METRICS & TARGETS

Climate-related performance metrics have been included in our disclosures since we began sustainability reporting in 2005. Measuring our emissions profile provides visibility into which cost-efficient measures are most effective in reducing GHG emissions. We continue to improve both the reduction of our emissions intensity and the transparency of our reporting.

Our executive leadership team, with the support of our Board, continues to enhance our approach to climate and emissions disclosure. These enhancements include our Scope 1 & 2 GHG emissions dashboards, which are used to inform our climate-related performance targets. We recognize climate change as a global concern and our role as a Company in reducing emissions. To support this aspiration, we have chosen to focus on setting tangible and meaningful near-term goals to effectively drive real emissions reductions today.

2023 Sustainability Performance Metrics Table

At Ovintiv, we recognize the importance of transparency and communicating on our performance. We have a long history of disclosure, having published sustainability metrics since 2005, and are proud of our ongoing achievements in environment, social and governance matters.

2023 AXPC Performance Data Metrics

We actively participated in the efforts of the American Exploration and Production Council (AXPC) — a national trade association representing the largest independent producers of oil and natural gas in the U.S. — to develop the AXPC Environment, Social and Governance Metrics Framework and Template. This framework is intended to supplement each member company’s individual reporting efforts and voluntarily standardize several key upstream environmental and safety metrics. Currently the framework suggests consistent and transparent reporting around five focus areas: GHG emissions, flaring, spills, water use and safety. By creating a common set of metrics, AXPC member companies now have relevant, consistent and comparable data for greater stakeholder transparency. Interested stakeholders can find guidance on the framework by visiting the AXPC website.

The data reported under this framework includes our US operations only.

Sustainability Disclosure Index

We reference the Ipieca Sustainability Reporting Guidance for the Oil and Gas Industry and the SASB Oil and Gas Standard to inform our reporting and continue to advance our climate-related disclosures in alignment with the Task Force on Climate-related Financial Disclosures (TCFD) framework.

2030 GHG Intensity Target

As part of our efforts to continue to drive environmental, social and governance progress, our Scope 1 & 2 GHG intensity goal was included in Ovintiv’s annual incentive compensation program for all employees beginning in 2022. We use intensity metrics for benchmarking and goal setting to provide a more contextual measure of our impact with greater opportunity for consistency and comparability.

Our purposeful climate targets drive meaningful improvements in our emissions performance, are integrated into our business performance management system and are transparent to our staff and external stakeholders alike.

2023 Environmental Performance Targets

The following metrics, which align with our key sustainability initiatives, were selected in 2023 for our Company scorecard: