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) announced strong results for Q4 and full-year 2024, with funds flow from operations (FFO) increasing 14% to $432.0 million ($5.69 per share) compared to 2023. Average production grew 16% to 37,474 boe/d, exceeding the company's guidance.
The company executed a $343.1 million capital program in 2024, focusing on developing its Peace River heavy oil assets while maintaining production in light oil assets. This resulted in substantial reserve increases across all categories, replacing 148% of 2024 production on a proved developed producing basis.
Obsidian remained active in its share buyback program, repurchasing and cancelling 4.5 million shares (6% of outstanding) for $41.7 million in 2024. The company also reduced operating costs to $13.85 per boe (down from $14.21 in 2023) and G&A costs to $1.50 per boe (down from $1.61).
In February 2025, Obsidian announced the sale of its Pembina assets to InPlay Oil Corp. for approximately $320 million, with proceeds expected to pay down debt. Net debt increased to $411.7 million at year-end 2024, primarily due to the $80.5 million Peace River Clearwater Acquisition.
Obsidian Energy (TSX: OBE, NYSE: OBE) has announced a definitive agreement to sell its operated Pembina assets to InPlay Oil Corp. for approximately $320 million, comprising $220 million in cash, $85 million in InPlay shares, and InPlay's 34.6% interest in the Willesden Green Cardium Unit #2 field valued at $15 million.
The transaction will significantly reduce Obsidian's debt from $412 million to approximately $192 million. Post-transaction, Obsidian will maintain a production base of over 29,000 boe/d, with Peace River becoming its largest asset. The company will retain its non-operated holdings in Pembina Cardium Unit #11.
The deal represents approximately 2.7x 2024E net operating income and involves the sale of approximately 10,300 boe/d average production. The transaction is expected to close in early Q2 2025, subject to regulatory approvals and other conditions.
Obsidian Energy (TSX: OBE) (NYSE American: OBE) announced significant reserves growth for 2024, with reserve replacement of 146%, 229%, and 296% of production across PDP, 1P, and 2P reserves respectively. The company's 1P reserve value increased 23% per share to $2.3 billion (before-tax, discounted at 10%).
Key achievements include adding 107 new locations to Peace River reserves, bringing the total to 160 net locations. The company's before-tax net present value (NPV10) showed strong growth: PDP increased 9% to $1.6 billion, 1P increased 17% to $2.3 billion, and 2P increased 20% to $3.1 billion.
The company demonstrated improved efficiency with F&D costs including FDC at $19.55/boe for PDP, $19.27/boe for 1P, and $16.31/boe for 2P. Recycle ratios were strong at 1.7x for PDP, 1.8x for 1P, and 2.1x for 2P, based on expected 2024 operating netback of $33.86/boe.
Obsidian Energy (TSX: OBE, NYSE: OBE) reports strong operational results for 2024, with estimated average production of 37,450 boe/d exceeding guidance range and representing a 16% increase over 2023. Fourth quarter 2024 production averaged approximately 40,000 boe/d.
The company completed 66 operated wells in 2024, with significant success in Peace River's Clearwater formation, where production grew from 99 boe/d in January 2023 to over 4,500 boe/d in December 2024. Notable achievements include the Peavine 8-13 Pad achieving an average 30-day initial production rate of 302 boe/d per well, and strong performance from the Pembina two-well 12-19 Pad producing over 1,100 boe/d.
The company currently has six drilling rigs in operation and plans to announce its first half 2025 capital program and guidance on February 5, 2025, as it progresses toward its goal of achieving 50,000 boe/d of production during 2026.
Obsidian Energy (OBE) reported strong Q3 2024 results with funds flow from operations of $124.7 million ($1.64 per share), a 34% increase per share compared to Q3 2023. Average production grew 21% year-over-year to 39,714 boe/d, driven by 64 wells brought online in the first nine months. The company achieved milestone production of over 40,000 boe/d in September. Net income was $33.2 million ($0.44 per share). The company maintained its share buyback program, repurchasing 1.0 million shares for $9.3 million in Q3. Capital expenditures were $85.5 million, focused on Peace River and Pembina development.
Obsidian Energy (TSX: OBE) (NYSE American: OBE) announced it will release its third quarter 2024 financial and operational results before North American markets open on Thursday, October 31, 2024. The company will make available its third quarter management's discussion and analysis and unaudited consolidated financial statements on their website, SEDAR+, and EDGAR platforms.
Obsidian Energy (TSX: OBE) (NYSE American: OBE) has announced an increase in its syndicated credit facility to $300 million from $260 million. This expansion comes with the addition of ICBC Standard Bank Plc. to the company's banking syndicate. The revolving period and maturity dates remain unchanged at May 31, 2025, and May 31, 2026, respectively.
The company has utilized this increased credit facility to substantially repay its term loan, reducing the outstanding amount to $10 million. The term loan, which matures on June 26, 2025, is expected to be fully repaid before that date using internally generated cash flow. Originally, the $50 million term loan was used to partially fund Obsidian's Peace River asset acquisition in June 2024.
This financial move aligns with Obsidian Energy's objectives of enhancing liquidity, supporting Peace River production growth, and facilitating its return of capital strategy.
Obsidian Energy (TSX: OBE) (NYSE American: OBE) has revised its 2024 guidance, increasing production estimates to 37,000-37,400 boe/d due to strong drilling results. The company has also reduced capital expenditures by $15 million, reallocating funds towards share buybacks and debt reduction. Key changes include:
- Increased production guidance to 37,000-37,400 boe/d (15% increase from 2023)
- Reduced capital expenditures to $320-335 million
- Increased Funds Flow from Operations (FFO) to $420 million
- Increased Free Cash Flow (FCF) to $69 million
- Lowered net debt to FFO ratio to 0.9 times
The company has adjusted its drilling program, adding Clearwater development wells in Peavine and exploration wells at Gift Lake. Obsidian Energy expects to rig release 68 (67.4 net) wells in 2024.
Obsidian Energy has announced strong operational results and upwardly revised guidance for 2024.
August average production increased to 40,000 boe/d, with Peace River contributing 11,500 boe/d.
Revised 2024 production guidance is now 36,400 - 37,000 boe/d.
Operational highlights include:
1. Drilling results exceeding expectations with 14 operated wells released and 10 on production since June.
2. Peace River's Clearwater formation showed better production rates, with significant contributions from Bluesky formation fields, such as Harmon Valley South and Walrus.
3. Revised FFO increased by $10M to $415M, and FCF by $5M to $52M.
Obsidian is on track to reach 50,000 boe/d production by 2026, but is cautious due to market volatility and share price discount.
Updated 2024 guidance maintains a WTI forecast of $75/bbl, with net debt to FFO at approximately 1.0 times.
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.
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