Velarion · Company Intelligence
Compensation Brief
Fiscal year 2025 · Filings through 2026-05-28

Ovintiv (OVV)

Fiscal year 2025 executive and director compensation, incentive-plan design, equity activity, and governance — every figure in this brief is traceable to its exact location in the company’s SEC filing — the document, the section, the page, and the table, linked directly.

$13,693,140
Brendan McCracken total, FY2025
57th
CEO pay percentile vs peers
70.6:1
CEO-to-median pay ratio
96.35%
Say-on-pay support, latest vote
Companies that benchmark against OVV
15 companies name OVV as a compensation peer

Each company listed discloses OVV in its own benchmarking peer group, as disclosed in each company's most recent proxy statement within the last two proxy seasons. Two companies are therefore absent by design: one that named OVV in an earlier year and no longer does, and one whose own most recent disclosure is older than the last two seasons.

01

Summary Compensation Table — fiscal year 2025

Named executive officerSalaryBonusStock awardsOption awardsNon-equity incentivePension / NQDCAll otherTotal
Brendan McCracken$1,185,000$0$9,900,005$0$2,136,750$0$471,385$13,693,140
President & Chief Executive Officer
Greg Givens712,50003,500,0550997,5000162,9975,373,052
Executive Vice-President & Chief Operating Officer
Corey Code588,91003,150,4160824,4740137,2824,701,082
Executive Vice-President & Chief Financial Officer
Meghan Eilers518,75002,000,0430563,5000121,4633,203,756
Executive Vice-President, Midstream & Marketing and General Counsel
Rachel Moore459,13501,646,8490498,6310116,3952,721,010
Executive Vice-President, Corporate Services

A dash means the company reported no figure in that column; 0 means it reported zero. Figures are as printed in the filing, without adjustment.

Three-year trend — total compensation per named executive

Named executive officerFY2025 totalFY2024 totalFY2023 totalΔ FY20242025
Brendan McCracken$13,693,140
Greg Givens5,373,052
Corey Code4,701,082
Meghan Eilers3,203,756
Rachel Moore2,721,010

Prior-year totals as disclosed in the corresponding proxy; deltas are computed values with the derivation shown in the register.

02

Equity transactions since the proxy statement was filed

No insider equity transactions reported since the proxy statement.

03

Grants of plan-based awards — fiscal year 2025

ExecutiveAwardGrant dateThresholdTargetGrantedMaximumGrant-date fair value
Corey CodePSU2025-03-1039,31478,628$1,575,208
Greg GivensRSU2025-03-1045,1621,750,028
Greg GivensPSU2025-03-1045,16290,3241,750,028
Rachel MooreRSU2025-03-1020,551823,424
Brendan McCrackenRSU2025-03-10127,7424,950,003
Corey CodeRSU2025-03-1039,3141,575,208
Brendan McCrackenPSU2025-03-10127,742255,4844,950,003
Meghan EilersPSU2025-03-1025,80751,6141,000,021
Rachel MoorePSU2025-03-1020,55141,102823,424
Meghan EilersRSU2025-03-1025,8071,000,021
03b

Vehicle mix — grant-date fair value by award type

Named executive officerTime-vested (RSU)Performance-vested (PSU)Options / SARs% performance-vested
Corey Code$1,575,208$1,575,208$050.0%
Greg Givens1,750,0281,750,028050.0%
Rachel Moore823,424823,424050.0%
Brendan McCracken4,950,0034,950,003050.0%
Meghan Eilers1,000,0211,000,021050.0%

% performance-vested = PSU grant-date fair value ÷ (RSU + PSU + Options), a computed value with the derivation shown in the register.

04

Outstanding equity awards at fiscal year-end 2025

ExecutiveAwardShares unvestedExercise priceMarket value unvested
Rachel MooreRSU36,462$1,404,284
Brendan McCrackenRSU230,2569,023,733
Greg GivensRSU83,7283,281,300
Meghan EilersPSU63,4112,485,077
Rachel MoorePSU48,9901,886,783
Greg GivensPSU114,8234,499,913
Brendan McCrackenOption10,59822.95
Greg GivensOption15,05835.8
Meghan EilersRSU46,9721,840,833
Corey CodePSU94,6313,644,584
Corey CodeRSU70,4842,714,595
Brendan McCrackenPSU311,86012,221,793
05

Incentive-plan design — the Compensation Discussion & Analysis

Executive compensation at Ovintiv is market-competitive and aligns pay with performance. Base salary and target short- and long-term pay levels are determined based on comparisons to a carefully selected group of industry peers.

