	25	25	53	51
Purchased product	0	0	0	0
Depreciation, depletion and amortization	89	111	182	220
Impairments	0	0	0	0
Total Operating Expenses	366	337	716	689
Operating Income (Loss)	169	11	374	46
Market Optimization [Member] | Operating Segments [Member]
Segment Reporting Information [Line Items]
Product and service revenues	748	348	1,400	767
Gains (losses) on risk management, net	0	2	2	3
Sublease revenues	0	0	0	0
Total Revenues	748	350	1,402	770
Production, mineral and other taxes	0	0	0	0
Transportation and processing	44	55	86	117
Operating	7	8	14	10
Purchased product	733	319	1,337	717
Depreciation, depletion and amortization	0	0	0	0
Impairments	0	0	0	0
Total Operating Expenses	784	382	1,437	844
Operating Income (Loss)	$ (36)	$ (32)	$ (35)	$ (74)

Segmented Information (Schedule

Segmented Information (Schedule of Marketing Intersegment Eliminations) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Product Information [Line Items]
Revenues	$ 1,692	$ 726	$ 3,530	$ 3,369
Transportation and processing	418	368	797	764
Operating	149	154	313	319
Purchased product	733	319	1,337	717
Operating Income (Loss)	(121)	(4,059)	74	(3,300)
Market Optimization [Member] | Operating Segments [Member]
Product Information [Line Items]
Revenues	748	350	1,402	770
Transportation and processing	44	55	86	117
Operating	7	8	14	10
Purchased product	733	319	1,337	717
Operating Income (Loss)	(36)	(32)	(35)	(74)
Market Optimization [Member] | Reportable Subsegments [Member] | Marketing Sales [Member]
Product Information [Line Items]
Revenues	2,613	1,047	4,781	3,142
Transportation and processing	149	152	286	320
Operating	7	8	14	10
Purchased product	2,492	919	4,515	2,886
Operating Income (Loss)	(35)	(32)	(34)	(74)
Market Optimization [Member] | Intersubsegment Eliminations [Member]
Product Information [Line Items]
Revenues	(1,865)	(697)	(3,379)	(2,372)
Transportation and processing	(105)	(97)	(200)	(203)
Operating	0	0	0	0
Purchased product	(1,759)	(600)	(3,178)	(2,169)
Operating Income (Loss)	$ (1)	$ 0	$ (1)	$ 0

Segmented Information (Capital

Segmented Information (Capital Expenditures) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Segment Reporting Information [Line Items]
Capital Expenditures	$ 383	$ 252	$ 733	$ 1,042
Operating Segments [Member] | USA Operations [Member]
Segment Reporting Information [Line Items]
Capital Expenditures	279	218	540	846
Operating Segments [Member] | Canadian Operations [Member]
Segment Reporting Information [Line Items]
Capital Expenditures	103	33	192	194
Corporate & Other [Member]
Segment Reporting Information [Line Items]
Capital Expenditures	$ 1	$ 1	$ 1	$ 2

Segmented Information (Goodwill

Segmented Information (Goodwill, Property, Plant and Equipment and Total Assets by Segment) (Details) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Segment Reporting, Asset Reconciling Item [Line Items]
Goodwill	$ 2,643	$ 2,625
Property, Plant and Equipment	8,535	9,450
Total Assets	13,767	14,469
Operating Segments [Member] | USA Operations [Member]
Segment Reporting, Asset Reconciling Item [Line Items]
Goodwill	1,938	1,938
Property, Plant and Equipment	7,408	8,103
Total Assets	10,066	10,646
Operating Segments [Member] | Canadian Operations [Member]
Segment Reporting, Asset Reconciling Item [Line Items]
Goodwill	705	687
Property, Plant and Equipment	927	1,142
Total Assets	1,911	2,031
Operating Segments [Member] | Market Optimization [Member]
Segment Reporting, Asset Reconciling Item [Line Items]
Goodwill	0	0
Property, Plant and Equipment	0	2
Total Assets	336	233
Corporate & Other [Member]
Segment Reporting, Asset Reconciling Item [Line Items]
Goodwill	0	0
Property, Plant and Equipment	200	203
Total Assets	$ 1,454	$ 1,559

Revenues from Contracts with _3

Revenues from Contracts with Customers (Disaggregation of Revenue) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Disaggregation of Revenue [Line Items]
Product revenues	$ 2,473	$ 1,023	$ 4,720	$ 2,593
Operating Segments [Member] | USA Operations Excluding Intercompany Segment Transactions [Member]
Disaggregation of Revenue [Line Items]
Product revenues	1,158	433	2,180	1,233
Operating Segments [Member] | Canadian Operations Excluding Intercompany Segment Transactions [Member]
Disaggregation of Revenue [Line Items]
Product revenues	574	248	1,153	601
Operating Segments [Member] | Market Optimization Excluding Intercompany Segment Transactions [Member]
Disaggregation of Revenue [Line Items]
Product revenues	741	342	1,387	759
Corporate & Other [Member]
Disaggregation of Revenue [Line Items]
Product revenues	0	0	0	0
Oil [Member] | Product Revenues Including Sale of Product Purchased from Third Parties [Member]
Disaggregation of Revenue [Line Items]
Product revenues	1,464	468	2,595	1,322
Oil [Member] | Operating Segments [Member] | Product Revenues Including Sale of Product Purchased from Third Parties [Member] | USA Operations Excluding Intercompany Segment Transactions [Member]
Disaggregation of Revenue [Line Items]
Product revenues	861	307	1,602	949
Oil [Member] | Operating Segments [Member] | Product Revenues Including Sale of Product Purchased from Third Parties [Member] | Canadian Operations Excluding Intercompany Segment Transactions [Member]
Disaggregation of Revenue [Line Items]
Product revenues	1	2	6	4
Oil [Member] | Operating Segments [Member] | Product Revenues Including Sale of Product Purchased from Third Parties [Member] | Market Optimization Excluding Intercompany Segment Transactions [Member]
Disaggregation of Revenue [Line Items]
Product revenues	602	159	987	369
Oil [Member] | Corporate & Other [Member] | Product Revenues Including Sale of Product Purchased from Third Parties [Member]
Disaggregation of Revenue [Line Items]
Product revenues	0	0	0	0
Natural Gas Liquids [Member] | Product Revenues Including Sale of Product Purchased from Third Parties [Member]
Disaggregation of Revenue [Line Items]
Product revenues	475	150	904	417
Natural Gas Liquids [Member] | Operating Segments [Member] | Product Revenues Including Sale of Product Purchased from Third Parties [Member] | USA Operations Excluding Intercompany Segment Transactions [Member]
Disaggregation of Revenue [Line Items]
Product revenues	179	60	337	146
Natural Gas Liquids [Member] | Operating Segments [Member] | Product Revenues Including Sale of Product Purchased from Third Parties [Member] | Canadian Operations Excluding Intercompany Segment Transactions [Member]
Disaggregation of Revenue [Line Items]
Product revenues	285	88	541	267
Natural Gas Liquids [Member] | Operating Segments [Member] | Product Revenues Including Sale of Product Purchased from Third Parties [Member] | Market Optimization Excluding Intercompany Segment Transactions [Member]
Disaggregation of Revenue [Line Items]
Product revenues	11	2	26	4
Natural Gas Liquids [Member] | Corporate & Other [Member] | Product Revenues Including Sale of Product Purchased from Third Parties [Member]
Disaggregation of Revenue [Line Items]
Product revenues	0	0	0	0
Natural Gas [Member] | Product Revenues Including Sale of Product Purchased from Third Parties [Member]
Disaggregation of Revenue [Line Items]
Product revenues	532	403	1,213	852
Natural Gas [Member] | Operating Segments [Member] | Product Revenues Including Sale of Product Purchased from Third Parties [Member] | USA Operations Excluding Intercompany Segment Transactions [Member]
Disaggregation of Revenue [Line Items]
Product revenues	118	65	241	137
Natural Gas [Member] | Operating Segments [Member] | Product Revenues Including Sale of Product Purchased from Third Parties [Member] | Canadian Operations Excluding Intercompany Segment Transactions [Member]
Disaggregation of Revenue [Line Items]
Product revenues	286	157	603	329
Natural Gas [Member] | Operating Segments [Member] | Product Revenues Including Sale of Product Purchased from Third Parties [Member] | Market Optimization Excluding Intercompany Segment Transactions [Member]
Disaggregation of Revenue [Line Items]
Product revenues	128	181	369	386
Natural Gas [Member] | Corporate & Other [Member] | Product Revenues Including Sale of Product Purchased from Third Parties [Member]
Disaggregation of Revenue [Line Items]
Product revenues	0	0	0	0
Natural Gas Gathering and Processing [Member]
Disaggregation of Revenue [Line Items]
Product revenues	2	2	8	2
Natural Gas Gathering and Processing [Member] | Operating Segments [Member] | USA Operations Excluding Intercompany Segment Transactions [Member]
Disaggregation of Revenue [Line Items]
Product revenues	0	1	0	1
Natural Gas Gathering and Processing [Member] | Operating Segments [Member] | Canadian Operations Excluding Intercompany Segment Transactions [Member]
Disaggregation of Revenue [Line Items]
Product revenues	2	1	3	1
Natural Gas Gathering and Processing [Member] | Operating Segments [Member] | Market Optimization Excluding Intercompany Segment Transactions [Member]
Disaggregation of Revenue [Line Items]
Product revenues	0	0	5	0
Natural Gas Gathering and Processing [Member] | Corporate & Other [Member]
Disaggregation of Revenue [Line Items]
Product revenues	$ 0	$ 0	$ 0	$ 0

