Obsidian Energy Ltd. Consolidated Balance Sheets
(CAD millions, unaudited)
Assets
Current
Cash
Accounts receivable Risk management
Prepaid expenses and otherNon-current
Property, plant and equipmentTotal assets
Liabilities and Shareholders' Equity Current
Bank overdraft
Accounts payable and accrued liabilities Current portion of long-term debt Current portion of lease liabilities Current portion of provisions Risk management
Non-current
Lease liabilities Provisions
Other non-current liabilitiesShareholders' equity
Shareholders' capital
Other reserves Deficit
Total liabilities and shareholders' equitySubsequent event (Note 7)
Commitments and contingencies (Note 11)Note
March 31, 2022
$
5.6
96.6 68.9
- 1.8
10.0 9.1
112.2
3
1,406.1 1,406.1
$
1,518.3
$
3.3
189.3 107.8
4 5 6 7
368.4 391.0
4.0 4.1
18.1 23.4
13.1 4.2
596.2 530.5
5 6
3.8 4.6
119.8 123.8
8.8 6.8
728.6
9
2,221.2
98.2 (1,529.7)
789.7
$
1,518.3
See accompanying notes to the unaudited interim consolidated financial statements.
As atDecember 31, 2021
$ 7.3
87.1
1,342.1 1,342.1
$
1,429.2
$
-665.7
2,213.8
103.2 (1,553.5)
763.5
$
1,429.2
Obsidian Energy Ltd. Consolidated Statements of Income
(CAD millions, except per share amounts, unaudited)
Three months ended
March 31
Note
2022
2021
Production revenues Processing fees Royalties
Sales of commodities purchased from third partiesOther income
Government decommissioning assistance Risk management loss
Expenses
Operating Transportation
Commodities purchased from third parties General and administrative
Restructuring
Share-based compensation
Depletion, depreciation and impairment Foreign exchange gain
Financing
Transaction costs Other
Income before taxes
8
$
203.7 $ 92.2
1.9 1.6
(30.0) (5.7)
3.1 2.0
178.7 90.1
1.5 1.0
12 7
13.4 4.8
(28.1) (4.5)
165.5
91.4
40.3 30.9
7.3 3.7
2.8 1.8
4.1 3.5
2.5 (2.0)
10 3 4 4
24.1 2.7
51.4 25.5
(0.7) (0.7)
9.8 11.9
0.1 0.1
- (9.2)
141.7
68.2
23.8
23.2
Deferred tax expense
-
-
Net and comprehensive incomeNet income per share
Basic
Diluted
Weighted average shares outstanding (millions)
Basic
Diluted
$
$ $
9 9
See accompanying notes to the unaudited interim consolidated financial statements.
23.8
$
23.2
0.29 $ 0.32
0.28 $ 0.31
81.2 73.5
83.6 76.0
Obsidian Energy Ltd.
Consolidated Statements of Cash Flows
(CAD millions, unaudited)
Operating activities
Net income
Government decommissioning assistance Depletion, depreciation and impairment Financing
Share-based compensation
Unrealized risk management loss (gain) Foreign exchange gain Decommissioning expenditures Onerous office lease settlements Deferred financing costs Financing fees paid
Change in non-cash working capital
Investing activities
Capital expenditures
Change in non-cash working capital
Financing activities
Decrease in long-term debt
Repayment of senior notes/PROP limited recourse loan Lease liabilities settlements
Exercised compensation plans
Three months ended
March 31
Note
2022
2021
$
23.8 $ 23.2
(13.4) (4.8)
3
51.4 25.5
4
2.8 4.5
10
1.4 0.3
7
10.7 (0.6)
4
(0.7) (0.7)
6
(8.5) (3.3)
6
(2.3) (2.3)
0.7 1.0
- (4.1)
18.0 (10.3)
83.9
28.4
3
(103.4)
(29.5)
36.8 (66.6)
6.8 (22.7)
4 4 5
(9.7) (9.0)
(12.6) (1.4)
(1.0) (1.2)
1.0 (22.3)
- (11.6)
Change in cash and cash equivalents
Cash and cash equivalents, beginning of period Cash and cash equivalents, end of period
Cash and cash equivalents includes cash and bank overdraft.
See accompanying notes to the unaudited interim consolidated financial statements.
(5.0) 7.3
$
2.3
(5.9) 8.1
$
2.2
Obsidian Energy Ltd.
Statements of Changes in Shareholders' Equity
(CAD millions, unaudited)
Shareholders'
Note
CapitalOther ReservesDeficitTotalBalance at January 1, 2022 Net and comprehensive income Share-based compensation Issued on exercise of equity compensation plans Balance at March 31, 2022
$
2,213.8
10 10
$
103.2
$ (1,553.5) $ 763.5
- - 7.4
-
23.8 23.8
1.4 - 1.4
(6.4) - 1.0
$
2,221.2
$
98.2 $ (1,529.7) $ 789.7
Shareholders'
(CAD millions, unaudited)
OtherNote
CapitalReservesDeficitTotalBalance at January 1, 2021 Net and comprehensive income Share-based compensation Balance at March 31, 2021
$
2,187.0
10
- -$
2,187.0
See accompanying notes to the unaudited interim consolidated financial statements.
$
103.6
- 0.3
$
103.9
$ (1,967.5) $ 323.1
23.2 23.2
- 0.3
$ (1,944.3) $
346.6
Notes to the Unaudited Interim Consolidated Financial Statements
(All tabular amounts are in CAD millions except numbers of common shares, per share amounts, percentages and various figures in Note 7)
1. Structure of Obsidian Energy
Obsidian Energy Ltd. ("Obsidian Energy", the "Company", "we", "us" or "our") is an exploration and production company and is governed by the laws of the Province of Alberta, Canada. The Company operates in one segment, to explore for, develop and hold interests in oil and natural gas properties and related production infrastructure in the Western Canada Sedimentary Basin directly and through investments in securities of subsidiaries holding such interests. Obsidian Energy's portfolio of assets is managed at an enterprise level, rather than by separate operating segments or business units. The Company assesses our financial performance at the enterprise level and resource allocation decisions are made on a project basis across our portfolio of assets, without regard to the geographic location of projects. Obsidian Energy owns the petroleum and natural gas assets or 100 percent of the equity, directly or indirectly, of the entities that carry on the remainder of the oil and natural gas business of Obsidian Energy which includes 100 percent of the Peace River Oil Partnership ("PROP") effective November 24, 2021.
2. Basis of presentation and statement of compliance
a) Basis of Presentation
The unaudited condensed interim consolidated financial statements ("interim consolidated financial statements") include the accounts of Obsidian Energy and our wholly owned subsidiaries
Certain comparative figures have been reclassified to correspond with current period presentation.
b) Statement of Compliance
These interim consolidated financial statements are prepared in compliance with IAS 34 "Interim Financial Reporting" and accordingly do not contain all of the disclosures included in Obsidian Energy's annual audited consolidated financial statements. These financial statements should be read in conjunction with Obsidian Energy's audited annual consolidated financial statements as at and for the year ended December 31, 2021.
These interim consolidated financial statements were prepared using the same accounting policies as in the annual consolidated financial statements as at and for the year ended December 31, 2021.
All tabular amounts are in millions of Canadian dollars, except numbers of common shares, per share amounts, percentages and other figures as noted.
These interim consolidated financial statements were approved for issuance by the Board of Directors on May 3, 2022.
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS 5
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Obsidian Energy Ltd. published this content on 04 May 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 04 May 2022 11:20:02 UTC.