What Ovintiv Inc. told the SEC could break it.

As an oil/NGL/natural gas producer, Ovintiv's results are directly exposed to commodity price swings; a 10% oil price move shifts pre-tax earnings on risk-management positions by ~$41M.

“The Company has used a 10 percent variability to assess the potential impact of commodity price changes. Fluctuations in commodity prices could have resulted in unrealized gains (losses) impacting pre-tax net earnings as follows: December 31, 2025 10% Price 10% Price (US$ millions) Increase Decrease Oil price $ (41 ) $ 36 NGL price - - Natural gas price 8 (7 )”

In FY2025 one unnamed investment-grade customer accounted for >10% of product revenues, ~$1,016 million ($980M US / $36M Canada).

“In connection with the marketing and sale of Ovintiv's own and purchased oil, NGLs and natural gas for the year ended December 31, 2025, the Company had one customer which individually accounted for more than 10 percent of Ovintiv's product revenues. Sales to this customer, which has an investment grade credit rating , totaled approximately $ 1,016 million which comprised $ 980 million in the United States and $ 36 million in Canada (2024 ‑ two customers with sales of approximately $ 3,310 million; 2023 - one customer with sales of approximately $ 1,976 million).”

All of Ovintiv's reserves and production are located in North America (US + Canada), with a majority in the United States.

“Ovintiv is a leading North American oil and natural gas exploration and production company that is focused on developing its multi-basin portfolio of high-quality assets located in the United States and Canada. Ovintiv's operations also include the marketing of oil, NGLs and natural gas. As at December 31, 2025, all of the Company's reserves and production were located in North America.”

Ovintiv's oil & gas operations are exposed to shifting EPA methane/VOC and GHG rules; EPA has moved to repeal the Endangerment Finding and the U.S. withdrew from the Paris Agreement in Jan 2025.

“The U.S. Environmental Protection Agency (the “EPA”) previously determined that GHG emissions present a danger to public health and the environment (the “Endangerment Finding”) and promulgated regulations to address methane and volatile organic compound emissions from oil and natural gas sources. The EPA has taken recent steps to repeal the Endangerment Finding and in January 2025 President Trump formally withdrew the U.S.”