$OBE

PENN WEST PETROLEUM LTD.

CIK:0001334388|SEC Filings

Consolidated Statements of Income (Loss) - CAD ($) shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Profit or loss [abstract]
Production revenues	$ 599.8	$ 817.5
Processing fees	10.1	12.4
Royalties	(73.2)	(106.5)
Sales of commodities purchased from third parties	4.1	7.8
Gross Revenue	540.8	731.2
Other income	26.7	8.6
Risk management gain	3.8	16.4
Total revenue	571.3	756.2
Expenses
Operating	183.5	208.7
Transportation	53.4	57.9
Commodities purchased from third parties	3.4	6.5
General and administrative	20.6	20.5
Share-based compensation	11.7	8.2
Depletion, depreciation and impairment	203.2	662.4
Financing	42.1	52.2
Risk management	0.0	1.1
Restructuring	1.0	0.0
Transaction costs	5.4	1.4
Other	0.0	2.4
Total expenses	524.3	1,021.3
Income (loss) before taxes	47.0	(265.1)
Deferred income tax (recovery)	11.8	(62.5)
Net and comprehensive income (loss)	$ 35.2	$ (202.6)
Net income (loss) per share
Basic	$ 0.51	$ (2.67)
Diluted	$ 0.49	$ (2.67)
Weighted average shares outstanding (millions)
Basic	69.4	76.0
Diluted	71.8	76.0

Consolidated Statements of Cash Flows - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Operating activities
Net income (loss)	$ 35.2	$ (202.6)
Depletion, depreciation and impairment	203.2	662.4
Financing	20.0	20.3
Share-based compensation	8.3	8.2
Unrealized risk management loss	3.5	4.7
Unrealized equity forward contract loss	0.6	0.0
Gain on share disposition	(15.2)	0.0
Deferred income tax (recovery)	11.8	(62.5)
Decommissioning expenditures	(28.8)	(23.9)
Equity forward contracts	(28.7)	0.0
Onerous office lease settlements	(0.7)	(9.0)
Change in non-cash working capital	30.6	(35.7)
Cash flows from (used in) operating activities	239.8	361.9
Investing activities
Capital expenditures	(298.9)	(343.1)
Property acquisitions	(0.3)	(83.4)
Property dispositions	208.3	0.0
Proceeds from share disposition	91.4	0.0
Change in non-cash working capital	(17.7)	(4.0)
Cash flows from (used in) investing activities	(17.2)	(430.5)
Financing activities
Increase (decrease) in syndicated credit facility	(216.0)	117.5
Issuance of senior unsecured notes	175.0
Issuance of term loan	0.0	50.0
Repayment of term loan	0.0	(50.0)
Repayment of senior unsecured notes	(117.7)	(3.2)
Financing fees paid	(4.1)	(1.8)
Lease liabilities settlements	(2.1)	(2.0)
Exercised compensation plans	(2.0)	(1.2)
Repurchase of common shares	(54.9)	(41.7)
Tax paid on repurchase of common shares	(0.7)	0.0
Cash flows from (used in) financing activities	(222.5)	67.6
Change in cash and cash equivalents	0.1	(1.0)
Cash and cash equivalents (overdraft), beginning of year	(0.5)	0.5
Cash and cash equivalents (overdraft), end of year	(0.4)	(0.5)
Supplementary information
Cash interest paid	$ 22.0	$ 32.1

Consolidated Balance Sheets - CAD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Current
Accounts receivable	$ 56.1	$ 88.0
Risk management	23.0	8.4
Prepaid expenses and other	11.0	12.0
Assets held for sale	0.0	383.7
Total current assets	90.1	492.1
Non-current
Property, plant and equipment	1,494.5	1,349.2
Risk management	8.7	0.0
Deferred income tax	261.5	273.3
Total non-current assets	1,764.7	1,622.5
Total assets	1,854.8	2,114.6
Current
Bank overdraft	0.4	0.5
Accounts payable and accrued liabilities	155.0	175.8
Current portion of long-term debt	0.0	3.0
Current portion of lease liabilities	3.3	2.1
Current portion of provisions	8.9	20.4
Risk management	0.0	1.3
Liabilities related to assets held for sale	0.0	72.2
Total current liabilities	167.6	275.3
Non-current
Long-term debt	179.9	332.4
Lease liabilities	16.2	4.5
Provisions	98.3	96.0
Other non-current liabilities	1.2	0.6
Total liabilities	463.2	708.8
Shareholders' equity
Shareholders' capital	2,084.8	2,135.2
Other reserves	109.6	108.6
Deficit	(802.8)	(838.0)
Total shareholders' equity	1,391.6	1,405.8
Total liabilities and shareholders' equity	$ 1,854.8	$ 2,114.6