Revenues from Contracts with _4

Revenues from Contracts with Customers (Narrative) (Details) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Revenue From Contract With Customer [Abstract]
Contract with customer, asset net	$ 0	$ 0
Contract with customer, liability	0	0
Receivables & accrued revenues from contracts with customers	1,105	$ 814
Revenue, remaining performance obligation	$ 0

Interest (Details)

Interest (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Interest Expense [Abstract]
Interest Expense on Debt	$ 93	$ 82	$ 177	$ 171
Interest on Finance Leases	0	2	2	5
Interest - Other	6	2	7	6
Interest	$ 99	$ 86	$ 186	$ 182

Interest (Narrative) (Details)

Interest (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Schedule Of Interest Expense [Line Items]
Interest expense on debt	$ 93	$ 82	$ 177	$ 171
5.75% Senior Notes [Member] | Senior Notes, Due January 30, 2022 [Member]
Schedule Of Interest Expense [Line Items]
Interest expense on debt	$ 19		$ 19
Debt instrument interest rate stated percentage	5.75%		5.75%
Debt instrument maturity date			Jan. 30, 2022
Debt instrument repurchased face amount	$ 600		$ 600

Foreign Exchange (Gain) Loss,_3

Foreign Exchange (Gain) Loss, Net (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Schedule Of Foreign Exchange Transactions [Line Items]
Unrealized Foreign Exchange (Gain) Loss	$ 4	$ (50)	$ 6	$ 51
Foreign Exchange (Gain) Loss, Net	(8)	(40)	(15)	76
Translation of U.S. Dollar Debt Issued From Canada [Member]
Schedule Of Foreign Exchange Transactions [Line Items]
Unrealized Foreign Exchange (Gain) Loss	0	(14)	1	62
Foreign Exchange on Settlements	(3)	0	(9)	17
Translation of U.S. Dollar Risk Management Contracts Issued From Canada [Member]
Schedule Of Foreign Exchange Transactions [Line Items]
Unrealized Foreign Exchange (Gain) Loss	4	(36)	5	16
Foreign Exchange on Settlements	(11)	6	(18)	9
Translation of Intercompany Notes [Member]
Schedule Of Foreign Exchange Transactions [Line Items]
Unrealized Foreign Exchange (Gain) Loss	0	0	0	(27)
Foreign Exchange on Settlements	0	0	0	3
Other Monetary Revaluations [Member]
Schedule Of Foreign Exchange Transactions [Line Items]
Foreign Exchange on Settlements	$ 2	$ 4	$ 6	$ (4)

Income Taxes (Provision For Inc

Income Taxes (Provision For Income Taxes) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Total Current Tax Expense (Recovery)	$ 0	$ (1)	$ (156)	$ (1)
Total Deferred Tax Expense (Recovery)	0	295	(20)	435
Income Tax Expense (Recovery)	$ 0	$ 294	$ (176)	$ 434
Effective Tax Rate	0.00%	(7.20%)	244.40%	(12.30%)
United States [Member]
Total Current Tax Expense (Recovery)	$ 0	$ (1)	$ 0	$ (1)
Total Deferred Tax Expense (Recovery)	0	(267)	0	(139)
Canada [Member]
Total Current Tax Expense (Recovery)	0	0	(156)	0
Total Deferred Tax Expense (Recovery)	0	563	(20)	573
Other Countries [Member]
Total Deferred Tax Expense (Recovery)	$ 0	$ (1)	$ 0	$ 1

Income Taxes (Narrative) (Detai

Income Taxes (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Income Tax Disclosure [Line Items]
Reduction of unrecognized tax benefits			$ 222
Increase (Reduction) in valuation allowance			$ (66)
Effective Tax Rate	0.00%	(7.20%)	244.40%	(12.30%)
Canada [Member]
Income Tax Disclosure [Line Items]
Increase (Reduction) in valuation allowance				$ 568
United States [Member]
Income Tax Disclosure [Line Items]
Statutory Tax Rate			21.00%	21.00%
Other (Gains) Losses, Net [Member]
Income Tax Disclosure [Line Items]
Interest income			$ 12

Acquisitions and Divestitures_2

Acquisitions and Divestitures (Schedule of Net Acquisitions & (Divestitures)) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Acquisitions and Divestitures [Line Items]
Acquisitions	$ 2	$ 1	$ 3	$ 18
Divestitures	(1,023)	(8)	(1,025)	(30)
Net Acquisitions and Divestitures	(1,021)	(7)	(1,022)	(12)
Operating Segments [Member] | USA Operations [Member]
Acquisitions and Divestitures [Line Items]
Acquisitions	2	1	3	18
Divestitures	(773)	(6)	(774)	(27)
Operating Segments [Member] | Canadian Operations [Member]
Acquisitions and Divestitures [Line Items]
Divestitures	$ (250)	$ (2)	$ (251)	$ (3)

