 Dividend Increased by 50, New Debt Target Established Second Quarter Highlights: Generated second quarter cash from operating activities of 750 million, non-GAAP cash flow of 733 million and non-GAAP free cash flow of 350 million Reduced net debt1 by 1.2 billion to 5.2 billion; accelerated expected timeline of 4.5 billion net debt target to year-end 2021 Continued to demonstrate industry-leading capital efficiencies with operational efficiency gains and supply chain management more than offsetting inflation during the quarter Established new net debt target of 3 billion, expected to be achieved by year-end 2023 assuming 50 per barrel bbl WTI oil and 2.75 per thousand cubic feet Mcf NYMEX natural gas prices Announced a 50 increase to quarterly dividend payment; represents dividend of 0.56 per share of common stock on an annualized basis Published full-year 2020 ESG metrics on the Companys website at Increased full-year crude and condensate2 guidance to 190 195 thousand barrels per day Mbblsd as a result of strong production outperformance across our assets; full-year capital guidance of 1.5 billion is unchanged DENVER, July 27, 2021 PRNewswire - Ovintiv Inc. NYSE: OVV TSX: OVV today announced its second quarter 2021 financial and operating results. In addition, the Company increased its quarterly dividend payment by approximately 50, accelerated its 4.5 billion net debt target timeline to the end of 2021 and set a new net debt target of 3 billion by year-end 2023, assuming 50 per bbl WTI oil and 2.75 per Mcf NYMEX natural gas prices. 