Obsidian Energy Ltd. (OBE) Balance Sheet
OBE balance sheet, 2025
December 31, 2025 · Canadian dollarsC$1.85B assets = C$463.2M liabilities + C$1.39B equity
Both columns are drawn to the same scale: what OBE owns equals what it owes plus shareholders’ equity. Hover a block for its value.
OBE financial health
Current ratio0.54
Tight · current assets cover current liabilities 0.54×
Debt / equity0.14
Low leverage · C$0.14 of debt for each $1 of equity
Equity / assets75.0%
Equity-funded · of assets funded by shareholders
Cash / debt0.0%
Low cash cover · cash & short-term investments vs total debt
Goodwill & intangibles0.0%
Mostly tangible · of total assets
Descriptive bands, not a rating. Fiscal 2025.
OBE balance sheet trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | C$3.34B2016 | C$1.85B2025 | −6.3%/yr | |
| Total liabilities | C$1.09B2016 | C$463.2M2025 | −9.1%/yr | |
| Shareholders’ equity | C$2.25B2016 | C$1.39B2025 | −5.2%/yr | |
| Cash & short-term investments | C$11.0M2016 | C$02024 | −100.0% | |
| Total debt | C$469.0M2016 | C$199.8M2025 | −9.0%/yr | |
| Net cash (debt) | −C$458.0M2016 | −C$199.8M2025 | +C$258.2M | |
| Working capital | −C$3.0M2016 | −C$77.5M2025 | −C$74.5M | |
| Current ratio | 0.992016 | 0.542025 | −0.45 | |
| Debt / equity | 0.212016 | 0.142025 | −0.07 | |
| Shares outstanding | 71.8M2016 | 71.8M2025 | +0.0%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
OBE assets
Cash & ST investmentsReceivablesInventoryOther currentPP&EGoodwill & intangiblesLT investmentsOther non-current
OBE liabilities and equity
Current liabilitiesLong-term debtOther long-term liabilitiesEquity
OBE debt vs cash
Total debtCash & ST investmentsNet cash (debt)
Debt includes short- and long-term borrowings and, where reported, lease obligations.
OBE balance sheet in Canadian dollars
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | — | C$0 | C$500,000 | C$800,000 | C$7.3M | C$8.1M | C$1.0M | C$2.0M | C$2.0M | C$11.0M |
| Cash & equivalents | — | C$0 | C$500,000 | C$800,000 | C$7.3M | C$8.1M | C$1.0M | C$2.0M | C$2.0M | C$11.0M |
| Short-term investments | — | — | — | — | — | — | — | — | — | C$8.0M |
| Receivables | C$56.1M | C$88.0M | C$70.0M | C$82.6M | C$68.9M | C$40.8M | C$70.5M | C$53.0M | C$105.0M | C$113.0M |
| Inventory | C$0 | C$0 | C$1 | C$6.2M | C$1.8M | C$800,000 | C$85.0M | C$9.0M | C$64.0M | C$199.0M |
| Other current assets | C$34.0M | C$404.1M | C$24.1M | C$10.7M | C$9.1M | C$9.2M | C$13.0M | C$12.0M | C$18.0M | C$18.0M |
| Total current assets | C$90.1M | C$492.1M | C$94.6M | C$100.3M | C$87.1M | C$58.9M | C$169.5M | C$76.0M | C$189.0M | C$341.0M |
| Property, plant & equipment (net) | C$1.49B | C$1.35B | C$1.94B | C$1.86B | C$1.34B | C$905.2M | C$1.70B | C$2.57B | C$2.82B | C$2.98B |
| Goodwill & intangible assets | C$0 | C$0 | C$0 | C$0 | C$0 | C$0 | C$0 | C$0 | C$0 | C$0 |
| Long-term investments | C$0 | C$0 | C$0 | C$0 | C$0 | C$0 | C$0 | C$0 | C$0 | C$0 |
