Ovintiv (OVV) 10-K 27 Feb 23 2022 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2022	Feb. 17, 2023	Jun. 30, 2022
Cover [Abstract]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2022
Document Fiscal Period Focus	FY
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 Shell Company	false
Entity Emerging Growth Company	false
Entity Common Stock, Shares Outstanding		243,643,104
Trading Symbol	OVV
Entity Well-known Seasoned Issuer	Yes
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Public Float			$ 11,306,868,256
Entity Interactive Data Current	Yes
Title of 12(b) Security	Common Shares
Security Exchange Name	NYSE
Entity File Number	001-39191
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	84-4427672
Entity Address, Address Line One	Suite 1700
Entity Address, Address Line Two	370 17th Street
Entity Address, City or Town	Denver
Entity Address, State or Province	CO
Entity Address, Country	US
Entity Address, Postal Zip Code	80202
City Area Code	303
Local Phone Number	623-2300
Document Annual Report	true
Document Transition Report	false
ICFR Auditor Attestation Flag	true
Auditor Firm ID	271
Auditor Name	PricewaterhouseCoopers LLP
Auditor Location	Calgary, Alberta, Canada
Documents Incorporated by Reference	The information required by Part III of this Annual Report on Form 10-K, to the extent not set forth herein, is incorporated herein by reference from the registrant’s definitive proxy statement relating to the Annual Meeting of Shareholders to be held in 2023, which definitive proxy statement shall be filed with the Securities and Exchange Commission within 120 days after the end of the fiscal year to which this Annual Report on Form 10-K relates.

Consolidated Statement of Earni

Consolidated Statement of Earnings - USD ($) shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Revenues
Product and service revenues	$ 14,263	$ 10,468	$ 5,509
Gains (losses) on risk management, net	(1,867)	(1,883)	507
Sublease revenues	68	73	71
Total Revenues	12,464	8,658	6,087
Operating Expenses
Production, mineral and other taxes	415	293	173
Transportation and processing	1,786	1,616	1,502
Operating	802	625	605
Purchased product	4,055	2,951	1,366
Depreciation, depletion and amortization	1,113	1,190	1,834
Impairments	0	0	5,580
Accretion of asset retirement obligation	18	22	29
Administrative	422	442	395
Total Operating Expenses	8,611	7,139	11,484
Operating Income (Loss)	3,853	1,519	(5,397)
Other (Income) Expenses
Interest	311	340	371
Foreign exchange (gain) loss, net	15	(23)	17
Other (gains) losses, net	(33)	(37)	(55)
Total Other (Income) Expenses	293	280	333
Net Earnings (Loss) Before Income Tax	3,560	1,239	(5,730)
Income tax expense (recovery)	(77)	(177)	367
Net Earnings (Loss)	$ 3,637	$ 1,416	$ (6,097)
Net Earnings (Loss) per Share of Common Stock
Basic	$ 14.34	$ 5.44	$ (23.47)
Diluted	$ 14.08	$ 5.32	$ (23.47)
Weighted Average Shares of Common Stock Outstanding (millions)
Basic	253.6	260.4	259.8
Diluted	258.4	266.4	259.8

Consolidated Statement of Compr

Consolidated Statement of Comprehensive Income - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Statement Of Income And Comprehensive Income [Abstract]
Net Earnings (Loss)	$ 3,637	$ 1,416	$ (6,097)
Other Comprehensive Income (Loss), Net of Tax
Foreign currency translation adjustment	(107)	2	38
Pension and other post-employment benefit plans	6	14	(8)
Other Comprehensive Income (Loss)	(101)	16	30
Comprehensive Income (Loss)	$ 3,536	$ 1,432	$ (6,067)

Consolidated Balance Sheet

Consolidated Balance Sheet - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Current Assets
Cash and cash equivalents	$ 5	$ 195
Accounts receivable and accrued revenues (net of allowances of $4 million (2021: $5 million))	1,594	1,294
Risk management	53	1
Income tax receivable	43	97
Total Current Assets	1,695	1,587
Oil and natural gas properties, based on full cost accounting
Proved properties	57,054	55,475
Unproved properties	1,172	1,944
Other	882	903
Property, plant and equipment	59,108	58,322
Less: Accumulated depreciation, depletion and amortization	(49,640)	(49,561)
Property, plant and equipment, net	9,468	8,761
Other Assets	1,004	1,079
Risk Management	34	0
Deferred Income Taxes	271	0
Goodwill	2,584	2,628
Total Assets	15,056	14,055
Current Liabilities
Accounts payable and accrued liabilities	2,221	1,979
Current portion of operating lease liabilities	76	62
Income tax payable	4	4
Risk management	86	703
Current portion of long-term debt	393	0
Total Current Liabilities	2,780	2,748
Long-Term Debt	3,177	4,786
Operating Lease Liabilities	814	889
Other Liabilities and Provisions	131	190
Risk Management	0	25
Asset Retirement Obligation	281	339
Deferred Income Taxes	184	4
Total Liabilities	7,367	8,981
Commitments and Contingencies
Shareholders’ Equity
Share capital - authorized 775 million shares of stock 2022 issued and outstanding: 245.7 million shares (2021: 258.0 million shares)	3	3
Paid in surplus	7,776	8,458
Retained earnings (Accumulated deficit)	(1,081)	(4,479)
Accumulated other comprehensive income	991	1,092
Total Shareholders’ Equity	7,689	5,074
Total Liabilities and Shareholders' Equity	$ 15,056	$ 14,055

Consolidated Balance Sheet (Par

Consolidated Balance Sheet (Parenthetical) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Statement Of Financial Position [Abstract]
Allowances for accounts receivable and accrued revenues	$ 4	$ 5
Share Capital, Authorized	775,000,000	775,000,000
Common Stock, Shares, Issued	245,700,000	258,000,000
Common Stock, Shares, Outstanding	245,700,000	258,000,000

Consolidated Statement of Chang

Consolidated Statement of Changes in Shareholders' Equity - 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, 2019	$ 9,930,000		$ 7,061,000		$ 1,402,000		$ 421,000		$ 1,046,000
Net Earnings (Loss)	(6,097,000)		0		0		(6,097,000)		0
Dividends on Shares of Common Stock	(97,000)		0		0		(97,000)		0
Shares of Common Stock Purchased under Normal Course Issuer Bid	0
Equity-Settled Compensation Costs	71,000		0		71,000		0		0
Other Comprehensive Income (Loss)	30,000		0		0		0		30,000
Reclassification of Share Capital due to the Reorganization	0		(7,058,000)		7,058,000		0		0
Balance, End of Period at Dec. 31, 2020	3,837,000		3,000		8,531,000		(5,773,000)		1,076,000
Net Earnings (Loss)	1,416,000		0		0		1,416,000		0
Dividends on Shares of Common Stock	(122,000)		0		0		(122,000)		0
Shares of Common Stock Purchased under Normal Course Issuer Bid	0	$ (111,000)		$ (28)		$ (111,000)		$ 0		$ 0
Equity-Settled Compensation Costs	38,000		0		38,000		0		0
Other Comprehensive Income (Loss)	16,000		0		0		0		16,000
Reclassification of Share Capital due to the Reorganization			0
Balance, End of Period at Dec. 31, 2021	5,074,000		3,000		8,458,000		(4,479,000)		1,092,000
Net Earnings (Loss)	3,637,000		0		0		3,637,000		0
Dividends on Shares of Common Stock	(239,000)		0		0				0
Shares of Common Stock Purchased under Normal Course Issuer Bid	0	$ (719,000)		$ (147)		$ (719,000)		$ 0		$ 0
Equity-Settled Compensation Costs	37,000		0		37,000		0		0
Other Comprehensive Income (Loss)	(101,000)		0		0		0		(101,000)
Reclassification of Share Capital due to the Reorganization			0
Balance, End of Period at Dec. 31, 2022	$ 7,689,000		$ 3,000		$ 7,776,000		$ (1,081,000)		$ 991,000

Consolidated Statement of Cha_2

Consolidated Statement of Changes in Shareholders' Equity (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Statement Of Stockholders Equity [Abstract]
Dividends on Shares of Common Stock, per share	$ 0.95	$ 0.4675	$ 0.375

Consolidated Statement of Cash

Consolidated Statement of Cash Flows - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Operating Activities
Net earnings (loss)	$ 3,637	$ 1,416	$ (6,097)
Depreciation, depletion and amortization	1,113	1,190	1,834
Impairments	0	0	5,580
Accretion of asset retirement obligation	18	22	29
Deferred income taxes	(87)	(21)	381
Unrealized (gain) loss on risk management	(741)	488	204
Unrealized foreign exchange (gain) loss	14	21	11
Foreign exchange (gain) loss on settlements	8	(11)	6
Other	148	104	(19)
Net change in other assets and liabilities	(57)	(39)	(173)
Net change in non-cash working capital	(187)	(41)	139
Cash From (Used in) Operating Activities	3,866	3,129	1,895
Investing Activities
Capital expenditures	(1,831)	(1,519)	(1,736)
Acquisitions	(286)	(11)	(19)
Proceeds from divestitures	228	1,025	89
Net change in investments and other	103	(20)	(198)
Cash From (Used in) Investing Activities	(1,786)	(525)	(1,864)
Financing Activities
Net issuance (repayment) of revolving long-term debt	393	(950)	252
Repayment of long-term debt	(1,634)	(1,137)	(272)
Purchase of shares of common stock	(719)	(111)	0
Dividends on shares of common stock	(239)	(122)	(97)
Finance lease payments and other	(69)	(99)	(89)
Cash From (Used in) Financing Activities	(2,268)	(2,419)	(206)
Foreign Exchange Gain (Loss) on Cash, Cash Equivalents and Restricted Cash Held in Foreign Currency	(2)	0	(5)
Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash	(190)	185	(180)
Cash, Cash Equivalents and Restricted Cash, Beginning of Year	195	10	190
Cash, Cash Equivalents and Restricted Cash, End of Year	5	195	10
Cash, End of Year	5	26	9
Cash Equivalents, End of Year	0	169	1
Restricted Cash, End of Year	$ 0	$ 0	$ 0

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2022
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	1. Summary of Significant Accounting Policies A) NATURE OF OPERATIONS Ovintiv Inc. and its subsidiaries (collectively, “Ovintiv”) are in the business of the exploration for, the development of, and the production and marketing of oil, NGLs and natural gas. On January 24, 2020, Encana Corporation (“Encana”) completed a corporate reorganization, which included a plan of arrangement (the “Arrangement”) that involved, among other things, Ovintiv Inc. ultimately acquiring all of the issued and outstanding common shares of Encana in exchange for shares of common stock of Ovintiv Inc. on a one-for-one basis. Following completion of the Arrangement, Ovintiv Inc. migrated from Canada and became a Delaware corporation, domiciled in the U.S. (the “U.S. Domestication”). The Arrangement and the U.S. Domestication together are referred to as the “Reorganization”. B) BASIS OF PRESENTATION The Consolidated Financial Statements include the accounts of Ovintiv and are presented in conformity with U.S. GAAP and the rules and regulations of the SEC. In these Consolidated Financial Statements, unless otherwise indicated, all dollar amounts are expressed in U.S. dollars. Following the U.S. Domestication on January 24, 2020, the functional currency of Ovintiv Inc. became U.S. dollars, and accordingly, the financial results herein are consolidated and reported in U.S. dollars. All references to US$ or to $ are to United States dollars and references to C$ are to Canadian dollars. The Arrangement, as described above, was accounted for as a reorganization of entities under common control. Accordingly, the resulting transactions were recognized using historical carrying amounts. On January 24, 2020, Ovintiv became the reporting entity upon completion of the Reorganization. C) PRINCIPLES OF CONSOLIDATION The Consolidated Financial Statements include the accounts of Ovintiv and entities in which it holds a controlling interest. D) FOREIGN CURRENCY TRANSLATION Monetary assets and liabilities of the Company that are denominated in foreign currencies are translated at the rates of exchange in effect at the period end date. Any gains or losses are recorded in the Consolidated Statement of Earnings. Foreign currency revenues and expenses are translated at the rates of exchange in effect at the time of the transaction. Assets and liabilities of foreign operations are translated at period end exchange rates, while the related revenues and expenses are translated using average rates during the period. Translation gains and losses relating to foreign operations are included in accumulated other comprehensive income (“AOCI”). Recognition of Ovintiv’s accumulated translation gains and losses into net earnings occurs upon complete or substantially complete liquidation of the Company’s investment in the foreign operation. E) USE OF ESTIMATES Preparation of the Consolidated Financial Statements in conformity with U.S. GAAP requires Management to make informed estimates and assumptions and use judgments that affect reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the Consolidated Financial Statements and the reported amounts of revenues and expenses during the period. Such estimates primarily relate to unsettled transactions and events as of the date of the Consolidated Financial Statements. Accordingly, actual results may differ from estimated amounts as future events occur. Significant items subject to estimates and assumptions are: • Estimates of proved reserves used for depletion and ceiling test impairment calculations • Estimated fair value of long-term assets used for impairment calculations • Fair value of reporting units used for the assessment of goodwill • Estimates of future taxable earnings used to assess the realizable value of deferred tax assets • Estimates of incremental borrowing rates and lease terms used in the measurement of right-of-use (“ROU”) assets and lease liabilities • Fair value of asset retirement costs and related obligations • Fair value of derivative instruments • Fair value attributed to assets acquired and liabilities assumed in business combinations • Tax interpretations, regulations and legislation in the various jurisdictions in which the Company and its subsidiaries operate • Accruals for long-term performance-based compensation arrangements, including whether or not the performance criteria will be met and measurement of the ultimate payout amount • Recognized values of pension assets and obligations, as well as the pension costs charged to net earnings, depend on certain actuarial and economic assumptions • Accruals for legal claims, environmental risks and exposures F) REVENUES FROM CONTRACTS WITH CUSTOMERS Revenues from contracts with customers associated with Ovintiv’s oil, NGLs and natural gas and third-party processing and gathering are recognized when control of the good or service is transferred to the customer, and title or risk of loss transfers to the customer. Transaction prices are determined at inception of the contract and allocated to the performance obligations identified. Variable consideration is estimated and included in the transaction price, unless the variable consideration is constrained. For product sales, the performance obligations are satisfied at a point in time when the product is delivered to the customer and control is transferred. Payment from the customer is due when the product is delivered to the custody point. Revenues for product sales are presented on an after-royalties basis. For arrangements to gather and process natural gas for third parties, performance obligations are satisfied over time as the service is provided to the customer. Payment from the customer is due when the customer receives the benefit of the service and the product is delivered to the custody point or plant tailgate. Revenues associated with services provided where Ovintiv acts as agent are recorded on a net basis. G) PRODUCTION, MINERAL AND OTHER TAXES Costs paid by Ovintiv for taxes based on production or revenues from oil, NGLs and natural gas are recognized when the product is produced. Costs paid by Ovintiv for taxes on the valuation of upstream assets and reserves are recognized when incurred. H) TRANSPORTATION AND PROCESSING Costs paid by Ovintiv for the transportation and processing of oil, NGLs and natural gas are recognized when the product is delivered and the services made available or provided. I) OPERATING Operating costs paid by Ovintiv, net of amounts capitalized, are recognized for oil and natural gas properties in which the Company has a working interest. J) EMPLOYEE BENEFIT PLANS The Company sponsors defined contribution and defined benefit plans, providing pension and other post-employment benefits to its employees in the U.S. and Canada. As of January 1, 2003, the defined benefit pension plan was closed to new entrants. Pension expense for the defined contribution pension plan is recorded as the benefits are earned by the employees covered by the plans. Ovintiv accrues for its obligations under its employee defined benefit plans, net of plan assets. The cost of defined benefit pensions and other post-employment benefits is actuarially determined using the projected benefit method based on length of service and reflects Management’s best estimate of salary escalation, mortality rates, retirement ages of employees and expected future health care costs. The expected return on plan assets is based on historical and projected rates of return for assets in the investment plan portfolio. The actual return is based on the fair value of plan assets. The projected benefit obligation is discounted using the market interest rate on high-quality corporate debt instruments as at the measurement date. Defined benefit pension plan expenses include the cost of pension benefits earned during the current year, the interest cost on pension obligations, the expected return on pension plan assets, the amortization of adjustments arising from pension plan amendments, the amortization of net prior service costs, and the amortization of the excess of the net actuarial gains or losses over 10 percent of the greater of the benefit obligation and the fair value of plan assets. Amortization is on a straight-line basis over a period covering the expected average remaining service lives of employees covered by the plans. All components of the net defined periodic benefit cost, excluding the service cost component, are included in other (gains) losses, net. K) INCOME TAXES Ovintiv follows the liability method of accounting for income taxes. Under this method, deferred income taxes are recorded for the effect of any temporary difference between the accounting and income tax basis of an asset or liability, using the enacted income tax rates and laws expected to apply when the assets are realized and liabilities are settled. Current income taxes are measured at the amount expected to be recoverable from or payable to the taxing authorities based on the income tax rates and laws enacted at the end of the reporting period. The effect of a change in the enacted tax rates or laws is recognized in net earnings in the period of enactment. Income taxes are recognized in net earnings except to the extent that they relate to items recognized directly in shareholders’ equity, in which case the income taxes are recognized directly in shareholders’ equity. Deferred income tax assets are assessed routinely for realizability. If it is more likely than not that deferred tax assets will not be realized, a valuation allowance is recorded to reduce the deferred tax assets. Ovintiv considers available positive and negative evidence when assessing the realizability of deferred tax assets including historic and expected future taxable earnings, available tax planning strategies and carry forward periods. The assumptions used in determining expected future taxable earnings are consistent with those used in the goodwill impairment assessment. Ovintiv recognizes the financial statement effects of a tax position when it is more likely than not, based on the technical merits, that the position will be sustained upon examination by a taxing authority. A recognized tax position is initially and subsequently measured as the largest amount of tax benefit that is greater than 50 percent likely of being realized upon settlement with a taxing authority. Liabilities for unrecognized tax benefits that are not expected to be settled within the next 12 months are included in other liabilities and provisions. Interest related to unrecognized tax benefits is recognized in interest expense. L) EARNINGS PER SHARE AMOUNTS Basic net earnings per share of common stock is computed by dividing the net earnings by the weighted average number of shares of common stock outstanding during the period. Diluted net earnings per share of common stock is calculated giving effect to the potential dilution that would occur if stock options were exercised or other contracts to issue shares of common stock were exercised, fully vested, or converted to shares of common stock. The treasury stock method is used to determine the dilutive effect of stock options and other dilutive instruments. The treasury stock method assumes that proceeds received from the exercise of in-the-money stock options and other dilutive instruments are used to repurchase shares of common stock at the average market price. M) CASH AND CASH EQUIVALENTS Cash and cash equivalents include cash on hand and short-term investments, such as money market deposits or similar type instruments, with a maturity of three months or less when purchased. Outstanding disbursements issued in excess of applicable bank account balances are excluded from cash and cash equivalents and are recorded in accounts payable and accrued liabilities. N) PROPERTY, PLANT AND EQUIPMENT UPSTREAM Ovintiv uses the full cost method of accounting for its acquisition, exploration and development activities. Accordingly, all costs directly associated with the acquisition of, the exploration for, and the development of oil, NGLs and natural gas reserves, including costs of undeveloped leaseholds, dry holes and related equipment, are capitalized on a country-by-country cost center basis. Capitalized costs exclude costs relating to production, general overhead or similar activities. Capitalized costs accumulated within each cost center are depleted using the unit-of-production method based on proved reserves. Depletion is calculated using the capitalized costs, including estimated retirement costs, plus the undiscounted future expenditures, based on current costs, to be incurred in developing proved reserves. Costs associated with unproved properties are excluded from the depletion calculation until it is determined that proved reserves are attributable or impairment has occurred. Unproved properties are assessed separately for impairment on a quarterly basis. Costs that have been impaired are included in the costs subject to depletion within the full cost pool. Under the full cost method of accounting, the carrying amount of Ovintiv’s oil and natural gas properties within each country cost center is subject to a ceiling test at the end of each quarter. A ceiling test impairment is recognized in net earnings when the carrying amount of a country cost center exceeds the country cost center ceiling. The carrying amount of a cost center includes capitalized costs of proved oil and natural gas properties, net of accumulated depletion and the related deferred income taxes. The cost center ceiling is the sum of the estimated after-tax future net cash flows from proved reserves, using the 12-month average trailing prices and unescalated future development and production costs, discounted at 10 percent, plus unproved property costs. The 12-month average trailing price is calculated as the average of the price on the first day of each month within the trailing 12-month period. Any excess of the carrying amount over the calculated ceiling amount is recognized as an impairment in net earnings. Proceeds from the divestiture of properties are normally deducted from the full cost pool without recognition of a gain or loss unless the deduction significantly alters the relationship between capitalized costs and proved reserves in the cost center, in which case a gain or loss is recognized in net earnings. Generally, a gain or loss on a divestiture would be recognized when 25 percent or more of the Company’s proved reserves quantities are sold in a particular country cost center. For divestitures that result in the recognition of a gain or loss on the sale and constitute a business, goodwill is allocated to the divestiture. CORPORATE Costs associated with office furniture, fixtures, leasehold improvements, information technology and aircraft are carried at cost and depreciated on a straight-line basis over the estimated service lives of the assets, which range from three to 25 years. Assets under construction are not subject to depreciation until put into use. Land is carried at cost. O) CAPITALIZATION OF COSTS Expenditures related to renewals or betterments that improve the productive capacity or extend the life of an asset are capitalized. Maintenance and repairs are expensed as incurred. Interest on borrowings associated with development projects is capitalized during the development phase. P) BUSINESS COMBINATIONS Business combinations are accounted for using the acquisition method. The acquired identifiable net assets are measured at fair value at the date of acquisition. Deferred taxes are recognized for any differences between the fair value of net assets acquired and the related tax bases. Any excess of the purchase price over the fair value of the net assets acquired is recognized as goodwill. Any deficiency of the purchase price below the fair value of the net assets acquired is recorded as a gain in net earnings. Associated transaction costs are expensed when incurred. Q) GOODWILL Goodwill represents the excess of purchase price over fair value of net assets acquired and is assessed for impairment at least annually at December 31. Goodwill and all other assets and liabilities are allocated to reporting units, which are Ovintiv’s country cost centers. To assess impairment, the carrying amount of each reporting unit is determined and compared to the fair value of each respective reporting unit. Any excess of the carrying value of the reporting unit, including goodwill, over its fair value is recognized as an impairment and charged to net earnings. The impairment charge measured is limited to the total amount of goodwill allocated to that reporting unit. Subsequent measurement of goodwill is at cost less any accumulated impairments. R) IMPAIRMENT OF LONG-TERM ASSETS The carrying value of long-term assets, excluding goodwill and upstream assets included in property, plant and equipment, is assessed for impairment when indicators suggest that the carrying value of an asset or asset group may not be recoverable. Individual assets are grouped for impairment purposes at the lowest level for which there are identifiable cashflows that are largely independent of the cashflows of other groups of assets. If the carrying amount exceeds the sum of the undiscounted cash flows expected to result from the continued use and eventual disposition of the asset or asset group, an impairment is recognized for the excess of the carrying amount over its estimated fair value. S) ASSET RETIREMENT OBLIGATION Asset retirement obligations are those legal obligations where the Company will be required to retire tangible long-lived assets such as producing well sites, processing plants, and restoring land at the end of oil and gas production operations. The asset retirement obligation is initially measured at its fair value and recorded as a liability with an offsetting retirement cost that is capitalized as part of the related long-lived asset in the Consolidated Balance Sheet. The estimated fair value is measured by reference to the expected future cash flows required to satisfy the obligation, discounted at the Company’s credit-adjusted risk-free rate. Changes in the estimated obligation resulting from revisions to estimated timing or amount of future cash flows are recognized as a change in the asset retirement obligation and the related asset retirement cost. Amortization of asset retirement costs are included in depreciation, depletion and amortization in the Consolidated Statement of Earnings. Increases in the asset retirement obligations resulting from the passage of time are recorded as accretion of asset retirement obligation in the Consolidated Statement of Earnings. Actual expenditures incurred are charged against the accumulated asset retirement obligation. T) STOCK-BASED COMPENSATION Stock-based compensation arrangements are accounted for at fair value. Fair values are determined using observable share prices and/or pricing models such as the Black-Scholes-Merton option-pricing model. For equity-settled stock-based compensation plans, fair values are determined at the grant date and are recognized over the vesting period as compensation costs with a corresponding credit to shareholders’ equity. For cash-settled stock-based compensation plans, fair values are determined at each reporting date and periodic changes are recognized as compensation costs, with a corresponding change to liabilities. Compensation costs are recognized over the vesting period using the accelerated attribution method for awards with a graded vesting feature. Forfeitures are estimated based on the Company’s historical turnover rates. U) LEASES Leases for the right to use an asset are classified as either an operating or finance lease. Upon commencement of the lease, a ROU asset and corresponding lease liability are recognized in the Consolidated Balance Sheet for all operating and finance leases. Ovintiv has elected the short-term lease exemption, which does not require a ROU asset or lease liability to be recognized in the Consolidated Balance Sheet when the lease term is 12 months or less and does not include an option to purchase the underlying asset that the lessee is reasonably certain to exercise. Upon commencement of the lease, ROU assets are recognized based on the initial measurement of the lease liability and adjusted for any lease payments made before the commencement date of the lease, less any lease incentives and including any initial direct costs incurred. Lease liabilities are initially measured at the present value of future minimum lease payments over the lease term. The discount rate used to determine the present value is the rate implicit in the lease unless that rate cannot be determined, in which case Ovintiv ’s incremental borrowing rate is used. Rights to extend or terminate a lease are included in the lease term when there is reasonable certainty the right will be exercised. Factors used to assess reasonable certainty of rights to extend or terminate a lease include current and forecasted drilling plans, anticipated changes in development strategies, historical practice in extending similar contracts and current market conditions. Operating lease ROU assets and liabilities are subsequently measured at the present value of the lease payments not yet paid and discounted at the initial discount rate at commencement of the lease, less any impairments to the ROU asset. Operating lease expense and revenue from subleases are recognized in the Consolidated Statement of Earnings on a straight-line basis over the lease term. Finance lease ROU assets are amortized on a straight-line basis over the estimated useful life of the asset if the lessee is reasonably certain to exercise a purchase option or ownership of the leased asset transfers at the end of the lease term, otherwise the leased assets are amortized over the lease term. Amortization of finance lease ROU assets is included in depreciation, depletion and amortization in the Consolidated Statement of Earnings. Variable lease payments include changes in index rates, mobilization and demobilization costs related to oil and gas equipment and certain costs associated with office and building leases. Variable lease payments are recognized when incurred. Lease and non-lease components are accounted for as a single lease component for compression, coolers and office subleases. V) FAIR VALUE MEASUREMENTS Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Valuation techniques include the market, income and cost approach. The market approach uses information generated by market transactions involving identical or comparable assets or liabilities; the income approach converts estimated future cash flows to a present value; the cost approach is based on the amount that currently would be required to replace an asset. Inputs used in determining fair value are characterized according to a hierarchy that prioritizes those inputs based on the degree to which they are observable. The three input levels of the fair value hierarchy are as follows: • Level 1 - Inputs represent quoted prices in active markets for identical assets or liabilities, such as exchange-traded commodity derivatives. • Level 2 - Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly, such as quoted market prices for similar assets or liabilities in active markets or other market corroborated inputs. • Level 3 - Inputs that are not observable from objective sources, such as forward prices supported by little or no market activity or internally developed estimates of future cash flows used in a present value model. In determining fair value, the Company utilizes the most observable inputs available. If a fair value measurement reflects inputs at multiple levels within the hierarchy, the fair value measurement is characterized based on the lowest level of input that is significant to the fair value measurement. The carrying amount of cash and cash equivalents, accounts receivable and accrued revenues, and accounts payable and accrued liabilities reported in the Consolidated Balance Sheet approximates fair value. The fair value of long-term debt is disclosed in Note 14. Fair value information related to pension plan assets is included in Note 22. Recurring fair value measurements are performed for risk management assets and liabilities and other derivative contracts as discussed in Note 23. Certain non-financial assets and liabilities are initially measured at fair value, such as asset retirement obligations and assets and liabilities acquired in business combinations or certain non-monetary exchange transactions. W) RISK MANAGEMENT ASSETS AND LIABILITIES Risk management assets and liabilities are derivative financial instruments used by Ovintiv to manage economic exposure to market risks relating to commodity prices, foreign currency exchange rates and interest rates. The use of these derivative instruments is governed under formal policies and is subject to limits established by the Board of Directors. Derivative instruments that do not qualify for the normal purchases and sales exemption are measured at fair value with changes in fair value recognized in net earnings. The fair values recorded in the Consolidated Balance Sheet reflect netting the asset and liability positions where counterparty master netting arrangements contain provisions for net settlement. Realized gains or losses from financial derivatives related to oil, NGLs and Unrealized gains and losses are recognized based on the changes in fair value of the contracts and are presented in revenues and foreign exchange (gain) loss. X) COMMITMENTS AND CONTINGENCIES Liabilities for loss contingencies arising from claims, assessments, litigation, environmental and other sources are recorded when it is probable that a liability has been incurred and the amount can be reasonably estimated. These accruals are adjusted as additional information becomes available or circumstances change.

Segmented Information

Segmented Information	12 Months Ended
	Dec. 31, 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 Segment Information USA Operations Canadian Operations Market Optimization For the years ended December 31 2022 2021 2020 2022 2021 2020 2022 2021 2020 Revenues Product and service revenues $ 6,680 $ 4,883 $ 2,701 $ 3,476 $ 2,542 $ 1,349 $ 4,107 $ 3,043 $ 1,459 Gains (losses) on risk management, net (1,123 ) (982 ) 497 (1,485 ) (413 ) 207 - - 7 Sublease revenues - - - - - - - - - Total Revenues 5,557 3,901 3,198 1,991 2,129 1,556 4,107 3,043 1,466 Operating Expenses Production, mineral and other taxes 401 278 158 14 15 15 - - - Transportation and processing 626 507 453 1,002 937 829 158 172 220 Operating 646 490 485 127 111 100 29 25 22 Purchased product - - - - - - 4,055 2,951 1,366 Depreciation, depletion and amortization 861 837 1,378 235 332 427 - - - Impairments - - 5,580 - - - - - - Total Operating Expenses 2,534 2,112 8,054 1,378 1,395 1,371 4,242 3,148 1,608 Operating Income (Loss) $ 3,023 $ 1,789 $ (4,856 ) $ 613 $ 734 $ 185 $ (135 ) $ (105 ) $ (142 ) Corporate & Other Consolidated 2022 2021 2020 2022 2021 2020 Revenues Product and service revenues $ - $ - $ - $ 14,263 $ 10,468 $ 5,509 Gains (losses) on risk management, net 741 (488 ) (204 ) (1,867 ) (1,883 ) 507 Sublease revenues 68 73 71 68 73 71 Total Revenues 809 (415 ) (133 ) 12,464 8,658 6,087 Operating Expenses Production, mineral and other taxes - - - 415 293 173 Transportation and processing - - - 1,786 1,616 1,502 Operating - (1 ) (2 ) 802 625 605 Purchased product - - - 4,055 2,951 1,366 Depreciation, depletion and amortization 17 21 29 1,113 1,190 1,834 Impairments - - - - - 5,580 Accretion of asset retirement obligation 18 22 29 18 22 29 Administrative 422 442 395 422 442 395 Total Operating Expenses 457 484 451 8,611 7,139 11,484 Operating Income (Loss) $ 352 $ (899 ) $ (584 ) 3,853 1,519 (5,397 ) Other (Income) Expenses Interest 311 340 371 Foreign exchange (gain) loss, net 15 (23 ) 17 Other (gains) losses, net (33 ) (37 ) (55 ) Total Other (Income) Expenses 293 280 333 Net Earnings (Loss) Before Income Tax 3,560 1,239 (5,730 ) Income tax expense (recovery) (77 ) (177 ) 367 Net Earnings (Loss) $ 3,637 $ 1,416 $ (6,097 ) Intersegment Information Market Optimization Marketing Sales Upstream Eliminations Total For the years ended December 31 2022 2021 2020 2022 2021 2020 2022 2021 2020 Revenues $ 15,622 $ 10,630 $ 6,108 $ (11,515 ) $ (7,587 ) $ (4,642 ) $ 4,107 $ 3,043 $ 1,466 Operating Expenses Transportation and processing 646 571 616 (488 ) (399 ) (396 ) 158 172 220 Operating 29 25 22 - - - 29 25 22 Purchased product 15,082 10,140 5,612 (11,027 ) (7,189 ) (4,246 ) 4,055 2,951 1,366 Operating Income (Loss) $ (135 ) $ (106 ) $ (142 ) $ - $ 1 $ - $ (135 ) $ (105 ) $ (142 ) Revenues by Geographic Region United States Canada Total For the years ended December 31 2022 2021 2020 2022 2021 2020 2022 2021 2020 Revenues Product revenues (1) Oil $ 4,524 $ 3,357 $ 2,035 $ 3 $ 7 $ 7 $ 4,527 $ 3,364 $ 2,042 NGLs 1,045 862 353 1,358 1,158 602 2,403 2,020 955 Natural gas 1,108 664 310 2,104 1,368 737 3,212 2,032 1,047 Other revenues (2) 3,679 2,785 1,310 510 340 226 4,189 3,125 1,536 Gains (losses) on risk management, net (796 ) (1,160 ) 406 (1,071 ) (723 ) 101 (1,867 ) (1,883 ) 507 Total Revenues $ 9,560 $ 6,508 $ 4,414 $ 2,904 $ 2,150 $ 1,673 $ 12,464 $ 8,658 $ 6,087 (1) Includes intercompany marketing fees transacted between the Company’s operating segments. (2) Includes market optimization and other revenues such as purchased product sold to third parties, sublease revenues and gathering and processing services provided to third parties. Major Customers In connection with the marketing and sale of Ovintiv’s own and purchased oil, NGLs and natural gas for the year ended December 31, 2022, the Company had one customer which individually accounted for more than 10 percent of Ovintiv’s product revenues. Sales to this customer, secured by a financial institution with an investment grade credit rating, totaled approximately $2,231 million which comprised $2,216 million in the United States and $15 million in Canada (2021 - one customer with sales of approximately $1,573 million; 2020 - one customer with sales of approximately $834 million). Capital Expenditures by Segment For the years ended December 31 2022 2021 2020 USA Operations $ 1,493 $ 1,125 $ 1,353 Canadian Operations 334 391 380 Corporate & Other 4 3 3 $ 1,831 $ 1,519 $ 1,736 Goodwill, Property, Plant and Equipment and Total Assets by Segment Goodwill Property, Plant and Equipment Total Assets As at December 31 2022 2021 2022 2021 2022 2021 USA Operations $ 1,938 $ 1,938 $ 8,259 $ 7,623 $ 11,043 $ 10,345 Canadian Operations 646 690 1,044 951 2,075 1,932 Market Optimization - - - - 446 300 Corporate & Other - - 165 187 1,492 1,478 $ 2,584 $ 2,628 $ 9,468 $ 8,761 $ 15,056 $ 14,055 Goodwill, Property, Plant and Equipment and Total Assets by Geographic Region Goodwill Property, Plant and Equipment Total Assets As at December 31 2022 2021 2022 2021 2022 2021 United States $ 1,938 $ 1,938 $ 8,316 $ 7,673 $ 11,749 $ 10,715 Canada 646 690 1,152 1,088 3,307 3,337 Other Countries - - - - - 3 $ 2,584 $ 2,628 $ 9,468 $ 8,761 $ 15,056 $ 14,055

Revenues from Contracts with Cu

Revenues from Contracts with Customers	12 Months Ended
	Dec. 31, 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 USA Operations Canadian Operations Market Optimization For the years ended December 31 2022 2021 2020 2022 2021 2020 2022 2021 2020 Revenues from Customers Product revenues (1) Oil $ 4,537 $ 3,369 $ 2,045 $ 3 $ 7 $ 7 $ 3,415 $ 2,268 $ 616 NGLs 1,049 864 354 1,363 1,163 606 19 42 10 Natural gas 1,107 664 309 2,119 1,377 743 646 704 813 Service revenues Gathering and processing 3 - 3 2 5 3 - 5 - Product and Service Revenues $ 6,696 $ 4,897 $ 2,711 $ 3,487 $ 2,552 $ 1,359 $ 4,080 $ 3,019 $ 1,439 Corporate & Other Consolidated 2022 2021 2020 2022 2021 2020 Revenues from Customers Product revenues (1) Oil $ - $ - $ - $ 7,955 $ 5,644 $ 2,668 NGLs - - - 2,431 2,069 970 Natural gas - - - 3,872 2,745 1,865 Service revenues Gathering and processing - - - 5 10 6 Product and Service Revenues $ - $ - $ - $ 14,263 $ 10,468 $ 5,509 ( 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 December 31, 2022, receivables and accrued revenues from contracts with customers were $1,257 million (2021 - $1,070 million). Ovintiv’s product sales are sold under short-term contracts with terms that are less than one year at either fixed or market index prices or under long-term contracts exceeding one year at market index prices. The Company’s gathering and processing services are provided on an interruptible basis with transaction prices that are for fixed prices and/or variable consideration. Variable consideration received is related to recovery of plant operating costs or escalation of the fixed price based on a consumer price index. As the service contracts are interruptible, with service provided on an “as available” basis, there are no unsatisfied performance obligations remaining at December 31, 2022. As at December 31, 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	12 Months Ended
	Dec. 31, 2022
Interest Expense [Abstract]
Interest	4 . Interest For the years ended December 31 2022 2021 2020 Interest Expense on: Debt $ 297 $ 323 $ 350 Finance leases (See Note 13) 2 3 9 Other 12 14 12 $ 311 $ 340 $ 371 For the year ended December 31, 2022, interest expense on debt includes $22 million related to premiums paid to repurchase certain of the Company’s senior notes in the open market and a $47 million (2021 - $19 million) make-whole interest payment resulting from the early redemption of certain senior notes (see Note 14). Additionally, interest expense on debt for the year ended December 31, 2022 includes $30 million in non-cash fair value amortization related to the senior notes, previously acquired through a business combination, which were redeemed in 2022 (see Note 14).

Foreign Exchange (Gain) Loss, N

Foreign Exchange (Gain) Loss, Net	12 Months Ended
	Dec. 31, 2022
Foreign Currency [Abstract]
Foreign Exchange (Gain) Loss, Net	5 . Foreign Exchange (Gain) Loss, Net For the years ended December 31 2022 2021 2020 Unrealized Foreign Exchange (Gain) Loss on: Translation of U.S. dollar financing debt issued from Canada $ - $ 1 $ 51 Translation of U.S. dollar risk management contracts issued from Canada 14 20 (13 ) Translation of intercompany notes - - (27 ) 14 21 11 Foreign Exchange (Gain) Loss on Settlements of: U.S. dollar financing debt issued from Canada 8 (8 ) 1 U.S. dollar risk management contracts issued from Canada 5 (33 ) 1 Intercompany notes - (3 ) 5 Other Monetary Revaluations (12 ) - (1 ) $ 15 $ (23 ) $ 17 Following the completion of the Reorganization, including the U.S. Domestication, on January 24, 2020 as described in Note 1, the U.S. dollar denominated unsecured notes issued by Encana Corporation from Canada were assumed by Ovintiv Inc., a company incorporated in Delaware with a U.S. dollar functional currency. Accordingly, these U.S. dollar denominated unsecured notes, along with certain intercompany notes, no longer attract foreign exchange translation gains or losses.

