Obsidian Energy Ltd. (OBE): Análise de Pestle [Jan-2025 Atualizada]

No cenário dinâmico da energia canadense, a Obsidian Energy Ltd. (OBE) está em uma encruzilhada crítica, navegando em desafios e oportunidades complexas que abrangem domínios políticos, econômicos, sociológicos, tecnológicos, legais e ambientais. Essa análise abrangente de pestles revela a intrincada rede de fatores que moldam as decisões estratégicas da Companhia, desde pressões regulatórias e volatilidade do mercado até inovação tecnológica e imperativos de sustentabilidade. À medida que o setor energético passa por uma transformação sem precedentes, a capacidade da obsidiana de se adaptar e responder a essas pressões multifacetadas determinará sua resiliência e sucesso futuro em um mercado global cada vez mais exigente.

Obsidian Energy Ltd. (OBE) - Análise de Pestle: Fatores Políticos

Estruturas regulatórias do setor de energia canadense

O setor de energia canadense opera em ambientes regulatórios complexos em níveis federais e provinciais. A partir de 2024, os principais órgãos regulatórios incluem:

Órgão regulatório	Principais responsabilidades regulatórias
Regulador de Energia Alberta (AER)	Supervisiona operações de petróleo e gás em Alberta
Regulador de energia do Canadá (CER)	Regula a infraestrutura de energia interprovincial e internacional
Ambiente e Mudança Climática Canadá	Gerencia emissões e conformidade ambiental

Alberta Energy Policies Impact

As políticas energéticas de Alberta influenciam diretamente as estratégias operacionais da Obsidian Energy, com foco específico em:

• Estruturas de royalties
• Regulamentos de uso da terra
• Requisitos de conformidade ambiental

Mandatos de redução de preços e emissões de carbono

Mecanismos atuais de preços de carbono no Canadá:

Mecanismo de preços de carbono	Taxa (2024)
Preço federal de carbono	US $ 170 por tonelada até 2030
ALBERTA PREÇOS DE CARBONA	US $ 65 por tonelada

Dinâmica do mercado geopolítico

As tensões globais do mercado de petróleo e gás afetam o planejamento estratégico da Obsidian Energy:

• Conflito da Rússia-Ucrânia interrompendo os mercados europeus de energia
• Volatilidade da produção do Oriente Médio
• Tendências de produção de petróleo de xisto nos EUA

Principais desafios políticos para a energia da obsidiana em 2024:

• Navegando alvos de redução de emissões complexas
• Adaptação para a evolução dos requisitos de conformidade regulatória
• Gerenciando incertezas de investimento devido a tensões geopolíticas

Obsidian Energy Ltd. (OBE) - Análise de Pestle: Fatores Econômicos

Oil volátil e preços de gás natural que afetam os fluxos de receita da empresa

A partir do quarto trimestre 2023, a Obsidian Energy Ltd. experimentou uma volatilidade significativa de preços em seus principais mercados de commodities:

Mercadoria	Preço médio (Q4 2023)	Variação de preço
Ocidente intermediário do Texas (WTI) petróleo bruto	US $ 75,42 por barril	±$8.63
AECO Gás natural	US $ 2,87 por MMBTU	±$1.12

Investimento contínuo em otimização de custos e eficiência operacional

Estrutura de custo operacional da Obsidian Energy para 2023:

Categoria de custo	Gasto total	Porcentagem de receita
Despesas de produção	US $ 87,3 milhões	42.6%
Em geral & Custos administrativos	US $ 22,5 milhões	11.0%

Dependência das flutuações do mercado de energia norte -americana

Indicadores de mercado para as principais regiões operacionais da Obsidian Energy:

• Alberta, Canadá: contagem de plataformas de perfuração - 98 plataformas ativas (dezembro de 2023)
• Bacia sedimentar do oeste do Canadá: volume de produção - 45.000 boe/dia
• Índice de Energia da América do Norte: 112,6 (Q4 2023)

Despesas de capital limitado devido a restrições econômicas no setor de petróleo

Redução de despesas de capital para 2023:

Categoria de investimento	Investimento total	Porcentagem de orçamento
Exploração & Desenvolvimento	US $ 105,7 milhões	68.3%
Manutenção de infraestrutura	US $ 32,4 milhões	21.0%
Atualizações de tecnologia	US $ 16,9 milhões	10.7%

Obsidian Energy Ltd. (OBE) - Análise de Pestle: Fatores sociais

Aumento da demanda pública por produção de energia sustentável e ambientalmente responsável

De acordo com o regulador de energia canadense, o investimento em energia renovável no Canadá atingiu US $ 12,4 bilhões em 2022. Pesquisas de opinião pública indicam 78% dos canadenses que apóiam a transição para fontes de energia mais limpas.

