Obsidian Energy Announces First Quarter 2025 Results
Press Release
- Closed $320 million divestiture of Pembina assets on April 7, 2025, with cash proceeds used to reduce debt level
- Completed first quarter program with 26 (24.4 net) operated wells rig released and 19 (17.9 net) operated wells brought on production
- Responded to the market environment by reducing our first half capital program to $165 – $170 million from $185 – $195 million
- Commenced drilling waterflood injector pilot at the Dawson 4-24 Pad
Calgary, Alberta–(May 7, 2025) – OBSIDIAN ENERGY LTD. (TSX: OBE) (NYSE American: OBE) (“Obsidian Energy“, the “Company“, “we“, “us” or “our“) is pleased to report our operating and financial results for the first quarter of 2025.
| Three months ended March 31 |
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| 2025 | 2024 | |||||||
| FINANCIAL1 (millions, except per share amounts) |
||||||||
| Cash flow from operating activities | 96.7 | 58.7 | ||||||
| Basic per share ($/share)2 | 1.32 | 0.76 | ||||||
| Diluted per share ($/share)2 | 1.27 | 0.73 | ||||||
| Funds flow from operations3 | 100.1 | 84.4 | ||||||
| Basic per share ($/share)4 | 1.36 | 1.09 | ||||||
| Diluted per share ($/share)4 | 1.31 | 1.05 | ||||||
| Net income | 15.4 | 11.9 | ||||||
| Basic per share ($/share) | 0.21 | 0.15 | ||||||
| Diluted per share ($/share) | 0.20 | 0.15 | ||||||
| Capital expenditures | 128.4 | 114.3 | ||||||
| Decommissioning expenditures | 6.6 | 10.1 | ||||||
| Long-term debt | 350.4 | 277.6 | ||||||
| Net debt3 | 459.9 | 386.3 | ||||||
| OPERATIONS | ||||||||
| Daily Production | ||||||||
| Light oil (bbl/d) | 12,727 | 13,079 | ||||||
| Heavy oil (bbl/d) | 10,887 | 6,748 | ||||||
| NGL (bbl/d) | 3,072 | 2,783 | ||||||
| Natural gas (mmcf/d) | 70 | 70 | ||||||
| Total production5 (boe/d) | 38,416 | 34,238 | ||||||
| Average sales price2,6 | ||||||||
| Light oil ($/bbl) | 99.46 | 94.82 | ||||||
| Heavy oil ($/bbl) | 70.14 | 60.39 | ||||||
| NGLs ($/bbl) | 53.49 | 50.43 | ||||||
| Natural gas ($/mcf) | 2.18 | 2.38 | ||||||
| Netback ($/boe) | ||||||||||
| Sales price | 61.11 | 57.07 | ||||||||
| Risk management gain | 0.78 | 1.24 | ||||||||
| Net sales price | 61.89 | 58.31 | ||||||||
| Royalties | (8.22) | (7.05 | ) | |||||||
| Net operating costs4 | (15.72) | (13.91 | ) | |||||||
| Transportation | (4.85) | (3.95 | ) | |||||||
| Netback4 ($/boe) | 33.10 | 33.40 | ||||||||
- We adhere to generally accepted accounting principles (“GAAP“); however, we also employ certain non-GAAP measures to analyze financial performance, financial position, and cash flow, including funds flow from operations (“FFO”), net debt, netback and net operating costs. Additionally, other financial measures are also used to analyze performance. These non-GAAP and other financial measures do not have any standardized meaning prescribed by International Financial Reporting Standards (“IFRS“) and therefore may not be comparable to similar measures provided by other issuers. Readers should not consider non-GAAP and other financial measures to be more meaningful than GAAP measures, which are determined in accordance with IFRS, such as net income and cash flow from operating activities, as indicators of our performance.
- Supplementary financial measure. See ‘Non-GAAP and Other Financial Measures’.
- Non-GAAP financial measure. See ‘Non-GAAP and Other Financial Measures‘.
- Non-GAAP ratio. See ‘Non-GAAP and Other Financial Measures‘.
- Please refer to the ‘Oil and Gas Information Advisory’ section below for information regarding the term “boe”.
- Before realized risk management gains/(losses).
Detailed information can be found in Obsidian Energy’s unaudited interim consolidated financial statements and management’s discussion and analysis (“MD&A“) as at and for the three month period ended March 31, 2025, on our website at www.obsidianenergy.com, which will also be filed on SEDAR+ and EDGAR in due course.
ILR4
