Obsidian Energy Ltd (TSE:OBE) has released an update.
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Obsidian Energy Ltd. reported a notable increase in first quarter production for 2024, up 11% per share year-over-year, reaching 34,238 barrels of oil equivalent per day (boe/d), driven by the successful deployment of 17 new wells. Funds flow from operations amounted to $84.4 million, despite a 10% decrease from the previous year, cushioned by higher production and reduced operating costs. The company also emphasized strong performance in its Peace River operations and continued its share buyback program, repurchasing 1.05 million shares.
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