OBSIDIAN ENERGY LTD.
For the period ended Dec 31, 2025. Filed Feb 19, 2026.
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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.
FY2025 · Filed Feb 19, 2026
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Contents
EX-99.2 · Netbacks
Netbacks
| (per boe) | 2025 | 2024 |
|---|---|---|
| Netback: | ||
| Sales price (1) (3) | $53.73 | $59.70 |
| Risk management gain (2) | 0.65 | 1.58 |
| Royalties | (6.55) | (7.76) |
| Transportation | (4.78) | (4.22) |
| Net operating costs (3) | (14.92) | (13.85) |
| Netback (3) | $28.13 | $35.45 |
| (boe/d) | (boe/d) | |
| Production | 30,624 | 37,474 |
(1)
Includes the impact of commodities purchased and sold to/from third parties of $0.7 million (2024 – $1.3 million).
(2)
Realized risk management gains and losses on commodity contracts.
(3)
Non-GAAP ratios. See "Non-GAAP and Other Financial Measures".
The Company's netback per boe decreased in 2025 from 2024 primarily due to lower oil prices which led to lower realized prices. Transportation costs were also higher as a result of our higher production base in Peace River. Net operating costs were higher in 2025 due to increased emulsion trucking costs and processing fees due to our expanded Peace River operations.
| OBSIDIAN ENERGY 2025 | MANAGEMENT’S DISCUSSION AND ANALYSIS 8 |
|---|
| (millions) | 2025 | 2024 |
|---|---|---|
| Netback: | ||
| Sales (1) (3) | $600.5 | $818.8 |
| Risk management gain (2) | 7.3 | 21.6 |
| Royalties | (73.2) | (106.5) |
| Transportation | (53.4) | (57.9) |
| Net operating costs (3) | (166.7) | (189.3) |
| Netback (3) | $314.5 | $486.7 |
(1)
Includes the impact of commodities purchased and sold to/from third parties of $0.7 million (2024 – $1.3 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" and see "Expenses - Operating" for reconciliation of net operating costs to operating costs.
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