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Obsidian Energy Ltd. - OBE STOCK NEWS

Welcome to our dedicated page for Obsidian Energy Ltd. news (Ticker: OBE), a resource for investors and traders seeking the latest updates and insights on Obsidian Energy Ltd. stock.

Obsidian Energy Ltd. (TSX: OBE, NYSE American: OBE) is a distinguished intermediate-sized oil and gas producer headquartered in Calgary, Alberta. Specializing in the exploration, development, and production of oil and natural gas in the Western Canada Sedimentary Basin, Obsidian Energy boasts a balanced portfolio of high-quality assets. The company produces approximately 30,000 barrels of oil equivalent (boe) per day, representing a significant player in the energy industry.

Originally established as Penn West Petroleum Ltd., the company underwent a transformative rebranding in June 2017 to become Obsidian Energy Ltd. This change was accompanied by a strategic overhaul that reinforced the company's commitment to operational discipline, accountability, and shareholder value.

Obsidian Energy operates primarily in Alberta, with notable assets in the Cardium, Viking, and Peace River Arch regions. The Cardium area, particularly the Pembina and Willesden Green fields, is a cornerstone of the company's light oil production, offering robust returns and low-decline assets. The Peace River assets, focused on heavy oil production from the Bluesky and Clearwater formations, provide substantial growth potential and diversification.

Recent achievements underscore Obsidian Energy's proactive approach to growth and optimization. In early 2024, the company successfully repurchased and canceled a portion of its Senior Unsecured Notes, reducing debt and enhancing financial flexibility. Additionally, Obsidian Energy renewed its normal course issuer bid (NCIB), allowing the repurchase of up to 10% of its public float, reflecting confidence in its underlying value.

Operational achievements include the development of the Willesden Green/Pembina (Cardium) assets and significant exploration and appraisal drilling in the Clearwater and Bluesky formations. These projects have led to increased production rates and enhanced the company's asset value. Notably, the Pembina four-well Pad achieved strong initial production rates, confirming the area's potential for additional development.

Financially, Obsidian Energy reported solid first-quarter results for 2024, with funds flow from operations (FFO) reaching $84.4 million, despite a challenging commodity price environment. The company continues to prioritize cost management, reporting lower net operating costs and maintaining a disciplined approach to capital expenditures.

Looking ahead, Obsidian Energy is poised to continue its growth trajectory. The company recently announced a strategic acquisition in the Peace River area, adding 1,700 boe/d of Clearwater production and 148 net sections of land. This acquisition enhances Obsidian Energy's already substantial land base and aligns with its three-year corporate growth plan aimed at creating significant shareholder value.

Obsidian Energy's shares are traded on both the Toronto Stock Exchange and the NYSE American exchange under the symbol 'OBE'. The company remains committed to disciplined growth, operational excellence, and creating long-term value for its stakeholders.

Rhea-AI Summary

Obsidian Energy announced robust results from its 2024 development program, exceeding expectations in both the Peace River and Willesden Green/Pembina assets. The company has brought 30 (29.4 net) operated wells into production, with field estimates showing a production increase to over 35,500 boe/d. Without shut-in production due to blockades, this would be approximately 40,000 boe/d.

Key highlights include the Peace River Dawson Clearwater area’s production of 1,330 boe/d over the last 30 days and the Pembina Cardium Unit#9 wells' initial 30-day production rate of 403 boe/d per well. The company also completed exploration and appraisal drilling in Peace River, revealing valuable incremental information for future development. The light oil development in the Cardium region continues to yield strong production rates, contributing significantly to cash flow.

Obsidian's CEO, Stephen Loukas, expressed satisfaction with the results, emphasizing the technical team's ability to access high-quality reservoirs and improve drilling outcomes. Additionally, the company completed a land acquisition in Peace River, planning to drill its first Bluesky well on the new lands in Q1 2025.

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Obsidian Energy announced the voting results from the 2024 Annual and Special Meeting of Shareholders where all resolutions were approved. KPMG LLP was appointed as the auditor for the ensuing year, and seven nominees were elected as directors. An advisory resolution on executive compensation was also approved. The company held a webcast presentation for investors and stakeholders.

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Obsidian Energy reported strong operating and financial results for the first quarter of 2024, including increased production and funds flow. They began an active first half development program, showing promising results in their Peace River and Willesden Green/Pembina assets. The company's net debt increased, but they expect it to decrease in the second quarter. Obsidian Energy also renewed its share buyback program and achieved encouraging initial well results.

