OUR APPROACH TO SUSTAINABILITY
Sustainability is a foundational value at Ovintiv and underpins our vision of being a leading North American oil and natural gas producer. It represents our focus on efficiency, disciplined capital allocation and financial strength, as well as our commitment to environmental, social and governance progress – operating safely, lowering emissions intensity, managing our environmental footprint and supporting our social commitment.
We have a long track record of transparency – this year we are celebrating our 20th anniversary of transparent sustainability reporting. We are committed to driving progress and have integrated environmental, social and governance considerations throughout our business.
Our Board and executive leadership team shape our environment, social and governance strategy and are focused on ensuring our business remains sustainable. This means continuing to take action to deliver returns and strengthen our balance sheet while making progress on environmental, social and governance matters.
We are committed to making real and tangible progress on these matters, with 20% of our Company scorecard being tied to safety and environmental performance metrics:
- Scope 1 & 2 GHG emissions intensity
- Total recordable injury frequency
- Recordable injury severity
- Spill intensity
By linking employee and executive compensation to operational, financial, safety and emissions intensity reduction results, we ensure that every team member is invested in continuous improvement across our organization.
Our performance is the result of a world-class team united in pursuit of driving innovation to produce oil and natural gas profitably and sustainably.
Partnerships and Collaborations
Partnerships in Action: Avatar Innovations Ignite Program
Ovintiv is a proud Builder-Level sponsor of the Avatar Innovations Ignite Program, showcasing our leadership in the energy sector and commitment to progress. The program aims to engage young professionals to work in cross-functional teams to develop business opportunities that address real industry challenges, fostering a new era of energy solutions that are both innovative and environmentally conscious. In 2024, three Ovintiv employees completed Avatar’s Ignite leadership and innovation program, collaborating on real-world innovation challenges and pitching concepts on emissions monitoring and water treatment alongside their industry peers.
Our Approach to Reporting
Ovintiv strives to strengthen our disclosures through ongoing monitoring of various sustainability disclosure standards, climate policy scenario analysis and climate-related performance targets tied to our compensation program.
We reference the following voluntary standards and frameworks to inform our reporting:
- Sustainability Accounting Standards Board (SASB) Oil and Gas Standard
- Ipieca Sustainability Reporting Guidance for the Oil and Gas Industry
- Task Force on Climate-related Financial Disclosures (TCFD) framework
The TCFD disclosure framework was developed to help interested parties understand potential material risks associated with climate-related matters. TCFD structured its recommendations in four categories that represent core elements of how organizations operate: governance, risk management, strategy, and metrics and targets. In October 2023, the TCFD was disbanded and the International Sustainability Standards Board (ISSB) which is part of the International Financial Reporting Standards (IFRS) Foundation will take over monitoring of companies’ progress in implementing climate-related financial disclosures. The TCFD recommendations are being incorporated into various sustainability disclosure standards around the globe and remain relevant for Ovintiv’s reporting. References to TCFD included in this report refer to the historical framework.
Reviewing voluntary standards and frameworks, and engaging with investors and environment, social and governance research and ratings agencies, helps us enhance our disclosures and report them in a relevant and useful way to stakeholders.
Our full disclosure index is available in our Metrics and Targets section.
Reporting Boundary
Unless otherwise specified or the context otherwise requires, references to Ovintiv, we, its, our or to the Company includes reference to subsidiaries of, and partnership interests held by, Ovintiv Inc. and its subsidiaries. The scope of our sustainability reporting includes all assets where Ovintiv was the operator of record or permittee at December 31, 2024. Ovintiv is the operator for >95% of our production volumes. The following table outlines the impact of recent acquisition and divestiture activity on our 2024 reported sustainability performance data:
Transaction
Transaction Closing Date
2024 Sustainability Performance Data Reporting Impact
We continuously look for opportunities to improve our data management practices and methodologies to provide transparency, consistency and accuracy. As such, historical information is subject to change. Unless otherwise specified, all dollar amounts are expressed in U.S. dollars, all references to dollars, $ or US$ are to U.S. dollars and all references to C$ are to Canadian dollars.
GHG emissions in British Columbia and Alberta are verified by a third party as part of certain emissions reporting requirements by the provincial governments.