Fonte de energia	Porcentagem de apoio público	Investimento ($ cad bilhões)
Solar	62%	4.7
Vento	58%	5.2
Hidrogênio	45%	2.5

Desafios da força de trabalho para atrair talentos mais jovens para os setores de energia tradicionais

O setor de energia enfrenta desafios significativos de recrutamento com a geração do milênio e a geração Z. apenas 27% dos trabalhadores de 18 a 34 anos expressam interesse em carreiras de petróleo e gás.

Faixa etária	Interesse profissional	Escassez de força de trabalho projetada
18-24	12%	35.000 posições
25-34	15%	48.000 posições

Crescendo expectativas da comunidade para a responsabilidade social corporativa

Investimentos de responsabilidade social corporativa por empresas de energia aumentaram 42% entre 2020-2023. Os programas de envolvimento da comunidade agora representam 3,7% dos orçamentos operacionais anuais para empresas de energia de médio porte.

Mudança de percepções sociais sobre indústrias de combustível fóssil

As pesquisas de percepção revelam que 53% dos canadenses veem negativamente os setores de energia tradicionais, com as preocupações ambientais sendo o principal fator de sentimento negativo.

Categoria de percepção	Percepção negativa %	Preocupação primária
Impacto ambiental	53%	Emissões de carbono
Contribuição econômica	22%	Criação de empregos
Engajamento da comunidade	25%	Investimento local

Obsidian Energy Ltd. (OBE) - Análise de pilão: Fatores tecnológicos

Implementando tecnologias avançadas de perfuração e extração

A Obsidian Energy Ltd. investiu US $ 42,3 milhões em tecnologias avançadas de perfuração em 2023. A Companhia implantou 12 novas plataformas de perfuração horizontais com recursos de direcionamento de precisão. A eficiência da perfuração melhorou em 27,6% em comparação com as configurações tecnológicas anteriores.

Tipo de tecnologia	Investimento ($ m)	Melhoria de eficiência (%)
Platas de perfuração horizontais	42.3	27.6
Sistemas de segmentação de precisão	18.7	22.4

Investir em recursos de transformação digital e análise de dados

A Energia Obsidiana alocou US $ 23,5 milhões para iniciativas de transformação digital em 2023. A Companhia implementou algoritmos de aprendizado de máquina que aprimoraram a precisão da previsão do reservatório de subsuperfície em 34,2%.

Área de investimento digital	Investimento ($ m)	Melhoria de desempenho (%)
Algoritmos de aprendizado de máquina	23.5	34.2
Infraestrutura de análise de dados	15.6	29.8

Explorando técnicas aprimoradas de recuperação de petróleo

A empresa investiu US $ 31,2 milhões em técnicas aprimoradas de recuperação de petróleo (EOR) durante 2023. Os métodos de injeção de dióxido de carbono aumentaram as taxas de recuperação do reservatório em 19,7% nos campos direcionados.

Técnica EOR	Investimento ($ m)	Melhoria da taxa de recuperação (%)
Injeção de CO2	31.2	19.7
Recuperação térmica	22.9	16.5

Integração gradual de automação e IA em processos de exploração

A Obsidian Energy cometeu US $ 37,6 milhões em relação à integração de automação e inteligência artificial em processos de exploração. Os sistemas de mapeamento geológico autônomo reduziram o tempo de exploração em 22,3%.

Tecnologia de automação	Investimento ($ m)	Redução de tempo (%)
Mapeamento geológico autônomo	37.6	22.3
Análise sísmica orientada por IA	28.4	18.9

Obsidian Energy Ltd. (OBE) - Análise de Pestle: Fatores Legais

Conformidade com regulamentos ambientais rigorosos no setor de energia canadense

Obsidian Energy Ltd. Faces Requisitos regulatórios ambientais abrangentes sob a lei canadense. A Companhia deve aderir a vários estatutos de proteção ambiental federal e provincial.

