Obsidian Energy(OBE) - 2025 Q3 - Quarterly Report

Exhibit 99.2 MANAGEMENT'S DISCUSSION AND ANALYSIS For the three and nine months ended September 30, 2025 This management's discussion and analysis of financial condition and results of operations ("MD&A") of Obsidian Energy Ltd. ("Obsidian Energy", the "Company", "we", "us", "our") should be read in conjunction with the Company's unaudited interim condensed consolidated financial statements for the three and nine months ended September 30, 2025 and the Company's audited consolidated financial statements and ...