Ovintiv (OVV) 10-Q 4 Aug 22 2022 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2022	Jul. 29, 2022
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2022
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2022
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		254,297,442
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, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Revenues
Product and service revenues		$ 4,014	$ 2,473	$ 7,421	$ 4,720
Gains (losses) on risk management, net		(295)	(799)	(1,753)	(1,226)
Sublease revenues		17	18	35	36
Total Revenues		3,736	1,692	5,703	3,530
Operating Expenses
Production, mineral and other taxes		118	73	212	133
Transportation and processing		453	418	859	797
Operating		180	149	368	313
Purchased product		1,115	733	2,181	1,337
Depreciation, depletion and amortization		278	311	542	619
Accretion of asset retirement obligation		5	6	10	12
Administrative		71	123	215	245
Total Operating Expenses		2,220	1,813	4,387	3,456
Operating Income (Loss)		1,516	(121)	1,316	74
Other (Income) Expenses
Interest		91	99	165	186
Foreign exchange (gain) loss, net		3	(8)	2	(15)
Other (gains) losses, net		0	(7)	(27)	(25)
Total Other (Income) Expenses		94	84	140	146
Net Earnings (Loss) Before Income Tax		1,422	(205)	1,176	(72)
Income tax expense (recovery)		65	0	60	(176)
Net Earnings (Loss)		$ 1,357	$ (205)	$ 1,116	$ 104
Net Earnings (Loss) per Share of Common Stock
Basic		$ 5.28	$ (0.79)	$ 4.34	$ 0.40
Diluted	[1]	$ 5.21	$ (0.79)	$ 4.26	$ 0.39
Weighted Average Shares of Common Stock Outstanding (millions)
Basic		257.2	261.1	257.3	260.6
Diluted		260.6	261.1	262.1	265.9
[1]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, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Statement Of Income And Comprehensive Income [Abstract]
Net Earnings (Loss)	$ 1,357	$ (205)	$ 1,116	$ 104
Other Comprehensive Income (Loss), Net of Tax
Foreign currency translation adjustment	(59)	25	(31)	44
Pension and other post-employment benefit plans	(2)	(2)	(3)	(3)
Other Comprehensive Income (Loss)	(61)	23	(34)	41
Comprehensive Income (Loss)	$ 1,296	$ (182)	$ 1,082	$ 145

Condensed Consolidated Balance

Condensed Consolidated Balance Sheet (unaudited) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Current Assets
Cash and cash equivalents	$ 8	$ 195
Accounts receivable and accrued revenues (net of allowances of $7 million (2021: $5 million))	1,952	1,294
Risk management	9	1
Income tax receivable	61	97
Total Current Assets	2,030	1,587
Oil and natural gas properties, based on full cost accounting
Proved properties	56,614	55,475
Unproved properties	1,519	1,944
Other	903	903
Property, plant and equipment	59,036	58,322
Less: Accumulated depreciation, depletion and amortization	(49,842)	(49,561)
Property, plant and equipment, net	9,194	8,761
Other Assets	1,078	1,079
Risk Management	4	0
Goodwill	2,617	2,628
Total Assets	14,923	14,055
Current Liabilities
Accounts payable and accrued liabilities	2,463	1,979
Current portion of operating lease liabilities	73	62
Income tax payable	12	4
Risk management	1,228	703
Current portion of long-term debt	215	0
Total Current Liabilities	3,991	2,748
Long-Term Debt	3,687	4,786
Operating Lease Liabilities	876	889
Other Liabilities and Provisions	154	190
Risk Management	15	25
Asset Retirement Obligation	326	339
Deferred Income Taxes	53	4
Total Liabilities	9,102	8,981
Commitments and Contingencies
Shareholders’ Equity
Share capital - authorized 775 million shares of stock 2022 issued and outstanding: 255.9 million shares (2021: 258.0 million shares)	3	3
Paid in surplus	8,239	8,458
Retained earnings (Accumulated deficit)	(3,479)	(4,479)
Accumulated other comprehensive income	1,058	1,092
Total Shareholders’ Equity	5,821	5,074
Total Liabilities and Shareholders' Equity	$ 14,923	$ 14,055

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheet (Parenthetical) (unaudited) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Statement Of Financial Position [Abstract]
Allowances for accounts receivable and accrued revenues	$ 7	$ 5
Share Capital, Authorized	775,000,000	775,000,000
Common Stock, Shares, Issued	255,900,000	258,000,000
Common Stock, Shares, Outstanding	255,900,000	258,000,000

Condensed Consolidated Statem_3

Condensed Consolidated Statement of Changes in Shareholders' Equity (unaudited) - USD ($) $ in Thousands	Total	Normal Course Issuer Bid [Member]	Share Capital [Member]	Share Capital [Member] Normal Course Issuer Bid [Member]	Paid in Surplus [Member]	Paid in Surplus [Member] Normal Course Issuer Bid [Member]	Retained Earnings (Accumulated Deficit) [Member]	Retained Earnings (Accumulated Deficit) [Member] Normal Course Issuer Bid [Member]	Accumulated Other Comprehensive Income [Member]	Accumulated Other Comprehensive Income [Member] Normal Course Issuer Bid [Member]
Balance, Beginning of Period at Dec. 31, 2020	$ 3,837,000		$ 3,000		$ 8,531,000		$ (5,773,000)		$ 1,076,000
Net Earnings (Loss)	104,000		0		0		104,000		0
Dividends on Shares of Common Stock	(49,000)		0		0		(49,000)		0
Equity-Settled Compensation Costs	1,000		0		1,000		0		0
Other Comprehensive Income (Loss)	41,000		0		0		0		41,000
Balance, End of Period at Jun. 30, 2021	3,934,000		3,000		8,532,000		(5,718,000)		1,117,000
Balance, Beginning of Period at Dec. 31, 2020	3,837,000		3,000		8,531,000		(5,773,000)		1,076,000
Shares of Common Stock Purchased under Normal Course Issuer Bid	0
Balance, End of Period at Dec. 31, 2021	5,074,000		3,000		8,458,000		(4,479,000)		1,092,000
Balance, Beginning of Period at Mar. 31, 2021	4,134,000		3,000		8,525,000		(5,488,000)		1,094,000
Net Earnings (Loss)	(205,000)		0		0		(205,000)		0
Dividends on Shares of Common Stock	(25,000)		0		0		(25,000)		0
Equity-Settled Compensation Costs	7,000		0		7,000		0		0
Other Comprehensive Income (Loss)	23,000		0		0		0		23,000
Balance, End of Period at Jun. 30, 2021	3,934,000		3,000		8,532,000		(5,718,000)		1,117,000
Balance, Beginning of Period at Dec. 31, 2021	5,074,000		3,000		8,458,000		(4,479,000)		1,092,000
Net Earnings (Loss)	1,116,000		0		0		1,116,000		0
Dividends on Shares of Common Stock	(116,000)		0		0		(116,000)		0
Shares of Common Stock Purchased under Normal Course Issuer Bid	0	$ (206,000)		$ (35)		$ (206,000)		$ 0		$ 0
Equity-Settled Compensation Costs	(13,000)		0		(13,000)		0		0
Other Comprehensive Income (Loss)	(34,000)		0		0		0		(34,000)
Balance, End of Period at Jun. 30, 2022	5,821,000		3,000		8,239,000		(3,479,000)		1,058,000
Balance, Beginning of Period at Mar. 31, 2022	4,684,000		3,000		8,334,000		(4,772,000)		1,119,000
Net Earnings (Loss)	1,357,000		0		0		1,357,000		0
Dividends on Shares of Common Stock	(64,000)		0		0		(64,000)		0
Shares of Common Stock Purchased under Normal Course Issuer Bid		$ (135,000)		$ (21)		$ (135,000)		$ 0		$ 0
Equity-Settled Compensation Costs	40,000		0		40,000		0		0
Other Comprehensive Income (Loss)	(61,000)		0		0		0		(61,000)
Balance, End of Period at Jun. 30, 2022	$ 5,821,000		$ 3,000		$ 8,239,000		$ (3,479,000)		$ 1,058,000

Condensed Consolidated Statem_4

Condensed Consolidated Statement of Changes in Shareholders' Equity (Parenthetical) (unaudited) - $ / shares	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Statement Of Stockholders Equity [Abstract]
Dividends on Shares of Common Stock, per share	$ 0.25	$ 0.09375	$ 0.45	$ 0.1875

Condensed Consolidated Statem_5

Condensed Consolidated Statement Of Cash Flows (unaudited) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Operating Activities
Net earnings (loss)	$ 1,357	$ (205)	$ 1,116	$ 104
Depreciation, depletion and amortization	278	311	542	619
Accretion of asset retirement obligation	5	6	10	12
Deferred income taxes	58	0	50	(20)
Unrealized (gain) loss on risk management	(513)	576	499	847
Unrealized foreign exchange (gain) loss	7	4	4	6
Foreign exchange on settlements	0	(3)	(1)	(9)
Other	32	44	47	64
Net change in other assets and liabilities	(13)	(5)	(25)	(11)
Net change in non-cash working capital	133	22	(213)	(35)
Cash From (Used in) Operating Activities	1,344	750	2,029	1,577
Investing Activities
Capital expenditures	(511)	(383)	(962)	(733)
Acquisitions	(7)	(2)	(22)	(3)
Proceeds from divestitures	4	1,023	5	1,025
Net change in investments and other	0	(70)	48	(42)
Cash From (Used in) Investing Activities	(514)	568	(931)	247
Financing Activities
Net issuance (repayment) of revolving long-term debt	215	(490)	215	(950)
Repayment of long-term debt	(1,103)	(619)	(1,109)	(619)
Purchase of shares of common stock	(135)	0	(206)	0
Dividends on shares of common stock	(64)	(25)	(116)	(49)
Finance lease payments and other	(2)	(73)	(66)	(96)
Cash From (Used in) Financing Activities	(1,089)	(1,207)	(1,282)	(1,714)
Foreign Exchange Gain (Loss) on Cash, Cash Equivalents and Restricted Cash Held in Foreign Currency	(4)	2	(3)	2
Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash	(263)	113	(187)	112
Cash, Cash Equivalents and Restricted Cash, Beginning of Period	271	9	195	10
Cash, Cash Equivalents and Restricted Cash, End of Period	8	122	8	122
Cash, End of Period	8	67	8	67
Cash Equivalents, End of Period	0	55	0	55
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, 2022
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, 2021, which are included in Item 8 of Ovintiv’s 2021 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, 2021. 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, 2022
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 2022 2021 2022 2021 2022 2021 Revenues Product and service revenues $ 1,925 $ 1,155 $ 962 $ 570 $ 1,127 $ 748 Gains (losses) on risk management, net (383 ) (188 ) (425 ) (35 ) - - Sublease revenues - - - - - - Total Revenues 1,542 967 537 535 1,127 748 Operating Expenses Production, mineral and other taxes 115 69 3 4 - - Transportation and processing 159 126 253 248 41 44 Operating 149 117 25 25 6 7 Purchased product - - - - 1,115 733 Depreciation, depletion and amortization 217 220 56 89 - - Total Operating Expenses 640 532 337 366 1,162 784 Operating Income (Loss) $ 902 $ 435 $ 200 $ 169 $ (35 ) $ (36 ) Corporate & Other Consolidated 2022 2021 2022 2021 Revenues Product and service revenues $ - $ - $ 4,014 $ 2,473 Gains (losses) on risk management, net 513 (576 ) (295 ) (799 ) Sublease revenues 17 18 17 18 Total Revenues 530 (558 ) 3,736 1,692 Operating Expenses Production, mineral and other taxes - - 118 73 Transportation and processing - - 453 418 Operating - - 180 149 Purchased product - - 1,115 733 Depreciation, depletion and amortization 5 2 278 311 Accretion of asset retirement obligation 5 6 5 6 Administrative 71 123 71 123 Total Operating Expenses 81 131 2,220 1,813 Operating Income (Loss) $ 449 $ (689 ) 1,516 (121 ) Other (Income) Expenses Interest 91 99 Foreign exchange (gain) loss, net 3 (8 ) Other (gains) losses, net - (7 ) Total Other (Income) Expenses 94 84 Net Earnings (Loss) Before Income Tax 1,422 (205 ) Income tax expense (recovery) 65 - Net Earnings (Loss) $ 1,357 $ (205 ) Results of Operations (For the six months ended June 30) Segment and Geographic Information USA Operations Canadian Operations Market Optimization 2022 2021 2022 2021 2022 2021 Revenues Product and service revenues $ 3,472 $ 2,173 $ 1,740 $ 1,147 $ 2,209 $ 1,400 Gains (losses) on risk management, net (602 ) (324 ) (652 ) (57 ) - 2 Sublease revenues - - - - - - Total Revenues 2,870 1,849 1,088 1,090 2,209 1,402 Operating Expenses Production, mineral and other taxes 205 124 7 9 - - Transportation and processing 294 239 484 472 81 86 Operating 291 246 62 53 15 14 Purchased product - - - - 2,181 1,337 Depreciation, depletion and amortization 417 428 115 182 - - Total Operating Expenses 1,207 1,037 668 716 2,277 1,437 Operating Income (Loss) $ 1,663 $ 812 $ 420 $ 374 $ (68 ) $ (35 ) Corporate & Other Consolidated 2022 2021 2022 2021 Revenues Product and service revenues $ - $ - $ 7,421 $ 4,720 Gains (losses) on risk management, net (499 ) (847 ) (1,753 ) (1,226 ) Sublease revenues 35 36 35 36 Total Revenues (464 ) (811 ) 5,703 3,530 Operating Expenses Production, mineral and other taxes - - 212 133 Transportation and processing - - 859 797 Operating - - 368 313 Purchased product - - 2,181 1,337 Depreciation, depletion and amortization 10 9 542 619 Accretion of asset retirement obligation 10 12 10 12 Administrative 215 245 215 245 Total Operating Expenses 235 266 4,387 3,456 Operating Income (Loss) $ (699 ) $ (1,077 ) 1,316 74 Other (Income) Expenses Interest 165 186 Foreign exchange (gain) loss, net 2 (15 ) Other (gains) losses, net (27 ) (25 ) Total Other (Income) Expenses 140 146 Net Earnings (Loss) Before Income Tax 1,176 (72 ) Income tax expense (recovery) 60 (176 ) Net Earnings (Loss) $ 1,116 $ 104 Intersegment Information Market Optimization Marketing Sales Upstream Eliminations Total For the three months ended June 30, 2022 2021 2022 2021 2022 2021 Revenues $ 4,346 $ 2,613 $ (3,219 ) $ (1,865 ) $ 1,127 $ 748 Operating Expenses Transportation and processing 161 149 (120 ) (105 ) 41 44 Operating 6 7 - - 6 7 Purchased product 4,213 2,492 (3,098 ) (1,759 ) 1,115 733 Operating Income (Loss) $ (34 ) $ (35 ) $ (1 ) $ (1 ) $ (35 ) $ (36 ) Market Optimization Marketing Sales Upstream Eliminations Total For the six months ended June 30, 2022 2021 2022 2021 2022 2021 Revenues $ 7,769 $ 4,781 $ (5,560 ) $ (3,379 ) $ 2,209 $ 1,402 Operating Expenses Transportation and processing 313 286 (232 ) (200 ) 81 86 Operating 15 14 - - 15 14 Purchased product 7,508 4,515 (5,327 ) (3,178 ) 2,181 1,337 Operating Income (Loss) $ (67 ) $ (34 ) $ (1 ) $ (1 ) $ (68 ) $ (35 ) Capital Expenditures by Segment Three Months Ended Six Months Ended June 30, June 30, 2022 2021 2022 2021 USA Operations $ 410 $ 279 $ 782 $ 540 Canadian Operations 101 103 179 192 Corporate & Other - 1 1 1 $ 511 $ 383 $ 962 $ 733 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, 2022 2021 2022 2021 2022 2021 USA Operations $ 1,938 $ 1,938 $ 8,017 $ 7,623 $ 11,091 $ 10,345 Canadian Operations 679 690 1,001 951 2,113 1,932 Market Optimization - - - - 468 300 Corporate & Other - - 176 187 1,251 1,478 $ 2,617 $ 2,628 $ 9,194 $ 8,761 $ 14,923 $ 14,055