CEO STI target (% of salary)129%
CEO LTI target (% of salary)
Independent consultantFW Cook
Clawback policytrue
Anti-hedgingtrue
Anti-pledgingTrue
06

Say-on-pay — recent advisory votes

Meeting yearMeeting dateForAgainstAbstainSupportOutcome
20262026-05-06212,529,8567,328,913732,89196.35%Passed
20252025-05-01191,966,56112,334,085235,77193.85%Passed
20242024-05-02193,170,0547,326,219216,70796.24%Passed
20232023-05-03167,308,1735,820,963453,12696.39%Passed

Rows are labeled by annual-meeting year, with the meeting date beside each; the vote held in a given year acts on the prior fiscal year's compensation.

Say-on-pay — history, company's computation

Meeting yearMeeting dateApproval — company's computation
20262026-05-0696.35%a
20252025-05-0193.85%b
20242024-05-0296.24%c

a. Approved under the standard stated in the filing — “Abstentions will have the effect of a vote against these Items.”.

b. Approved under the standard stated in the filing — “Abstentions will have the effect of a vote against these Items.”.

c. Approved under the standard stated in the filing — “Abstentions will have the effect of a vote against these Items.”.

Approval percentages are the company's own reported computations under its own stated standard, not recomputed by Velarion. Where a company does not state a standard, none is assumed.

07

CEO pay ratio

Ratio (CEO : median employee)70.6 : 1
CEO total compensation$13,693,140
Median employee compensation$194,016
09

Board fee structure and ownership guideline

Annual cash retainer$95,400
Annual equity retainer$210,300
Per board meeting fee
Committee chair fees (audit / comp / nom-gov)25,000 / 20,000 / 20,000
Stock ownership guidelinefive times annual cash compensation within five years
10

Disclosed peer group — fiscal year 2025

The compensation peer group as the company disclosed it in its own proxy — the reference set behind the percentile above.

10a

Peer reciprocity

Of the companies Ovintiv names as compensation peers, which name it back in their own disclosed peer groups. A peer set the market reciprocates reads differently from one selected in a single direction.

Reciprocity shown where the peer's own current proxy has been read — each mark is cited in the register to that peer's filing. A dash means the peer's current proxy was read and names no reciprocal group including Ovintiv.

10b

Chief executive pay against the peer group

Most recent fiscal-year chief executive compensation at each disclosed peer, taken from that company's own proxy statement.

RankCompanyFYChief executiveSalaryStock awardsOption awardsNon-equity incentiveTotal
1Occidental Petroleum Corporation2025Vicki Hollub$1,596,781$12,298,207$0$3,200,000$18,055,969
2Hess Corporation2024John Hess1,575,00012,075,03604,358,70018,036,267
3EOG Resources Inc.2025Ezra Yacob1,434,61512,729,62802,718,80017,576,636
4EQT Corporation2025Toby Rice113,552,23202,535,00016,087,233
5Diamondback Energy, Inc.2025Kaes Van t Hof1,109,50011,101,46202,676,35014,931,423
6Coterra Energy Inc.2024Thomas Jorden1,198,55810,628,85002,500,00014,748,960
7Ovintiv2025Brendan McCracken1,185,0009,900,00502,136,75013,693,140
8APA Corporation2025John Christmann IV1,300,0006,018,4361,897,9963,454,36013,202,517
9Devon Energy Corporation2025Clay Gaspar938,1259,633,68901,612,00012,566,384
10Permian Resources Group2025James Walter011,432,8420011,432,842
11Expand Energy Corporation2025Domenic Dell'Osso947,3468,890,4449,879,106
12Matador Resources2024Joseph Foran1,500,0003,010,30003,900,0008,437,049
13Civitas Resources Inc.2024M. Christopher Doyle1,431,1506,933,919008,385,769
14Range Resources Corporation2025Dennis Degner932,5006,143,87701,128,0008,375,421
15Antero Resources Corporation2025Michael Kennedy655,4704,325,73401,678,3076,687,656
Murphy Oil Corporationnot in coverage universe
Canadian Natural Resources Ltd.not in coverage universe
ARC Resources Ltd.not in coverage universe
Chord Energy Corp.not in coverage universe

Each peer's compensation is from its most recently filed proxy; fiscal years differ by company. Each peer's figures come from its own filings; the subject company is highlighted. Peers whose chief executive compensation is outside our coverage universe are stated as such, never left blank.