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Income Taxes	6 . Income Taxes The provision for income taxes is as follows: For the years ended December 31 2022 2021 2020 Current Tax United States $ 10 $ - $ (12 ) Canada - (156 ) (2 ) Total Current Tax Expense (Recovery) 10 (156 ) (14 ) Deferred Tax United States (275 ) 1 (187 ) Canada 188 (22 ) 568 Total Deferred Tax Expense (Recovery) (87 ) (21 ) 381 Income Tax Expense (Recovery) $ (77 ) $ (177 ) $ 367 During the year ended December 31, 2022, the current income tax expense was primarily due to state taxes. During the year ended December 31, 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 year ended December 31, 2020, the current income tax recovery was primarily due to certain current year losses being carried back to prior years. The following table reconciles income taxes calculated at the applicable statutory rate with the actual income taxes: For the years ended December 31 2022 2021 2020 Net Earnings (Loss) Before Income Tax $ 3,560 $ 1,239 $ (5,730 ) United States Federal Statutory Rate 21.0 % 21.0 % 21.0 % Expected Income Tax Expense (Recovery) 748 260 (1,203 ) Effect on Taxes Resulting From: State income tax 26 43 (147 ) Income tax related to foreign operations 60 9 (2 ) Effect of legislative changes - - 2 Non-taxable capital (gains) losses - - 3 Realized capital loss resulting from U.S. Domestication - - (1,238 ) Non-taxable items 246 - - Amounts in respect of prior periods 101 60 36 Change in valuation allowance (1,299 ) (558 ) 2,900 Other 41 9 16 $ (77 ) $ (177 ) $ 367 Effective Tax Rate (2.2 %) (14.3 %) (6.4 %) During the year ended December 31, 2022, a valuation allowance of $1,299 million was reversed of which $1,028 million was recognized as a result of positive earnings in the U.S. and Canada. Deferred income tax assets are routinely assessed for realizability, and consequently, after weighing both positive and negative evidence, the Company reversed an additional $271 million of the valuation allowance primarily due to positive forecasted earnings in the U.S. During the year ended December 31, 2021, a valuation allowance reversal of $558 million was recognized as a result of positive earnings in the U.S. and Canada. During the year ended December 31, 2020, a valuation allowance of $2,900 million was recorded as a result of cumulative three-year losses in the U.S. and Canada which was determined to be significant negative evidence to overcome. Included in the valuation allowance were capital losses in the amount of $1.2 billion for Canadian tax purposes associated with the U.S. Domestication in the first quarter of 2020. If it is determined the capital losses can be utilized at a future date, a reduction in the valuation allowance will be recorded. The effective tax rate of (2.2) percent for the year ended December 31, 2022 is lower than the U.S. federal statutory tax rate of 21 percent primarily due to reductions in valuation allowances offset by certain non-taxable items. For the year ended December 31, 2021, the effective tax rate of (14.3) percent was lower than the U.S. federal statutory tax rate of 21 percent primarily due to the resolution of prior years’ tax items and changes in valuation allowances. The 2017 Tax Cuts and Jobs Act no longer allows immediate expensing of research and experimentation expenditures for tax years beginning after December 31, 2021. Beginning in 2022, these expenditures have been capitalized and will be amortized over a five-year The net deferred income tax asset (liability) consists of: As at December 31 2022 2021 Deferred Income Tax Assets Property, plant and equipment $ - $ 36 Risk management - 171 Compensation plans 72 67 Interest and other deferred deductions - 19 Net operating and net capital losses carried forward 2,290 2,727 Foreign tax credits - 119 Other 18 7 Less: valuation allowance (1,326 ) (2,733 ) Deferred Income Tax Liabilities Property, plant and equipment (676 ) (381 ) Risk management (10 ) - Deferred income (248 ) - Other (33 ) (36 ) Net Deferred Income Tax Asset (Liability) $ 87 $ (4 ) As at December 31, 2022, Ovintiv has a valuation allowance against certain U.S. federal and state losses in the amount of $47 million (2021 - $1,044 million related to U.S. federal and state losses, U.S. foreign tax credits and U.S. charitable donations) and Canadian net capital losses in the amount of $1,279 million (2021 - $1,689 million related to net operating losses, net capital losses and other tax basis) as it is more likely than not that these benefits will not be realized based on expected future taxable earnings as determined in accordance with the Company’s accounting policies. The net deferred income tax asset (liability) for the following jurisdictions is reflected in the Consolidated Balance Sheet as follows: As at December 31 2022 2021 Deferred Income Tax Assets United States $ 271 $ - Canada - - 271 - Deferred Income Tax Liabilities United States - (4 ) Canada (184 ) - (184 ) (4 ) Net Deferred Income Tax Asset (Liability) $ 87 $ (4 ) Tax basis, loss carryforwards and business credits available are as follows: As at December 31 2022 Expiration Date United States Tax basis $ 5,228 Indefinite Net operating losses (Federal) 4,034 2023 - 2038 (1) Business credits 10 2023 - 2041 Canada Tax basis $ 938 Indefinite Net capital losses 5,350 Indefinite Net operating losses 381 2039 - 2041 (1) Includes net operating losses of $1,211 million which have an indefinite expiration date. During the year ended December 31, 2022, Ovintiv concluded that a portion of the previously unremitted earnings from its foreign subsidiaries is no longer considered to be permanently reinvested. As a result of this change in assertion, the Company recorded a nominal deferred income tax liability on the undistributed earnings that were previously considered permanently reinvested. The Company has a taxable temporary difference of approximately $339 million in respect of unremitted earnings that continue to be permanently reinvested for which a deferred income tax liability of $17 million has not been recognized and becomes subject to taxation upon the remittance of dividends. The deferred tax liability considers U.S. federal, state and foreign withholding tax implications. The following table presents changes in the balance of Ovintiv’s unrecognized tax benefits excluding interest: For the years ended December 31 2022 2021 Balance, Beginning of Year $ (10 ) $ (232 ) Additions for tax positions taken in the current year - (2 ) Additions for tax positions of prior years - (29 ) Settlements - 257 Foreign currency translation 1 (4 ) Balance, End of Year $ (9 ) $ (10 ) The unrecognized tax benefit is reflected in the Consolidated Balance Sheet as follows: As at December 31 2022 2021 Income Tax Receivable $ (1 ) $ (1 ) Deferred Income Tax Liability (1) (8 ) (9 ) Balance, End of Year $ (9 ) $ (10 ) (1) As at December 31, 2021, the unrealized tax benefit was offset against the valuation allowance recognized in Canada. If recognized, all of Ovintiv’s unrecognized tax benefits as at December 31, 2022 would affect Ovintiv’s effective income tax rate. The nature of the unrecognized tax benefits is highly uncertain. As at December 31, 2022, Ovintiv does not anticipate that the amount of unrecognized tax benefits will significantly change during the next 12 months. Ovintiv may recognize interest accrued in respect of unrecognized tax benefits in interest expense. During 2022, Ovintiv recognized an expense of nil (2021 - recovery of $6 million; 2020 - nil) in interest expense. As at December 31, 2022, Ovintiv had no liability recorded (2021 - nil) for interest accrued in respect of unrecognized tax benefits. Included below is a summary of the tax years, by jurisdiction, that remain statutorily open for examination by the taxing authorities. Jurisdiction Taxation Year United States - Federal 2018 - 2022 United States - State 2017 - 2022 Canada - Federal 2015 - 2022 Canada - Provincial 2015 - 2022 Ovintiv and its subsidiaries file income tax returns primarily in the United States and Canada. Issues in dispute for audited years and audits for subsequent years are ongoing and in various stages of completion.

Accounts Receivable and Accrued

Accounts Receivable and Accrued Revenues	12 Months Ended
	Dec. 31, 2022
Receivables [Abstract]
Accounts Receivable and Accrued Revenues	7 . Accounts Receivable and Accrued Revenues As at December 31 2022 2021 Trade Receivables and Accrued Revenues Production accruals $ 881 $ 832 Market optimization 376 238 Joint interest and trade receivables 200 102 Derivative settlements 7 9 Corporate and other 26 23 Total Trade Receivables and Accrued Revenues 1,490 1,204 Prepaids 38 28 Deposits and Other 70 67 1,598 1,299 Expected Credit Loss Allowance (4 ) (5 ) $ 1,594 $ 1,294 Ovintiv’s trade receivables and accrued revenues primarily consist of production sales of oil, NGLs and natural gas, product optimization from marketing and recoveries from joint working interest partners. The Company’s receivables are short dated with payments generally due within 30 to 60 days, with no financing element. Trade receivables and accrued revenues are subject to credit risk which is the risk of loss from the potential of a counterparty failing to meet its obligation in accordance with agreed terms. Ovintiv’s credit exposure related to product sales and derivative financial instruments are mitigated through the use of credit policies approved by the Board of Directors which govern credit practices that limit transactions according to counterparties’ credit quality, and regular monitoring and review of counterparties’ credit worthiness. The Company may also request collateral support, including standby letters of credit, from customers that purchase production. Receivables due from joint working interest partners include numerous counterparties ranging from large public companies to small private companies within the oil and gas industry. In the event of non-payment, Ovintiv may be able to mitigate losses through requiring prepayment of future costs and netting outstanding receivables against associated revenue payables to the interest owner. The Company monitors ongoing credit exposure through active review of counterparty balances against contract terms and due dates, timely dispute resolution, payment confirmation, consideration of the customers’ financial condition and general industry market conditions. Ovintiv’s estimated credit loss allowance is estimated using historical loss information, current industry conditions and payment practices, as well as reasonable and supportable forecasts of future economic conditions. Credit risk is assessed based on days outstanding and utilizes both internal credit assessments and publicly available credit information. As at December 31, 2022, the current period expected credit loss allowance was $4 million (2021 - $5 million). See Note 24 for more information on credit risk exposures.

Acquisitions and Divestitures

Acquisitions and Divestitures	12 Months Ended
	Dec. 31, 2022
Acquisitions And Divestitures [Abstract]
Acquisitions and Divestitures	8 . Acquisitions and Divestitures For the years ended December 31 2022 2021 2020 Acquisitions USA Operations $ 277 $ 11 $ 19 Canadian Operations 9 - - Total Acquisitions 286 11 19 Divestitures USA Operations (230 ) (772 ) (78 ) Canadian Operations 2 (253 ) (11 ) Total Divestitures (228 ) (1,025 ) (89 ) Net Acquisitions & (Divestitures) $ 58 $ (1,014 ) $ (70 ) ACQUISITIONS Acquisitions in the USA Operations in 2022 primarily included property purchases in Permian with oil and liquids-rich potential. DIVESTITURES USA Operations In 2022, divestitures in the USA Operations primarily included the sales of portions of Uinta located in northeastern Utah and Bakken located in northeastern Montana for combined proceeds of approximately $215 million, after closing and other adjustments. In 2021, divestitures in the USA Operations primarily included the sale of Eagle Ford located in south Texas for proceeds of approximately $764 million, after closing and other adjustments. In 2020, divestitures in the USA Operations primarily included the sale of certain properties that did not complement Ovintiv’s existing portfolio of assets. Canadian Operations In 2021, divestitures in the Canadian Operations primarily included the sale of Duvernay located in west central Alberta for proceeds of approximately $238 million, after closing and other adjustments. As part of the Duvernay 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 was greater than $56 per barrel and $62 per barrel, respectively. The terms of the contingent consideration for both the 2021 and 2022 calendar years were met. In 2020, divestitures in the Canadian Operations primarily included the sale of certain properties that did not complement Ovintiv’s existing portfolio of assets. Amounts received from the Company’s divestiture transactions have been deducted from the respective U.S. and Canadian full cost pools.

Property, Plant and Equipment,

Property, Plant and Equipment, Net	12 Months Ended
	Dec. 31, 2022
Property Plant And Equipment [Abstract]
Property, Plant and Equipment, Net	9 . Property, Plant and Equipment, Net As at December 31 2022 2021 Cost Accumulated DD&A Net Cost Accumulated DD&A Net USA Operations Proved properties $ 41,382 $ (34,280 ) $ 7,102 $ 39,145 $ (33,418 ) $ 5,727 Unproved properties 1,127 - 1,127 1,884 - 1,884 Other 30 - 30 12 - 12 42,539 (34,280 ) 8,259 41,041 (33,418 ) 7,623 Canadian Operations Proved properties 15,672 (14,687 ) 985 16,330 (15,450 ) 880 Unproved properties 45 - 45 60 - 60 Other 14 - 14 11 - 11 15,731 (14,687 ) 1,044 16,401 (15,450 ) 951 Market Optimization 7 (7 ) - 7 (7 ) - Corporate & Other 831 (666 ) 165 873 (686 ) 187 $ 59,108 $ (49,640 ) $ 9,468 $ 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 $178 million, which have been capitalized during the year ended December 31, 2022 (2021 - $172 million). For the year ended December 31, 2022, Ovintiv did not recognize ceiling test impairments in the USA Operations (2021 - nil; 2020 - $5,580 million) or in the Canadian Operations (2021 - nil; 2020 - nil). The non-cash ceiling test impairments recognized in the USA Operations in 2020 are included with accumulated DD&A in the table above and primarily resulted from the decline in the 12-month average trailing prices, which reduced proved reserves. The 12-month average trailing prices used in the ceiling test calculations reflect benchmark prices adjusted for basis differentials to determine local reference prices, transportation costs and tariffs, heat content and quality. The benchmark prices are disclosed in Note 27.

Other Assets

Other Assets	12 Months Ended
	Dec. 31, 2022
Other Assets [Abstract]
Other Assets	1 0 . Other Assets As at December 31 2022 2021 Operating Lease ROU Assets (See Note 13) $ 870 $ 929 Long-Term Investments 21 27 Long-Term Receivables 58 64 Deferred Charges 44 42 Other 11 17 $ 1,004 $ 1,079

Goodwill

Goodwill	12 Months Ended
	Dec. 31, 2022
Goodwill And Intangible Assets Disclosure [Abstract]
Goodwill	1 1 . Goodwill As at December 31 2022 2021 United States Balance, beginning and end of year $ 1,938 $ 1,938 Canada Balance, beginning of year 690 687 Foreign currency translation adjustment (44 ) 3 Balance, end of year 646 690 Total Goodwill $ 2,584 $ 2,628 The Company had no additions or dispositions relating to goodwill during 2022 or 2021. The change in the Canada goodwill balance reflects movement due to foreign currency translation. Goodwill was assessed for impairment as at December 31, 2022 and December 31, 2021. The fair values of the United States and Canada reporting units were determined to be greater than the respective carrying values of the reporting units. Accordingly, no goodwill impairments were recognized. The Company has not recognized any historical cumulative goodwill impairments.

Accounts Payable and Accrued Li

Accounts Payable and Accrued Liabilities	12 Months Ended
	Dec. 31, 2022
Payables And Accruals [Abstract]
Accounts Payable and Accrued Liabilities	1 2 . Accounts Payable and Accrued Liabilities As at December 31 2022 2021 Trade Payables $ 436 $ 328 Capital Accruals 196 161 Royalty and Production Accruals 718 643 Market Optimization Accruals 314 266 Outstanding Disbursements 74 32 Payroll & Other Accruals 211 221 Interest Payable 65 108 Derivative Settlements 17 90 Current Portion of Long-Term Incentive Costs (See Note 21) 139 78 Current Portion of Finance Lease Obligations (See Note 13) 6 6 Current Portion of Asset Retirement Obligation (See Note 16) 45 46 $ 2,221 $ 1,979 Payables and accruals are non-interest bearing. Interest payable represents amounts accrued related to Ovintiv’s unsecured notes as disclosed in Note 14.

Leases

Leases	12 Months Ended
	Dec. 31, 2022
Leases [Abstract]
Leases	1 3 . Leases Operating leases include drilling rigs, compressors, office and buildings, certain land easements and various equipment utilized in the development and production of oil, NGLs and natural gas. The Company has an office building that is accounted for as a finance lease. Subleases relate to office and building leases. The tables below summarize Ovintiv’s operating and finance lease costs and include ROU assets and lease liabilities, amounts recognized in net earnings (loss) during the year and other lease information. As at December 31 (US$ millions, unless otherwise specified) 2022 2021 Consolidated Balance Sheet (1) Operating Lease ROU Assets, in Other Assets $ 870 $ 929 Finance Lease ROU Assets, in Other Property Plant and Equipment 22 27 Operating Lease Liabilities: Current 76 62 Long-term 814 889 Finance Lease Liabilities: Current, in accounts payable and accrued liabilities 6 6 Long-term, in other liabilities and provisions 27 33 Weighted Average Discount Rate Operating leases 5.39% 5.44% Finance leases 6.11% 6.11% Weighted Average Remaining Lease Term Operating leases 14.0 years 15.3 years Finance leases 4.5 years 5.5 years (1) Total ROU assets and liabilities are recorded at the gross contractual amount. A portion of the future lease payments will be recovered from other working interest owners based on their proportionate share when incurred. For the years ended December 31 2022 2021 Lease Costs (1) Operating Lease Costs, Excluding Short-Term Leases $ 140 $ 145 Finance Lease Costs: Amortization of ROU assets 5 5 Interest on lease liabilities 2 3 Total Finance Lease Costs 7 8 Short-Term Lease Costs 189 206 Variable Lease Costs 14 12 Sublease Income: Operating lease income 48 55 Variable lease income 20 18 Other Information (2) Cash Paid for Amounts Included in the Measurement of Lease Liabilities: Operating cash outflows from operating leases 176 197 Investing cash outflows from operating leases 151 147 Operating cash outflows from finance leases 2 3 Financing cash outflows from finance leases 6 82 Supplemental Non-Cash Information: New ROU operating lease assets and liabilities 75 23 (1) Lease costs include amounts capitalized into property, plant and equipment in the Consolidated Balance Sheet and lease expense recognized in the Consolidated Statement of Earnings. (2) Rights to extend or terminate a lease are included in the lease term when there is reasonable certainty the right will be exercised. Lease contracts include rights to extend leases after the initial term, ranging from month-to-month to less than 10 years Operating lease expense is reflected in the Consolidated Statement of Earnings as follows: For the years ended December 31 2022 2021 Operating Lease Expense Transportation and processing $ 3 $ 3 Operating 70 81 Administrative 101 120 Total Operating Lease Expense $ 174 $ 204 The following table outlines the Company’s future lease payments and lease liabilities related to the Company’s operating and finance leases as at December 31, 2022: 2023 2024 2025 2026 2027 Thereafter Total Operating Leases (1) Expected Future Lease Payments $ 123 $ 104 $ 89 $ 79 $ 76 $ 820 $ 1,291 Less: Discounting 401 Present Value of Future Operating Lease Payments $ 890 Sublease Income (undiscounted) $ (41 ) $ (43 ) $ (43 ) $ (43 ) $ (44 ) $ (414 ) $ (628 ) Finance Leases Expected Future Lease Payments $ 8 $ 8 $ 9 $ 9 $ 4 $ - $ 38 Less: Discounting 5 Present Value of Future Finance Lease Payments $ 33 Sublease Income (undiscounted) (2) $ (8 ) $ (7 ) $ (7 ) $ (7 ) $ (3 ) $ - $ (32 ) (1) Lease payments are presented based on the gross contractual amount. A portion of the future lease payments will be recovered from other working interest owners based on their proportionate share when incurred. (2) Classified as operating lease. There are no material commitments for leases with terms greater than one year that have not yet commenced at December 31, 2022.

Long-Term Debt

Long-Term Debt	12 Months Ended
	Dec. 31, 2022
Debt Disclosure [Abstract]
Long-Term Debt	1 4 . Long-Term Debt As at December 31 Note 2022 2021 U.S. Dollar Denominated Debt Revolving credit and term loan borrowings A $ 393 $ - U.S. Unsecured Notes: B 5.625% due July 1, 2024 - 1,000 5.375% due January 1, 2026 459 688 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 599 750 6.625% due August 15, 2037 390 462 6.50% due February 1, 2038 430 488 5.15% due November 15, 2041 148 203 Total Principal F 3,569 4,741 Increase in Value of Debt Acquired C 27 77 Unamortized Debt Discounts and Issuance Costs D (26 ) (32 ) Total Long-Term Debt $ 3,570 $ 4,786 Current Portion E $ 393 $ - Long-Term Portion 3,177 4,786 $ 3,570 $ 4,786 A) At December 31, 2022, Ovintiv had in place committed revolving U.S. dollar denominated bank credit facilities totaling $3.5 billion which included $2.2 billion on a revolving bank credit facility for Ovintiv Inc. and $1.3 billion on a revolving bank credit facility for a Canadian subsidiary. The facilities are extendible from time to time, but not more than once per year July 2026 At December 31, 2022, the Company had $393 million of commercial paper outstanding under its U.S. CP program maturing at various dates with a weighted average interest rate of approximately 5.24 percent, which is supported by the Company’s credit facilities. The Ovintiv Inc. facility is unsecured and bears interest at either the lenders’ U.S. base rate or SOFR, plus applicable margins. The Canadian subsidiary facility bears interest at the lenders’ rates for Canadian prime, U.S. base rate, Bankers’ Acceptances or SOFR, plus applicable margins. As at December 31, 2022, there were no outstanding amounts under the revolving credit facilities. Ovintiv is subject to a financial covenant in its credit facility agreements whereby financing debt to adjusted capitalization cannot exceed 60 percent. Financing debt primarily includes total long-term debt and finance lease obligations. Adjusted capitalization is calculated as the sum of total financing debt, shareholders’ equity and a $7.7 billion equity adjustment for cumulative historical ceiling test impairments recorded in conjunction with the Company’s January 1, 2012 adoption of U.S. GAAP. As at December 31, 2022, the Company is in compliance with all financial covenants. Standby fees paid in 2022 relating to revolving credit and term loan agreements were approximately $8 million (2021 - $10 million; 2020 - $8 million) and were included in interest expense in the Consolidated Statement of Earnings. B) UNSECURED NOTES Shelf Prospectus Ovintiv has a U.S. shelf registration statement under which the Company may issue from time to time, debt securities, common stock, preferred stock, warrants, units, share purchase contracts and share purchase units in the United States. The U.S. shelf registration statement expires in March 2023. The ability to issue securities under the U.S. shelf registration statement is dependent upon market conditions and securities law requirements. U.S. Unsecured Notes Unsecured notes include medium-term notes and senior notes that are issued from time to time under trust indentures and have equal priority with respect to the payment of both principal and interest. During the year ended December 31, 2022, the Company repurchased approximately $565 million in principal amount of its senior notes in the open market, which included approximately $229 million in principal amount of its 5.375 percent senior notes due in January 2026, approximately $151 million in principal amount of its 6.5 percent senior notes due in August 2034, approximately $72 million in principal amount of its 6.625 percent senior notes due in August 2037, approximately $58 million in principal amount of its 6.5 percent senior notes due in February 2038 and approximately $55 million in principal amount of its 5.15 percent senior notes due in November 2041. To complete these open market repurchases, the Company paid premiums of $22 million, which are included in interest expense as discussed in Note 4. On June 10, 2022, Ovintiv redeemed the Company’s $1,000 million, 5.625 percent senior notes due July 1, 2024, using cash on hand and proceeds from short-term borrowings. Ovintiv paid approximately $1,072 million in cash including accrued and unpaid interest of $25 million and a make-whole payment of $47 million, which is included in interest expense as discussed in Note 4. On June 18, 2021, the Company redeemed its $600 million, 5.75 percent senior notes due January 30, 2022. Ovintiv paid approximately $632 million in cash including accrued and unpaid interest of $13 million and a make-whole payment of $19 million, which is included in interest expense as discussed in Note 4. On August 16, 2021, the Company completed the redemption of its $518 million, 3.90 percent senior notes due November 15, 2021. The Company redeemed the notes at par and paid approximately $523 million in cash including accrued and unpaid interest of $5 million. The Company used the net proceeds from its Eagle Ford and Duvernay divestitures, as discussed in Note 8, and cash on hand to complete the senior note redemptions in 2021. During the year ended December 31, 2020, Ovintiv repurchased approximately $302 million in principal amount of its senior notes in the open market. The aggregate cash payments related to the note repurchases were $272 million, plus accrued interest, and a net gain of approximately $30 million was recognized in other (gains) losses, net in the Consolidated Statement of Earnings. C) INCREASE IN VALUE OF DEBT ACQUIRED Certain of the notes and debentures of the Company were acquired in business combinations and were accounted for at their fair value at the dates of acquisition. The difference between the fair value and the principal amount of the debt is being amortized over the remaining life of the outstanding debt acquired, which has a weighted average remaining life of approximately six years. D) UNAMORTIZED DEBT DISCOUNTS AND ISSUANCE COSTS Long-term debt premiums and discounts are capitalized within long-term debt and are being amortized using the effective interest method. During 2022, $6 million in issuance costs were capitalized related to the renewal of the Company’s credit facilities. During 2021, no debt premiums or discounts were capitalized. Issuance costs are amortized over the term of the related debt. E) CURRENT PORTION OF LONG-TERM DEBT As at December 31, 2022, the current portion of long-term debt was $393 million (2021 - nil). F) PROJECTED DEBT PAYMENTS Principal Interest As at December 31 Amount Amount 2023 $ 393 $ 232 2024 - 211 2025 - 212 2026 459 199 2027 - 187 Thereafter 2,717 1,253 Total $ 3,569 $ 2,294 As at December 31, 2022, total long-term debt had a carrying value of $3,570 million and a fair value of $3,648 million (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	12 Months Ended
	Dec. 31, 2022
Other Liabilities Disclosure [Abstract]
Other Liabilities and Provisions	1 5 . Other Liabilities and Provisions As at December 31 2022 2021 Finance Lease Obligations (See Note 13) $ 27 $ 33 Pensions and Other Post-Employment Benefits (See Note 22) 73 104 Long-Term Incentive Costs (See Note 21) 14 36 Other Derivative Contracts (See Notes 23, 24) 5 5 Other 12 12 $ 131 $ 190

Asset Retirement Obligation

Asset Retirement Obligation	12 Months Ended
	Dec. 31, 2022
Asset Retirement Obligation Disclosure [Abstract]
Asset Retirement Obligation	1 6 . Asset Retirement Obligation As at December 31 2022 2021 Asset Retirement Obligation, Beginning of Year $ 385 $ 440 Liabilities Incurred and Acquired 4 8 Liabilities Settled and Divested (128 ) (91 ) Change in Estimated Future Cash Outflows 58 5 Accretion Expense 18 22 Foreign Currency Translation (11 ) 1 Asset Retirement Obligation, End of Year $ 326 $ 385 Current Portion (See Note 12) $ 45 $ 46 Long-Term Portion 281 339 $ 326 $ 385

Share Capital

Share Capital	12 Months Ended
	Dec. 31, 2022
Class Of Stock Disclosures [Abstract]
Share Capital	1 7 . Share Capital AUTHORIZED Subsequent to the Reorganization as described in Note 1 and as at December 31, 2022, Ovintiv is authorized to issue 750 million shares of common stock, par value $0.01 per share, and 25 million shares of preferred stock, par value $0.01 per share. No shares of preferred stock are outstanding. ISSUED AND OUTSTANDING As at December 31 2022 2021 2020 Number (millions) Amount Number (millions) Amount Number (millions) Amount Shares of Common Stock Outstanding, Beginning of Year 258.0 $ 3 259.8 $ 3 259.8 $ 7,061 Shares of Common Stock Purchased (14.7 ) - (3.1 ) - - - Shares of Common Stock Issued 2.4 - 1.3 - - - Reclassification of Share Capital due to the Reorganization (See Note 1) - - - - - (7,058 ) Shares of Common Stock Outstanding, End of Year 245.7 $ 3 258.0 $ 3 259.8 $ 3 In conjunction with the Reorganization, the amount recognized in share capital in excess of Ovintiv’s established par value of $0.01 per share was reclassified to paid in surplus. Accordingly, approximately $7,058 million was reclassified. NORMAL COURSE ISSUER BID On September 28, 2022, Ovintiv announced it had received regulatory approval for the renewal of its NCIB program, that enables the Company to purchase, for cancellation or return to treasury, up to approximately 24.8 million shares of common stock over a 12-month period from October 3, 2022 to October 2, 2023. During the year ended December 31, 2022, the Company purchased approximately 3.5 million shares under its current NCIB program and 11.2 million shares under its previous NCIB program, which extended from October 1, 2021 to September 30, 2022. Total consideration of approximately $719 million was paid to complete the share repurchases, of which $147 thousand was charged to share capital and $719 million was charged to paid in surplus. During the year ended December 31, 2021, the Company purchased approximately 3.1 million shares under its previous NCIB program for total consideration of approximately $111 million. Of the amount paid, $28 thousand was charged to share capital and $111 million was charged to paid in surplus. All purchases were made in accordance with the respective NCIB programs at prevailing market prices plus brokerage fees, with consideration allocated to share capital up to the par value of the shares, with any excess allocated to paid in surplus. DIVIDENDS During the year ended December 31, 2022, the Company declared and paid dividends of $0.95 per share of common stock, totaling $239 million (2021 - $0.4675 per share of common stock, totaling $122 million; 2020 - $0.375 per share of common stock, totaling $97 million). Ovintiv’s quarterly dividend payment in 2022 was $0.20 per share of common stock in the first quarter and $0.25 per share of common stock for each of the second, third and fourth quarters. Ovintiv’s quarterly dividend payment in 2021 was $0.09375 per share of common stock for each of the first two quarters and $0.14 per share of common stock for the third and fourth quarters. The quarterly dividend payment in 2020 was $0.09375 per share of common stock. On February 27, 2023, the Board of Directors declared a dividend of $0.25 per share of common stock payable on March 31, 2023 to common shareholders of record as of March 15, 2023. EARNINGS PER SHARE OF COMMON STOCK The following table presents the calculation of net earnings (loss) per share of common stock: For the years ended December 31 (US$ millions, except per share amounts) 2022 2021 2020 Net Earnings (Loss) $ 3,637 $ 1,416 $ (6,097 ) Number of Shares of Common Stock: Weighted average shares of common stock outstanding - Basic 253.6 260.4 259.8 Effect of dilutive securities (1) 4.8 6.0 - Weighted Average Shares of Common Stock Outstanding - Diluted 258.4 266.4 259.8 Net Earnings (Loss) per Share of Common Stock Basic $ 14.34 $ 5.44 $ (23.47 ) Diluted (1) 14.08 5.32 (23.47 ) (1) As at December 31, 2020, 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. See Note 21 for further information. STOCK-BASED COMPENSATION PLANS Ovintiv’s Performance Share Unit (“PSU”) and Restricted Share Unit (“RSU”) stock-based compensation plans allow the Company to settle the awards either in cash or in the Company’s common stock. Accordingly, Ovintiv issued 2.4 million shares of common stock during the year ended December 31, 2022 (2021 - 1.3 million shares of common stock) as certain PSU and RSU grants vested during the year. Certain PSUs and RSUs are classified as equity-settled if the Company has sufficient common stock held in reserve for issuance. These awards are included in the calculation of fully diluted net earnings (loss) per share of common stock 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 TSAR s in exchange for a cash payment. As a result, outstanding options are not considered potentially dilutive securities. Following shareholder approval in the second quarter of 2022, the Company added 6.0 million shares of common stock to its reserve for issuance under its stock-based compensation plans. Subsequent to the shareholder approval, an aggregate of 13.4 See Note 21 for further information on Ovintiv’s outstanding and exercisable TSARs, PSUs and RSUs.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income	12 Months Ended
	Dec. 31, 2022
Accumulated Other Comprehensive Income Loss Net Of Tax [Abstract]
Accumulated Other Comprehensive Income	1 8 . Accumulated Other Comprehensive Income For the years ended December 31 2022 2021 2020 Foreign Currency Translation Adjustment Balance, Beginning of Year $ 1,044 $ 1,042 $ 1,004 Change in Foreign Currency Translation Adjustment (107 ) 2 38 Balance, End of Year $ 937 $ 1,044 $ 1,042 Pension and Other Post-Employment Benefit Plans Balance, Beginning of Year $ 48 $ 34 $ 42 Other Comprehensive Income Before Reclassifications: Net actuarial gains and (losses) (See Note 22) 13 14 (10 ) Income taxes (3 ) (4 ) 2 Net prior service costs from plan amendment (See Note 22) - 11 - Income taxes - (2 ) - Amounts Reclassified from Other Comprehensive Income: Reclassification of net actuarial (gains) and losses to net earnings (See Note 22) (6 ) (8 ) (9 ) Income taxes 2 2 2 Reclassification of net prior service costs to net earnings (See Note 22) - 1 2 Income taxes - - - Curtailment in net defined periodic benefit cost (See Note 22) - - 5 Income taxes - - (1 ) Settlement in net defined periodic benefit cost (See Note 22) - - 2 Income taxes - - (1 ) Balance, End of Year $ 54 $ 48 $ 34 Total Accumulated Other Comprehensive Income $ 991 $ 1,092 $ 1,076

Variable Interest Entities

Variable Interest Entities	12 Months Ended
	Dec. 31, 2022
Variable Interest Entity Not Primary Beneficiary Disclosures [Abstract]
Variable Interest Entities	19 . Variable Interest Entities Veresen Midstream Limited Partnership Veresen Midstream Limited Partnership (“VMLP”) provides gathering, compression and processing services under various agreements related to the Company’s development of liquids and natural gas production in the Montney play. As at December 31, 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 $1,436 million as at December 31, 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 26 under Transportation and Processing. The potential payout requirement is highly uncertain as the amount is contingent on future production estimates, pace of development and downstream transportation constraints. As at December 31, 2022, accounts payable and accrued liabilities included $0.4 million related to the take or pay commitment.

Restructuring Charges

Restructuring Charges	12 Months Ended
	Dec. 31, 2022
Restructuring Charges [Abstract]
Restructuring Charges	2 0 . Restructuring Charges In June 2020, Ovintiv undertook a plan to reduce its workforce by approximately 25 percent as part of a company-wide reorganization in response to the low commodity price environment resulting from the global pandemic and the Company’s planned reductions in capital spending. During 2021, the Company incurred total restructuring charges of $14 million (2020 - $90 million), before tax, primarily related to severance costs. The Company completed its reorganization work in 2022. Restructuring charges are included in administrative expense presented in the Corporate and Other segment in the Consolidated Statement of Earnings. For the years ended December 31 2022 2021 2020 Severance and Benefits $ - $ 14 $ 88 Outplacement, Moving and Other Expenses - - 2 Restructuring Expenses $ - $ 14 $ 90 As at December 31 2022 2021 2020 Outstanding Restructuring Accrual, Beginning of Year $ 3 $ 14 $ 8 Restructuring Expenses Incurred - 14 90 Restructuring Costs Paid (3 ) (25 ) (84 ) Outstanding Restructuring Accrual, End of Year (1) $ - $ 3 $ 14 (1) Included in accounts payable and accrued liabilities in the Consolidated Balance Sheet.

Compensation Plans

Compensation Plans	12 Months Ended
	Dec. 31, 2022
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Compensation Plans	2 1 . Compensation Plans Ovintiv has a number of compensation arrangements under which the Company awards various types of long-term incentive grants to eligible employees and Directors. They may include Stock Appreciation Rights (“SARs”), TSARs, PSUs, Deferred Share Units (“DSUs”) and RSUs. Ovintiv accounts for certain PSUs and RSUs as equity-settled stock-based payment transactions provided there is sufficient common stock held in reserve for issuance. SARs, TSARs and DSUs are accounted for as cash-settled stock-based payment transactions. The Company accrues compensation costs over the vesting period based on the fair value of the rights determined using the Black-Scholes-Merton or other appropriate fair value models. During the 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 PSU awards and RSU awards were modified and reclassified as equity-settled share-based payment transactions at the modification date. The modification impacted all employees and there was no incremental compensation cost recognized at the modification date. The Company has recognized the following share-based compensation costs: For the years ended December 31 2022 2021 2020 Total Compensation Costs of Transactions Classified as Cash-Settled $ 152 $ 118 $ 42 Total Compensation Costs of Transactions Classified as Equity-Settled 82 47 3 Less: Total Share-Based Compensation Costs Capitalized (32 ) (27 ) (12 ) Total Share-Based Compensation Expense (Recovery) $ 202 $ 138 $ 33 Recognized in the Consolidated Statement of Earnings in: Operating $ 38 $ 31 $ 10 Administrative 164 107 23 $ 202 $ 138 $ 33 As at December 31, 2022, the liability for cash-settled share-based payment transactions totaled $153 million (2021 - $114 million), of which $139 million (2021 - $78 million) is recognized in accounts payable and accrued liabilities and $14 million (2021 - $36 million) is recognized in other liabilities and provisions in the Consolidated Balance Sheet. The following sections outline certain information related to Ovintiv’s compensation plans as at December 31, 2022. A ) STOCK APPRECIATION RIGHTS U.S. dollar denominated SARs are granted to eligible U.S.-based employees, which entitle the employee to receive a cash payment equal to the excess of the market price of Ovintiv’s shares of common stock at the time of exercise over the original grant price of the right. SARs granted vest and are exercisable at 30 percent of the number granted after one year, an additional 30 percent of the number granted after two years, are fully exercisable after three years and expire seven years after the date granted. SARs are classified as a liability and remeasured at the end of each reporting period. The following table summarizes information related to the U.S. dollar denominated SARs: As at December 31 2022 2021 Outstanding SARs (thousands of units) Weighted Average Exercise Price (US$) Weighted Average Remaining Contractual Life (Years) Outstanding SARs (thousands of units) Weighted Average Exercise Price (US$) Weighted Average Remaining Contractual Life (Years) Outstanding, Beginning of Year 1,150 38.89 2.2 660 38.03 Granted - - 682 35.11 Exercised (1) (401 ) 22.14 (177 ) 20.50 Forfeited - - (15 ) 45.35 Expired (219 ) 56.75 - - Outstanding, End of Year (2) 530 44.17 2.4 1,150 38.89 2.2 Vested and Exercisable, End of Year (3) 530 44.17 2.4 1,021 39.54 1.9 Expected to Vest (4) - - - 129 33.77 4.3 (1) The intrinsic value of option awards exercised and cash-settled during 2022 was $11 million (2021 - $2 million; 2020 - nil). (2) The intrinsic value of option awards outstanding at December 31, 2022, was $14 million (2021 - $15 million). (3) The intrinsic value of option awards vested and exercisable at December 31, 2022, was $14 million (2021 - $14 million). (4) The intrinsic value of option awards expected to vest at December 31, 2021, was $1 million. The following weighted average assumptions were used to determine the fair value of SARs outstanding: US$ Share Units As at December 31 2022 2021 2020 Risk Free Interest Rate 4.02% 0.94% 0.20% Dividend Yield 1.97% 1.66% 2.61% Expected Volatility Rate (1) 107.80% 106.20% 104.53% Expected Term 1.6 yrs 1.4 yrs 2.3 yrs Market Share Price US$50.71 US$33.70 US$14.36 Weighted Average Grant Date Fair Value US$44.17 US$38.89 US$38.03 (1) Volatility was estimated using historical rates. As at December 31, 2022, there were no unrecognized compensation costs (2021 - $0.2 million) related to unvested SARs. B ) TANDEM STOCK APPRECIATION RIGHTS All options to purchase shares of common stock issued to eligible Canadian-based employees under Ovintiv’s Stock Option Plan have associated TSARs attached. In lieu of exercising the option, the associated TSARs give the option holder the right to purchase shares of common stock of the Company or receive a cash payment equal to the excess of the market price of Ovintiv’s shares of common stock at the time of exercise over the original grant price. TSARs granted vest and are exercisable at 30 percent of the number granted after one year, an additional 30 percent of the number granted after two years, are fully exercisable after three years and expire seven years after the date granted. TSARs are classified as a liability and remeasured at the end of each reporting period. The following table summarizes information related to the TSARs: As at December 31 2022 2021 Outstanding TSARs (thousands of units) Weighted Average Exercise Price (C$) Weighted Average Remaining Contractual Life (Years) Outstanding TSARs (thousands of units) Weighted Average Exercise Price (C$) Weighted Average Remaining Contractual Life (Years) Outstanding, Beginning of Year 733 54.17 2.2 1,586 48.28 Granted - - - - Exercised - SARs (1) (269 ) 36.16 (136 ) 28.01 Exercised - Options (1) - - - - Forfeited - - (717 ) 46.11 Expired (174 ) 71.70 - - Outstanding, End of Year (2) 290 60.31 2.2 733 54.17 2.2 Vested and Exercisable, End of Year (3) 290 60.31 2.2 642 55.38 1.9 Expected to Vest (4) - - - 91 45.64 4.3 (1) The intrinsic value of option awards exercised and cash-settled during 2022 was $6 million (2021 - $2 million; 2020 - nil). (2) The intrinsic value of option awards outstanding at December 31, 2022, was $7 million (2021 - $10 million). (3) The intrinsic value of option awards vested and exercisable at December 31, 2022, was $7 million (2021 - $9 million). (4) The intrinsic value of option awards expected to vest at December 31, 2021, was $1 million. The following weighted average assumptions were used to determine the fair value of TSARs outstanding: C$ Share Units As at December 31 2022 2021 2020 Risk Free Interest Rate 4.02% 0.94% 0.20% Dividend Yield 1.90% 1.65% 2.75% Expected Volatility Rate (1) 106.16% 104.80% 103.64% Expected Term 1.5 yrs 1.4 yrs 1.8 yrs Market Share Price C$68.56 C$42.56 C$18.29 Weighted Average Grant Date Fair Value C$60.31 C$54.17 C$48.28 (1) Volatility was estimated using historical rates. As at December 31, 2022, there were no unrecognized compensation costs (2021 - $0.1 million) related to unvested TSARs. C ) PERFORMANCE SHARE UNITS PSUs are granted to eligible employees, which entitle the employee to receive, upon vesting, one share of Ovintiv common stock for each PSU held or a cash equivalent, at the discretion of the Company. PSUs vest three years from the date granted, provided the employee remains actively employed with Ovintiv on the vesting date. Based on the performance assessment, up to a maximum of two times the original PSU grant may be eligible to vest in respect of the year being measured. The ultimate value of the PSUs will depend upon Ovintiv’s performance relative to predetermined strategic milestones as well as the performance of a specified peer group over a three-year The following tables summarize information related to the PSUs: As at December 31 2022 (1) 2021 U.S. Dollar Denominated Outstanding PSUs Units (thousands) Weighted Average Grant Date Fair Value (US$) Units (thousands) Weighted Average Grant Date Fair Value (US$) Unvested and Outstanding, Beginning of Year 2,427 20.04 1,886 21.80 Granted 312 45.61 833 25.80 Vested and Released (2) (515 ) 35.05 (177 ) 54.65 Units, in Lieu of Dividends 44 20.15 37 20.04 Forfeited (7 ) 16.47 (152 ) 32.96 Unvested and Outstanding, End of Year 2,261 20.17 2,427 20.04 As at December 31 2022 (1) 2021 Canadian Dollar Denominated Outstanding PSUs Units (thousands) Weighted Average Grant Date Fair Value (C$) Units (thousands) Weighted Average Grant Date Fair Value (C$) Unvested and Outstanding, Beginning of Year 1,223 26.75 1,308 34.43 Granted 146 57.95 293 29.34 Vested and Released (2) (321 ) 47.01 (137 ) 68.80 Units, in Lieu of Dividends 21 24.94 20 26.66 Forfeited (21 ) 32.11 (261 ) 46.13 Unvested and Outstanding, End of Year 1,048 24.74 1,223 26.75 (1) During the second quarter of 2022, 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, the 2022 annual awards were modified and reclassified as equity-settled awards. 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 PSUs, respectively. (2) During the year ended December 31, 2022, performance shares that vested and were cash-settled resulted in payments of $22 million (2021 - $3 million; 2020 - $6 million). As at December 31, 2022, there were approximately $43 million of unrecognized compensation costs (2021 - $42 million) related to unvested PSUs. The costs are expected to be recognized over a weighted average period of 0.6 years. D ) DEFERRED SHARE UNITS The Company has in place a program whereby Directors and certain key employees are issued DSUs, which vest immediately, are equivalent in value to a share of Ovintiv common stock and are settled in cash. DSUs are classified as a liability and remeasured at the end of each reporting period based on the change in fair value of the Company’s common stock. Under the DSU Plan, employees have the option to convert either 25 or 50 percent of their annual bonus award into DSUs. The number of DSUs converted is based on the value of the award divided by the closing value of Ovintiv’s share price at the end of the performance period of the bonus award. For both Directors and employees, DSUs can only be redeemed following departure from Ovintiv in accordance with the terms of the respective DSU Plan and must be redeemed prior to December 15 th The following table summarizes information related to the DSUs: (thousands of units) U.S. Dollar Denominated Outstanding DSUs Canadian Dollar Denominated Outstanding DSUs As at December 31 2022 2021 2022 2021 Vested and Outstanding, Beginning of Year 5 - 206 211 Granted 5 5 3 8 Converted from bonus awards - - - - Units, in Lieu of Dividends - - 4 4 Redeemed - - (25 ) (17 ) Vested and Outstanding, End of Year 10 5 188 206 E ) RESTRICTED SHARE UNITS RSUs are granted to eligible employees and Directors. An RSU is a conditional grant to receive a share of Ovintiv common stock or a cash equivalent at the Company’s discretion upon vesting of the RSUs and in accordance with the terms and conditions of the RSU Plans and grant agreements. RSUs issued to employees vest over their three-year RSUs issued to Directors before May 2022 are settled three years from the date granted or following the Director’s departure from Ovintiv, whichever is earlier. Beginning with the RSUs issued in May 2022, all RSU awards issued to Directors are equity-settled immediately upon issuance. The following tables summarize information related to the RSUs: As at December 31 2022 (1) 2021 (2) U.S. Dollar Denominated Outstanding RSUs Units (thousands) Weighted Average Grant Date Fair Value (US$) Units (thousands) Weighted Average Grant Date Fair Value (US$) Unvested and Outstanding, Beginning of Year 5,401 20.92 5,486 21.26 Granted 982 46.14 1,952 23.57 Units, in Lieu of Dividends 67 25.27 83 20.93 Vested and Released (3) (2,932 ) 23.99 (1,720 ) 24.74 Forfeited (149 ) 26.02 (400 ) 21.99 Unvested and Outstanding, End of Year 3,369 25.48 5,401 20.92 As at December 31 2022 (1) 2021 (2) Canadian Dollar Denominated Outstanding RSUs Units (thousands) Weighted Average Grant Date Fair Value (C$) Units (thousands) Weighted Average Grant Date Fair Value (C$) Unvested and Outstanding, Beginning of Year 2,621 28.23 2,912 31.76 Granted 444 58.97 953 29.30 Units, in Lieu of Dividends 30 32.55 41 28.11 Vested and Released (3) (1,484 ) 32.68 (1,035 ) 37.63 Forfeited (71 ) 33.75 (250 ) 34.43 Unvested and Outstanding, End of Year 1,540 32.65 2,621 28.23 (1) 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, the 2022 annual awards were modified and reclassified as equity-settled awards. 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 RSUs, respectively. ( 2 ) During the third quarter of 2021, the 2021 annual awards were modified and reclassified as equity-settled awards. The modification date fair value of the awards was US$25.66 per share and C$32.07 per share for the U.S. dollar denominated and Canadian dollar denominated RSUs, respectively. ( 3 ) During the year ended December 31, 2022, restricted shares that vested and were cash-settled resulted in payments of $51 million (2021 - $23 million; 2020 - $10 million). As at December 31, 2022, there were approximately $44 million of unrecognized compensation costs (2021 - $43 million) related to unvested RSUs. The costs are expected to be recognized over a weighted average period of 0.6 years.

