Obsidian Energy (OBE) investor relations material

Financial and operational performance

• Q1 2026 production averaged 28,733 boe/d, with annualized funds flow from operations (FFO) of $244 million and net debt to FFO at 1.1x.

• Market capitalization reached $1,008 million, with enterprise value at $1,288 million and net debt at $280 million.

• 2P reserves stand at 158 million boe, with a 2P NPV10% of $2,436 million at US$80/bbl WTI.

• Production is balanced between heavy oil (Peace River: 13,270 boe/d) and light oil (Willesden Green & PCU #11: 14,263 boe/d; Viking: 920 boe/d).

• Q1 2026 capital expenditures were $79.7 million, with netback at $26.76/boe and net operating costs at $14.60/boe.

Strategic initiatives and capital allocation

• Accelerated 2026 capital program increased by ~$100 million, focusing on high-return light oil and waterflood development.

• Expanded Willesden Green development and accelerated Peace River Clearwater waterflood with 10 additional Dawson injectors.

• Maintained leverage below 1x despite increased investment, with net debt to annualized FFO projected at 0.9x for 2026.

• Active share buyback program since 2023, with ~23% of shares repurchased/cancelled at an average price of $8.69/share.

• Prepaid equity program covers ~8% of shares at $9.56/share, mitigating FFO volatility.

Asset development and operational highlights

• Peace River: 11 wells rig-released in Q1 2026, including Clearwater and Bluesky wells; waterflood pilots operational in Dawson, Nampa, and West Dawson.

• Willesden Green: 5 Belly River wells rig-released in Q1 2026; strong production results with IP30s up to 303 boe/d and Cardium wells averaging 523 boe/d.

• 2026 capital program includes 65 gross (64.7 net) operated wells, with a focus on waterflood initiatives and accelerated Belly River development.

• New Ventures: Over 150 sections acquired for multi-zone exploration, with appraisal planned for H2 2026.