Acquisitions and Divestitures_3

Acquisitions and Divestitures (Narrative) (Details) $ in Millions, $ in Millions	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2021USD ($)	Jun. 30, 2020USD ($)	Jun. 30, 2021USD ($)	Jun. 30, 2020USD ($)	Dec. 31, 2022CAD ($)$ / bbl	Dec. 31, 2021CAD ($)$ / bbl	Apr. 28, 2021USD ($)
Acquisitions and Divestitures [Line Items]
Acquisitions	$ 2	$ 1	$ 3	$ 18
Divestitures	1,023	8	1,025	30
Duvernay Assets [Member]
Acquisitions and Divestitures [Line Items]
Embedded derivative, fair value							$ 6
Duvernay Assets [Member] | Scenario Forecast [Member]
Acquisitions and Divestitures [Line Items]
Contingent consideration receivable					$ 10	$ 5
Duvernay Assets [Member] | WTI [Member] | Minimum [Member] | Scenario Forecast [Member]
Acquisitions and Divestitures [Line Items]
Reference Price | $ / bbl					62	56
USA Operations [Member] | Operating Segments [Member]
Acquisitions and Divestitures [Line Items]
Acquisitions	2	1	3	18
Divestitures	773	6	774	27
USA Operations [Member] | Operating Segments [Member] | Eagle Ford Assets [Member]
Acquisitions and Divestitures [Line Items]
Divestitures	771		771
Canadian Operations [Member] | Operating Segments [Member]
Acquisitions and Divestitures [Line Items]
Divestitures	250	$ 2	251	$ 3
Canadian Operations [Member] | Operating Segments [Member] | Duvernay Assets [Member]
Acquisitions and Divestitures [Line Items]
Divestitures	$ 239		$ 239

Property, Plant and Equipment_3

Property, Plant and Equipment, Net (Schedule Of Property, Plant And Equipment) (Details) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Cost	$ 57,887	$ 57,756
Less: Accumulated depreciation, depletion and amortization	(49,352)	(48,306)
Property, plant and equipment, net	8,535	9,450
Operating Segments [Member] | USA Operations [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Cost	40,418	40,684
Less: Accumulated depreciation, depletion and amortization	(33,010)	(32,581)
Property, plant and equipment, net	7,408	8,103
Operating Segments [Member] | Canadian Operations [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Cost	16,577	16,198
Less: Accumulated depreciation, depletion and amortization	(15,650)	(15,056)
Property, plant and equipment, net	927	1,142
Operating Segments [Member] | Market Optimization [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, net	0	2
Corporate & Other [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, net	200	203
Proved Properties [Member] | Operating Segments [Member] | USA Operations [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Cost	38,029	37,875
Less: Accumulated depreciation, depletion and amortization	(33,010)	(32,581)
Property, plant and equipment, net	5,019	5,294
Proved Properties [Member] | Operating Segments [Member] | Canadian Operations [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Cost	16,496	16,008
Less: Accumulated depreciation, depletion and amortization	(15,650)	(15,056)
Property, plant and equipment, net	846	952
Unproved Properties [Member] | Operating Segments [Member] | USA Operations [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Cost	2,374	2,785
Less: Accumulated depreciation, depletion and amortization	0	0
Property, plant and equipment, net	2,374	2,785
Unproved Properties [Member] | Operating Segments [Member] | Canadian Operations [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Cost	70	177
Less: Accumulated depreciation, depletion and amortization	0	0
Property, plant and equipment, net	70	177
Other Capitalized Property Plant and Equipment [Member] | Operating Segments [Member] | USA Operations [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Cost	15	24
Less: Accumulated depreciation, depletion and amortization	0	0
Property, plant and equipment, net	15	24
Other Capitalized Property Plant and Equipment [Member] | Operating Segments [Member] | Canadian Operations [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Cost	11	13
Less: Accumulated depreciation, depletion and amortization	0	0
Property, plant and equipment, net	11	13
Other Capitalized Property Plant and Equipment [Member] | Operating Segments [Member] | Market Optimization [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Cost	7	9
Less: Accumulated depreciation, depletion and amortization	(7)	(7)
Property, plant and equipment, net	0	2
Other Capitalized Property Plant and Equipment [Member] | Corporate & Other [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Cost	885	865
Less: Accumulated depreciation, depletion and amortization	(685)	(662)
Property, plant and equipment, net	$ 200	$ 203

Property, Plant and Equipment_4

Property, Plant and Equipment, Net (Narrative) (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Property, Plant and Equipment [Line Items]
Internal Costs Capitalized			$ 82,000,000	$ 96,000,000
Operating Segments [Member] | USA Operations [Member]
Property, Plant and Equipment [Line Items]
Impairment	$ 0	$ 3,250,000,000	0	3,527,000,000
Operating Segments [Member] | Canadian Operations [Member]
Property, Plant and Equipment [Line Items]
Impairment	$ 0	$ 0	$ 0	$ 0

Property, Plant and Equipment_5

Property, Plant and Equipment, Net (Schedule of Twelve Month Average Trailing Reserves Prices) (Details)		6 Months Ended		12 Months Ended
		Jun. 30, 2021$ / bbl$ / bbl$ / MMBTU$ / MMBTU	Jun. 30, 2020$ / bbl$ / bbl$ / MMBTU$ / MMBTU	Dec. 31, 2020$ / bbl$ / bbl$ / MMBTU$ / MMBTU
Oil and NGLs [Member] | WTI [Member]
Property, Plant and Equipment [Line Items]
12-Month Average Trailing Reserves Pricing | $ / bbl	[1]	49.78	47.47	39.62
Oil and NGLs [Member] | Edmonton Condensate [Member]
Property, Plant and Equipment [Line Items]
12-Month Average Trailing Reserves Pricing | $ / bbl	[1]	62.73	58.46	49.77
Natural Gas [Member] | Henry Hub [Member]
Property, Plant and Equipment [Line Items]
12-Month Average Trailing Reserves Pricing | $ / MMBTU	[1]	2.43	2.07	1.98
Natural Gas [Member] | AECO [Member]
Property, Plant and Equipment [Line Items]
12-Month Average Trailing Reserves Pricing | $ / MMBTU	[1]	2.60	1.70	2.13
[1]	All prices were held constant in all future years when estimating net revenues and reserves

Leases (Schedule of Estimated F

Leases (Schedule of Estimated Future Sublease Income) (Details) $ in Millions	6 Months Ended
	Jun. 30, 2021USD ($)
Leases [Abstract]
2021	$ 27
2022	49
2023	47
2024	47
2025	47
Thereafter	535
Total	$ 752

Leases (Narrative) (Details)

Leases (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Leases [Abstract]
Operating lease income	$ 14	$ 13	$ 27	$ 26
Variable lease income	$ 4	$ 4	$ 9	$ 9

Long-Term Debt (Schedule Of Lon

Long-Term Debt (Schedule Of Long-Term Debt) (Details) - USD ($) $ in Millions	6 Months Ended	12 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Revolving credit and term loan borrowings	$ 0	$ 950
Total Principal	5,259	6,809
Increase in Value of Debt Acquired	88	111
Unamortized Debt Discounts and Issuance Costs	(33)	(35)
Total Long-Term Debt	5,314	6,885
Current Portion	518	518
Long-Term Debt	4,796	6,367
3.90% Unsecured Notes [Member] | Unsecured Notes, Due November 15, 2021 [Member]
Debt Instrument [Line Items]
Unsecured Debt	$ 518	$ 518
Debt Instrument, Interest Rate, Stated Percentage	3.90%	3.90%
Debt Instrument, Maturity Date	Nov. 15, 2021	Nov. 15, 2021
5.75% Unsecured Notes [Member] | Unsecured Notes, Due January 30, 2022 [Member]
Debt Instrument [Line Items]
Unsecured Debt	$ 0	$ 600
Debt Instrument, Interest Rate, Stated Percentage	5.75%	5.75%
Debt Instrument, Maturity Date	Jan. 30, 2022	Jan. 30, 2022
5.625% Unsecured Notes [Member] | Unsecured Notes, Due July 1, 2024 [Member]
Debt Instrument [Line Items]
Unsecured Debt	$ 1,000	$ 1,000
Debt Instrument, Interest Rate, Stated Percentage	5.625%	5.625%
Debt Instrument, Maturity Date	Jul. 1, 2024	Jul. 1, 2024
5.375% Unsecured Notes [Member] | Unsecured Notes, Due Jan 1, 2026 [Member]
Debt Instrument [Line Items]
Unsecured Debt	$ 688	$ 688
Debt Instrument, Interest Rate, Stated Percentage	5.375%	5.375%
Debt Instrument, Maturity Date	Jan. 1, 2026	Jan. 1, 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. 1, 2031	Nov. 1, 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. 1, 2031	Nov. 1, 2031
6.50% Unsecured Notes [Member] | Unsecured Notes, Due August 15, 2034 [Member]
Debt Instrument [Line Items]
Unsecured Debt	$ 750	$ 750
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	$ 488	$ 488
Debt Instrument, Interest Rate, Stated Percentage	6.50%	6.50%
Debt Instrument, Maturity Date	Feb. 1, 2038	Feb. 1, 2038
6.625% Unsecured Notes [Member] | Unsecured Notes, Due August 15, 2037 [Member]
Debt Instrument [Line Items]
Unsecured Debt	$ 462	$ 462
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	$ 203	$ 203
Debt Instrument, Interest Rate, Stated Percentage	5.15%	5.15%
Debt Instrument, Maturity Date	Nov. 15, 2041	Nov. 15, 2041

