Mr. Brendan McCracken of Ovintiv reports

OVINTIV ANNOUNCES CLOSING OF NUVISTA ENERGY ACQUISITION

Ovintiv Inc. has completed its acquisition of all of the common share of NuVista Energy Ltd. (Toronto Stock Exchange: NVA) in a cash and stock transaction valued at $2.7-billion.

The acquisition is expected to add approximately 930 net 10,000-foot equivalent well locations, and approximately 140,000 net acres (approximately 70 per cent undeveloped) in the core of the oil-rich Alberta Montney. Full year 2026 production from the acquired assets is expected to average approximately 100 MBOE/d (million barrels of oil equivalent per day) (approximately 25,000 barrels per day (Mbbl/d) of oil and condensate). The assets are directly adjacent to Ovintiv's current operations and include access to processing and downstream infrastructure with significant available capacity.

"These top decile rate of return assets in the heart of the Montney oil window are an exceptional fit with our existing acreage and infrastructure," said Ovintiv president and chief executive officer Brendan McCracken. "The team at NuVista did a great job building these assets and we are excited to apply our industry-leading expertise to the combined position. We expect to generate cost synergies of approximately $100-million annually, including per-well cost savings of approximately $1-million, consistent with our current Montney well costs." Mr. McCracken continued, "The combination of this transaction with the planned divestiture of our Anadarko assets will streamline and high-grade our portfolio, help us to meet or exceed our debt target, and uniquely position us with significant inventory duration in the two most valuable oil plays in North America, the Permian and the Montney."

Ovintiv plans to issue its full year and first quarter 2026 guidance with the release of its fourth quarter and full year 2025 results on Feb. 23, 2026.

The transaction was supported by over 99 per cent of the votes cast, with approximately 64 per cent of NuVista shareholders participating in the vote.

Pursuant to the transaction, NuVista shareholders were entitled to elect to receive: (i) $18.00 in cash per NuVista share; (ii) 0.344 of a share in the common stock of Ovintiv per NuVista share; or (iii) a combination of cash consideration and share consideration for their NuVista shares, subject to rounding and proration based on a maximum aggregate cash consideration of approximately $1.57-billion and a maximum aggregate share consideration of approximately 30.1 million Ovintiv shares. NuVista shareholders who did not make a valid election prior to the election deadline, were deemed to have elected to receive cash consideration with respect to 50 per cent of their NuVista shares and share consideration with respect to 50 per cent of their NuVista shares.

In confirmation of the preliminary results announced on Jan. 23, 2026, the final results of the consideration elections are as follows:

1. NuVista shareholders who elected to receive cash consideration in respect of all of their NuVista shares will receive 100 per cent of their total consideration as cash consideration.
2. NuVista shareholders who elected to receive share consideration in respect of all of their NuVista shares will receive approximately 58 per cent of their total consideration as share consideration and approximately 42 per cent as cash consideration.
3. NuVista shareholders who did not make a valid election prior to the election deadline or who elected to receive 50-per-cent cash consideration and 50-per-cent share consideration in respect of their NuVista shares will receive approximately 71 per cent of their total consideration as cash consideration and approximately 29 per cent as share consideration.

The NuVista shares are expected to be delisted by the Toronto Stock Exchange (TSX) within a few trading days following closing.

Important information

Ovintiv reports in U.S. dollars unless otherwise noted. Production estimates are reported on an after-royalties basis, unless otherwise noted.

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