Ovintiv (OVV) Proxy filing summary

Executive summary

• Achieved strong operational and financial performance in 2025, exceeding production guidance by 10 Mboe/d and generating over $1.6B in Free Cash Flow despite lower oil prices.

• Completed strategic acquisitions (NuVista Energy, Montney assets) and divestitures (Uinta, Anadarko), streamlining the portfolio to focus on Permian and Montney assets.

• Returned over $600M to shareholders via dividends and buybacks, and reduced net debt by more than $240M.

• Advanced sustainability goals, reducing Scope 1 & 2 GHG emissions intensity by 9% in 2025 and achieving over 85% of the 2030 reduction target.

• Maintained robust governance, with ongoing Board refreshment and strong shareholder engagement covering over two-thirds of the shareholder base.

Voting matters and shareholder proposals

• Shareholders will vote on: (1) election of 11 directors, (2) advisory approval of executive compensation, and (3) ratification of PricewaterhouseCoopers LLP as independent auditors.

• Board recommends voting FOR all proposals.

• Proxy access and shareholder proposal procedures are outlined, with deadlines for 2027 submissions provided.

Board of directors and corporate governance

• Board consists of 11 directors, 91% independent, with diverse backgrounds and skills aligned to strategic priorities.

• Ongoing Board refreshment, with three new independent directors added since 2024 and regular committee rotations.

• Board Chair and CEO roles are separated; Steven Nance to become Chair after Peter Dea’s retirement in May 2026.

• Committees include Audit, Corporate Responsibility & Governance, EH&S, Human Resources & Compensation, and Reserves, all chaired by independent directors.

• Annual Board and committee assessments, director education, and 100% meeting attendance in 2025.