Revenues from Contracts with Cu

Revenues from Contracts with Customers	6 Months Ended
	Jun. 30, 2022
Revenue From Contract With Customer [Abstract]
Revenues from Contracts with Customers	3 . Revenues from Contracts with Customers The following table summarizes Ovintiv’s revenues from contracts with customers. Revenues (For the three months ended June 30) USA Operations Canadian Operations Market Optimization 2022 2021 2022 2021 2022 2021 Revenues from Customers Product revenues (1) Oil $ 1,313 $ 861 $ 1 $ 1 $ 931 $ 602 NGLs 312 179 383 285 8 11 Natural gas 302 118 581 286 183 128 Service revenues Gathering and processing 1 - (1 ) 2 - - Product and Service Revenues $ 1,928 $ 1,158 $ 964 $ 574 $ 1,122 $ 741 Corporate & Other Consolidated 2022 2021 2022 2021 Revenues from Customers Product revenues (1) Oil $ - $ - $ 2,245 $ 1,464 NGLs - - 703 475 Natural gas - - 1,066 532 Service revenues Gathering and processing - - - 2 Product and Service Revenues $ - $ - $ 4,014 $ 2,473 (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 2022 2021 2022 2021 2022 2021 Revenues from Customers Product revenues (1) Oil $ 2,393 $ 1,602 $ 1 $ 6 $ 1,817 $ 987 NGLs 579 337 745 541 11 26 Natural gas 508 241 1,000 603 366 369 Service revenues Gathering and processing 1 - - 3 - 5 Product and Service Revenues $ 3,481 $ 2,180 $ 1,746 $ 1,153 $ 2,194 $ 1,387 Corporate & Other Consolidated 2022 2021 2022 2021 Revenues from Customers Product revenues (1) Oil $ - $ - $ 4,211 $ 2,595 NGLs - - 1,335 904 Natural gas - - 1,874 1,213 Service revenues Gathering and processing - - 1 8 Product and Service Revenues $ - $ - $ 7,421 $ 4,720 (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, 2022, receivables and accrued revenues from contracts with customers were $1,677 million ($1,070 million as at December 31, 2021). 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, 2022. As at June 30, 2022, 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, 2022
Interest Expense [Abstract]
Interest	4 . Interest Three Months Ended Six Months Ended June 30, June 30, 2022 2021 2022 2021 Interest Expense on: Debt $ 88 $ 93 $ 158 $ 177 Finance leases 1 - 1 2 Other 2 6 6 7 $ 91 $ 99 $ 165 $ 186 Interest expense on debt for the three and six months ended June 30, 2022 includes a one-time make-whole interest payment of $47 million (2021 - $19 million) resulting from the early redemption of the Company’s senior notes as discussed in Note 10. Additionally, interest expense on debt for the three and six months ended June 30, 2022 includes $30 million in non-cash fair value amortization related to the redeemed senior notes that were previously acquired through a business combination (see Note 10).

Foreign Exchange (Gain) Loss, N

Foreign Exchange (Gain) Loss, Net	6 Months Ended
	Jun. 30, 2022
Foreign Currency [Abstract]
Foreign Exchange (Gain) Loss, Net	5 . Foreign Exchange (Gain) Loss, Net Three Months Ended Six Months Ended June 30, June 30, 2022 2021 2022 2021 Unrealized Foreign Exchange (Gain) Loss on: Translation of U.S. dollar financing debt issued from Canada $ - $ - $ - $ 1 Translation of U.S. dollar risk management contracts issued from Canada 7 4 4 5 7 4 4 6 Foreign Exchange (Gain) Loss on Settlements of: U.S. dollar financing debt issued from Canada - (3 ) (1 ) (9 ) U.S. dollar risk management contracts issued from Canada (1 ) (11 ) (2 ) (18 ) Other Monetary Revaluations (3 ) 2 1 6 $ 3 $ (8 ) $ 2 $ (15 )

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2022
Income Tax Disclosure [Abstract]
Income Taxes	6 . Income Taxes Three Months Ended Six Months Ended June 30, June 30, 2022 2021 2022 2021 Current Tax United States $ 7 $ - $ 10 $ - Canada - - - (156 ) Total Current Tax Expense (Recovery) 7 - 10 (156 ) Deferred Tax United States 17 - - - Canada 41 - 50 (20 ) Total Deferred Tax Expense (Recovery) 58 - 50 (20 ) Income Tax Expense (Recovery) $ 65 $ - $ 60 $ (176 ) Effective Tax Rate 4.6 % 0.0 % 5.1 % 244.4 % Ovintiv’s interim income tax expense is determined using the estimated annual effective income tax rate applied to year-to-date net earnings before income tax plus the effect of legislative changes and amounts in respect of prior periods. The estimated annual effective income tax rate is impacted by expected annual earnings, changes in valuation allowances, income tax related to foreign operations, state taxes, the effect of legislative changes, non-taxable items and tax differences on transactions, which can produce interim effective tax rate fluctuations. During the three and six months ended June 30, 2022, the current income tax expense was primarily due to state taxes. During the six months ended June 30, 2021, the current income tax recovery was primarily due to the resolution of prior years’ 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 three and six months ended June 30, 2022, the deferred tax expense was due to the lower annual effective income tax rate applied to jurisdictional earnings. During the six months ended June 30, 2021, the deferred tax recovery was primarily due to the change in valuation allowances and from the resolution of prior years’ tax items. The effective tax rate of 5.1 percent for the six months ended June 30, 2022 is lower than the U.S. federal statutory tax rate of 21 percent primarily due to the lower annual effective income tax rate resulting from a reduction in valuation allowances. The effective tax rate of 244.4 percent for the six months ended June 30, 2021 was higher than the U.S. federal statutory tax rate of 21 percent primarily due to the resolution of prior years’ tax items and the change in valuation allowances.

Acquisitions and Divestitures

Acquisitions and Divestitures	6 Months Ended
	Jun. 30, 2022
Acquisitions And Divestitures [Abstract]
Acquisitions and Divestitures	7 . Acquisitions and Divestitures Three Months Ended Six Months Ended June 30, June 30, 2022 2021 2022 2021 Acquisitions USA Operations $ 7 $ 2 $ 22 $ 3 Total Acquisitions 7 2 22 3 Divestitures USA Operations (2 ) (773 ) (3 ) (774 ) Canadian Operations (2 ) (250 ) (2 ) (251 ) Total Divestitures (4 ) (1,023 ) (5 ) (1,025 ) Net Acquisitions & (Divestitures) $ 3 $ (1,021 ) $ 17 $ (1,022 ) Acquisitions For the three and six months ended June 30, 2022, acquisitions in the USA Operations were $7 million and $22 million, respectively, 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 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. 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, 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 terms of the contingent consideration for the 2021 calendar year were met and the consideration was settled in the first quarter of 2022. The fair value of the contingent consideration pertaining to the 2022 calendar year is presented in accounts receivable and accrued revenues in the Condensed Consolidated Balance Sheet. See Notes 17 and 18 for further information on the contingent consideration.

Property, Plant and Equipment,

Property, Plant and Equipment, Net	6 Months Ended
	Jun. 30, 2022
Property Plant And Equipment [Abstract]
Property, Plant and Equipment, Net	8 . Property, Plant and Equipment, Net As at June 30, 2022 As at December 31, 2021 Accumulated Accumulated Cost DD&A Net Cost DD&A Net USA Operations Proved properties $ 40,365 $ (33,835 ) $ 6,530 $ 39,145 $ (33,418 ) $ 5,727 Unproved properties 1,465 - 1,465 1,884 - 1,884 Other 22 - 22 12 - 12 41,852 (33,835 ) 8,017 41,041 (33,418 ) 7,623 Canadian Operations Proved properties 16,249 (15,313 ) 936 16,330 (15,450 ) 880 Unproved properties 54 - 54 60 - 60 Other 11 - 11 11 - 11 16,314 (15,313 ) 1,001 16,401 (15,450 ) 951 Market Optimization 7 (7 ) - 7 (7 ) - Corporate & Other 863 (687 ) 176 873 (686 ) 187 $ 59,036 $ (49,842 ) $ 9,194 $ 58,322 $ (49,561 ) $ 8,761 USA and Canadian Operations’ property, plant and equipment include internal costs directly related to exploration, development and construction activities of $89 million, which have been capitalized during the six months ended June 30, 2022 (2021 - $86 million).

Leases

Leases	6 Months Ended
	Jun. 30, 2022
Leases [Abstract]
Leases	9 . Leases The following table outlines Ovintiv’s estimated future sublease income as at June 30, 2022. All subleases are classified as operating leases. (undiscounted) 2022 2023 2024 2025 2026 Thereafter Total Sublease Income $ 23 $ 50 $ 52 $ 52 $ 53 $ 485 $ 715 For the three and six months ended June 30, 2022, operating lease income was $12 million and $25 million, respectively (2021 - $14 million and $27 million, respectively), and variable lease income was $5 million and $10 million, respectively (2021 - $4 million and $9 million, respectively).

Long-Term Debt

Long-Term Debt	6 Months Ended
	Jun. 30, 2022
Debt Disclosure [Abstract]
Long-Term Debt	1 0 . Long-Term Debt As at As at June 30, December 31, 2022 2021 U.S. Dollar Denominated Debt Revolving credit and term loan borrowings $ 215 $ - U.S. Unsecured Notes: 5.625% due July 1, 2024 - 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 737 750 6.625% due August 15, 2037 462 462 6.50% due February 1, 2038 473 488 5.15% due November 15, 2041 170 203 Total Principal 3,895 4,741 Increase in Value of Debt Acquired 37 77 Unamortized Debt Discounts and Issuance Costs (30 ) (32 ) Total Long-Term Debt $ 3,902 $ 4,786 Current Portion $ 215 $ - Long-Term Portion 3,687 4,786 $ 3,902 $ 4,786 On May 9, 2022, Ovintiv announced its intention to redeem the Company’s $1,000 million, 5.625 percent senior notes due July 1, 2024. On June 10, 2022, the Company used cash on hand and proceeds from short-term borrowings to complete the senior note redemptions. Ovintiv paid approximately $1,072 million in cash including accrued and unpaid interest of $25 million and a one-time make-whole payment of $47 million, which is included in interest expense as discussed in Note 4. During the six months ended June 30, 2022, the Company repurchased approximately $61 million in principal amount of its senior notes in the open market, which included approximately $13 million in principal amount of its 6.5 percent senior notes due in August 2034, approximately $15 million in principal amount of its 6.5 percent senior notes due in February 2038 and approximately $33 million in principal amount of its 5.15 percent senior notes due in November 2041. On June 18, 2021, the Company redeemed its $600 million, 5.75 percent senior notes due January 30, 2022, using a portion of the net proceeds from its Eagle Ford and Duvernay asset sales, as discussed in Note 7. 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 was included in interest expense as discussed in Note 4. As at June 30, 2022, the Company had outstanding commercial paper of $215 million maturing at various dates with a weighted average interest rate of approximately 2.47 percent. The Company intends to repay the commercial paper balance before December 31, 2022. As at June 30, 2022, total long-term debt had a carrying value of $3,902 million and a fair value of $4,094 million (as at December 31, 2021 - carrying value of $4,786 million and a fair value of $5,804 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, 2022
Other Liabilities Disclosure [Abstract]
Other Liabilities and Provisions	1 1 . Other Liabilities and Provisions As at As at June 30, December 31, 2022 2021 Finance Lease Obligations $ 30 $ 33 Pensions and Other Post-Employment Benefits 101 104 Long-Term Incentive Costs (See Note 15) 7 36 Other Derivative Contracts (See Notes 17, 18) 5 5 Other 11 12 $ 154 $ 190

Share Capital

Share Capital	6 Months Ended
	Jun. 30, 2022
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, 2022 As at December 31, 2021 Number (millions) Amount Number (millions) Amount Shares of Common Stock Outstanding, Beginning of Year 258.0 $ 3 259.8 $ 3 Shares of Common Stock Purchased (4.5 ) - (3.1 ) - Shares of Common Stock Issued 2.4 - 1.3 - Shares of Common Stock Outstanding, End of Period 255.9 $ 3 258.0 $ 3 Ovintiv’s Performance Share Units (“PSU”) and Restricted Share Units (“RSU”) stock-based compensation plans allow the Company to settle the awards either in cash or in the Company’s common stock. Accordingly, Ovintiv issued 2.4 million shares of common stock during the six months ended June 30, 2022 (1.3 million shares of common stock during the twelve months ended December 31, 2021) as certain PSU and RSU grants vested during the period. Normal Course Issuer Bid On September 28, 2021, the Company announced it had received regulatory approval to commence a NCIB that enables the Company to purchase, for cancellation, up to approximately 26 million shares of common stock over a 12-month period from October 1, 2021 to September 30, 2022. During the three months ended June 30, 2022, the Company purchased approximately 2.8 million shares for total consideration of approximately $135 million. Of the amount paid, $21 thousand was charged to share capital and $135 million was charged to paid in surplus. During the six months ended June 3 0 , 2022, the Company purchased approximately 4.5 million shares for total consideration of approximately $ million. Of the amount paid, $ 35 thousand was charged to share capital and $ million was charged to paid in surplus. All purchases were made in accordance with the NCIB at prevailing market prices plus brokerage fees, with consideration allocated to share capital up to the par value of the shares, with any excess allocated to paid in surplus. Dividends During the three months ended June 30, 2022, the Company declared and paid dividends of $0.25 per share of common stock totaling $64 million (2021 - $0.09375 per share of common stock totaling $25 million). During the six months ended June 30, 2022, the Company declared and paid dividends of $0.45 per share of common stock totaling $116 million (2021 - $0.1875 per share of common stock totaling $49 million). On August 3, 2022, the Board of Directors declared a dividend of $0.25 per share of common stock payable on September 30, 2022 to shareholders of record as of September 15, 2022. Earnings Per Share of Common Stock The following table presents the calculation of net earnings (loss) per share of common stock: Three Months Ended Six Months Ended June 30, June 30, (US$ millions, except per share amounts) 2022 2021 2022 2021 Net Earnings (Loss) $ 1,357 $ (205 ) $ 1,116 $ 104 Number of Shares of Common Stock: Weighted average shares of common stock outstanding - Basic 257.2 261.1 257.3 260.6 Effect of dilutive securities (1) 3.4 - 4.8 5.3 Weighted Average Shares of Common Stock Outstanding - Diluted 260.6 261.1 262.1 265.9 Net Earnings (Loss) per Share of Common Stock Basic $ 5.28 $ (0.79 ) $ 4.34 $ 0.40 Diluted (1) 5.21 (0.79 ) 4.26 0.39 (1) 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. Stock-Based Compensation Plans Shares issued as a result of awards granted from stock-based compensation plans are generally funded out of the common stock authorized for issuance as approved by the Company’s shareholders. 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 calculation of fully diluted net earnings (loss) per share of common stock if dilutive. Ovintiv’s stock options with associated Tandem Stock Appreciation Rights (“TSARs”) give the employee the right to purchase shares of common stock of the Company or receive cash. Historically, most holders of options have elected to exercise their TSARs in exchange for a cash payment. As a result, outstanding options are not considered potentially dilutive securities.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income	6 Months Ended
	Jun. 30, 2022
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, 2022 2021 2022 2021 Foreign Currency Translation Adjustment Balance, Beginning of Period $ 1,072 $ 1,061 $ 1,044 $ 1,042 Change in Foreign Currency Translation Adjustment (59 ) 25 (31 ) 44 Balance, End of Period $ 1,013 $ 1,086 $ 1,013 $ 1,086 Pension and Other Post-Employment Benefit Plans Balance, Beginning of Period $ 47 $ 33 $ 48 $ 34 Amounts Reclassified from Other Comprehensive Income: Reclassification of net actuarial (gains) and losses to net earnings (See Note 16) (3 ) (3 ) (4 ) (4 ) Income taxes 1 1 1 1 Balance, End of Period $ 45 $ 31 $ 45 $ 31 Total Accumulated Other Comprehensive Income $ 1,058 $ 1,117 $ 1,058 $ 1,117

Variable Interest Entities

Variable Interest Entities	6 Months Ended
	Jun. 30, 2022
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, 2022, VMLP provides approximately 1,160 MMcf/d of natural gas gathering and compression and 923 MMcf/d of natural gas processing under long-term service agreements with remaining terms ranging from nine to 23 years and have various renewal terms providing up to a potential maximum of 10 years. Ovintiv has determined that VMLP is a variable interest entity and that Ovintiv holds variable interests in VMLP. Ovintiv is not the primary beneficiary as the Company does not have the power to direct the activities that most significantly impact VMLP’s economic performance. These key activities relate to the construction, operation, maintenance and marketing of the assets owned by VMLP. The variable interests arise from certain terms under the various long-term service agreements and include: i) a take or pay for volumes in certain agreements; ii) an operating fee of which a portion can be converted into a fixed fee once VMLP assumes operatorship of certain assets; and iii) a potential payout of minimum costs in certain agreements. The potential payout of minimum costs will be assessed in the eighth year of the assets’ service period and is based on whether there is an overall shortfall of total system cash flows from natural gas gathered and compressed under certain agreements. The potential payout amount can be reduced in the event VMLP markets unutilized capacity to third-party users. Ovintiv is not required to provide any financial support or guarantees to VMLP. As a result of Ovintiv’s involvement with VMLP, the maximum total exposure to loss related to the commitments under the agreements is estimated to be $1,616 million as at June 30, 2022. The estimate comprises the take or pay volume commitments and the potential payout of minimum costs. The take or pay volume commitments associated with certain gathering and processing assets are included in Note 20 under Transportation and Processing. The potential payout requirement is highly uncertain as the amount is contingent on future production estimates, pace of development and the amount of capacity contracted to third parties. As at June 30, 2022, accounts payable and accrued liabilities included $0.9 million related to the take or pay commitment.

