Ovintiv Enters Into Agreement For Cedar LNG Capacity; Agreement Enables Export Of 0.5 Mtpa LNG, Operations Start Late 2028; Co And Pembina Sign 12-year Agreement For 0.5 Mtpa Of Pembina's Liquefaction Capacity At Cedar LNG Facility

Ovintiv Inc. (NYSE:OVV) (TSX:OVV) ("Ovintiv" or the "Company") and a subsidiary of Pembina Pipeline Corporation ("Pembina") (TSX:PPL, NYSE:PBA) today announced the signing of a 12-year agreement (the "Agreement") for 0.5 million tonnes per annum ("mtpa") of Pembina's liquefaction capacity at the Cedar LNG facility ("Cedar LNG").

The Agreement enables the export of 0.5 mtpa of LNG, under which Pembina will provide transportation and liquefaction capacity to Ovintiv over a 12-year term, commencing with commercial operations at Cedar LNG, anticipated in late 2028. It provides Ovintiv, one of Canada's largest natural gas producers, with access to additional export markets, complementary to the Company's existing portfolio of natural gas transportation arrangements. Export from the west coast of Canada offers the shortest shipping distance to Asian LNG markets from North America.

"Today's announcement marks a significant advancement in our strategy to expand market access and maximize the profitability of our Montney gas resource through participation in global LNG markets," said Meghan Eilers, EVP of Midstream and Marketing at Ovintiv. "We are excited to partner with Pembina to supply low-cost Canadian natural gas to overseas markets, supporting energy security and global emissions reductions."