OBSIDIAN ENERGY LTD.
For the period ended Dec 31, 2023. Filed Feb 22, 2024.
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The yearly report of certain Canadian companies, filed under a joint US and Canadian system. It is the main yearly account these companies give US investors, largely as filed in Canada.
FY2023 · Filed Feb 22, 2024
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Contents
EX-99.3 · 16. Commitments and contingencies
- Commitments and contingencies
Obsidian Energy is committed to certain payments over the next five calendar years and thereafter as follows:
| 2024 · 2025 · 2026 · 2027 · 2028 · Thereafter · Total | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Long-term debt (1) | $ | - | $107.5 | $ | - | $117.4 | $ | - | $ | - | $224.9 |
| Transportation | 9.5 | 7.3 | 6.1 | 4.6 | 3.7 | 7.8 | 39.0 | ||||
| Interest obligations | 23.3 | 17.9 | 14.0 | 14.0 | - | - | 69.2 | ||||
| Office lease (existing) | 10.0 | 0.8 | - | - | - | - | 10.8 | ||||
| Lease liability | 1.9 | 2.0 | 1.6 | 1.3 | 0.7 | 4.8 | 12.3 | ||||
| Decommissioning liability | 23.4 | 21.8 | 20.2 | 18.7 | 17.4 | 71.0 | 172.5 | ||||
| Total | $68.1 | $157.3 | $41.9 | $156.0 | $21.8 | $83.6 | $528.7 | ||||
(1)
The 2025 figure includes our syndicated credit facility which has a term-out date of May 2025. The 2027 figure includes our senior unsecured notes due in July 2027. Refer to Note 5 for further details. Historically, the Company has successfully renewed its syndicated credit facility.
Obsidian Energy’s commitments relate to the following:
Transportation commitments relate to costs for future pipeline access.
Interest obligations are the estimated future interest payments related to Obsidian Energy’s debt instruments.
Office leases pertain to total existing leased office space, which expires in January 2025
Lease liabilities pertain to various vehicle, surface lease commitments and the new office lease (begins in 2025) that meet the definition of a lease under IFRS 16.
The decommissioning liability represents the inflated, discounted future reclamation and abandonment costs that are expected to be incurred over the life of our properties.
The Company is involved in various litigation and claims in the normal course of business and records provisions for claims as required.
| OBSIDIAN ENERGY 2023 | NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 32 |
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