Compensation Plans

Compensation Plans	6 Months Ended
	Jun. 30, 2022
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Compensation Plans	1 5 . 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 second quarter of 2022, Ovintiv’s shareholders approved an increase to the number of shares of common stock held in reserve for issuance under the Company’s stock-based compensation plans. Accordingly, certain awards were modified and reclassified as equity-settled share-based payment transactions at the modification date. The modification date fair value of the awards was US$56.72 per share and C$72.17 per share for the U.S. dollar denominated and Canadian dollar denominated awards, respectively. The modification impacted all employees and there was no incremental compensation cost recognized at the modification date. The following weighted average assumptions were used to determine the fair value of TSAR and SAR units outstanding: As at June 30, 2022 As at June 30, 2021 US$ SAR Share Units C$ TSAR Share Units US$ SAR Share Units C$ TSAR Share Units Risk Free Interest Rate 3.12% 3.12% 0.44% 0.44% Dividend Yield 2.26% 2.23% 1.19% 1.20% Expected Volatility Rate (1) 107.62% 106.01% 105.96% 104.94% Expected Term 1.7 yrs 1.7 yrs 1.7 yrs 1.7 yrs Market Share Price US$44.19 C$56.94 US$31.47 C$39.07 Weighted Average Grant Date Fair Value US$39.92 C$56.97 US$36.98 C$50.16 ( 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, 2022 2021 2022 2021 Total Compensation Costs of Transactions Classified as Cash-Settled $ 1 $ 42 $ 90 $ 82 Total Compensation Costs of Transactions Classified as Equity-Settled 21 7 31 18 Less: Total Share-Based Compensation Costs Capitalized (7 ) (9 ) (16 ) (16 ) Total Share-Based Compensation Expense (Recovery) $ 15 $ 40 $ 105 $ 84 Recognized in the Condensed Consolidated Statement of Earnings in: Operating $ 8 $ 9 $ 19 $ 18 Administrative 7 31 86 66 $ 15 $ 40 $ 105 $ 84 As at June 30, 2022, the liability for cash-settled share-based payment transactions totaled $105 million ($114 million as at December 31, 2021), of which $98 million ($78 million as at December 31, 2021) is recognized in accounts payable and accrued liabilities and $7 million ($36 million as at December 31, 2021) 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, 2022 (thousands of units) RSUs 1,408 PSUs 480 DSUs 6

Pension and Other Post-Employme

Pension and Other Post-Employment Benefits	6 Months Ended
	Jun. 30, 2022
General Discussion Of Pension And Other Postretirement Benefits [Abstract]
Pension and Other Post-Employment Benefits	1 6 . 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 2022 2021 2022 2021 2022 2021 Net Defined Periodic Benefit Cost $ - $ - $ (2 ) $ (1 ) $ (2 ) $ (1 ) Defined Contribution Plan Expense 12 13 - - 12 13 Total Benefit Plans Expense $ 12 $ 13 $ (2 ) $ (1 ) $ 10 $ 12 Of the total benefit plans expense, $10 million (2021 - $12 million) was included in operating expense and $3 million (2021 - $3 million) was included in administrative expense. Excluding service costs, net defined periodic benefit gains of $3 million (2021 - gains of $3 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 2022 2021 2022 2021 2022 2021 Service Cost $ - $ - $ 1 $ 2 $ 1 $ 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 ) Total Net Defined Periodic Benefit Cost (1) $ - $ - $ (2 ) $ (1 ) $ (2 ) $ (1 ) (1) The components of total net defined periodic benefit cost, excluding the service cost component, are included in other (gains) losses, net.

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2022
Fair Value Disclosures [Abstract]
Fair Value Measurements	1 7 . Fair Value Measurements The fair values of cash and cash equivalents, accounts receivable and accrued revenues, and accounts payable and accrued liabilities approximate their carrying amounts due to the short-term maturity of those instruments. The fair values of restricted cash and marketable securities included in other assets approximate their carrying amounts due to the nature of the instruments held. Recurring fair value measurements are performed for risk management assets and liabilities and other derivative contracts, as discussed further in Note 18. These items are carried at fair value in the Condensed Consolidated Balance Sheet and are classified within the three levels of the fair value hierarchy in the following tables. Fair value changes and settlements for amounts related to risk management assets and liabilities are recognized in revenues and foreign exchange gains and losses according to their purpose. As at June 30, 2022 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 $ 8 $ 36 $ 2 $ 46 $ (37 ) $ 9 Long-term assets - 10 2 12 (8 ) 4 Foreign Currency Derivatives: Current assets - 1 - 1 (1 ) - Risk Management Liabilities Commodity Derivatives: Current liabilities $ - $ 821 $ 445 $ 1,266 $ (37 ) $ 1,229 Long-term liabilities - 22 1 23 (8 ) 15 Foreign Currency Derivatives: Current liabilities - - - - (1 ) (1 ) Other Derivative Contracts (2) Current in accounts receivable and accrued revenues $ - $ - $ 7 $ 7 $ - $ 7 Current in accounts payable and accrued liabilities - 1 - 1 - 1 Long-term in other liabilities and provisions - 5 - 5 - 5 As at December 31, 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 $ - $ 10 $ - $ 10 $ (10 ) $ - Long-term assets - 1 - 1 (1 ) - Foreign Currency Derivatives: Current assets - 5 - 5 (4 ) 1 Risk Management Liabilities Commodity Derivatives: Current liabilities $ - $ 536 $ 181 $ 717 $ (10 ) $ 707 Long-term liabilities - 26 - 26 (1 ) 25 Foreign Currency Derivatives: Current liabilities - - - - (4 ) (4 ) Other Derivative Contracts (2) Current in accounts receivable and accrued revenues $ - $ - $ 9 $ 9 $ - $ 9 Current in accounts payable and accrued liabilities - 1 - 1 - 1 Long-term in other liabilities and provisions - 5 - 5 - 5 (1) Netting to offset derivative assets and liabilities where the legal right and intention to offset exists, or where counterparty master netting arrangements contain provisions for net settlement. (2) Includes credit derivatives and contingent consideration associated with certain prior years’ divestitures. The Company’s Level 1 and Level 2 risk management assets and liabilities consist of commodity fixed price contracts, NYMEX three-way options, NYMEX costless collars, NYMEX call options, foreign currency swaps and basis swaps with terms to 2025. Level 2 also includes financial guarantee contracts as discussed in Note 18. 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, 2022, the Company’s Level 3 risk management assets and liabilities consist of WTI three-way options and a contingent consideration derivative contract tied to WTI with terms to 2023. The WTI three-way options are a combination of a sold call, a bought put and a sold put. These contracts allow the Company to participate in the upside of commodity prices to the ceiling of the call option and provide the Company with partial downside price protection through the put options. 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, 2022 2021 Balance, Beginning of Year $ (172 ) $ (74 ) Total Gains (Losses) (683 ) (569 ) Purchases, Sales, Issuances and Settlements: Purchases, sales and issuances (1) - 6 Settlements 420 215 Transfers Out of Level 3 - - Balance, End of Period $ (435 ) $ (422 ) Change in Unrealized Gains (Losses) During the Period Included in Net Earnings (Loss) $ (263 ) $ (354 ) (1) Purchases, sales and issuances for the six months ended June 30, 2021, reflects the fair value of the contingent consideration arrangement at the closing date of the Duvernay asset divestiture discussed in Note 7. Quantitative information about unobservable inputs used in Level 3 fair value measurements is presented below as at June 30, 2022: Valuation Technique Unobservable Input Range Weighted Average (1) Risk Management - WTI Options Option Model Implied Volatility 14% - 83% 57% (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 $10 million ($15 million as at December 31, 2021) increase or decrease to net risk management assets and liabilities.

Financial Instruments and Risk

Financial Instruments and Risk Management	6 Months Ended
	Jun. 30, 2022
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Financial Instruments and Risk Management	1 8 . Financial Instruments and Risk Management A) Financial Instruments Ovintiv’s financial assets and liabilities are recognized in cash and cash equivalents, accounts receivable and accrued revenues, other assets, accounts payable and accrued liabilities, risk management assets and liabilities, long-term debt, and other liabilities and provisions. B) Risk Management Activities Ovintiv uses derivative financial instruments to manage its exposure to fluctuating commodity prices and foreign currency exchange rates. The Company does not apply hedge accounting to any of its derivative financial instruments. As a result, gains and losses from changes in the fair value are recognized in net earnings (loss). Commodity Price Risk Commodity price risk arises from the effect that fluctuations in future commodity prices may have on revenues from production. To partially mitigate exposure to commodity price risk, the Company has entered into various derivative financial instruments. The use of these derivative instruments is governed under formal policies and is subject to limits established by the Board of Directors. Oil and NGLs - To partially mitigate oil and NGL commodity price risk, the Company uses WTI- and NGL-based contracts such as fixed price contracts and options. Ovintiv has also entered into basis swaps to manage against widening price differentials between various production areas, products and price points. Natural Gas - To partially mitigate natural gas commodity price risk, the Company uses NYMEX-based contracts such as fixed price contracts, options and costless collars. Ovintiv has also entered into basis swaps to manage against widening price differentials between various production areas and benchmark price points. Foreign Exchange Risk Foreign exchange risk arises from changes in foreign currency exchange rates that may affect the fair value or future cash flows from the Company’s financial assets or liabilities. To partially mitigate the effect of foreign exchange fluctuations on future commodity revenues and expenses, the Company may enter into foreign currency derivative contracts. As at June 30, 2022, the Company has entered into $200 million notional U.S. dollar denominated currency swaps at an average exchange rate of C$1.2848 to US$1, which mature monthly through the remainder of 2022 and $150 million notional U.S. dollar denominated currency swaps at an average exchange rate of C$1.2909 to US$1, which mature monthly throughout the first half of 2023. Risk Management Positions as at June 30, 2022 Notional Volumes Term Average Price Fair Value Oil and NGL Contracts US$/bbl Fixed Price Contracts WTI Fixed Price 5.0 Mbbls/d 2022 60.16 $ (35 ) WTI Three-Way Options Sold call / bought put / sold put 75.0 Mbbls/d 2022 70.79 / 60.82 / 49.33 (417 ) Sold call / bought put / sold put 24.9 Mbbls/d 2023 116.34 / 65.51 / 50.00 (25 ) Basis Contracts (1) 2022 1 Other Financial Positions 1 Oil and NGLs Fair Value Position (475 ) Natural Gas Contracts US$/Mcf Fixed Price Contracts NYMEX Fixed Price 365 MMcf/d 2022 2.60 (203 ) NYMEX Three-Way Options Sold call / bought put / sold put 418 MMcf/d 2022 3.02 / 2.75 / 2.00 (202 ) Sold call / bought put / sold put 246 MMcf/d 2023 7.80 / 3.48 / 2.45 (21 ) NYMEX Costless Collars Sold call / bought put 200 MMcf/d 2022 2.85 / 2.55 (103 ) NYMEX Call Options Sold call 330 MMcf/d 2022 2.38 (197 ) Basis Contracts (2) 2022 (14 ) 2023 (7 ) 2024 - 2025 (8 ) Other Financial Positions (1 ) Natural Gas Fair Value Position (756 ) Other Derivative Contracts Fair Value Position (3) 1 Foreign Currency Contracts Fair Value Position (4) 2022 - 2023 1 Total Fair Value Position $ (1,229 ) (1) Ovintiv has entered into oil differential swaps associated with Canadian condensate and WTI. ( 2 ) Ovintiv has entered into natural gas basis swaps associated with AECO, Dawn, Malin, Waha, Houston Ship Channel and NYMEX. ( 3 ) Includes credit derivatives and contingent consideration associated with certain prior years’ divestitures. ( 4 ) Ovintiv has entered into U.S. dollar denominated fixed-for-floating average currency swaps to protect against fluctuations between the Canadian and U.S. dollars. Earnings Impact of Realized and Unrealized Gains (Losses) on Risk Management Positions Three Months Ended Six Months Ended June 30, June 30, 2022 2021 2022 2021 Realized Gains (Losses) on Risk Management Commodity and Other Derivatives: Revenues (1) $ (808 ) $ (223 ) $ (1,254 ) $ (379 ) Foreign Currency Derivatives: Foreign exchange 1 11 2 18 $ (807 ) $ (212 ) $ (1,252 ) $ (361 ) Unrealized Gains (Losses) on Risk Management Commodity and Other Derivatives: Revenues (2) $ 513 $ (576 ) $ (499 ) $ (847 ) Foreign Currency Derivatives: Foreign exchange (7 ) (6 ) (4 ) (8 ) $ 506 $ (582 ) $ (503 ) $ (855 ) Total Realized and Unrealized Gains (Losses) on Risk Management, net Commodity and Other Derivatives: Revenues (1) (2) $ (295 ) $ (799 ) $ (1,753 ) $ (1,226 ) Foreign Currency Derivatives: Foreign exchange (6 ) 5 (2 ) 10 $ (301 ) $ (794 ) $ (1,755 ) $ (1,216 ) (1) Includes realized gains of nil and $2 million for the three and six months ended June 30, 2022, respectively (2021 - gains of $1 million, respectively), related to other derivative contracts. (2) Includes unrealized gains of nil for the three and six months ended June 30, 2022, respectively (2021 - gains of $1 million and $3 million, respectively), related to other derivative contracts. Reconciliation of Unrealized Risk Management Positions from January 1 to June 30 2022 2021 Fair Value Total Unrealized Gain (Loss) Total Unrealized Gain (Loss) Fair Value of Contracts, Beginning of Year $ (724 ) Change in Fair Value of Contracts in Place at Beginning of Year and Contracts Entered into During the Period (1,755 ) $ (1,755 ) $ (1,216 ) Settlement of Other Derivative Contracts (2 ) Fair Value of Contracts Realized During the Period 1,252 1,252 361 Fair Value of Contracts, End of Period $ (1,229 ) $ (503 ) $ (855 ) Risk management assets and liabilities arise from the use of derivative financial instruments and are measured at fair value. See Note 17 for a discussion of fair value measurements. Unrealized Risk Management Positions As at As at June 30, December 31, 2022 2021 Risk Management Assets Current $ 9 $ 1 Long-term 4 - 13 1 Risk Management Liabilities Current 1,228 703 Long-term 15 25 1,243 728 Other Derivative Contract Assets Current in accounts receivable and accrued revenues 7 9 7 9 Other Derivative Contract Liabilities Current in accounts payable and accrued liabilities 1 1 Long-term in other liabilities and provisions 5 5 6 6 Net Risk Management Assets (Liabilities) and Other Derivative Contracts $ (1,229 ) $ (724 ) C) Credit Risk Credit risk arises from the potential that the Company may incur a loss if a counterparty to a financial instrument fails to meet its obligation in accordance with agreed terms. While exchange-traded contracts are subject to nominal credit risk due to the financial safeguards established by the exchanges and clearing agencies, over-the-counter traded contracts expose Ovintiv to counterparty credit risk. Counterparties to the Company’s derivative financial instruments consist primarily of major financial institutions and companies within the energy industry. This credit risk exposure is mitigated through the use of credit policies approved by the Board of Directors governing the Company’s credit portfolio including credit practices that limit transactions according to counterparties’ credit quality. Mitigation strategies may include master netting arrangements, requesting collateral, purchasing credit insurance and/or transacting credit derivatives. The Company executes commodity derivative financial instruments under master agreements that have netting provisions that provide for offsetting payables against receivables. Ovintiv actively evaluates the creditworthiness of its counterparties, assigns appropriate credit limits and monitors credit exposures against those assigned limits. As at June 30, 2022, Ovintiv’s maximum exposure of loss due to credit risk from derivative financial instrument assets on a gross and net fair value basis was $66 million and $20 million, respectively, as disclosed in Note 17. The Company had no significant credit derivatives in place and held no collateral at June 30, 2022. As at June 30, 2022, 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, 2022, approximately 87 percent (90 percent as at December 31, 2021) of Ovintiv’s accounts receivable and financial derivative credit exposures were with investment grade counterparties. During 2015 and 2017, the Company entered into agreements resulting from divestitures, which may require Ovintiv to fulfill certain payment obligations on the take or pay volume commitments assumed by the purchasers. The circumstances that would require Ovintiv to perform under the agreements include events where a purchaser fails to make payment to the guaranteed party and/or a purchaser is subject to an insolvency event. The agreements expire in June 2024 with a fair value recognized of $6 million as at June 30, 2022 ($6 million as at December 31, 2021). The maximum potential amount of undiscounted future payments is $46 million as at June 30, 2022, and is considered unlikely.