Long-Term Debt (Narrative) (Det

Long-Term Debt (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Debt Instrument [Line Items]
Principal amount of repurchased senior notes		$ 37		$ 137
Aggregate cash payment for repurchased debt	$ 619	26	$ 619	115
One-time make-whole payment included in interest expense	93	82	177	171
Recognized net gain on debt		$ 11		$ 22
Long-term debt carrying value	5,314		5,314		$ 6,885
Long-term debt, fair value	$ 6,409		$ 6,409		$ 7,379
5.75% Unsecured Notes [Member] | Unsecured Notes, Due January 30, 2022 [Member]
Debt Instrument [Line Items]
Debt instrument interest rate stated percentage	5.75%		5.75%		5.75%
Debt instrument maturity date			Jan. 30, 2022		Jan. 30, 2022
Principal amount of repurchased senior notes	$ 600
Aggregate cash payment for repurchased debt	632
One-time make-whole payment included in interest expense	19
Accrued and unpaid interest	$ 13

Other Liabilities and Provisi_3

Other Liabilities and Provisions (Schedule of Other Liabilities and Provisions) (Details) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Other Liabilities And Provisions [Line Items]
Obligation under Finance Lease	$ 36	$ 39
Pensions and Other Post-Employment Benefits	128	129
Long-Term Incentives	21	9
Other Derivative Contracts, Liabilities	6	8
Other	16	16
Other Liabilities and Provisions	206	358
Other Liabilities and Provisions [Member]
Other Liabilities And Provisions [Line Items]
Unrecognized Tax Benefits	0	158
Other Derivative Contracts, Liabilities	$ 5	$ 7

Share Capital (Narrative) (Deta

Share Capital (Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions	Jul. 27, 2021	Jan. 24, 2020	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Class Of Stock [Line Items]
Common stock, shares authorized			750,000,000		750,000,000
Common stock, par value		$ 0.01	$ 0.01		$ 0.01
Preferred stock, shares authorized			25,000,000		25,000,000
Preferred stock, par value			$ 0.01		$ 0.01
Dividends on Common Shares			$ 25	$ 25	$ 49	$ 49
Common Stock, Dividends, Per Share, Paid			$ 0.09375	$ 0.09375	$ 0.1875	$ 0.1875
Common Stock, Dividends, Per Share, Declared			$ 0.09375	$ 0.09375	$ 0.1875	$ 0.1875
Subsequent Event [Member]
Class Of Stock [Line Items]
Dividends Payable, Date Declared	Jul. 27, 2021
Common Stock, Dividends, Per Share, Declared	$ 0.14
Dividends Payable, Date to be Paid	Sep. 30, 2021
Dividends Payable, Date of Record	Sep. 15, 2021
Share Capital [Member]
Class Of Stock [Line Items]
Reclassification of share capital due to reorganization and domestication		$ (7,058)
Dividends on Common Shares			$ 0	$ 0	$ 0	$ 0

Share Capital (Schedule of Comm

Share Capital (Schedule of Common Stock Issued and Outstanding) (Details) - USD ($) shares in Millions, $ in Millions	6 Months Ended		12 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Class Of Stock [Line Items]
Shares of Common Stock Outstanding, Beginning of Year	259.8	259.8	259.8
Shares of Common Stock Issued (See Note 16)	1.3		0
Reclassification of Share Capital		$ 0
Shares of Common Stock Outstanding, End of Period	261.1		259.8
Shares of Common Stock Outstanding, Beginning of Year	$ 3	7,061	$ 7,061
Shares of Common Stock Issued (See Note 16)	0		0
Shares of Common Stock Outstanding, End of Period	3		3
Share Capital [Member]
Class Of Stock [Line Items]
Reclassification of Share Capital	$ 0	$ (7,058)	$ (7,058)

Share Capital (Earnings Per Com

Share Capital (Earnings Per Common Share) (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions		3 Months Ended		6 Months Ended
		Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Class Of Stock Disclosures [Abstract]
Net Earnings (Loss)		$ (205)	$ (4,383)	$ 104	$ (3,962)
Basic		261.1	259.8	260.6	259.8
Effect of dilutive securities	[1],[2]	0	0	5.3	0
Weighted Average Shares of Common Stock Outstanding - Diluted		261.1	259.8	265.9	259.8
Basic		$ (0.79)	$ (16.87)	$ 0.40	$ (15.25)
Diluted	[1],[2]	$ (0.79)	$ (16.87)	$ 0.39	$ (15.25)
[1]	During the fourth quarter of 2020, Ovintiv’s Board of Directors resolved to settle certain Performance Share Units (“PSUs”) and Restricted Share Units (“RSUs”) with the issuance of the Company’s common stock. As a result, the stock-based compensation awards were modified and reclassified as equity-settled awards.
[2]	For the three months ended June 30, 2021, all of Ovintiv’s equity-settled awards were determined to be antidilutive and therefore are excluded from the calculation of fully diluted net earnings (loss) per share of common stock.

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Income (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Accumulated Other Comprehensive Income Loss Net Of Tax [Abstract]
Balance, Beginning of Period	$ 1,061	$ 870	$ 1,042	$ 1,004
Change in Foreign Currency Translation Adjustment	25	87	44	(47)
Balance, End of Period, Foreign currency translation adjustment	1,086	957	1,086	957
Pension and Other Post-Employment Benefit Plans
Balance, Beginning of Period	33	40	34	42
Amounts Reclassified from Other Comprehensive Income:
Reclassification of net actuarial (gains) and losses to net earnings	(3)	(2)	(4)	(4)
Income taxes	1	1	1	1
Curtailment in net defined periodic benefit cost	0	5	0	5
Income taxes	0	(1)	0	(1)
Balance, End of Period	31	43	31	43
Total Accumulated Other Comprehensive Income	$ 1,117	$ 1,000	$ 1,117	$ 1,000	$ 1,076

