Welcome to our dedicated page for Obsidian Energy news (Ticker: OBE), a resource for investors and traders seeking the latest updates and insights on Obsidian Energy stock.
Obsidian Energy Ltd. (OBE) is a Canadian oil and gas producer focused on disciplined development of its Western Canada Sedimentary Basin assets, particularly in the Peace River region. This page serves as the definitive source for OBE's official announcements, operational updates, and strategic developments.
Investors and industry observers will find timely access to earnings reports, acquisition announcements, production data, and management insights. The curated news collection enables efficient tracking of OBE's capital programs, cost management initiatives, and progress in heavy oil/light oil operations.
Content spans quarterly financial results, drilling activity updates, asset optimization strategies, and leadership communications. All materials maintain OBE's commitment to transparent reporting and operational accountability without speculative commentary.
Bookmark this page for direct access to verified OBE updates. Combine regular monitoring with review of historical announcements to maintain informed perspectives on the company's evolving market position.
Obsidian Energy (TSX: OBE, NYSE American: OBE) has filed a resale shelf registration statement with the U.S. SEC for administrative purposes related to the holdings of President and CEO Stephen Loukas and Board member John Brydson. This filing, made on August 2, 2024, allows them to deposit up to 668,933 common shares into U.S. brokerage accounts and resolve administrative issues due to their status as company affiliates. The registration does not imply any immediate intention to sell the shares, and Obsidian Energy will not receive proceeds from any potential sales. The registration is pending SEC effectiveness and is not an offer to sell or buy the securities.
Obsidian Energy has announced robust Q2 2024 results, seeing a 15% year-over-year growth in average daily production to 35,773 boe/d and a 41% increase in funds flow from operations per share, reaching $115.2 million ($1.51 per share).
Highlights include the completion of the Peace River Clearwater acquisition, adding 148 net sections and 1,700 boe/d to their production. The company executed an active first half with 34 operated wells released, and 33 wells brought online. The capital program saw expenditures of $59.2 million, a 49.9% increase from Q2 2023.
Obsidian also repurchased 0.8 million shares for $8.7 million, signaling a strong buyback program. Net income rose significantly to $37.1 million ($0.48 per share).
The company faces increased net debt to $432.5 million, primarily due to the acquisition. However, FFO growth and higher production volumes are expected to decrease this ratio in H2 2024.
Obsidian Energy (TSX: OBE) (NYSE American: OBE) has announced the release date for its second quarter 2024 financial and operational results. The company will publish the results before North American markets open on Thursday, August 1, 2024. Investors and analysts can expect to find the second quarter management's discussion and analysis and the unaudited consolidated financial statements on Obsidian Energy's website, as well as under its SEDAR+ and EDGAR profiles, around the same date. This announcement provides stakeholders with a clear timeline for accessing important financial information about the company's performance in Q2 2024.
Obsidian Energy has completed its acquisition of Clearwater production assets and 148 net sections of land in the Peace River area, amounting to approximately 1,700 boe/d of oil production, as of April 2024. The acquisition, valued at $80.5 million, was funded through the company's syndicated bank facility and a $50 million term loan maturing in June 2025. CEO Stephen Loukas highlighted the strategic benefits of the acquisition, which includes 200 identified drilling locations, with 103 locations on trend with the company's successful Clearwater Dawson development. The acquisition fits into Obsidian's 2024-2026 corporate growth plan.
Obsidian Energy announced the acquisition of Peace River Peavine and Gift Lake assets, adding 1,700 boe/d of Clearwater production and 148 net sections of land for $76 million. This acquisition increases Obsidian's land position to over 680 net sections with Clearwater and Bluesky oil rights. The deal is expected to close by July 14, 2024, funded through debt financing.
The 2024 guidance has been revised to reflect reduced capital expenditures and increased production. The acquisition is expected to improve production efficiency and diversify future development programs. The revised 2024 production target is 36,400 boe/d, up from 32,275 boe/d in 2023.
Key financial updates include an increase in funds flow from operations to $405 million and free cash flow to $47 million. Capital expenditures are reduced to $330-$340 million, with net debt revised to $395 million by year-end 2024.
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.
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.
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.
FAQ
What is the current stock price of Obsidian Energy (OBE)?
What is the market cap of Obsidian Energy (OBE)?