10c

Incentive design against the same peers

CompanyAnnual incentive payoutLong-term vehicle mixPSU measures include TSRCompensation consultant
Ovintiv140%RSU 50 · PSU 50Yes — Relative TSRFW Cook
Antero Resources Corporation157.2%PSU 50 · RSU 50Yes — Absolute TSRCBIZ Compensation Consulting
APA Corporation189.8%PSU 60 · Options 20 · RSU 20Yes — Relative TSRPearl Meyer & Partners, LLC
ARC Resources Ltd.not disclosednot disclosednot disclosednot disclosed
Canadian Natural Resources Ltd.not disclosednot disclosednot disclosednot disclosed
Chord Energy Corp.not disclosednot disclosednot disclosednot disclosed
Civitas Resources Inc.not disclosedPSU 70 · RSU 30Yes — Absolute TSRMeridian Compensation Partners, LLC
Coterra Energy Inc.174%PSU 50 · RSU 50Yes — Relative TSRZayla Partners
Devon Energy Corporation124%PSU 60 · RSU 40Yes — Relative TSRMeridian Compensation Partners, LLC
Diamondback Energy, Inc.161%PSU 60 · RSU 40Yes — Total Stockholder Return (relative to TSR performance peer group)Meridian
EOG Resources Inc.125%PSU 60 · RSU 40Yes — Relative TSR vs Performance Peer GroupMeridian Compensation Partners, LLC
EQT Corporation169%PSU 60 · RSU 40NoMeridian Compensation Partners, LLC
Expand Energy Corporation150%PSU 70 · RSU 30Yes — Absolute Total Shareholder Return (aTSR)Meridian Compensation Partners, LLC
Hess Corporation184.3%RSU 100Yes — Relative TSR (Total Shareholder Return)Semler Brossy Consulting Group LLC
Matador Resources260%PSU 50 · Cash LTI 50NoMeridian Compensation Partners, LLC
Murphy Oil Corporationnot disclosednot disclosednot disclosednot disclosed
Occidental Petroleum Corporation125%PSU 60 · RSU 40Yes — Total Shareholder Return (TSR)Meridian Compensation Partners, LLC
Permian Resources Group150%PSU 100Yes — Relative TSRMeridian Compensation Partners, LLC
Range Resources Corporation101%PSU 60 · RSU 40Yes — Total Stockholder Return (TSR)Meridian Compensation Partners, LLC

Read from each company's Compensation Discussion and Analysis: annual incentive payout as a percentage of target, the disclosed long-term vehicle mix, whether performance-share measures include a total shareholder return component, and the retained compensation consultant. “Not disclosed” appears only where the company's filing does not state the item.

11

Source register

Each figure's location is given both for the eye (section · page · table · row · column) and for a script (table/row/column index and exact character span in the filed document). Any figure can be independently confirmed against the source.