Variable Interest Entities (Nar

Variable Interest Entities (Narrative) (Details) $ in Millions	6 Months Ended
	Jun. 30, 2021USD ($)MMcf	Dec. 31, 2020USD ($)
Variable Interest Entity [Line Items]
Accounts payable and accrued liabilities, current	$ 1,880	$ 1,704
Veresen Midstream Limited Partnership [Member]
Variable Interest Entity [Line Items]
Variable interest entity, financial support, term of assessment	8 years
Variable interest entity, reporting entity involvement, maximum loss exposure, amount	$ 1,883
Veresen Midstream Limited Partnership [Member] | Take or Pay Commitment [Member]
Variable Interest Entity [Line Items]
Accounts payable and accrued liabilities, current	$ 0.1
Veresen Midstream Limited Partnership [Member] | Natural gas gathering and compression [Member]
Variable Interest Entity [Line Items]
Contracted capacity volumes | MMcf	1,167
Veresen Midstream Limited Partnership [Member] | Natural gas processing [Member]
Variable Interest Entity [Line Items]
Contracted capacity volumes | MMcf	925
Veresen Midstream Limited Partnership [Member] | Minimum [Member]
Variable Interest Entity [Line Items]
Length of remaining terms, in years	10 years
Veresen Midstream Limited Partnership [Member] | Maximum [Member]
Variable Interest Entity [Line Items]
Length of remaining terms, in years	24 years
Length of renewal term, in years	10 years

Restructuring Charges (Narrativ

Restructuring Charges (Narrative) (Details) - USD ($) $ in Millions	1 Months Ended	3 Months Ended		6 Months Ended		12 Months Ended	13 Months Ended
	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020	Jun. 30, 2021	Dec. 31, 2019
Restructuring Charges [Abstract]
Restructuring and Related Activities, Initiation Date	Jun. 1, 2020
Workforce reduction percentage	25.00%
Restructuring Charges		$ 5	$ 81	$ 11	$ 81	$ 90	$ 101
Restructuring Reserve		5		5		$ 14	5	$ 8
Expected transition and severance costs		$ 104		$ 104			$ 104

Restructuring Charges (Restruct

Restructuring Charges (Restructuring Costs Expensed) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended		12 Months Ended	13 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020	Jun. 30, 2021
Restructuring Charges [Abstract]
Severance and Benefits	$ 5	$ 80	$ 11	$ 80
Outplacement, Moving and Other Expenses	0	1	0	1
Restructuring Expenses	$ 5	$ 81	$ 11	$ 81	$ 90	$ 101

Restructuring Charges (Schedule

Restructuring Charges (Schedule of Change in Restructuring Accrual) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended		12 Months Ended	13 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020	Jun. 30, 2021
Restructuring Charges [Abstract]
Outstanding Restructuring Accrual, Beginning of Year			$ 14	$ 8	$ 8
Restructuring Expenses Incurred	$ 5	$ 81	11	$ 81	90	$ 101
Restructuring Costs Paid			(20)		(84)
Outstanding Restructuring Accrual, End of Period	$ 5		$ 5		$ 14	$ 5

Compensation Plans (Schedule of

Compensation Plans (Schedule of Weighted Average Assumptions Used to Fair Value Share Units) (Details)	6 Months Ended
	Jun. 30, 2021$ / shares	Jun. 30, 2020$ / shares	Jun. 30, 2021$ / shares	Jun. 30, 2020$ / shares
United States Of America Dollars [Member] | Stock Appreciation Rights (SARs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair Value Assumptions, Risk Free Interest Rate	0.44%	0.25%
Fair Value Assumptions, Dividend Yield	1.19%	3.93%
Fair Value Assumptions, Expected Volatility Rate	105.96%	100.88%
Fair Value Assumptions, Expected Term	1 year 8 months 12 days	2 years 9 months 18 days
Market Share Price	$ 31.47	$ 9.55
Weighted Average Grant Date Fair Value	$ 36.98	$ 38.11
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	0.44%	0.25%
Fair Value Assumptions, Dividend Yield	1.20%	3.97%
Fair Value Assumptions, Expected Volatility Rate	104.94%	100.34%
Fair Value Assumptions, Expected Term	1 year 8 months 12 days	2 years 3 months 18 days
Market Share Price			$ 39.07	$ 12.91
Weighted Average Grant Date Fair Value			$ 50.16	$ 48.28

Compensation Plans (Amounts Rec

Compensation Plans (Amounts Recognized For Share-Based Payment Transactions) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total Compensation Costs of Transactions Classified as Cash-Settled	$ 42	$ 35	$ 82	$ (16)
Total Compensation Costs of Transactions Classified as Equity-Settled	7	0	18	0
Less: Total Share-Based Compensation Costs Capitalized	(9)	(8)	(16)	5
Total Share-Based Compensation Expense	40	27	84	(11)
Operating Expense [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total Share-Based Compensation Expense	9	8	18	(4)
Administrative Expense [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total Share-Based Compensation Expense	$ 31	$ 19	$ 66	$ (7)

Compensation Plans (Narrative)

Compensation Plans (Narrative) (Details) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Liability for cash-settled share-based payment transactions	$ 91	$ 34
Liability for share-based payment recognized in accounts payable and accrued liabilities	70	25
Liability for share-based payment recognized in other liabilities and provisions	$ 21	$ 9

Compensation Plans (Schedule _2

Compensation Plans (Schedule of Share-based Compensation, Activity) (Details) shares in Thousands	6 Months Ended
	Jun. 30, 2021shares
Restricted Share Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period	2,642
Performance Share Units (PSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period	855
Deferred Share Units (DSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period	11

Pension and Other Post-Employ_3

Pension and Other Post-Employment Benefits (Total Benefit Plan Expense Recognized) (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Defined Benefit Plan Disclosure [Line Items]
Net Defined Periodic Benefit Cost	$ (1)	$ 3
Defined Contribution Plan Expense	13	16
Total Benefit Plans Expense	12	19
Pension Benefits [Member]
Defined Benefit Plan Disclosure [Line Items]
Net Defined Periodic Benefit Cost	0	0
Defined Contribution Plan Expense	13	16
Total Benefit Plans Expense	13	16
OPEB [Member]
Defined Benefit Plan Disclosure [Line Items]
Net Defined Periodic Benefit Cost	(1)	3
Defined Contribution Plan Expense	0	0
Total Benefit Plans Expense	$ (1)	$ 3

Pension and Other Post-Employ_4

Pension and Other Post-Employment Benefits (Narrative) (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Defined Benefit Plan Disclosure [Line Items]
Pension and Other Postretirement (Benefit) Expense	$ 12	$ 19
Operating Expense [Member]
Defined Benefit Plan Disclosure [Line Items]
Pension and Other Postretirement (Benefit) Expense	12	15
Administrative Expense [Member]
Defined Benefit Plan Disclosure [Line Items]
Pension and Other Postretirement (Benefit) Expense	3	3
Other Nonoperating Income (Expense) [Member]
Defined Benefit Plan Disclosure [Line Items]
Pension and Other Postretirement (Benefit) Expense	$ (3)	$ 1

Pension and Other Post-Employ_5

Pension and Other Post-Employment Benefits (Defined Periodic Pension And OPEB Expense) (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Defined Benefit Plan Disclosure [Line Items]
Service Cost	$ 2	$ 2
Interest Cost	4	4
Expected Return on Plan Assets	(3)	(3)
Amortization of net actuarial (gains) and losses	(4)	(4)
Curtailment from net prior service costs	0	5
Curtailment	0	(1)
Total Net Defined Periodic Benefit Cost	(1)	3
Defined Benefits [Member]
Defined Benefit Plan Disclosure [Line Items]
Service Cost	0	0
Interest Cost	3	3
Expected Return on Plan Assets	(3)	(3)
Amortization of net actuarial (gains) and losses	0	0
Curtailment from net prior service costs	0	0
Curtailment	0	0
Total Net Defined Periodic Benefit Cost	0	0
OPEB [Member]
Defined Benefit Plan Disclosure [Line Items]
Service Cost	2	2
Interest Cost	1	1
Expected Return on Plan Assets	0	0
Amortization of net actuarial (gains) and losses	(4)	(4)
Curtailment from net prior service costs	0	5
Curtailment	0	(1)
Total Net Defined Periodic Benefit Cost	$ (1)	$ 3

