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 · Share-Based Compensation
Share-Based Compensation
Share-based compensation expense relates to the Company's Stock Option Plan (the “Option Plan”), restricted shares units (“RSUs") granted under the Restricted and Performance Share Unit Plan (“RPSU plan”), restricted awards granted under the Non-Treasury Incentive Award Plan (“NTIP”), Deferred Share Unit Plan (“DSU plan”) and performance share units (“PSUs”) granted under the RPSU plan.
Share-based compensation expense consisted of the following:
| (millions) | 2023 | 2022 |
|---|---|---|
| DSUs | $0.5 | $9.5 |
| PSUs | 6.3 | 8.0 |
| NTIP | 1.4 | 5.9 |
| Cash settled share-based incentive plans | $8.2 | $23.4 |
| RSUs | $6.7 | $3.4 |
| Options | 1.3 | 1.3 |
| Equity settled share-based incentive plans | 8.0 | 4.7 |
| Share-based compensation | $16.2 | $28.1 |
At December 31, 2023, the Company’s share price closed at $8.99 per share which was comparable to $8.98 per share on December 31, 2022. As the share price was relatively unchanged year-over-year, this resulted in a reduction in our share-based compensation in 2023 compared to 2022 when the share price increased significantly. The change in share price at the balance sheet date results in a mark-to-market valuation which is used to calculate the PSU, DSU and NTIP future obligations.
| OBSIDIAN ENERGY 2023 | MANAGEMENT’S DISCUSSION AND ANALYSIS 10 |
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