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July 2020 Corporate Presentation – Obsidian Energy Ltd.

Obsidian Energy Ltd. · Jul 30, 2020 · 25 slides

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Slides

  1. July 2020 Corporate Presentation – Obsidian Energy Ltd. – slide 1
    Obsidian Energy Corporate Presentation July 2020
  2. July 2020 Corporate Presentation – Obsidian Energy Ltd. – slide 2
    Corporate Overview Market Summary Ticker Symbol OBE Peace River Shares Outstanding MM 73 2,132 boe/d Q2 2020 Cold flow heavy oil Manage base production Market Capitalization MM 44 Net Debt MM 496 Enterprise Value MM 540…
  3. July 2020 Corporate Presentation – Obsidian Energy Ltd. – slide 3
    Short-term Strategic Priorities & H1 2020 Results Short-term Priorities Protect long-term asset value Defer near-term development capital program Development plans ready to be executed when the economic environment justifies…
  4. July 2020 Corporate Presentation – Obsidian Energy Ltd. – slide 4
    Long-term Strategic Priorities Superior Shareholder Return Generate excess free cash flow while holding Drive per share growth via Create scale and decrease production flat with organic development and cost structure via…
  5. July 2020 Corporate Presentation – Obsidian Energy Ltd. – slide 5
    Corporate Cost Improvements Opex Commentary Operating Costs (Opex) Total reduction in Opex/boe of 26% from 2017 to mid-point of 2020 Guidance (11.30/boe) Currently surpassing 2020 Opex guidance despite lower production volumes…
  6. July 2020 Corporate Presentation – Obsidian Energy Ltd. – slide 6
    Obsidian Energy Corporate Breakeven Historical and Projected Obsidian Breakeven WTI(1)(2)(3) Select Intermediate and Junior Peer Breakeven WTI(2) Unhedged Cash Flow (US/bbl) 2021 Unhedged Cash Flow (US/bbl) 2020 Breakeven Price 60 US39…
  7. July 2020 Corporate Presentation – Obsidian Energy Ltd. – slide 7
    Investment Highlights Largest acreage holder in the Cardium Cardium is one of Canadas lowest cost light oil resources, with strong IRR and recycle ratios Recent work added has increased our inventory to over 900 gross Cardium…
  8. July 2020 Corporate Presentation – Obsidian Energy Ltd. – slide 8
    Cardium Development Program Focused on Delivering Strong Capital Returns Willesden Green Drilling prioritized to target highest return opportunities Focused Strong Economics Light oil rich wells ranked by IRR, payout, and recycle…
  9. July 2020 Corporate Presentation – Obsidian Energy Ltd. – slide 9
    Execute Operationally H1 2020 Development Program Crimson Lake Commentary Early deliverability results from the first half program to date have 3 kms INDEX MAP R8W5 been above our type curve 2 miles 12-26 Pad: 3 Wells (avg/well)…
  10. July 2020 Corporate Presentation – Obsidian Energy Ltd. – slide 10
    Cardium Growth & Operational Improvements Total Cardium Production Commentary Our 2017-2020 drilling programs in Crimson Lake have delivered robust production growth with high- 25% Liquids Growth Netbacks and low operating costs…
  11. July 2020 Corporate Presentation – Obsidian Energy Ltd. – slide 11
    Optimization Finding low cost, high value opportunities in our base Total Optimization Program Production Commentary Optimization at Obsidian 1,800 787 boe/d (71% Oil) Annual Average Multi-year inventory of targeted, low 1,600 cost…
  12. July 2020 Corporate Presentation – Obsidian Energy Ltd. – slide 12
    Willesden Green Cost Reduction Trajectory Drill, Complete, Equip & Tie-In Costs (M) (DCET) Commentary Drill cost increase driven by Construction 3,700 optimization of well design Utilization and expansion of existing pads to…
  13. July 2020 Corporate Presentation – Obsidian Energy Ltd. – slide 13
