Obsidian Energy (OBE) Corporate presentation summary

Financial and operational highlights

• Q2 2026 production averaged 28,200 boe/d, with annualized AFFO of $294 million and net debt to AFFO at 1.2x.

• Market capitalization reached $1,189 million, with enterprise value at $1,543 million and net debt at $354 million.

• 2P reserves stand at 158 million boe, with a 2P NPV10% of $2,310 million at US$80/bbl WTI.

• Updated 2026 guidance sets production at 28,500–29,500 boe/d, with $306 million AFFO and $400 million net debt.

• Capital expenditures for 2026 are projected at $300–325 million, focusing on high-return light oil and waterflood development.

Asset base and development strategy

• Core assets include Peace River (heavy oil), Willesden Green & PCU #11 (light oil), and Viking (light oil), with a balanced production mix.

• Strategic Wilson Creek acquisition added 2,500 boe/d and expanded the Belly River land base, enhancing scale and inventory.

• Accelerated Belly River development with a two-rig program and $65 million incremental capital in H2 2026.

• Peace River asset features over 830 sections of land, with ongoing waterflood pilots and multi-zone potential.

• New ventures include multi-zone exploration with over 150 sections acquired for future growth.

Capital allocation and shareholder returns

• Active share buyback program since 2023, with ~24% of shares repurchased and cancelled at an average price of $8.92/share.

• Prepaid equity forward contracts on ~8% of shares at $9.69/share to mitigate FFO volatility.

• Focus on per share growth through production additions and capital returns.

• No cash taxes expected for ~10 years due to $2.3 billion in tax pools.