Obsidian Energy (OBE) AGM 2025 summary

Opening remarks and agenda

• The meeting began with a reminder about forward-looking statements and associated risks, and an overview of the agenda, including financial and operational updates, strategic direction, and Q&A with stakeholders.

Financial performance review

• Q1 production reached 38,400 boe/d, up 12% year-over-year, driven by heavy oil growth in Peace River.

• Capital expenditures for Q1 were CAD 128 million, with negative free cash flow of about CAD 35 million due to heavy capital spending.

• Net debt increased to CAD 460 million at Q1 end but is projected to drop to CAD 255 million post-Pembina sale.

• Funds flow from operations was CAD 100 million, up 19% year-over-year and 25% per share.

• Operating costs rose due to Peace River activity, but G&A per boe declined compared to last year.

Board and executive committee updates

• Leadership emphasized prudent leverage, strong technical expertise, and a commitment to health, safety, and community engagement.