Supplementary Information

Supplementary Information	6 Months Ended
	Jun. 30, 2022
Supplemental Cash Flow Elements [Abstract]
Supplementary Information	19 . Supplementary Information Supplemental disclosures to the Condensed Consolidated Statement of Cash Flows are presented below: A) Net Change in Non-Cash Working Capital Three Months Ended Six Months Ended June 30, June 30, 2022 2021 2022 2021 Operating Activities Accounts receivable and accrued revenues $ (162 ) $ (96 ) $ (663 ) $ (262 ) Accounts payable and accrued liabilities 242 76 395 198 Current portion of operating lease liabilities 11 (1 ) 11 4 Income tax receivable and payable 42 43 44 25 $ 133 $ 22 $ (213 ) $ (35 ) B) Non-Cash Activities Three Months Ended Six Months Ended June 30, June 30, 2022 2021 2022 2021 Non-Cash Operating Activities ROU operating lease assets and liabilities $ (28 ) $ (5 ) $ (52 ) $ (18 ) Non-Cash Investing Activities Property, plant and equipment accruals $ 5 (67 ) $ 46 $ (37 ) Capitalized long-term incentives (2 ) 7 3 7 Property additions/dispositions (swaps) 32 2 36 6 Contingent consideration (See Note 7) - 6 - 6

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2022
Commitments And Contingencies Disclosure [Abstract]
Commitments and Contingencies	2 0 . Commitments and Contingencies Commitments The following table outlines the Company’s commitments as at June 30, 2022: Expected Future Payments (undiscounted) 2022 2023 2024 2025 2026 Thereafter Total Transportation and Processing $ 370 $ 740 $ 585 $ 441 $ 426 $ 1,921 $ 4,483 Drilling and Field Services 132 40 - - - - 172 Building Leases 4 9 9 8 2 - 32 Total $ 506 $ 789 $ 594 $ 449 $ 428 $ 1,921 $ 4,687 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, 2022
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, 2021, which are included in Item 8 of Ovintiv’s 2021 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, 2021. 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, 2022
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 2022 2021 2022 2021 2022 2021 Revenues Product and service revenues $ 1,925 $ 1,155 $ 962 $ 570 $ 1,127 $ 748 Gains (losses) on risk management, net (383 ) (188 ) (425 ) (35 ) - - Sublease revenues - - - - - - Total Revenues 1,542 967 537 535 1,127 748 Operating Expenses Production, mineral and other taxes 115 69 3 4 - - Transportation and processing 159 126 253 248 41 44 Operating 149 117 25 25 6 7 Purchased product - - - - 1,115 733 Depreciation, depletion and amortization 217 220 56 89 - - Total Operating Expenses 640 532 337 366 1,162 784 Operating Income (Loss) $ 902 $ 435 $ 200 $ 169 $ (35 ) $ (36 ) Corporate & Other Consolidated 2022 2021 2022 2021 Revenues Product and service revenues $ - $ - $ 4,014 $ 2,473 Gains (losses) on risk management, net 513 (576 ) (295 ) (799 ) Sublease revenues 17 18 17 18 Total Revenues 530 (558 ) 3,736 1,692 Operating Expenses Production, mineral and other taxes - - 118 73 Transportation and processing - - 453 418 Operating - - 180 149 Purchased product - - 1,115 733 Depreciation, depletion and amortization 5 2 278 311 Accretion of asset retirement obligation 5 6 5 6 Administrative 71 123 71 123 Total Operating Expenses 81 131 2,220 1,813 Operating Income (Loss) $ 449 $ (689 ) 1,516 (121 ) Other (Income) Expenses Interest 91 99 Foreign exchange (gain) loss, net 3 (8 ) Other (gains) losses, net - (7 ) Total Other (Income) Expenses 94 84 Net Earnings (Loss) Before Income Tax 1,422 (205 ) Income tax expense (recovery) 65 - Net Earnings (Loss) $ 1,357 $ (205 ) Results of Operations (For the six months ended June 30) Segment and Geographic Information USA Operations Canadian Operations Market Optimization 2022 2021 2022 2021 2022 2021 Revenues Product and service revenues $ 3,472 $ 2,173 $ 1,740 $ 1,147 $ 2,209 $ 1,400 Gains (losses) on risk management, net (602 ) (324 ) (652 ) (57 ) - 2 Sublease revenues - - - - - - Total Revenues 2,870 1,849 1,088 1,090 2,209 1,402 Operating Expenses Production, mineral and other taxes 205 124 7 9 - - Transportation and processing 294 239 484 472 81 86 Operating 291 246 62 53 15 14 Purchased product - - - - 2,181 1,337 Depreciation, depletion and amortization 417 428 115 182 - - Total Operating Expenses 1,207 1,037 668 716 2,277 1,437 Operating Income (Loss) $ 1,663 $ 812 $ 420 $ 374 $ (68 ) $ (35 ) Corporate & Other Consolidated 2022 2021 2022 2021 Revenues Product and service revenues $ - $ - $ 7,421 $ 4,720 Gains (losses) on risk management, net (499 ) (847 ) (1,753 ) (1,226 ) Sublease revenues 35 36 35 36 Total Revenues (464 ) (811 ) 5,703 3,530 Operating Expenses Production, mineral and other taxes - - 212 133 Transportation and processing - - 859 797 Operating - - 368 313 Purchased product - - 2,181 1,337 Depreciation, depletion and amortization 10 9 542 619 Accretion of asset retirement obligation 10 12 10 12 Administrative 215 245 215 245 Total Operating Expenses 235 266 4,387 3,456 Operating Income (Loss) $ (699 ) $ (1,077 ) 1,316 74 Other (Income) Expenses Interest 165 186 Foreign exchange (gain) loss, net 2 (15 ) Other (gains) losses, net (27 ) (25 ) Total Other (Income) Expenses 140 146 Net Earnings (Loss) Before Income Tax 1,176 (72 ) Income tax expense (recovery) 60 (176 ) Net Earnings (Loss) $ 1,116 $ 104
Schedule of Marketing Intersegment Eliminations	Intersegment Information Market Optimization Marketing Sales Upstream Eliminations Total For the three months ended June 30, 2022 2021 2022 2021 2022 2021 Revenues $ 4,346 $ 2,613 $ (3,219 ) $ (1,865 ) $ 1,127 $ 748 Operating Expenses Transportation and processing 161 149 (120 ) (105 ) 41 44 Operating 6 7 - - 6 7 Purchased product 4,213 2,492 (3,098 ) (1,759 ) 1,115 733 Operating Income (Loss) $ (34 ) $ (35 ) $ (1 ) $ (1 ) $ (35 ) $ (36 ) Market Optimization Marketing Sales Upstream Eliminations Total For the six months ended June 30, 2022 2021 2022 2021 2022 2021 Revenues $ 7,769 $ 4,781 $ (5,560 ) $ (3,379 ) $ 2,209 $ 1,402 Operating Expenses Transportation and processing 313 286 (232 ) (200 ) 81 86 Operating 15 14 - - 15 14 Purchased product 7,508 4,515 (5,327 ) (3,178 ) 2,181 1,337 Operating Income (Loss) $ (67 ) $ (34 ) $ (1 ) $ (1 ) $ (68 ) $ (35 )
Capital Expenditures by Segment	Capital Expenditures by Segment Three Months Ended Six Months Ended June 30, June 30, 2022 2021 2022 2021 USA Operations $ 410 $ 279 $ 782 $ 540 Canadian Operations 101 103 179 192 Corporate & Other - 1 1 1 $ 511 $ 383 $ 962 $ 733
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, 2022 2021 2022 2021 2022 2021 USA Operations $ 1,938 $ 1,938 $ 8,017 $ 7,623 $ 11,091 $ 10,345 Canadian Operations 679 690 1,001 951 2,113 1,932 Market Optimization - - - - 468 300 Corporate & Other - - 176 187 1,251 1,478 $ 2,617 $ 2,628 $ 9,194 $ 8,761 $ 14,923 $ 14,055

Revenues from Contracts with _2

Revenues from Contracts with Customers (Tables)	6 Months Ended
	Jun. 30, 2022
Disaggregation Of Revenue [Abstract]
Disaggregation of Revenue	Revenues (For the three months ended June 30) USA Operations Canadian Operations Market Optimization 2022 2021 2022 2021 2022 2021 Revenues from Customers Product revenues (1) Oil $ 1,313 $ 861 $ 1 $ 1 $ 931 $ 602 NGLs 312 179 383 285 8 11 Natural gas 302 118 581 286 183 128 Service revenues Gathering and processing 1 - (1 ) 2 - - Product and Service Revenues $ 1,928 $ 1,158 $ 964 $ 574 $ 1,122 $ 741 Corporate & Other Consolidated 2022 2021 2022 2021 Revenues from Customers Product revenues (1) Oil $ - $ - $ 2,245 $ 1,464 NGLs - - 703 475 Natural gas - - 1,066 532 Service revenues Gathering and processing - - - 2 Product and Service Revenues $ - $ - $ 4,014 $ 2,473 (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 2022 2021 2022 2021 2022 2021 Revenues from Customers Product revenues (1) Oil $ 2,393 $ 1,602 $ 1 $ 6 $ 1,817 $ 987 NGLs 579 337 745 541 11 26 Natural gas 508 241 1,000 603 366 369 Service revenues Gathering and processing 1 - - 3 - 5 Product and Service Revenues $ 3,481 $ 2,180 $ 1,746 $ 1,153 $ 2,194 $ 1,387 Corporate & Other Consolidated 2022 2021 2022 2021 Revenues from Customers Product revenues (1) Oil $ - $ - $ 4,211 $ 2,595 NGLs - - 1,335 904 Natural gas - - 1,874 1,213 Service revenues Gathering and processing - - 1 8 Product and Service Revenues $ - $ - $ 7,421 $ 4,720 (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, 2022
Interest Expense [Abstract]
Schedule of Interest Expense	Three Months Ended Six Months Ended June 30, June 30, 2022 2021 2022 2021 Interest Expense on: Debt $ 88 $ 93 $ 158 $ 177 Finance leases 1 - 1 2 Other 2 6 6 7 $ 91 $ 99 $ 165 $ 186

Foreign Exchange (Gain) Loss,_2

Foreign Exchange (Gain) Loss, Net (Tables)	6 Months Ended
	Jun. 30, 2022
Foreign Currency [Abstract]
Foreign Exchange (Gain) Loss, Net	Three Months Ended Six Months Ended June 30, June 30, 2022 2021 2022 2021 Unrealized Foreign Exchange (Gain) Loss on: Translation of U.S. dollar financing debt issued from Canada $ - $ - $ - $ 1 Translation of U.S. dollar risk management contracts issued from Canada 7 4 4 5 7 4 4 6 Foreign Exchange (Gain) Loss on Settlements of: U.S. dollar financing debt issued from Canada - (3 ) (1 ) (9 ) U.S. dollar risk management contracts issued from Canada (1 ) (11 ) (2 ) (18 ) Other Monetary Revaluations (3 ) 2 1 6 $ 3 $ (8 ) $ 2 $ (15 )

Income Taxes (Tables)

Income Taxes (Tables)	6 Months Ended
	Jun. 30, 2022
Income Tax Disclosure [Abstract]
Provision For Income Taxes	Three Months Ended Six Months Ended June 30, June 30, 2022 2021 2022 2021 Current Tax United States $ 7 $ - $ 10 $ - Canada - - - (156 ) Total Current Tax Expense (Recovery) 7 - 10 (156 ) Deferred Tax United States 17 - - - Canada 41 - 50 (20 ) Total Deferred Tax Expense (Recovery) 58 - 50 (20 ) Income Tax Expense (Recovery) $ 65 $ - $ 60 $ (176 ) Effective Tax Rate 4.6 % 0.0 % 5.1 % 244.4 %

Acquisitions and Divestitures (

Acquisitions and Divestitures (Tables)	6 Months Ended
	Jun. 30, 2022
Acquisitions And Divestitures [Abstract]
Schedule of Net Acquisitions & (Divestitures)	Three Months Ended Six Months Ended June 30, June 30, 2022 2021 2022 2021 Acquisitions USA Operations $ 7 $ 2 $ 22 $ 3 Total Acquisitions 7 2 22 3 Divestitures USA Operations (2 ) (773 ) (3 ) (774 ) Canadian Operations (2 ) (250 ) (2 ) (251 ) Total Divestitures (4 ) (1,023 ) (5 ) (1,025 ) Net Acquisitions & (Divestitures) $ 3 $ (1,021 ) $ 17 $ (1,022 )

Property, Plant and Equipment_2

Property, Plant and Equipment, Net (Tables)	6 Months Ended
	Jun. 30, 2022
Property Plant And Equipment [Abstract]
Schedule Of Property, Plant And Equipment	As at June 30, 2022 As at December 31, 2021 Accumulated Accumulated Cost DD&A Net Cost DD&A Net USA Operations Proved properties $ 40,365 $ (33,835 ) $ 6,530 $ 39,145 $ (33,418 ) $ 5,727 Unproved properties 1,465 - 1,465 1,884 - 1,884 Other 22 - 22 12 - 12 41,852 (33,835 ) 8,017 41,041 (33,418 ) 7,623 Canadian Operations Proved properties 16,249 (15,313 ) 936 16,330 (15,450 ) 880 Unproved properties 54 - 54 60 - 60 Other 11 - 11 11 - 11 16,314 (15,313 ) 1,001 16,401 (15,450 ) 951 Market Optimization 7 (7 ) - 7 (7 ) - Corporate & Other 863 (687 ) 176 873 (686 ) 187 $ 59,036 $ (49,842 ) $ 9,194 $ 58,322 $ (49,561 ) $ 8,761

Leases (Tables)

Leases (Tables)	6 Months Ended
	Jun. 30, 2022
Leases [Abstract]
Schedule of Estimated Future Sublease Income	The following table outlines Ovintiv’s estimated future sublease income as at June 30, 2022. All subleases are classified as operating leases. (undiscounted) 2022 2023 2024 2025 2026 Thereafter Total Sublease Income $ 23 $ 50 $ 52 $ 52 $ 53 $ 485 $ 715

Long-Term Debt (Tables)

Long-Term Debt (Tables)	6 Months Ended
	Jun. 30, 2022
Debt Disclosure [Abstract]
Schedule Of Long-Term Debt	As at As at June 30, December 31, 2022 2021 U.S. Dollar Denominated Debt Revolving credit and term loan borrowings $ 215 $ - U.S. Unsecured Notes: 5.625% due July 1, 2024 - 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 737 750 6.625% due August 15, 2037 462 462 6.50% due February 1, 2038 473 488 5.15% due November 15, 2041 170 203 Total Principal 3,895 4,741 Increase in Value of Debt Acquired 37 77 Unamortized Debt Discounts and Issuance Costs (30 ) (32 ) Total Long-Term Debt $ 3,902 $ 4,786 Current Portion $ 215 $ - Long-Term Portion 3,687 4,786 $ 3,902 $ 4,786