    Cardium Play Fairways A Large High-Graded Inventory West Pembina Central Pembina 132 R10W5 INDEX MAP 680 Type Curve Locations Type Curve Locations Well established Individual fairways and productive trend unit boundaries in…
  14. July 2020 Corporate Presentation – Obsidian Energy Ltd. – slide 14
    Crimson Lake Near Term Focus Summary Economics Q2 2020 average production of 10,134 boe/d DCET Capex(MM) 3.2 Obsidian Energy cornerstone for revitalized primary EUR (Mboe) 229 development on our Cardium acreage Banked oil from…
  15. July 2020 Corporate Presentation – Obsidian Energy Ltd. – slide 15
    East Crimson Mid Term Focus Summary Economics Q2 2020 average production of 3,609 boe/d DCET Capex (MM) 2.9 Continued Eastward extension of the successful EUR (Mboe) 203 Crimson Lake development program Oil IP365 (bbl/d) 136 Area…
  16. July 2020 Corporate Presentation – Obsidian Energy Ltd. – slide 16
    West Pembina Mid Term Focus Summary Economics Q2 2020 average production of 4,290 boe/d DCET Capex (MM) 3.0 Proven oil rich Cardium trend with undeveloped EUR (Mboe) 196 primary development acreage Oil IP365 (bbl/d) 148 Significant…
  17. July 2020 Corporate Presentation – Obsidian Energy Ltd. – slide 17
    Central Pembina Long Term Focus Summary Economics Q2 2020 average production of 4,679 boe/d DCET Capex (MM) 2.3 The epicenter of low decline and pressure maintained EUR (Mboe) 184 development Oil IP365 (bbl/d) 101 Recent technical…
  18. July 2020 Corporate Presentation – Obsidian Energy Ltd. – slide 18
    AB Viking Mid Term Focus Summary Economics Q2 2020 average production of 880 boe/d DCET Capex(MM) 1.2 Sweet, light oil development play with significant EUR (Mboe) 74 drilling inventory, including both low risk infill and step- out…
  19. July 2020 Corporate Presentation – Obsidian Energy Ltd. – slide 19
    Peace River Oil Partnership (PROP) Summary PROP Q2 2020 average production of 2,132 boe/d, with over R25 R20 R15W5 3,064 boe/d shut-in during quarter in response to low T90 commodity prices 85% of previously shut-in production has…
  20. July 2020 Corporate Presentation – Obsidian Energy Ltd. – slide 20
    Proactive ARO Reduction Efforts Commentary Well Abandonment Costs Wa inwright 2019 C a rdium 2019 Obsidian Energy is a participant and supporter of 115 Wells 12 Wells the AERs Area-Base Closure (ABC) program 5.0 0.8 50% 35%…
  21. July 2020 Corporate Presentation – Obsidian Energy Ltd. – slide 21
    Undeveloped Reserves 2019 PDP/1P Ratio 2019 2P Locations/Section 1.60 100% 90% 1.40 80% 1.20 70% 1.00 60% 0.80 50% 40% 0.60 30% 0.40 20% 0.20 10% 0.00 0% Peer 1 OBE Peer 2 Peer 3 Peer 4 Peer 5 Peer 6 Peer 7 Peer 8 Peer 9…
  22. July 2020 Corporate Presentation – Obsidian Energy Ltd. – slide 22
    Current Hedge Strategy and Position Hedging Strategy Hedge up to 50% of production volumes after royalty Hedge at price levels to: Protect FFO Support economic capital program Potential debt repayment Hedges are done on a CAD…
  23. July 2020 Corporate Presentation – Obsidian Energy Ltd. – slide 23
    Environmental, Social & Governance Environmental Social Governance Obsidian Energy is committed to Obsidian Energy is committed to Obsidian Energy makes it a minimizing the impact of our making a positive impact in the priority to…
  24. July 2020 Corporate Presentation – Obsidian Energy Ltd. – slide 24
    Experienced management and strong technical team Stephen E. Loukas, Interim President and Chief Executive Officer Financial and commercial Vast experience in corporate transactions, capital markets, corporate finance Strong financial,…
  25. July 2020 Corporate Presentation – Obsidian Energy Ltd. – slide 25
    Appendix & Endnotes 26

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