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-99.2 · Contractual Obligations and Commitments
Contractual Obligations and Commitments
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(2) | 1.9 | 2.0 | 1.6 | 1.3 | 0.7 | 4.8 | 12.3 | ||||
| Decommissioning liability (3) | 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 the Financing section above for further details. Historically, the Company has successfully renewed its syndicated credit facility.
(2)
Includes the Company's new office lease beginning in 2025
(3)
These amounts represent the present value of future reclamation and abandonment costs that are expected to be incurred over the life of the Company’s properties.
At December 31, 2023, the Company had an aggregate of $117.4 million in senior unsecured notes maturing in July 2027. Also, the revolving period of our syndicated credit facility is May 31, 2024, with a term out period to May 31, 2025. In the future, if the Company is unsuccessful in renewing or replacing the syndicated credit facility or obtaining alternate funding for some or all of the maturing amounts of the senior unsecured notes, it is possible that we could be required to seek other sources of financing, including other forms of debt or equity arrangements if available. Please see the Financing section of this MD&A for further details regarding our outstanding debt instruments.
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 | MANAGEMENT’S DISCUSSION AND ANALYSIS 16 |
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