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Obsidian Energy announces the date of the first quarter 2024 results and AGM webcast. The company will release its financial and operational results before North American markets open on May 2, 2024. Management's discussion and analysis, as well as the unaudited consolidated financial statements, will be available on the company's website and regulatory profiles.
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Obsidian Energy completes the offer to purchase $2.0 million of Senior Unsecured Notes due July 27, 2027, resulting in an oversubscription of approximately $49.2 million. The Company paid $2.0 million for the Notes, leading to a proration for the tendered Notes. Settlement was completed, leaving $114.2 million of Notes outstanding.
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Obsidian Energy Ltd. provides an operational update on its first half 2024 capital program, showcasing strong production results from Pembina and Viking assets. The company's light oil development is meeting expectations, with encouraging initial results. The Peace River development program represents a significant milestone, with positive early results from the Clearwater formation.
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Obsidian Energy LTD. announces the renewal of its normal course issuer bid (NCIB) to repurchase up to 7,564,767 common shares, representing 10% of the public float, over 12 months starting February 29, 2024. The NCIB aims to enhance shareholder value by buying back shares at market price or through other permitted means on the TSX and NYSE American stock exchanges. The company believes that repurchasing shares can improve per share metrics and increase the underlying value of the company's common shares.
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Obsidian Energy Ltd. announces a cash offer to purchase up to $2.0 million of its outstanding Senior Unsecured Notes due 2027, with a total of $116.2 million outstanding. The offer expires on March 11, 2024, offering $1,030 per $1,000 principal amount of Notes, plus accrued interest.
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Obsidian Energy Ltd. files its audited Consolidated Financial Statements for 2023, along with related reports and forms. Investors can access these documents online or request hard copies.
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Obsidian Energy Ltd. reports strong operating and financial results for Q4 and full year 2023, with a five percent increase in average annual production, funds flow from operations of $377.6 million, and free cash flow of $58.5 million. The company repurchased and cancelled six percent of shares outstanding for $47.4 million, showing a 12 percent growth on a per share basis. Despite lower commodity prices in 2023, Obsidian Energy achieved over 120 percent reserve replacement and increased reserve volumes across all categories.
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FAQ

What is the current stock price of Obsidian Energy Ltd. (OBE)?

The current stock price of Obsidian Energy Ltd. (OBE) is $5.64 as of December 5, 2024.

What is the market cap of Obsidian Energy Ltd. (OBE)?

The market cap of Obsidian Energy Ltd. (OBE) is approximately 419.2M.

What does Obsidian Energy Ltd. do?

Obsidian Energy Ltd. is an intermediate-sized oil and gas producer specializing in the exploration, development, and production of oil and natural gas in the Western Canada Sedimentary Basin.

Where are Obsidian Energy's primary operations?

Obsidian Energy operates primarily in Alberta, focusing on the Cardium, Viking, and Peace River Arch regions.

What recent achievements has Obsidian Energy reported?

Recent achievements include successful repurchase and cancellation of Senior Unsecured Notes, renewal of the normal course issuer bid (NCIB), and substantial production increases from development projects.

What is Obsidian Energy's production capacity?

Obsidian Energy produces approximately 30,000 barrels of oil equivalent (boe) per day.

What were the financial highlights of Obsidian Energy's first quarter in 2024?

Financial highlights include funds flow from operations (FFO) of $84.4 million and a continued focus on reducing net operating costs.

What strategic acquisition did Obsidian Energy recently announce?

Obsidian Energy announced an acquisition of 1,700 boe/d of Clearwater production and 148 net sections of land in the Peace River area.

What is Obsidian Energy's growth strategy?

Obsidian Energy's growth strategy focuses on disciplined capital expenditures, operational excellence, and strategic acquisitions to enhance shareholder value.

How does Obsidian Energy trade on the stock market?

Obsidian Energy's shares are traded on the Toronto Stock Exchange and the NYSE American exchange under the symbol 'OBE'.

What is the significance of the company's rebranding to Obsidian Energy Ltd.?

The rebranding from Penn West Petroleum Ltd. to Obsidian Energy Ltd. in 2017 marked a strategic overhaul, reinforcing the company's commitment to operational discipline and shareholder accountability.

What are the primary areas of focus for Obsidian Energy's operations?

Obsidian Energy's primary areas of focus are the Cardium, Viking, and Peace River regions, with significant emphasis on both light and heavy oil production.

Obsidian Energy Ltd.

NYSE:OBE

OBE Rankings

OBE Stock Data

419.20M
73.65M
2.75%
23.81%
4.56%
Oil & Gas E&P
Energy
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United States of America
Calgary