OBSIDIAN ENERGY LTD.
For the period ended Dec 31, 2024. Filed Feb 25, 2025.
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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.
FY2024 · Filed Feb 25, 2025
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Contents
EX-99.2 · Netbacks
Netbacks
| (per boe) | 2024 | 2023 |
|---|---|---|
| Netback: | ||
| Sales price (1) (3) | $59.70 | $61.37 |
| Risk management gain (2) | 1.58 | 1.50 |
| Royalties | (7.76) | (8.30) |
| Transportation | (4.22) | (3.48) |
| Net operating costs (3) | (13.85) | (14.21) |
| Netback (3) | $35.45 | $36.88 |
| (boe/d) | (boe/d) | |
| Production | 37,474 | 32,275 |
(1)
Includes the impact of commodities purchased and sold to/from third parties of $1.3 million (2023 – $2.2 million).
(2)
Realized risk management gains and losses on commodity contracts.
(3)
Non-GAAP ratios. See "Non-GAAP and Other Financial Measures".
| OBSIDIAN ENERGY 2024 | MANAGEMENT’S DISCUSSION AND ANALYSIS 7 |
|---|
The Company's netback per boe decreased in 2024 from 2023 primarily due to lower commodity prices and higher transportation costs due to expanded operations in Peace River. This was partially offset by decreased royalty rates due to lower commodity prices, lower net operating costs on a per boe basis and higher realized risk management gains on our commodity contracts in 2024.
| (millions) | 2024 | 2023 |
|---|---|---|
| Netback: | ||
| Sales (1) (3) | $818.8 | $722.8 |
| Risk management gain (2) | 21.6 | 17.7 |
| Royalties | (106.5) | (97.8) |
| Transportation | (57.9) | (41.0) |
| Net operating costs (3) | (189.3) | (167.4) |
| Netback (3) | $486.7 | $434.3 |
(1)
Includes the impact of commodities purchased and sold to/from third parties of $1.3 million (2023 – $2.2 million). See "Production Revenues" below for a reconciliation of "Sales" to "Production Revenues".
(2)
Realized risk management gains on commodity contracts.
(3)
Non-GAAP financial measures. See "Non-GAAP and Other Financial Measures".
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