Other Liabilities and Provisi_2

Other Liabilities and Provisions (Tables)	6 Months Ended
	Jun. 30, 2022
Other Liabilities Disclosure [Abstract]
Schedule of Other Liabilities and Provisions	As at As at June 30, December 31, 2022 2021 Finance Lease Obligations $ 30 $ 33 Pensions and Other Post-Employment Benefits 101 104 Long-Term Incentive Costs (See Note 15) 7 36 Other Derivative Contracts (See Notes 17, 18) 5 5 Other 11 12 $ 154 $ 190

Share Capital (Tables)

Share Capital (Tables)	6 Months Ended
	Jun. 30, 2022
Class Of Stock Disclosures [Abstract]
Schedule of Common Stock Issued and Outstanding	As at June 30, 2022 As at December 31, 2021 Number (millions) Amount Number (millions) Amount Shares of Common Stock Outstanding, Beginning of Year 258.0 $ 3 259.8 $ 3 Shares of Common Stock Purchased (4.5 ) - (3.1 ) - Shares of Common Stock Issued 2.4 - 1.3 - Shares of Common Stock Outstanding, End of Period 255.9 $ 3 258.0 $ 3
Earnings Per Common Share	Three Months Ended Six Months Ended June 30, June 30, (US$ millions, except per share amounts) 2022 2021 2022 2021 Net Earnings (Loss) $ 1,357 $ (205 ) $ 1,116 $ 104 Number of Shares of Common Stock: Weighted average shares of common stock outstanding - Basic 257.2 261.1 257.3 260.6 Effect of dilutive securities (1) 3.4 - 4.8 5.3 Weighted Average Shares of Common Stock Outstanding - Diluted 260.6 261.1 262.1 265.9 Net Earnings (Loss) per Share of Common Stock Basic $ 5.28 $ (0.79 ) $ 4.34 $ 0.40 Diluted (1) 5.21 (0.79 ) 4.26 0.39 (1) 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_2

Accumulated Other Comprehensive Income (Tables)	6 Months Ended
	Jun. 30, 2022
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, 2022 2021 2022 2021 Foreign Currency Translation Adjustment Balance, Beginning of Period $ 1,072 $ 1,061 $ 1,044 $ 1,042 Change in Foreign Currency Translation Adjustment (59 ) 25 (31 ) 44 Balance, End of Period $ 1,013 $ 1,086 $ 1,013 $ 1,086 Pension and Other Post-Employment Benefit Plans Balance, Beginning of Period $ 47 $ 33 $ 48 $ 34 Amounts Reclassified from Other Comprehensive Income: Reclassification of net actuarial (gains) and losses to net earnings (See Note 16) (3 ) (3 ) (4 ) (4 ) Income taxes 1 1 1 1 Balance, End of Period $ 45 $ 31 $ 45 $ 31 Total Accumulated Other Comprehensive Income $ 1,058 $ 1,117 $ 1,058 $ 1,117

Compensation Plans (Tables)

Compensation Plans (Tables)	6 Months Ended
	Jun. 30, 2022
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, 2022 As at June 30, 2021 US$ SAR Share Units C$ TSAR Share Units US$ SAR Share Units C$ TSAR Share Units Risk Free Interest Rate 3.12% 3.12% 0.44% 0.44% Dividend Yield 2.26% 2.23% 1.19% 1.20% Expected Volatility Rate (1) 107.62% 106.01% 105.96% 104.94% Expected Term 1.7 yrs 1.7 yrs 1.7 yrs 1.7 yrs Market Share Price US$44.19 C$56.94 US$31.47 C$39.07 Weighted Average Grant Date Fair Value US$39.92 C$56.97 US$36.98 C$50.16 ( 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, 2022 2021 2022 2021 Total Compensation Costs of Transactions Classified as Cash-Settled $ 1 $ 42 $ 90 $ 82 Total Compensation Costs of Transactions Classified as Equity-Settled 21 7 31 18 Less: Total Share-Based Compensation Costs Capitalized (7 ) (9 ) (16 ) (16 ) Total Share-Based Compensation Expense (Recovery) $ 15 $ 40 $ 105 $ 84 Recognized in the Condensed Consolidated Statement of Earnings in: Operating $ 8 $ 9 $ 19 $ 18 Administrative 7 31 86 66 $ 15 $ 40 $ 105 $ 84
Schedule of Share-based Compensation Activity	The following units were granted primarily in conjunction with the Company’s annual grant of long-term incentive awards. The PSUs and RSUs were granted at the volume-weighted average trading price of shares of Ovintiv common stock for the five days prior to the grant date. Six Months Ended June 30, 2022 (thousands of units) RSUs 1,408 PSUs 480 DSUs 6

Pension and Other Post-Employ_2

Pension and Other Post-Employment Benefits (Tables)	6 Months Ended
	Jun. 30, 2022
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 2022 2021 2022 2021 2022 2021 Net Defined Periodic Benefit Cost $ - $ - $ (2 ) $ (1 ) $ (2 ) $ (1 ) Defined Contribution Plan Expense 12 13 - - 12 13 Total Benefit Plans Expense $ 12 $ 13 $ (2 ) $ (1 ) $ 10 $ 12
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 2022 2021 2022 2021 2022 2021 Service Cost $ - $ - $ 1 $ 2 $ 1 $ 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 ) Total Net Defined Periodic Benefit Cost (1) $ - $ - $ (2 ) $ (1 ) $ (2 ) $ (1 ) (1) The components of total net defined periodic benefit cost, excluding the service cost component, are included in other (gains) losses, net.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2022
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, 2022 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 $ 8 $ 36 $ 2 $ 46 $ (37 ) $ 9 Long-term assets - 10 2 12 (8 ) 4 Foreign Currency Derivatives: Current assets - 1 - 1 (1 ) - Risk Management Liabilities Commodity Derivatives: Current liabilities $ - $ 821 $ 445 $ 1,266 $ (37 ) $ 1,229 Long-term liabilities - 22 1 23 (8 ) 15 Foreign Currency Derivatives: Current liabilities - - - - (1 ) (1 ) Other Derivative Contracts (2) Current in accounts receivable and accrued revenues $ - $ - $ 7 $ 7 $ - $ 7 Current in accounts payable and accrued liabilities - 1 - 1 - 1 Long-term in other liabilities and provisions - 5 - 5 - 5 As at December 31, 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 $ - $ 10 $ - $ 10 $ (10 ) $ - Long-term assets - 1 - 1 (1 ) - Foreign Currency Derivatives: Current assets - 5 - 5 (4 ) 1 Risk Management Liabilities Commodity Derivatives: Current liabilities $ - $ 536 $ 181 $ 717 $ (10 ) $ 707 Long-term liabilities - 26 - 26 (1 ) 25 Foreign Currency Derivatives: Current liabilities - - - - (4 ) (4 ) Other Derivative Contracts (2) Current in accounts receivable and accrued revenues $ - $ - $ 9 $ 9 $ - $ 9 Current in accounts payable and accrued liabilities - 1 - 1 - 1 Long-term in other liabilities and provisions - 5 - 5 - 5 (1) Netting to offset derivative assets and liabilities where the legal right and intention to offset exists, or where counterparty master netting arrangements contain provisions for net settlement. (2) Includes credit derivatives and contingent consideration associated with certain prior years’ divestitures.
Summary Of Changes In Level 3 Fair Value Measurements	A summary of changes in Level 3 fair value measurements for risk management positions is presented below: Six Months Ended June 30, 2022 2021 Balance, Beginning of Year $ (172 ) $ (74 ) Total Gains (Losses) (683 ) (569 ) Purchases, Sales, Issuances and Settlements: Purchases, sales and issuances (1) - 6 Settlements 420 215 Transfers Out of Level 3 - - Balance, End of Period $ (435 ) $ (422 ) Change in Unrealized Gains (Losses) During the Period Included in Net Earnings (Loss) $ (263 ) $ (354 ) (1) Purchases, sales and issuances for the six months ended June 30, 2021, reflects the fair value of the contingent consideration arrangement at the closing date of the Duvernay asset 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, 2022: Valuation Technique Unobservable Input Range Weighted Average (1) Risk Management - WTI Options Option Model Implied Volatility 14% - 83% 57% (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, 2022
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Risk Management Positions	Notional Volumes Term Average Price Fair Value Oil and NGL Contracts US$/bbl Fixed Price Contracts WTI Fixed Price 5.0 Mbbls/d 2022 60.16 $ (35 ) WTI Three-Way Options Sold call / bought put / sold put 75.0 Mbbls/d 2022 70.79 / 60.82 / 49.33 (417 ) Sold call / bought put / sold put 24.9 Mbbls/d 2023 116.34 / 65.51 / 50.00 (25 ) Basis Contracts (1) 2022 1 Other Financial Positions 1 Oil and NGLs Fair Value Position (475 ) Natural Gas Contracts US$/Mcf Fixed Price Contracts NYMEX Fixed Price 365 MMcf/d 2022 2.60 (203 ) NYMEX Three-Way Options Sold call / bought put / sold put 418 MMcf/d 2022 3.02 / 2.75 / 2.00 (202 ) Sold call / bought put / sold put 246 MMcf/d 2023 7.80 / 3.48 / 2.45 (21 ) NYMEX Costless Collars Sold call / bought put 200 MMcf/d 2022 2.85 / 2.55 (103 ) NYMEX Call Options Sold call 330 MMcf/d 2022 2.38 (197 ) Basis Contracts (2) 2022 (14 ) 2023 (7 ) 2024 - 2025 (8 ) Other Financial Positions (1 ) Natural Gas Fair Value Position (756 ) Other Derivative Contracts Fair Value Position (3) 1 Foreign Currency Contracts Fair Value Position (4) 2022 - 2023 1 Total Fair Value Position $ (1,229 ) (1) Ovintiv has entered into oil differential swaps associated with Canadian condensate and WTI. ( 2 ) Ovintiv has entered into natural gas basis swaps associated with AECO, Dawn, Malin, Waha, Houston Ship Channel and NYMEX. ( 3 ) Includes credit derivatives and contingent consideration associated with certain prior years’ divestitures. ( 4 ) Ovintiv has entered into U.S. dollar denominated fixed-for-floating average currency swaps to protect against fluctuations between the Canadian and U.S. dollars.
Earnings Impact of Realized and Unrealized Gains (Losses) on Risk Management Positions	Three Months Ended Six Months Ended June 30, June 30, 2022 2021 2022 2021 Realized Gains (Losses) on Risk Management Commodity and Other Derivatives: Revenues (1) $ (808 ) $ (223 ) $ (1,254 ) $ (379 ) Foreign Currency Derivatives: Foreign exchange 1 11 2 18 $ (807 ) $ (212 ) $ (1,252 ) $ (361 ) Unrealized Gains (Losses) on Risk Management Commodity and Other Derivatives: Revenues (2) $ 513 $ (576 ) $ (499 ) $ (847 ) Foreign Currency Derivatives: Foreign exchange (7 ) (6 ) (4 ) (8 ) $ 506 $ (582 ) $ (503 ) $ (855 ) Total Realized and Unrealized Gains (Losses) on Risk Management, net Commodity and Other Derivatives: Revenues (1) (2) $ (295 ) $ (799 ) $ (1,753 ) $ (1,226 ) Foreign Currency Derivatives: Foreign exchange (6 ) 5 (2 ) 10 $ (301 ) $ (794 ) $ (1,755 ) $ (1,216 ) (1) Includes realized gains of nil and $2 million for the three and six months ended June 30, 2022, respectively (2021 - gains of $1 million, respectively), related to other derivative contracts. (2) Includes unrealized gains of nil for the three and six months ended June 30, 2022, respectively (2021 - gains of $1 million and $3 million, respectively), related to other derivative contracts.
Reconciliation of Unrealized Risk Management Positions	2022 2021 Fair Value Total Unrealized Gain (Loss) Total Unrealized Gain (Loss) Fair Value of Contracts, Beginning of Year $ (724 ) Change in Fair Value of Contracts in Place at Beginning of Year and Contracts Entered into During the Period (1,755 ) $ (1,755 ) $ (1,216 ) Settlement of Other Derivative Contracts (2 ) Fair Value of Contracts Realized During the Period 1,252 1,252 361 Fair Value of Contracts, End of Period $ (1,229 ) $ (503 ) $ (855 )
Unrealized Risk Management Positions	As at As at June 30, December 31, 2022 2021 Risk Management Assets Current $ 9 $ 1 Long-term 4 - 13 1 Risk Management Liabilities Current 1,228 703 Long-term 15 25 1,243 728 Other Derivative Contract Assets Current in accounts receivable and accrued revenues 7 9 7 9 Other Derivative Contract Liabilities Current in accounts payable and accrued liabilities 1 1 Long-term in other liabilities and provisions 5 5 6 6 Net Risk Management Assets (Liabilities) and Other Derivative Contracts $ (1,229 ) $ (724 )

Supplementary Information (Tabl

Supplementary Information (Tables)	6 Months Ended
	Jun. 30, 2022
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, 2022 2021 2022 2021 Operating Activities Accounts receivable and accrued revenues $ (162 ) $ (96 ) $ (663 ) $ (262 ) Accounts payable and accrued liabilities 242 76 395 198 Current portion of operating lease liabilities 11 (1 ) 11 4 Income tax receivable and payable 42 43 44 25 $ 133 $ 22 $ (213 ) $ (35 )
Non-Cash Activities	B) Non-Cash Activities Three Months Ended Six Months Ended June 30, June 30, 2022 2021 2022 2021 Non-Cash Operating Activities ROU operating lease assets and liabilities $ (28 ) $ (5 ) $ (52 ) $ (18 ) Non-Cash Investing Activities Property, plant and equipment accruals $ 5 (67 ) $ 46 $ (37 ) Capitalized long-term incentives (2 ) 7 3 7 Property additions/dispositions (swaps) 32 2 36 6 Contingent consideration (See Note 7) - 6 - 6

Commitments and Contingencies (

Commitments and Contingencies (Tables)	6 Months Ended
	Jun. 30, 2022
Commitments And Contingencies Disclosure [Abstract]
Commitments	The following table outlines the Company’s commitments as at June 30, 2022: Expected Future Payments (undiscounted) 2022 2023 2024 2025 2026 Thereafter Total Transportation and Processing $ 370 $ 740 $ 585 $ 441 $ 426 $ 1,921 $ 4,483 Drilling and Field Services 132 40 - - - - 172 Building Leases 4 9 9 8 2 - 32 Total $ 506 $ 789 $ 594 $ 449 $ 428 $ 1,921 $ 4,687