Pension and Other Post-Employme

Pension and Other Post-Employment Benefits	12 Months Ended
	Dec. 31, 2022
General Discussion Of Pension And Other Postretirement Benefits [Abstract]
Pension and Other Post-Employment Benefits	2 2 . Pension and Other Post-Employment Benefits Ovintiv sponsors defined benefit and defined contribution plans, providing pension and other post-employment benefits (“OPEB”) to its employees in the U.S. and Canada. As of January 1, 2003, the defined benefit pension plan was closed to new entrants. The average remaining service period of active employees participating in the defined benefit pension plan is five years and the average remaining life expectancy of inactive employees is 14 years. The average remaining service period of the active employees participating in the OPEB plan is eight years. The Company is required to file an actuarial valuation of its pension plans with the provincial regulator at least every three years, or more frequently if directed by the regulator. The most recent filing was dated December 31, 2021 and the next required filing is expected to be as at December 31, 2024. The following tables set forth changes in the benefit obligations and fair value of plan assets for the Company’s defined benefit pension and other post-employment benefit plans for the years ended December 31, 2022 and 2021, as well as the funded status of the plans and amounts recognized in the Consolidated Financial Statements as at December 31, 2022 and 2021. Defined Benefits OPEB As at December 31 2022 2021 2022 2021 Change in Benefit Obligations Projected Benefit Obligation, Beginning of Year $ 191 $ 211 $ 67 $ 89 Service Cost - - 2 3 Interest Cost 5 5 2 2 Actuarial (Gains) Losses (33 ) (9 ) (13 ) (8 ) Exchange Differences (10 ) 1 (1 ) - Employee Contributions - - 2 2 Benefits Paid (13 ) (17 ) (9 ) (10 ) Plan Amendment - - - (11 ) Projected Benefit Obligation, End of Year $ 140 $ 191 $ 50 $ 67 Change in Plan Assets Fair Value of Plan Assets, Beginning of Year $ 176 $ 193 $ - $ - Actual Return on Plan Assets (27 ) 3 - - Exchange Differences (10 ) 1 - - Employee Contributions - - 2 2 Employer Contributions - - 7 8 Benefits Paid (13 ) (17 ) (9 ) (10 ) Transfers to Defined Contribution Plan (2 ) (4 ) - - Fair Value of Plan Assets, End of Year $ 124 $ 176 $ - $ - Funded Status of Plan Assets, End of Year $ (16 ) $ (15 ) $ (50 ) $ (67 ) Total Recognized Amounts in the Consolidated Balance Sheet Consist of: Other Assets $ 2 $ 10 $ - $ - Current Liabilities - - (7 ) (8 ) Non-Current Liabilities (18 ) (25 ) (43 ) (59 ) Total $ (16 ) $ (15 ) $ (50 ) $ (67 ) Total Recognized Amounts in Accumulated Other Comprehensive Income Consist of: Net Actuarial (Gains) Losses $ 18 $ 19 $ (88 ) $ (82 ) Net Prior Service Costs (7 ) (7 ) 7 7 Total Recognized in Accumulated Other Comprehensive Income, Before Tax $ 11 $ 12 $ (81 ) $ (75 ) The accumulated defined benefit obligation for all defined benefit plans was $190 million as at December 31, 2022 (2021 - $258 million). The following table sets forth the defined benefit plans where the accumulated benefit obligation and projected benefit obligation are in excess of the fair value of the plan assets: Defined Benefits OPEB As at December 31 2022 2021 2022 2021 Projected Benefit Obligation $ (47 ) $ (63 ) $ (50 ) $ (67 ) Accumulated Benefit Obligation (47 ) (63 ) (50 ) (67 ) Fair Value of Plan Assets (1) 29 38 - - (1) The Company does not aggregate benefit plans. Following are the weighted average assumptions used by the Company in determining the defined benefit pension and other post-employment benefit obligations: Defined Benefits OPEB As at December 31 2022 2021 2022 2021 Discount Rate 5.10% 2.80% 5.25% 2.54% Rates of Increase in Compensation Levels 3.24% 3.13% 4.83% 6.18% The following sets forth the total benefit plans expense recognized by the Company: Pension Benefits OPEB For the years ended December 31 2022 2021 2020 2022 2021 2020 Net Defined Periodic Benefit Cost $ - $ - $ 3 $ (3 ) $ (3 ) $ 2 Defined Contribution Plan Expense 24 24 28 - - - Total Benefit Plans Expense $ 24 $ 24 $ 31 $ (3 ) $ (3 ) $ 2 Of the total benefit plans expense, $22 million (2021 - $22 million; 2020 - $27 million) was included in operating expense and $4 million (2021 - $5 million; 2020 - $6 million) was included in administrative expense. Excluding service costs, net defined periodic benefit gains of $5 million (2021 - gains of $6 million; 2020 - nil) were recorded in other (gains) losses, net. The net defined periodic benefit cost is as follows: Defined Benefits OPEB For the years ended December 31 2022 2021 2020 2022 2021 2020 Service Cost $ - $ - $ 1 $ 2 $ 3 $ 4 Interest Cost 5 5 6 2 2 2 Expected Return on Plan Assets (6 ) (6 ) (7 ) - - - Amounts Reclassified from Accumulated Other Comprehensive Income: Amortization of net actuarial (gains) and losses 1 1 1 (7 ) (9 ) (10 ) Amortization of net prior service costs - - - - 1 2 Curtailment of net prior service costs - - - - - 5 Settlement from net prior service costs - - 2 - - - Curtailment - - - - - (1 ) Total Net Defined Periodic Benefit Cost (1) $ - $ - $ 3 $ (3 ) $ (3 ) $ 2 (1) The components of total net defined periodic benefit cost, excluding the service cost component, are included in other (gains) losses, net. Actuarial gains related to changes in the projected benefit obligations were due to an increase in the discount rate used to measure the obligations. The amounts recognized in other comprehensive income are as follows: Defined Benefits OPEB For the years ended December 31 2022 2021 2020 2022 2021 2020 Net Actuarial (Gains) Losses $ - $ (6 ) $ 6 $ (13 ) $ (8 ) $ 4 Net Prior Service Costs from Plan Amendment - - - - (11 ) - Amortization of Net Actuarial Gains and (Losses) (1 ) (1 ) (1 ) 7 9 10 Amortization of Net Prior Service Costs - - - - (1 ) (2 ) Curtailment of Net Prior Service Costs - - - - - (5 ) Settlement from Net Prior Service Costs - - (2 ) - - - Total Amounts Recognized in Other Comprehensive (Income) Loss, Before Tax $ (1 ) $ (7 ) $ 3 $ (6 ) $ (11 ) $ 7 Total Amounts Recognized in Other Comprehensive (Income) Loss, After Tax $ (1 ) $ (5 ) $ 3 $ (5 ) $ (9 ) $ 5 Following are the weighted average assumptions used by the Company in determining the net periodic pension and other post-retirement benefit costs: Defined Benefits OPEB For the years ended December 31 2022 2021 2020 2022 2021 2020 Discount Rate 5.10 % 2.25 % 3.00 % 2.46 % 2.08 % 2.90 % Long-Term Rate of Return on Plan Assets 3.85 % 3.00 % 3.75 % - - - Rates of Increase in Compensation Levels 3.24 % 3.13 % 3.12 % 4.83 % 6.33 % 5.92 % The Company’s assumed health care cost trend rates are as follows: For the years ended December 31 2022 2021 2020 Health Care Cost Trend Rate for Next Year 6.16 % 6.15 % 6.42 % Rate to Which the Cost Trend Rate is Assumed to Decline (Ultimate Trend Rate) 5.00 % 5.00 % 5.00 % Year that the Rate Reaches the Ultimate Trend Rate 2027 2026 2026 The Company does not expect to contribute to its defined benefit pension plans in 2023. The Company’s OPEB plans are funded on an as required basis. The following provides an estimate of benefit payments for the next 10 years. These estimates reflect benefit increases due to continuing employee service. Defined Benefit Pension Payments Other Benefit Payments 2023 $ 13 $ 7 2024 13 6 2025 13 6 2026 13 5 2027 12 5 2028 - 2032 56 18 The Company’s registered and other defined benefit pension plan assets are presented by investment asset category and input level within the fair value hierarchy as follows: As at December 31 2022 Level 1 Level 2 Level 3 Total Investments: Cash and Cash Equivalents $ 17 $ - $ - $ 17 Fixed Income - 66 - 66 Equity - 41 - 41 Fair Value of Plan Assets, End of Year $ 17 $ 107 $ - $ 124 As at December 31 2021 Level 1 Level 2 Level 3 Total Investments: Cash and Cash Equivalents $ 19 $ 1 $ - $ 20 Fixed Income - 94 - 94 Equity - 62 - 62 Fair Value of Plan Assets, End of Year $ 19 $ 157 $ - $ 176 Fixed Income investments consist of Canadian bonds issued by investment grade companies. Equity investments consist of international securities and securities held in the U.S. The fair values of these securities are based on dealer quotes, quoted market prices and net asset values. Registered pension plan assets were invested by the Company in the following as at December 31, 2022: 67 percent Bonds (2021 - 67 percent), and 33 percent U.S. and Foreign Equity (2021 - 33 percent). The expected long-term rate of return is 4.70 percent. The expected rate of return on pension plan assets is based on historical and projected rates of return for each asset class in the plan investment portfolio. The actual return on plan assets was a loss of $27 million (2021 - gain of $3 million). The asset allocation structure is subject to diversification requirements and constraints, which reduce risk by limiting exposure to individual equity investment, credit rating categories and foreign currency exposure.

Fair Value Measurements

Fair Value Measurements	12 Months Ended
	Dec. 31, 2022
Fair Value Disclosures [Abstract]
Fair Value Measurements	2 3 . Fair Value Measurements The fair values of cash and cash equivalents, accounts receivable and accrued revenues, and accounts payable and accrued liabilities approximate their carrying amounts due to the short-term maturity of those instruments. The fair values of restricted cash and marketable securities included in other assets approximate their carrying amounts due to the nature of the instruments held. Fair value information related to pension plan assets is included in Note 22. Recurring fair value measurements are performed for risk management assets and liabilities and other derivative contracts, as discussed further in Note 24. These items are carried at fair value in the Consolidated Balance Sheet and are classified within the three levels of the fair value hierarchy in the following tables. Fair value changes and settlements for amounts related to risk management assets and liabilities are recognized in revenues and foreign exchange gains and losses according to their purpose. As at December 31, 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 $ - $ 93 $ 12 $ 105 $ (53 ) $ 52 Long-term assets - 34 - 34 - 34 Foreign Currency Derivatives: Current assets - 1 - 1 - 1 Risk Management Liabilities Commodity Derivatives: Current liabilities $ - $ 128 $ - $ 128 $ (53 ) $ 75 Foreign Currency Derivatives: Current liabilities - 11 - 11 - 11 Other Derivative Contracts (2) Long-term in other liabilities and provisions $ - $ 5 $ - $ 5 $ - $ 5 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 ( 3 ) 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 associated with certain prior years’ divestitures. (3) 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 NYMEX three-way options, foreign currency swaps and basis swaps with terms to 2025. Level 2 also includes financial guarantee contracts as discussed in Note 24. 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 December 31, 2022, the Company’s Level 3 risk management assets and liabilities consist of WTI three-way options 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: Risk Management 2022 2021 Balance, Beginning of Year $ (172 ) $ (74 ) Total Gains (Losses) (449 ) (708 ) Purchases, Sales, Issuances and Settlements: Purchases, sales and issuances (1) - 6 Settlements 633 604 Transfers Out of Level 3 - - Balance, End of Year $ 12 $ (172 ) Change in Unrealized Gains (Losses) During the Year Included in Net Earnings (Loss) $ 184 $ (104 ) (1) Purchases, sales and issuances for the year ended December 31, 2021, reflects the fair value of the contingent consideration arrangement at the closing date of the Duvernay divestiture discussed in Note 8. Quantitative information about unobservable inputs used in Level 3 fair value measurements is presented below as at December 31, 2022: Valuation Technique Unobservable Input Range Weighted Average (1) Risk Management - WTI Options Option Model Implied Volatility 14% - 52% 44% (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 $2 million (2021 - $15 million) increase or decrease to net risk management assets and liabilities.

Financial Instruments and Risk

Financial Instruments and Risk Management	12 Months Ended
	Dec. 31, 2022
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Financial Instruments and Risk Management	2 4 . 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 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 options. Ovintiv has also entered into basis swaps to manage against widening price differentials between various production areas and benchmark price points. FOREIGN EXCHANGE RISK Foreign exchange risk arises from changes in foreign currency exchange rates that may affect the fair value or future cash flows from the Company’s financial assets or liabilities. To partially mitigate the effect of foreign exchange fluctuations on future commodity revenues and expenses, the Company may enter into foreign currency derivative contracts. As at December 31, 2022, the Company has entered into $400 million notional U.S. dollar denominated currency swaps at an average exchange rate of C$1.3160 to US$1, which mature monthly throughout 2023. RISK MANAGEMENT POSITIONS AS AT DECEMBER 31, 2022 Notional Volumes Term Average Price Fair Value Oil and NGL Contracts US$/bbl WTI Three-Way Options Sold call / bought put / sold put 38.0 Mbbls/d 2023 113.35 / 65.33 / 50.00 $ 12 Basis Contracts (1) 2023 - Oil and NGLs Fair Value Position 12 Natural Gas Contracts US$/Mcf NYMEX Three-Way Options Sold call / bought put / sold put 397 MMcf/d 2023 8.27 / 3.68 / 2.63 16 Basis Contracts (2) 2023 (52 ) 2024 26 2025 8 Other Financial Positions 1 Natural Gas Fair Value Position (1 ) Other Derivative Contracts Fair Value Position (3) (5 ) Foreign Currency Contracts Fair Value Position (4) 2023 (10 ) Total Fair Value Position $ (4 ) (1) Ovintiv has entered into oil differential swaps associated with Canadian condensate and WTI. ( 2 ) Ovintiv has entered into natural gas basis swaps associated with AECO, Malin, Waha and NYMEX. ( 3 ) Includes credit derivatives associated with certain prior years’ divestitures. ( 4 ) Ovintiv has entered into U.S. dollar denominated fixed-for-floating average currency swaps to protect against fluctuations between the Canadian and U.S. dollars. EARNINGS IMPACT OF REALIZED AND UNREALIZED GAINS (LOSSES) ON RISK MANAGEMENT POSITIONS For the years ended December 31 2022 2021 2020 Realized Gains (Losses) on Risk Management Commodity and Other Derivatives: Revenues (1) $ (2,608 ) $ (1,395 ) $ 711 Foreign Currency Derivatives: Foreign exchange (5 ) 33 (1 ) $ (2,613 ) $ (1,362 ) $ 710 Unrealized Gains (Losses) on Risk Management Commodity and Other Derivatives: Revenues (2) $ 741 $ (488 ) $ (204 ) Foreign Currency Derivatives: Foreign exchange (15 ) (21 ) 13 $ 726 $ (509 ) $ (191 ) Total Realized and Unrealized Gains (Losses) on Risk Management, net Commodity and Other Derivatives: Revenues (1) (2) $ (1,867 ) $ (1,883 ) $ 507 Foreign Currency Derivatives: Foreign exchange (20 ) 12 12 $ (1,887 ) $ (1,871 ) $ 519 (1) Includes a realized gain of $6 million for the year ended December 31, 2022 (2021 - gain of $1 million; 2020 - gain of $2 million) related to other derivative contracts. (2) Includes an unrealized loss of $2 million for the year ended December 31, 2022 (2021 - gain of $4 million; 2020 - loss of $1 million) related to other derivative contracts. RECONCILIATION OF UNREALIZED RISK MANAGEMENT POSITIONS FROM JANUARY 1 TO DECEMBER 31 2022 2021 2020 Fair Value Total Unrealized Gain (Loss) 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 Year (1,887 ) $ (1,887 ) $ (1,871 ) $ 519 Settlement of Other Derivative Contracts (6 ) Fair Value of Contracts Realized During the Year 2,613 2,613 1,362 (710 ) Fair Value of Contracts, End of Year $ (4 ) $ 726 $ (509 ) $ (191 ) Risk management assets and liabilities arise from the use of derivative financial instruments and are measured at fair value. See Note 23 for a discussion of fair value measurements. UNREALIZED RISK MANAGEMENT POSITIONS As at December 31 2022 2021 Risk Management Assets Current $ 53 $ 1 Long-term 34 - 87 1 Risk Management Liabilities Current 86 703 Long-term - 25 86 728 Other Derivative Contract Assets Current in accounts receivable and accrued revenues - 9 - 9 Other Derivative Contract Liabilities Current in accounts payable and accrued liabilities - 1 Long-term in other liabilities and provisions 5 5 5 6 Net Risk Management Assets (Liabilities) and Other Derivative Contracts $ (4 ) $ (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 December 31, 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 $140 million and $87 million, respectively, as disclosed in Note 23. The Company had no significant credit derivatives in place and held no collateral at December 31, 2022. Any cash equivalents include high-grade, short-term securities, placed primarily with financial institutions with strong investment grade ratings. Any foreign currency agreements entered into are with major financial institutions that have investment grade credit ratings. A substantial portion of the Company’s accounts receivable are with customers and working interest owners in the oil and gas industry and are subject to normal industry credit risks. As at December 31, 2022, approximately 88 percent (2021 - 90 percent) of Ovintiv’s accounts receivable and financial derivative credit exposures were with investment grade counterparties. During 2015 and 2017, the Company entered into agreements resulting from divestitures, which may require Ovintiv to fulfill certain payment obligations on the take or pay volume commitments assumed by the purchasers. The circumstances that would require Ovintiv to perform under the agreements include events where a purchaser fails to make payment to the guaranteed party and/or a purchaser is subject to an insolvency event. The agreements expire in June 2024 with a fair value recognized of $5 million as at December 31, 2022 (2021 - $6 million). The maximum potential amount of undiscounted future payments is $34 million as at December 31, 2022, and is considered unlikely.

Supplementary Information

Supplementary Information	12 Months Ended
	Dec. 31, 2022
Supplemental Cash Flow Elements [Abstract]
Supplementary Information	2 5 . Supplementary Information Supplemental disclosures to the Consolidated Statement of Cash Flows are presented below: A) NET CHANGE IN NON-CASH WORKING CAPITAL For the years ended December 31 2022 2021 2020 Operating Activities Accounts receivable and accrued revenues $ (304 ) $ (333 ) $ 146 Accounts payable and accrued liabilities 50 275 (26 ) Current portion of operating lease liabilities 14 (7 ) (11 ) Income tax receivable and payable 53 24 30 $ (187 ) $ (41 ) $ 139 B) NON-CASH ACTIVITIES For the years ended December 31 2022 2021 2020 Non-Cash Operating Activities ROU operating lease assets and liabilities (See Note 13) $ (75 ) $ (23 ) $ (10 ) Non-Cash Investing Activities Asset retirement obligation incurred (See Note 16) $ 4 $ 8 $ 7 Asset retirement obligation change in estimated future cash outflows (See Note 16) 58 5 (49 ) Property, plant and equipment accruals 35 (9 ) (175 ) Capitalized long-term incentives 4 8 (16 ) Property additions/dispositions, including swaps 126 34 229 Contingent consideration (See Note 8) - 6 - On September 1, 2020, Ovintiv closed an agreement with PetroChina Canada Ltd. (“PCC”) to terminate its joint venture with PCC and transfer the ownership and operation of certain Duvernay shale assets in west central Alberta. In connection with the closing, Ovintiv and PCC agreed to partition the Duvernay acreage and associated infrastructure. For the year ended December 31, 2020, property additions/dispositions (swaps) included a $203 million non-cash swap related to the Duvernay partition. C) SUPPLEMENTARY CASH FLOW INFORMATION For the years ended December 31 2022 2021 2020 Interest Paid $ 376 $ 370 $ 385 Income Taxes (Recovered), net of Amounts Paid $ (38 ) $ (176 ) $ (52 )

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2022
Commitments And Contingencies Disclosure [Abstract]
Commitments and Contingencies	2 6 . Commitments and Contingencies COMMITMENTS The following table outlines the Company’s commitments as at December 31, 2022: Expected Future Payments (undiscounted) 2023 2024 2025 2026 2027 Thereafter Total Transportation and Processing $ 790 $ 687 $ 570 $ 490 $ 463 $ 2,156 $ 5,156 Drilling and Field Services 299 21 - - - - 320 Building Leases 9 9 8 2 - - 28 Total $ 1,098 $ 717 $ 578 $ 492 $ 463 $ 2,156 $ 5,504 Operating leases with terms greater than one year are not included in the commitments table above. The table above includes short-term leases with contract terms less than 12 months, such as drilling rigs and field office leases, as well as non-lease operating cost components associated with building leases. See Note 13 for additional disclosures on leases. Included within transportation and processing in the table above are certain commitments associated with midstream service agreements with VMLP as described in Note 19. 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.

