Obsidian Energy
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Obsidian Energy (OBE) investor relations material

Obsidian Energy Corporate presentation summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Corporate presentation summary19 Feb, 2026

Financial and operational performance

  • Q4 2025 production averaged 27,971 boe/d, with annualized funds flow from operations of $226 million and a net debt to FFO ratio of 1.2x.

  • Market capitalization reached $716 million, with enterprise value at $984 million and net debt at $268 million at year-end 2025.

  • Completed the Pembina asset sale for $325 million, reducing asset retirement obligations and further strengthening the balance sheet.

  • Fully utilized the NCIB share buyback program, repurchasing over 20% of shares since 2023, and initiated a prepaid equity forward program.

  • Refinanced senior notes at a lower interest rate and extended the credit facility to 2027, with minimal drawdown at year-end 2025.

Asset base and development strategy

  • Core assets in Peace River (heavy oil) and Willesden Green (light oil) with significant reserves and multi-year drilling inventory.

  • 2025 capital program focused on Peace River, including waterflood pilots and exploration, and Willesden Green, with new Cardium and Belly River wells.

  • 2026 capital program targets 38 operated wells, balancing development and appraisal, with a focus on expanding waterflood initiatives.

  • Pembina Cardium Unit #11 and Viking assets provide additional low-risk, high-return drilling opportunities.

Reserves and value creation

  • Year-end 2025 2P reserves totaled 158 MMboe, with a 2P NPV10% of $2,088 million at US$70/bbl WTI.

  • Achieved reserve replacement ratios of 118% to 235% for 2025, marking the fifth consecutive year above 100%.

  • Reserve life index ranges from 6.0 to 13.3 years, underpinned by a large inventory of booked and unrisked locations.

  • Net asset value per share (2P) estimated at $26.69, with current share price trading at a significant discount to reserve value.

What drives 2026's low FCF despite FFO?
Peace River waterflood long-term strategy
How to close NAV/share discount?
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Q1 20267 May, 2026
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Frequently asked questions

Obsidian Energy Ltd., formerly known as Penn West Petroleum Ltd. until June 2017, is a company that primarily focuses on the exploration, production, and development of oil and natural gas properties. Its operations are centered in the Western Canada Sedimentary Basin, which is known for its rich natural resources. As a conventional oil and natural gas production and development company, Obsidian Energy has established a portfolio of high-quality assets in this region. The company is headquartered in Calgary, Alberta, and its shares are listed on the NYSE.

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