Mr. Brendan McCracken reports

OVINTIV ANNOUNCES RELEASE OF 2022 SUSTAINABILITY REPORT

Ovintiv Inc. has released its 2022 sustainability report, highlighting its progress and performance on several key sustainability initiatives related to emission reductions, social responsibility and corporate governance.

"Ovintiv continues to drive real and measurable environment, social and governance progress," said Ovintiv president and chief executive officer Brendan McCracken. "We strive to be a leader in disclosure, having published a sustainability report and key performance metrics data since 2005. Our results demonstrate our commitment to continuous improvement and the power of harnessing technology and our culture of innovation to drive strong performance outcomes. We are wholeheartedly proud to produce the safe, affordable, secure and reliable energy the world needs, both profitably and sustainably."

Key highlights of Ovintiv's 2022 sustainability achievements:

• Achieved a greater than 30-per-cent reduction in Scope 1 and 2 greenhouse gas emission intensity since 2019; progressing toward a targeted 50-per-cent reduction by 2030;
• Continued full alignment with the World Bank Zero Routine Flaring Initiative;
• Implemented industry-leading family leave policy;
• Progressed board renewal efforts with the addition of one new board member;
• Introduced a second safety metric to the company's compensation program;
• Committed to disclose extensive gender equality information, leading to the company's inaugural inclusion in the Bloomberg Gender Equality Index.

Ovintiv recently announced an acquisition that will see the company roughly double both its oil production and its premium inventory in the Permian basin. The transaction is expected to be accretive across a number of key financial metrics and inventory life while maintaining the company's investment-grade balance sheet. While Ovintiv anticipates a brief period of integration of the new assets, the company remains committed to its Scope 1 and 2 emission reduction target.

Ovintiv's sustainability report can be found on the company's website.

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