Supplementary Oil and Gas Infor

Supplementary Oil and Gas Information	12 Months Ended
	Dec. 31, 2022
Extractive Industries [Abstract]
Supplementary Oil and Gas Information	2 7 . Supplementary Oil and Gas Information (unaudited) The unaudited supplementary information on oil and natural gas exploration and production activities for 2022, 2021 and 2020 has been presented in accordance with the FASB’s ASC Topic 932, “Extractive Activities - Oil and Gas” and the SEC’s final rule, “Modernization of Oil and Gas Reporting”. Disclosures by geographic area include the United States and Canada. Proved Oil and Natural Gas Reserves The following reserves disclosures reflect estimates of proved reserves, proved developed reserves, and proved undeveloped reserves, net of third-party royalty interests of oil, NGLs and natural gas owned at each year end and changes in proved reserves during each of the last three years. The Company’s estimates of proved reserves are made using available geological and reservoir data as well as production performance data. These estimates are reviewed annually by internal reservoir engineers and revised, either upward or downward, as warranted by additional data. The results of infill drilling are treated as positive revisions due to increases to expected recovery. Other revisions are due to changes in, among other things, development plans, reservoir performance, commodity prices, economic conditions, and government restrictions. Estimates of proved reserves are inherently imprecise and are continually subject to revision based on production history, results of additional exploration and development, price changes and other factors. The following reference prices were utilized in the determination of reserves and future net revenue: Oil & NGLs Natural Gas WTI ($/bbl) Edmonton Condensate (C$/bbl) Henry Hub ($/MMBtu) AECO (C$/MMBtu) Reserves Pricing (1) 2022 $ 93.82 $ 121.18 $ 6.36 $ 5.65 2021 66.56 83.69 3.60 3.26 2020 39.62 49.77 1.98 2.13 (1) All prices were held constant in all future years when estimating net revenues and reserves. PROVED RESERVES (1) (12-MONTH AVERAGE TRAILING PRICES) Oil (MMbbls) NGLs (MMbbls) Natural Gas (Bcf) Total (MMBOE) United States Canada Total United States Canada Total United States Canada Total 2020 Beginning of year 722.4 1.3 723.7 409.4 179.1 588.5 2,441 2,818 5,259 2,188.8 Revisions and improved recovery (2) (221.5 ) (0.5 ) (222.0 ) (29.1 ) (33.1 ) (62.2 ) (323 ) (161 ) (484 ) (364.9 ) Extensions and discoveries 144.3 0.1 144.4 78.1 27.7 105.8 392 372 764 377.5 Purchase of reserves in place 9.9 1.0 10.9 8.4 11.6 20.0 47 94 140 54.3 Sale of reserves in place (9.3 ) - (9.3 ) (7.9 ) (13.4 ) (21.4 ) (95 ) (106 ) (201 ) (64.1 ) Production (55.2 ) (0.2 ) (55.4 ) (29.8 ) (20.5 ) (50.3 ) (194 ) (366 ) (560 ) (199.0 ) End of year 590.5 1.7 592.3 429.1 151.4 580.5 2,268 2,650 4,918 1,992.5 Developed 279.1 1.7 280.9 242.3 76.9 319.3 1,327 1,740 3,067 1,111.3 Undeveloped 311.4 - 311.4 186.7 74.5 261.2 941 910 1,851 881.1 Total 590.5 1.7 592.3 429.1 151.4 580.5 2,268 2,650 4,918 1,992.5 2021 Beginning of year 590.5 1.7 592.3 429.1 151.4 580.5 2,268 2,650 4,918 1,992.5 Revisions and improved recovery (2) (78.7 ) 0.7 (78.0 ) (30.0 ) (20.3 ) (50.3 ) 61 302 363 (67.8 ) Extensions and discoveries 121.2 0.3 121.5 75.1 66.9 142.0 428 1,538 1,966 591.2 Purchase of reserves in place 2.6 - 2.6 1.6 0.9 2.5 7 6 13 7.3 Sale of reserves in place (27.0 ) (1.6 ) (28.6 ) (12.6 ) (8.4 ) (21.0 ) (50 ) (73 ) (123 ) (70.2 ) Production (51.1 ) (0.1 ) (51.2 ) (28.5 ) (20.5 ) (49.0 ) (179 ) (389 ) (568 ) (194.9 ) End of year 557.5 1.1 558.6 434.7 170.0 604.7 2,536 4,033 6,570 2,258.2 Developed 291.0 0.7 291.7 264.3 84.5 348.8 1,621 2,490 4,111 1,325.7 Undeveloped 266.6 0.3 266.9 170.5 85.4 255.9 915 1,543 2,458 932.5 Total 557.5 1.1 558.6 434.7 170.0 604.7 2,536 4,033 6,570 2,258.2 2022 Beginning of year 557.5 1.1 558.6 434.7 170.0 604.7 2,536 4,033 6,570 2,258.2 Revisions and improved recovery (2) (65.1 ) (0.3 ) (65.5 ) 2.9 (36.0 ) (33.2 ) 38 (582 ) (544 ) (189.2 ) Extensions and discoveries 95.2 - 95.2 37.2 31.3 68.5 237 1,005 1,241 370.6 Purchase of reserves in place 15.8 - 15.8 13.7 1.7 15.4 72 16 88 45.9 Sale of reserves in place (20.2 ) (0.6 ) (20.8 ) (0.7 ) (0.6 ) (1.3 ) (5 ) (16 ) (22 ) (25.7 ) Production (48.0 ) - (48.0 ) (29.9 ) (17.3 ) (47.3 ) (180 ) (366 ) (545 ) (186.2 ) End of year 535.2 0.1 535.3 457.8 149.0 606.9 2,698 4,090 6,789 2,273.6 Developed 257.2 0.1 257.3 288.3 71.2 359.5 1,755 2,276 4,031 1,288.7 Undeveloped 278.0 - 278.0 169.5 77.8 247.4 943 1,814 2,757 984.9 Total 535.2 0.1 535.3 457.8 149.0 606.9 2,698 4,090 6,789 2,273.6 (1) Numbers may not add due to rounding. (2) Changes in reserve estimates resulting from application of improved recovery techniques are included in revisions of previous estimates. Definitions: a. “Proved” oil and gas reserves are those quantities of oil and gas which, by analysis of geoscience and engineering data, can be estimated with reasonable certainty to be economically producible from a given date forward, from known reservoirs, and under existing economic conditions, operating methods and government regulations. b. “Developed” oil and gas reserves are reserves of any category that are expected to be recovered through existing wells with existing equipment and operating methods or in which the cost of the required equipment is relatively minor compared to the cost of a new well. c. “Undeveloped” oil and gas reserves are reserves of any category that are expected to be recovered from new wells on undrilled acreage, or from existing wells where a relatively major expenditure is required for recompletion. Total Proved reserves increased 15.4 • Revisions and improved recovery of oil, NGLs and natural gas were negative primarily due to changes in the approved development plan of 142.5 MMBOE, negative price revisions of 49.6 MMBOE from higher royalties in Canada due to higher 12-month average trailing prices, and 1.5 MMBOE from revisions other than price, partially offset by 4.4 MMBOE from infill drilling locations. • Extensions and discoveries of oil, NGLs and natural gas increased proved reserves by 370.6 MMBOE due to successful drilling leading to increased technical delineation, as well as new proved undeveloped locations resulting from updated development plans in Montney and Permian. • Purchases of 45.9 MMBOE were primarily properties with oil and liquids-rich potential in Permian. • Sale of reserves in place decreased proved developed reserves by 25.7 MMBOE primarily due to the divestiture of properties held in Uinta. Total Proved reserves increased 265.7 • Revisions and improved recovery of oil, NGLs and natural gas were negative primarily due to changes in the approved development plan of 396.1 MMBOE, partially offset by positive performance revisions of 160.6 MMBOE, higher 12-month average trailing prices of 144.5 MMBOE and 23.2 MMBOE from infill drilling locations. • Extensions and discoveries of oil, NGLs and natural gas increased proved reserves by 591.2 MMBOE due to successful drilling and technical delineation, as well as new proved undeveloped locations resulting from updated development plans in Montney, Permian and Anadarko • Purchases of 7.3 MMBOE were primarily in Permian and a result of acreage trades • Sale of reserves in place decreased proved developed reserves by 70.2 MMBOE primarily due to the divestitures of Eagle Ford located in south Texas and Duvernay located in west central Alberta. Total Proved reserves decreased 196.3 • Revisions and improved recovery of oil, NGLs and natural gas were negative primarily due to changes in the approved development plan of 382.2 MMBOE and lower 12-month average trailing prices of 167.1 MMBOE, partially offset by positive revisions from well performance and development strategy changes of 182.0 MMBOE and from infill drilling locations of 2.4 MMBOE. • Extensions and discoveries of oil, NGLs and natural gas increased proved reserves by 377.5 MMBOE due to successful drilling and technical delineation, as well as new proved undeveloped locations resulting from development plan changes in Permian, Montney, Anadarko and Uinta. • Purchases of 54.3 MMBOE were primarily in Permian and a result of the partition of certain Duvernay shale assets between Ovintiv and PCC. • Sale of reserves in place decreased proved developed reserves by 64.1 MMBOE primarily due to divestitures in Anadarko and Permian, and the partition of certain Duvernay shale assets between Ovintiv and PCC. STANDARDIZED MEASURE OF DISCOUNTED FUTURE NET CASH FLOWS RELATING TO PROVED OIL AND GAS RESERVES In calculating the standardized measure of discounted future net cash flows, constant price and cost assumptions were applied to Ovintiv’s annual future production from proved reserves to determine cash inflows. Estimates of future net cash flows from proved reserves are computed based on the average beginning-of-the-month prices during the 12-month period for the year. Future production and development costs include estimates for abandonment and dismantlement costs associated with asset retirement obligations and assume the continuation of existing economic, operating and regulatory conditions. Future income taxes are calculated by applying statutory income tax rates to future pre-tax cash flows after provision for the tax cost of the oil and natural gas properties based upon existing laws and regulations. The effect of tax credits is also considered in determining the income tax expense. The discount was computed by application of a 10 percent discount factor to the future net cash flows. Ovintiv cautions that the discounted future net cash flows relating to proved oil and gas reserves are an indication of neither the fair market value of Ovintiv’s oil and natural gas properties, nor the future net cash flows expected to be generated from such properties. The discounted future net cash flows do not include the fair market value of exploratory properties and probable or possible oil and gas reserves, nor is consideration given to the effect of anticipated future changes in oil and natural gas prices, development, asset retirement and production costs, and possible changes to tax and royalty regulations. The prescribed discount rate of 10 percent may not appropriately reflect future interest rates. United States Canada 2022 2021 2020 2022 2021 2020 Future Cash Inflows $ 74,567 $ 51,473 $ 26,093 $ 29,149 $ 18,312 $ 7,156 Less Future: Production costs 17,043 12,272 8,864 8,173 7,679 4,202 Development costs 8,951 5,767 6,187 2,142 2,061 1,859 Income taxes 9,333 5,480 74 4,182 1,695 - Future Net Cash Flows 39,240 27,954 10,968 14,652 6,877 1,095 Less 10% annual discount for estimated timing of cash flows 20,272 13,663 5,895 6,121 2,393 246 Discounted Future Net Cash Flows $ 18,968 $ 14,291 $ 5,073 $ 8,531 $ 4,484 $ 849 Total 2022 2021 2020 Future Cash Inflows $ 103,716 $ 69,785 $ 33,249 Less Future: Production costs 25,216 19,951 13,066 Development costs 11,093 7,828 8,046 Income taxes 13,515 7,175 74 Future Net Cash Flows 53,892 34,831 12,063 Less 10% annual discount for estimated timing of cash flows 26,393 16,056 6,141 Discounted Future Net Cash Flows $ 27,499 $ 18,775 $ 5,922 CHANGES IN STANDARDIZED MEASURE OF DISCOUNTED FUTURE NET CASH FLOWS RELATING TO PROVED OIL AND GAS RESERVES United States Canada 2022 2021 2020 2022 2021 2020 Balance, Beginning of Year $ 14,291 $ 5,073 $ 10,041 $ 4,484 $ 849 $ 1,575 Changes Resulting From: Sales of oil and gas produced during the year (5,007 ) (3,608 ) (1,605 ) (2,333 ) (1,479 ) (405 ) Discoveries and extensions, net of related costs 2,735 3,102 1,080 2,635 2,119 140 Purchases of proved reserves in place 661 63 98 58 13 44 Sales and transfers of proved reserves in place (278 ) (199 ) (255 ) (28 ) (38 ) (97 ) Net change in prices and production costs 9,059 10,702 (7,119 ) 5,532 3,266 (1,563 ) Revisions to quantity estimates (712 ) (407 ) (2,346 ) (961 ) 201 (188 ) Accretion of discount 1,630 508 1,064 545 85 158 Development costs incurred during the year 1,475 1,139 1,341 339 397 535 Changes in estimated future development costs (2,965 ) (83 ) 2,183 (303 ) 41 652 Other (2 ) 1 - - - (2 ) Net change in income taxes (1,919 ) (2,000 ) 591 (1,437 ) (970 ) - Balance, End of Year $ 18,968 $ 14,291 $ 5,073 $ 8,531 $ 4,484 $ 849 Total 2022 2021 2020 Balance, Beginning of Year $ 18,775 $ 5,922 $ 11,616 Changes Resulting From: Sales of oil and gas produced during the year (7,340 ) (5,087 ) (2,010 ) Discoveries and extensions, net of related costs 5,370 5,221 1,220 Purchases of proved reserves in place 719 76 142 Sales and transfers of proved reserves in place (306 ) (237 ) (352 ) Net change in prices and production costs 14,591 13,968 (8,682 ) Revisions to quantity estimates (1,673 ) (206 ) (2,534 ) Accretion of discount 2,175 593 1,222 Development costs incurred during the year 1,814 1,536 1,876 Changes in estimated future development costs (3,268 ) (42 ) 2,835 Other (2 ) 1 (2 ) Net change in income taxes (3,356 ) (2,970 ) 591 Balance, End of Year $ 27,499 $ 18,775 $ 5,922 RESULTS OF OPERATIONS The following table sets forth revenue and direct cost information relating to the Company’s oil and natural gas exploration and production activities. United States Canada 2022 2021 2020 2022 2021 2020 Oil, NGL and Natural Gas Revenues (1) $ 6,680 $ 4,883 $ 2,701 $ 3,476 $ 2,542 $ 1,349 Less: Production, mineral and other taxes 401 278 158 14 15 15 Transportation and processing 626 507 453 1,002 937 829 Operating 646 490 485 127 111 100 Depreciation, depletion and amortization 861 837 1,378 235 332 427 Impairments - - 5,580 - - - Accretion of asset retirement obligation 8 11 13 10 11 16 Operating Income (Loss) 4,138 2,760 (5,366 ) 2,088 1,136 (38 ) Income Taxes 952 673 (1,309 ) 499 272 (9 ) Results of Operations $ 3,186 $ 2,087 $ (4,057 ) $ 1,589 $ 864 $ (29 ) Total 2022 2021 2020 Oil, NGL and Natural Gas Revenues (1) $ 10,156 $ 7,425 $ 4,050 Less: Production, mineral and other taxes 415 293 173 Transportation and processing 1,628 1,444 1,282 Operating 773 601 585 Depreciation, depletion and amortization 1,096 1,169 1,805 Impairments - - 5,580 Accretion of asset retirement obligation 18 22 29 Operating Income (Loss) 6,226 3,896 (5,404 ) Income Taxes 1,451 945 (1,318 ) Results of Operations $ 4,775 $ 2,951 $ (4,086 ) (1) Excludes gains (losses) on risk management. CAPITALIZED COSTS Capitalized costs include the cost of properties, equipment and facilities for oil and natural gas producing activities. Capitalized costs for proved properties include costs for oil and natural gas leaseholds where proved reserves have been identified, development wells and related equipment and facilities, including development wells in progress. Capitalized costs for unproved properties include costs for acquiring oil and natural gas leaseholds where no proved reserves have been identified. United States Canada 2022 2021 2020 2022 2021 2020 Proved Oil and Gas Properties $ 41,382 $ 39,145 $ 37,875 $ 15,672 $ 16,330 $ 16,008 Unproved Oil and Gas Properties 1,127 1,884 2,785 45 60 177 Total Capital Cost 42,509 41,029 40,660 15,717 16,390 16,185 Accumulated DD&A 34,280 33,418 32,581 14,687 15,450 15,056 Net Capitalized Costs $ 8,229 $ 7,611 $ 8,079 $ 1,030 $ 940 $ 1,129 Total 2022 2021 2020 Proved Oil and Gas Properties $ 57,054 $ 55,475 $ 53,883 Unproved Oil and Gas Properties 1,172 1,944 2,962 Total Capital Cost 58,226 57,419 56,845 Accumulated DD&A 48,967 48,868 47,637 Net Capitalized Costs $ 9,259 $ 8,551 $ 9,208 COSTS INCURRED Costs incurred includes both capitalized costs and costs charged to expense when incurred. Costs incurred also includes internal costs directly related to acquisition, exploration, and development activities, new asset retirement costs established in the current year as well as increases or decreases to the asset retirement obligations resulting from changes to cost estimates during the year. United States Canada 2022 2021 2020 2022 2021 2020 Acquisition Costs Unproved $ 154 $ 2 $ 16 $ - $ - $ - Proved 123 9 3 9 - - Total Acquisition Costs 277 11 19 9 - - Exploration Costs 5 10 12 7 5 - Development Costs 1,530 1,148 1,352 376 388 353 Total Costs Incurred $ 1,812 $ 1,169 $ 1,383 $ 392 $ 393 $ 353 Total 2022 2021 2020 Acquisition Costs Unproved $ 154 $ 2 $ 16 Proved 132 9 3 Total Acquisition Costs 286 11 19 Exploration Costs 12 15 12 Development Costs 1,906 1,536 1,705 Total Costs Incurred $ 2,204 $ 1,562 $ 1,736 COSTS NOT SUBJECT TO DEPLETION OR AMORTIZATION Upstream costs in respect of significant unproved properties are excluded from the country cost center’s depletable base as follows: As at December 31 2022 2021 United States $ 1,127 $ 1,884 Canada 45 60 $ 1,172 $ 1,944 The following is a summary of the costs related to Ovintiv’s unproved properties as at December 31, 2022: 2022 2021 2020 Prior to 2020 Total Acquisition Costs $ 154 $ 2 $ 22 $ 894 $ 1,072 Exploration Costs 5 11 7 77 100 $ 159 $ 13 $ 29 $ 971 $ 1,172 Acquisition costs primarily include costs incurred to acquire or lease properties. Exploration costs primarily include costs related to geological and geophysical studies and unevaluated costs associated with drilling and equipping exploratory wells. Ultimate recoverability of these costs and the timing of inclusion within the applicable country cost center’s depletable base is dependent upon either the finding of proved oil, NGL and natural gas reserves, expiration of leases or recognition of impairments. The $1.2 billion of oil and natural gas properties not subject to depletion or amortization primarily includes leasehold and mineral costs related to the acquisition of Permian. These acquisition costs are associated with acquired acreage for which proved reserves have yet to be assigned from future development. The Company continually assesses the development timeline of the acquired acreage. The timing and amount of the transfer of property acquisition costs into the depletable base are based on several factors and may be subject to changes over time from drilling plans, drilling results, availability of capital, project economics and other assessments of the property. The inclusion of these acquisition costs in the depletable base is expected to occur within one to two years. The remaining costs excluded from depletion are related to properties which are not individually significant.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2022
Accounting Policies [Abstract]
Basis of Presentation	B) BASIS OF PRESENTATION The Consolidated Financial Statements include the accounts of Ovintiv and are presented in conformity with U.S. GAAP and the rules and regulations of the SEC. In these Consolidated Financial Statements, unless otherwise indicated, all dollar amounts are expressed in U.S. dollars. Following the U.S. Domestication on January 24, 2020, the functional currency of Ovintiv Inc. became U.S. dollars, and accordingly, the financial results herein are consolidated and reported in U.S. dollars. All references to US$ or to $ are to United States dollars and references to C$ are to Canadian dollars. The Arrangement, as described above, was accounted for as a reorganization of entities under common control. Accordingly, the resulting transactions were recognized using historical carrying amounts. On January 24, 2020, Ovintiv became the reporting entity upon completion of the Reorganization.
Principles of Consolidation	C) PRINCIPLES OF CONSOLIDATION The Consolidated Financial Statements include the accounts of Ovintiv and entities in which it holds a controlling interest.
Foreign Currency Translation	D) FOREIGN CURRENCY TRANSLATION Monetary assets and liabilities of the Company that are denominated in foreign currencies are translated at the rates of exchange in effect at the period end date. Any gains or losses are recorded in the Consolidated Statement of Earnings. Foreign currency revenues and expenses are translated at the rates of exchange in effect at the time of the transaction. Assets and liabilities of foreign operations are translated at period end exchange rates, while the related revenues and expenses are translated using average rates during the period. Translation gains and losses relating to foreign operations are included in accumulated other comprehensive income (“AOCI”). Recognition of Ovintiv’s accumulated translation gains and losses into net earnings occurs upon complete or substantially complete liquidation of the Company’s investment in the foreign operation.
Use of Estimates	E) USE OF ESTIMATES Preparation of the Consolidated Financial Statements in conformity with U.S. GAAP requires Management to make informed estimates and assumptions and use judgments that affect reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the Consolidated Financial Statements and the reported amounts of revenues and expenses during the period. Such estimates primarily relate to unsettled transactions and events as of the date of the Consolidated Financial Statements. Accordingly, actual results may differ from estimated amounts as future events occur. Significant items subject to estimates and assumptions are: • Estimates of proved reserves used for depletion and ceiling test impairment calculations • Estimated fair value of long-term assets used for impairment calculations • Fair value of reporting units used for the assessment of goodwill • Estimates of future taxable earnings used to assess the realizable value of deferred tax assets • Estimates of incremental borrowing rates and lease terms used in the measurement of right-of-use (“ROU”) assets and lease liabilities • Fair value of asset retirement costs and related obligations • Fair value of derivative instruments • Fair value attributed to assets acquired and liabilities assumed in business combinations • Tax interpretations, regulations and legislation in the various jurisdictions in which the Company and its subsidiaries operate • Accruals for long-term performance-based compensation arrangements, including whether or not the performance criteria will be met and measurement of the ultimate payout amount • Recognized values of pension assets and obligations, as well as the pension costs charged to net earnings, depend on certain actuarial and economic assumptions • Accruals for legal claims, environmental risks and exposures
Revenues from Contracts with Customers	F) REVENUES FROM CONTRACTS WITH CUSTOMERS Revenues from contracts with customers associated with Ovintiv’s oil, NGLs and natural gas and third-party processing and gathering are recognized when control of the good or service is transferred to the customer, and title or risk of loss transfers to the customer. Transaction prices are determined at inception of the contract and allocated to the performance obligations identified. Variable consideration is estimated and included in the transaction price, unless the variable consideration is constrained. For product sales, the performance obligations are satisfied at a point in time when the product is delivered to the customer and control is transferred. Payment from the customer is due when the product is delivered to the custody point. Revenues for product sales are presented on an after-royalties basis. For arrangements to gather and process natural gas for third parties, performance obligations are satisfied over time as the service is provided to the customer. Payment from the customer is due when the customer receives the benefit of the service and the product is delivered to the custody point or plant tailgate. Revenues associated with services provided where Ovintiv acts as agent are recorded on a net basis.
Production, Mineral and Other Taxes	G) PRODUCTION, MINERAL AND OTHER TAXES Costs paid by Ovintiv for taxes based on production or revenues from oil, NGLs and natural gas are recognized when the product is produced. Costs paid by Ovintiv for taxes on the valuation of upstream assets and reserves are recognized when incurred.
Transportation and Processing	H) TRANSPORTATION AND PROCESSING Costs paid by Ovintiv for the transportation and processing of oil, NGLs and natural gas are recognized when the product is delivered and the services made available or provided.
Operating	I) OPERATING Operating costs paid by Ovintiv, net of amounts capitalized, are recognized for oil and natural gas properties in which the Company has a working interest.
Employee Benefit Plans	J) EMPLOYEE BENEFIT PLANS The Company sponsors defined contribution and defined benefit plans, providing pension and other post-employment benefits to its employees in the U.S. and Canada. As of January 1, 2003, the defined benefit pension plan was closed to new entrants. Pension expense for the defined contribution pension plan is recorded as the benefits are earned by the employees covered by the plans. Ovintiv accrues for its obligations under its employee defined benefit plans, net of plan assets. The cost of defined benefit pensions and other post-employment benefits is actuarially determined using the projected benefit method based on length of service and reflects Management’s best estimate of salary escalation, mortality rates, retirement ages of employees and expected future health care costs. The expected return on plan assets is based on historical and projected rates of return for assets in the investment plan portfolio. The actual return is based on the fair value of plan assets. The projected benefit obligation is discounted using the market interest rate on high-quality corporate debt instruments as at the measurement date. Defined benefit pension plan expenses include the cost of pension benefits earned during the current year, the interest cost on pension obligations, the expected return on pension plan assets, the amortization of adjustments arising from pension plan amendments, the amortization of net prior service costs, and the amortization of the excess of the net actuarial gains or losses over 10 percent of the greater of the benefit obligation and the fair value of plan assets. Amortization is on a straight-line basis over a period covering the expected average remaining service lives of employees covered by the plans. All components of the net defined periodic benefit cost, excluding the service cost component, are included in other (gains) losses, net.
Income Taxes	K) INCOME TAXES Ovintiv follows the liability method of accounting for income taxes. Under this method, deferred income taxes are recorded for the effect of any temporary difference between the accounting and income tax basis of an asset or liability, using the enacted income tax rates and laws expected to apply when the assets are realized and liabilities are settled. Current income taxes are measured at the amount expected to be recoverable from or payable to the taxing authorities based on the income tax rates and laws enacted at the end of the reporting period. The effect of a change in the enacted tax rates or laws is recognized in net earnings in the period of enactment. Income taxes are recognized in net earnings except to the extent that they relate to items recognized directly in shareholders’ equity, in which case the income taxes are recognized directly in shareholders’ equity. Deferred income tax assets are assessed routinely for realizability. If it is more likely than not that deferred tax assets will not be realized, a valuation allowance is recorded to reduce the deferred tax assets. Ovintiv considers available positive and negative evidence when assessing the realizability of deferred tax assets including historic and expected future taxable earnings, available tax planning strategies and carry forward periods. The assumptions used in determining expected future taxable earnings are consistent with those used in the goodwill impairment assessment. Ovintiv recognizes the financial statement effects of a tax position when it is more likely than not, based on the technical merits, that the position will be sustained upon examination by a taxing authority. A recognized tax position is initially and subsequently measured as the largest amount of tax benefit that is greater than 50 percent likely of being realized upon settlement with a taxing authority. Liabilities for unrecognized tax benefits that are not expected to be settled within the next 12 months are included in other liabilities and provisions. Interest related to unrecognized tax benefits is recognized in interest expense.
Earnings Per Share Amounts	L) EARNINGS PER SHARE AMOUNTS Basic net earnings per share of common stock is computed by dividing the net earnings by the weighted average number of shares of common stock outstanding during the period. Diluted net earnings per share of common stock is calculated giving effect to the potential dilution that would occur if stock options were exercised or other contracts to issue shares of common stock were exercised, fully vested, or converted to shares of common stock. The treasury stock method is used to determine the dilutive effect of stock options and other dilutive instruments. The treasury stock method assumes that proceeds received from the exercise of in-the-money stock options and other dilutive instruments are used to repurchase shares of common stock at the average market price.
Cash and Cash Equivalents	M) CASH AND CASH EQUIVALENTS Cash and cash equivalents include cash on hand and short-term investments, such as money market deposits or similar type instruments, with a maturity of three months or less when purchased. Outstanding disbursements issued in excess of applicable bank account balances are excluded from cash and cash equivalents and are recorded in accounts payable and accrued liabilities.
Property, Plant and Equipment	N) PROPERTY, PLANT AND EQUIPMENT UPSTREAM Ovintiv uses the full cost method of accounting for its acquisition, exploration and development activities. Accordingly, all costs directly associated with the acquisition of, the exploration for, and the development of oil, NGLs and natural gas reserves, including costs of undeveloped leaseholds, dry holes and related equipment, are capitalized on a country-by-country cost center basis. Capitalized costs exclude costs relating to production, general overhead or similar activities. Capitalized costs accumulated within each cost center are depleted using the unit-of-production method based on proved reserves. Depletion is calculated using the capitalized costs, including estimated retirement costs, plus the undiscounted future expenditures, based on current costs, to be incurred in developing proved reserves. Costs associated with unproved properties are excluded from the depletion calculation until it is determined that proved reserves are attributable or impairment has occurred. Unproved properties are assessed separately for impairment on a quarterly basis. Costs that have been impaired are included in the costs subject to depletion within the full cost pool. Under the full cost method of accounting, the carrying amount of Ovintiv’s oil and natural gas properties within each country cost center is subject to a ceiling test at the end of each quarter. A ceiling test impairment is recognized in net earnings when the carrying amount of a country cost center exceeds the country cost center ceiling. The carrying amount of a cost center includes capitalized costs of proved oil and natural gas properties, net of accumulated depletion and the related deferred income taxes. The cost center ceiling is the sum of the estimated after-tax future net cash flows from proved reserves, using the 12-month average trailing prices and unescalated future development and production costs, discounted at 10 percent, plus unproved property costs. The 12-month average trailing price is calculated as the average of the price on the first day of each month within the trailing 12-month period. Any excess of the carrying amount over the calculated ceiling amount is recognized as an impairment in net earnings. Proceeds from the divestiture of properties are normally deducted from the full cost pool without recognition of a gain or loss unless the deduction significantly alters the relationship between capitalized costs and proved reserves in the cost center, in which case a gain or loss is recognized in net earnings. Generally, a gain or loss on a divestiture would be recognized when 25 percent or more of the Company’s proved reserves quantities are sold in a particular country cost center. For divestitures that result in the recognition of a gain or loss on the sale and constitute a business, goodwill is allocated to the divestiture. CORPORATE Costs associated with office furniture, fixtures, leasehold improvements, information technology and aircraft are carried at cost and depreciated on a straight-line basis over the estimated service lives of the assets, which range from three to 25 years. Assets under construction are not subject to depreciation until put into use. Land is carried at cost.
Capitalization of Costs	O) CAPITALIZATION OF COSTS Expenditures related to renewals or betterments that improve the productive capacity or extend the life of an asset are capitalized. Maintenance and repairs are expensed as incurred. Interest on borrowings associated with development projects is capitalized during the development phase.
Business Combinations	P) BUSINESS COMBINATIONS Business combinations are accounted for using the acquisition method. The acquired identifiable net assets are measured at fair value at the date of acquisition. Deferred taxes are recognized for any differences between the fair value of net assets acquired and the related tax bases. Any excess of the purchase price over the fair value of the net assets acquired is recognized as goodwill. Any deficiency of the purchase price below the fair value of the net assets acquired is recorded as a gain in net earnings. Associated transaction costs are expensed when incurred.
Goodwill	Q) GOODWILL Goodwill represents the excess of purchase price over fair value of net assets acquired and is assessed for impairment at least annually at December 31. Goodwill and all other assets and liabilities are allocated to reporting units, which are Ovintiv’s country cost centers. To assess impairment, the carrying amount of each reporting unit is determined and compared to the fair value of each respective reporting unit. Any excess of the carrying value of the reporting unit, including goodwill, over its fair value is recognized as an impairment and charged to net earnings. The impairment charge measured is limited to the total amount of goodwill allocated to that reporting unit. Subsequent measurement of goodwill is at cost less any accumulated impairments.
Impairment of Long-Term Assets	R) IMPAIRMENT OF LONG-TERM ASSETS The carrying value of long-term assets, excluding goodwill and upstream assets included in property, plant and equipment, is assessed for impairment when indicators suggest that the carrying value of an asset or asset group may not be recoverable. Individual assets are grouped for impairment purposes at the lowest level for which there are identifiable cashflows that are largely independent of the cashflows of other groups of assets. If the carrying amount exceeds the sum of the undiscounted cash flows expected to result from the continued use and eventual disposition of the asset or asset group, an impairment is recognized for the excess of the carrying amount over its estimated fair value.
Asset Retirement Obligation	S) ASSET RETIREMENT OBLIGATION Asset retirement obligations are those legal obligations where the Company will be required to retire tangible long-lived assets such as producing well sites, processing plants, and restoring land at the end of oil and gas production operations. The asset retirement obligation is initially measured at its fair value and recorded as a liability with an offsetting retirement cost that is capitalized as part of the related long-lived asset in the Consolidated Balance Sheet. The estimated fair value is measured by reference to the expected future cash flows required to satisfy the obligation, discounted at the Company’s credit-adjusted risk-free rate. Changes in the estimated obligation resulting from revisions to estimated timing or amount of future cash flows are recognized as a change in the asset retirement obligation and the related asset retirement cost. Amortization of asset retirement costs are included in depreciation, depletion and amortization in the Consolidated Statement of Earnings. Increases in the asset retirement obligations resulting from the passage of time are recorded as accretion of asset retirement obligation in the Consolidated Statement of Earnings. Actual expenditures incurred are charged against the accumulated asset retirement obligation.
Stock-Based Compensation	T) STOCK-BASED COMPENSATION Stock-based compensation arrangements are accounted for at fair value. Fair values are determined using observable share prices and/or pricing models such as the Black-Scholes-Merton option-pricing model. For equity-settled stock-based compensation plans, fair values are determined at the grant date and are recognized over the vesting period as compensation costs with a corresponding credit to shareholders’ equity. For cash-settled stock-based compensation plans, fair values are determined at each reporting date and periodic changes are recognized as compensation costs, with a corresponding change to liabilities. Compensation costs are recognized over the vesting period using the accelerated attribution method for awards with a graded vesting feature. Forfeitures are estimated based on the Company’s historical turnover rates.
Leases	U) LEASES Leases for the right to use an asset are classified as either an operating or finance lease. Upon commencement of the lease, a ROU asset and corresponding lease liability are recognized in the Consolidated Balance Sheet for all operating and finance leases. Ovintiv has elected the short-term lease exemption, which does not require a ROU asset or lease liability to be recognized in the Consolidated Balance Sheet when the lease term is 12 months or less and does not include an option to purchase the underlying asset that the lessee is reasonably certain to exercise. Upon commencement of the lease, ROU assets are recognized based on the initial measurement of the lease liability and adjusted for any lease payments made before the commencement date of the lease, less any lease incentives and including any initial direct costs incurred. Lease liabilities are initially measured at the present value of future minimum lease payments over the lease term. The discount rate used to determine the present value is the rate implicit in the lease unless that rate cannot be determined, in which case Ovintiv ’s incremental borrowing rate is used. Rights to extend or terminate a lease are included in the lease term when there is reasonable certainty the right will be exercised. Factors used to assess reasonable certainty of rights to extend or terminate a lease include current and forecasted drilling plans, anticipated changes in development strategies, historical practice in extending similar contracts and current market conditions. Operating lease ROU assets and liabilities are subsequently measured at the present value of the lease payments not yet paid and discounted at the initial discount rate at commencement of the lease, less any impairments to the ROU asset. Operating lease expense and revenue from subleases are recognized in the Consolidated Statement of Earnings on a straight-line basis over the lease term. Finance lease ROU assets are amortized on a straight-line basis over the estimated useful life of the asset if the lessee is reasonably certain to exercise a purchase option or ownership of the leased asset transfers at the end of the lease term, otherwise the leased assets are amortized over the lease term. Amortization of finance lease ROU assets is included in depreciation, depletion and amortization in the Consolidated Statement of Earnings. Variable lease payments include changes in index rates, mobilization and demobilization costs related to oil and gas equipment and certain costs associated with office and building leases. Variable lease payments are recognized when incurred. Lease and non-lease components are accounted for as a single lease component for compression, coolers and office subleases.
Fair Value Measurements	V) FAIR VALUE MEASUREMENTS Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Valuation techniques include the market, income and cost approach. The market approach uses information generated by market transactions involving identical or comparable assets or liabilities; the income approach converts estimated future cash flows to a present value; the cost approach is based on the amount that currently would be required to replace an asset. Inputs used in determining fair value are characterized according to a hierarchy that prioritizes those inputs based on the degree to which they are observable. The three input levels of the fair value hierarchy are as follows: • Level 1 - Inputs represent quoted prices in active markets for identical assets or liabilities, such as exchange-traded commodity derivatives. • Level 2 - Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly, such as quoted market prices for similar assets or liabilities in active markets or other market corroborated inputs. • Level 3 - Inputs that are not observable from objective sources, such as forward prices supported by little or no market activity or internally developed estimates of future cash flows used in a present value model. In determining fair value, the Company utilizes the most observable inputs available. If a fair value measurement reflects inputs at multiple levels within the hierarchy, the fair value measurement is characterized based on the lowest level of input that is significant to the fair value measurement. The carrying amount of cash and cash equivalents, accounts receivable and accrued revenues, and accounts payable and accrued liabilities reported in the Consolidated Balance Sheet approximates fair value. The fair value of long-term debt is disclosed in Note 14. Fair value information related to pension plan assets is included in Note 22. Recurring fair value measurements are performed for risk management assets and liabilities and other derivative contracts as discussed in Note 23. Certain non-financial assets and liabilities are initially measured at fair value, such as asset retirement obligations and assets and liabilities acquired in business combinations or certain non-monetary exchange transactions.
Risk Management Assets and Liabilities	W) RISK MANAGEMENT ASSETS AND LIABILITIES Risk management assets and liabilities are derivative financial instruments used by Ovintiv to manage economic exposure to market risks relating to commodity prices, foreign currency exchange rates and interest rates. The use of these derivative instruments is governed under formal policies and is subject to limits established by the Board of Directors. Derivative instruments that do not qualify for the normal purchases and sales exemption are measured at fair value with changes in fair value recognized in net earnings. The fair values recorded in the Consolidated Balance Sheet reflect netting the asset and liability positions where counterparty master netting arrangements contain provisions for net settlement. Realized gains or losses from financial derivatives related to oil, NGLs and Unrealized gains and losses are recognized based on the changes in fair value of the contracts and are presented in revenues and foreign exchange (gain) loss.
Commitments and Contingencies	X) COMMITMENTS AND CONTINGENCIES Liabilities for loss contingencies arising from claims, assessments, litigation, environmental and other sources are recorded when it is probable that a liability has been incurred and the amount can be reasonably estimated. These accruals are adjusted as additional information becomes available or circumstances change.

Segmented Information (Tables)

Segmented Information (Tables)	12 Months Ended
	Dec. 31, 2022
Segment Reporting [Abstract]
Segment Information	Results of Operations Segment Information USA Operations Canadian Operations Market Optimization For the years ended December 31 2022 2021 2020 2022 2021 2020 2022 2021 2020 Revenues Product and service revenues $ 6,680 $ 4,883 $ 2,701 $ 3,476 $ 2,542 $ 1,349 $ 4,107 $ 3,043 $ 1,459 Gains (losses) on risk management, net (1,123 ) (982 ) 497 (1,485 ) (413 ) 207 - - 7 Sublease revenues - - - - - - - - - Total Revenues 5,557 3,901 3,198 1,991 2,129 1,556 4,107 3,043 1,466 Operating Expenses Production, mineral and other taxes 401 278 158 14 15 15 - - - Transportation and processing 626 507 453 1,002 937 829 158 172 220 Operating 646 490 485 127 111 100 29 25 22 Purchased product - - - - - - 4,055 2,951 1,366 Depreciation, depletion and amortization 861 837 1,378 235 332 427 - - - Impairments - - 5,580 - - - - - - Total Operating Expenses 2,534 2,112 8,054 1,378 1,395 1,371 4,242 3,148 1,608 Operating Income (Loss) $ 3,023 $ 1,789 $ (4,856 ) $ 613 $ 734 $ 185 $ (135 ) $ (105 ) $ (142 ) Corporate & Other Consolidated 2022 2021 2020 2022 2021 2020 Revenues Product and service revenues $ - $ - $ - $ 14,263 $ 10,468 $ 5,509 Gains (losses) on risk management, net 741 (488 ) (204 ) (1,867 ) (1,883 ) 507 Sublease revenues 68 73 71 68 73 71 Total Revenues 809 (415 ) (133 ) 12,464 8,658 6,087 Operating Expenses Production, mineral and other taxes - - - 415 293 173 Transportation and processing - - - 1,786 1,616 1,502 Operating - (1 ) (2 ) 802 625 605 Purchased product - - - 4,055 2,951 1,366 Depreciation, depletion and amortization 17 21 29 1,113 1,190 1,834 Impairments - - - - - 5,580 Accretion of asset retirement obligation 18 22 29 18 22 29 Administrative 422 442 395 422 442 395 Total Operating Expenses 457 484 451 8,611 7,139 11,484 Operating Income (Loss) $ 352 $ (899 ) $ (584 ) 3,853 1,519 (5,397 ) Other (Income) Expenses Interest 311 340 371 Foreign exchange (gain) loss, net 15 (23 ) 17 Other (gains) losses, net (33 ) (37 ) (55 ) Total Other (Income) Expenses 293 280 333 Net Earnings (Loss) Before Income Tax 3,560 1,239 (5,730 ) Income tax expense (recovery) (77 ) (177 ) 367 Net Earnings (Loss) $ 3,637 $ 1,416 $ (6,097 )
Schedule of Marketing Intersegment Eliminations	Intersegment Information Market Optimization Marketing Sales Upstream Eliminations Total For the years ended December 31 2022 2021 2020 2022 2021 2020 2022 2021 2020 Revenues $ 15,622 $ 10,630 $ 6,108 $ (11,515 ) $ (7,587 ) $ (4,642 ) $ 4,107 $ 3,043 $ 1,466 Operating Expenses Transportation and processing 646 571 616 (488 ) (399 ) (396 ) 158 172 220 Operating 29 25 22 - - - 29 25 22 Purchased product 15,082 10,140 5,612 (11,027 ) (7,189 ) (4,246 ) 4,055 2,951 1,366 Operating Income (Loss) $ (135 ) $ (106 ) $ (142 ) $ - $ 1 $ - $ (135 ) $ (105 ) $ (142 )
Revenue by Geographic Region	Revenues by Geographic Region United States Canada Total For the years ended December 31 2022 2021 2020 2022 2021 2020 2022 2021 2020 Revenues Product revenues (1) Oil $ 4,524 $ 3,357 $ 2,035 $ 3 $ 7 $ 7 $ 4,527 $ 3,364 $ 2,042 NGLs 1,045 862 353 1,358 1,158 602 2,403 2,020 955 Natural gas 1,108 664 310 2,104 1,368 737 3,212 2,032 1,047 Other revenues (2) 3,679 2,785 1,310 510 340 226 4,189 3,125 1,536 Gains (losses) on risk management, net (796 ) (1,160 ) 406 (1,071 ) (723 ) 101 (1,867 ) (1,883 ) 507 Total Revenues $ 9,560 $ 6,508 $ 4,414 $ 2,904 $ 2,150 $ 1,673 $ 12,464 $ 8,658 $ 6,087 (1) Includes intercompany marketing fees transacted between the Company’s operating segments. (2) Includes market optimization and other revenues such as purchased product sold to third parties, sublease revenues and gathering and processing services provided to third parties.
Capital Expenditures by Segment	Capital Expenditures by Segment For the years ended December 31 2022 2021 2020 USA Operations $ 1,493 $ 1,125 $ 1,353 Canadian Operations 334 391 380 Corporate & Other 4 3 3 $ 1,831 $ 1,519 $ 1,736
Goodwill, Property, Plant and Equipment and Total Assets by Segment	Goodwill, Property, Plant and Equipment and Total Assets by Segment Goodwill Property, Plant and Equipment Total Assets As at December 31 2022 2021 2022 2021 2022 2021 USA Operations $ 1,938 $ 1,938 $ 8,259 $ 7,623 $ 11,043 $ 10,345 Canadian Operations 646 690 1,044 951 2,075 1,932 Market Optimization - - - - 446 300 Corporate & Other - - 165 187 1,492 1,478 $ 2,584 $ 2,628 $ 9,468 $ 8,761 $ 15,056 $ 14,055
Goodwill, Property, Plant and Equipment and Total Assets by Geographical Region	Goodwill, Property, Plant and Equipment and Total Assets by Geographic Region Goodwill Property, Plant and Equipment Total Assets As at December 31 2022 2021 2022 2021 2022 2021 United States $ 1,938 $ 1,938 $ 8,316 $ 7,673 $ 11,749 $ 10,715 Canada 646 690 1,152 1,088 3,307 3,337 Other Countries - - - - - 3 $ 2,584 $ 2,628 $ 9,468 $ 8,761 $ 15,056 $ 14,055

Revenues from Contracts with _2

Revenues from Contracts with Customers (Tables)	12 Months Ended
	Dec. 31, 2022
Disaggregation Of Revenue [Abstract]
Disaggregation of Revenue	Revenues USA Operations Canadian Operations Market Optimization For the years ended December 31 2022 2021 2020 2022 2021 2020 2022 2021 2020 Revenues from Customers Product revenues (1) Oil $ 4,537 $ 3,369 $ 2,045 $ 3 $ 7 $ 7 $ 3,415 $ 2,268 $ 616 NGLs 1,049 864 354 1,363 1,163 606 19 42 10 Natural gas 1,107 664 309 2,119 1,377 743 646 704 813 Service revenues Gathering and processing 3 - 3 2 5 3 - 5 - Product and Service Revenues $ 6,696 $ 4,897 $ 2,711 $ 3,487 $ 2,552 $ 1,359 $ 4,080 $ 3,019 $ 1,439 Corporate & Other Consolidated 2022 2021 2020 2022 2021 2020 Revenues from Customers Product revenues (1) Oil $ - $ - $ - $ 7,955 $ 5,644 $ 2,668 NGLs - - - 2,431 2,069 970 Natural gas - - - 3,872 2,745 1,865 Service revenues Gathering and processing - - - 5 10 6 Product and Service Revenues $ - $ - $ - $ 14,263 $ 10,468 $ 5,509 ( 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)	12 Months Ended
	Dec. 31, 2022
Interest Expense [Abstract]
Schedule of Interest Expense	For the years ended December 31 2022 2021 2020 Interest Expense on: Debt $ 297 $ 323 $ 350 Finance leases (See Note 13) 2 3 9 Other 12 14 12 $ 311 $ 340 $ 371

Foreign Exchange (Gain) Loss,_2

Foreign Exchange (Gain) Loss, Net (Tables)	12 Months Ended
	Dec. 31, 2022
Foreign Currency [Abstract]
Foreign Exchange (Gain) Loss, Net	For the years ended December 31 2022 2021 2020 Unrealized Foreign Exchange (Gain) Loss on: Translation of U.S. dollar financing debt issued from Canada $ - $ 1 $ 51 Translation of U.S. dollar risk management contracts issued from Canada 14 20 (13 ) Translation of intercompany notes - - (27 ) 14 21 11 Foreign Exchange (Gain) Loss on Settlements of: U.S. dollar financing debt issued from Canada 8 (8 ) 1 U.S. dollar risk management contracts issued from Canada 5 (33 ) 1 Intercompany notes - (3 ) 5 Other Monetary Revaluations (12 ) - (1 ) $ 15 $ (23 ) $ 17

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Provision For Income Taxes	The provision for income taxes is as follows: For the years ended December 31 2022 2021 2020 Current Tax United States $ 10 $ - $ (12 ) Canada - (156 ) (2 ) Total Current Tax Expense (Recovery) 10 (156 ) (14 ) Deferred Tax United States (275 ) 1 (187 ) Canada 188 (22 ) 568 Total Deferred Tax Expense (Recovery) (87 ) (21 ) 381 Income Tax Expense (Recovery) $ (77 ) $ (177 ) $ 367
Income Taxes Reconciliation	The following table reconciles income taxes calculated at the applicable statutory rate with the actual income taxes: For the years ended December 31 2022 2021 2020 Net Earnings (Loss) Before Income Tax $ 3,560 $ 1,239 $ (5,730 ) United States Federal Statutory Rate 21.0 % 21.0 % 21.0 % Expected Income Tax Expense (Recovery) 748 260 (1,203 ) Effect on Taxes Resulting From: State income tax 26 43 (147 ) Income tax related to foreign operations 60 9 (2 ) Effect of legislative changes - - 2 Non-taxable capital (gains) losses - - 3 Realized capital loss resulting from U.S. Domestication - - (1,238 ) Non-taxable items 246 - - Amounts in respect of prior periods 101 60 36 Change in valuation allowance (1,299 ) (558 ) 2,900 Other 41 9 16 $ (77 ) $ (177 ) $ 367 Effective Tax Rate (2.2 %) (14.3 %) (6.4 %)
Components of Net Deferred Income Tax Asset (Liability)	The net deferred income tax asset (liability) consists of: As at December 31 2022 2021 Deferred Income Tax Assets Property, plant and equipment $ - $ 36 Risk management - 171 Compensation plans 72 67 Interest and other deferred deductions - 19 Net operating and net capital losses carried forward 2,290 2,727 Foreign tax credits - 119 Other 18 7 Less: valuation allowance (1,326 ) (2,733 ) Deferred Income Tax Liabilities Property, plant and equipment (676 ) (381 ) Risk management (10 ) - Deferred income (248 ) - Other (33 ) (36 ) Net Deferred Income Tax Asset (Liability) $ 87 $ (4 )
Net Deferred Income Tax Asset (Liability) by Jurisdiction	The net deferred income tax asset (liability) for the following jurisdictions is reflected in the Consolidated Balance Sheet as follows: As at December 31 2022 2021 Deferred Income Tax Assets United States $ 271 $ - Canada - - 271 - Deferred Income Tax Liabilities United States - (4 ) Canada (184 ) - (184 ) (4 ) Net Deferred Income Tax Asset (Liability) $ 87 $ (4 )
Schedule of Tax Basis, Loss Carryforwards and Business Tax Credits Available	Tax basis, loss carryforwards and business credits available are as follows: As at December 31 2022 Expiration Date United States Tax basis $ 5,228 Indefinite Net operating losses (Federal) 4,034 2023 - 2038 (1) Business credits 10 2023 - 2041 Canada Tax basis $ 938 Indefinite Net capital losses 5,350 Indefinite Net operating losses 381 2039 - 2041 (1) Includes net operating losses of $1,211 million which have an indefinite expiration date.
Changes in Balance of Unrecognized Tax Benefits Excluding Interest	The following table presents changes in the balance of Ovintiv’s unrecognized tax benefits excluding interest: For the years ended December 31 2022 2021 Balance, Beginning of Year $ (10 ) $ (232 ) Additions for tax positions taken in the current year - (2 ) Additions for tax positions of prior years - (29 ) Settlements - 257 Foreign currency translation 1 (4 ) Balance, End of Year $ (9 ) $ (10 )
Unrecognized Tax Benefit Reflected In Balance Sheet	The unrecognized tax benefit is reflected in the Consolidated Balance Sheet as follows: As at December 31 2022 2021 Income Tax Receivable $ (1 ) $ (1 ) Deferred Income Tax Liability (1) (8 ) (9 ) Balance, End of Year $ (9 ) $ (10 ) (1) As at December 31, 2021, the unrealized tax benefit was offset against the valuation allowance recognized in Canada.
Tax Years Subject to Examination, by Jurisdiction	Included below is a summary of the tax years, by jurisdiction, that remain statutorily open for examination by the taxing authorities. Jurisdiction Taxation Year United States - Federal 2018 - 2022 United States - State 2017 - 2022 Canada - Federal 2015 - 2022 Canada - Provincial 2015 - 2022

Accounts Receivable and Accru_2

Accounts Receivable and Accrued Revenues (Tables)	12 Months Ended
	Dec. 31, 2022
Receivables [Abstract]
Schedule of Accounts Receivable and Accrued Revenues	As at December 31 2022 2021 Trade Receivables and Accrued Revenues Production accruals $ 881 $ 832 Market optimization 376 238 Joint interest and trade receivables 200 102 Derivative settlements 7 9 Corporate and other 26 23 Total Trade Receivables and Accrued Revenues 1,490 1,204 Prepaids 38 28 Deposits and Other 70 67 1,598 1,299 Expected Credit Loss Allowance (4 ) (5 ) $ 1,594 $ 1,294

Acquisitions and Divestitures (

Acquisitions and Divestitures (Tables)	12 Months Ended
	Dec. 31, 2022
Acquisitions And Divestitures [Abstract]
Schedule of Net Acquisitions & (Divestitures)	For the years ended December 31 2022 2021 2020 Acquisitions USA Operations $ 277 $ 11 $ 19 Canadian Operations 9 - - Total Acquisitions 286 11 19 Divestitures USA Operations (230 ) (772 ) (78 ) Canadian Operations 2 (253 ) (11 ) Total Divestitures (228 ) (1,025 ) (89 ) Net Acquisitions & (Divestitures) $ 58 $ (1,014 ) $ (70 )

Property, Plant and Equipment_2

Property, Plant and Equipment, Net (Tables)	12 Months Ended
	Dec. 31, 2022
Property Plant And Equipment [Abstract]
Schedule Of Property, Plant And Equipment	As at December 31 2022 2021 Cost Accumulated DD&A Net Cost Accumulated DD&A Net USA Operations Proved properties $ 41,382 $ (34,280 ) $ 7,102 $ 39,145 $ (33,418 ) $ 5,727 Unproved properties 1,127 - 1,127 1,884 - 1,884 Other 30 - 30 12 - 12 42,539 (34,280 ) 8,259 41,041 (33,418 ) 7,623 Canadian Operations Proved properties 15,672 (14,687 ) 985 16,330 (15,450 ) 880 Unproved properties 45 - 45 60 - 60 Other 14 - 14 11 - 11 15,731 (14,687 ) 1,044 16,401 (15,450 ) 951 Market Optimization 7 (7 ) - 7 (7 ) - Corporate & Other 831 (666 ) 165 873 (686 ) 187 $ 59,108 $ (49,640 ) $ 9,468 $ 58,322 $ (49,561 ) $ 8,761

Other Assets (Tables)

Other Assets (Tables)	12 Months Ended
	Dec. 31, 2022
Other Assets [Abstract]
Schedule of Other Assets	As at December 31 2022 2021 Operating Lease ROU Assets (See Note 13) $ 870 $ 929 Long-Term Investments 21 27 Long-Term Receivables 58 64 Deferred Charges 44 42 Other 11 17 $ 1,004 $ 1,079

Goodwill (Tables)

Goodwill (Tables)	12 Months Ended
	Dec. 31, 2022
Goodwill And Intangible Assets Disclosure [Abstract]
Schedule of Goodwill	As at December 31 2022 2021 United States Balance, beginning and end of year $ 1,938 $ 1,938 Canada Balance, beginning of year 690 687 Foreign currency translation adjustment (44 ) 3 Balance, end of year 646 690 Total Goodwill $ 2,584 $ 2,628

Accounts Payable and Accrued _2

Accounts Payable and Accrued Liabilities (Tables)	12 Months Ended
	Dec. 31, 2022
Payables And Accruals [Abstract]
Schedule of Accounts Payable and Accrued Liabilities	As at December 31 2022 2021 Trade Payables $ 436 $ 328 Capital Accruals 196 161 Royalty and Production Accruals 718 643 Market Optimization Accruals 314 266 Outstanding Disbursements 74 32 Payroll & Other Accruals 211 221 Interest Payable 65 108 Derivative Settlements 17 90 Current Portion of Long-Term Incentive Costs (See Note 21) 139 78 Current Portion of Finance Lease Obligations (See Note 13) 6 6 Current Portion of Asset Retirement Obligation (See Note 16) 45 46 $ 2,221 $ 1,979

Leases (Tables)

Leases (Tables)	12 Months Ended
	Dec. 31, 2022
Leases [Abstract]
Summary of Operating and Finance Lease Costs	The tables below summarize Ovintiv’s operating and finance lease costs and include ROU assets and lease liabilities, amounts recognized in net earnings (loss) during the year and other lease information. As at December 31 (US$ millions, unless otherwise specified) 2022 2021 Consolidated Balance Sheet (1) Operating Lease ROU Assets, in Other Assets $ 870 $ 929 Finance Lease ROU Assets, in Other Property Plant and Equipment 22 27 Operating Lease Liabilities: Current 76 62 Long-term 814 889 Finance Lease Liabilities: Current, in accounts payable and accrued liabilities 6 6 Long-term, in other liabilities and provisions 27 33 Weighted Average Discount Rate Operating leases 5.39% 5.44% Finance leases 6.11% 6.11% Weighted Average Remaining Lease Term Operating leases 14.0 years 15.3 years Finance leases 4.5 years 5.5 years (1) Total ROU assets and liabilities are recorded at the gross contractual amount. A portion of the future lease payments will be recovered from other working interest owners based on their proportionate share when incurred. For the years ended December 31 2022 2021 Lease Costs (1) Operating Lease Costs, Excluding Short-Term Leases $ 140 $ 145 Finance Lease Costs: Amortization of ROU assets 5 5 Interest on lease liabilities 2 3 Total Finance Lease Costs 7 8 Short-Term Lease Costs 189 206 Variable Lease Costs 14 12 Sublease Income: Operating lease income 48 55 Variable lease income 20 18 Other Information (2) Cash Paid for Amounts Included in the Measurement of Lease Liabilities: Operating cash outflows from operating leases 176 197 Investing cash outflows from operating leases 151 147 Operating cash outflows from finance leases 2 3 Financing cash outflows from finance leases 6 82 Supplemental Non-Cash Information: New ROU operating lease assets and liabilities 75 23 (1) Lease costs include amounts capitalized into property, plant and equipment in the Consolidated Balance Sheet and lease expense recognized in the Consolidated Statement of Earnings. (2) Rights to extend or terminate a lease are included in the lease term when there is reasonable certainty the right will be exercised. Lease contracts include rights to extend leases after the initial term, ranging from month-to-month to less than 10 years
Schedule Operating Lease Expense	Operating lease expense is reflected in the Consolidated Statement of Earnings as follows: For the years ended December 31 2022 2021 Operating Lease Expense Transportation and processing $ 3 $ 3 Operating 70 81 Administrative 101 120 Total Operating Lease Expense $ 174 $ 204
Schedule of Future Lease Payments and Lease Liabilities Related to Operating and Finance Leases	The following table outlines the Company’s future lease payments and lease liabilities related to the Company’s operating and finance leases as at December 31, 2022: 2023 2024 2025 2026 2027 Thereafter Total Operating Leases (1) Expected Future Lease Payments $ 123 $ 104 $ 89 $ 79 $ 76 $ 820 $ 1,291 Less: Discounting 401 Present Value of Future Operating Lease Payments $ 890 Sublease Income (undiscounted) $ (41 ) $ (43 ) $ (43 ) $ (43 ) $ (44 ) $ (414 ) $ (628 ) Finance Leases Expected Future Lease Payments $ 8 $ 8 $ 9 $ 9 $ 4 $ - $ 38 Less: Discounting 5 Present Value of Future Finance Lease Payments $ 33 Sublease Income (undiscounted) (2) $ (8 ) $ (7 ) $ (7 ) $ (7 ) $ (3 ) $ - $ (32 ) (1) Lease payments are presented based on the gross contractual amount. A portion of the future lease payments will be recovered from other working interest owners based on their proportionate share when incurred. (2) Classified as operating lease.