Fair Value Measurements (Schedu

Fair Value Measurements (Schedule Of Fair Value, Assets And Liabilities Measured On Recurring Basis) (Details) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Risk Management Assets, Net, Current	$ 3	$ 37
Risk Management Assets, Net, Long-term	0	4
Risk Management Liabilities, Net, Current	892	130
Risk Management Liabilities, Net, Long-term	183	125
Other Derivative Contract Assets	8	0
Guarantor Obligations, Current Carrying Value	6	8
Other Noncurrent Assets [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other Derivative Contract Assets	5	0
Other Noncurrent Assets [Member] | Carrying Amount [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other Derivative Contract Assets	5
Other Noncurrent Assets [Member] | Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other Derivative Contract Assets	0
Other Noncurrent Assets [Member] | Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other Derivative Contract Assets	0
Other Noncurrent Assets [Member] | Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other Derivative Contract Assets	5
Other Liabilities and Provisions [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Guarantor Obligations, Current Carrying Value	5	7
Other Liabilities and Provisions [Member] | Carrying Amount [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Guarantor Obligations, Current Carrying Value	5	7
Other Liabilities and Provisions [Member] | Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Guarantor Obligations, Current Carrying Value	0	0
Other Liabilities and Provisions [Member] | Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Guarantor Obligations, Current Carrying Value	5	7
Other Liabilities and Provisions [Member] | Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Guarantor Obligations, Current Carrying Value	0	0
Accounts Receivable and Accrued Revenues [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other Derivative Contract Assets	3	0
Accounts Receivable and Accrued Revenues [Member] | Carrying Amount [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other Derivative Contract Assets	3
Accounts Receivable and Accrued Revenues [Member] | Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other Derivative Contract Assets	0
Accounts Receivable and Accrued Revenues [Member] | Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other Derivative Contract Assets	0
Accounts Receivable and Accrued Revenues [Member] | Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other Derivative Contract Assets	3
Accounts Payable and Accrued Liabilities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Guarantor Obligations, Current Carrying Value	1	1
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	1	1
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	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	1	1
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	0
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	12	70
Risk Management Assets, Gross Liabilities	(12)	(59)
Risk Management Assets, Net, Current	0	11
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	12	70
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	0
Commodity Derivatives [Member] | Other Noncurrent Assets [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Risk Management Assets, Gross assets	3	7
Risk Management Assets, Gross Liabilities	(3)	(3)
Risk Management Assets, Net, Long-term	0	4
Commodity Derivatives [Member] | Other Noncurrent Assets [Member] | Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Risk Management Assets, Gross assets	0	0
Commodity Derivatives [Member] | Other Noncurrent Assets [Member] | Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Risk Management Assets, Gross assets	3	7
Commodity Derivatives [Member] | Other Noncurrent Assets [Member] | Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Risk Management Assets, Gross assets	0	0
Commodity Derivatives [Member] | Other Current Liabilities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Risk Management Liabilities, Gross liabilities	919	189
Risk Management Liabilities, Gross Assets	(12)	(59)
Risk Management Liabilities, Net, Current	907	130
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	1
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	519	114
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	400	74
Commodity Derivatives [Member] | Other Liabilities and Provisions [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Risk Management Liabilities, Gross liabilities	186	128
Risk Management Liabilities, Gross Assets	(3)	(3)
Risk Management Liabilities, Net, Long-term	183	125
Commodity Derivatives [Member] | Other Liabilities and Provisions [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 Liabilities and Provisions [Member] | Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Risk Management Liabilities, Gross liabilities	156	128
Commodity Derivatives [Member] | Other Liabilities and Provisions [Member] | Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Risk Management Liabilities, Gross liabilities	30	0
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	18	26
Risk Management Assets, Gross Liabilities	(15)	0
Risk Management Assets, Net, Current	3	26
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	18	26
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	0
Risk Management Liabilities, Gross Assets	(15)
Risk Management Liabilities, Net, Current	(15)
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	0
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	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Abstract]
Balance, Beginning Balance	$ (74)	$ (52)
Total Gains (Losses)	(569)	204
Purchases, sales and issuances	6	0
Settlements	215	(71)
Transfers Out of Level 3	0	0
Balance, Ending Balance	(422)	81
Change in Unrealized Gains (Losses) During the Period Included in Net Earnings (Loss)	$ (354)	$ 133

Fair Value Measurements (Quanti

Fair Value Measurements (Quantitative Information About Unobservable Inputs Used In Level 3) (Details) - WTI Options [Member] - Option Model [Member]	6 Months Ended
	Jun. 30, 2021
Minimum [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Inputs Commodity Price Volatility	28.00%
Maximum [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Inputs Commodity Price Volatility	106.00%
Weighted Average [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Inputs Commodity Price Volatility	46.00%

Fair Value Measurements (Narrat

Fair Value Measurements (Narrative) (Details) - USD ($) $ in Millions	6 Months Ended	12 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
Ten Percent Change in Implied Volatility [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Increase (Decrease) in Risk Management Assets and Liabilities	$ 16	$ 6

Financial Instruments and Ris_3

Financial Instruments and Risk Management (Narrative) (Details)	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2021USD ($)contract$ / $	Jun. 30, 2020USD ($)	Jun. 30, 2021USD ($)contract$ / $	Jun. 30, 2020USD ($)	Dec. 31, 2020USD ($)
Derivative [Line Items]
Foreign currency swap, contract amount outstanding	$ 175,000,000		$ 175,000,000
Derivative, average forward exchange rate | $ / $	1.3720		1.3720
Realized Gain (Loss) on Derivatives	$ (212,000,000)	$ 359,000,000	$ (361,000,000)	$ 507,000,000
Unrealized Gain (Loss) on Derivatives	$ (582,000,000)	(643,000,000)	(855,000,000)	209,000,000
Credit risk, financial instrument, maximum exposure, based on gross fair value basis			41,000,000
Credit risk, financial instrument, maximum exposure, based on net fair value basis			$ 11,000,000
Number of credit risk derivatives held | contract	0		0
Collateral balances	$ 0		$ 0
Concentration risk, percentage			90.00%		89.00%
Other Derivative Contracts, Liabilities	6,000,000		$ 6,000,000		$ 8,000,000
Guarantor Obligations, Maximum Exposure, Undiscounted	69,000,000		$ 69,000,000
Maximum [Member]
Derivative [Line Items]
Guarantor Obligations, Term			three years
Revenue [Member]
Derivative [Line Items]
Realized Gain (Loss) on Derivatives	(223,000,000)	365,000,000	$ (379,000,000)	516,000,000
Unrealized Gain (Loss) on Derivatives	(576,000,000)	(679,000,000)	(847,000,000)	225,000,000
Other Derivative Contracts [Member] | Revenue [Member]
Derivative [Line Items]
Realized Gain (Loss) on Derivatives	1,000,000	1,000,000	1,000,000	2,000,000
Unrealized Gain (Loss) on Derivatives	$ 1,000,000	$ 13,000,000	$ 3,000,000	$ (4,000,000)

