Extractive Sector Transparency Act
Ovintiv is required to comply with Extractive Sector Transparency Act (ESTMA) which was enacted by the Government of Canada. ESTMA requires extractive entities active in Canada to publicly disclose, on an annual basis, specific payments made to governments in Canada and abroad. Ovintiv’s report, which has been prepared in accordance with ESTMA, is below:
U.K. Tax Disclosure
In accordance with the tax laws of the United Kingdom, multinational companies with a U.K. presence and consolidated assets in excess of £2 billon must provide certain tax information relating to the governance of tax risks in respect of its U.K. activities.
Ovintiv Inc. is a Delaware corporation with its common stock listed on the New York and Toronto stock exchanges. Ovintiv Canada ULC is a taxable Canadian company, and an indirect, wholly-owned subsidiary of Ovintiv Inc. Encana (U.K.) Holdings Limited is a direct, wholly-owned subsidiary of Ovintiv Canada ULC and it became an inactive company following the 2004 sale of its operating subsidiary, Encana U.K. Limited. Encana (U.K.) Holdings Limited is in the process of being liquidated.
Ovintiv Canada ULC’s tax strategy in respect of Encana (U.K.) Holdings Limited is to timely comply with its remaining tax filing obligations associated with the final liquidation of the subsidiary company. Ovintiv Canada ULC and its U.K. subsidiary will cooperate with Her Majesty’s Revenue and Customs and provide information and documentation requested by the U.K. tax authorities to ensure compliance with its remaining U.K. filing obligations.