FROM THE CHAIR & CEO

We take our role as a responsible producer seriously and are proud to mark our 20^th year of reporting on our sustainability efforts. Our Durable Returns strategy is centered on delivering superior returns for our shareholders responsibly over the long term.

Our approach has been straightforward – to implement tangible, measurable actions that have a meaningful impact on our operations, in our communities, and with our people. Sustainability is integrated into our business strategy and for 20 years we have demonstrated our transparent and forward-looking approach, which has guided the path to the company we are today.

2024 marked another year of strategic execution for our Company as we continued to provide the safe, affordable, and secure energy that fuels the world. Our Scope 1 & 2 greenhouse gas (GHG) target of reducing our emissions intensity by 50% by 2030 (from 2019) has sharpened our focus and ignited our innovative spirit. To date, we have achieved greater than 45% reductions in emissions intensity including an ~73% reduction in our methane emissions intensity.

Our focus on growing our premium drilling inventory has been a key contributor to delivering on our strategy. Last year, we continued to high-grade our portfolio, with the announcement of an oil-rich acquisition in the core of the Alberta Montney and the divestiture of our Uinta asset. We remain on-track to achieve our Scope 1 & 2 GHG emissions intensity target by 2030 and will work to deliver the same performance in our new assets that we are delivering in our legacy business.

Our execution excellence has also been a key contributor to delivering on our strategy. In 2024, we delivered approximately $1.7 billion in free cash flow, an increase of 50% year-over-year and achieved efficiency gains in each of our operating areas. We did this with safety at the forefront. Since 2021, our safety performance has ranked in the top quartile amongst our peers*. We completed several safety milestones in 2024 including the roll-out of a new company-wide safety leadership training program and held our first annual Safety Commitment Day—a safety stand-down event led by senior leadership across all of our corporate and field locations.

These strategic achievements have been guided by our independent Board of Directors. We continue to hold ourselves accountable for our environmental, social and governance performance, with 20% of our Company scorecard for all employees being tied to sustainability performance targets. We also employ an ongoing Board refreshment process, which has resulted in the addition of three new Board members in as many years.

In the current dynamic global environment with evolving regulations and standards, Ovintiv remains committed to working constructively with all governing bodies, regardless of political affiliation. We actively engage in public policy discussions to achieve results-based outcomes that align economic, environmental, and energy security needs. This includes consultation with federal, state, provincial, and local governments, as well as engagement with trade associations and standard setters, to ensure we provide our stakeholders with relevant and transparent information in our sustainability reporting, as we have done since 2005.

Our report reflects the tremendous efforts of our team to innovate, drive continuous improvement, solve complex challenges to generate durable returns for our shareholders and manage our environmental footprint.

Safe, reliable, and affordable energy is critical to the sustainability of our communities, and that’s why we are proud to provide the energy that makes modern life possible.

* American Exploration and Production Council (AXPC) & Energy Safety Canada benchmarking.