Long-Term Debt (Tables)

Long-Term Debt (Tables)	12 Months Ended
	Dec. 31, 2022
Debt Disclosure [Abstract]
Schedule Of Long-Term Debt	As at December 31 Note 2022 2021 U.S. Dollar Denominated Debt Revolving credit and term loan borrowings A $ 393 $ - U.S. Unsecured Notes: B 5.625% due July 1, 2024 - 1,000 5.375% due January 1, 2026 459 688 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 599 750 6.625% due August 15, 2037 390 462 6.50% due February 1, 2038 430 488 5.15% due November 15, 2041 148 203 Total Principal F 3,569 4,741 Increase in Value of Debt Acquired C 27 77 Unamortized Debt Discounts and Issuance Costs D (26 ) (32 ) Total Long-Term Debt $ 3,570 $ 4,786 Current Portion E $ 393 $ - Long-Term Portion 3,177 4,786 $ 3,570 $ 4,786
Mandatory Debt Payments	Principal Interest As at December 31 Amount Amount 2023 $ 393 $ 232 2024 - 211 2025 - 212 2026 459 199 2027 - 187 Thereafter 2,717 1,253 Total $ 3,569 $ 2,294

Other Liabilities and Provisi_2

Other Liabilities and Provisions (Tables)	12 Months Ended
	Dec. 31, 2022
Other Liabilities Disclosure [Abstract]
Schedule of Other Liabilities and Provisions	As at December 31 2022 2021 Finance Lease Obligations (See Note 13) $ 27 $ 33 Pensions and Other Post-Employment Benefits (See Note 22) 73 104 Long-Term Incentive Costs (See Note 21) 14 36 Other Derivative Contracts (See Notes 23, 24) 5 5 Other 12 12 $ 131 $ 190

Asset Retirement Obligation (Ta

Asset Retirement Obligation (Tables)	12 Months Ended
	Dec. 31, 2022
Asset Retirement Obligation Disclosure [Abstract]
Schedule of Change In Asset Retirement Obligation	As at December 31 2022 2021 Asset Retirement Obligation, Beginning of Year $ 385 $ 440 Liabilities Incurred and Acquired 4 8 Liabilities Settled and Divested (128 ) (91 ) Change in Estimated Future Cash Outflows 58 5 Accretion Expense 18 22 Foreign Currency Translation (11 ) 1 Asset Retirement Obligation, End of Year $ 326 $ 385 Current Portion (See Note 12) $ 45 $ 46 Long-Term Portion 281 339 $ 326 $ 385

Share Capital (Tables)

Share Capital (Tables)	12 Months Ended
	Dec. 31, 2022
Class Of Stock Disclosures [Abstract]
Schedule of Common Stock Issued and Outstanding	As at December 31 2022 2021 2020 Number (millions) Amount Number (millions) Amount Number (millions) Amount Shares of Common Stock Outstanding, Beginning of Year 258.0 $ 3 259.8 $ 3 259.8 $ 7,061 Shares of Common Stock Purchased (14.7 ) - (3.1 ) - - - Shares of Common Stock Issued 2.4 - 1.3 - - - Reclassification of Share Capital due to the Reorganization (See Note 1) - - - - - (7,058 ) Shares of Common Stock Outstanding, End of Year 245.7 $ 3 258.0 $ 3 259.8 $ 3
Earnings Per Common Share	For the years ended December 31 (US$ millions, except per share amounts) 2022 2021 2020 Net Earnings (Loss) $ 3,637 $ 1,416 $ (6,097 ) Number of Shares of Common Stock: Weighted average shares of common stock outstanding - Basic 253.6 260.4 259.8 Effect of dilutive securities (1) 4.8 6.0 - Weighted Average Shares of Common Stock Outstanding - Diluted 258.4 266.4 259.8 Net Earnings (Loss) per Share of Common Stock Basic $ 14.34 $ 5.44 $ (23.47 ) Diluted (1) 14.08 5.32 (23.47 ) (1) As at December 31, 2020, 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. See Note 21 for further information.

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Income (Tables)	12 Months Ended
	Dec. 31, 2022
Accumulated Other Comprehensive Income Loss Net Of Tax [Abstract]
Schedule of Accumulated Other Comprehensive Income	For the years ended December 31 2022 2021 2020 Foreign Currency Translation Adjustment Balance, Beginning of Year $ 1,044 $ 1,042 $ 1,004 Change in Foreign Currency Translation Adjustment (107 ) 2 38 Balance, End of Year $ 937 $ 1,044 $ 1,042 Pension and Other Post-Employment Benefit Plans Balance, Beginning of Year $ 48 $ 34 $ 42 Other Comprehensive Income Before Reclassifications: Net actuarial gains and (losses) (See Note 22) 13 14 (10 ) Income taxes (3 ) (4 ) 2 Net prior service costs from plan amendment (See Note 22) - 11 - Income taxes - (2 ) - Amounts Reclassified from Other Comprehensive Income: Reclassification of net actuarial (gains) and losses to net earnings (See Note 22) (6 ) (8 ) (9 ) Income taxes 2 2 2 Reclassification of net prior service costs to net earnings (See Note 22) - 1 2 Income taxes - - - Curtailment in net defined periodic benefit cost (See Note 22) - - 5 Income taxes - - (1 ) Settlement in net defined periodic benefit cost (See Note 22) - - 2 Income taxes - - (1 ) Balance, End of Year $ 54 $ 48 $ 34 Total Accumulated Other Comprehensive Income $ 991 $ 1,092 $ 1,076

Restructuring Charges (Tables)

Restructuring Charges (Tables)	12 Months Ended
	Dec. 31, 2022
Restructuring Charges [Abstract]
Restructuring Costs Expensed	For the years ended December 31 2022 2021 2020 Severance and Benefits $ - $ 14 $ 88 Outplacement, Moving and Other Expenses - - 2 Restructuring Expenses $ - $ 14 $ 90
Schedule of Change in Restructuring Accrual	As at December 31 2022 2021 2020 Outstanding Restructuring Accrual, Beginning of Year $ 3 $ 14 $ 8 Restructuring Expenses Incurred - 14 90 Restructuring Costs Paid (3 ) (25 ) (84 ) Outstanding Restructuring Accrual, End of Year (1) $ - $ 3 $ 14 (1) Included in accounts payable and accrued liabilities in the Consolidated Balance Sheet.

Compensation Plans (Tables)

Compensation Plans (Tables)	12 Months Ended
	Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Amounts Recognized For Share-Based Payment Transactions	The Company has recognized the following share-based compensation costs: For the years ended December 31 2022 2021 2020 Total Compensation Costs of Transactions Classified as Cash-Settled $ 152 $ 118 $ 42 Total Compensation Costs of Transactions Classified as Equity-Settled 82 47 3 Less: Total Share-Based Compensation Costs Capitalized (32 ) (27 ) (12 ) Total Share-Based Compensation Expense (Recovery) $ 202 $ 138 $ 33 Recognized in the Consolidated Statement of Earnings in: Operating $ 38 $ 31 $ 10 Administrative 164 107 23 $ 202 $ 138 $ 33
Schedule of Nonvested Performance Based Units Activity	As at December 31 2022 (1) 2021 U.S. Dollar Denominated Outstanding PSUs Units (thousands) Weighted Average Grant Date Fair Value (US$) Units (thousands) Weighted Average Grant Date Fair Value (US$) Unvested and Outstanding, Beginning of Year 2,427 20.04 1,886 21.80 Granted 312 45.61 833 25.80 Vested and Released (2) (515 ) 35.05 (177 ) 54.65 Units, in Lieu of Dividends 44 20.15 37 20.04 Forfeited (7 ) 16.47 (152 ) 32.96 Unvested and Outstanding, End of Year 2,261 20.17 2,427 20.04 As at December 31 2022 (1) 2021 Canadian Dollar Denominated Outstanding PSUs Units (thousands) Weighted Average Grant Date Fair Value (C$) Units (thousands) Weighted Average Grant Date Fair Value (C$) Unvested and Outstanding, Beginning of Year 1,223 26.75 1,308 34.43 Granted 146 57.95 293 29.34 Vested and Released (2) (321 ) 47.01 (137 ) 68.80 Units, in Lieu of Dividends 21 24.94 20 26.66 Forfeited (21 ) 32.11 (261 ) 46.13 Unvested and Outstanding, End of Year 1,048 24.74 1,223 26.75 (1) During the second quarter of 2022, 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, the 2022 annual awards were modified and reclassified as equity-settled awards. 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 PSUs, respectively. (2) During the year ended December 31, 2022, performance shares that vested and were cash-settled resulted in payments of $22 million (2021 - $3 million; 2020 - $6 million).
Schedule of Outstanding Deferred Share Units	(thousands of units) U.S. Dollar Denominated Outstanding DSUs Canadian Dollar Denominated Outstanding DSUs As at December 31 2022 2021 2022 2021 Vested and Outstanding, Beginning of Year 5 - 206 211 Granted 5 5 3 8 Converted from bonus awards - - - - Units, in Lieu of Dividends - - 4 4 Redeemed - - (25 ) (17 ) Vested and Outstanding, End of Year 10 5 188 206
Schedule of Share-based Compensation, Restricted Stock Units Award Activity	As at December 31 2022 (1) 2021 (2) U.S. Dollar Denominated Outstanding RSUs Units (thousands) Weighted Average Grant Date Fair Value (US$) Units (thousands) Weighted Average Grant Date Fair Value (US$) Unvested and Outstanding, Beginning of Year 5,401 20.92 5,486 21.26 Granted 982 46.14 1,952 23.57 Units, in Lieu of Dividends 67 25.27 83 20.93 Vested and Released (3) (2,932 ) 23.99 (1,720 ) 24.74 Forfeited (149 ) 26.02 (400 ) 21.99 Unvested and Outstanding, End of Year 3,369 25.48 5,401 20.92 As at December 31 2022 (1) 2021 (2) Canadian Dollar Denominated Outstanding RSUs Units (thousands) Weighted Average Grant Date Fair Value (C$) Units (thousands) Weighted Average Grant Date Fair Value (C$) Unvested and Outstanding, Beginning of Year 2,621 28.23 2,912 31.76 Granted 444 58.97 953 29.30 Units, in Lieu of Dividends 30 32.55 41 28.11 Vested and Released (3) (1,484 ) 32.68 (1,035 ) 37.63 Forfeited (71 ) 33.75 (250 ) 34.43 Unvested and Outstanding, End of Year 1,540 32.65 2,621 28.23 (1) 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, the 2022 annual awards were modified and reclassified as equity-settled awards. 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 RSUs, respectively. ( 2 ) During the third quarter of 2021, the 2021 annual awards were modified and reclassified as equity-settled awards. The modification date fair value of the awards was US$25.66 per share and C$32.07 per share for the U.S. dollar denominated and Canadian dollar denominated RSUs, respectively. ( 3 ) During the year ended December 31, 2022, restricted shares that vested and were cash-settled resulted in payments of $51 million (2021 - $23 million; 2020 - $10 million).
Stock Appreciation Rights (SARs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Schedule of Share-based Compensation, Stock Appreciation Rights Award Activity	The following table summarizes information related to the U.S. dollar denominated SARs: As at December 31 2022 2021 Outstanding SARs (thousands of units) Weighted Average Exercise Price (US$) Weighted Average Remaining Contractual Life (Years) Outstanding SARs (thousands of units) Weighted Average Exercise Price (US$) Weighted Average Remaining Contractual Life (Years) Outstanding, Beginning of Year 1,150 38.89 2.2 660 38.03 Granted - - 682 35.11 Exercised (1) (401 ) 22.14 (177 ) 20.50 Forfeited - - (15 ) 45.35 Expired (219 ) 56.75 - - Outstanding, End of Year (2) 530 44.17 2.4 1,150 38.89 2.2 Vested and Exercisable, End of Year (3) 530 44.17 2.4 1,021 39.54 1.9 Expected to Vest (4) - - - 129 33.77 4.3 (1) The intrinsic value of option awards exercised and cash-settled during 2022 was $11 million (2021 - $2 million; 2020 - nil). (2) The intrinsic value of option awards outstanding at December 31, 2022, was $14 million (2021 - $15 million). (3) The intrinsic value of option awards vested and exercisable at December 31, 2022, was $14 million (2021 - $14 million). (4) The intrinsic value of option awards expected to vest at December 31, 2021, was $1 million.
Schedule of Weighted Average Assumptions Used to Fair Value Share Units	The following weighted average assumptions were used to determine the fair value of SARs outstanding: US$ Share Units As at December 31 2022 2021 2020 Risk Free Interest Rate 4.02% 0.94% 0.20% Dividend Yield 1.97% 1.66% 2.61% Expected Volatility Rate (1) 107.80% 106.20% 104.53% Expected Term 1.6 yrs 1.4 yrs 2.3 yrs Market Share Price US$50.71 US$33.70 US$14.36 Weighted Average Grant Date Fair Value US$44.17 US$38.89 US$38.03 (1) Volatility was estimated using historical rates.
Tandem Stock Appreciation Rights (TSARs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Schedule of Share-based Compensation, Stock Appreciation Rights Award Activity	The following table summarizes information related to the TSARs: As at December 31 2022 2021 Outstanding TSARs (thousands of units) Weighted Average Exercise Price (C$) Weighted Average Remaining Contractual Life (Years) Outstanding TSARs (thousands of units) Weighted Average Exercise Price (C$) Weighted Average Remaining Contractual Life (Years) Outstanding, Beginning of Year 733 54.17 2.2 1,586 48.28 Granted - - - - Exercised - SARs (1) (269 ) 36.16 (136 ) 28.01 Exercised - Options (1) - - - - Forfeited - - (717 ) 46.11 Expired (174 ) 71.70 - - Outstanding, End of Year (2) 290 60.31 2.2 733 54.17 2.2 Vested and Exercisable, End of Year (3) 290 60.31 2.2 642 55.38 1.9 Expected to Vest (4) - - - 91 45.64 4.3 (1) The intrinsic value of option awards exercised and cash-settled during 2022 was $6 million (2021 - $2 million; 2020 - nil). (2) The intrinsic value of option awards outstanding at December 31, 2022, was $7 million (2021 - $10 million). (3) The intrinsic value of option awards vested and exercisable at December 31, 2022, was $7 million (2021 - $9 million). (4) The intrinsic value of option awards expected to vest at December 31, 2021, was $1 million.
Schedule of Weighted Average Assumptions Used to Fair Value Share Units	The following weighted average assumptions were used to determine the fair value of TSARs outstanding: C$ Share Units As at December 31 2022 2021 2020 Risk Free Interest Rate 4.02% 0.94% 0.20% Dividend Yield 1.90% 1.65% 2.75% Expected Volatility Rate (1) 106.16% 104.80% 103.64% Expected Term 1.5 yrs 1.4 yrs 1.8 yrs Market Share Price C$68.56 C$42.56 C$18.29 Weighted Average Grant Date Fair Value C$60.31 C$54.17 C$48.28 (1) Volatility was estimated using historical rates.

Pension and Other Post-Employ_2

Pension and Other Post-Employment Benefits (Tables)	12 Months Ended
	Dec. 31, 2022
General Discussion Of Pension And Other Postretirement Benefits [Abstract]
Changes In Benefit Obligation And Fair Value Of Plan Assets	The following tables set forth changes in the benefit obligations and fair value of plan assets for the Company’s defined benefit pension and other post-employment benefit plans for the years ended December 31, 2022 and 2021, as well as the funded status of the plans and amounts recognized in the Consolidated Financial Statements as at December 31, 2022 and 2021. Defined Benefits OPEB As at December 31 2022 2021 2022 2021 Change in Benefit Obligations Projected Benefit Obligation, Beginning of Year $ 191 $ 211 $ 67 $ 89 Service Cost - - 2 3 Interest Cost 5 5 2 2 Actuarial (Gains) Losses (33 ) (9 ) (13 ) (8 ) Exchange Differences (10 ) 1 (1 ) - Employee Contributions - - 2 2 Benefits Paid (13 ) (17 ) (9 ) (10 ) Plan Amendment - - - (11 ) Projected Benefit Obligation, End of Year $ 140 $ 191 $ 50 $ 67 Change in Plan Assets Fair Value of Plan Assets, Beginning of Year $ 176 $ 193 $ - $ - Actual Return on Plan Assets (27 ) 3 - - Exchange Differences (10 ) 1 - - Employee Contributions - - 2 2 Employer Contributions - - 7 8 Benefits Paid (13 ) (17 ) (9 ) (10 ) Transfers to Defined Contribution Plan (2 ) (4 ) - - Fair Value of Plan Assets, End of Year $ 124 $ 176 $ - $ - Funded Status of Plan Assets, End of Year $ (16 ) $ (15 ) $ (50 ) $ (67 ) Total Recognized Amounts in the Consolidated Balance Sheet Consist of: Other Assets $ 2 $ 10 $ - $ - Current Liabilities - - (7 ) (8 ) Non-Current Liabilities (18 ) (25 ) (43 ) (59 ) Total $ (16 ) $ (15 ) $ (50 ) $ (67 ) Total Recognized Amounts in Accumulated Other Comprehensive Income Consist of: Net Actuarial (Gains) Losses $ 18 $ 19 $ (88 ) $ (82 ) Net Prior Service Costs (7 ) (7 ) 7 7 Total Recognized in Accumulated Other Comprehensive Income, Before Tax $ 11 $ 12 $ (81 ) $ (75 )
Accumulated Benefit Obligation And Projected Benefit Obligation In Excess Of The Plan Assets Fair Value	The following table sets forth the defined benefit plans where the accumulated benefit obligation and projected benefit obligation are in excess of the fair value of the plan assets: Defined Benefits OPEB As at December 31 2022 2021 2022 2021 Projected Benefit Obligation $ (47 ) $ (63 ) $ (50 ) $ (67 ) Accumulated Benefit Obligation (47 ) (63 ) (50 ) (67 ) Fair Value of Plan Assets (1) 29 38 - - (1) The Company does not aggregate benefit plans.
Weighted Average Assumptions Used	Following are the weighted average assumptions used by the Company in determining the defined benefit pension and other post-employment benefit obligations: Defined Benefits OPEB As at December 31 2022 2021 2022 2021 Discount Rate 5.10% 2.80% 5.25% 2.54% Rates of Increase in Compensation Levels 3.24% 3.13% 4.83% 6.18%
Total Benefit Plans Expense Recognized	The following sets forth the total benefit plans expense recognized by the Company: Pension Benefits OPEB For the years ended December 31 2022 2021 2020 2022 2021 2020 Net Defined Periodic Benefit Cost $ - $ - $ 3 $ (3 ) $ (3 ) $ 2 Defined Contribution Plan Expense 24 24 28 - - - Total Benefit Plans Expense $ 24 $ 24 $ 31 $ (3 ) $ (3 ) $ 2
Schedule of Net Defined Periodic Benefit Cost	The net defined periodic benefit cost is as follows: Defined Benefits OPEB For the years ended December 31 2022 2021 2020 2022 2021 2020 Service Cost $ - $ - $ 1 $ 2 $ 3 $ 4 Interest Cost 5 5 6 2 2 2 Expected Return on Plan Assets (6 ) (6 ) (7 ) - - - Amounts Reclassified from Accumulated Other Comprehensive Income: Amortization of net actuarial (gains) and losses 1 1 1 (7 ) (9 ) (10 ) Amortization of net prior service costs - - - - 1 2 Curtailment of net prior service costs - - - - - 5 Settlement from net prior service costs - - 2 - - - Curtailment - - - - - (1 ) Total Net Defined Periodic Benefit Cost (1) $ - $ - $ 3 $ (3 ) $ (3 ) $ 2 (1) The components of total net defined periodic benefit cost, excluding the service cost component, are included in other (gains) losses, net.
Recognized Amounts In Other Comprehensive Income	The amounts recognized in other comprehensive income are as follows: Defined Benefits OPEB For the years ended December 31 2022 2021 2020 2022 2021 2020 Net Actuarial (Gains) Losses $ - $ (6 ) $ 6 $ (13 ) $ (8 ) $ 4 Net Prior Service Costs from Plan Amendment - - - - (11 ) - Amortization of Net Actuarial Gains and (Losses) (1 ) (1 ) (1 ) 7 9 10 Amortization of Net Prior Service Costs - - - - (1 ) (2 ) Curtailment of Net Prior Service Costs - - - - - (5 ) Settlement from Net Prior Service Costs - - (2 ) - - - Total Amounts Recognized in Other Comprehensive (Income) Loss, Before Tax $ (1 ) $ (7 ) $ 3 $ (6 ) $ (11 ) $ 7 Total Amounts Recognized in Other Comprehensive (Income) Loss, After Tax $ (1 ) $ (5 ) $ 3 $ (5 ) $ (9 ) $ 5
Weighted Average Assumptions Used In Determining Net Periodic Pension And Other Post Retirement Benefit Cost	Following are the weighted average assumptions used by the Company in determining the net periodic pension and other post-retirement benefit costs: Defined Benefits OPEB For the years ended December 31 2022 2021 2020 2022 2021 2020 Discount Rate 5.10 % 2.25 % 3.00 % 2.46 % 2.08 % 2.90 % Long-Term Rate of Return on Plan Assets 3.85 % 3.00 % 3.75 % - - - Rates of Increase in Compensation Levels 3.24 % 3.13 % 3.12 % 4.83 % 6.33 % 5.92 %
Assumed Health Care Cost Trend Rates	The Company’s assumed health care cost trend rates are as follows: For the years ended December 31 2022 2021 2020 Health Care Cost Trend Rate for Next Year 6.16 % 6.15 % 6.42 % Rate to Which the Cost Trend Rate is Assumed to Decline (Ultimate Trend Rate) 5.00 % 5.00 % 5.00 % Year that the Rate Reaches the Ultimate Trend Rate 2027 2026 2026
Estimate Of Benefit Payments For The Next 10 Years	The following provides an estimate of benefit payments for the next 10 years. These estimates reflect benefit increases due to continuing employee service. Defined Benefit Pension Payments Other Benefit Payments 2023 $ 13 $ 7 2024 13 6 2025 13 6 2026 13 5 2027 12 5 2028 - 2032 56 18
Schedule of Allocation of Plan Assets	The Company’s registered and other defined benefit pension plan assets are presented by investment asset category and input level within the fair value hierarchy as follows: As at December 31 2022 Level 1 Level 2 Level 3 Total Investments: Cash and Cash Equivalents $ 17 $ - $ - $ 17 Fixed Income - 66 - 66 Equity - 41 - 41 Fair Value of Plan Assets, End of Year $ 17 $ 107 $ - $ 124 As at December 31 2021 Level 1 Level 2 Level 3 Total Investments: Cash and Cash Equivalents $ 19 $ 1 $ - $ 20 Fixed Income - 94 - 94 Equity - 62 - 62 Fair Value of Plan Assets, End of Year $ 19 $ 157 $ - $ 176

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	12 Months Ended
	Dec. 31, 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 December 31, 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 $ - $ 93 $ 12 $ 105 $ (53 ) $ 52 Long-term assets - 34 - 34 - 34 Foreign Currency Derivatives: Current assets - 1 - 1 - 1 Risk Management Liabilities Commodity Derivatives: Current liabilities $ - $ 128 $ - $ 128 $ (53 ) $ 75 Foreign Currency Derivatives: Current liabilities - 11 - 11 - 11 Other Derivative Contracts (2) Long-term in other liabilities and provisions $ - $ 5 $ - $ 5 $ - $ 5 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 ( 3 ) 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 associated with certain prior years’ divestitures.
Summary Of Changes In Level 3 Fair Value Measurements	A summary of changes in Level 3 fair value measurements for risk management positions is presented below: Risk Management 2022 2021 Balance, Beginning of Year $ (172 ) $ (74 ) Total Gains (Losses) (449 ) (708 ) Purchases, Sales, Issuances and Settlements: Purchases, sales and issuances (1) - 6 Settlements 633 604 Transfers Out of Level 3 - - Balance, End of Year $ 12 $ (172 ) Change in Unrealized Gains (Losses) During the Year Included in Net Earnings (Loss) $ 184 $ (104 ) (1) Purchases, sales and issuances for the year ended December 31, 2021, reflects the fair value of the contingent consideration arrangement at the closing date of the Duvernay divestiture discussed in Note 8.
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 December 31, 2022: Valuation Technique Unobservable Input Range Weighted Average (1) Risk Management - WTI Options Option Model Implied Volatility 14% - 52% 44% (1) Unobservable inputs were weighted by the relative fair value of the instruments.

Financial Instruments and Ris_2

Financial Instruments and Risk Management (Tables)	12 Months Ended
	Dec. 31, 2022
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Risk Management Positions	Notional Volumes Term Average Price Fair Value Oil and NGL Contracts US$/bbl WTI Three-Way Options Sold call / bought put / sold put 38.0 Mbbls/d 2023 113.35 / 65.33 / 50.00 $ 12 Basis Contracts (1) 2023 - Oil and NGLs Fair Value Position 12 Natural Gas Contracts US$/Mcf NYMEX Three-Way Options Sold call / bought put / sold put 397 MMcf/d 2023 8.27 / 3.68 / 2.63 16 Basis Contracts (2) 2023 (52 ) 2024 26 2025 8 Other Financial Positions 1 Natural Gas Fair Value Position (1 ) Other Derivative Contracts Fair Value Position (3) (5 ) Foreign Currency Contracts Fair Value Position (4) 2023 (10 ) Total Fair Value Position $ (4 ) (1) Ovintiv has entered into oil differential swaps associated with Canadian condensate and WTI. ( 2 ) Ovintiv has entered into natural gas basis swaps associated with AECO, Malin, Waha and NYMEX. ( 3 ) Includes credit derivatives associated with certain prior years’ divestitures. ( 4 ) Ovintiv has entered into U.S. dollar denominated fixed-for-floating average currency swaps to protect against fluctuations between the Canadian and U.S. dollars.
Earnings Impact of Realized and Unrealized Gains (Losses) on Risk Management Positions	For the years ended December 31 2022 2021 2020 Realized Gains (Losses) on Risk Management Commodity and Other Derivatives: Revenues (1) $ (2,608 ) $ (1,395 ) $ 711 Foreign Currency Derivatives: Foreign exchange (5 ) 33 (1 ) $ (2,613 ) $ (1,362 ) $ 710 Unrealized Gains (Losses) on Risk Management Commodity and Other Derivatives: Revenues (2) $ 741 $ (488 ) $ (204 ) Foreign Currency Derivatives: Foreign exchange (15 ) (21 ) 13 $ 726 $ (509 ) $ (191 ) Total Realized and Unrealized Gains (Losses) on Risk Management, net Commodity and Other Derivatives: Revenues (1) (2) $ (1,867 ) $ (1,883 ) $ 507 Foreign Currency Derivatives: Foreign exchange (20 ) 12 12 $ (1,887 ) $ (1,871 ) $ 519 (1) Includes a realized gain of $6 million for the year ended December 31, 2022 (2021 - gain of $1 million; 2020 - gain of $2 million) related to other derivative contracts. (2) Includes an unrealized loss of $2 million for the year ended December 31, 2022 (2021 - gain of $4 million; 2020 - loss of $1 million) related to other derivative contracts.
Reconciliation of Unrealized Risk Management Positions	2022 2021 2020 Fair Value Total Unrealized Gain (Loss) 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 Year (1,887 ) $ (1,887 ) $ (1,871 ) $ 519 Settlement of Other Derivative Contracts (6 ) Fair Value of Contracts Realized During the Year 2,613 2,613 1,362 (710 ) Fair Value of Contracts, End of Year $ (4 ) $ 726 $ (509 ) $ (191 )
Unrealized Risk Management Positions	As at December 31 2022 2021 Risk Management Assets Current $ 53 $ 1 Long-term 34 - 87 1 Risk Management Liabilities Current 86 703 Long-term - 25 86 728 Other Derivative Contract Assets Current in accounts receivable and accrued revenues - 9 - 9 Other Derivative Contract Liabilities Current in accounts payable and accrued liabilities - 1 Long-term in other liabilities and provisions 5 5 5 6 Net Risk Management Assets (Liabilities) and Other Derivative Contracts $ (4 ) $ (724 )

Supplementary Information (Tabl

Supplementary Information (Tables)	12 Months Ended
	Dec. 31, 2022
Supplemental Cash Flow Elements [Abstract]
Net Change in Non-Cash Working Capital	A) NET CHANGE IN NON-CASH WORKING CAPITAL For the years ended December 31 2022 2021 2020 Operating Activities Accounts receivable and accrued revenues $ (304 ) $ (333 ) $ 146 Accounts payable and accrued liabilities 50 275 (26 ) Current portion of operating lease liabilities 14 (7 ) (11 ) Income tax receivable and payable 53 24 30 $ (187 ) $ (41 ) $ 139
Non-Cash Activities	B) NON-CASH ACTIVITIES For the years ended December 31 2022 2021 2020 Non-Cash Operating Activities ROU operating lease assets and liabilities (See Note 13) $ (75 ) $ (23 ) $ (10 ) Non-Cash Investing Activities Asset retirement obligation incurred (See Note 16) $ 4 $ 8 $ 7 Asset retirement obligation change in estimated future cash outflows (See Note 16) 58 5 (49 ) Property, plant and equipment accruals 35 (9 ) (175 ) Capitalized long-term incentives 4 8 (16 ) Property additions/dispositions, including swaps 126 34 229 Contingent consideration (See Note 8) - 6 -
Supplementary Cash Flow Information	C) SUPPLEMENTARY CASH FLOW INFORMATION For the years ended December 31 2022 2021 2020 Interest Paid $ 376 $ 370 $ 385 Income Taxes (Recovered), net of Amounts Paid $ (38 ) $ (176 ) $ (52 )

Commitments and Contingencies (

Commitments and Contingencies (Tables)	12 Months Ended
	Dec. 31, 2022
Commitments And Contingencies Disclosure [Abstract]
Commitments	The following table outlines the Company’s commitments as at December 31, 2022: Expected Future Payments (undiscounted) 2023 2024 2025 2026 2027 Thereafter Total Transportation and Processing $ 790 $ 687 $ 570 $ 490 $ 463 $ 2,156 $ 5,156 Drilling and Field Services 299 21 - - - - 320 Building Leases 9 9 8 2 - - 28 Total $ 1,098 $ 717 $ 578 $ 492 $ 463 $ 2,156 $ 5,504

Supplementary Oil and Gas Inf_2

Supplementary Oil and Gas Information (Tables)	12 Months Ended
	Dec. 31, 2022
Extractive Industries [Abstract]
12 Month Average Trailing Prices	The following reference prices were utilized in the determination of reserves and future net revenue: Oil & NGLs Natural Gas WTI ($/bbl) Edmonton Condensate (C$/bbl) Henry Hub ($/MMBtu) AECO (C$/MMBtu) Reserves Pricing (1) 2022 $ 93.82 $ 121.18 $ 6.36 $ 5.65 2021 66.56 83.69 3.60 3.26 2020 39.62 49.77 1.98 2.13 (1) All prices were held constant in all future years when estimating net revenues and reserves.
Net Proved Reserves	Oil (MMbbls) NGLs (MMbbls) Natural Gas (Bcf) Total (MMBOE) United States Canada Total United States Canada Total United States Canada Total 2020 Beginning of year 722.4 1.3 723.7 409.4 179.1 588.5 2,441 2,818 5,259 2,188.8 Revisions and improved recovery (2) (221.5 ) (0.5 ) (222.0 ) (29.1 ) (33.1 ) (62.2 ) (323 ) (161 ) (484 ) (364.9 ) Extensions and discoveries 144.3 0.1 144.4 78.1 27.7 105.8 392 372 764 377.5 Purchase of reserves in place 9.9 1.0 10.9 8.4 11.6 20.0 47 94 140 54.3 Sale of reserves in place (9.3 ) - (9.3 ) (7.9 ) (13.4 ) (21.4 ) (95 ) (106 ) (201 ) (64.1 ) Production (55.2 ) (0.2 ) (55.4 ) (29.8 ) (20.5 ) (50.3 ) (194 ) (366 ) (560 ) (199.0 ) End of year 590.5 1.7 592.3 429.1 151.4 580.5 2,268 2,650 4,918 1,992.5 Developed 279.1 1.7 280.9 242.3 76.9 319.3 1,327 1,740 3,067 1,111.3 Undeveloped 311.4 - 311.4 186.7 74.5 261.2 941 910 1,851 881.1 Total 590.5 1.7 592.3 429.1 151.4 580.5 2,268 2,650 4,918 1,992.5 2021 Beginning of year 590.5 1.7 592.3 429.1 151.4 580.5 2,268 2,650 4,918 1,992.5 Revisions and improved recovery (2) (78.7 ) 0.7 (78.0 ) (30.0 ) (20.3 ) (50.3 ) 61 302 363 (67.8 ) Extensions and discoveries 121.2 0.3 121.5 75.1 66.9 142.0 428 1,538 1,966 591.2 Purchase of reserves in place 2.6 - 2.6 1.6 0.9 2.5 7 6 13 7.3 Sale of reserves in place (27.0 ) (1.6 ) (28.6 ) (12.6 ) (8.4 ) (21.0 ) (50 ) (73 ) (123 ) (70.2 ) Production (51.1 ) (0.1 ) (51.2 ) (28.5 ) (20.5 ) (49.0 ) (179 ) (389 ) (568 ) (194.9 ) End of year 557.5 1.1 558.6 434.7 170.0 604.7 2,536 4,033 6,570 2,258.2 Developed 291.0 0.7 291.7 264.3 84.5 348.8 1,621 2,490 4,111 1,325.7 Undeveloped 266.6 0.3 266.9 170.5 85.4 255.9 915 1,543 2,458 932.5 Total 557.5 1.1 558.6 434.7 170.0 604.7 2,536 4,033 6,570 2,258.2 2022 Beginning of year 557.5 1.1 558.6 434.7 170.0 604.7 2,536 4,033 6,570 2,258.2 Revisions and improved recovery (2) (65.1 ) (0.3 ) (65.5 ) 2.9 (36.0 ) (33.2 ) 38 (582 ) (544 ) (189.2 ) Extensions and discoveries 95.2 - 95.2 37.2 31.3 68.5 237 1,005 1,241 370.6 Purchase of reserves in place 15.8 - 15.8 13.7 1.7 15.4 72 16 88 45.9 Sale of reserves in place (20.2 ) (0.6 ) (20.8 ) (0.7 ) (0.6 ) (1.3 ) (5 ) (16 ) (22 ) (25.7 ) Production (48.0 ) - (48.0 ) (29.9 ) (17.3 ) (47.3 ) (180 ) (366 ) (545 ) (186.2 ) End of year 535.2 0.1 535.3 457.8 149.0 606.9 2,698 4,090 6,789 2,273.6 Developed 257.2 0.1 257.3 288.3 71.2 359.5 1,755 2,276 4,031 1,288.7 Undeveloped 278.0 - 278.0 169.5 77.8 247.4 943 1,814 2,757 984.9 Total 535.2 0.1 535.3 457.8 149.0 606.9 2,698 4,090 6,789 2,273.6 (1) Numbers may not add due to rounding. (2) Changes in reserve estimates resulting from application of improved recovery techniques are included in revisions of previous estimates.
Standardized Measure of Discounted Future Net Cash Flows Relating to Proved Oil and Gas Reserves	United States Canada 2022 2021 2020 2022 2021 2020 Future Cash Inflows $ 74,567 $ 51,473 $ 26,093 $ 29,149 $ 18,312 $ 7,156 Less Future: Production costs 17,043 12,272 8,864 8,173 7,679 4,202 Development costs 8,951 5,767 6,187 2,142 2,061 1,859 Income taxes 9,333 5,480 74 4,182 1,695 - Future Net Cash Flows 39,240 27,954 10,968 14,652 6,877 1,095 Less 10% annual discount for estimated timing of cash flows 20,272 13,663 5,895 6,121 2,393 246 Discounted Future Net Cash Flows $ 18,968 $ 14,291 $ 5,073 $ 8,531 $ 4,484 $ 849 Total 2022 2021 2020 Future Cash Inflows $ 103,716 $ 69,785 $ 33,249 Less Future: Production costs 25,216 19,951 13,066 Development costs 11,093 7,828 8,046 Income taxes 13,515 7,175 74 Future Net Cash Flows 53,892 34,831 12,063 Less 10% annual discount for estimated timing of cash flows 26,393 16,056 6,141 Discounted Future Net Cash Flows $ 27,499 $ 18,775 $ 5,922
Changes in Standardized Measure of Discounted Future Net Cash Flows Relating to Proved Oil and Gas Reserves	United States Canada 2022 2021 2020 2022 2021 2020 Balance, Beginning of Year $ 14,291 $ 5,073 $ 10,041 $ 4,484 $ 849 $ 1,575 Changes Resulting From: Sales of oil and gas produced during the year (5,007 ) (3,608 ) (1,605 ) (2,333 ) (1,479 ) (405 ) Discoveries and extensions, net of related costs 2,735 3,102 1,080 2,635 2,119 140 Purchases of proved reserves in place 661 63 98 58 13 44 Sales and transfers of proved reserves in place (278 ) (199 ) (255 ) (28 ) (38 ) (97 ) Net change in prices and production costs 9,059 10,702 (7,119 ) 5,532 3,266 (1,563 ) Revisions to quantity estimates (712 ) (407 ) (2,346 ) (961 ) 201 (188 ) Accretion of discount 1,630 508 1,064 545 85 158 Development costs incurred during the year 1,475 1,139 1,341 339 397 535 Changes in estimated future development costs (2,965 ) (83 ) 2,183 (303 ) 41 652 Other (2 ) 1 - - - (2 ) Net change in income taxes (1,919 ) (2,000 ) 591 (1,437 ) (970 ) - Balance, End of Year $ 18,968 $ 14,291 $ 5,073 $ 8,531 $ 4,484 $ 849 Total 2022 2021 2020 Balance, Beginning of Year $ 18,775 $ 5,922 $ 11,616 Changes Resulting From: Sales of oil and gas produced during the year (7,340 ) (5,087 ) (2,010 ) Discoveries and extensions, net of related costs 5,370 5,221 1,220 Purchases of proved reserves in place 719 76 142 Sales and transfers of proved reserves in place (306 ) (237 ) (352 ) Net change in prices and production costs 14,591 13,968 (8,682 ) Revisions to quantity estimates (1,673 ) (206 ) (2,534 ) Accretion of discount 2,175 593 1,222 Development costs incurred during the year 1,814 1,536 1,876 Changes in estimated future development costs (3,268 ) (42 ) 2,835 Other (2 ) 1 (2 ) Net change in income taxes (3,356 ) (2,970 ) 591 Balance, End of Year $ 27,499 $ 18,775 $ 5,922
Results of Operations	The following table sets forth revenue and direct cost information relating to the Company’s oil and natural gas exploration and production activities. United States Canada 2022 2021 2020 2022 2021 2020 Oil, NGL and Natural Gas Revenues (1) $ 6,680 $ 4,883 $ 2,701 $ 3,476 $ 2,542 $ 1,349 Less: Production, mineral and other taxes 401 278 158 14 15 15 Transportation and processing 626 507 453 1,002 937 829 Operating 646 490 485 127 111 100 Depreciation, depletion and amortization 861 837 1,378 235 332 427 Impairments - - 5,580 - - - Accretion of asset retirement obligation 8 11 13 10 11 16 Operating Income (Loss) 4,138 2,760 (5,366 ) 2,088 1,136 (38 ) Income Taxes 952 673 (1,309 ) 499 272 (9 ) Results of Operations $ 3,186 $ 2,087 $ (4,057 ) $ 1,589 $ 864 $ (29 ) Total 2022 2021 2020 Oil, NGL and Natural Gas Revenues (1) $ 10,156 $ 7,425 $ 4,050 Less: Production, mineral and other taxes 415 293 173 Transportation and processing 1,628 1,444 1,282 Operating 773 601 585 Depreciation, depletion and amortization 1,096 1,169 1,805 Impairments - - 5,580 Accretion of asset retirement obligation 18 22 29 Operating Income (Loss) 6,226 3,896 (5,404 ) Income Taxes 1,451 945 (1,318 ) Results of Operations $ 4,775 $ 2,951 $ (4,086 ) (1) Excludes gains (losses) on risk management.
Capitalized Costs	United States Canada 2022 2021 2020 2022 2021 2020 Proved Oil and Gas Properties $ 41,382 $ 39,145 $ 37,875 $ 15,672 $ 16,330 $ 16,008 Unproved Oil and Gas Properties 1,127 1,884 2,785 45 60 177 Total Capital Cost 42,509 41,029 40,660 15,717 16,390 16,185 Accumulated DD&A 34,280 33,418 32,581 14,687 15,450 15,056 Net Capitalized Costs $ 8,229 $ 7,611 $ 8,079 $ 1,030 $ 940 $ 1,129 Total 2022 2021 2020 Proved Oil and Gas Properties $ 57,054 $ 55,475 $ 53,883 Unproved Oil and Gas Properties 1,172 1,944 2,962 Total Capital Cost 58,226 57,419 56,845 Accumulated DD&A 48,967 48,868 47,637 Net Capitalized Costs $ 9,259 $ 8,551 $ 9,208
Costs Incurred	United States Canada 2022 2021 2020 2022 2021 2020 Acquisition Costs Unproved $ 154 $ 2 $ 16 $ - $ - $ - Proved 123 9 3 9 - - Total Acquisition Costs 277 11 19 9 - - Exploration Costs 5 10 12 7 5 - Development Costs 1,530 1,148 1,352 376 388 353 Total Costs Incurred $ 1,812 $ 1,169 $ 1,383 $ 392 $ 393 $ 353 Total 2022 2021 2020 Acquisition Costs Unproved $ 154 $ 2 $ 16 Proved 132 9 3 Total Acquisition Costs 286 11 19 Exploration Costs 12 15 12 Development Costs 1,906 1,536 1,705 Total Costs Incurred $ 2,204 $ 1,562 $ 1,736
Costs Not Subject to Depletion or Amortization	Upstream costs in respect of significant unproved properties are excluded from the country cost center’s depletable base as follows: As at December 31 2022 2021 United States $ 1,127 $ 1,884 Canada 45 60 $ 1,172 $ 1,944 The following is a summary of the costs related to Ovintiv’s unproved properties as at December 31, 2022: 2022 2021 2020 Prior to 2020 Total Acquisition Costs $ 154 $ 2 $ 22 $ 894 $ 1,072 Exploration Costs 5 11 7 77 100 $ 159 $ 13 $ 29 $ 971 $ 1,172

