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Obsidian Energy (OBE) investor relations material
Obsidian Energy Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Achieved average production of 27,316 boe/d in Q3 2025, with funds flow from operations (FFO) of $49.7 million ($0.74/share basic), impacted by a $5.5 million mark-to-market charge on share-based compensation.
Increased H2 2025 production guidance to 27,800–28,300 boe/d due to strong development results, especially in Peace River and the first Belly River well in Crimson.
Disposed of InPlay Oil Corp. shares for $91.4 million, reducing net debt to $219.3 million at quarter-end.
Initiated a pre-paid equity forward program to hedge share-based incentive plan exposure.
Financial highlights
Q3 2025 FFO was $49.7 million, down from $124.7 million in Q3 2024, due to lower production after the Pembina asset sale, plant turnaround, lower oil prices, and share-based compensation charges.
Net income for Q3 2025 was $16.8 million ($0.25/share basic), down from $33.2 million ($0.44/share) in Q3 2024.
Capital expenditures were $65.3 million in Q3 2025, with decommissioning expenditures of $7.9 million.
Free cash flow for Q3 2025 was negative at $(23.5) million, compared to $32.9 million in Q3 2024.
Netback per boe was $24.90 in Q3 2025, down from $36.23 in Q3 2024.
Outlook and guidance
H2 2025 production guidance raised to 27,800–28,300 boe/d, with expectations to reach the upper end.
H2 2025 capital expenditure guidance increased to $120–$125 million, reflecting accelerated projects and additional injector wells.
H2 2025 operating cost guidance increased to $14.35–$14.60/boe due to higher trucking and processing fees, with expectations for lower costs ahead.
H2 2025 FFO expected at ~$114 million, with net debt to annualized FFO ratio of ~1.0x.
Approximately two-thirds of Q4 2025 WTI exposure hedged at ~C$90/bbl.
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