| Other non-current assets | C$270.2M | C$273.3M | C$211.8M | C$246.1M | C$0 | C$0 | C$30.7M | C$0 | C$0 | C$16.0M |
| Total assets | C$1.85B | C$2.11B | C$2.25B | C$2.20B | C$1.43B | C$964.1M | C$1.90B | C$2.65B | C$3.01B | C$3.34B |
| Liabilities | ||||||||||
| Accounts payable | C$154.9M | C$175.8M | C$193.5M | C$185.6M | C$107.8M | C$74.1M | C$111.0M | C$143.0M | C$149.0M | C$175.0M |
| Short-term debt | C$3.7M | C$5.6M | C$3.9M | C$3.2M | C$395.1M | C$456.6M | C$463.0M | C$19.0M | C$31.0M | C$27.0M |
| Deferred revenue | — | — | — | −C$185.6M | −C$107.8M | −C$74.1M | −C$111.0M | — | C$27.0M | C$35.0M |
| Total current liabilities | C$167.6M | C$275.3M | C$230.0M | C$222.9M | C$530.5M | C$547.6M | C$604.2M | C$190.0M | C$286.0M | C$344.0M |
| Long-term debt | C$179.9M | C$336.9M | C$224.1M | C$228.1M | C$4.6M | C$5.6M | C$112.0M | C$402.0M | C$328.0M | C$442.0M |
| Lease obligations | C$19.5M | C$6.6M | C$8.0M | C$6.0M | C$8.7M | C$10.4M | C$114.0M | — | — | — |
| Other long-term liabilities | C$115.7M | C$96.6M | C$152.5M | C$173.6M | C$130.6M | C$87.8M | C$95.9M | C$190.0M | C$228.0M | C$306.0M |
| Total liabilities | C$463.2M | C$708.8M | C$606.6M | C$624.6M | C$665.7M | C$641.0M | C$812.1M | C$782.0M | C$842.0M | C$1.09B |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | C$2.08B | C$2.14B | C$2.18B | C$2.22B | C$2.21B | C$2.19B | C$2.19B | C$2.19B | C$2.18B | C$9.00B |
| Retained earnings (deficit) | −C$802.8M | −C$838.0M | −C$635.4M | −C$743.4M | −C$1.55B | −C$1.97B | −C$1.20B | −C$416.0M | −C$111.0M | −C$6.85B |
| Accumulated other comprehensive income | C$109.6M | C$108.6M | C$104.1M | C$101.2M | C$103.2M | C$103.6M | C$101.8M | C$99.0M | C$96.0M | C$97.0M |
| Total shareholders' equity | C$1.39B | C$1.41B | C$1.64B | C$1.58B | C$763.5M | C$323.1M | C$1.09B | C$1.87B | C$2.17B | C$2.25B |
| Key figures | ||||||||||
| Total debt | C$199.8M | C$342.5M | C$228.0M | C$231.3M | C$399.7M | C$462.2M | C$574.3M | C$421.0M | C$359.0M | C$469.0M |
| Net cash (debt) | −C$199.8M | −C$342.5M | −C$227.5M | −C$230.5M | −C$392.4M | −C$454.1M | −C$573.3M | −C$419.0M | −C$357.0M | −C$458.0M |
| Working capital | −C$77.5M | C$216.8M | −C$135.4M | −C$122.6M | −C$443.4M | −C$488.7M | −C$434.7M | −C$114.0M | −C$97.0M | −C$3.0M |
| Tangible book value | C$1.39B | C$1.41B | C$1.64B | C$1.58B | C$763.5M | C$323.1M | C$1.09B | C$1.87B | C$2.17B | C$2.25B |
| Shares outstanding | 71.8M | 76.0M | 84.1M | 84.4M | 77.6M | 73.3M | 72.9M | 72.3M | 72.0M | 71.8M |
| Current ratio | 0.54 | 1.79 | 0.41 | 0.45 | 0.16 | 0.11 | 0.28 | 0.40 | 0.66 | 0.99 |
| Quick ratio | 0.33 | 0.32 | 0.31 | 0.37 | 0.14 | 0.09 | 0.12 | 0.29 | 0.37 | 0.36 |
| Debt / equity | 0.14 | 0.24 | 0.14 | 0.15 | 0.52 | 1.43 | 0.53 | 0.23 | 0.17 | 0.21 |
| Equity / assets | 75.0% | 66.5% | 73.0% | 71.7% | 53.4% | 33.5% | 57.4% | 70.5% | 72.0% | 67.3% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | C$200,000 | C$1.5M | — | C$1.0M | C$1.6M | C$300,000 | C$0 | C$900,000 | C$300,000 | C$300,000 | C$500,000 | C$900,000 |
