- Obsidian Energy (OBE) reported its operating and financial results for Q2 2022
- FFO increased by 271 per cent to $157.0 million for Q2 2022 compared to $42.3 million ($0.57 per share) in Q2 of 2021
- Q2 average production was 31,575 boe/d, an increase of 28 per cent over 2021
- The company also rig-released 11 wells and brought 16 wells on production
- Obsidian Energy Ltd. (OBE) is up 2.33 per cent, trading at C$10.12 per share at 3:15 pm ET
Obsidian Energy (OBE) reported its operating and financial results for Q2 2022.
The company saw a 271 per cent increase in cash flow from operating activities (FFO) to $157.0 million ($1.91 per share) in the quarter, compared to $42.3 million ($0.57 per share) from the Q2 of 2021 thanks to higher production and commodity prices.
The company continued to execute its development program during Q2 with capital expenditures of $40.3 million (2021 was $21.5 million) and decommissioning expenditures of $3.8 million (2021 was $0.5 million).
Q2 capital expenditures were mainly spent on drilling 11 wells (11 net) with 16 wells (15.7 net) completed and brought on stream in the company’s Peace River, Willesden Green, and Pembina assets.
Q2 average production was 31,575 barrels of oil equivalent a day (boe/d), an increase of 28 per cent over 2021. The company also rig-released 11 wells and brought 16 wells on production.
Obsidian Energy Ltd. is an intermediate-sized oil and gas producer with strategic assets in Alberta.
Obsidian Energy Ltd. (OBE) is up 2.33 per cent, trading at C$10.12 per share at 3:15 pm ET.
