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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 completes its offer to purchase $5.0 million of its outstanding 11.95% Senior Unsecured Notes. The offer was oversubscribed with $72.5 million worth of Notes tendered. The purchase consideration paid by the company was $5.0 million, resulting in proration of the tendered Notes. Settlement of the offer has been completed.
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OBSIDIAN ENERGY LTD. (TSX: OBE) (NYSE American: OBE) announced the commencement of an offer to purchase for cash, up to $5.0 million of its outstanding 11.95 percent Senior Unsecured Notes due July 27, 2027. The Offer, subject to an expiry date of August 14, 2023, offers total cash consideration of $1,030 per $1,000 principal amount of Notes, plus any accrued and unpaid interest up to, but not including, the settlement date, expected to occur on August 17, 2023.
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Obsidian Energy Ltd. (OBE) Reports Solid Operating and Financial Results for Q2 2023
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Obsidian Energy shareholders approve all resolutions outlined in the Notice of 2023 Annual and Special Meeting and Management Proxy Circular. KPMG LLP appointed as auditor. Seven nominees elected as directors. Advisory resolution on executive compensation approved. Unallocated options and units plans also approved.
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Obsidian Energy provides an update on operations impacted by Alberta wildfires. Approximately 5,650 boe/d of production is being restored, with 4,500 boe/d coming from the Harmon Valley South field and 1,250 boe/d from Pembina. No damage to key assets or infrastructure reported. The company will continue to monitor the situation.
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Obsidian Energy provides an update on operations impacted by Alberta wildfires. The company shut-in fields in the Peace River area and temporarily curtailed approximately 9,700 boe/d of production due to wildfires. No damage to key assets or infrastructure reported. The company will continue to monitor the situation and provide updates.
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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 $5.55 as of December 11, 2024.

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

The market cap of Obsidian Energy Ltd. (OBE) is approximately 403.3M.

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

403.26M
71.96M
2.51%
23.81%
4.56%
Oil & Gas E&P
Energy
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United States of America
Calgary