Obsidian Energy - OBE-T

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Company Highlights:

  • OBE is headquartered in Calgary and has three core areas: the Cardium, Viking and Peace River Arch (Clearwater play). Production in Q2/22 was 31,575 boe/d (66% liquids). Investors may remember this company from its prior name Penn West Petroleum.
  • Funds flow in Q2/22 was $125M up from $42M in Q2/21. Cash flow per share was $1.52 per share up from $0.57 per share in Q2/21.
  • Net debt was $343M at the end of Q2/22 and OBE plans to use free cash flow to pay this down. Their 2023 forecast is for production of 37,000 -38,000 boe/d with cash flow of $600M and capex of $270M providing significant funds to pay down debt further, have funds for growth opportunities and to provide some shareholder returns.
  • OBE has a market capitalization of over $700M (82.2M shares outstanding). The CEO, Stephen Loukas represents the largest institutional shareholder.
Peter Scott
Peter Scott
Senior Vice President and Chief Financial Officer
Mr. Scott joined Obsidian Energy in the role of Senior Vice President and Chief Financial Officer in December 2019. Mr. Scott brings over 30 years of experience in financial leadership, including 20 years as Chief Financial Officer. Mr. Scott has been responsible for a wide variety of functional areas including finance, accounting, tax, budgeting and planning, investor relations, risk management, insurance, legal, marketing and general administration.

Most recently, Mr. Scott held the role of Senior Vice President and Chief Financial Officer at Ridgeback Resources Inc., previously Lightstream Resources Ltd., for seven years. Before joining Lightstream, Mr. Scott held Vice President Finance and Chief Financial Officer roles at several oil and gas companies including Iteration Energy Ltd., Rock Energy Inc., and Beau Canada Exploration Ltd.. Mr. Scott began his career with Amoco Canada Petroleum Company Ltd. in 1983.