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Narative) (Details)		12 Months Ended
	Jan. 24, 2020	Dec. 31, 2022
Issued and outstanding common shares in exchange for common stock, ratio	100%
Common stock exchange, description	one-for-one basis
Corporate [Member] | Minimum [Member]
Assets estimated service lives		3 years
Corporate [Member] | Maximum [Member]
Assets estimated service lives		25 years

Segmented Information (Segment

Segmented Information (Segment Information) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Segment Reporting Information [Line Items]
Product and service revenues	$ 14,263	$ 10,468	$ 5,509
Gains (losses) on risk management, net	(1,867)	(1,883)	507
Sublease revenues	68	73	71
Total Revenues	12,464	8,658	6,087
Production, mineral and other taxes	415	293	173
Transportation and processing	1,786	1,616	1,502
Operating	802	625	605
Purchased product	4,055	2,951	1,366
Depreciation, depletion and amortization	1,113	1,190	1,834
Accretion of asset retirement obligation	18	22	29
Administrative	422	442	395
Impairments	0	0	5,580
Total Operating Expenses	8,611	7,139	11,484
Operating Income (Loss)	3,853	1,519	(5,397)
Interest	311	340	371
Foreign exchange (gain) loss, net	15	(23)	17
Other (gains) losses, net	(33)	(37)	(55)
Total Other (Income) Expenses	293	280	333
Net Earnings (Loss) Before Income Tax	3,560	1,239	(5,730)
Income tax expense (recovery)	(77)	(177)	367
Net Earnings (Loss)	3,637	1,416	(6,097)
Corporate & Other [Member]
Segment Reporting Information [Line Items]
Product and service revenues	0	0	0
Gains (losses) on risk management, net	741	(488)	(204)
Sublease revenues	68	73	71
Total Revenues	809	(415)	(133)
Production, mineral and other taxes	0	0	0
Transportation and processing	0	0	0
Operating	0	(1)	(2)
Purchased product	0	0	0
Depreciation, depletion and amortization	17	21	29
Accretion of asset retirement obligation	18	22	29
Administrative	422	442	395
Impairments	0	0	0
Total Operating Expenses	457	484	451
Operating Income (Loss)	352	(899)	(584)
USA Operations [Member] | Operating Segments [Member]
Segment Reporting Information [Line Items]
Product and service revenues	6,680	4,883	2,701
Gains (losses) on risk management, net	(1,123)	(982)	497
Sublease revenues	0	0	0
Total Revenues	5,557	3,901	3,198
Production, mineral and other taxes	401	278	158
Transportation and processing	626	507	453
Operating	646	490	485
Purchased product	0	0	0
Depreciation, depletion and amortization	861	837	1,378
Impairments	0	0	5,580
Total Operating Expenses	2,534	2,112	8,054
Operating Income (Loss)	3,023	1,789	(4,856)
Canadian Operations [Member] | Operating Segments [Member]
Segment Reporting Information [Line Items]
Product and service revenues	3,476	2,542	1,349
Gains (losses) on risk management, net	(1,485)	(413)	207
Sublease revenues	0	0	0
Total Revenues	1,991	2,129	1,556
Production, mineral and other taxes	14	15	15
Transportation and processing	1,002	937	829
Operating	127	111	100
Purchased product	0	0	0
Depreciation, depletion and amortization	235	332	427
Impairments	0	0	0
Total Operating Expenses	1,378	1,395	1,371
Operating Income (Loss)	613	734	185
Market Optimization [Member] | Operating Segments [Member]
Segment Reporting Information [Line Items]
Product and service revenues	4,107	3,043	1,459
Gains (losses) on risk management, net	0	0	7
Sublease revenues	0	0	0
Total Revenues	4,107	3,043	1,466
Production, mineral and other taxes	0	0	0
Transportation and processing	158	172	220
Operating	29	25	22
Purchased product	4,055	2,951	1,366
Depreciation, depletion and amortization	0	0	0
Impairments	0	0	0
Total Operating Expenses	4,242	3,148	1,608
Operating Income (Loss)	$ (135)	$ (105)	$ (142)

Segmented Information (Schedule

Segmented Information (Schedule of Marketing Intersegment Eliminations) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Product Information [Line Items]
Revenues	$ 12,464	$ 8,658	$ 6,087
Transportation and processing	1,786	1,616	1,502
Operating	802	625	605
Purchased product	4,055	2,951	1,366
Operating Income (Loss)	3,853	1,519	(5,397)
Market Optimization [Member] | Operating Segments [Member]
Product Information [Line Items]
Revenues	4,107	3,043	1,466
Transportation and processing	158	172	220
Operating	29	25	22
Purchased product	4,055	2,951	1,366
Operating Income (Loss)	(135)	(105)	(142)
Market Optimization [Member] | Reportable Subsegments [Member] | Marketing Sales [Member]
Product Information [Line Items]
Revenues	15,622	10,630	6,108
Transportation and processing	646	571	616
Operating	29	25	22
Purchased product	15,082	10,140	5,612
Operating Income (Loss)	(135)	(106)	(142)
Market Optimization [Member] | Intersubsegment Eliminations [Member]
Product Information [Line Items]
Revenues	(11,515)	(7,587)	(4,642)
Transportation and processing	(488)	(399)	(396)
Operating	0	0	0
Purchased product	(11,027)	(7,189)	(4,246)
Operating Income (Loss)	$ 0	$ 1	$ 0

Segmented Information (Revenue

Segmented Information (Revenue by Geographic Region) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Disaggregation Of Revenue [Line Items]
Product revenues	$ 14,263	$ 10,468	$ 5,509
Other revenues	4,189	3,125	1,536
Gains (losses) on risk management, net	(1,867)	(1,883)	507
Total Revenues	12,464	8,658	6,087
United States [Member]
Disaggregation Of Revenue [Line Items]
Other revenues	3,679	2,785	1,310
Gains (losses) on risk management, net	(796)	(1,160)	406
Total Revenues	9,560	6,508	4,414
Canada [Member]
Disaggregation Of Revenue [Line Items]
Other revenues	510	340	226
Gains (losses) on risk management, net	(1,071)	(723)	101
Total Revenues	2,904	2,150	1,673
Oil [Member]
Disaggregation Of Revenue [Line Items]
Product revenues	4,527	3,364	2,042
Oil [Member] | United States [Member]
Disaggregation Of Revenue [Line Items]
Product revenues	4,524	3,357	2,035
Oil [Member] | Canada [Member]
Disaggregation Of Revenue [Line Items]
Product revenues	3	7	7
Natural Gas Liquids [Member]
Disaggregation Of Revenue [Line Items]
Product revenues	2,403	2,020	955
Natural Gas Liquids [Member] | United States [Member]
Disaggregation Of Revenue [Line Items]
Product revenues	1,045	862	353
Natural Gas Liquids [Member] | Canada [Member]
Disaggregation Of Revenue [Line Items]
Product revenues	1,358	1,158	602
Natural Gas [Member]
Disaggregation Of Revenue [Line Items]
Product revenues	3,212	2,032	1,047
Natural Gas [Member] | United States [Member]
Disaggregation Of Revenue [Line Items]
Product revenues	1,108	664	310
Natural Gas [Member] | Canada [Member]
Disaggregation Of Revenue [Line Items]
Product revenues	$ 2,104	$ 1,368	$ 737

Segmented Information (Narrativ

Segmented Information (Narrative) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Segment Reporting, Revenue Reconciling Item [Line Items]
Total Revenues	$ 12,464	$ 8,658	$ 6,087
Major Customers Accounting For More Than 10 Percent of Revenues [member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Major Customers	one	one	one
First Major Customer Accounting For More Than 10 Percent of Revenues [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Total Revenues	$ 2,231	$ 1,573	$ 834
Canada [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Total Revenues	2,904	2,150	1,673
Canada [Member] | First Major Customer Accounting For More Than 10 Percent of Revenues [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Total Revenues	15
United States [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Total Revenues	9,560	$ 6,508	$ 4,414
United States [Member] | First Major Customer Accounting For More Than 10 Percent of Revenues [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Total Revenues	$ 2,216

Segmented Information (Capital

Segmented Information (Capital Expenditures by Segment) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Segment Reporting Information [Line Items]
Capital Expenditures	$ 1,831	$ 1,519	$ 1,736
Operating Segments [Member] | USA Operations [Member]
Segment Reporting Information [Line Items]
Capital Expenditures	1,493	1,125	1,353
Operating Segments [Member] | Canadian Operations [Member]
Segment Reporting Information [Line Items]
Capital Expenditures	334	391	380
Corporate & Other [Member]
Segment Reporting Information [Line Items]
Capital Expenditures	$ 4	$ 3	$ 3

Segmented Information (Goodwill

Segmented Information (Goodwill, Property, Plant and Equipment and Total Assets by Segment) (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Segment Reporting, Asset Reconciling Item [Line Items]
Goodwill	$ 2,584	$ 2,628
Property, Plant and Equipment	9,468	8,761
Total Assets	15,056	14,055
Operating Segments [Member] | USA Operations [Member]
Segment Reporting, Asset Reconciling Item [Line Items]
Goodwill	1,938	1,938
Property, Plant and Equipment	8,259	7,623
Total Assets	11,043	10,345
Operating Segments [Member] | Canadian Operations [Member]
Segment Reporting, Asset Reconciling Item [Line Items]
Goodwill	646	690
Property, Plant and Equipment	1,044	951
Total Assets	2,075	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	446	300
Corporate & Other [Member]
Segment Reporting, Asset Reconciling Item [Line Items]
Goodwill	0	0
Property, Plant and Equipment	165	187
Total Assets	$ 1,492	$ 1,478

Segmented Information (Goodwi_2

Segmented Information (Goodwill, Property, Plant and Equipment and Total Assets by Geographic Region) (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Segment Reporting, Asset Reconciling Item [Line Items]
Goodwill	$ 2,584	$ 2,628
Property, Plant and Equipment	9,468	8,761
Total Assets	15,056	14,055
United States [Member]
Segment Reporting, Asset Reconciling Item [Line Items]
Goodwill	1,938	1,938	$ 1,938
Property, Plant and Equipment	8,316	7,673
Total Assets	11,749	10,715
Canada [Member]
Segment Reporting, Asset Reconciling Item [Line Items]
Goodwill	646	690	$ 687
Property, Plant and Equipment	1,152	1,088
Total Assets	3,307	3,337
Other Countries [Member]
Segment Reporting, Asset Reconciling Item [Line Items]
Goodwill	0	0
Property, Plant and Equipment	0	0
Total Assets	$ 0	$ 3

Revenues from Contracts with _3

Revenues from Contracts with Customers (Disaggregation of Revenue) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Disaggregation of Revenue [Line Items]
Product revenues	$ 14,263	$ 10,468	$ 5,509
Operating Segments [Member] | USA Operations Excluding Intercompany Segment Transactions [Member]
Disaggregation of Revenue [Line Items]
Product revenues	6,696	4,897	2,711
Operating Segments [Member] | Canadian Operations Excluding Intercompany Segment Transactions [Member]
Disaggregation of Revenue [Line Items]
Product revenues	3,487	2,552	1,359
Operating Segments [Member] | Market Optimization Excluding Intercompany Segment Transactions [Member]
Disaggregation of Revenue [Line Items]
Product revenues	4,080	3,019	1,439
Corporate & Other [Member]
Disaggregation of Revenue [Line Items]
Product revenues	0	0	0
Oil [Member]
Disaggregation of Revenue [Line Items]
Product revenues	4,527	3,364	2,042
Oil [Member] | Product Revenues Including Sale of Product Purchased from Third Parties [Member]
Disaggregation of Revenue [Line Items]
Product revenues	7,955	5,644	2,668
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	4,537	3,369	2,045
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	3	7	7
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	3,415	2,268	616
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
Natural Gas Liquids [Member]
Disaggregation of Revenue [Line Items]
Product revenues	2,403	2,020	955
Natural Gas Liquids [Member] | Product Revenues Including Sale of Product Purchased from Third Parties [Member]
Disaggregation of Revenue [Line Items]
Product revenues	2,431	2,069	970
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	1,049	864	354
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	1,363	1,163	606
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	19	42	10
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
Natural Gas [Member]
Disaggregation of Revenue [Line Items]
Product revenues	3,212	2,032	1,047
Natural Gas [Member] | Product Revenues Including Sale of Product Purchased from Third Parties [Member]
Disaggregation of Revenue [Line Items]
Product revenues	3,872	2,745	1,865
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	1,107	664	309
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	2,119	1,377	743
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	646	704	813
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
Natural Gas Gathering and Processing [Member]
Disaggregation of Revenue [Line Items]
Product revenues	5	10	6
Natural Gas Gathering and Processing [Member] | Operating Segments [Member] | USA Operations Excluding Intercompany Segment Transactions [Member]
Disaggregation of Revenue [Line Items]
Product revenues	3	0	3
Natural Gas Gathering and Processing [Member] | Operating Segments [Member] | Canadian Operations Excluding Intercompany Segment Transactions [Member]
Disaggregation of Revenue [Line Items]
Product revenues	2	5	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	5	0
Natural Gas Gathering and Processing [Member] | Corporate & Other [Member]
Disaggregation of Revenue [Line Items]
Product revenues	$ 0	$ 0	$ 0

Revenues from Contracts with _4

Revenues from Contracts with Customers (Narrative) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Revenue From Contract With Customer [Abstract]
Contract with customer, asset net	$ 0	$ 0	$ 0
Contract with customer, liability	0	0	$ 0
Receivables & accrued revenues from contracts with customers	1,257	$ 1,070
Revenue, remaining performance obligation	$ 0
Description of payment terms	As the period between when the product sales are transferred and Ovintiv receives payments is generally 30 to 60 days, there is no financing element associated with customer contracts.

Interest (Details)

Interest (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Interest Expense [Abstract]
Interest Expense on Debt	$ 297	$ 323	$ 350
Interest on Finance leases (See Note 14)	2	3	9
Interest - Other	12	14	12
Interest	$ 311	$ 340	$ 371

Interest (Narrative) (Details)

Interest (Narrative) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Schedule Of Interest Expense [Line Items]
Interest expense on debt	$ 297	$ 323	$ 350
Premiums Paid to Repurchase Certain Senior Notes [Member]
Schedule Of Interest Expense [Line Items]
Interest expense on debt	22
5.75% Senior Notes [Member] | Senior Notes, Due January 30, 2022 [Member]
Schedule Of Interest Expense [Line Items]
Interest expense on debt	47	$ 19
Senior Notes, Due July 01, 2024 [Member] | Senior Notes, Due July 01, 2024 [Member]
Schedule Of Interest Expense [Line Items]
Non-cash fair value amortization	$ 30

Foreign Exchange (Gain) Loss,_3

Foreign Exchange (Gain) Loss, Net (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Schedule Of Foreign Exchange Transactions [Line Items]
Unrealized Foreign Exchange (Gain) Loss	$ 14	$ 21	$ 11
Foreign Exchange (Gain) Loss, Net	15	(23)	17
Translation of U.S. Dollar Debt Issued From Canada [Member]
Schedule Of Foreign Exchange Transactions [Line Items]
Unrealized Foreign Exchange (Gain) Loss	0	1	51
Foreign Exchange on Settlements	8	(8)	1
Translation of U.S. Dollar Risk Management Contracts Issued From Canada [Member]
Schedule Of Foreign Exchange Transactions [Line Items]
Unrealized Foreign Exchange (Gain) Loss	14	20	(13)
Foreign Exchange on Settlements	5	(33)	1
Translation of Intercompany Notes [Member]
Schedule Of Foreign Exchange Transactions [Line Items]
Unrealized Foreign Exchange (Gain) Loss	0	0	(27)
Foreign Exchange on Settlements	0	(3)	5
Other Monetary Revaluations [Member]
Schedule Of Foreign Exchange Transactions [Line Items]
Foreign Exchange on Settlements	$ (12)	$ 0	$ (1)

Income Taxes (Provision For Inc

Income Taxes (Provision For Income Taxes) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Total Current Tax Expense (Recovery)	$ 10	$ (156)	$ (14)
Total Deferred Tax Expense (Recovery)	(87)	(21)	381
Income Tax Expense (Recovery)	(77)	(177)	367
United States [Member]
Total Current Tax Expense (Recovery)	10	0	(12)
Total Deferred Tax Expense (Recovery)	(275)	1	(187)
Canada [Member]
Total Current Tax Expense (Recovery)	0	(156)	(2)
Total Deferred Tax Expense (Recovery)	$ 188	$ (22)	$ 568

Income Taxes (Narrative) (Detai

Income Taxes (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2020	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Tax Disclosure [Line Items]
Reduction of unrecognized tax benefits		$ 222
Increase (Reduction) in valuation allowance		(66)	$ 558	$ 2,900
Deferred tax assets valuation allowance, reversed		(1,299)	(558)	$ 2,900
Deferred tax assets valuation allowance		$ 1,326	$ 2,733
Effective Tax Rate		(2.20%)	(14.30%)	(6.40%)
United States Federal Statutory Rate		21%	21%	21%
Effective income tax rate reconciliation, tax cuts and jobs act, amount			$ 0
Expenditures capitalized amortization period		5 years
Undistributed Earnings from Foreign Subsidiaries		$ 0
Deferred income tax liabilities		184	4
Taxable temporary difference in respect of unremitted earnings		339
Unrecognized Tax Benefit, interest expense			6	$ 0
Unrecognized Tax Benefit, Liability for accrued interest			$ 0
Unremitted Earnings Permanently Reinvested [Member]
Income Tax Disclosure [Line Items]
Deferred income tax liabilities		$ 17
Canada [Member]
Income Tax Disclosure [Line Items]
Increase (Reduction) in valuation allowance	$ 1,200			$ 568
United States [Member]
Income Tax Disclosure [Line Items]
United States Federal Statutory Rate		21%	21%	21%
U.S. and Canada [Member]
Income Tax Disclosure [Line Items]
Deferred tax assets valuation allowance		$ 1,028
United States [Member]
Income Tax Disclosure [Line Items]
Deferred tax assets valuation allowance		271
Deferred income tax liabilities		0	$ 4
United States [Member] | Federal and State Losses [Member]
Income Tax Disclosure [Line Items]
Deferred tax assets valuation allowance		47	1,044
Canada [Member]
Income Tax Disclosure [Line Items]
Deferred income tax liabilities		184	0
Canada [Member] | Net Operating Losses [Member]
Income Tax Disclosure [Line Items]
Deferred tax assets valuation allowance		1,279	$ 1,689
Other (Gains) Losses, Net [Member]
Income Tax Disclosure [Line Items]
Interest income		$ 12

Income Taxes (Income Taxes Reco

Income Taxes (Income Taxes Reconciliation) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Net Earnings (Loss) Before Income Tax	$ 3,560	$ 1,239	$ (5,730)
United States Federal Statutory Rate	21%	21%	21%
Expected Income Tax Expense (Recovery)	$ 748	$ 260	$ (1,203)
State income tax	26	43	(147)
Income tax related to foreign operations	60	9	(2)
Effect of legislative changes	0	0	2
Non-taxable capital (gains) losses	0	0	3
Realized capital loss resulting from U.S. Domestication	0	0	(1,238)
Non-taxable items	246	0	0
Amounts in respect of prior periods	101	60	36
Change in valuation allowance	(1,299)	(558)	2,900
Other	41	9	16
Income Tax Expense (Recovery)	$ (77)	$ (177)	$ 367
Effective Tax Rate	(2.20%)	(14.30%)	(6.40%)

Income Taxes (Components of Net

Income Taxes (Components of Net Deferred Income Tax Asset (Liability)) (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Deferred Income Tax Assets, Property, plant and equipment	$ 0	$ 36
Deferred Income Tax Assets, Risk management	0	171
Deferred Income Tax Assets, Compensation plans	72	67
Deferred Income Tax Assets, Interest and other deferred deductions	0	19
Deferred Income Tax Assets, Net operating and net capital losses carried forward	2,290	2,727
Deferred Income Tax Assets, Foreign tax credits	0	119
Deferred Income Tax Assets, Other	18	7
Deferred Income Tax Assets, Valuation allowance	(1,326)	(2,733)
Deferred Income Tax Liabilities, Property, plant and equipment	(676)	(381)
Deferred Income Tax Liabilities, Risk management	(10)	0
Deferred Income Tax Liabilities, Deferred Income	(248)	0
Deferred Income Tax Liabilities, Other	(33)	(36)
Net Deferred Income Tax (Liability)		$ (4)
Net Deferred Income Tax Asset	$ 87

Income Taxes (Net Deferred Inco

Income Taxes (Net Deferred Income Tax Asset (Liability) by Jurisdiction) (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Deferred Income Taxes Assets	$ 271	$ 0
Deferred Income Tax Liabilities	(184)	(4)
Net Deferred Income Tax Asset	87
Net Deferred Income Tax (Liability)		(4)
United States [Member]
Deferred Income Taxes Assets	271	0
Deferred Income Tax Liabilities	0	(4)
Canada [Member]
Deferred Income Taxes Assets	0	0
Deferred Income Tax Liabilities	$ (184)	$ 0

Income Taxes (Schedule of Tax B

Income Taxes (Schedule of Tax Basis, Loss Carryforwards and Business Tax Credits Available) (Details) $ in Millions	12 Months Ended
	Dec. 31, 2022 USD ($)
Canada [Member]
Tax Credit Carryforward [Line Items]
Tax Basis	$ 938
Net operating losses (Federal)	$ 381
Canada [Member] | Minimum [Member]
Tax Credit Carryforward [Line Items]
Net Operating losses (Federal), Expiration Dates	Dec. 31, 2039
Canada [Member] | Maximum [Member]
Tax Credit Carryforward [Line Items]
Net Operating losses (Federal), Expiration Dates	Dec. 31, 2041
Canada [Member] | Capital Loss Carryforward [Member]
Tax Credit Carryforward [Line Items]
Other Tax Carryforward, Gross Amount	$ 5,350
United States [Member]
Tax Credit Carryforward [Line Items]
Tax Basis	5,228
Net operating losses (Federal)	$ 4,034	[1]
United States [Member] | Minimum [Member]
Tax Credit Carryforward [Line Items]
Net Operating losses (Federal), Expiration Dates	Dec. 31, 2023	[1]
United States [Member] | Maximum [Member]
Tax Credit Carryforward [Line Items]
Net Operating losses (Federal), Expiration Dates	Dec. 31, 2038	[1]
United States [Member] | Business Credits [Member]
Tax Credit Carryforward [Line Items]
Other Tax Carryforward, Gross Amount	$ 10
United States [Member] | Business Credits [Member] | Minimum [Member]
Tax Credit Carryforward [Line Items]
Other Tax Carryforward, Expiration Dates	Dec. 31, 2023
United States [Member] | Business Credits [Member] | Maximum [Member]
Tax Credit Carryforward [Line Items]
Other Tax Carryforward, Expiration Dates	Dec. 31, 2041
[1]Includes net operating losses of $1,211 million which have an indefinite expiration date.

Income Taxes (Schedule of Tax_2

Income Taxes (Schedule of Tax Basis, Loss Carryforwards and Business Tax Credits Available) (Parenthetical) (Details) $ in Millions	Dec. 31, 2022 USD ($)
United States [Member]
Tax Credit Carryforward [Line Items]
Operating loss carryforwards indefinite expiration period	$ 1,211

Income Taxes (Changes in Balanc

Income Taxes (Changes in Balance of Unrecognized Tax Benefits Excluding Interest) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Unrecognized Tax Benefits, Beginning Balance	$ (10)	$ (232)
Additions for tax positions taken in the current year	0	(2)
Additions for tax positions of prior years	0	(29)
Settlements	0	257
Foreign currency translation	1	(4)
Unrecognized Tax Benefits, Ending Balance	$ (9)	$ (10)

Income Taxes (Unrecognized Tax

Income Taxes (Unrecognized Tax Benefit Reflected In Balance Sheet) (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Tax Contingency [Line Items]
Unrecognized Tax Benefits	$ (9)	$ (10)	$ (232)
Income Tax Receivable [Member]
Income Tax Contingency [Line Items]
Unrecognized Tax Benefits	(1)	(1)
Deferred Income Tax Liability [Member]
Income Tax Contingency [Line Items]
Unrecognized Tax Benefits	$ (8)	$ (9)

Income Taxes (Summary Of Tax Ye

Income Taxes (Summary Of Tax Years By Jurisdiction) (Details)	12 Months Ended
	Dec. 31, 2022
Minimum [Member] | Internal Revenue Service (IRS) [Member] | Federal [Member]
Income Tax Examination [Line Items]
Taxation Year	2018
Minimum [Member] | Internal Revenue Service (IRS) [Member] | Provincial/State [Member]
Income Tax Examination [Line Items]
Taxation Year	2017
Minimum [Member] | Canada Revenue Agency [Member] | Foreign [Member]
Income Tax Examination [Line Items]
Taxation Year	2015
Minimum [Member] | Canada Revenue Agency [Member] | Provincial/State [Member]
Income Tax Examination [Line Items]
Taxation Year	2015
Maximum [Member] | Internal Revenue Service (IRS) [Member] | Federal [Member]
Income Tax Examination [Line Items]
Taxation Year	2022
Maximum [Member] | Internal Revenue Service (IRS) [Member] | Provincial/State [Member]
Income Tax Examination [Line Items]
Taxation Year	2022
Maximum [Member] | Canada Revenue Agency [Member] | Foreign [Member]
Income Tax Examination [Line Items]
Taxation Year	2022
Maximum [Member] | Canada Revenue Agency [Member] | Provincial/State [Member]
Income Tax Examination [Line Items]
Taxation Year	2022

Accounts Receivable and Accru_3

Accounts Receivable and Accrued Revenues (Schedule of Accounts Receivable and Accrued Revenues) (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Trade Receivable and Accrued Revenues	$ 1,490	$ 1,204
Prepaids	38	28
Deposits and Other	70	67
Accounts Receivable and Accrued Revenues, Gross	1,598	1,299
Expected Credit Loss Allowance	(4)	(5)
Accounts Receivable and Accrued Revenues	1,594	1,294
Production accruals receivable [Member]
Trade Receivable and Accrued Revenues	881	832
Market optimization receivable [Member]
Trade Receivable and Accrued Revenues	376	238
Joint interest and trade receivables [Member]
Trade Receivable and Accrued Revenues	200	102
Derivative settlements receivable [Member]
Trade Receivable and Accrued Revenues	7	9
Corporate and other receivable [Member]
Trade Receivable and Accrued Revenues	$ 26	$ 23

Accounts Receivable and Accru_4

Accounts Receivable and Accrued Revenues (Narrative) (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Receivables [Abstract]
Allowance for credit loss	$ 4	$ 5

Acquisitions and Divestitures_2

Acquisitions and Divestitures (Schedule of Net Acquisitions & (Divestitures)) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Acquisitions and Divestitures [Line Items]
Acquisitions	$ 286	$ 11	$ 19
Divestitures	(228)	(1,025)	(89)
Net Acquisitions and Divestitures	58	(1,014)	(70)
Operating Segments [Member] | USA Operations [Member]
Acquisitions and Divestitures [Line Items]
Acquisitions	277	11	19
Divestitures	(230)	(772)	(78)
Operating Segments [Member] | Canadian Operations [Member]
Acquisitions and Divestitures [Line Items]
Acquisitions	9	0	0
Divestitures	$ 2	$ (253)	$ (11)

Acquisitions and Divestitures_3

Acquisitions and Divestitures (Narrative) (Details) $ in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2022 USD ($) $ / bbl	Dec. 31, 2021 USD ($) $ / bbl	Dec. 31, 2020 USD ($)	Dec. 31, 2022 CAD ($)	Dec. 31, 2021 CAD ($)
Acquisitions and Divestitures [Line Items]
Proceeds from divestitures	$ 228	$ 1,025	$ 89
Duvernay Assets [Member]
Acquisitions and Divestitures [Line Items]
Contingent consideration receivable				$ 10	$ 5
Duvernay Assets [Member] | WTI [Member] | Minimum [Member]
Acquisitions and Divestitures [Line Items]
Reference Price | $ / bbl	62	56
USA Operations [Member] | Operating Segments [Member]
Acquisitions and Divestitures [Line Items]
Proceeds from divestitures	$ 230	$ 772	78
USA Operations [Member] | Operating Segments [Member] | Uinta and Bakken Assets [Member]
Acquisitions and Divestitures [Line Items]
Proceeds from divestitures	215
USA Operations [Member] | Operating Segments [Member] | Eagle Ford Assets [Member]
Acquisitions and Divestitures [Line Items]
Proceeds from divestitures		764
Canadian Operations [Member] | Operating Segments [Member]
Acquisitions and Divestitures [Line Items]
Proceeds from divestitures	$ (2)	253	$ 11
Canadian Operations [Member] | Operating Segments [Member] | Duvernay Assets [Member]
Acquisitions and Divestitures [Line Items]
Proceeds from divestitures		$ 238

Property, Plant and Equipment_3

Property, Plant and Equipment, Net (Schedule Of Property, Plant And Equipment) (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Cost	$ 59,108	$ 58,322
Less: Accumulated depreciation, depletion and amortization	(49,640)	(49,561)
Property, plant and equipment, net	9,468	8,761
Operating Segments [Member] | USA Operations [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Cost	42,539	41,041
Less: Accumulated depreciation, depletion and amortization	(34,280)	(33,418)
Property, plant and equipment, net	8,259	7,623
Operating Segments [Member] | Canadian Operations [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Cost	15,731	16,401
Less: Accumulated depreciation, depletion and amortization	(14,687)	(15,450)
Property, plant and equipment, net	1,044	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	165	187
Proved Properties [Member] | Operating Segments [Member] | USA Operations [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Cost	41,382	39,145
Less: Accumulated depreciation, depletion and amortization	(34,280)	(33,418)
Property, plant and equipment, net	7,102	5,727
Proved Properties [Member] | Operating Segments [Member] | Canadian Operations [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Cost	15,672	16,330
Less: Accumulated depreciation, depletion and amortization	(14,687)	(15,450)
Property, plant and equipment, net	985	880
Unproved Properties [Member] | Operating Segments [Member] | USA Operations [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Cost	1,127	1,884
Less: Accumulated depreciation, depletion and amortization	0	0
Property, plant and equipment, net	1,127	1,884
Unproved Properties [Member] | Operating Segments [Member] | Canadian Operations [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Cost	45	60
Less: Accumulated depreciation, depletion and amortization	0	0
Property, plant and equipment, net	45	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	30	12
Less: Accumulated depreciation, depletion and amortization	0	0
Property, plant and equipment, net	30	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	14	11
Less: Accumulated depreciation, depletion and amortization	0	0
Property, plant and equipment, net	14	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	831	873
Less: Accumulated depreciation, depletion and amortization	(666)	(686)
Property, plant and equipment, net	$ 165	$ 187

Property, Plant and Equipment_4

Property, Plant and Equipment, Net (Narrative) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Property, Plant and Equipment [Line Items]
Internal Costs Capitalized	$ 178,000,000	$ 172,000,000
Impairments	0	0	$ 5,580,000,000
Operating Segments [Member] | USA Operations [Member]
Property, Plant and Equipment [Line Items]
Impairments	0		0
Operating Segments [Member] | Canadian Operations [Member]
Property, Plant and Equipment [Line Items]
Impairments	$ 0	$ 0	$ 0

Other Assets (Schedule of Other

Other Assets (Schedule of Other Assets) (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Other Assets [Abstract]
Operating Lease ROU Assets	$ 870	$ 929
Long-Term Investments	21	27
Long-Term Receivables	58	64
Deferred Charges	44	42
Other	11	17
Other Assets	$ 1,004	$ 1,079

Goodwill (Schedule of Goodwill)

Goodwill (Schedule of Goodwill) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Goodwill [Line Items]
Goodwill, Beginning Balance	$ 2,628
Goodwill, Ending Balance	2,584	$ 2,628
Canada [Member]
Goodwill [Line Items]
Goodwill, Beginning Balance	690	687
Foreign currency translation adjustment	(44)	3
Goodwill, Ending Balance	646	690
United States [Member]
Goodwill [Line Items]
Goodwill, Beginning Balance	1,938	1,938
Goodwill, Ending Balance	$ 1,938	$ 1,938

Goodwill (Narrative) (Details)

Goodwill (Narrative) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Goodwill And Intangible Assets Disclosure [Abstract]
Addition of goodwill	$ 0	$ 0
Goodwill allocated to divestiture	0	0
Goodwill Impairment	0	0
Historical Cumulative Goodwill Impairments	$ 0	$ 0

Accounts Payable and Accrued _3

Accounts Payable and Accrued Liabilities (Schedule of Accounts Payable and Accrued Liabilities) (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Payables And Accruals [Abstract]
Trade Payables	$ 436	$ 328
Capital Accruals	196	161
Royalty and Production Accruals	718	643
Market Optimization Accruals	314	266
Outstanding Disbursements	74	32
Payroll & Other Accruals	211	221
Interest Payable	65	108
Derivative Settlements	17	90
Current Portion of Long-Term Incentive Costs	139	78
Current Portion of Finance Lease Obligations	6	6
Current Portion of Asset Retirement Obligation	45	46
Accounts Payable and Accrued Liabilities	$ 2,221	$ 1,979

Leases (Summary of Operating An

Leases (Summary of Operating And Finance Lease Costs) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Leases [Abstract]
Operating Lease ROU Assets, in Other Assets	$ 870	$ 929
Operating Lease Right Of Use Asset Statement Of Financial Position Extensible List	Other Assets	Other Assets
Finance Lease ROU Assets, in Other Property Plant and Equipment	$ 22	$ 27
Finance Lease Right Of Use Asset Statement Of Financial Position Extensible List	Property, Plant and Equipment, Cost	Property, Plant and Equipment, Cost
Operating Lease Liabilities, Current	$ 76	$ 62
Operating Lease Liabilities, Long-term	814	889
Finance Lease Liabilities, Current, in accounts payable and accrued liabilities	$ 6	$ 6
Finance Lease, Liability, Current, Statement Of Financial Position [Extensible List]	Accounts payable and accrued liabilities	Accounts payable and accrued liabilities
Finance Lease Liabilities, Long-term, in other liabilities and provisions	$ 27	$ 33
Finance Lease, Liability, Noncurrent,Statement Of Financial Position [Extensible List]	Other Liabilities and Provisions	Other Liabilities and Provisions
Weighted Average Discount Rate
Operating leases	5.39%	5.44%
Finance leases	6.11%	6.11%
Weighted Average Remaining Lease Term
Operating leases	14 years	15 years 3 months 18 days
Finance leases	4 years 6 months	5 years 6 months
Lease Costs:
Operating Lease Costs, Excluding Short-Term Leases	$ 140	$ 145
Finance Lease Costs:
Amortization of ROU assets	5	5
Interest on lease liabilities	2	3	$ 9
Total Finance Lease Costs	7	8
Short-Term Lease Costs	189	206
Variable Lease Costs	14	12
Sublease Income:
Operating lease income	48	55
Variable lease income	20	18
Cash Paid for Amounts Included in the Measurement of Lease Liabilities:
Operating cash outflows from operating leases	176	197
Investing cash outflows from operating leases	151	147
Operating cash outflows from finance leases	2	3
Financing cash outflows from finance leases	6	82
Supplemental Non-Cash Information:
New ROU operating lease assets and liabilities	$ 75	$ 23