#SupportsDocumentFiledAccessionLocation in document
1Section 01, Brendan McCrackenDEF 14A2026-03-250001193125-26-124351Section “Summary Compensation Table”. As printed: 13,693,140. Filing ↗machine: r3 · c31 · span 1274573–1274583
2Section 01, Greg GivensDEF 14A2026-03-250001193125-26-124351Section “Summary Compensation Table”. As printed: 5,373,052. Filing ↗machine: r11 · c31 · span 1317352–1317361
3Section 01, Corey CodeDEF 14A2026-03-250001193125-26-124351Section “Summary Compensation Table”. As printed: 4,701,082. Filing ↗machine: r7 · c31 · span 1296041–1296050
4Section 01, Meghan EilersDEF 14A2026-03-250001193125-26-124351Section “Summary Compensation Table”. As printed: 3,203,756. Filing ↗machine: r15 · c31 · span 1338764–1338773
5Section 01, Rachel MooreDEF 14A2026-03-250001193125-26-124351Section “Summary Compensation Table”. As printed: 2,721,010. Filing ↗machine: r20 · c31 · span 1362329–1362338
6Section 03, Corey Code PSUDEF 14A2026-03-250001193125-26-124351Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t219 · r7 · c40 · span 1460732–1460741
7Section 03, Greg Givens RSUDEF 14A2026-03-250001193125-26-124351Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t219 · r10 · c40 · span 1483092–1483101
8Section 03, Greg Givens PSUDEF 14A2026-03-250001193125-26-124351Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t219 · r10 · c40 · span 1483092–1483101
9Section 03, Rachel Moore RSUDEF 14A2026-03-250001193125-26-124351Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t219 · r16 · c40 · span 1527811–1527818
10Section 03, Brendan McCracken RSUDEF 14A2026-03-250001193125-26-124351Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t219 · r4 · c40 · span 1438371–1438380
11Section 03, Corey Code RSUDEF 14A2026-03-250001193125-26-124351Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t219 · r7 · c40 · span 1460732–1460741
12Section 03, Brendan McCracken PSUDEF 14A2026-03-250001193125-26-124351Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t219 · r4 · c40 · span 1438371–1438380
13Section 03, Meghan Eilers PSUDEF 14A2026-03-250001193125-26-124351Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t219 · r13 · c40 · span 1505452–1505461
14Section 03, Rachel Moore PSUDEF 14A2026-03-250001193125-26-124351Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t219 · r16 · c40 · span 1527811–1527818
15Section 03, Meghan Eilers RSUDEF 14A2026-03-250001193125-26-124351Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t219 · r13 · c40 · span 1505452–1505461
16Section 07, pay ratioDEF 14A2026-03-250001193125-26-124351Section “CEO Pay Ratio”. As printed: 70.6 : 1. Filing ↗
17Section 06, 2026 voteForm 8-K2026-05-080001193125-26-214956Item 5.07 · say-on-pay result. As reported: 96.35% (votes for as printed: 212,529,856). Filing ↗
18Section 06, 2025 voteForm 8-K2025-05-050001193125-25-112485Item 5.07 · say-on-pay result. As reported: 93.85% (votes for as printed: 191,966,561). Filing ↗
19Section 06, 2024 voteForm 8-K2024-05-070000950170-24-053752Item 5.07 · say-on-pay result. As reported: 96.24% (votes for as printed: 193,170,054). Filing ↗
20Section 03b vehicle mix (computed)ComputedcomputedRSU / PSU / Options grant-date fair values summed per officer from the grants table; % performance-vested = PSU ÷ (RSU+PSU+Options).machine: formula: sums + PSU ratio
21Occidental Petroleum Corporation, Section 10b CEO totalDEF 14A2026-03-190001628280-26-019816CEO total compensation as printed in Occidental Petroleum Corporation's own proxy. As printed: 18,055,969. Filing ↗machine: r2 · c17 · span 2031997–2032007
22Hess Corporation, Section 10b CEO totalDEF 14A2025-04-040001193125-25-073397CEO total compensation as printed in Hess Corporation's own proxy. As printed: 18,036,267. Filing ↗machine: r2 · c35 · span 890654–890664
23EOG Resources Inc., Section 10b CEO totalDEF 14A2026-03-270001104659-26-036125CEO total compensation as printed in EOG Resources Inc.'s own proxy. As printed: 17,576,636. Filing ↗machine: t153 · r6 · c17 · span 1140550–1140560
24EQT Corporation, Section 10b CEO totalDEF 14A2026-02-260001104659-26-020027CEO total compensation as printed in EQT Corporation's own proxy. As printed: 16,087,233. Filing ↗machine: r1 · c48 · span 1446364–1446374
25Diamondback Energy, Inc., Section 10b CEO totalDEF 14A2026-04-090001308179-26-000242CEO total compensation as printed in Diamondback Energy, Inc.'s own proxy. As printed: 14,931,423. Filing ↗machine: t243 · span 824819–824829
26Coterra Energy Inc., Section 10b CEO totalDEF 14A2025-03-200001104659-25-026126CEO total compensation as printed in Coterra Energy Inc.'s own proxy. As printed: 14,748,960. Filing ↗machine: t61 · r1 · c63 · span 936374–936384