| Cash & equivalents | C$200,000 | C$1.5M | — | C$1.0M | C$1.6M | C$300,000 | C$0 | C$900,000 | C$300,000 | C$300,000 | C$500,000 | C$900,000 |
| Receivables | C$77.8M | C$90.5M | C$56.1M | C$60.9M | C$68.1M | C$86.0M | C$88.0M | C$87.8M | C$89.0M | C$83.2M | C$70.0M | C$82.7M |
| Inventory | C$0 | C$0 | C$0 | C$0 | C$0 | C$0 | C$0 | C$0 | C$1 | C$8.3M | C$1 | C$3.8M |
| Other current assets | C$53.9M | C$52.8M | C$34.0M | C$27.0M | C$96.6M | C$404.4M | C$404.1M | C$24.0M | C$30.8M | C$14.3M | C$24.1M | C$16.3M |
| Total current assets | C$131.9M | C$144.8M | C$90.1M | C$88.9M | C$166.3M | C$490.7M | C$492.1M | C$112.7M | C$120.1M | C$106.1M | C$94.6M | C$103.7M |
| Property, plant & equipment (net) | C$1.62B | C$1.53B | C$1.49B | C$1.45B | C$1.43B | C$1.41B | C$1.35B | C$2.10B | C$2.09B | C$2.00B | C$1.94B | C$1.89B |
| Goodwill & intangible assets | C$0 | C$0 | C$0 | C$0 | C$0 | C$0 | C$0 | C$0 | C$0 | C$0 | C$0 | C$0 |
| Long-term investments | C$0 | C$0 | C$0 | C$0 | C$0 | C$0 | C$0 | C$0 | C$0 | C$0 | C$0 | C$0 |
| Other non-current assets | C$287.6M | C$296.1M | C$270.2M | C$263.6M | C$264.0M | C$268.3M | C$273.3M | C$185.3M | C$194.8M | C$206.5M | C$211.8M | C$222.6M |
| Total assets | C$2.04B | C$1.97B | C$1.85B | C$1.80B | C$1.86B | C$2.17B | C$2.11B | C$2.40B | C$2.40B | C$2.32B | C$2.25B | C$2.22B |
| Liabilities | ||||||||||||
| Accounts payable | C$151.6M | C$197.1M | C$155.0M | C$149.2M | C$131.5M | C$211.0M | C$175.8M | C$177.5M | C$164.6M | C$206.5M | C$193.5M | C$163.5M |
| Short-term debt | C$3.6M | C$3.2M | C$3.7M | C$1.8M | C$50.2M | C$2.3M | C$5.6M | C$44.7M | C$51.9M | C$1.8M | C$3.9M | C$1.9M |
| Deferred revenue | — | — | — | — | — | — | — | — | — | −C$206.5M | — | −C$163.5M |
| Total current liabilities | C$168.8M | C$251.7M | C$167.6M | C$169.4M | C$208.4M | C$313.8M | C$275.3M | C$249.7M | C$242.9M | C$235.9M | C$230.0M | C$200.1M |
| Long-term debt | C$354.9M | C$245.3M | C$179.9M | C$147.8M | C$177.1M | C$354.7M | C$336.9M | C$305.2M | C$326.9M | C$277.6M | C$218.0M | C$230.7M |
| Lease obligations | C$19.8M | C$19.3M | C$19.5M | C$4.2M | C$4.5M | C$6.6M | C$6.6M | C$7.8M | C$7.6M | C$7.6M | C$8.0M | C$5.6M |
| Other long-term liabilities | C$116.7M | C$116.7M | C$115.7M | C$83.1M | C$84.1M | C$93.2M | C$96.6M | C$142.2M | C$154.0M | C$156.2M | C$158.6M | C$159.2M |
| Total liabilities | C$640.4M | C$613.7M | C$463.2M | C$400.3M | C$469.6M | C$761.7M | C$708.8M | C$697.1M | C$723.8M | C$669.7M | C$606.6M | C$590.0M |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | C$2.07B | C$2.07B | C$2.08B | C$2.08B | C$2.09B | C$2.13B | C$2.14B | C$2.15B | C$2.16B | C$2.17B | C$2.18B | C$2.20B |
| Retained earnings (deficit) | −C$779.5M | −C$821.5M | −C$802.8M | −C$790.5M | −C$807.3M | −C$822.6M | −C$838.0M | −C$553.2M | −C$586.4M | −C$623.5M | −C$635.4M | −C$669.7M |
