• Ovintiv average gross margin for 2023 was 46.54%, a 16.67% increase from 2022.
• Ovintiv average gross margin for 2022 was 39.89%, a 29.43% increase from 2021.
• Ovintiv average gross margin for 2021 was 30.82%, a 31.28% increase from 2020.

Gross margin can be defined as a company's total sales revenue minus its cost of goods sold, divided by the total sales revenue, expressed as a percentage.