Financial Instruments and Ris_4

Financial Instruments and Risk Management (Risk Management Positions) (Details) $ in Millions	6 Months Ended
	Jun. 30, 2021USD ($)$ / bbl$ / McfMMcfMBbls	Dec. 31, 2020USD ($)
Derivative [Line Items]
Other Derivative Contracts, Net	$ 2
Foreign Currency Swaps, at Fair value, Net	18
Total Fair Value Position	$ (1,070)	$ (222)
Currency Swap [Member]
Derivative [Line Items]
Term	Dec. 31, 2021
Oil [Member] | WTI Fixed Price Contracts Maturing 2021 [Member]
Derivative [Line Items]
Derivative, Nonmonetary Notional Amount, Volumes/day | MBbls	30
Average Price, Fixed Price Contracts | $ / bbl	46.37
Price Risk Derivatives, at Fair Value, Net	$ (136)
Term	Dec. 31, 2021
Oil [Member] | WTI Fixed Price Contracts Maturing 2022 [Member]
Derivative [Line Items]
Derivative, Nonmonetary Notional Amount, Volumes/day | MBbls	5
Average Price, Fixed Price Contracts | $ / bbl	60.16
Price Risk Derivatives, at Fair Value, Net	$ (10)
Term	Dec. 31, 2022
Oil [Member] | WTI Three-Way Options Maturing 2021 [Member]
Derivative [Line Items]
Derivative, Nonmonetary Notional Amount, Volumes/day | MBbls	85
Price Risk Derivatives, at Fair Value, Net	$ (283)
Term	Dec. 31, 2021
Oil [Member] | WTI Three-Way Options Maturing 2021 [Member] | Sold [Member] | Call Option [Member]
Derivative [Line Items]
Average Price, Options/Collars | $ / bbl	53.92
Oil [Member] | WTI Three-Way Options Maturing 2021 [Member] | Sold [Member] | Put Option [Member]
Derivative [Line Items]
Average Price, Options/Collars | $ / bbl	34.79
Oil [Member] | WTI Three-Way Options Maturing 2021 [Member] | Bought [Member] | Put Option [Member]
Derivative [Line Items]
Average Price, Options/Collars | $ / bbl	44.66
Oil [Member] | WTI Three-Way Options Maturing 2022 [Member]
Derivative [Line Items]
Derivative, Nonmonetary Notional Amount, Volumes/day | MBbls	65
Price Risk Derivatives, at Fair Value, Net	$ (76)
Term	Dec. 31, 2022
Oil [Member] | WTI Three-Way Options Maturing 2022 [Member] | Sold [Member] | Call Option [Member]
Derivative [Line Items]
Average Price, Options/Collars | $ / bbl	70.10
Oil [Member] | WTI Three-Way Options Maturing 2022 [Member] | Sold [Member] | Put Option [Member]
Derivative [Line Items]
Average Price, Options/Collars | $ / bbl	48.46
Oil [Member] | WTI Three-Way Options Maturing 2022 [Member] | Bought [Member] | Put Option [Member]
Derivative [Line Items]
Average Price, Options/Collars | $ / bbl	60.17
Oil [Member] | Basis Contracts Maturing 2021 [Member]
Derivative [Line Items]
Price Risk Derivatives, at Fair Value, Net	$ (3)
Term	Dec. 31, 2021
Oil [Member] | West Texas Intermediate Costless Collars Maturing 2021 [Member]
Derivative [Line Items]
Derivative, Nonmonetary Notional Amount, Volumes/day | MBbls	15
Price Risk Derivatives, at Fair Value, Net	$ (71)
Term	Dec. 31, 2021
Oil [Member] | West Texas Intermediate Costless Collars Maturing 2021 [Member] | Sold [Member] | Call Option [Member]
Derivative [Line Items]
Average Price, Options/Collars | $ / bbl	45.84
Oil [Member] | West Texas Intermediate Costless Collars Maturing 2021 [Member] | Bought [Member] | Put Option [Member]
Derivative [Line Items]
Average Price, Options/Collars | $ / bbl	35
Natural Gas Liquids [Member] | Propane Fixed Price Contracts Maturing 2021 [Member]
Derivative [Line Items]
Derivative, Nonmonetary Notional Amount, Volumes/day | MBbls	12
Average Price, Fixed Price Contracts | $ / bbl	25.78
Price Risk Derivatives, at Fair Value, Net	$ (43)
Term	Dec. 31, 2021
Natural Gas Liquids [Member] | Ethane Fixed Price Contracts Maturing 2021 [Member]
Derivative [Line Items]
Derivative, Nonmonetary Notional Amount, Volumes/day | MBbls	8
Average Price, Fixed Price Contracts | $ / bbl	10.38
Price Risk Derivatives, at Fair Value, Net	$ (2)
Term	Dec. 31, 2021
Natural Gas Liquids [Member] | Butane Fixed Price Contracts Maturing 2021 [Member]
Derivative [Line Items]
Derivative, Nonmonetary Notional Amount, Volumes/day | MBbls	5
Average Price, Fixed Price Contracts | $ / bbl	24.83
Price Risk Derivatives, at Fair Value, Net	$ (25)
Term	Dec. 31, 2021
Oil and NGLs [Member]
Derivative [Line Items]
Price Risk Derivatives, at Fair Value, Net	$ (649)
Oil and NGLs [Member] | Other Crude Financial Positions [Member]
Derivative [Line Items]
Price Risk Derivatives, at Fair Value, Net	0
Natural Gas [Member] | Fair Value Position Excluding Unexpired Options [Member]
Derivative [Line Items]
Price Risk Derivatives, at Fair Value, Net	(441)
Natural Gas [Member] | Basis Contracts Maturing 2021 [Member]
Derivative [Line Items]
Price Risk Derivatives, at Fair Value, Net	$ (22)
Term	Dec. 31, 2021
Natural Gas [Member] | NYMEX Fixed Price Contracts Maturing 2021 [Member]
Derivative [Line Items]
Derivative, Nonmonetary Notional Amount, Volumes/day | MMcf	165
Average Price, Fixed Price Contracts | $ / Mcf	2.51
Price Risk Derivatives, at Fair Value, Net	$ (34)
Term	Dec. 31, 2021
Natural Gas [Member] | NYMEX Fixed Price Contracts Maturing 2022 [Member]
Derivative [Line Items]
Derivative, Nonmonetary Notional Amount, Volumes/day | MMcf	200
Average Price, Fixed Price Contracts | $ / Mcf	2.67
Price Risk Derivatives, at Fair Value, Net	$ (36)
Term	Dec. 31, 2022
Natural Gas [Member] | NYMEX Fixed Price Swaptions Maturing 2022 [Member]
Derivative [Line Items]
Derivative, Nonmonetary Notional Amount, Volumes/day | MMcf	165
Average Price, Fixed Price Contracts | $ / Mcf	2.51
Price Risk Derivatives, at Fair Value, Net	$ (41)
Term	Dec. 31, 2022
Natural Gas [Member] | NYMEX Three-Way Options Maturing 2022 [Member]
Derivative [Line Items]
Derivative, Nonmonetary Notional Amount, Volumes/day | MMcf	398
Price Risk Derivatives, at Fair Value, Net	$ (39)
Term	Dec. 31, 2022
Natural Gas [Member] | NYMEX Three-Way Options Maturing 2022 [Member] | Sold [Member] | Call Option [Member]
Derivative [Line Items]
Average Price, Options/Collars | $ / Mcf	3.02
Natural Gas [Member] | NYMEX Three-Way Options Maturing 2022 [Member] | Sold [Member] | Put Option [Member]
Derivative [Line Items]
Average Price, Options/Collars | $ / Mcf	2
Natural Gas [Member] | NYMEX Three-Way Options Maturing 2022 [Member] | Bought [Member] | Put Option [Member]
Derivative [Line Items]
Average Price, Options/Collars | $ / Mcf	2.75
Natural Gas [Member] | NYMEX Costless Collars Maturing 2022 [Member]
Derivative [Line Items]
Derivative, Nonmonetary Notional Amount, Volumes/day | MMcf	200
Price Risk Derivatives, at Fair Value, Net	$ (30)
Term	Dec. 31, 2022
Natural Gas [Member] | NYMEX Costless Collars Maturing 2022 [Member] | Sold [Member] | Call Option [Member]
Derivative [Line Items]
Average Price, Options/Collars | $ / Mcf	2.85
Natural Gas [Member] | NYMEX Costless Collars Maturing 2022 [Member] | Bought [Member] | Put Option [Member]
Derivative [Line Items]
Average Price, Options/Collars | $ / Mcf	2.55
Natural Gas [Member] | Basis Contracts Maturing 2022 [Member]
Derivative [Line Items]
Price Risk Derivatives, at Fair Value, Net	$ (30)
Term	Dec. 31, 2022
Natural Gas [Member] | NYMEX Three-Way Options Maturing 2021 [Member]
Derivative [Line Items]
Derivative, Nonmonetary Notional Amount, Volumes/day | MMcf	1,005
Price Risk Derivatives, at Fair Value, Net	$ (72)
Term	Dec. 31, 2021
Natural Gas [Member] | NYMEX Three-Way Options Maturing 2021 [Member] | Sold [Member] | Call Option [Member]
Derivative [Line Items]
Average Price, Options/Collars | $ / Mcf	3.36
Natural Gas [Member] | NYMEX Three-Way Options Maturing 2021 [Member] | Sold [Member] | Put Option [Member]
Derivative [Line Items]
Average Price, Options/Collars | $ / Mcf	2.50
Natural Gas [Member] | NYMEX Three-Way Options Maturing 2021 [Member] | Bought [Member] | Put Option [Member]
Derivative [Line Items]
Average Price, Options/Collars | $ / Mcf	2.88
Natural Gas [Member] | NYMEX Call Options Maturing 2022 [Member] | Sold [Member]
Derivative [Line Items]
Derivative, Nonmonetary Notional Amount, Volumes/day | MMcf	330
Price Risk Derivatives, at Fair Value, Net	$ (101)
Term	Dec. 31, 2022
Average Price, Options/Collars | $ / Mcf	2.38
Natural Gas [Member] | Other Financial Positions [Member]
Derivative [Line Items]
Price Risk Derivatives, at Fair Value, Net	$ 1
Natural Gas [Member] | Basis Contracts Maturing 2023 to 2025 [Member]
Derivative [Line Items]
Price Risk Derivatives, at Fair Value, Net	$ (37)
Minimum [Member] | Natural Gas [Member] | Basis Contracts Maturing 2023 to 2025 [Member]
Derivative [Line Items]
Term	Jan. 1, 2023
Maximum [Member] | Natural Gas [Member] | Basis Contracts Maturing 2023 to 2025 [Member]
Derivative [Line Items]
Term	Dec. 31, 2025