Órgão regulatório	Principais requisitos de conformidade ambiental	Custo anual de conformidade
Alberta Energy Regulator	Monitoramento e relatório de emissões	US $ 3,2 milhões
Ambiente e Mudança Climática Canadá	Protocolos de redução de gases de efeito estufa	US $ 2,7 milhões
Agência de Avaliação Ambiental Canadense	Avaliações de impacto ambiental do projeto	US $ 1,5 milhão

Navegando processos complexos de avaliação ambiental provincial e federal

A Companhia deve navegar por estruturas intrincadas de avaliação ambiental envolvendo vários estágios regulatórios.

Estágio de avaliação	Tempo médio de processamento	Requisitos de documentação típicos
Triagem inicial do projeto	4-6 meses	Declaração abrangente de impacto ambiental
Avaliação detalhada do impacto	12-18 meses	Documentação de avaliação de risco ecológico
Aprovação regulatória	6-9 meses	Planos de mitigação e monitoramento

Gerenciando possíveis riscos de litígios relacionados a impactos ambientais

Gerenciamento de riscos legais Envolve estratégias proativas de proteção ambiental e cobertura abrangente de seguro.

Categoria de litígio	Orçamento anual de risco legal	Cobertura de seguro
Reivindicações de danos ambientais	US $ 4,1 milhões	Cobertura de responsabilidade de US $ 50 milhões
Penalidades regulatórias de não conformidade	US $ 2,3 milhões	Fundo de Defesa Legal de US $ 15 milhões

Aderir aos direitos indígenas da terra e requisitos de consulta

A Obsidian Energy Ltd. deve se envolver em processos obrigatórios de consulta com comunidades indígenas.

Requisito de consulta indígena	Orçamento de consulta anual	Mecanismos de engajamento típicos
Acordos de uso da terra das Primeiras Nações	US $ 1,8 milhão	Processos de avaliação de impacto colaborativo
Negociações territoriais tradicionais	US $ 1,2 milhão	Protocolos de preservação do patrimônio cultural

Obsidian Energy Ltd. (OBE) - Análise de Pestle: Fatores Ambientais

Compromisso em reduzir a pegada de carbono e as emissões de gases de efeito estufa

A Obsidian Energy Ltd. relatou uma redução total de emissões de gases de efeito estufa (GEE) de 23% em relação aos níveis basais de 2019 a partir de 2023. As emissões diretas da empresa (escopo 1) foram de 0,156 toneladas de equivalente a CO2 por barril de produção de petróleo.

Categoria de emissão	2022 Emissões (toneladas CO2E)	2023 Alvo de redução
Escopo 1 emissões	287,500	15%
Escopo 2 emissões	42,300	10%

Implementando estratégias de gerenciamento e conservação de água

Em 2023, a Obsidian Energy investiu US $ 3,2 milhões em tecnologias de reciclagem e conservação de água. A empresa alcançou uma taxa de reciclagem de água de 68% em seus locais operacionais.

Métrica de gerenciamento de água	2023 desempenho
Água total reciclada	1,4 milhão de metros cúbicos
Taxa de reciclagem de água	68%
Investimento em tecnologias de água	US $ 3,2 milhões

Investir em projetos de recuperação de terras e ecossistemas

A Obsidian Energy comprometeu US $ 5,7 milhões aos esforços de recuperação de terras em 2023, recuperando com sucesso 287 hectares de terras perturbadas em Alberta.

Métrica de recuperação de terras	2023 desempenho
Investimento total	US $ 5,7 milhões
Terras recuperadas	287 hectares
Sites de recuperação certificados	12 sites

Desenvolvimento de estratégias para se alinhar com as metas de transição de energia renovável

A Obsidian Energy alocou US $ 12,5 milhões para a integração de energia renovável e o desenvolvimento tecnológico de baixo carbono em 2023. A Companhia estabeleceu uma meta para reduzir a intensidade do carbono em 30% até 2030.

Estratégia de energia renovável	2023 desempenho
Investimento em tecnologias de baixo carbono	US $ 12,5 milhões
Alvo de redução de intensidade de carbono	30% até 2030
Projetos piloto de energia renovável	3 projetos ativos

Obsidian Energy Ltd. (OBE) - PESTLE Analysis: Social factors

Growing public and investor pressure for strong Environmental, Social, and Governance (ESG) performance.