| Accumulated other comprehensive income | C$107.5M | C$105.5M | C$109.6M | C$110.1M | C$108.9M | C$106.8M | C$108.6M | C$107.3M | C$104.8M | C$102.9M | C$104.1M | C$102.3M |
| Total shareholders' equity | C$1.40B | C$1.36B | C$1.39B | C$1.40B | C$1.39B | C$1.41B | C$1.41B | C$1.70B | C$1.68B | C$1.65B | C$1.64B | C$1.63B |
| Key figures | ||||||||||||
| Total debt | C$374.7M | C$264.6M | C$199.8M | C$149.6M | C$227.3M | C$357.0M | C$342.5M | C$349.9M | C$384.5M | C$285.2M | C$228.0M | C$236.3M |
| Net cash (debt) | −C$374.5M | −C$263.1M | −C$199.8M | −C$148.6M | −C$225.7M | −C$356.7M | −C$342.5M | −C$349.0M | −C$384.2M | −C$284.9M | −C$227.5M | −C$235.4M |
| Working capital | −C$36.9M | −C$106.9M | −C$77.5M | −C$80.5M | −C$42.1M | C$176.9M | C$216.8M | −C$137.0M | −C$122.8M | −C$129.8M | −C$135.4M | −C$96.4M |
| Tangible book value | C$1.40B | C$1.36B | C$1.39B | C$1.40B | C$1.39B | C$1.41B | C$1.41B | C$1.70B | C$1.68B | C$1.65B | C$1.64B | C$1.63B |
| Shares outstanding | 69.2M | 67.3M | 67.3M | 68.9M | 73.3M | 76.4M | 79.0M | 79.0M | 79.8M | 80.3M | 81.7M | 83.0M |
| Current ratio | 0.78 | 0.58 | 0.54 | 0.52 | 0.80 | 1.56 | 1.79 | 0.45 | 0.49 | 0.45 | 0.41 | 0.52 |
| Quick ratio | 0.46 | 0.37 | 0.33 | 0.37 | 0.33 | 0.28 | 0.32 | 0.36 | 0.37 | 0.35 | 0.31 | 0.42 |
| Debt / equity | 0.27 | 0.20 | 0.14 | 0.11 | 0.16 | 0.25 | 0.24 | 0.21 | 0.23 | 0.17 | 0.14 | 0.14 |
| Equity / assets | 68.6% | 68.8% | 75.0% | 77.8% | 74.8% | 65.0% | 66.5% | 71.0% | 69.8% | 71.1% | 73.0% | 73.4% |
Quarterly columns are labeled by the month the quarter ended. Figures in Canadian dollars as reported (latest annual report filed February 19, 2026); data from EODHD.
OBE financial position
At the end of fiscal 2025 (December 31, 2025), Obsidian Energy had total assets of C$1.9 billion (down 12.3% from a year earlier), total liabilities of C$463.2 million and shareholders' equity of C$1.4 billion. It held C$0 in cash and short-term investments against C$199.8 million of debt, net debt of C$199.8 million. Its current ratio was 0.54. In the latest quarter (ended June 30, 2026) total assets were C$2.0 billion and equity C$1.4 billion.
Related: OBE income statement, OBE cash flow statement, OBE key metrics. See the OBE stock overview for the latest quote and news.
OBE balance sheet FAQ
What are Obsidian Energy's total assets?
Obsidian Energy reported total assets of C$1.9 billion at the end of fiscal 2025 (December 31, 2025), compared with C$2.1 billion a year earlier.
How much debt does Obsidian Energy have?
Obsidian Energy had C$199.8 million of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 0.14.
What is Obsidian Energy's book value?
Obsidian Energy's shareholders' equity (book value) was C$1.4 billion at the end of fiscal 2025.
What is Obsidian Energy's current ratio?
Obsidian Energy had current assets of C$90.1 million and current liabilities of C$167.6 million, a current ratio of 0.54 (current liabilities exceed current assets).