Obsidian Energy Ltd. reported first quarter 2025 average production of 38,416 boe/d, a 12 percent increase over Q1 2024. Funds flow from operations (FFO) rose by 19 percent to $100.1 million, or $1.36 per share basic, a 25 percent increase on a per-share basis. Net income for the quarter was $15.4 million, or $0.21 per share basic, compared to $11.9 million in the prior year.
Capital expenditures for Q1 2025 totaled $128.4 million. However, in response to commodity price volatility, the company revised its first half 2025 capital program, reducing expenditures to $165-$170 million from the initial $185-$195 million. This reduction includes deferring drilling in the Clearwater and Bluesky formations in Peace River.
Obsidian Energy also announced the withdrawal of its three-year growth plan to reach 50,000 boe/d in 2026, citing market uncertainty. The company plans to provide its second half 2025 guidance in late June. Post-quarter, the closing of the Pembina asset disposition reduced net debt by $211 million to approximately $250 million, excluding the value of its InPlay share position.
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