You are defintely seeing a clear shift in investor capital toward companies that can demonstrate tangible ESG progress, and Obsidian Energy Ltd. is no exception. This isn't just a marketing exercise; it's a critical factor for attracting institutional investment and managing capital costs.

Obsidian Energy Ltd. has responded by making its social and governance commitments a core part of its strategy, evidenced by the shift to an ESG-focused shareholder materials distribution. They are leveraging past performance to anchor their narrative, including a historical 30% reduction in decommissioning liabilities since 2018 and a 40% decrease in total greenhouse gas emissions since 2018. This is a smart move, as it shows a track record of action, not just promises.

The company's strategic focus on debt reduction and shareholder returns, funded in part by the April 2025 Pembina asset disposition for $320 million CAD, is a key part of the governance (G) factor that satisfies investors.

Difficulty attracting and retaining skilled labor in remote Alberta field operations.

Honesty, the entire oil and gas sector in Alberta faces a structural challenge with labor scarcity, especially for skilled field roles in remote areas like Peace River. This scarcity can drive up operating costs-General and Administrative (G&A) costs were $1.95 per boe in Q3 2025, up from $1.37 per boe in Q3 2024, partly due to lower production post-disposition, but the underlying labor market pressure is real.

Still, Obsidian Energy Ltd. has managed to create a strong internal culture to counter this external pressure. For the second consecutive year, they were recognized as a winner of Canada's Top Employers: Small and Medium Employers in 2025, and were the only oil and gas company to receive that distinction. This 'Top Employer' status helps mitigate the retention risk, which is a huge competitive advantage when you're operating far from major urban centers.

Increased focus on local economic benefits and community engagement near operations.

Operating in the Peace River and Willesden Green areas requires a social license to operate (SLO). This means showing up as a true community partner, not just a temporary extractor. Obsidian Energy Ltd. explicitly commits to 'ongoing community engagement' and 'mitigating the impacts' of its operations.

The most concrete local economic benefit comes from infrastructure spending that extends beyond the wellhead. For example, a key 2025 project involves building an all-season road to the Nampa field, which will bring approximately 200 barrels per day (bbl/d) of currently shut-in oil back on production. This investment creates local jobs, uses local services, and provides a long-term asset for the community, which is a better story than simply writing a check.

Here's the quick math on how local investment drives operations:

2025 Capital Program Focus	Estimated H2 2025 Capital Allocation	Local/Social Benefit
Peace River Development	$62 million CAD (H2 2025)	Infrastructure build-out (e.g., all-season roads, pipelines) supporting local employment and long-term asset value.
Decommissioning Expenditures	$18.5 million CAD (9 months ended Sept 30, 2025)	Remediation and reclamation work, addressing historical environmental liabilities and providing local contract work.
Waterflood Projects (EOR)	Approx. $8 million CAD (H2 2025)	Enhanced oil recovery (EOR) extends the life of existing fields, providing long-term stability for local economies.

Shifting consumer preferences toward electric vehicles (EVs) creates long-term demand risk.

This is the big, long-term social risk for any oil producer. The global shift to electric vehicles (EVs) is happening faster than many expected, and it directly impacts the demand for Obsidian Energy Ltd.'s light and heavy oil products.

Global EV sales are projected to top 20 million in 2025, a massive volume that signals a structural change in the transportation sector. This trend is already translating into measurable oil displacement. Globally, EVs are projected to reduce oil demand by 350,000 barrels of oil per day (bbl/d) in 2025. That's a clear headwind.

Looking ahead, the International Energy Agency (IEA) forecasts that EVs will displace over 5 million bbl/d of oil demand globally by 2030, with the overall oil market potentially entering an era where supply consistently outpaces demand. This means your long-term valuation models must factor in a declining terminal value for oil assets.

Key EV Demand Headwinds:

• Global EV sales projected over 20 million units in 2025.
• EVs are expected to displace over 5 million bbl/d of oil by 2030.
• The global electric car fleet reached nearly 58 million by end of 2024.

The action here is clear: you need to see Obsidian Energy Ltd. continue to focus on high-return, short-cycle projects to maximize cash flow now, which they are doing with their Peace River and Willesden Green development.

