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 · Operating
Operating
A reconciliation of operating costs to net operating costs is as follows:
| (millions) | 2023 | 2022 |
|---|---|---|
| Operating costs | $188.9 | $175.3 |
| Less processing fees | (14.3) | (8.4) |
| Less road use recoveries | (7.2) | (6.9) |
| Net operating costs (1) | $167.4 | $160.0 |
(1)
Non-GAAP financial measure. See “Non-GAAP and Other Financial Measures”.
Operating costs have increased in 2023 compared to 2022 due to our larger production base, higher power usage and the general inflationary pressures experienced across the industry.
The Company has entered into power hedging contracts for 2024 to help minimize our exposure to power pricing volatility and their impact on net operating costs.
Processing fees increased in 2023 due to a full year of ownership of a gas plant in Peace River which was purchased in the Fall of 2022.
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