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Obsidian Energy Ltd. reported first quarter 2026 results marked by lower production and a hedging-driven loss after the prior year’s asset sale. Average production was 28,733 boe/d versus 38,416 boe/d in 2025, reflecting the April 2025 Pembina disposition and a shift toward Peace River heavy oil.
Funds flow from operations was $61.0 million ($0.91 per share basic), down from $100.1 million ($1.36 per share) a year earlier, while the company posted a net loss of $18.7 million versus net income of $15.4 million, mainly due to realized and unrealized losses on oil hedges as prices spiked in March.
Capital expenditures were $79.7 million, focused on drilling and waterflood projects in Peace River and Willesden Green, and free cash flow was negative $20.4 million. Netback fell to $26.76/boe from $33.10/boe, and net debt rose to $279.8 million, partly from spending and share repurchases.
The company renewed its normal course issuer bid, repurchasing and cancelling about 1.5 million shares for $18.1 million in the quarter, and has retired roughly 23% of shares since 2023. It also expanded prepaid equity forward contracts to 5,125,000 shares at a weighted average price of $9.56 to manage share-based compensation exposure.
Obsidian Energy reports a strong start to 2026, highlighting high‑quality drilling results in its Peace River and Willesden Green assets and progress on Clearwater waterflood pilots. New Clearwater and Bluesky wells posted initial production rates up to 299 boe/d of 100% oil, with the Belly River 11-28 pad recently producing over 1,000 boe/d.
The Company reaffirms 2026 guidance for production of 27,900–29,900 boe/d with 73% oil and NGLs, capital spending of $190–$230 million and net operating costs of $14.00–$15.00/boe. Sensitivity cases show forecast FFO of $225 million under guidance pricing, rising to $300 million at US$70 WTI and $331 million at US$80 WTI. Obsidian has expanded oil hedging through 2026 with layered WTI swaps and collars and continues share repurchases under its normal course issuer bid.
Obsidian Energy Ltd. is asking shareholders to vote at its annual and special meeting on May 7, 2026 in Calgary on a broad package of governance, compensation and equity plan items.
Shareholders will receive 2025 financial statements, appoint KPMG as auditor, and elect seven directors, all current board members. They will also cast a non-binding advisory “say on pay” vote on the company’s executive compensation approach.
Key resolutions seek approval of amendments to the Stock Option Plan to lift the rolling cap on options from 9.0% to 10.0% of issued shares and remove a 2.0% three‑year annual grant rate limit. As of March 15, 2026, 67,571,737 common shares were outstanding, with 3,420,849 shares (about 5.06%) reserved for outstanding options and 2,261,968 shares (about 3.35%) for outstanding share unit awards, for a combined 8.41% equity-based overhang.
Shareholders are also being asked to re‑approve all unallocated options under the evergreen Stock Option Plan and all unallocated awards under the Restricted and Performance Share Unit Plan, which would allow new grants until May 7, 2029. The circular emphasizes equity incentives as a key tool to attract and retain employees while preserving cash, noting a 21% share count reduction through repurchases since 2023 and strong director share ownership and meeting attendance.
Obsidian Energy Ltd. received an updated large-shareholder disclosure from FrontFour-related investors. The amendment reflects changes in how these investors are grouped and the size of their reported stakes.
Based on 67,274,326 common shares outstanding as of December 31, 2025, FrontFour Master Fund directly owns 2,907,541 shares, or about 4.3% of the company, and FrontFour Capital Corp. directly owns 75,571 shares. Individual reporting persons include Stephen Loukas with 2,705,546 shares (about 4.0%) and David A. Lorber, who may be deemed to beneficially own 3,083,110 shares (about 4.6%), while Zachary George may be deemed to beneficially own 2,983,112 shares (about 4.4%).
Effective March 11, 2026, FrontFour Capital adopted an information barrier that separates Loukas’s board and officer role from FrontFour’s investment decisions. As a result, he is no longer part of the Section 13(d) group and this amendment acts as his exit filing. The remaining parties entered a new joint filing agreement on March 13, 2026, and as of March 12, 2026, the reporting persons collectively ceased to beneficially own more than 5% of Obsidian Energy’s outstanding shares.
Obsidian Energy Ltd. received Toronto Stock Exchange approval to renew its normal course issuer bid, allowing the company to repurchase up to 6,458,536 common shares, equal to 10 percent of its public float as of February 17, 2026, between March 3, 2026 and March 2, 2027.
The company had 67,306,951 common shares outstanding and a public float of 64,585,363 shares on that date. It fully utilized its prior NCIB by repurchasing 7,144,408 shares at a volume-weighted average price of about $7.16 per share. Management believes buybacks at certain prices can enhance per-share metrics and has set up an automatic securities purchase plan to continue repurchases during blackout periods.
Obsidian Energy Ltd. submitted a report noting that it has filed its audited Consolidated Financial Statements and related Management’s Discussion and Analysis for the year ended December 31, 2025 with Canadian regulators. The company also filed its Annual Information Form for 2025, which includes required oil and gas reserves data and related disclosures.
Obsidian Energy states that its Annual Report on Form 40-F for the same period will be filed with the U.S. Securities and Exchange Commission. These documents are available electronically on SEDAR+, EDGAR for the Form 40-F, and the company’s website, with hard copies of the audited financial statements and MD&A available free of charge upon request.
Obsidian Energy Ltd. reported fourth quarter and full year 2025 results showing lower cash generation but a stronger balance sheet after a major asset sale. Full-year funds flow from operations was $272.1 million or $3.92 per basic share, down from $432.0 million in 2024, mainly due to lower oil prices and the sale of Pembina assets.
The company recorded net income of $35.2 million in 2025 versus a net loss of $202.6 million in 2024. Average 2025 production was 30,624 boe/d, with fourth quarter volumes at 27,971 boe/d, temporarily reduced by extreme winter weather in Peace River.
Obsidian closed the Pembina Cardium disposition for about $325 million, cutting decommissioning liabilities by $390 million and reducing net debt to $268.2 million from $411.7 million. It spent $298.9 million on capital, achieved reserve replacement of at least 118% across categories, repurchased 7.6 million shares under its buyback, and used equity forward contracts and hedging to manage share-based compensation and commodity price risk.
Obsidian Energy Ltd. filed its Annual Report on Form 40-F including an Annual Information Form, MD&A, audited consolidated financial statements and supplemental oil and gas information for the year ended December 31, 2025. Management concluded that disclosure controls and internal control over financial reporting were effective as of December 31, 2025. The filing states 67,274,326 shares outstanding. KPMG LLP is the independent registered public accounting firm. The exhibit index lists certifications, auditor consents and a clawback policy.
Obsidian Energy reported its independent 2025 year-end reserves, showing strong organic replacement despite selling its Pembina asset, which held about 35 percent of prior reserves. The company replaced 118 percent of production on a proved developed producing basis, 185 percent on proved, and 235 percent on proved plus probable.
On a proved plus probable basis, total reserves were 158.4 mmboe, with 104.8 mmboe in the proved category. Before-tax NPV10 was $961 million for proved developed producing, $1,446 million for total proved and $2,103 million for total proved plus probable, reflecting lower commodity prices and the Pembina sale.
Peace River reserves grew, including 3.5 mmboe of 2P additions from waterflood projects, while the Belly River program in Willesden Green added 12 locations and 5.6 mmboe. Reserve life indices were approximately 6.0, 10.1 and 13.3 years for PDP, 1P and 2P. F&D costs including FDC changes were $25.70/boe (PDP), $19.44/boe (1P) and $20.68/boe (2P).