Segmented Information (Segment

Segmented Information (Segment and Geographical Information) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Segment Reporting Information [Line Items]
Product and service revenues	$ 4,014	$ 2,473	$ 7,421	$ 4,720
Gains (losses) on risk management, net	(295)	(799)	(1,753)	(1,226)
Sublease revenues	17	18	35	36
Total Revenues	3,736	1,692	5,703	3,530
Production, mineral and other taxes	118	73	212	133
Transportation and processing	453	418	859	797
Operating	180	149	368	313
Purchased product	1,115	733	2,181	1,337
Depreciation, depletion and amortization	278	311	542	619
Accretion of asset retirement obligation	5	6	10	12
Administrative	71	123	215	245
Total Operating Expenses	2,220	1,813	4,387	3,456
Operating Income (Loss)	1,516	(121)	1,316	74
Interest	91	99	165	186
Foreign exchange (gain) loss, net	3	(8)	2	(15)
Other (gains) losses, net	0	(7)	(27)	(25)
Total Other (Income) Expenses	94	84	140	146
Net Earnings (Loss) Before Income Tax	1,422	(205)	1,176	(72)
Income tax expense (recovery)	65	0	60	(176)
Net Earnings (Loss)	1,357	(205)	1,116	104
Operating Segments [Member] | USA Operations [Member]
Segment Reporting Information [Line Items]
Product and service revenues	1,925	1,155	3,472	2,173
Gains (losses) on risk management, net	(383)	(188)	(602)	(324)
Sublease revenues	0	0	0	0
Total Revenues	1,542	967	2,870	1,849
Production, mineral and other taxes	115	69	205	124
Transportation and processing	159	126	294	239
Operating	149	117	291	246
Purchased product	0	0	0	0
Depreciation, depletion and amortization	217	220	417	428
Total Operating Expenses	640	532	1,207	1,037
Operating Income (Loss)	902	435	1,663	812
Operating Segments [Member] | Canadian Operations [Member]
Segment Reporting Information [Line Items]
Product and service revenues	962	570	1,740	1,147
Gains (losses) on risk management, net	(425)	(35)	(652)	(57)
Sublease revenues	0	0	0	0
Total Revenues	537	535	1,088	1,090
Production, mineral and other taxes	3	4	7	9
Transportation and processing	253	248	484	472
Operating	25	25	62	53
Purchased product	0	0	0	0
Depreciation, depletion and amortization	56	89	115	182
Total Operating Expenses	337	366	668	716
Operating Income (Loss)	200	169	420	374
Operating Segments [Member] | Market Optimization [Member]
Segment Reporting Information [Line Items]
Product and service revenues	1,127	748	2,209	1,400
Gains (losses) on risk management, net	0	0	0	2
Sublease revenues	0	0	0	0
Total Revenues	1,127	748	2,209	1,402
Production, mineral and other taxes	0	0	0	0
Transportation and processing	41	44	81	86
Operating	6	7	15	14
Purchased product	1,115	733	2,181	1,337
Depreciation, depletion and amortization	0	0	0	0
Total Operating Expenses	1,162	784	2,277	1,437
Operating Income (Loss)	(35)	(36)	(68)	(35)
Corporate & Other [Member]
Segment Reporting Information [Line Items]
Product and service revenues	0	0	0	0
Gains (losses) on risk management, net	513	(576)	(499)	(847)
Sublease revenues	17	18	35	36
Total Revenues	530	(558)	(464)	(811)
Production, mineral and other taxes	0	0	0	0
Transportation and processing	0	0	0	0
Operating	0	0	0	0
Purchased product	0	0	0	0
Depreciation, depletion and amortization	5	2	10	9
Accretion of asset retirement obligation	5	6	10	12
Administrative	71	123	215	245
Total Operating Expenses	81	131	235	266
Operating Income (Loss)	$ 449	$ (689)	$ (699)	$ (1,077)

Segmented Information (Schedule

Segmented Information (Schedule of Marketing Intersegment Eliminations) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Product Information [Line Items]
Revenues	$ 3,736	$ 1,692	$ 5,703	$ 3,530
Transportation and processing	453	418	859	797
Operating	180	149	368	313
Purchased product	1,115	733	2,181	1,337
Operating Income (Loss)	1,516	(121)	1,316	74
Market Optimization [Member] | Operating Segments [Member]
Product Information [Line Items]
Revenues	1,127	748	2,209	1,402
Transportation and processing	41	44	81	86
Operating	6	7	15	14
Purchased product	1,115	733	2,181	1,337
Operating Income (Loss)	(35)	(36)	(68)	(35)
Market Optimization [Member] | Reportable Subsegments [Member] | Marketing Sales [Member]
Product Information [Line Items]
Revenues	4,346	2,613	7,769	4,781
Transportation and processing	161	149	313	286
Operating	6	7	15	14
Purchased product	4,213	2,492	7,508	4,515
Operating Income (Loss)	(34)	(35)	(67)	(34)
Market Optimization [Member] | Intersubsegment Eliminations
Product Information [Line Items]
Revenues	(3,219)	(1,865)	(5,560)	(3,379)
Transportation and processing	(120)	(105)	(232)	(200)
Operating	0	0	0	0
Purchased product	(3,098)	(1,759)	(5,327)	(3,178)
Operating Income (Loss)	$ (1)	$ (1)	$ (1)	$ (1)

Segmented Information (Capital

Segmented Information (Capital Expenditures by Segment) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Segment Reporting Information [Line Items]
Capital Expenditures	$ 511	$ 383	$ 962	$ 733
Operating Segments [Member] | USA Operations [Member]
Segment Reporting Information [Line Items]
Capital Expenditures	410	279	782	540
Operating Segments [Member] | Canadian Operations [Member]
Segment Reporting Information [Line Items]
Capital Expenditures	101	103	179	192
Corporate & Other [Member]
Segment Reporting Information [Line Items]
Capital Expenditures	$ 0	$ 1	$ 1	$ 1

Segmented Information (Goodwill

Segmented Information (Goodwill, Property, Plant and Equipment and Total Assets by Segment) (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Segment Reporting, Asset Reconciling Item [Line Items]
Goodwill	$ 2,617	$ 2,628
Property, Plant and Equipment	9,194	8,761
Total Assets	14,923	14,055
Operating Segments [Member] | USA Operations [Member]
Segment Reporting, Asset Reconciling Item [Line Items]
Goodwill	1,938	1,938
Property, Plant and Equipment	8,017	7,623
Total Assets	11,091	10,345
Operating Segments [Member] | Canadian Operations [Member]
Segment Reporting, Asset Reconciling Item [Line Items]
Goodwill	679	690
Property, Plant and Equipment	1,001	951
Total Assets	2,113	1,932
Operating Segments [Member] | Market Optimization [Member]
Segment Reporting, Asset Reconciling Item [Line Items]
Goodwill	0	0
Property, Plant and Equipment	0	0
Total Assets	468	300
Corporate & Other [Member]
Segment Reporting, Asset Reconciling Item [Line Items]
Goodwill	0	0
Property, Plant and Equipment	176	187
Total Assets	$ 1,251	$ 1,478

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, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Disaggregation of Revenue [Line Items]
Product revenues	$ 4,014	$ 2,473	$ 7,421	$ 4,720
Operating Segments [Member] | USA Operations Excluding Intercompany Segment Transactions [Member]
Disaggregation of Revenue [Line Items]
Product revenues	1,928	1,158	3,481	2,180
Operating Segments [Member] | Canadian Operations Excluding Intercompany Segment Transactions [Member]
Disaggregation of Revenue [Line Items]
Product revenues	964	574	1,746	1,153
Operating Segments [Member] | Market Optimization Excluding Intercompany Segment Transactions [Member]
Disaggregation of Revenue [Line Items]
Product revenues	1,122	741	2,194	1,387
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	2,245	1,464	4,211	2,595
Oil [Member] | Operating Segments [Member] | Product Revenues Including Sale of Product Purchased from Third Parties [Member] | USA Operations Excluding Intercompany Segment Transactions [Member]
Disaggregation of Revenue [Line Items]
Product revenues	1,313	861	2,393	1,602
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	1	1	6
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	931	602	1,817	987
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	703	475	1,335	904
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	312	179	579	337
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	383	285	745	541
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	8	11	11	26
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	1,066	532	1,874	1,213
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	302	118	508	241
Natural Gas [Member] | Operating Segments [Member] | Product Revenues Including Sale of Product Purchased from Third Parties [Member] | Canadian Operations Excluding Intercompany Segment Transactions [Member]
Disaggregation of Revenue [Line Items]
Product revenues	581	286	1,000	603
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	183	128	366	369
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	0	2	1	8
Natural Gas Gathering and Processing [Member] | Operating Segments [Member] | USA Operations Excluding Intercompany Segment Transactions [Member]
Disaggregation of Revenue [Line Items]
Product revenues	1	0	1	0
Natural Gas Gathering and Processing [Member] | Operating Segments [Member] | Canadian Operations Excluding Intercompany Segment Transactions [Member]
Disaggregation of Revenue [Line Items]
Product revenues	(1)	2	0	3
Natural Gas Gathering and Processing [Member] | Operating Segments [Member] | Market Optimization Excluding Intercompany Segment Transactions [Member]
Disaggregation of Revenue [Line Items]
Product revenues	0	0	0	5
Natural Gas Gathering and Processing [Member] | Corporate & Other [Member]
Disaggregation of Revenue [Line Items]
Product revenues	$ 0	$ 0	$ 0	$ 0

Revenues from Contracts with _4

Revenues from Contracts with Customers (Narrative) (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2022	Dec. 31, 2021
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	1,677	$ 1,070
Revenue, remaining performance obligation	$ 0
Description of payment terms	As the period between when the product sales are transferred and Ovintiv receives payments is generally 30 to 60 days, there is no financing element associated with customer contracts.

Interest (Details)

Interest (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Interest Expense [Abstract]
Interest Expense on Debt	$ 88	$ 93	$ 158	$ 177
Interest on Finance Leases	1	0	1	2
Interest - Other	2	6	6	7
Interest	$ 91	$ 99	$ 165	$ 186

Interest (Narrative) (Details)

Interest (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Schedule Of Interest Expense [Line Items]
Interest expense on debt	$ 88	$ 93	$ 158	$ 177
5.625% Senior Notes [Member] | Senior Notes, Due July 01, 2024 [Member]
Schedule Of Interest Expense [Line Items]
Interest expense on debt	47		47
Non-cash fair value amortization	$ 30		$ 30
5.75% Senior Notes [Member] | Senior Notes, Due January 30, 2022 [Member]
Schedule Of Interest Expense [Line Items]
Interest expense on debt		$ 19		$ 19

Foreign Exchange (Gain) Loss,_3

Foreign Exchange (Gain) Loss, Net (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Schedule Of Foreign Exchange Transactions [Line Items]
Unrealized Foreign Exchange (Gain) Loss	$ 7	$ 4	$ 4	$ 6
Foreign Exchange (Gain) Loss, Net	3	(8)	2	(15)
Translation of U.S. Dollar Debt Issued From Canada [Member]
Schedule Of Foreign Exchange Transactions [Line Items]
Unrealized Foreign Exchange (Gain) Loss	0	0	0	1
Foreign Exchange on Settlements	0	(3)	(1)	(9)
Translation of U.S. Dollar Risk Management Contracts Issued From Canada [Member]
Schedule Of Foreign Exchange Transactions [Line Items]
Unrealized Foreign Exchange (Gain) Loss	7	4	4	5
Foreign Exchange on Settlements	(1)	(11)	(2)	(18)
Other Monetary Revaluations [Member]
Schedule Of Foreign Exchange Transactions [Line Items]
Foreign Exchange on Settlements	$ (3)	$ 2	$ 1	$ 6

Income Taxes (Provision For Inc

Income Taxes (Provision For Income Taxes) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Total Current Tax Expense (Recovery)	$ 7	$ 0	$ 10	$ (156)
Total Deferred Tax Expense (Recovery)	58	0	50	(20)
Income Tax Expense (Recovery)	$ 65	$ 0	$ 60	$ (176)
Effective Tax Rate	4.60%	0%	5.10%	244.40%
United States [Member]
Total Current Tax Expense (Recovery)	$ 7	$ 0	$ 10	$ 0
Total Deferred Tax Expense (Recovery)	17	0	0	0
Canada [Member]
Total Current Tax Expense (Recovery)	0	0	0	(156)
Total Deferred Tax Expense (Recovery)	$ 41	$ 0	$ 50	$ (20)

Income Taxes (Narrative) (Detai

Income Taxes (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Income Tax Disclosure [Line Items]
Reduction of unrecognized tax benefits				$ 222
Increase (Reduction) in valuation allowance				$ (66)
Effective Tax Rate	4.60%	0%	5.10%	244.40%
United States [Member]
Income Tax Disclosure [Line Items]
Statutory Tax Rate			21%	21%
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, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Acquisitions and Divestitures [Line Items]
Acquisitions	$ 7	$ 2	$ 22	$ 3
Divestitures	(4)	(1,023)	(5)	(1,025)
Net Acquisitions and Divestitures	3	(1,021)	17	(1,022)
Operating Segments [Member] | USA Operations [Member]
Acquisitions and Divestitures [Line Items]
Acquisitions	7	2	22	3
Divestitures	(2)	(773)	(3)	(774)
Operating Segments [Member] | Canadian Operations [Member]
Acquisitions and Divestitures [Line Items]
Divestitures	$ (2)	$ (250)	$ (2)	$ (251)

Acquisitions and Divestitures_3

Acquisitions and Divestitures (Narrative) (Details) $ in Millions, $ in Millions	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2022 USD ($)	Jun. 30, 2021 USD ($)	Jun. 30, 2022 USD ($)	Jun. 30, 2021 USD ($)	Dec. 31, 2022 CAD ($) $ / bbl	Dec. 31, 2021 CAD ($) $ / bbl
Acquisitions and Divestitures [Line Items]
Acquisitions	$ 7	$ 2	$ 22	$ 3
Divestitures	4	1,023	5	1,025
Duvernay Assets [Member]
Acquisitions and Divestitures [Line Items]
Contingent consideration receivable						$ 5
Duvernay Assets [Member] | Scenario Forecast [Member]
Acquisitions and Divestitures [Line Items]
Contingent consideration receivable					$ 10
Duvernay Assets [Member] | WTI [Member] | Minimum [Member]
Acquisitions and Divestitures [Line Items]
Reference Price | $ / bbl						56
Duvernay Assets [Member] | WTI [Member] | Minimum [Member] | Scenario Forecast [Member]
Acquisitions and Divestitures [Line Items]
Reference Price | $ / bbl					62
USA Operations [Member] | Operating Segments [Member]
Acquisitions and Divestitures [Line Items]
Acquisitions	7	2	22	3
Divestitures	2	773	3	774
Canadian Operations [Member] | Operating Segments [Member]
Acquisitions and Divestitures [Line Items]
Divestitures	$ 2	$ 250	$ 2	$ 251

Property, Plant and Equipment_3

Property, Plant and Equipment, Net (Schedule Of Property, Plant And Equipment) (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Cost	$ 59,036	$ 58,322
Less: Accumulated depreciation, depletion and amortization	(49,842)	(49,561)
Property, plant and equipment, net	9,194	8,761
Operating Segments [Member] | USA Operations [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Cost	41,852	41,041
Less: Accumulated depreciation, depletion and amortization	(33,835)	(33,418)
Property, plant and equipment, net	8,017	7,623
Operating Segments [Member] | Canadian Operations [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Cost	16,314	16,401
Less: Accumulated depreciation, depletion and amortization	(15,313)	(15,450)
Property, plant and equipment, net	1,001	951
Operating Segments [Member] | Market Optimization [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, net	0	0
Corporate & Other [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, net	176	187
Proved Properties [Member] | Operating Segments [Member] | USA Operations [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Cost	40,365	39,145
Less: Accumulated depreciation, depletion and amortization	(33,835)	(33,418)
Property, plant and equipment, net	6,530	5,727
Proved Properties [Member] | Operating Segments [Member] | Canadian Operations [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Cost	16,249	16,330
Less: Accumulated depreciation, depletion and amortization	(15,313)	(15,450)
Property, plant and equipment, net	936	880
Unproved Properties [Member] | Operating Segments [Member] | USA Operations [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Cost	1,465	1,884
Less: Accumulated depreciation, depletion and amortization	0	0
Property, plant and equipment, net	1,465	1,884
Unproved Properties [Member] | Operating Segments [Member] | Canadian Operations [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Cost	54	60
Less: Accumulated depreciation, depletion and amortization	0	0
Property, plant and equipment, net	54	60
Other Capitalized Property Plant and Equipment [Member] | Operating Segments [Member] | USA Operations [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Cost	22	12
Less: Accumulated depreciation, depletion and amortization	0	0
Property, plant and equipment, net	22	12
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	11
Less: Accumulated depreciation, depletion and amortization	0	0
Property, plant and equipment, net	11	11
Other Capitalized Property Plant and Equipment [Member] | Operating Segments [Member] | Market Optimization [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Cost	7	7
Less: Accumulated depreciation, depletion and amortization	(7)	(7)
Property, plant and equipment, net	0	0
Other Capitalized Property Plant and Equipment [Member] | Corporate & Other [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Cost	863	873
Less: Accumulated depreciation, depletion and amortization	(687)	(686)
Property, plant and equipment, net	$ 176	$ 187

Property, Plant and Equipment_4

Property, Plant and Equipment, Net (Narrative) (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Property Plant And Equipment [Abstract]
Internal Costs Capitalized	$ 89	$ 86

Leases (Schedule of Estimated F

Leases (Schedule of Estimated Future Sublease Income) (Details) $ in Millions	6 Months Ended
	Jun. 30, 2022 USD ($)
Leases [Abstract]
2022	$ 23
2023	50
2024	52
2025	52
2026	53
Thereafter	485
Total	$ 715

