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 · Operating
Operating
A reconciliation of operating costs to net operating costs is as follows:
| (millions) | 2025 | 2024 |
|---|---|---|
| Operating costs | $183.5 | $208.7 |
| Less processing fees | (10.1) | (12.4) |
| Less road use recoveries | (6.7) | (8.6) |
| Add realized power risk management loss | - | 1.6 |
| Net operating costs (1) | $166.7 | $189.3 |
(1)
Non-GAAP financial measure. See “Non-GAAP and Other Financial Measures”.
On an absolute basis, in 2025, both operating and net operating costs were lower than in 2024, mainly due to our lower production base as a result of the Company closing the Pembina Disposition at the start of Q2 2025.
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