Usa Operations Excluding Intercompany Segment Transactions was Ovintiv’s largest segment in fiscal 2025, bringing in $4.74B of $7.65B (62%).
| Segment | FY 2018 | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|---|
| Usa Operations Excluding Intercompany Segment Transactions | $4.76B | $3.27B | $1.77B | $4.74B | |
| Market Optimization | — | — | — | — | |
| Usa Operations | $3.65B | $2.59B | $1.45B | $1.31B | |
| Market Optimization Excluding Intercompany Segment Transactions | $2.12B | $2.49B | $1.88B | $1.42B | |
| Canadian Operations | $430.00M | $2.23B | $1.75B | $176.00M | |
| Total | $10.96B | $10.58B | $6.85B | $7.65B |
Ovintiv brought in $7.65B from its four segments in fiscal 2025, the year ended December 31, 2025. That is less than the $8.35B it reports by product and service, so these segments do not cover all of its revenue. Usa Operations Excluding Intercompany Segment Transactions was the largest at $4.74B (62.0%), ahead of Market Optimization Excluding Intercompany Segment Transactions at $1.42B (18.6%) and Usa Operations at $1.31B (17.1%). The remaining segment, Canadian Operations, brought in $176.00M.
Compared with fiscal 2024, Usa Operations Excluding Intercompany Segment Transactions grew fastest, up 167.7% to $4.74B, while Canadian Operations fell the most, down 89.9% to $176.00M.
Oil was Ovintiv’s largest product and service line in fiscal 2025, bringing in $3.42B of $8.35B (41%).
| Product and Service | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|
| Oil | $4.54B | $4.45B | $4.56B | $3.42B |
| Natural Gas Liquids | $3.78B | $2.74B | $2.72B | $2.12B |
| Natural Gas | $3.23B | $2.84B | $1.06B | $2.77B |
| Natural Gas Gathering & Processing, And Other | — | $9.00M | $11.00M | $44.00M |
| Natural Gas Gathering & Processing | $8.00M | — | — | — |
| Total | $11.55B | $10.04B | $8.35B | $8.35B |
Ovintiv brought in $8.35B from its four product and service lines in fiscal 2025, the year ended December 31, 2025. That was down 0.1% from $8.35B in fiscal 2024. Oil was the largest at $3.42B (41.0%), ahead of Natural Gas at $2.77B (33.1%) and Natural Gas Liquids at $2.12B (25.3%). The remaining line, Natural Gas Gathering & Processing, And Other, brought in $44.00M.
Compared with fiscal 2024, Natural Gas grew fastest, up 161.1% to $2.77B, while Oil fell the most, down 24.9% to $3.42B.
Ovintiv began breaking out Natural Gas Gathering & Processing, And Other in fiscal 2023, when it brought in $9.00M. Ovintiv stopped reporting Natural Gas Gathering & Processing as a separate line after fiscal 2022, when it brought in $8.00M.
Product Revenue was Ovintiv’s largest revenue line in fiscal 2025, bringing in $3.54B of $6.34B (56%).
| Major Customers | FY 2017 | FY 2018 | FY 2019 | FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|---|---|---|---|---|
| Product Revenue | $4.53B | $2.90B | $2.72B | $3.54B | |||||
| Product Revenues Including Sale Of Product Purchased From Third Parties | — | — | — | — | |||||
| Sales Of Purchased Product | $4.08B | $2.59B | $1.45B | $2.80B | |||||
| Product & Service Revenues | — | $2.23B | $1.75B | — | |||||
| Total | $8.61B | $7.72B | $5.92B | $6.34B |
Ovintiv brought in $6.34B from its two revenue lines in fiscal 2025, the year ended December 31, 2025. That is less than the $8.35B it reports by product and service, so these revenue lines do not cover all of its revenue. Product Revenue was the largest at $3.54B (55.8%), ahead of Sales Of Purchased Product at $2.80B (44.2%).
Compared with fiscal 2024, Sales Of Purchased Product grew 93.1% to $2.80B and Product Revenue grew 29.8% to $3.54B. Some of that change comes from Ovintiv regrouping its revenue lines.
Ovintiv stopped reporting Product & Service Revenues as a separate revenue line after fiscal 2024, when it brought in $1.75B.
Ovintiv (OVV) reports its revenue by segment, by product and service and by major customers. In fiscal 2025, Usa Operations Excluding Intercompany Segment Transactions was its largest segment, bringing in $4.74B (62.0% of the total), followed by Market Optimization Excluding Intercompany Segment Transactions at $1.42B (18.6%).
Usa Operations Excluding Intercompany Segment Transactions was Ovintiv's largest segment in fiscal 2025, bringing in $4.74B, or 62.0% of the $7.65B total across its four segments.
Oil was Ovintiv's largest product and service line in fiscal 2025, bringing in $3.42B, or 41.0% of the $8.35B total across its four product and service lines.
Product Revenue was Ovintiv's largest revenue line in fiscal 2025, bringing in $3.54B, or 55.8% of the $6.34B total across its two revenue lines.
Among Ovintiv's segments that make up at least 2% of revenue, Usa Operations Excluding Intercompany Segment Transactions grew fastest in fiscal 2025, up 167.7% from $1.77B to $4.74B.
Every figure comes from Ovintiv's annual financial filings, as reported. Each line keeps the name Ovintiv gives it, and years follow its fiscal calendar.
Ovintiv's revenue by segment goes back to fiscal 2018, with figures through fiscal 2025. The latest four fiscal years are free to view, and the full history is available with a Business Quant subscription.