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NEWS
Obsidian Energy Announces Increased 2024 Production Guidance and Revised Capital Program
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 (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.
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