Leases (Summary of Operating _2

Leases (Summary of Operating And Finance Lease Costs) (Parenthetical) (Details)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Maximum [Member]
Lessee Lease Description [Line Items]
Lessee, operating and finance lease, option to extend lease, term	10 years	10 years

Leases (Schedule of Operating L

Leases (Schedule of Operating Lease Expense) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Operating Lease Expense
Total Operating Lease Expense	$ 174	$ 204
Transportation and Processing [Member]
Operating Lease Expense
Total Operating Lease Expense	3	3
Operating [Member]
Operating Lease Expense
Total Operating Lease Expense	70	81
Administrative [Member]
Operating Lease Expense
Total Operating Lease Expense	$ 101	$ 120

Leases (Schedule of Future Leas

Leases (Schedule of Future Lease Payments and Lease Liabilities Related to Operating and Finance Leases) (Details) $ in Millions	12 Months Ended
	Dec. 31, 2022 USD ($)
Operating Leases
Expected Future Operating Lease Payments 2023	$ 123
Expected Future Operating Lease Payments 2024	104
Expected Future Operating Lease Payments 2025	89
Expected Future Operating Lease Payments 2026	79
Expected Future Operating Lease Payments 2027	76
Expected Future Operating Lease Payments thereafter	820
Expected Future Operating Lease Payments,Total	1,291
Less: Discounting	401
Present Value of Future Operating Lease Payments Total	890
Sublease Income (undiscounted) 2023	(41)
Sublease Income (undiscounted) 2024	(43)
Sublease Income (undiscounted) 2025	(43)
Sublease Income (undiscounted) 2026	(43)
Sublease Income (undiscounted) 2027	(44)
Sublease Income (undiscounted) Thereafter	(414)
Sublease Income (undiscounted) Total	(628)
Finance Leases
Expected Future Finance Lease Payments, 2023	8
Expected Future Finance Lease Payments, 2024	8
Expected Future Finance Lease Payments, 2025	9
Expected Future Finance Lease Payments, 2026	9
Expected Future Finance Lease Payments, 2027	4
Expected Future Finance Lease Payments, Thereafter	0
Expected Future Finance Lease Payments, Total	38
Less: Discounting	5
Present Value of Future Finance Lease Payments Total	33
Sublease Income (undiscounted) 2023	(8)
Sublease Income (undiscounted) 2024	(7)
Sublease Income (undiscounted) 2025	(7)
Sublease Income (undiscounted) 2026	(7)
Sublease Income (undiscounted) 2027	(3)
Sublease Income (undiscounted) Thereafter	0
Sublease Income (undiscounted) Total	$ (32)

Long-Term Debt (Schedule Of Lon

Long-Term Debt (Schedule Of Long-Term Debt) (Details) - USD ($) $ in Millions		12 Months Ended	19 Months Ended
	Jun. 10, 2022	Dec. 31, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Revolving credit and term loan borrowings		$ 393	$ 0
Total Principal		3,569	4,741
Increase in Value of Debt Acquired		27	77
Unamortized Debt Discounts and Issuance Costs		(26)	(32)
Total Long-Term Debt		3,570	4,786
Current Portion		393	0
Long-Term Debt		3,177	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%	5.625%
Debt Instrument, Maturity Date	Jul. 01, 2024	Jul. 01, 2024	Jul. 01, 2024
5.375% Unsecured Notes [Member] | Unsecured Notes, Due Jan 1, 2026 [Member]
Debt Instrument [Line Items]
Unsecured Debt		$ 459	$ 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		$ 599	$ 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		$ 430	$ 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		$ 390	$ 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		$ 148	$ 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 ($)				12 Months Ended			19 Months Ended
	Jun. 10, 2022	Aug. 16, 2021	Jun. 18, 2021	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2021
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity				$ 0
Long term debt current				393,000,000	$ 0		$ 0
Standby fees				8,000,000	10,000,000	$ 8,000,000
Debt instrument repurchased face amount				565,000,000
Interest expense on debt				297,000,000	323,000,000	350,000,000
Aggregate cash payment for repurchased debt				$ 1,634,000,000	1,137,000,000	272,000,000
Debt instrument repurchased face amount						302,000,000
Recognized net gain on debt						$ 30,000,000
Weighted average remaining life of outstanding debt				6 years
Issuance costs capitalized				$ 6,000,000	0
Current portion of long-term debt				393,000,000	0		0
Long-term debt carrying value				3,570,000,000	4,786,000,000		4,786,000,000
Long-term debt, fair value				3,648,000,000	$ 5,804,000,000		$ 5,804,000,000
Premiums Paid to Repurchase Certain Senior Notes [Member]
Debt Instrument [Line Items]
Interest expense on debt				22,000,000
5.375% Unsecured Notes [Member] | Unsecured Notes, Due Jan 1, 2026 [Member]
Debt Instrument [Line Items]
Debt instrument repurchased face amount				$ 229,000,000
Debt Instrument, Interest Rate, Stated Percentage				5.375%	5.375%		5.375%
Debt instrument maturity date				Jan. 01, 2026			Jan. 01, 2026
6.50% Unsecured Notes [Member] | Unsecured Notes, Due August 15, 2034 [Member]
Debt Instrument [Line Items]
Debt instrument repurchased face amount				$ 151,000,000
Debt Instrument, Interest Rate, Stated Percentage				6.50%	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]
Debt instrument repurchased face amount				$ 58,000,000
Debt Instrument, Interest Rate, Stated Percentage				6.50%	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]
Debt instrument repurchased face amount				$ 72,000,000
Debt Instrument, Interest Rate, Stated Percentage				6.625%	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]
Debt instrument repurchased face amount				$ 55,000,000
Debt Instrument, Interest Rate, Stated Percentage				5.15%	5.15%		5.15%
Debt instrument maturity date				Nov. 15, 2041			Nov. 15, 2041
5.625% Unsecured Notes [Member] | Unsecured Notes, Due July 1, 2024 [Member]
Debt Instrument [Line Items]
Debt instrument repurchased face amount	$ 1,000,000,000
Debt Instrument, Interest Rate, Stated Percentage	5.625%			5.625%	5.625%		5.625%
Interest expense on debt	$ 47,000,000
Debt instrument maturity date	Jul. 01, 2024			Jul. 01, 2024			Jul. 01, 2024
Aggregate cash payment for repurchased debt	$ 1,072,000,000
Accrued and unpaid interest	$ 25,000,000
5.75% Unsecured Notes [Member] | Unsecured Notes, Due January 30, 2022
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage			5.75%
Interest expense on debt			$ 19,000,000
Debt instrument maturity date			Jan. 30, 2022
Aggregate cash payment for repurchased debt			$ 632,000,000
Accrued and unpaid interest			13,000,000
Debt instrument repurchased face amount			$ 600,000,000
3.90% Unsecured Notes [Member] | Unsecured Notes, Due November 15, 2021 [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage		3.90%
Debt instrument maturity date		Nov. 15, 2021
Aggregate cash payment for repurchased debt		$ 523,000,000
Accrued and unpaid interest		5,000,000
Debt instrument repurchased face amount		$ 518,000,000
Commercial Paper [Member]
Debt Instrument [Line Items]
Long term debt current				$ 393,000,000
Weighted average interest rate				5.24%
Current portion of long-term debt				$ 393,000,000
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity				$ 3,500,000,000
Expiration date - line of credit				Jul. 31, 2026
Maximum number of extensions per year				1
Maximum period of years line of credit can extended				5 years
Additional period in days added to extension				90 days
Equity adjustment, cumulative historical ceiling test impairment				$ 7,700,000,000
Revolving Credit Facility [Member] | Maximum [Member]
Debt Instrument [Line Items]
Financing debt-to-adjusted capitalization, percentage				0.60
Revolving Credit Facility [Member] | Parent Company [Member]
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity				$ 2,200,000,000
Revolving Credit Facility [Member] | Subsidiary Issuer [Member] | Canada [Member]
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity				$ 1,300,000,000

Long-Term Debt (Schedule Of Man

Long-Term Debt (Schedule Of Mandatory Debt Payments) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Debt Disclosure [Abstract]
Debt Maturity, Mandatory Repayment, Next Twelve Months	$ 393
Debt Maturity, Mandatory Repayment, In Two Years	0
Debt Maturity, Mandatory Repayment, In Three Years	0
Debt Maturity, Mandatory Repayment, In Four Years	459
Debt Maturity, Mandatory Repayment, In Five Years	0
Debt Maturity, Mandatory Repayment, After Five Years	2,717
Total Principal	3,569	$ 4,741
Interest Payments on Remaining Long-term Debt, Next Twelve Months	232
Interest Payments on Remaining Long-term Debt in Year two	211
Interest Payments on Remaining Long-term Debt in Year Three	212
Interest Payments on Remaining Long-term Debt in Year Four	199
Interest Payments on Remaining Long-term Debt in Year Five	187
Interest Payments on Remaining Long-term Debt, After Five Years	1,253
Total Interest Payments on Remaining Long-term Debt	$ 2,294

Other Liabilities and Provisi_3

Other Liabilities and Provisions (Schedule of Other Liabilities and Provisions) (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Other Liabilities And Provisions [Line Items]
Finance Lease Obligations	$ 27	$ 33
Pensions and Other Post-Employment Benefits (See Note 22)	73	104
Long-Term Incentives	14	36
Other Derivative Contracts, Liabilities	5	6
Other	12	12
Other Liabilities and Provisions	131	190
Other Liabilities and Provisions [Member]
Other Liabilities And Provisions [Line Items]
Other Derivative Contracts, Liabilities	$ 5	$ 5

Asset Retirement Obligation (Sc

Asset Retirement Obligation (Schedule of Change In Asset Retirement Obligation) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Asset Retirement Obligation Disclosure [Abstract]
Asset Retirement Obligation, Beginning of Year	$ 385	$ 440
Liabilities Incurred and Acquired	4	8
Liabilities Settled and Divested	(128)	(91)
Change in Estimated Future Cash Outflows	58	5	$ (49)
Accretion of asset retirement obligation	18	22	29
Foreign Currency Translation	(11)	1
Asset Retirement Obligation, End of Year	$ 326	$ 385	$ 440

Asset Retirement Obligation (_2

Asset Retirement Obligation (Schedule of Asset Retirement Obligation) (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Asset Retirement Obligation Disclosure [Abstract]
Current Portion (See Note 12)	$ 45	$ 46
Long-Term Portion	281	339
Asset Retirement Obligation, Total	$ 326	$ 385	$ 440

Share Capital (Narrative) (Deta

Share Capital (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands			3 Months Ended												12 Months Ended
	Feb. 27, 2023	Jan. 24, 2020	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2022	Sep. 30, 2022	Dec. 31, 2021	Dec. 31, 2020	Sep. 28, 2022
Class Of Stock [Line Items]
Common stock, shares authorized			750,000,000												750,000,000
Common stock, par value		$ 0.01	$ 0.01												$ 0.01
Preferred stock, shares authorized			25,000,000												25,000,000
Preferred stock, par value			$ 0.01												$ 0.01
Preferred stock, shares outstanding			0												0
Reclassification of share capital due to reorganization																		$ 0
Common shares purchased, shares															14,700,000		3,100,000	0
Common shares purchased, value															$ 0		$ 0	$ 0
Dividends on common shares															$ 239,000		$ 122,000	$ 97,000
Common stock, dividends, per share, paid			$ 0.25	$ 0.25	$ 0.25	$ 0.20	$ 0.14	$ 0.14	$ 0.09375	$ 0.09375	$ 0.09375	$ 0.09375	$ 0.09375	$ 0.09375	$ 0.95		$ 0.4675	$ 0.375
Common stock, dividends, per share, declared															$ 0.95		$ 0.4675	$ 0.375
Common stock authorized reserved for issuance			13,400,000			6,000,000									13,400,000
Common stock remained available for issuance			8,500,000												8,500,000
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
Subsequent Event [Member]
Class Of Stock [Line Items]
Dividends payable, date declared	Feb. 27, 2023
Common stock, dividends, per share, declared	$ 0.25
Dividends payable, date to be paid	Mar. 31, 2023
Dividends payable, date of record	Mar. 15, 2023
Normal Course Issuer Bid [Member]
Class Of Stock [Line Items]
Common shares purchased, shares															3,500,000	11,200,000	3,100,000
Common shares purchased, value															$ 719,000		$ 111,000
Normal Course Issuer Bid [Member] | Maximum [Member]
Class Of Stock [Line Items]
Stock repurchase program, number of shares authorized to be repurchased																			24,800,000
Share Capital [Member]
Class Of Stock [Line Items]
Reclassification of share capital due to reorganization		$ 7,058,000													0		0	$ 7,058,000
Dividends on common shares															0		0	0
Share Capital [Member] | Normal Course Issuer Bid [Member]
Class Of Stock [Line Items]
Common shares purchased, value															147		28
Paid In Surplus [Member]
Class Of Stock [Line Items]
Reclassification of share capital due to reorganization																		(7,058,000)
Dividends on common shares															0		0	$ 0
Paid In Surplus [Member] | Normal Course Issuer Bid [Member]
Class Of Stock [Line Items]
Common shares purchased, value															$ 719,000		$ 111,000

Share Capital (Schedule of Comm

Share Capital (Schedule of Common Stock Issued and Outstanding) (Details) - USD ($) shares in Millions, $ in Millions		12 Months Ended
	Jan. 24, 2020	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Class Of Stock [Line Items]
Shares of Common Stock Outstanding, Beginning of Year		258	259.8	259.8
Shares of Common Stock Purchased		(14.7)	(3.1)	0
Shares of Common Stock Issued		2.4	1.3	0
Shares of Common Stock Outstanding, End of Year		245.7	258	259.8
Shares of Common Stock Outstanding, Beginning of Year		$ 3	$ 3	$ 7,061
Shares of Common Stock Purchased		0	0	0
Shares of Common Stock Issued		0	0	0
Reclassification of Share Capital due to the Reorganization (See Note 1)				0
Shares of Common Stock Outstanding, End of Year		3	3	3
Share Capital [Member]
Class Of Stock [Line Items]
Reclassification of Share Capital due to the Reorganization (See Note 1)	$ (7,058)	$ 0	$ 0	$ (7,058)

Share Capital (Earnings Per Com

Share Capital (Earnings Per Common Share) (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Class Of Stock Disclosures [Abstract]
Net Earnings (Loss)	$ 3,637	$ 1,416	$ (6,097)
Weighted average shares of common stock outstanding - Basic	253.6	260.4	259.8
Effect of dilutive securities	4.8	6	0
Weighted Average Shares of Common Stock Outstanding - Diluted	258.4	266.4	259.8
Net Earnings (Loss) per Share of Common Stock Basic	$ 14.34	$ 5.44	$ (23.47)
Net Earnings (Loss) per Share of Common Stock Diluted	$ 14.08	$ 5.32	$ (23.47)

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Income (Schedule of Accumulated Other Comprehensive Income) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Accumulated Other Comprehensive Income Loss Net Of Tax [Abstract]
Balance, Beginning of Year, Foreign Currency Translation Adjustment	$ 1,044	$ 1,042	$ 1,004
Change in Foreign Currency Translation Adjustment	(107)	2	38
Balance, End of Year, Foreign Currency Translation Adjustment	937	1,044	1,042
Pension and Other Post-Employment Benefit Plans
Balance, Beginning of Year	48	34	42
Other Comprehensive Income Before Reclassifications:
Net actuarial gains and (losses)	13	14	(10)
Income taxes	(3)	(4)	2
Net prior service costs from plan amendment	0	11	0
Income taxes	0	(2)	0
Amounts Reclassified from Other Comprehensive Income:
Reclassification of net actuarial (gains) and losses to net earnings	(6)	(8)	(9)
Income taxes	2	2	2
Reclassification of net prior service costs to net earnings	0	1	2
Income taxes	0	0	0
Curtailment in net defined periodic benefit cost	0	0	5
Income taxes	0	0	(1)
Settlement in net defined periodic benefit cost	0	0	2
Income taxes	0	0	(1)
Balance, End of Year	54	48	34
Total Accumulated Other Comprehensive Income	$ 991	$ 1,092	$ 1,076

Variable Interest Entities (Nar

Variable Interest Entities (Narrative) (Details) $ in Millions	12 Months Ended
	Dec. 31, 2022 USD ($) MMcf	Dec. 31, 2021 USD ($)
Variable Interest Entity [Line Items]
Accounts payable and accrued liabilities, current	$ 2,221	$ 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	$ 1,436
Veresen Midstream Limited Partnership [Member] | Take or Pay Commitment [Member]
Variable Interest Entity [Line Items]
Accounts payable and accrued liabilities, current	$ 0.4
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

Restructuring Charges (Narrativ

Restructuring Charges (Narrative) (Details) - USD ($) $ in Millions	1 Months Ended	12 Months Ended
	Jun. 30, 2020	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Restructuring Charges [Abstract]
Restructuring and Related Activities, Initiation Date	Jun. 01, 2020
Workforce reduction percentage	25%
Restructuring Charges		$ 0	$ 14	$ 90

Restructuring Charges (Restruct

Restructuring Charges (Restructuring Costs Expensed) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Restructuring Charges [Abstract]
Severance and Benefits	$ 0	$ 14	$ 88
Outplacement, Moving and Other Expenses	0	0	2
Restructuring Expenses	$ 0	$ 14	$ 90

Restructuring Charges (Schedule

Restructuring Charges (Schedule of Change in Restructuring Accrual) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Restructuring Charges [Abstract]
Outstanding Restructuring Accrual, Beginning of Year	$ 3	$ 14	$ 8
Restructuring Expenses Incurred	0	14	90
Restructuring Costs Paid	(3)	(25)	(84)
Outstanding Restructuring Accrual, End of Year	$ 0	$ 3	$ 14

Compensation Plans (Amounts Rec

Compensation Plans (Amounts Recognized For Share-Based Payment Transactions) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total Compensation Costs of Transactions Classified as Cash-Settled	$ 152	$ 118	$ 42
Total Compensation Costs of Transactions Classified as Equity-Settled	82	47	3
Less: Total Share-Based Compensation Costs Capitalized	(32)	(27)	(12)
Total Share-Based Compensation Expense	202	138	33
Operating Expense [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total Share-Based Compensation Expense	38	31	10
Administrative Expense [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total Share-Based Compensation Expense	$ 164	$ 107	$ 23

Compensation Plans (Narrative)

Compensation Plans (Narrative) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Liability for cash-settled share-based payment transactions	$ 153	$ 114
Liability for share-based payment recognized in accounts payable and accrued liabilities	139	78
Liability for share-based payment recognized in other liabilities and provisions	$ 14	36
Stock Appreciation Rights (SARs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expiration period	7 years
Stock Appreciation Rights (SARs) [Member] | United States Of America Dollars [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation, unvested award, unrecognized compensation costs	$ 0	0.2
Stock Appreciation Rights (SARs) [Member] | Share-Based Payment Arrangement, Tranche One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting rights percentage	30%
Vesting period	1 year
Stock Appreciation Rights (SARs) [Member] | Share-Based Payment Arrangement, Tranche Two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting rights percentage	30%
Vesting period	2 years
Stock Appreciation Rights (SARs) [Member] | Share-based Compensation Award, Tranche Three [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	3 years
Tandem Stock Appreciation Rights (TSARs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expiration period	7 years
Share-based compensation, unvested award, unrecognized compensation costs	$ 0	0.1
Tandem Stock Appreciation Rights (TSARs) [Member] | Share-Based Payment Arrangement, Tranche One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting rights percentage	30%
Vesting period	1 year
Tandem Stock Appreciation Rights (TSARs) [Member] | Share-Based Payment Arrangement, Tranche Two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting rights percentage	30%
Vesting period	2 years
Tandem Stock Appreciation Rights (TSARs) [Member] | Share-based Compensation Award, Tranche Three [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	3 years
Performance Share Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	3 years
Share-based compensation, unvested award, unrecognized compensation costs	$ 43	42
Maximum multiplication of original performance stock units granted may be awarded	2
Award performance measurement period	3 years
Share-based compensation, unvested award, unrecognized compensation costs expected to recognize over a weighted average period	7 months 6 days
Deferred Share Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share based compensation arrangement by share based payment award redemption description	For both Directors and employees, DSUs can only be redeemed following departure from Ovintiv in accordance with the terms of the respective DSU Plan and must be redeemed prior to December 15th of the year following the departure from Ovintiv.
Deferred Share Units [Member] | Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Conversion percentage of bonus awards into deferred share units	25%
Deferred Share Units [Member] | Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Conversion percentage of bonus awards into deferred share units	50%
Restricted Share Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation, unvested award, unrecognized compensation costs	$ 44	$ 43
Share-based compensation, unvested award, unrecognized compensation costs expected to recognize over a weighted average period	7 months 6 days
Restricted Share Units [Member] | Employees [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Service period	3 years
Vesting rights	RSUs issued to employees vest over their three-year service period.
Restricted Share Units [Member] | Directors [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Settlement period	3 years

Compensation Plans (Schedule of

Compensation Plans (Schedule of Outstanding Stock Appreciation Rights) (Details) - Stock Appreciation Rights (SARs) [Member] - United States Of America Dollars [Member] - $ / shares shares in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Outstanding, Beginning of Year	1,150	660
Granted	0	682
Exercised	(401)	(177)
Forfeited	0	(15)
Expired	(219)	0
Outstanding, End of Year	530	1,150
Vested and Exercisable, End of Year	530	1,021
Expected to Vest	0	129
Weighted Average Exercise Price, Beginning of Year	$ 38.89	$ 38.03
Grants, Weighted Average Exercise Price	0	35.11
Exercised, Weighted Average Exercise Price	22.14	20.50
Forfeited, Weighted Average Exercise Price	0	45.35
Expired, Weighted Average Exercise Price	56.75	0
Weighted Average Exercise Price, End of Year	44.17	38.89
Weighted Average Exercise Price, Vested and Exercisable	44.17	39.54
Weighted Average Exercise Price, Expected to Vest	$ 0	$ 33.77
Weighted Average Remaining Contractual Life, End of Year	2 years 4 months 24 days	2 years 2 months 12 days
Weighted Average Remaining Contractual Life, Vested and Exercisable	2 years 4 months 24 days	1 year 10 months 24 days
Weighted Average Remaining Contractual Life, Expected to Vest		4 years 3 months 18 days

Compensation Plans (Schedule _2

Compensation Plans (Schedule of Outstanding Stock Appreciation Rights) (Parenthetical) (Details) - Stock Appreciation Rights (SARs) [Member] - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Intrinsic value of options awards, exercised and cash settled	$ 11	$ 2
Intrinsic value of options awards, outstanding	14	15
Intrinsic value of options awards, vested and exercisable	$ 14	14
Intrinsic value of options awards expected to vest		$ 1

Compensation Plans (Schedule _3

Compensation Plans (Schedule of Weighted Average Assumptions Used to Fair Value Share Units) (Details)	12 Months Ended
	Dec. 31, 2022 $ / shares	Dec. 31, 2021 $ / shares	Dec. 31, 2020 $ / shares	Dec. 31, 2022 $ / shares	Dec. 31, 2021 $ / shares	Dec. 31, 2020 $ / shares
United States Of America Dollars [Member] | Stock Appreciation Rights (SARs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair Value Assumptions, Risk Free Interest Rate	4.02%	0.94%	0.20%
Fair Value Assumptions, Dividend Yield	1.97%	1.66%	2.61%
Fair Value Assumptions, Expected Volatility Rate	107.80%	106.20%	104.53%
Fair Value Assumptions, Expected Term	1 year 7 months 6 days	1 year 4 months 24 days	2 years 3 months 18 days
Market Share Price	$ 50.71	$ 33.70	$ 14.36
Weighted Average Grant Date Fair Value	$ 44.17	$ 38.89	$ 38.03
Canadian Dollar [Member] | Tandem Stock Appreciation Rights (TSARs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair Value Assumptions, Risk Free Interest Rate	4.02%	0.94%	0.20%
Fair Value Assumptions, Dividend Yield	1.90%	1.65%	2.75%
Fair Value Assumptions, Expected Volatility Rate	106.16%	104.80%	103.64%
Fair Value Assumptions, Expected Term	1 year 6 months	1 year 4 months 24 days	1 year 9 months 18 days
Market Share Price				$ 68.56	$ 42.56	$ 18.29
Weighted Average Grant Date Fair Value				$ 60.31	$ 54.17	$ 48.28

Compensation Plans (Schedule _4

Compensation Plans (Schedule of Outstanding Tandem Stock Appreciation Rights) (Details) - Tandem Stock Appreciation Rights (TSARs) [Member] - $ / shares shares in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Outstanding, Beginning of Year	733	1,586
Granted	0	0
Exercised - SARs	(269)	(136)
Exercised - Options	0	0
Forfeited	0	(717)
Expired	(174)	0
Outstanding, End of Year	290	733
Vested and Exercisable, End of Year	290	642
Expected to Vest	0	91
Weighted Average Exercise Price, Beginning of Year	$ 54.17	$ 48.28
Grants, Weighted Average Exercise Price	0	0
Exercised - SARs, Weighted Average Exercise Price	36.16	28.01
Exercised - options, Weighted Average Exercise Price	0	0
Forfeited, Weighted Average Exercise Price	0	46.11
Expired, Weighted Average Exercise Price	71.70	0
Weighted Average Exercise Price, End of Year	60.31	54.17
Weighted Average Exercise Price, Vested and Exercisable	60.31	55.38
Expected to Vest	$ 0	$ 45.64
Weighted Average Remaining Contractual Life, End of Year	2 years 2 months 12 days	2 years 2 months 12 days
Weighted Average Remaining Contractual Life, Vested and Exercisable	2 years 2 months 12 days	1 year 10 months 24 days
Weighted Average Remaining Contractual Life, Expected to Vest		4 years 3 months 18 days

Compensation Plans (Schedule _5

Compensation Plans (Schedule of Outstanding Tandem Stock Appreciation Rights) (Parenthetical) (Details) - Tandem Stock Appreciation Rights (TSARs) [Member] - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Intrinsic value of options awards, exercised and cash settled	$ 6	$ 2
Intrinsic value of options awards, outstanding	7	10
Intrinsic value of options awards, vested and exercisable	$ 7	9
Intrinsic value of options awards expected to vest		$ 1

Compensation Plans (Schedule _6

Compensation Plans (Schedule of Outstanding Performance Share Units) (Details) - Performance Share Units [Member] shares in Thousands	12 Months Ended
	Dec. 31, 2022 $ / shares shares	Dec. 31, 2022 $ / shares shares	Dec. 31, 2021 $ / shares shares	Dec. 31, 2021 $ / shares shares
United States Of America Dollars [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unvested and Outstanding, Beginning of Year | shares	2,427	2,427	1,886	1,886
Granted | shares	312	312	833	833
Vested and Released | shares	(515)	(515)	(177)	(177)
Units, in Lieu of Dividends | shares	44	44	37	37
Forfeited | shares	(7)	(7)	(152)	(152)
Unvested and Outstanding, End of Year | shares	2,261	2,261	2,427	2,427
Unvested and Outstanding, Beginning of Year | $ / shares	$ 20.04		$ 21.80
Granted | $ / shares	45.61		25.80
Vested and Released | $ / shares	35.05		54.65
Units, in Lieu of Dividends | $ / shares	20.15		20.04
Forfeited | $ / shares	16.47		32.96
Unvested and Outstanding, End of Year | $ / shares	$ 20.17		$ 20.04
Canadian Dollar [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unvested and Outstanding, Beginning of Year | shares	1,223	1,223	1,308	1,308
Granted | shares	146	146	293	293
Vested and Released | shares	(321)	(321)	(137)	(137)
Units, in Lieu of Dividends | shares	21	21	20	20
Forfeited | shares	(21)	(21)	(261)	(261)
Unvested and Outstanding, End of Year | shares	1,048	1,048	1,223	1,223
Unvested and Outstanding, Beginning of Year | $ / shares		$ 26.75		$ 34.43
Granted | $ / shares		57.95		29.34
Vested and Released | $ / shares		47.01		68.80
Units, in Lieu of Dividends | $ / shares		24.94		26.66
Forfeited | $ / shares		32.11		46.13
Unvested and Outstanding, End of Year | $ / shares		$ 24.74		$ 26.75

Compensation Plans (Schedule _7

Compensation Plans (Schedule of Outstanding Performance Share Units) (Parenthetical) (Details) - Performance Share Units [Member] $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2022 USD ($) $ / shares	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Dec. 31, 2022 $ / shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Payments of cash-settled | $	$ 22	$ 3	$ 6
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	$ 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				$ 72.17

Compensation Plans (Schedule _8

Compensation Plans (Schedule of Outstanding Deferred Share Units) (Details) - Deferred Share Units [Member] - shares shares in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
United States Of America Dollars [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vested and Outstanding, Beginning of Year	5	0
Granted	5	5
Converted from bonus awards	0	0
Units, in Lieu of Dividends	0	0
Redeemed	0	0
Vested and Outstanding, End of Year	10	5
Canadian Dollar [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vested and Outstanding, Beginning of Year	206	211
Granted	3	8
Converted from bonus awards	0	0
Units, in Lieu of Dividends	4	4
Redeemed	(25)	(17)
Vested and Outstanding, End of Year	188	206

Compensation Plans (Schedule _9

Compensation Plans (Schedule of Outstanding Restricted Share Units) (Details) - Restricted Share Units [Member] shares in Thousands	12 Months Ended
	Dec. 31, 2022 $ / shares shares	Dec. 31, 2022 $ / shares shares	Dec. 31, 2021 $ / shares shares	Dec. 31, 2021 $ / shares shares
United States Of America Dollars [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unvested and Outstanding, Beginning of Year | shares	5,401	5,401	5,486	5,486
Granted | shares	982	982	1,952	1,952
Units, in Lieu of Dividends | shares	67	67	83	83
Vested and Released | shares	(2,932)	(2,932)	(1,720)	(1,720)
Forfeited | shares	(149)	(149)	(400)	(400)
Unvested and Outstanding, End of Year | shares	3,369	3,369	5,401	5,401
Unvested and Outstanding, Beginning of Year | $ / shares	$ 20.92		$ 21.26
Granted | $ / shares	46.14		23.57
Units, in Lieu of Dividends | $ / shares	25.27		20.93
Vested and Released | $ / shares	23.99		24.74
Forfeited | $ / shares	26.02		21.99
Unvested and Outstanding, End of Year | $ / shares	$ 25.48		$ 20.92
Canadian Dollar [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unvested and Outstanding, Beginning of Year | shares	2,621	2,621	2,912	2,912
Granted | shares	444	444	953	953
Units, in Lieu of Dividends | shares	30	30	41	41
Vested and Released | shares	(1,484)	(1,484)	(1,035)	(1,035)
Forfeited | shares	(71)	(71)	(250)	(250)
Unvested and Outstanding, End of Year | shares	1,540	1,540	2,621	2,621
Unvested and Outstanding, Beginning of Year | $ / shares		$ 28.23		$ 31.76
Granted | $ / shares		58.97		29.30
Units, in Lieu of Dividends | $ / shares		32.55		28.11
Vested and Released | $ / shares		32.68		37.63
Forfeited | $ / shares		33.75		34.43
Unvested and Outstanding, End of Year | $ / shares		$ 32.65		$ 28.23

Compensation Plans (Schedule_10

Compensation Plans (Schedule of Outstanding Restricted Share Units) (Parenthetical) (Details) - Restricted Share Units [Member] $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2022 USD ($) $ / shares	Dec. 31, 2021 USD ($) $ / shares	Dec. 31, 2020 USD ($)	Dec. 31, 2022 $ / shares	Dec. 31, 2021 $ / shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Payments of cash-settled | $	$ 51	$ 23	$ 10
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	$ 56.72	$ 25.66
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				$ 72.17	$ 32.07

Pension and Other Post-Employ_3

Pension and Other Post-Employment Benefits (Narrative) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Defined Benefit Plan Disclosure [Line Items]
Average Remaining Life Expectancy of Inactive Employees in Defined Benefit Plan, In Years	14 years
Accumulated Benefit Obligation	$ 190	$ 258
Defined Benefit Plan, Estimated Future Employer Contributions in Next Fiscal Year	$ 0
Long-Term Rate of Return on Plan Assets	4.70%
U.S. and Foreign Equity [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Actual Plan Asset Allocations	33%	33%
Bonds [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Actual Plan Asset Allocations	67%	67%
Operating Expense [Member]
Defined Benefit Plan Disclosure [Line Items]
Pension and Other Postretirement (Benefit) Expense	$ 22	$ 22	$ 27
Administrative Expense [Member]
Defined Benefit Plan Disclosure [Line Items]
Pension and Other Postretirement (Benefit) Expense	4	5	6
Other Nonoperating Income (Expense) [Member]
Defined Benefit Plan Disclosure [Line Items]
Pension and Other Postretirement (Benefit) Expense	$ (5)	(6)	0
Pension Benefits [Member]
Defined Benefit Plan Disclosure [Line Items]
Average Remaining Service Period Of Active Participates In Plan In Years	5 years
Pension and Other Postretirement (Benefit) Expense	$ 24	$ 24	$ 31
Long-Term Rate of Return on Plan Assets	3.85%	3%	3.75%
Actual Return on Plan Assets	$ (27)	$ 3
OPEB [Member]
Defined Benefit Plan Disclosure [Line Items]
Average Remaining Service Period Of Active Participates In Plan In Years	8 years
Pension and Other Postretirement (Benefit) Expense	$ (3)	$ (3)	$ 2
Long-Term Rate of Return on Plan Assets	0%	0%	0%
Actual Return on Plan Assets	$ 0	$ 0

Pension and Other Post-Employ_4

Pension and Other Post-Employment Benefits (Changes In Benefit Obligation And Fair Value Of Plan Assets) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Defined Benefit Plan Disclosure [Line Items]
Fair Value of Plan Assets, Beginning of Year	$ 176
Fair Value of Plan Assets, End of Year	124	$ 176
Non-Current Liabilities	(73)	(104)
Defined Benefits [Member]
Defined Benefit Plan Disclosure [Line Items]
Projected Benefit Obligation, Beginning of Year	191	211
Service Cost	0	0	$ 1
Interest Cost	5	5	6
Actuarial (Gains) Losses	(33)	(9)
Exchange Differences	(10)	1
Employee Contributions	0	0
Benefits Paid	(13)	(17)
Plan Amendment	0	0
Projected Benefit Obligation, End of Year	140	191	211
Fair Value of Plan Assets, Beginning of Year	176	193
Actual Return on Plan Assets	(27)	3
Exchange Differences	(10)	1
Employee Contributions	0	0
Employer Contributions	0	0
Benefits Paid	(13)	(17)
Transfers to Defined Contribution Plan	(2)	(4)
Fair Value of Plan Assets, End of Year	124	176	193
Funded Status of Plan Assets, End of Year	(16)	(15)
Other Assets	2	10
Current Liabilities	0	0
Non-Current Liabilities	(18)	(25)
Total	(16)	(15)
Net Actuarial (Gains) Losses	18	19
Net Prior Service Costs	(7)	(7)
Total Recognized in Accumulated Other Comprehensive Income, Before Tax	11	12
OPEB [Member]
Defined Benefit Plan Disclosure [Line Items]
Projected Benefit Obligation, Beginning of Year	67	89
Service Cost	2	3	4
Interest Cost	2	2	2
Actuarial (Gains) Losses	(13)	(8)
Exchange Differences	(1)	0
Employee Contributions	2	2
Benefits Paid	(9)	(10)
Plan Amendment	0	(11)
Projected Benefit Obligation, End of Year	50	67	89
Fair Value of Plan Assets, Beginning of Year	0	0
Actual Return on Plan Assets	0	0
Exchange Differences	0	0
Employee Contributions	2	2
Employer Contributions	7	8
Benefits Paid	(9)	(10)
Transfers to Defined Contribution Plan	0	0
Fair Value of Plan Assets, End of Year	0	0	$ 0
Funded Status of Plan Assets, End of Year	(50)	(67)
Other Assets	0	0
Current Liabilities	(7)	(8)
Non-Current Liabilities	(43)	(59)
Total	(50)	(67)
Net Actuarial (Gains) Losses	(88)	(82)
Net Prior Service Costs	7	7
Total Recognized in Accumulated Other Comprehensive Income, Before Tax	$ (81)	$ (75)

Pension and Other Post-Employ_5

Pension and Other Post-Employment Benefits (Accumulated Benefit Obligation And Projected Benefit Obligation In Excess Of The Plan Assets Fair Value) (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Defined Benefits [Member]
Defined Benefit Plan Disclosure [Line Items]
Projected Benefit Obligation	$ (47)	$ (63)
Accumulated Benefit Obligation	(47)	(63)
Fair Value of Plan Assets	29	38
OPEB [Member]
Defined Benefit Plan Disclosure [Line Items]
Projected Benefit Obligation	(50)	(67)
Accumulated Benefit Obligation	(50)	(67)
Fair Value of Plan Assets	$ 0	$ 0

Pension and Other Post-Employ_6

Pension and Other Post-Employment Benefits (Weighted Average Assumptions Used) (Details)	Dec. 31, 2022	Dec. 31, 2021
Defined Benefits [Member]
Defined Benefit Plan Disclosure [Line Items]
Discount Rate	5.10%	2.80%
Rates of Increase in Compensation Levels	3.24%	3.13%
OPEB [Member]
Defined Benefit Plan Disclosure [Line Items]
Discount Rate	5.25%	2.54%
Rates of Increase in Compensation Levels	4.83%	6.18%

Pension and Other Post-Employ_7

Pension and Other Post-Employment Benefits (Total Benefit Plan Expense Recognized) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Pension Benefits [Member]
Defined Benefit Plan Disclosure [Line Items]
Net Defined Periodic Benefit Cost	$ 0	$ 0	$ 3
Defined Contribution Plan Expense	24	24	28
Total Benefit Plans Expense	24	24	31
OPEB [Member]
Defined Benefit Plan Disclosure [Line Items]
Net Defined Periodic Benefit Cost	(3)	(3)	2
Defined Contribution Plan Expense	0	0	0
Total Benefit Plans Expense	$ (3)	$ (3)	$ 2

Pension and Other Post-Employ_8

Pension and Other Post-Employment Benefits (Defined Periodic Pension And OPEB Expense) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Defined Benefits [Member]
Defined Benefit Plan Disclosure [Line Items]
Service Cost	$ 0	$ 0	$ 1
Interest Cost	$ 5	$ 5	$ 6
Defined Benefit Plan Net Periodic Benefit Cost Credit Interest Cost Statement Of Income Or Comprehensive Income Extensible List	Other Nonoperating Income Expense	Other Nonoperating Income Expense	Other Nonoperating Income Expense
Expected Return on Plan Assets	$ (6)	$ (6)	$ (7)
Defined Benefit Plan, Net Periodic Benefit (Cost) Credit, Expected Return (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Other Nonoperating Income Expense	Other Nonoperating Income Expense	Other Nonoperating Income Expense
Amortization of net actuarial (gains) and losses	$ 1	$ 1	$ 1
Defined Benefit Plan, Net Periodic Benefit (Cost) Credit, Amortization of Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Other Nonoperating Income Expense	Other Nonoperating Income Expense	Other Nonoperating Income Expense
Amortization of net prior service costs	$ 0	$ 0	$ 0
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Amortization of Prior Service Cost (Credit), Statement of Income or Comprehensive Income [Extensible Enumeration]	Other Nonoperating Income Expense	Other Nonoperating Income Expense	Other Nonoperating Income Expense
Curtailment of net prior service costs	$ 0	$ 0	$ 0
Settlement from net prior service costs	$ 0	$ 0	$ 2
Defined Benefit Plan, Net Periodic Benefit (Cost) Credit, Settlement Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Other Nonoperating Income Expense	Other Nonoperating Income Expense	Other Nonoperating Income Expense
Curtailment	$ 0	$ 0	$ 0
Defined Benefit Plan, Net Periodic Benefit (Cost) Credit, Curtailment Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Other Nonoperating Income Expense	Other Nonoperating Income Expense	Other Nonoperating Income Expense
Total Net Defined Periodic Benefit Cost	$ 0	$ 0	$ 3
OPEB [Member]
Defined Benefit Plan Disclosure [Line Items]
Service Cost	2	3	4
Interest Cost	$ 2	$ 2	$ 2
Defined Benefit Plan Net Periodic Benefit Cost Credit Interest Cost Statement Of Income Or Comprehensive Income Extensible List	Other Nonoperating Income Expense	Other Nonoperating Income Expense	Other Nonoperating Income Expense
Expected Return on Plan Assets	$ 0	$ 0	$ 0
Defined Benefit Plan, Net Periodic Benefit (Cost) Credit, Expected Return (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Other Nonoperating Income Expense	Other Nonoperating Income Expense	Other Nonoperating Income Expense
Amortization of net actuarial (gains) and losses	$ (7)	$ (9)	$ (10)
Defined Benefit Plan, Net Periodic Benefit (Cost) Credit, Amortization of Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Other Nonoperating Income Expense	Other Nonoperating Income Expense	Other Nonoperating Income Expense
Amortization of net prior service costs	$ 0	$ 1	$ 2
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Amortization of Prior Service Cost (Credit), Statement of Income or Comprehensive Income [Extensible Enumeration]	Other Nonoperating Income Expense	Other Nonoperating Income Expense	Other Nonoperating Income Expense
Curtailment of net prior service costs	$ 0	$ 0	$ 5
Settlement from net prior service costs	$ 0	$ 0	$ 0
Defined Benefit Plan, Net Periodic Benefit (Cost) Credit, Settlement Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Other Nonoperating Income Expense	Other Nonoperating Income Expense	Other Nonoperating Income Expense
Curtailment	$ 0	$ 0	$ (1)
Defined Benefit Plan, Net Periodic Benefit (Cost) Credit, Curtailment Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Other Nonoperating Income Expense	Other Nonoperating Income Expense	Other Nonoperating Income Expense
Total Net Defined Periodic Benefit Cost	$ (3)	$ (3)	$ 2

