Ovintiv Inc. Renews Share Buyback Program for up to 26.97 Million Shares

Ovintiv Inc. (NYSE/TSX: OVV) – Renewal of Normal Course Issuer Bid (NCIB)

Overview of Announcement

On October 1, 2026, Ovintiv Inc. submitted a Form 8-K under Item 7.01 (Regulation FD Disclosure) announcing that the Toronto Stock Exchange (TSX) accepted its notice of intention to renew its annual share repurchase program under an NCIB.

Key Program Parameters

• Authorization Limit: Up to 26,973,037 common shares, representing approximately 10% of the company's public float as of September 21, 2026.
• Term: 12-month period beginning October 5, 2026, and ending October 4, 2027.
• Execution Venues: Purchases will occur on open markets via the TSX, NYSE, alternative trading systems, and pursuant to Rule 10b-18 under the Exchange Act.
• Daily TSX Limit: TSX daily purchases are capped at 54,135 common shares (25% of the average daily volume of 216,540 shares over the six months ended August 31, 2026), subject to block trade exceptions.
• Automatic Share Purchase Plan (ASPP): Renewed to allow regular repurchases through a designated broker during corporate blackout periods.
• Regulatory Relief: Supported by an existing Canadian exemption order permitting Ovintiv to acquire up to 10% of public float across U.S. marketplaces.

Prior Repurchase Execution Tracking

• Under the preceding NCIB expiring October 2, 2026 (authorizing up to 22,287,709 shares), Ovintiv repurchased 13,925,579 common shares through September 30, 2026, at a weighted average price of $58.49 per share (~$814.5 million).
• In Q3 2026 alone, Ovintiv acquired 6,332,551 common shares at an average price of $60.90 per share (~$385.7 million).

Capital Allocation Context

This authorization aligns with Ovintiv's capital allocation framework, which targets returning 50% to 100% of Non-GAAP Free Cash Flow to shareholders, with a specific commitment in 2026 to return at least 60% via base dividends and share buybacks.