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 · Operating
Operating
A reconciliation of operating costs to net operating costs is as follows:
| (millions) | 2024 | 2023 |
|---|---|---|
| Operating costs | $208.7 | $188.9 |
| Less processing fees | (12.4) | (14.3) |
| Less road use recoveries | (8.6) | (7.2) |
| Realized power risk management loss | 1.6 | - |
| Net operating costs (1) | $189.3 | $167.4 |
(1)
Non-GAAP financial measure. See “Non-GAAP and Other Financial Measures”.
Operating costs have increased in 2024 compared to 2023 due to our larger production base, as well as higher trucking costs due to expanded operations in Peace River.
The Company had previously entered into power hedging contracts for 2024 to help minimize our exposure to power pricing volatility and their impact on net operating costs. For the year ended December 31, 2024, the Company recorded a $1.6 million realized power risk management loss. Currently, the Company has no power hedges outstanding for 2025.
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