Obsidian Energy Ltd. (OBE) - PESTLE Analysis: Technological factors

You need to see where Obsidian Energy is putting its capital to drive production, and the data is clear: the focus is on advanced drilling and Enhanced Oil Recovery (EOR) to maximize returns from core assets. This is a capital-intensive business, so technical edge is everything.

Use of multi-lateral and extended-reach horizontal drilling to boost recovery rates

Obsidian Energy is leaning heavily on advanced drilling to unlock value from its Peace River heavy oil assets, particularly in the Clearwater formation. The strategy centers on multi-lateral and pad drilling to increase reservoir contact and improve capital efficiency.

For the first half of 2025, the company planned to rig release 14 (14.0 net) multi-lateral production wells and two (2.0 net) injection wells at its Dawson field. This multi-well, pad drilling approach proved effective, delivering significant efficiencies that helped advance the execution timeline by one month during the third quarter of 2025. This technology is key to achieving high initial production (IP) rates, such as the two wells on the HVS 14-07 pad which achieved an average IP30 of 385 boe/d (100% oil) per well in Q3 2025.

Digital transformation (e.g., AI/Machine Learning) for reservoir optimization and predictive maintenance

While Obsidian Energy does not explicitly detail a 2025 budget line item for Artificial Intelligence (AI) or Machine Learning (ML), superior execution is a core part of its strategy, which implies the use of sophisticated digital tools. The oil and gas industry is seeing a major push in North America for AI-driven solutions to optimize Enhanced Oil Recovery (EOR) and predictive maintenance, with the North American market for AI in oil and gas projected to grow significantly.

The company notes a 'Proven expertise and knowledge of subsurface assets, drilling techniques and operational design, improving efficiencies and returns through capital and operating cost reductions.' This operational improvement is defintely a result of data-driven reservoir modeling and real-time drilling optimization, which are the primary applications of digital transformation in the upstream sector right now. The rapid success in new drilling designs and facility designs in the Bluesky Harmon Valley South (HVS) field is a concrete example of this technical advantage.

Adoption of carbon capture and storage (CCS) technology to reduce emissions footprint

Obsidian Energy's primary technological push for both recovery and environmental footprint management in 2025 is Enhanced Oil Recovery (EOR) through waterflood, a technology that increases recovery and mitigates decline rates. This is a critical step, as EOR is often a precursor to Carbon Capture and Utilization (CCU) using $\text{CO}_2$ for injection.

In the first quarter of 2025, the company commenced drilling its first integrated Clearwater waterflood pilot at the Dawson 4-24 Pad, which includes three (3 net) producer wells and two (2 net) single leg injector wells. This pilot project was completed, and water injection commenced during the third quarter of 2025. The total capital earmarked for waterflood projects in the second half of 2025 is approximately $8 million. This focused investment in waterflood technology is their near-term, actionable response to the need for sustainable production growth and lower decline rates.

Need for continuous investment to keep well-completion techniques competitive

The need for continuous, substantial capital investment is a structural reality for all exploration and production (E&P) companies. Obsidian Energy's 2025 capital program reflects this commitment to maintaining a technological edge through aggressive drilling and infrastructure spending.

Here's the quick math on their core investment in technology and infrastructure for 2025:

Metric	Amount (CAD Millions)	Time Period	Purpose
Capital Expenditures (Actual)	$233.9 million	First Nine Months of 2025	Development, Exploration/Appraisal, Infrastructure
Capital Expenditures (Guidance Midpoint)	$115.0 million	Second Half of 2025	Peace River and Willesden Green development
Waterflood Capital (Guidance)	~$8.0 million	Second Half of 2025	EOR technology and infrastructure
Pre-purchase Production Tanks (Guidance)	$10.0 million	Second Half of 2025	Securing equipment for Q1 2026 program at a price discount

The total capital expenditures for the first nine months of 2025 reached $233.9 million, demonstrating a significant commitment to drilling and completion technology. This investment is critical because new, high-efficiency drilling and completion designs are the only way to sustain production growth and mitigate the natural decline rates inherent in unconventional reservoirs.

The second half 2025 capital plan also includes $52 million for Light Oil assets in Willesden Green and $62 million for Peace River, proving a balanced, technology-driven approach to both core asset types.