Pension and Other Post-Employ_9

Pension and Other Post-Employment Benefits (Recognized Amounts In Other Comprehensive Income) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Defined Benefit Plan Disclosure [Line Items]
Amortization of Net Actuarial Gains and (Losses)	$ 6	$ 8	$ 9
Total Amounts Recognized in Other Comprehensive (Income) Loss, After Tax	(6)	(14)	8
Defined Benefits [Member]
Defined Benefit Plan Disclosure [Line Items]
Net Actuarial (Gains) Losses	0	(6)	6
Net Prior Service Costs from Plan Amendment	0	0	0
Amortization of Net Actuarial Gains and (Losses)	(1)	(1)	(1)
Amortization of Net Prior Service Costs	0	0	0
Curtailment of Net Prior Service Costs	0	0	0
Settlement from Net Prior Service Costs	0	0	(2)
Total Amounts Recognized in Other Comprehensive (Income) Loss, Before Tax	(1)	(7)	3
Total Amounts Recognized in Other Comprehensive (Income) Loss, After Tax	(1)	(5)	3
OPEB [Member]
Defined Benefit Plan Disclosure [Line Items]
Net Actuarial (Gains) Losses	(13)	(8)	4
Net Prior Service Costs from Plan Amendment	0	(11)	0
Amortization of Net Actuarial Gains and (Losses)	7	9	10
Amortization of Net Prior Service Costs	0	(1)	(2)
Curtailment of Net Prior Service Costs	0	0	(5)
Settlement from Net Prior Service Costs	0	0	0
Total Amounts Recognized in Other Comprehensive (Income) Loss, Before Tax	(6)	(11)	7
Total Amounts Recognized in Other Comprehensive (Income) Loss, After Tax	$ (5)	$ (9)	$ 5

Pension and Other Post-Emplo_10

Pension and Other Post-Employment Benefits (Weighted Average Assumptions Used In Determining Net Periodic Pension And Other Post-Retirement Benefit Cost) (Details)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Defined Benefit Plan Disclosure [Line Items]
Long-Term Rate of Return on Plan Assets	4.70%
Defined Benefits [Member]
Defined Benefit Plan Disclosure [Line Items]
Discount Rate	5.10%	2.25%	3%
Long-Term Rate of Return on Plan Assets	3.85%	3%	3.75%
Rates of Increase in Compensation Levels	3.24%	3.13%	3.12%
OPEB [Member]
Defined Benefit Plan Disclosure [Line Items]
Discount Rate	2.46%	2.08%	2.90%
Long-Term Rate of Return on Plan Assets	0%	0%	0%
Rates of Increase in Compensation Levels	4.83%	6.33%	5.92%

Pension and Other Post-Emplo_11

Pension and Other Post-Employment Benefits (Assumed Health Care Cost Trend Rates) (Details)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Health Care Cost Trend Rate for Next Year	6.16%	6.15%	6.42%
Rate to Which the Cost Trend Rate is Assumed to Decline (Ultimate Trend Rate)	5%	5%	5%
Year that the Rate Reaches the Ultimate Trend Rate	2027	2026	2026

Pension and Other Post-Emplo_12

Pension and Other Post-Employment Benefits (Estimate Of Benefit Payments For The Next 10 Years) (Details) $ in Millions	Dec. 31, 2022 USD ($)
Pension Benefits [Member]
Defined Benefit Plan Disclosure [Line Items]
2023	$ 13
2024	13
2025	13
2026	13
2027	12
2028 - 2032	56
OPEB [Member]
Defined Benefit Plan Disclosure [Line Items]
2023	7
2024	6
2025	6
2026	5
2027	5
2028 - 2032	$ 18

Pension and Other Post-Emplo_13

Pension and Other Post-Employment Benefits (Plan Assets By Investment Asset Category And Fair Value Input Level) (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Defined Benefit Plan Disclosure [Line Items]
Fair Value of Plan Assets, End of Year	$ 124	$ 176
Cash and Cash Equivalents [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair Value of Plan Assets, End of Year	17	20
Fixed Income [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair Value of Plan Assets, End of Year	66	94
Equity [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair Value of Plan Assets, End of Year	41	62
Level 1 [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair Value of Plan Assets, End of Year	17	19
Level 1 [Member] | Cash and Cash Equivalents [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair Value of Plan Assets, End of Year	17	19
Level 1 [Member] | Fixed Income [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair Value of Plan Assets, End of Year	0	0
Level 1 [Member] | Equity [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair Value of Plan Assets, End of Year	0	0
Level 2 [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair Value of Plan Assets, End of Year	107	157
Level 2 [Member] | Cash and Cash Equivalents [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair Value of Plan Assets, End of Year	0	1
Level 2 [Member] | Fixed Income [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair Value of Plan Assets, End of Year	66	94
Level 2 [Member] | Equity [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair Value of Plan Assets, End of Year	41	62
Level 3 [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair Value of Plan Assets, End of Year	0	0
Level 3 [Member] | Cash and Cash Equivalents [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair Value of Plan Assets, End of Year	0	0
Level 3 [Member] | Fixed Income [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair Value of Plan Assets, End of Year	0	0
Level 3 [Member] | Equity [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair Value of Plan Assets, End of Year	$ 0	$ 0

Fair Value Measurements (Schedu

Fair Value Measurements (Schedule Of Fair Value, Assets And Liabilities Measured On Recurring Basis) (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Risk Management Assets, Net, Current	$ 53	$ 1
Risk Management Assets, Net, Long-term	34	0
Risk Management Liabilities, Net, Current	86	703
Risk Management Liabilities, Net, Long-term	0	25
Guarantor Obligations, Current Carrying Value	5	6
Other Derivative Contract Assets	0	9
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
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other Derivative Contract Assets	0	9
Accounts Receivable And Accrued Revenues | Carrying Amount [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other Derivative Contract Assets		9
Accounts Receivable And Accrued Revenues | Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other Derivative Contract Assets		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	0	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
Accounts Payable and Accrued Liabilities [Member] | Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Guarantor Obligations, Current Carrying Value		0
Accounts Payable and Accrued Liabilities [Member] | Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Guarantor Obligations, Current Carrying Value		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
Commodity Derivatives [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Risk Management Assets, Gross assets	0
Risk Management Assets, Gross Liabilities	0
Risk Management Assets, Net, Current	$ 0	$ 0
Derivative Asset, Current, Statement of Financial Position [Extensible Enumeration]	Risk Management Assets, Net, Current	Risk Management Assets, Net, Current
Risk Management Liabilities, Net, Current	$ 0	$ 707
Derivative Liability, Current, Statement of Financial Position [Extensible Enumeration]	Risk Management Liabilities, Net, Current	Risk Management Liabilities, Net, Current
Risk Management Liabilities, Net, Long-term		$ 25
Derivative Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]		Risk Management Liabilities, Net, Long-term
Commodity Derivatives [Member] | Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Risk Management Assets, Gross assets	$ 0
Commodity Derivatives [Member] | Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Risk Management Assets, Gross assets	0
Commodity Derivatives [Member] | Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Risk Management Assets, Gross assets	0
Commodity Derivatives [Member] | Other Current Assets [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Risk Management Assets, Gross assets	105	$ 10
Risk Management Assets, Gross Liabilities		(10)
Commodity Derivatives [Member] | Other Current Assets [Member] | Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Risk Management Assets, Gross assets	0	0
Commodity Derivatives [Member] | Other Current Assets [Member] | Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Risk Management Assets, Gross assets	93	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	12	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	34	1
Risk Management Assets, Gross Liabilities		(1)
Commodity Derivatives [Member] | Other Noncurrent Assets [Member] | Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Risk Management Assets, Gross assets	0	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	34	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	0	0
Commodity Derivatives [Member] | Other Current Liabilities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Risk Management Liabilities, Gross liabilities	128	717
Risk Management Liabilities, Gross Assets	(53)	(10)
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
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	128	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	0	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		26
Risk Management Liabilities, Gross Assets		(1)
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
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		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		0
Foreign Currency Derivatives [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Risk Management Assets, Net, Current	$ 0	$ 1
Derivative Asset, Current, Statement of Financial Position [Extensible Enumeration]	Risk Management Assets, Net, Current	Risk Management Assets, Net, Current
Risk Management Liabilities, Net, Current	$ 0	$ (4)
Derivative Liability, Current, Statement of Financial Position [Extensible Enumeration]	Risk Management Liabilities, Net, Current	Risk Management Liabilities, Net, Current
Foreign Currency Derivatives [Member] | Other Current Assets [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Risk Management Assets, Gross assets	$ 1	$ 5
Risk Management Assets, Gross Liabilities	0	(4)
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	11
Risk Management Liabilities, Gross Assets	0	$ (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
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	11
Foreign Currency Derivatives [Member] | Other Current Liabilities [Member] | Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Risk Management Liabilities, Gross liabilities	$ 0

Fair Value Measurements (Summar

Fair Value Measurements (Summary Of Changes In Level 3 Fair Value Measurements) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Abstract]
Balance, Beginning Balance	$ (172)	$ (74)
Total Gains (Losses)	$ (449)	$ (708)
Fair Value, Net Derivative Asset (Liability), Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Other Nonoperating Income Expense	Other Nonoperating Income Expense
Purchases, sales and issuances	$ 0	$ 6
Settlements	633	604
Transfers Out of Level 3	0	0
Balance, Ending Balance	12	(172)
Change in Unrealized Gains (Losses) During the Year Included in Net Earnings (Loss)	$ 184	$ (104)

Fair Value Measurements (Quanti

Fair Value Measurements (Quantitative Information About Unobservable Inputs Used In Level 3) (Details) - WTI Options [Member] - Option Model [Member]	12 Months Ended
	Dec. 31, 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	52%
Weighted Average [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Inputs Commodity Price Volatility	44%

Fair Value Measurements (Narrat

Fair Value Measurements (Narrative) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 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	$ 2	$ 15

Financial Instruments and Ris_3

Financial Instruments and Risk Management (Narrative) (Details)	12 Months Ended
	Dec. 31, 2022 USD ($) contract $ / $	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Derivative [Line Items]
Realized gain on derivatives	$ (2,613,000,000)	$ (1,362,000,000)	$ 710,000,000
Unrealized gain on derivatives	726,000,000	$ (509,000,000)	(191,000,000)
Credit risk, financial instrument, maximum exposure, based on gross fair value basis	140,000,000
Credit risk, financial instrument, maximum exposure, based on net fair value basis	$ 87,000,000
Number of credit risk derivatives held | contract	0
Collateral balances	$ 0
Concentration risk, percentage	88%	90%
Guarantor Obligations, Current Carrying Value	$ 5,000,000	$ 6,000,000
Guarantor Obligations, Maximum Exposure, Undiscounted	$ 34,000,000
Maximum [Member]
Derivative [Line Items]
Guarantor obligations, expiration date	2024-06
Revenue [Member]
Derivative [Line Items]
Realized gain on derivatives	$ (2,608,000,000)	(1,395,000,000)	711,000,000
Unrealized gain on derivatives	741,000,000	(488,000,000)	(204,000,000)
Currency Swaps Mature Monthly Throughout 2022 [Member]
Derivative [Line Items]
Foreign currency swap, contract amount outstanding	$ 400,000,000
Derivative, average forward exchange rate | $ / $	1.3160
Other Derivative Contracts [Member] | Revenue [Member]
Derivative [Line Items]
Realized gain on derivatives	$ 6,000,000	1,000,000	2,000,000
Unrealized gain on derivatives	$ 2,000,000	$ 4,000,000	$ (1,000,000)

Financial Instruments and Ris_4

Financial Instruments and Risk Management (Risk Management Positions) (Details) $ in Millions	12 Months Ended
	Dec. 31, 2022 USD ($) $ / bbl $ / Mcf MMcf MBbls
Derivative [Line Items]
Other Derivative Contracts, Net	$ (5)
Foreign Currency Swaps, at Fair value, Net	(10)
Total Fair Value Position	$ (4)
Currency Swap [Member]
Derivative [Line Items]
Term	Dec. 31, 2023
Oil and NGLs [Member]
Derivative [Line Items]
Price Risk Derivatives, at Fair Value, Net	$ 12
Oil | WTI Three-Way Options Maturing 2023 [Member]
Derivative [Line Items]
Derivative, Nonmonetary Notional Amount, Volumes/day | MBbls	38
Price Risk Derivatives, at Fair Value, Net	$ 12
Term	Dec. 31, 2023
Oil | WTI Three-Way Options Maturing 2023 [Member] | Call Option [Member] | Sold [Member]
Derivative [Line Items]
Average Price, Options/Collars | $ / bbl	113.35
Oil | WTI Three-Way Options Maturing 2023 [Member] | Put Option [Member] | Sold [Member]
Derivative [Line Items]
Average Price, Options/Collars | $ / bbl	50
Oil | WTI Three-Way Options Maturing 2023 [Member] | Put Option [Member] | Bought [Member]
Derivative [Line Items]
Average Price, Options/Collars | $ / bbl	65.33
Oil | Basis Contracts Maturing 2023 [Member
Derivative [Line Items]
Price Risk Derivatives, at Fair Value, Net	$ 0
Term	Dec. 31, 2023
Natural Gas [Member]
Derivative [Line Items]
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	$ (1)
Natural Gas [Member] | NYMEX Three-Way Options, Maturing 2023 [Member]
Derivative [Line Items]
Derivative, Nonmonetary Notional Amount, Volumes/day | MMcf	397
Price Risk Derivatives, at Fair Value, Net	$ 16
Term	Dec. 31, 2023
Natural Gas [Member] | NYMEX Three-Way Options, Maturing 2023 [Member] | Call Option [Member] | Sold [Member]
Derivative [Line Items]
Average Price, Options/Collars | $ / Mcf	8.27
Natural Gas [Member] | NYMEX Three-Way Options, Maturing 2023 [Member] | Put Option [Member] | Sold [Member]
Derivative [Line Items]
Average Price, Options/Collars | $ / Mcf	2.63
Natural Gas [Member] | NYMEX Three-Way Options, Maturing 2023 [Member] | Put Option [Member] | Bought [Member]
Derivative [Line Items]
Average Price, Options/Collars | $ / Mcf	3.68
Natural Gas [Member] | Basis Contracts Maturing 2023 [Member]
Derivative [Line Items]
Price Risk Derivatives, at Fair Value, Net	$ (52)
Term	Dec. 31, 2023
Natural Gas [Member] | Basis Contracts Maturing 2024 [Member]
Derivative [Line Items]
Price Risk Derivatives, at Fair Value, Net	$ 26
Term	Dec. 31, 2024
Natural Gas [Member] | Basis Contracts Maturing 2025 [Member]
Derivative [Line Items]
Price Risk Derivatives, at Fair Value, Net	$ 8
Term	Dec. 31, 2025
Natural Gas [Member] | Other Financial Positions [Member]
Derivative [Line Items]
Price Risk Derivatives, at Fair Value, Net	$ 1

Financial Instruments and Ris_5

Financial Instruments and Risk Management (Earnings Impact of Realized and Unrealized Gains (Losses) On Risk Management Positions) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Derivative Instruments, Gain (Loss) [Line Items]
Realized Gain (Loss) on Derivatives	$ (2,613)	$ (1,362)	$ 710
Unrealized Gain (Loss) on Derivatives	726	(509)	(191)
Realized and Unrealized Gain (Loss) on Risk Management	$ (1,887)	$ (1,871)	$ 519
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Gains (losses) on risk management, net	Gains (losses) on risk management, net	Gains (losses) on risk management, net
Revenue [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Realized Gain (Loss) on Derivatives	$ (2,608)	$ (1,395)	$ 711
Unrealized Gain (Loss) on Derivatives	741	(488)	(204)
Realized and Unrealized Gain (Loss) on Risk Management	$ (1,867)	$ (1,883)	$ 507
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Gains (losses) on risk management, net	Gains (losses) on risk management, net	Gains (losses) on risk management, net
Foreign Currency Gain (Loss) [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Realized Gain (Loss) on Derivatives	$ (5)	$ 33	$ (1)
Unrealized Gain (Loss) on Derivatives	(15)	(21)	13
Realized and Unrealized Gain (Loss) on Risk Management	$ (20)	$ 12	$ 12
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Gains (losses) on risk management, net	Gains (losses) on risk management, net	Gains (losses) on risk management, net

Financial Instruments and Ris_6

Financial Instruments and Risk Management (Reconciliation of Unrealized Risk Management Positions) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Derivative [Line Items]
Fair Value of Contracts, Beginning of Year	$ (724)
Settlement of Other Derivative Contracts	(6)
Fair Value of Contracts Realized During the Year	2,613	$ 1,362	$ (710)
Fair Value of Contracts, End of Year	(4)	(724)
Unrealized Gain (Loss) on Derivatives	726	(509)	(191)
Commodity Contract [Member]
Derivative [Line Items]
Increase (Decrease) in Derivative Assets and Liabilities	$ (1,887)	$ (1,871)	$ 519

Financial Instruments and Ris_7

Financial Instruments and Risk Management (Unrealized Risk Management Positions) (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Derivatives, Fair Value [Line Items]
Risk Management, Current asset	$ 53	$ 1
Risk Management, Long-term asset	34	0
Risk Management, Total asset	87	1
Risk Management, Current liability	86	703
Risk Management, Long-term liability	0	25
Risk Management, Total liability	86	728
Other Derivative Contract Assets	0	9
Guarantor Obligations, Current Carrying Value	5	6
Risk Management and Other Derivative Guarantee, at Fair Value, Net	(4)	(724)
Accounts Receivable And Accrued Revenues
Derivatives, Fair Value [Line Items]
Other Derivative Contract Assets	0	9
Accounts Payable and Accrued Liabilities [Member]
Derivatives, Fair Value [Line Items]
Guarantor Obligations, Current Carrying Value	0	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	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Supplemental Cash Flow Elements [Abstract]
Accounts receivable and accrued revenues	$ (304)	$ (333)	$ 146
Accounts payable and accrued liabilities	50	275	(26)
Current portion of operating lease liabilities	14	(7)	(11)
Income tax receivable and payable	53	24	30
Net change in non-cash working capital	$ (187)	$ (41)	$ 139

Supplementary Information (Non-

Supplementary Information (Non-Cash Activity) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Non-Cash Operating Activities
ROU operating lease assets and liabilities	$ (75)	$ (23)	$ (10)
Non-Cash Investing Activities
Asset retirement obligation incurred	4	8	7
Asset retirement obligation change in estimated future cash outflows	58	5	(49)
Property, plant and equipment accruals	35	(9)	(175)
Capitalized long-term incentives	4	8	(16)
Property additions/dispositions, including swaps	126	34	229
Contingent consideration (See Note 8)	$ 0	$ 6	$ 0

Supplementary Information - Add

Supplementary Information - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Noncash Or Part Noncash Acquisitions [Line Items]
Property additions/dispositions	$ 126	$ 34	$ 229
Duvernay shale [Member]
Noncash Or Part Noncash Acquisitions [Line Items]
Property additions/dispositions			$ 203

Supplemental Information (Suppl

Supplemental Information (Supplementary Cash Flow Information) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Supplemental Cash Flow Elements [Abstract]
Interest Paid	$ 376	$ 370	$ 385
Income Taxes (Recovered), net of Amounts Paid	$ (38)	$ (176)	$ (52)

Commitments and Contingencies_2

Commitments and Contingencies (Details) $ in Millions	Dec. 31, 2022 USD ($)
Commitments [Line Items]
2023	$ 1,098
2024	717
2025	578
2026	492
2027	463
Thereafter	2,156
Total	5,504
Transportation and Processing Commitments [Member]
Commitments [Line Items]
2023	790
2024	687
2025	570
2026	490
2027	463
Thereafter	2,156
Total	5,156
Drilling and Field Services Commitments [Member]
Commitments [Line Items]
2023	299
2024	21
2025	0
2026	0
2027	0
Thereafter	0
Total	320
Building Leases [Member]
Commitments [Line Items]
2023	9
2024	9
2025	8
2026	2
2027	0
Thereafter	0
Total	$ 28

Supplementary Oil and Gas Inf_3

Supplementary Oil and Gas Information (Twelve Month Average Trailing Prices) (Details)	12 Months Ended
	Dec. 31, 2022 $ / bbl $ / bbl $ / MMBTU $ / MMBTU	Dec. 31, 2021 $ / bbl $ / bbl $ / MMBTU $ / MMBTU	Dec. 31, 2020 $ / bbl $ / bbl $ / MMBTU $ / MMBTU
Oil and NGLs [Member] | WTI [Member]
Average Sales Price and Production Costs Per Unit of Production [Line Items]
Reference Price | $ / bbl	93.82	66.56	39.62
Oil and NGLs [Member] | Edmonton Condensate [Member]
Average Sales Price and Production Costs Per Unit of Production [Line Items]
Reference Price | $ / bbl	121.18	83.69	49.77
Natural Gas [Member] | Henry Hub [Member]
Average Sales Price and Production Costs Per Unit of Production [Line Items]
Reference Price | $ / MMBTU	6.36	3.60	1.98
Natural Gas [Member] | AECO [Member]
Average Sales Price and Production Costs Per Unit of Production [Line Items]
Reference Price | $ / MMBTU	5.65	3.26	2.13

Supplementary Oil and Gas Inf_4

Supplementary Oil and Gas Information (Net Proved Reserves) (Details)	12 Months Ended
	Dec. 31, 2022 MMBbls Bcf	Dec. 31, 2021 MMBbls Bcf	Dec. 31, 2020 MMBbls Bcf
Reserve Quantities [Line Items]
Beginning of year	2,258.2	1,992.5	2,188.8
Revisions and improved recovery	(189.2)	(67.8)	(364.9)
Extensions and discoveries	370.6	591.2	377.5
Purchase of reserves in place	45.9	7.3	54.3
Sale of reserves in place	(25.7)	(70.2)	(64.1)
Production	(186.2)	(194.9)	(199)
End of year	2,273.6	2,258.2	1,992.5
Developed	1,288.7	1,325.7	1,111.3
Undeveloped	984.9	932.5	881.1
Oil
Reserve Quantities [Line Items]
Beginning of year	558.6	592.3	723.7
Revisions and improved recovery	(65.5)	(78)	(222)
Extensions and discoveries	95.2	121.5	144.4
Purchase of reserves in place	15.8	2.6	10.9
Sale of reserves in place	(20.8)	(28.6)	(9.3)
Production	(48)	(51.2)	(55.4)
End of year	535.3	558.6	592.3
Developed	257.3	291.7	280.9
Undeveloped	278	266.9	311.4
Natural Gas Liquids [Member]
Reserve Quantities [Line Items]
Beginning of year	604.7	580.5	588.5
Revisions and improved recovery	(33.2)	(50.3)	(62.2)
Extensions and discoveries	68.5	142	105.8
Purchase of reserves in place	15.4	2.5	20
Sale of reserves in place	(1.3)	(21)	(21.4)
Production	(47.3)	(49)	(50.3)
End of year	606.9	604.7	580.5
Developed	359.5	348.8	319.3
Undeveloped	247.4	255.9	261.2
Natural Gas [Member]
Reserve Quantities [Line Items]
Beginning of year | Bcf	6,570	4,918	5,259
Revisions and improved recovery | Bcf	(544)	363	(484)
Extensions and discoveries | Bcf	1,241	1,966	764
Purchase of reserves in place | Bcf	88	13	140
Sale of reserves in place | Bcf	(22)	(123)	(201)
Production | Bcf	(545)	(568)	(560)
End of year | Bcf	6,789	6,570	4,918
Developed | Bcf	4,031	4,111	3,067
Undeveloped | Bcf	2,757	2,458	1,851
United States [Member] | Oil
Reserve Quantities [Line Items]
Beginning of year	557.5	590.5	722.4
Revisions and improved recovery	(65.1)	(78.7)	(221.5)
Extensions and discoveries	95.2	121.2	144.3
Purchase of reserves in place	15.8	2.6	9.9
Sale of reserves in place	(20.2)	(27)	(9.3)
Production	(48)	(51.1)	(55.2)
End of year	535.2	557.5	590.5
Developed	257.2	291	279.1
Undeveloped	278	266.6	311.4
United States [Member] | Natural Gas Liquids [Member]
Reserve Quantities [Line Items]
Beginning of year	434.7	429.1	409.4
Revisions and improved recovery	2.9	(30)	(29.1)
Extensions and discoveries	37.2	75.1	78.1
Purchase of reserves in place	13.7	1.6	8.4
Sale of reserves in place	(0.7)	(12.6)	(7.9)
Production	(29.9)	(28.5)	(29.8)
End of year	457.8	434.7	429.1
Developed	288.3	264.3	242.3
Undeveloped	169.5	170.5	186.7
United States [Member] | Natural Gas [Member]
Reserve Quantities [Line Items]
Beginning of year | Bcf	2,536	2,268	2,441
Revisions and improved recovery | Bcf	38	61	(323)
Extensions and discoveries | Bcf	237	428	392
Purchase of reserves in place | Bcf	72	7	47
Sale of reserves in place | Bcf	(5)	(50)	(95)
Production | Bcf	(180)	(179)	(194)
End of year | Bcf	2,698	2,536	2,268
Developed | Bcf	1,755	1,621	1,327
Undeveloped | Bcf	943	915	941
Canada [Member] | Oil
Reserve Quantities [Line Items]
Beginning of year	1.1	1.7	1.3
Revisions and improved recovery	(0.3)	0.7	(0.5)
Extensions and discoveries	0	0.3	0.1
Purchase of reserves in place	0	0	1
Sale of reserves in place	(0.6)	(1.6)	0
Production	0	(0.1)	(0.2)
End of year	0.1	1.1	1.7
Developed	0.1	0.7	1.7
Undeveloped	0	0.3	0
Canada [Member] | Natural Gas Liquids [Member]
Reserve Quantities [Line Items]
Beginning of year	170	151.4	179.1
Revisions and improved recovery	(36)	(20.3)	(33.1)
Extensions and discoveries	31.3	66.9	27.7
Purchase of reserves in place	1.7	0.9	11.6
Sale of reserves in place	(0.6)	(8.4)	(13.4)
Production	(17.3)	(20.5)	(20.5)
End of year	149	170	151.4
Developed	71.2	84.5	76.9
Undeveloped	77.8	85.4	74.5
Canada [Member] | Natural Gas [Member]
Reserve Quantities [Line Items]
Beginning of year | Bcf	4,033	2,650	2,818
Revisions and improved recovery | Bcf	(582)	302	(161)
Extensions and discoveries | Bcf	1,005	1,538	372
Purchase of reserves in place | Bcf	16	6	94
Sale of reserves in place | Bcf	(16)	(73)	(106)
Production | Bcf	(366)	(389)	(366)
End of year | Bcf	4,090	4,033	2,650
Developed | Bcf	2,276	2,490	1,740
Undeveloped | Bcf	1,814	1,543	910

Supplementary Oil and Gas Inf_5

Supplementary Oil and Gas Information (Narrative) (Details) $ in Millions	12 Months Ended
	Dec. 31, 2022 USD ($) MMBbls	Dec. 31, 2021 USD ($) MMBbls	Dec. 31, 2020 MMBbls
Reserve Quantities [Line Items]
Proved Developed and Undeveloped Reserves, Net, Period Increase (Decrease)	15.4	265.7	(196.3)
Proved Developed and Undeveloped Reserves, Production	186.2	194.9	199
Revisions of previous estimates	(189.2)	(67.8)	(364.9)
Extensions and discoveries	370.6	591.2	377.5
Purchase of reserves in place	45.9	7.3	54.3
Sale of reserves in place	25.7	70.2	64.1
Capitalized Costs of Unproved Properties Excluded from Amortization, Cumulative | $	$ 1,172	$ 1,944
Permian Assets [Member] | Minimum [Member]
Reserve Quantities [Line Items]
Anticipated Timing of Inclusion of Costs In Amortization base, In Years	1 year
Permian Assets [Member] | Maximum [Member]
Reserve Quantities [Line Items]
Anticipated Timing of Inclusion of Costs In Amortization base, In Years	2 years
Infill Drilling Locations [Member]
Reserve Quantities [Line Items]
Revisions of previous estimates	4.4	23.2	2.4
Proved Developed [Member]
Reserve Quantities [Line Items]
Sale of reserves in place	25.7	70.2	64.1
Performance Revisions [Member]
Reserve Quantities [Line Items]
Revisions of previous estimates		160.6
Performance and Development Strategy [Member]
Reserve Quantities [Line Items]
Revisions of previous estimates			182
Change Due to Change in Approved Development Plan [Member]
Reserve Quantities [Line Items]
Revisions of previous estimates	(142.5)	(396.1)	(382.2)
Change Due To Changes In Prices [Member] | Oil and NGLs [Member]
Reserve Quantities [Line Items]
Revisions of previous estimates	(49.6)	144.5	(167.1)
Change Due To Changes In Other Than Prices [Member]
Reserve Quantities [Line Items]
Revisions of previous estimates	(1.5)

Supplementary Oil and Gas Inf_6

Supplementary Oil and Gas Information (Standardized Measure of Discounted Future Net Cash Flows Relating to Proved Oil and Gas Reserves-Before Discounting) (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Discounted Future Net Cash Flows Relating to Proved Oil and Gas Reserves [Line Items]
Future Cash Inflows	$ 103,716	$ 69,785	$ 33,249
Production costs	25,216	19,951	13,066
Development costs	11,093	7,828	8,046
Income taxes	13,515	7,175	74
Future Net Cash Flows	53,892	34,831	12,063
Less 10% annual discount for estimated timing of cash flows	26,393	16,056	6,141
Discounted Future Net Cash Flows	27,499	18,775	5,922	$ 11,616
United States [Member]
Discounted Future Net Cash Flows Relating to Proved Oil and Gas Reserves [Line Items]
Future Cash Inflows	74,567	51,473	26,093
Production costs	17,043	12,272	8,864
Development costs	8,951	5,767	6,187
Income taxes	9,333	5,480	74
Future Net Cash Flows	39,240	27,954	10,968
Less 10% annual discount for estimated timing of cash flows	20,272	13,663	5,895
Discounted Future Net Cash Flows	18,968	14,291	5,073	10,041
Canada [Member]
Discounted Future Net Cash Flows Relating to Proved Oil and Gas Reserves [Line Items]
Future Cash Inflows	29,149	18,312	7,156
Production costs	8,173	7,679	4,202
Development costs	2,142	2,061	1,859
Income taxes	4,182	1,695	0
Future Net Cash Flows	14,652	6,877	1,095
Less 10% annual discount for estimated timing of cash flows	6,121	2,393	246
Discounted Future Net Cash Flows	$ 8,531	$ 4,484	$ 849	$ 1,575

Supplementary Oil and Gas Inf_7

Supplementary Oil and Gas Information (Changes in Standardized Measure of Discounted Future Net Cash Flows Relating to Proved Oil and Gas Reserves) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Discounted Future Net Cash Flows Relating to Proved Oil and Gas Reserves [Line Items]
Balance, Beginning of Year	$ 18,775	$ 5,922	$ 11,616
Sales of oil and gas produced during the year	(7,340)	(5,087)	(2,010)
Discoveries and extensions, net of related costs	5,370	5,221	1,220
Purchases of proved reserves in place	719	76	142
Sales and transfers of proved reserves in place	(306)	(237)	(352)
Net change in prices and production costs	14,591	13,968	(8,682)
Revisions to quantity estimates	(1,673)	(206)	(2,534)
Accretion of discount	2,175	593	1,222
Development costs incurred during the year	1,814	1,536	1,876
Changes in estimated future development costs	(3,268)	(42)	2,835
Other	(2)	1	(2)
Net change in income taxes	(3,356)	(2,970)	591
Balance, End of Year	27,499	18,775	5,922
United States [Member]
Discounted Future Net Cash Flows Relating to Proved Oil and Gas Reserves [Line Items]
Balance, Beginning of Year	14,291	5,073	10,041
Sales of oil and gas produced during the year	(5,007)	(3,608)	(1,605)
Discoveries and extensions, net of related costs	2,735	3,102	1,080
Purchases of proved reserves in place	661	63	98
Sales and transfers of proved reserves in place	(278)	(199)	(255)
Net change in prices and production costs	9,059	10,702	(7,119)
Revisions to quantity estimates	(712)	(407)	(2,346)
Accretion of discount	1,630	508	1,064
Development costs incurred during the year	1,475	1,139	1,341
Changes in estimated future development costs	(2,965)	(83)	2,183
Other	(2)	1	0
Net change in income taxes	(1,919)	(2,000)	591
Balance, End of Year	18,968	14,291	5,073
Canada [Member]
Discounted Future Net Cash Flows Relating to Proved Oil and Gas Reserves [Line Items]
Balance, Beginning of Year	4,484	849	1,575
Sales of oil and gas produced during the year	(2,333)	(1,479)	(405)
Discoveries and extensions, net of related costs	2,635	2,119	140
Purchases of proved reserves in place	58	13	44
Sales and transfers of proved reserves in place	(28)	(38)	(97)
Net change in prices and production costs	5,532	3,266	(1,563)
Revisions to quantity estimates	(961)	201	(188)
Accretion of discount	545	85	158
Development costs incurred during the year	339	397	535
Changes in estimated future development costs	(303)	41	652
Other	0	0	(2)
Net change in income taxes	(1,437)	(970)	0
Balance, End of Year	$ 8,531	$ 4,484	$ 849

Supplementary Oil and Gas Inf_8

Supplementary Oil and Gas Information (Results of Operations) (Details) - USD ($) $ in Millions		12 Months Ended
		Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Results of Operations for Oil and Gas Producing Activities, by Geographic Area [Line Items]
Oil, NGL and Natural Gas Revenues	[1]	$ 10,156	$ 7,425	$ 4,050
Production, mineral and other taxes		415	293	173
Transportation and processing		1,628	1,444	1,282
Operating		773	601	585
Depreciation, depletion and amortization		1,096	1,169	1,805
Impairments		0	0	5,580
Accretion of asset retirement obligation		18	22	29
Operating Income (Loss)		6,226	3,896	(5,404)
Income Taxes		1,451	945	(1,318)
Results of Operations		4,775	2,951	(4,086)
United States [Member]
Results of Operations for Oil and Gas Producing Activities, by Geographic Area [Line Items]
Oil, NGL and Natural Gas Revenues	[1]	6,680	4,883	2,701
Production, mineral and other taxes		401	278	158
Transportation and processing		626	507	453
Operating		646	490	485
Depreciation, depletion and amortization		861	837	1,378
Impairments		0	0	5,580
Accretion of asset retirement obligation		8	11	13
Operating Income (Loss)		4,138	2,760	(5,366)
Income Taxes		952	673	(1,309)
Results of Operations		3,186	2,087	(4,057)
Canada [Member]
Results of Operations for Oil and Gas Producing Activities, by Geographic Area [Line Items]
Oil, NGL and Natural Gas Revenues	[1]	3,476	2,542	1,349
Production, mineral and other taxes		14	15	15
Transportation and processing		1,002	937	829
Operating		127	111	100
Depreciation, depletion and amortization		235	332	427
Impairments		0	0	0
Accretion of asset retirement obligation		10	11	16
Operating Income (Loss)		2,088	1,136	(38)
Income Taxes		499	272	(9)
Results of Operations		$ 1,589	$ 864	$ (29)
[1]Excludes gains (losses) on risk management.

Supplementary Oil and Gas Inf_9

Supplementary Oil and Gas Information (Capitalized Costs) (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Capitalized Costs Relating to Oil and Gas Producing Activities, by Geographic Area [Line Items]
Proved Oil and Gas Properties	$ 57,054	$ 55,475	$ 53,883
Unproved Oil and Gas Properties	1,172	1,944	2,962
Total Capital Cost	58,226	57,419	56,845
Accumulated DD&A	48,967	48,868	47,637
Net Capitalized Costs	9,259	8,551	9,208
United States [Member]
Capitalized Costs Relating to Oil and Gas Producing Activities, by Geographic Area [Line Items]
Proved Oil and Gas Properties	41,382	39,145	37,875
Unproved Oil and Gas Properties	1,127	1,884	2,785
Total Capital Cost	42,509	41,029	40,660
Accumulated DD&A	34,280	33,418	32,581
Net Capitalized Costs	8,229	7,611	8,079
Canada [Member]
Capitalized Costs Relating to Oil and Gas Producing Activities, by Geographic Area [Line Items]
Proved Oil and Gas Properties	15,672	16,330	16,008
Unproved Oil and Gas Properties	45	60	177
Total Capital Cost	15,717	16,390	16,185
Accumulated DD&A	14,687	15,450	15,056
Net Capitalized Costs	$ 1,030	$ 940	$ 1,129

Supplementary Oil and Gas In_10

Supplementary Oil and Gas Information (Costs Incurred) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Costs Incurred (Line Items)
Unproved oil and gas properties	$ 154	$ 2	$ 16
Proved	132	9	3
Total Acquisition Costs	286	11	19
Exploration Costs	12	15	12
Development Costs	1,906	1,536	1,705
Total Costs Incurred	2,204	1,562	1,736
United States [Member]
Costs Incurred (Line Items)
Unproved oil and gas properties	154	2	16
Proved	123	9	3
Total Acquisition Costs	277	11	19
Exploration Costs	5	10	12
Development Costs	1,530	1,148	1,352
Total Costs Incurred	1,812	1,169	1,383
Canada [Member]
Costs Incurred (Line Items)
Unproved oil and gas properties	0	0	0
Proved	9	0	0
Total Acquisition Costs	9	0	0
Exploration Costs	7	5	0
Development Costs	376	388	353
Total Costs Incurred	$ 392	$ 393	$ 353

Supplementary Oil and Gas In_11

Supplementary Oil and Gas Information (Costs Not Subject to Depletion or Amortization) (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Capitalized Costs of Unproved Properties Excluded from Amortization [Line Items]
Capitalized Costs of Unproved Properties Excluded from Amortization, Cumulative	$ 1,172	$ 1,944
United States [Member]
Capitalized Costs of Unproved Properties Excluded from Amortization [Line Items]
Capitalized Costs of Unproved Properties Excluded from Amortization, Cumulative	1,127	1,884
Canada [Member]
Capitalized Costs of Unproved Properties Excluded from Amortization [Line Items]
Capitalized Costs of Unproved Properties Excluded from Amortization, Cumulative	$ 45	$ 60

Supplementary Oil and Gas In_12

Supplementary Oil and Gas Information (Costs Related to Unproved Properties) (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Capitalized Costs of Unproved Properties Excluded from Amortization [Line Items]
Acquisition Costs, Cumulative	$ 1,072
Exploration Costs, Cumulative	100
Capitalized Costs of Unproved Properties Excluded from Amortization, Cumulative, Total	1,172	$ 1,944
Current Year [Member]
Capitalized Costs of Unproved Properties Excluded from Amortization [Line Items]
Acquisition Costs, Cumulative	154
Exploration Costs, Cumulative	5
Capitalized Costs of Unproved Properties Excluded from Amortization, Cumulative, Total	159
Prior Year [Member]
Capitalized Costs of Unproved Properties Excluded from Amortization [Line Items]
Acquisition Costs, Cumulative	2
Exploration Costs, Cumulative	11
Capitalized Costs of Unproved Properties Excluded from Amortization, Cumulative, Total	13
Second Prior Year [Member]
Capitalized Costs of Unproved Properties Excluded from Amortization [Line Items]
Acquisition Costs, Cumulative	22
Exploration Costs, Cumulative	7
Capitalized Costs of Unproved Properties Excluded from Amortization, Cumulative, Total	29
Third Prior Year and Previous [Member]
Capitalized Costs of Unproved Properties Excluded from Amortization [Line Items]
Acquisition Costs, Cumulative	894
Exploration Costs, Cumulative	77
Capitalized Costs of Unproved Properties Excluded from Amortization, Cumulative, Total	$ 971