27Ovintiv (subject), Section 10b CEO totalDEF 14A2026-03-250001193125-26-124351CEO total compensation as printed in Ovintiv's own proxy. As printed: 13,693,140. Filing ↗machine: r3 · c31 · span 1274573–1274583
28APA Corporation, Section 10b CEO totalDEF 14A2026-04-090001193125-26-149453CEO total compensation as printed in APA Corporation's own proxy. As printed: 13,202,517. Filing ↗machine: t67 · r2 · c24 · span 1213765–1213775
29Devon Energy Corporation, Section 10b CEO totalDEF 14A2026-05-280001104659-26-067065CEO total compensation as printed in Devon Energy Corporation's own proxy. As printed: 12,566,384. Filing ↗machine: r1 · c22 · span 1488697–1488707
30Permian Resources Group, Section 10b CEO totalDEF 14A2026-04-060001658566-26-000062CEO total compensation as printed in Permian Resources Group's own proxy. As printed: 11,432,842. Filing ↗machine: t148 · r5 · c4 · span 957173–957183
31Expand Energy Corporation, Section 10b CEO totalDEF 14A2026-04-240001104659-26-048155CEO total compensation as printed in Expand Energy Corporation's own proxy. As printed: 9,879,106. Filing ↗
32Matador Resources, Section 10b CEO totalDEF 14A2025-04-280001520006-25-000125CEO total compensation as printed in Matador Resources's own proxy. As printed: 8,437,049. Filing ↗machine: r2 · c6 · span 2079441–2079451
33Civitas Resources Inc., Section 10b CEO totalDEF 14A2025-04-210001558370-25-005077CEO total compensation as printed in Civitas Resources Inc.'s own proxy. As printed: 8,385,769. Filing ↗machine: t156 · r5 · c14 · span 1210375–1210384
34Range Resources Corporation, Section 10b CEO totalDEF 14A2026-03-310001193125-26-134699CEO total compensation as printed in Range Resources Corporation's own proxy. As printed: 8,375,421. Filing ↗machine: span 2305762–2305771
35Antero Resources Corporation, Section 10b CEO totalDEF 14A2026-04-230001308179-26-000330CEO total compensation as printed in Antero Resources Corporation's own proxy. As printed: 6,687,656. Filing ↗machine: t260 · r1 · c27 · span 557200–557209
36Section 10a, EOG Resources Inc. reciprocityDEF 14A0001104659-26-036125EOG Resources Inc. names Ovintiv in its own disclosed peer group (read from its most recent proxy). Filing ↗
37Section 10a, Hess Corporation reciprocityDEF 14A0001193125-25-073397Hess Corporation's most recent proxy was read; its disclosed peer group does not include Ovintiv. Filing ↗
38Section 10a, EQT Corporation reciprocityDEF 14A0001104659-26-020027EQT Corporation names Ovintiv in its own disclosed peer group (read from its most recent proxy). Filing ↗
39Section 10a, APA Corporation reciprocityDEF 14A0001193125-26-149453APA Corporation names Ovintiv in its own disclosed peer group (read from its most recent proxy). Filing ↗
40Section 10a, Civitas Resources Inc. reciprocityDEF 14A0001558370-25-005077Civitas Resources Inc. names Ovintiv in its own disclosed peer group (read from its most recent proxy). Filing ↗
41Section 10a, Coterra Energy Inc. reciprocityDEF 14A0001104659-25-026126Coterra Energy Inc. names Ovintiv in its own disclosed peer group (read from its most recent proxy). Filing ↗
42Section 10a, Diamondback Energy, Inc. reciprocityDEF 14A0001308179-26-000242Diamondback Energy, Inc. names Ovintiv in its own disclosed peer group (read from its most recent proxy). Filing ↗
43Section 10a, Permian Resources Group reciprocityDEF 14A0001658566-26-000062Permian Resources Group names Ovintiv in its own disclosed peer group (read from its most recent proxy). Filing ↗
44Section 10a, Antero Resources Corporation reciprocityDEF 14A0001308179-26-000330Antero Resources Corporation names Ovintiv in its own disclosed peer group (read from its most recent proxy). Filing ↗
45Section 10a, Range Resources Corporation reciprocityDEF 14A0001193125-26-134699Range Resources Corporation names Ovintiv in its own disclosed peer group (read from its most recent proxy). Filing ↗
46Section 10a, Devon Energy Corporation reciprocityDEF 14A0001104659-26-067065Devon Energy Corporation names Ovintiv in its own disclosed peer group (read from its most recent proxy). Filing ↗
47Section 10a, Matador Resources reciprocityDEF 14A0001520006-26-000013Matador Resources names Ovintiv in its own disclosed peer group (read from its most recent proxy). Filing ↗
48Section 10a, Occidental Petroleum Corporation reciprocityDEF 14A0001628280-26-019816Occidental Petroleum Corporation's most recent proxy was read; its disclosed peer group does not include Ovintiv. Filing ↗
49Section 10a, Expand Energy Corporation reciprocityDEF 14A0001104659-26-048155Expand Energy Corporation names Ovintiv in its own disclosed peer group (read from its most recent proxy). Filing ↗