Leases (Narrative) (Details)

Leases (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Leases [Abstract]
Operating lease income	$ 12	$ 14	$ 25	$ 27
Variable lease income	$ 5	$ 4	$ 10	$ 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, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Revolving credit and term loan borrowings	$ 215	$ 0
Total Principal	3,895	4,741
Increase in Value of Debt Acquired	37	77
Unamortized Debt Discounts and Issuance Costs	(30)	(32)
Total Long-Term Debt	3,902	4,786
Current Portion	215	0
Long-Term Debt	3,687	4,786
5.625% Unsecured Notes [Member] | Unsecured Notes, Due July 1, 2024 [Member]
Debt Instrument [Line Items]
Unsecured Debt	$ 0	$ 1,000
Debt Instrument, Interest Rate, Stated Percentage	5.625%	5.625%
Debt Instrument, Maturity Date	Jul. 01, 2024	Jul. 01, 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. 01, 2026	Jan. 01, 2026
8.125% Unsecured Notes [Member] | Unsecured Notes, Due September 15, 2030 [Member]
Debt Instrument [Line Items]
Unsecured Debt	$ 300	$ 300
Debt Instrument, Interest Rate, Stated Percentage	8.125%	8.125%
Debt Instrument, Maturity Date	Sep. 15, 2030	Sep. 15, 2030
7.20% Unsecured Notes [Member] | Unsecured Notes, Due November 1, 2031 [Member]
Debt Instrument [Line Items]
Unsecured Debt	$ 350	$ 350
Debt Instrument, Interest Rate, Stated Percentage	7.20%	7.20%
Debt Instrument, Maturity Date	Nov. 01, 2031	Nov. 01, 2031
7.375% Unsecured Notes [Member] | Unsecured Notes, Due November 1, 2031 [Member]
Debt Instrument [Line Items]
Unsecured Debt	$ 500	$ 500
Debt Instrument, Interest Rate, Stated Percentage	7.375%	7.375%
Debt Instrument, Maturity Date	Nov. 01, 2031	Nov. 01, 2031
6.50% Unsecured Notes [Member] | Unsecured Notes, Due August 15, 2034 [Member]
Debt Instrument [Line Items]
Unsecured Debt	$ 737	$ 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	$ 473	$ 488
Debt Instrument, Interest Rate, Stated Percentage	6.50%	6.50%
Debt Instrument, Maturity Date	Feb. 01, 2038	Feb. 01, 2038
6.625% Unsecured Notes [Member] | Unsecured Notes, Due August 15, 2037 [Member]
Debt Instrument [Line Items]
Unsecured Debt	$ 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	$ 170	$ 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, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Debt Instrument [Line Items]
Debt instrument repurchased face amount			$ 61
Aggregate cash payment for repurchased debt	$ 1,103	$ 619	1,109	$ 619
One-time make-whole payment included in interest expense	88	$ 93	158	$ 177
Long-term debt current	215		215		$ 0
Long-term debt carrying value	3,902		3,902		4,786
Long-term debt, fair value	4,094		4,094		$ 5,804
Commercial Paper [Member]
Debt Instrument [Line Items]
Long-term debt current	$ 215		$ 215
Weighted average interest rate	2.47%		2.47%
5.625% Unsecured Notes [Member] | Unsecured Notes, Due July 1, 2024 [Member]
Debt Instrument [Line Items]
Debt instrument interest rate stated percentage	5.625%		5.625%		5.625%
Debt instrument maturity date			Jul. 01, 2024		Jul. 01, 2024
Debt instrument repurchased face amount	$ 1,000
Aggregate cash payment for repurchased debt	1,072
Accrued and unpaid interest	25
One-time make-whole payment included in interest expense	$ 47
6.50% Unsecured Notes [Member] | Unsecured Notes, Due August 15, 2034 [Member]
Debt Instrument [Line Items]
Debt instrument interest rate stated percentage	6.50%		6.50%		6.50%
Debt instrument maturity date			Aug. 15, 2034		Aug. 15, 2034
Debt instrument repurchased face amount			$ 13
6.50% Unsecured Notes [Member] | Unsecured Notes, Due February 1, 2038 [Member]
Debt Instrument [Line Items]
Debt instrument interest rate stated percentage	6.50%		6.50%		6.50%
Debt instrument maturity date			Feb. 01, 2038		Feb. 01, 2038
Debt instrument repurchased face amount			$ 15
5.15% Unsecured Notes [Member] | Unsecured Notes, Due November 15, 2041 [Member]
Debt Instrument [Line Items]
Debt instrument interest rate stated percentage	5.15%		5.15%		5.15%
Debt instrument maturity date			Nov. 15, 2041		Nov. 15, 2041
Debt instrument repurchased face amount			$ 33
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%
Debt instrument maturity date				Jan. 30, 2022
Debt instrument repurchased face amount		$ 600
Aggregate cash payment for repurchased debt		632
Accrued and unpaid interest		13
One-time make-whole payment included in interest expense		$ 19

Other Liabilities and Provisi_3

Other Liabilities and Provisions (Schedule of Other Liabilities and Provisions) (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Other Liabilities And Provisions [Line Items]
Obligation under Finance Lease	$ 30	$ 33
Pensions and Other Post-Employment Benefits	101	104
Long-Term Incentives	7	36
Other Derivative Contracts, Liabilities	6	6
Other	11	12
Other Liabilities and Provisions	154	190
Other Liabilities and Provisions [Member]
Other Liabilities And Provisions [Line Items]
Other Derivative Contracts, Liabilities	$ 5	$ 5

Share Capital (Narrative) (Deta

Share Capital (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended		6 Months Ended		12 Months Ended
	Aug. 03, 2022	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021	Sep. 28, 2021
Class Of Stock [Line Items]
Common stock, shares authorized		750,000,000		750,000,000
Common stock, par value		$ 0.01		$ 0.01
Preferred stock, shares authorized		25,000,000		25,000,000
Preferred stock, par value		$ 0.01		$ 0.01
Preferred stock, shares outstanding		0		0
Common shares purchased, shares				4,500,000		3,100,000
Common shares purchased, value				$ 0		$ 0
Dividends on Common Shares		$ 64,000	$ 25,000	$ 116,000	$ 49,000
Common Stock, Dividends, Per Share, Paid		$ 0.25	$ 0.09375	$ 0.45	$ 0.1875
Common Stock, Dividends, Per Share, Declared		$ 0.25	$ 0.09375	$ 0.45	$ 0.1875
Subsequent Event [Member]
Class Of Stock [Line Items]
Dividends Payable, Date Declared	Aug. 03, 2022
Common Stock, Dividends, Per Share, Declared	$ 0.25
Dividends Payable, Date to be Paid	Sep. 30, 2022
Dividends Payable, Date of Record	Sep. 15, 2022
Share Capital [Member]
Class Of Stock [Line Items]
Dividends on Common Shares		$ 0	$ 0	$ 0	$ 0
Paid in Surplus [Member]
Class Of Stock [Line Items]
Dividends on Common Shares		$ 0	$ 0	$ 0	$ 0
Normal Course Issuer Bid [Member]
Class Of Stock [Line Items]
Common shares purchased, shares		2,800,000		4,500,000
Common shares purchased, value		$ 135,000		$ 206,000
Normal Course Issuer Bid [Member] | Share Capital [Member]
Class Of Stock [Line Items]
Common shares purchased, value		21		35
Normal Course Issuer Bid [Member] | Paid in Surplus [Member]
Class Of Stock [Line Items]
Common shares purchased, value		$ 135,000		$ 206,000
Normal Course Issuer Bid [Member] | Maximum [Member]
Class Of Stock [Line Items]
Stock repurchase program, number of shares authorized to be repurchased							26,000,000
PSU and RSU [Member]
Class Of Stock [Line Items]
Share based compensation arrangement by share based payment award equity instruments other than options grants vested In period				2,400,000		1,300,000

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, 2022	Dec. 31, 2021
Class Of Stock Disclosures [Abstract]
Shares of Common Stock Outstanding, Beginning of Year	258	259.8
Shares of Common Stock Purchased	(4.5)	(3.1)
Shares of Common Stock Issued	2.4	1.3
Shares of Common Stock Outstanding, End of Year	255.9	258
Shares of Common Stock Outstanding, Beginning of Year	$ 3	$ 3
Shares of Common Stock Purchased	0	0
Shares of Common Stock Issued	0	0
Shares of Common Stock Outstanding, End of Year	$ 3	$ 3

Share Capital (Earnings Per Com

Share Capital (Earnings Per Common Share) (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions		3 Months Ended		6 Months Ended
		Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Class Of Stock Disclosures [Abstract]
Net Earnings (Loss)		$ 1,357	$ (205)	$ 1,116	$ 104
Weighted average shares of common stock outstanding - Basic		257.2	261.1	257.3	260.6
Effect of dilutive securities	[1]	3.4	0	4.8	5.3
Weighted Average Shares of Common Stock Outstanding - Diluted		260.6	261.1	262.1	265.9
Net Earnings (Loss) per Share of Common Stock Basic		$ 5.28	$ (0.79)	$ 4.34	$ 0.40
Net Earnings (Loss) per Share of Common Stock Diluted	[1]	$ 5.21	$ (0.79)	$ 4.26	$ 0.39
[1]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 (Schedule of Accumulated Other Comprehensive Income) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Accumulated Other Comprehensive Income Loss Net Of Tax [Abstract]
Balance, Beginning of Period, Foreign Currency Translation Adjustment	$ 1,072	$ 1,061	$ 1,044	$ 1,042
Change in Foreign Currency Translation Adjustment	(59)	25	(31)	44
Balance, End of Period, Foreign currency translation adjustment	1,013	1,086	1,013	1,086
Pension and Other Post-Employment Benefit Plans
Balance, Beginning of Period	47	33	48	34
Amounts Reclassified from Other Comprehensive Income:
Reclassification of net actuarial (gains) and losses to net earnings	(3)	(3)	(4)	(4)
Income taxes	1	1	1	1
Balance, End of Period	45	31	45	31
Total Accumulated Other Comprehensive Income	$ 1,058	$ 1,117	$ 1,058	$ 1,117	$ 1,092

Variable Interest Entities (Nar

Variable Interest Entities (Narrative) (Details) $ in Millions	6 Months Ended
	Jun. 30, 2022 USD ($) MMcf	Dec. 31, 2021 USD ($)
Variable Interest Entity [Line Items]
Accounts payable and accrued liabilities, current	$ 2,463	$ 1,979
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	$ 1,616
Veresen Midstream Limited Partnership [Member] | Take or Pay Commitment [Member]
Variable Interest Entity [Line Items]
Accounts payable and accrued liabilities, current	$ 0.9
Veresen Midstream Limited Partnership [Member] | Natural gas gathering and compression [Member]
Variable Interest Entity [Line Items]
Contracted capacity volumes | MMcf	1,160
Veresen Midstream Limited Partnership [Member] | Natural gas processing [Member]
Variable Interest Entity [Line Items]
Contracted capacity volumes | MMcf	923
Veresen Midstream Limited Partnership [Member] | Minimum [Member]
Variable Interest Entity [Line Items]
Length of remaining terms, in years	9 years
Veresen Midstream Limited Partnership [Member] | Maximum [Member]
Variable Interest Entity [Line Items]
Length of remaining terms, in years	23 years
Length of renewal term, in years	10 years

Compensation Plans (Narrative)

Compensation Plans (Narrative) (Details) $ / shares in Units, $ in Millions	Jun. 30, 2022 USD ($) $ / shares	Jun. 30, 2022 $ / shares	Dec. 31, 2021 USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Liability for cash-settled share-based payment transactions	$ 105		$ 114
Liability for share-based payment recognized in accounts payable and accrued liabilities	98		78
Liability for share-based payment recognized in other liabilities and provisions	$ 7		$ 36
United States Of America Dollars [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average grant date fair value per share as of date of modification | $ / shares	$ 56.72
Canadian Dollar [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average grant date fair value per share as of date of modification | $ / shares		$ 72.17

Compensation Plans (Schedule of

Compensation Plans (Schedule of Weighted Average Assumptions Used to Fair Value Share Units) (Details)	6 Months Ended
	Jun. 30, 2022 $ / shares	Jun. 30, 2021 $ / shares	Jun. 30, 2022 $ / shares	Jun. 30, 2021 $ / shares
United States Of America Dollars [Member] | Stock Appreciation Rights (SARs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair Value Assumptions, Risk Free Interest Rate	3.12%	0.44%
Fair Value Assumptions, Dividend Yield	2.26%	1.19%
Fair Value Assumptions, Expected Volatility Rate	107.62%	105.96%
Fair Value Assumptions, Expected Term	1 year 8 months 12 days	1 year 8 months 12 days
Market Share Price	$ 44.19	$ 31.47
Weighted Average Grant Date Fair Value	$ 39.92	$ 36.98
Canadian Dollar [Member] | Tandem Stock Appreciation Rights (TSARs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair Value Assumptions, Risk Free Interest Rate	3.12%	0.44%
Fair Value Assumptions, Dividend Yield	2.23%	1.20%
Fair Value Assumptions, Expected Volatility Rate	106.01%	104.94%
Fair Value Assumptions, Expected Term	1 year 8 months 12 days	1 year 8 months 12 days
Market Share Price			$ 56.94	$ 39.07
Weighted Average Grant Date Fair Value			$ 56.97	$ 50.16

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, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total Compensation Costs of Transactions Classified as Cash-Settled	$ 1	$ 42	$ 90	$ 82
Total Compensation Costs of Transactions Classified as Equity-Settled	21	7	31	18
Less: Total Share-Based Compensation Costs Capitalized	(7)	(9)	(16)	(16)
Total Share-Based Compensation Expense	15	40	105	84
Operating Expense [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total Share-Based Compensation Expense	8	9	19	18
Administrative Expense [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total Share-Based Compensation Expense	$ 7	$ 31	$ 86	$ 66

Compensation Plans (Schedule _2

Compensation Plans (Schedule of Share-based Compensation, Activity) (Details) shares in Thousands	6 Months Ended
	Jun. 30, 2022 shares
Restricted Share Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period	1,408
Performance Share Units (PSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period	480
Deferred Share Units (DSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period	6

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, 2022	Jun. 30, 2021
Defined Benefit Plan Disclosure [Line Items]
Net Defined Periodic Benefit Cost	$ (2)	$ (1)
Defined Contribution Plan Expense	12	13
Total Benefit Plans Expense	10	12
Pension Benefits [Member]
Defined Benefit Plan Disclosure [Line Items]
Net Defined Periodic Benefit Cost	0	0
Defined Contribution Plan Expense	12	13
Total Benefit Plans Expense	12	13
OPEB [Member]
Defined Benefit Plan Disclosure [Line Items]
Net Defined Periodic Benefit Cost	(2)	(1)
Defined Contribution Plan Expense	0	0
Total Benefit Plans Expense	$ (2)	$ (1)

Pension and Other Post-Employ_4

Pension and Other Post-Employment Benefits (Narrative) (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Defined Benefit Plan Disclosure [Line Items]
Pension and Other Postretirement (Benefit) Expense	$ 10	$ 12
Operating Expense [Member]
Defined Benefit Plan Disclosure [Line Items]
Pension and Other Postretirement (Benefit) Expense	10	12
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)	$ (3)

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, 2022	Jun. 30, 2021
Defined Benefit Plan Disclosure [Line Items]
Service Cost	$ 1	$ 2
Interest Cost	4	4
Expected Return on Plan Assets	(3)	(3)
Amortization of net actuarial (gains) and losses	(4)	(4)
Total Net Defined Periodic Benefit Cost	(2)	(1)
Pension 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
Total Net Defined Periodic Benefit Cost	0	0
OPEB [Member]
Defined Benefit Plan Disclosure [Line Items]
Service Cost	1	2
Interest Cost	1	1
Expected Return on Plan Assets	0	0
Amortization of net actuarial (gains) and losses	(4)	(4)
Total Net Defined Periodic Benefit Cost	$ (2)	$ (1)