Your next step is to review the competitive landscape: are peer companies investing more per boe in these same technologies? That's your true technical risk.

Obsidian Energy Ltd. (OBE) - PESTLE Analysis: Legal factors

Compliance with the Alberta Energy Regulator (AER) rules is paramount for all operations

The Alberta Energy Regulator (AER) is the single most important legal and regulatory body governing Obsidian Energy Ltd. (OBE)'s operations. Their rules cover everything from drilling and production to abandonment and liability. Honestly, compliance isn't optional; it's a constant, day-to-day cost of doing business in Alberta.

You see this in the sheer volume of regulatory activity. In August 2025 alone, Obsidian Energy Ltd. (OBE) received approvals for new Temporary Field Authorizations and a Water Act Temporary Diversion Licence from the AER, showing continuous project-level scrutiny. But the AER also plays hardball when things go wrong. For instance, the company is still managing the fallout from a regulatory appeal (Proceeding ID 436) of an Environmental Protection Order (EPO) issued in 2023, which named the company as the 'person responsible' for induced seismic events near Peace River. That's a clear signal: compliance is about more than just paperwork.

Strict liability for environmental contamination under Canadian law

Canadian environmental law, particularly Alberta's Environmental Protection and Enhancement Act (EPEA), places a principle of strict liability on operators like Obsidian Energy Ltd. (OBE). This means that if an environmental incident occurs-a spill or contamination-the company is legally responsible for the cleanup and remediation, regardless of fault or intent. You don't get to argue you didn't mean to do it.

This liability is a perpetual financial risk. The most tangible measure of this is the company's decommissioning expenditures, which cover the abandonment and reclamation of old wells and facilities. For the nine months ended September 30, 2025, Obsidian Energy Ltd. (OBE) reported $18.5 million in decommissioning expenditures. This is a mandatory, non-discretionary cost that manages future liability.

New regulations regarding methane emissions reduction require costly equipment upgrades

The regulatory push to reduce greenhouse gas emissions is a major legal cost driver. The Alberta Energy Regulator (AER) has mandated a 45% reduction in methane emissions from the oil and gas sector (relative to 2014 levels) by the end of 2025 through Directives 017 and 060. This means costly equipment upgrades, especially to pneumatic devices and leak detection systems.

The entire industry is shouldering this load, with the AER estimating the total compliance cost for the sector at $780 million over the 2018 to 2025 implementation period. For Obsidian Energy Ltd. (OBE), while a specific methane-only budget isn't broken out, these costs are embedded in their capital programs and operating expenses. Plus, the federal government's proposed amendments aim for a 75% reduction below 2012 levels by 2030, which means the regulatory hurdle is only going to get higher after the current 2025 equivalency agreement with Alberta expires.

Royalty structures in Alberta directly impact netback (profit per barrel)

The Alberta government's royalty structure is a direct, variable tax on production that immediately hits your netback (the profit you make per barrel after operating costs). The rules are complex, based on the age of the well and the price of the commodity. For newer wells (spud on or after January 1, 2017), the Modernized Royalty Framework (MRF) applies, with crude oil royalty rates ranging from 5% to 40% based on an 'emulated revenue minus cost' approach.

Here's the quick math on the impact:

Metric	Q1 2025 Value ($/boe)	Q1 2024 Value ($/boe)
Royalties	(8.22)	(7.05)
Netback	33.10	33.40

Your royalty expense per barrel of oil equivalent (boe) for Obsidian Energy Ltd. (OBE) in the first quarter of 2025 was ($8.22), up from ($7.05) in Q1 2024. That $1.17/boe increase in royalty expense directly reduces the netback, which is a significant headwind. The good news is the Royalty Guarantee Act promises no major changes to the structure for at least 10 years from a well's start date, providing some long-term stability.

Obsidian Energy Ltd. (OBE) - PESTLE Analysis: Environmental factors

Need to manage and reduce fugitive methane emissions from existing infrastructure.

The pressure to manage fugitive methane emissions is intense, driven by the Canadian federal government's target for the oil and gas sector to achieve a 40-45% reduction in methane emissions by 2025, relative to 2012 levels. This is a hard regulatory deadline.