Financial Instruments and Ris_5

Financial Instruments and Risk Management (Earnings Impact of Realized and Unrealized Gains (Losses) On Risk Management Positions) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Derivative Instruments, Gain (Loss) [Line Items]
Realized Gain (Loss) on Derivatives	$ (212)	$ 359	$ (361)	$ 507
Unrealized Gain (Loss) on Derivatives	(582)	(643)	(855)	209
Realized and Unrealized Gain (Loss) on Risk Management	(794)	(284)	(1,216)	716
Revenue [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Realized Gain (Loss) on Derivatives	(223)	365	(379)	516
Unrealized Gain (Loss) on Derivatives	(576)	(679)	(847)	225
Realized and Unrealized Gain (Loss) on Risk Management	(799)	(314)	(1,226)	741
Foreign Currency Gain (Loss) [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Realized Gain (Loss) on Derivatives	11	(6)	18	(9)
Unrealized Gain (Loss) on Derivatives	(6)	36	(8)	(16)
Realized and Unrealized Gain (Loss) on Risk Management	$ 5	$ 30	$ 10	$ (25)

Financial Instruments and Ris_6

Financial Instruments and Risk Management (Reconciliation of Unrealized Risk Management Positions) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Derivative [Line Items]
Fair Value of Contracts, Beginning of Year			$ (222)
Settlement of Other Derivative Contracts			1
Fair Value of Other Derivative Contract Assets Entered into During the Period			6
Fair Value of Contracts Realized During the Period	$ 212	$ (359)	361	$ (507)
Fair Value of Contracts, End of Period	(1,070)		(1,070)
Unrealized Gain (Loss) on Derivatives	$ (582)	$ (643)	(855)	209
Commodity Contract [Member]
Derivative [Line Items]
Increase (Decrease) in Derivative Assets and Liabilities			$ (1,216)	$ 716

Financial Instruments and Ris_7

Financial Instruments and Risk Management (Unrealized Risk Management Positions) (Details) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Derivatives, Fair Value [Line Items]
Risk Management, Current asset	$ 3	$ 37
Risk Management, Long-term asset	0	4
Risk Management, Total asset	3	41
Risk Management, Current liability	892	130
Risk Management, Long-term liability	183	125
Risk Management, Total liability	1,075	255
Other Derivative Contract Assets	8	0
Guarantor Obligations, Current Carrying Value	6	8
Risk Management and Other Derivative Guarantee, at Fair Value, Net	(1,070)	(222)
Accounts Receivable and Accrued Revenues [Member]
Derivatives, Fair Value [Line Items]
Other Derivative Contract Assets	3	0
Accounts Payable and Accrued Liabilities [Member]
Derivatives, Fair Value [Line Items]
Guarantor Obligations, Current Carrying Value	1	1
Other Assets [Member]
Derivatives, Fair Value [Line Items]
Other Derivative Contract Assets	5	0
Other Liabilities and Provisions [Member]
Derivatives, Fair Value [Line Items]
Guarantor Obligations, Current Carrying Value	$ 5	$ 7

Supplementary Information (Net

Supplementary Information (Net Change in Non-Cash Working Capital) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Supplemental Cash Flow Elements [Abstract]
Accounts receivable and accrued revenues	$ (96)	$ 90	$ (262)	$ 211
Accounts payable and accrued liabilities	76	(223)	198	(254)
Current portion of operating lease liabilities	(1)	(5)	4	(6)
Income tax receivable and payable	43	19	25	13
Net change in non-cash working capital	$ 22	$ (119)	$ (35)	$ (36)

Supplementary Information (Non-

Supplementary Information (Non-Cash Activity) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Non-Cash Operating Activities
ROU operating lease assets and liabilities	$ (5)	$ 0	$ (18)	$ (1)
Non-Cash Investing Activities
Asset retirement obligation incurred	0	2	0	9
Asset retirement obligation change in estimated future cash outflows	0	0	0	22
Property, plant and equipment accruals	(67)	(280)	(37)	(130)
Capitalized long-term incentives	7	8	7	(9)
Property additions/dispositions (swaps)	2	13	6	17
Duvernay Assets [Member]
Non-Cash Investing Activities
Contingent consideration (See Note 7)	$ 6	$ 0	$ 6	$ 0

Commitments and Contingencies_2

Commitments and Contingencies (Details) $ in Millions	Jun. 30, 2021USD ($)
Commitments [Line Items]
2021	$ 425
2022	764
2023	699
2024	503
2025	441
Thereafter	2,386
Total	5,218
Transportation and Processing Commitments [Member]
Commitments [Line Items]
2021	367
2022	753
2023	693
2024	497
2025	435
Thereafter	2,384
Total	5,129
Drilling and Field Services Commitments [Member]
Commitments [Line Items]
2021	52
2022	1
2023	0
2024	0
2025	0
Thereafter	0
Total	53
Building Leases [Member]
Commitments [Line Items]
2021	6
2022	10
2023	6
2024	6
2025	6
Thereafter	2
Total	$ 36