Fair Value Measurements (Schedu

Fair Value Measurements (Schedule Of Fair Value, Assets And Liabilities Measured On Recurring Basis) (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Risk Management Assets, Net, Current	$ 9	$ 1
Risk Management Assets, Net, Long-term	4	0
Risk Management Liabilities, Net, Current	1,228	703
Risk Management Liabilities, Net, Long-term	15	25
Other Derivative Contract Assets	7	9
Guarantor Obligations, Current Carrying Value	6	6
Other Liabilities and Provisions [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Guarantor Obligations, Current Carrying Value	5	5
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	5
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	5
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	7	9
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	7	9
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	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	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	7	9
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	46	10
Risk Management Assets, Gross Liabilities	(37)	(10)
Risk Management Assets, Net, Current	9	0
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	8	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	36	10
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	2	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	12	1
Risk Management Assets, Gross Liabilities	(8)	(1)
Risk Management Assets, Net, Long-term	4	0
Commodity Derivatives [Member] | Other Noncurrent Assets [Member] | Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Risk Management Assets, Gross assets	0	0
Commodity Derivatives [Member] | Other Noncurrent Assets [Member] | Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Risk Management Assets, Gross assets	10	1
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	2	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	1,266	717
Risk Management Liabilities, Gross Assets	(37)	(10)
Risk Management Liabilities, Net, Current	1,229	707
Commodity Derivatives [Member] | Other Current Liabilities [Member] | Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Risk Management Liabilities, Gross liabilities	0	0
Commodity Derivatives [Member] | Other Current Liabilities [Member] | Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Risk Management Liabilities, Gross liabilities	821	536
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	445	181
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	23	26
Risk Management Liabilities, Gross Assets	(8)	(1)
Risk Management Liabilities, Net, Long-term	15	25
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	22	26
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	1	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	1	5
Risk Management Assets, Gross Liabilities	(1)	(4)
Risk Management Assets, Net, Current	0	1
Foreign Currency Derivatives [Member] | Other Current Assets [Member] | Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Risk Management Assets, Gross assets	0	0
Foreign Currency Derivatives [Member] | Other Current Assets [Member] | Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Risk Management Assets, Gross assets	1	5
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	0
Risk Management Liabilities, Gross Assets	(1)	(4)
Risk Management Liabilities, Net, Current	(1)	(4)
Foreign Currency Derivatives [Member] | Other Current Liabilities [Member] | Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Risk Management Liabilities, Gross liabilities	0	0
Foreign Currency Derivatives [Member] | Other Current Liabilities [Member] | Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Risk Management Liabilities, Gross liabilities	0	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	$ 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, 2022	Jun. 30, 2021
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Abstract]
Balance, Beginning Balance	$ (172)	$ (74)
Total Gains (Losses)	(683)	(569)
Purchases, sales and issuances	0	6
Settlements	420	215
Transfers Out of Level 3	0	0
Balance, Ending Balance	(435)	(422)
Change in Unrealized Gains (Losses) During the Period Included in Net Earnings (Loss)	$ (263)	$ (354)

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, 2022
Minimum [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Inputs Commodity Price Volatility	14%
Maximum [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Inputs Commodity Price Volatility	83%
Weighted Average [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Inputs Commodity Price Volatility	57%

Fair Value Measurements (Narrat

Fair Value Measurements (Narrative) (Details) - USD ($) $ in Millions	6 Months Ended	12 Months Ended
	Jun. 30, 2022	Dec. 31, 2021
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	$ 10	$ 15

Financial Instruments and Ris_3

Financial Instruments and Risk Management (Narrative) (Details)	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2022 USD ($) contract $ / $	Jun. 30, 2021 USD ($)	Jun. 30, 2022 USD ($) contract $ / $	Jun. 30, 2021 USD ($)	Dec. 31, 2021 USD ($)
Derivative [Line Items]
Realized Gains on Derivatives	$ (807,000,000)	$ (212,000,000)	$ (1,252,000,000)	$ (361,000,000)
Unrealized Gains on Derivatives	$ 506,000,000	(582,000,000)	(503,000,000)	(855,000,000)
Credit risk, financial instrument, maximum exposure, based on gross fair value basis			66,000,000
Credit risk, financial instrument, maximum exposure, based on net fair value basis			$ 20,000,000
Number of credit risk derivatives held | contract	0		0
Collateral balances	$ 0		$ 0
Concentration risk, percentage			87%		90%
Guarantor Obligations, Current Carrying Value	6,000,000		$ 6,000,000		$ 6,000,000
Guarantor Obligations, Maximum Exposure, Undiscounted	46,000,000		$ 46,000,000
Maximum [Member]
Derivative [Line Items]
Guarantor obligations, expiration date			June 2024
Revenue [Member]
Derivative [Line Items]
Realized Gains on Derivatives	(808,000,000)	(223,000,000)	$ (1,254,000,000)	(379,000,000)
Unrealized Gains on Derivatives	513,000,000	(576,000,000)	(499,000,000)	(847,000,000)
Currency Swaps, Maturing Remainder Of Fiscal Year [Member]
Derivative [Line Items]
Foreign currency swap, contract amount outstanding	$ 200,000,000		$ 200,000,000
Derivative, average forward exchange rate | $ / $	1.2848		1.2848
Currency Swaps, Maturing in Next Twelve Months [Member]
Derivative [Line Items]
Foreign currency swap, contract amount outstanding	$ 150,000,000		$ 150,000,000
Derivative, average forward exchange rate | $ / $	1.2909		1.2909
Other Derivative Contracts [Member] | Revenue [Member]
Derivative [Line Items]
Realized Gains on Derivatives	$ 0	1,000,000	$ 2,000,000	1,000,000
Unrealized Gains on Derivatives	$ 0	$ 1,000,000	$ 0	$ 3,000,000

Financial Instruments and Ris_4

Financial Instruments and Risk Management (Risk Management Positions) (Details) $ in Millions	6 Months Ended
	Jun. 30, 2022 USD ($) $ / bbl $ / Mcf MMcf MBbls	Dec. 31, 2021 USD ($)
Derivative [Line Items]
Price Risk Derivatives, at Fair Value, Net	$ (475)
Other Derivative Contracts, Net	1
Foreign Currency Swaps, at Fair value, Net	1
Total Fair Value Position	$ (1,229)	$ (724)
Oil [Member] | WTI Fixed Price Contracts Maturing 2022 [Member]
Derivative [Line Items]
Derivative, Nonmonetary Notional Amount, Volumes/day | MBbls	5
Term	Dec. 31, 2022
Average Price, Fixed Price Contracts | $ / bbl	60.16
Price Risk Derivatives, at Fair Value, Net	$ (35)
Oil [Member] | WTI Three-Way Options Maturing 2023 [Member]
Derivative [Line Items]
Derivative, Nonmonetary Notional Amount, Volumes/day | MBbls	24.9
Term	Dec. 31, 2023
Price Risk Derivatives, at Fair Value, Net	$ (25)
Oil [Member] | WTI Three-Way Options Maturing 2023 [Member] | Sold [Member] | Call Option [Member]
Derivative [Line Items]
Average Price, Options/Collars | $ / bbl	116.34
Oil [Member] | WTI Three-Way Options Maturing 2023 [Member] | Sold [Member] | Put Option [Member]
Derivative [Line Items]
Average Price, Options/Collars | $ / bbl	50
Oil [Member] | WTI Three-Way Options Maturing 2023 [Member] | Bought [Member] | Put Option [Member]
Derivative [Line Items]
Average Price, Options/Collars | $ / bbl	65.51
Oil [Member] | WTI Three-Way Options Maturing 2022 [Member]
Derivative [Line Items]
Derivative, Nonmonetary Notional Amount, Volumes/day | MBbls	75
Term	Dec. 31, 2022
Price Risk Derivatives, at Fair Value, Net	$ (417)
Oil [Member] | WTI Three-Way Options Maturing 2022 [Member] | Sold [Member] | Call Option [Member]
Derivative [Line Items]
Average Price, Options/Collars | $ / bbl	70.79
Oil [Member] | WTI Three-Way Options Maturing 2022 [Member] | Sold [Member] | Put Option [Member]
Derivative [Line Items]
Average Price, Options/Collars | $ / bbl	49.33
Oil [Member] | WTI Three-Way Options Maturing 2022 [Member] | Bought [Member] | Put Option [Member]
Derivative [Line Items]
Average Price, Options/Collars | $ / bbl	60.82
Oil [Member] | Other Financial Positions [Member]
Derivative [Line Items]
Price Risk Derivatives, at Fair Value, Net	$ 1
Oil [Member] | Basis Contracts Maturing 2022 [Member]
Derivative [Line Items]
Term	Dec. 31, 2022
Price Risk Derivatives, at Fair Value, Net	$ 1
Natural Gas [Member] | Fair Value Position Excluding Unexpired Options [Member]
Derivative [Line Items]
Price Risk Derivatives, at Fair Value, Net	(756)
Natural Gas [Member] | Other Financial Positions [Member]
Derivative [Line Items]
Price Risk Derivatives, at Fair Value, Net	$ (1)
Natural Gas [Member] | Basis Contracts Maturing 2022 [Member]
Derivative [Line Items]
Term	Dec. 31, 2022
Price Risk Derivatives, at Fair Value, Net	$ (14)
Natural Gas [Member] | NYMEX Fixed Price Contracts Maturing 2022 [Member]
Derivative [Line Items]
Derivative, Nonmonetary Notional Amount, Volumes/day | MMcf	365
Term	Dec. 31, 2022
Average Price, Fixed Price Contracts | $ / Mcf	2.60
Price Risk Derivatives, at Fair Value, Net	$ (203)
Natural Gas [Member] | NYMEX Three-Way Options Maturing 2023 [Member]
Derivative [Line Items]
Derivative, Nonmonetary Notional Amount, Volumes/day | MMcf	246
Term	Dec. 31, 2023
Price Risk Derivatives, at Fair Value, Net	$ (21)
Natural Gas [Member] | NYMEX Three-Way Options Maturing 2023 [Member] | Sold [Member] | Call Option [Member]
Derivative [Line Items]
Average Price, Options/Collars | $ / Mcf	7.80
Natural Gas [Member] | NYMEX Three-Way Options Maturing 2023 [Member] | Sold [Member] | Put Option [Member]
Derivative [Line Items]
Average Price, Options/Collars | $ / Mcf	2.45
Natural Gas [Member] | NYMEX Three-Way Options Maturing 2023 [Member] | Bought [Member] | Put Option [Member]
Derivative [Line Items]
Average Price, Options/Collars | $ / Mcf	3.48
Natural Gas [Member] | NYMEX Costless Collars Maturing 2022 [Member]
Derivative [Line Items]
Derivative, Nonmonetary Notional Amount, Volumes/day | MMcf	200
Term	Dec. 31, 2022
Price Risk Derivatives, at Fair Value, Net	$ (103)
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 2023 [Member]
Derivative [Line Items]
Term	Dec. 31, 2023
Price Risk Derivatives, at Fair Value, Net	$ (7)
Natural Gas [Member] | Basis Contracts Maturing 2024 to 2025 [Member]
Derivative [Line Items]
Price Risk Derivatives, at Fair Value, Net	$ (8)
Natural Gas [Member] | NYMEX Three-Way Options Maturing 2022 [Member]
Derivative [Line Items]
Derivative, Nonmonetary Notional Amount, Volumes/day | MMcf	418
Term	Dec. 31, 2022
Price Risk Derivatives, at Fair Value, Net	$ (202)
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 Call Options Maturing 2022 [Member] | Sold [Member]
Derivative [Line Items]
Derivative, Nonmonetary Notional Amount, Volumes/day | MMcf	330
Term	Dec. 31, 2022
Price Risk Derivatives, at Fair Value, Net	$ (197)
Average Price, Options/Collars | $ / Mcf	2.38
Minimum [Member] | Currency Swap [Member]
Derivative [Line Items]
Term	Jan. 01, 2022
Minimum [Member] | Natural Gas [Member] | Basis Contracts Maturing 2024 to 2025 [Member]
Derivative [Line Items]
Term	Jan. 01, 2024
Maximum [Member] | Currency Swap [Member]
Derivative [Line Items]
Term	Dec. 31, 2023
Maximum [Member] | Natural Gas [Member] | Basis Contracts Maturing 2024 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, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Derivative Instruments, Gain (Loss) [Line Items]
Realized Gain (Loss) on Derivatives	$ (807)	$ (212)	$ (1,252)	$ (361)
Unrealized Gain (Loss) on Derivatives	506	(582)	(503)	(855)
Realized and Unrealized Gain (Loss) on Risk Management	(301)	(794)	(1,755)	(1,216)
Revenue [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Realized Gain (Loss) on Derivatives	(808)	(223)	(1,254)	(379)
Unrealized Gain (Loss) on Derivatives	513	(576)	(499)	(847)
Realized and Unrealized Gain (Loss) on Risk Management	(295)	(799)	(1,753)	(1,226)
Foreign Currency Gain (Loss) [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Realized Gain (Loss) on Derivatives	1	11	2	18
Unrealized Gain (Loss) on Derivatives	(7)	(6)	(4)	(8)
Realized and Unrealized Gain (Loss) on Risk Management	$ (6)	$ 5	$ (2)	$ 10

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, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Derivative [Line Items]
Fair Value of Contracts, Beginning of Year			$ (724)
Settlement of Other Derivative Contracts			(2)
Fair Value of Contracts Realized During the Period	$ 807	$ 212	1,252	$ 361
Fair Value of Contracts, End of Period	(1,229)		(1,229)
Unrealized Gain (Loss) on Derivatives	$ 506	$ (582)	(503)	(855)
Commodity Contract [Member]
Derivative [Line Items]
Increase (Decrease) in Derivative Assets and Liabilities			$ (1,755)	$ (1,216)

Financial Instruments and Ris_7

Financial Instruments and Risk Management (Unrealized Risk Management Positions) (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Derivatives, Fair Value [Line Items]
Risk Management, Current asset	$ 9	$ 1
Risk Management, Long-term asset	4	0
Risk Management, Total asset	13	1
Risk Management, Current liability	1,228	703
Risk Management, Long-term liability	15	25
Risk Management, Total liability	1,243	728
Other Derivative Contract Assets	7	9
Guarantor Obligations, Current Carrying Value	6	6
Risk Management and Other Derivative Guarantee, at Fair Value, Net	(1,229)	(724)
Accounts Receivable and Accrued Revenues [Member]
Derivatives, Fair Value [Line Items]
Other Derivative Contract Assets	7	9
Accounts Payable and Accrued Liabilities [Member]
Derivatives, Fair Value [Line Items]
Guarantor Obligations, Current Carrying Value	1	1
Other Liabilities and Provisions [Member]
Derivatives, Fair Value [Line Items]
Guarantor Obligations, Current Carrying Value	$ 5	$ 5

Supplementary Information (Net

Supplementary Information (Net Change in Non-Cash Working Capital) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Supplemental Cash Flow Elements [Abstract]
Accounts receivable and accrued revenues	$ (162)	$ (96)	$ (663)	$ (262)
Accounts payable and accrued liabilities	242	76	395	198
Current portion of operating lease liabilities	11	(1)	11	4
Income tax receivable and payable	42	43	44	25
Net change in non-cash working capital	$ 133	$ 22	$ (213)	$ (35)

Supplementary Information (Non-

Supplementary Information (Non-Cash Activity) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Non-Cash Operating Activities
ROU operating lease assets and liabilities	$ (28)	$ (5)	$ (52)	$ (18)
Non-Cash Investing Activities
Property, plant and equipment accruals	5	(67)	46	(37)
Capitalized long-term incentives	(2)	7	3	7
Property additions/dispositions (swaps)	32	2	36	6
Contingent consideration (See Note 7)	$ 0	$ 6	$ 0	$ 6

Commitments and Contingencies_2

Commitments and Contingencies (Details) $ in Millions	Jun. 30, 2022 USD ($)
Commitments [Line Items]
2022	$ 506
2023	789
2024	594
2025	449
2026	428
Thereafter	1,921
Total	4,687
Transportation and Processing Commitments [Member]
Commitments [Line Items]
2022	370
2023	740
2024	585
2025	441
2026	426
Thereafter	1,921
Total	4,483
Drilling and Field Services Commitments [Member]
Commitments [Line Items]
2022	132
2023	40
2024	0
2025	0
2026	0
Thereafter	0
Total	172
Building Leases [Member]
Commitments [Line Items]
2022	4
2023	9
2024	9
2025	8
2026	2
Thereafter	0
Total	$ 32