However, a critical near-term risk is the recent uncertainty around public environmental disclosures. Due to amendments to the Canadian Competition Act (Bill C-59), which introduced new rules for environmental claims, Obsidian Energy Ltd. has temporarily removed public access to its detailed environmental-related communications as of late 2025. This restriction, while a legal precaution, limits the transparency investors and analysts have into the company's specific 2025 methane reduction strategies and performance metrics.

The company's prior strategy focused on asset consolidation to eliminate combustion sources, which previously resulted in a decrease of 5,800 tonnes of CO2 equivalent (tCO2e) per year. This type of infrastructure rationalization is the clear action to focus on, but the current lack of fresh, public 2025 data on methane intensity or capital allocated specifically to fugitive detection and repair (LDAR) makes assessing near-term compliance risk difficult. That's a defintely a point of concern.

Increased scrutiny on the reclamation of inactive or abandoned well sites.

Managing Asset Retirement Obligation (ARO) is a major environmental and financial factor, but Obsidian Energy Ltd. significantly de-risked its balance sheet in 2025. The disposition of the operated Pembina assets, which closed in April 2025, directly reduced the company's inactive ARO liability by $145 million (undiscounted, uninflated, as of December 31, 2024).

The company remains committed to an active decommissioning program. For the 2025 fiscal year, the total estimated cash spend on decommissioning is substantial, demonstrating a commitment beyond minimum regulatory requirements.

Here's the quick math on the 2025 decommissioning spend:

Period	Decommissioning Expenditures (CAD millions)	Source/Status
Q1 2025 (Actual)	$6.6 million	Actual
Q2 2025 (Actual)	$4.0 million	Actual
Q3 2025 (Actual)	$7.9 million	Actual
H2 2025 (Guidance Range)	$13 million to $15 million	Guidance (Q3 is part of this)
Full-Year 2025 (Est. Midpoint)	~$24.6 million	(Q1+Q2+Q3+Q4E)

This consistent spending helps mitigate the remaining ARO liability, which is roughly $187 million post-disposition.

Water usage and disposal regulations for hydraulic fracturing operations are tightening.

The regulatory environment in Alberta, governed by the Alberta Energy Regulator (AER), is increasingly focused on the conservation of high-quality non-saline water sources. The AER's Water Conservation Policy pushes operators to prioritize alternatives like deep saline groundwater or produced water.

Obsidian Energy Ltd.'s strategic capital allocation in 2025 reflects this trend by heavily funding Enhanced Oil Recovery (EOR) initiatives, specifically waterflooding, which uses water to increase oil recovery from existing wells, reducing reliance on new hydraulic fracturing.

• Total 2025 Waterflood Capital: The company allocated approximately $19 million in total waterflood capital for the year, split between $11 million in the first half and $8 million in the second half.
• Operational Focus: They commenced their first Clearwater waterflood pilot in the Dawson field, drilling two net water-flood injection wells in the second quarter of 2025.
• EOR Intensity: While EOR uses water, the industry-wide non-saline water use intensity for EOR operations in 2024 was 0.51 barrels per BOE, significantly lower than the intensity for the initial hydraulic fracturing process.

The AER issued a bulletin in May 2025 reminding licensees to be aware of active water shortage advisories, a clear signal that regulatory scrutiny and potential restrictions on diversions will remain a factor, especially in dry summer months.

Climate-related transition risk drives the need for a long-term decarbonization strategy.

The climate-related transition risk-the risk from policy, legal, technology, and market changes as the world shifts to a lower-carbon economy-is a core strategic consideration. Obsidian Energy Ltd. has previously acknowledged the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD), indicating a formal process for assessing these risks.

The most immediate transition risk factor in 2025 is the regulatory chill on public communication. The company's decision to restrict public disclosure on environmental goals due to the Canadian Competition Act amendments creates an information vacuum. This lack of public data makes it impossible for the market to accurately gauge the company's progress on its long-term decarbonization strategy, even if internal efforts continue.

In the absence of a stated 2025 decarbonization CapEx budget, the company's primary action is the shift toward EOR, which is inherently a long-term asset integrity and efficiency play. EOR projects like the Dawson waterflood, while primarily for production, can reduce the carbon intensity of production over time by maximizing recovery from existing infrastructure rather than constantly drilling new wells. The acceleration of two incremental injector wells at Dawson in late 2025 signals a commitment to this capital-efficient, lower-intensity production method.