Adam Scott, who shared the first-round lead with Steve Lowery, posted his second straight 5-under 65 to join Wetterich in the lead.
Ogilvie's round would have been the low round of the day if not for Arron Oberholser, who fired a 10-under 60 on the Cottonwood Valley Course to climb to minus-6. Oberholser, who missed a birdie putt at 18 with a chance to shoot 59, stands alongside Lowery (69) and Phil Tataurangi (66) in a tie for fifth.
Action for the first two rounds was split over the TPC at Las Colinas and the Cottonwood Valley Course. The weekend will be contested on the TPC at Las Colinas course.
Oberholser, who earned his first tour win earlier this year at the Pebble Beach National Pro-Am, birdied the first, then ran off three birdies over a four-hole stretch from the fifth to get back to even-par for the tournament.
The 31-year-old birdied each of the first four holes on the back nine. After a pair of pars, Oberholser birdied 16 and 17 to get to 10 under for his round.
Oberholser found the putting surface at the par-4 18th with his second shot.
Looking at a 15-footer for birdie to become the fourth player in PGA TOUR history to shoot 59, Oberholser missed the birdie try badly to the right. He tapped in for par, and his round of 60 helped him jump from a tie for 120th to a share of fifth.
'It was a lot of fun. Well, I think I'm improving. My consistency is getting better,' Oberholser said. 'I'm focusing more on the mental aspect of the game than I have been. So it's just been I'm settling in, I'm finding it more comfortable out here, and I'm starting to feel like I did when I played on the Nationwide Tour and the Canadian Tour.'
Scott played at Cottonwood Valley on Friday and opened with a birdie on the par-4 first. He then birdied the third to move to 7 under.
The 25-year-old parred his next five holes before dropping in a birdie on the par-4 eighth. Around the turn, Scott birdied the par-3 12th to get within one stroke of Wetterich.
Scott grabbed a share of the lead with a birdie at the par-4 14th, then parred his final four holes to cap off a bogey-free round.
'It's been a while since I've had one of them,' said Scott, referring to the fact he has gone 22 holes without a bogey. 'That was steady golf out there. I made couple of good par saves that kept everything going. Other than that, I'm playing pretty nicely.'
Wetterich got off to a slow start at Las Colinas as he carded just one birdie over his first six holes. He birdied seven and nine to move to 7 under.
The 32-year-old poured in three straight birdies from the 12th to fly up the leaderboard. However, Wetterich tripped to a bogey on the par-4 15th. The two-time winner on the Nationwide Tour got that stroke back with a birdie at the last.
'Yeah, I played solid out there today. I was just trying to be patient,' Wetterich said. 'I ended up making a lot more birdies than I thought I would. I had a bad bogey from the middle of the fairway. Other than that, I think I played pretty well.'
Luke Donald, Bob Estes, Trevor Immelman and Bo Van Pelt are tied for eighth place at 5-under-par 135. Dudley Hart and Tim Herron are one stroke further back at minus-4.
The cut line fell at 1-over-par 141 with 80 players advancing to the final two rounds. Among those who missed the cut were 1987 champion Fred Couples (142), Zurich Classic of New Orleans winner Chris Couch (143), 2003 U.S. Open Champion Jim Furyk (143), 2002 PGA champion Rich Beem (145) and 2004 British Open champ Todd Hamilton (147).