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 · Sensitivity Analysis
Sensitivity Analysis
Estimated sensitivities to selected key assumptions on funds flow from operations for the 12 months subsequent to the date of this MD&A, including risk management contracts entered into to date, are based on forecasted results.
| Impact on funds flow from operations (1) | |||
|---|---|---|---|
| Change of: | Change | $ millions | $/share |
| WTI - Price per barrel of liquids | WTI US$1.00 | 8.9 | 0.13 |
| WCS - Price per barrel of liquids | WCS US$1.00 | 5.4 | 0.08 |
| Liquids production | 1,000 bbl/day | 19.6 | 0.29 |
| Price per mcf of natural gas | AECO $0.10 | 0.6 | 0.01 |
| Natural gas production | 1 mmcf/day | 0.7 | 0.01 |
| Effective interest rate | 1% | 0.2 | - |
| Exchange rate ($US per $CAD) | $0.01 | 4.0 | 0.06 |
(1) Non-GAAP financial measure or non-GAAP ratio. See “Non-GAAP and Other Financial Measures”.
| OBSIDIAN ENERGY 2025 | MANAGEMENT’S DISCUSSION AND ANALYSIS 17 |
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