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 · Netbacks
Netbacks
| (per boe) | 2023 | 2022 |
|---|---|---|
| Netback: | ||
| Sales price (1) | $61.37 | $80.31 |
| Risk management gain (loss) (2) | 1.50 | (2.85) |
| Royalties | (8.30) | (13.24) |
| Transportation | (3.48) | (3.14) |
| Net operating costs (3) | (14.21) | (14.29) |
| Netback (3) | $36.88 | $46.79 |
| (boe/d) | (boe/d) | |
| Production | 32,275 | 30,682 |
(1)
Includes the impact of commodities purchased and sold to/from third parties of $2.2 million (2022 – $2.1 million).
(2)
Realized risk management gains and losses on commodity contracts, including closing out the PROP Energy 45 Limited Partnership ("PROP 45") hedges in July 2022.
(3)
Non-GAAP financial ratios. See "Non-GAAP and Other Financial Measures".
The Company's netback decreased in 2023 from 2022 primarily due to lower commodity prices. This was partially offset by decreased royalties due to lower commodity prices and realized risk management gains on our commodity contracts in 2023.
| (millions) | 2023 | 2022 |
|---|---|---|
| Netback: | ||
| Sales (1) (2) | $722.8 | $899.4 |
| Risk management gain (loss) (3) | 17.7 | (31.9) |
| Royalties | (97.8) | (148.3) |
| Transportation | (41.0) | (35.1) |
| Net operating costs (2) | (167.4) | (160.0) |
| Netback (2) | $434.3 | $524.1 |
(1)
Includes the impact of commodities purchased and sold to/from third parties of $2.2 million (2022 – $2.1 million). See "Production Revenues" below for a reconciliation of "Sales" to "Production Revenues".
(2)
Non-GAAP financial measures. See "Non-GAAP and Other Financial Measures".
(3)
Realized risk management gains and losses on commodity contracts.
| OBSIDIAN ENERGY 2023 | MANAGEMENT’S DISCUSSION AND ANALYSIS 7 |
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