Obsidian Energy (OBE) Corporate Presentation summary

Financial and operational performance

• H2 2025E average production is forecast at 27,700 boe/d, with annualized funds flow from operations (FFO) of $226 million and net debt to FFO of 0.9x.

• Q2 2025 production was 28,943 boe/d, with net debt at $270 million and enterprise value at $838 million.

• H2 2025 capital expenditures are planned at $110–$120 million, balanced between Peace River and Willesden Green.

• Net operating costs for H2 2025E are guided at $13–$15/boe, with FFO per share (basic) at $1.67.

• Net debt is expected to decrease to $213 million by year-end 2025, with net debt to FFO at 0.9x.

Strategic initiatives and asset management

• Completed the sale of operated Pembina assets in April 2025 for $320 million, plus $6 million from monetized IPO shares.

• The Pembina disposition reduced asset retirement obligations (ARO) by over 50%, streamlining the portfolio.

• Focused capital allocation on Peace River and Willesden Green, with 58 (56.4 net) operated wells planned for 2025.

• Peace River asset production reached 12,827 boe/d in Q2 2025, with significant development in Bluesky and Clearwater.

• Willesden Green production was 11,181 boe/d in Q2 2025, with new infrastructure supporting Cardium and Belly River development.

Shareholder returns and capital structure

• Over 20% of shares repurchased and cancelled (~17.2 million) since February 2023 under the NCIB program.

• Fully utilized current NCIB by August 2025, with $54.8 million spent to repurchase ~7.6 million shares in 2025.

• Production per share CAGR of 19% since Q1 2023, with a 10% total production CAGR over the same period.

• Renewed $235 million credit facility, extended into 2027.