Obsidian Energy Announces First Quarter 2024 Results
Obsidian Energy reported strong operating and financial results for the first quarter of 2024, including increased production and funds flow. They began an active first half development program, showing promising results in their Peace River and Willesden Green/Pembina assets. The company's net debt increased, but they expect it to decrease in the second quarter. Obsidian Energy also renewed its share buyback program and achieved encouraging initial well results.
Increased average production to 34,238 boe/d, up 11% per share over Q1 2023.
Generated funds flow from operations of $84.4 million ($1.09 per share).
Initiated active first half development program with promising results at Peace River and Willesden Green/Pembina assets.
Expect net debt levels to decrease in the second quarter.
Renewed share buyback program and repurchased 1.05 million shares for $10.5 million.
FFO decreased by 10% compared to the same period in 2023.
Higher share-based compensation due to appreciation of share price impacted FFO.
G&A costs increased to $1.77 per boe in Q1 2024.
Net debt levels increased to $386.3 million at March 31, 2024.
Net income partially offset by higher depletion costs and lower commodity prices.
Insights
Focusing on Obsidian Energy's first quarter of 2024 results, the increase in production to 34,238 boe/d represents a strengthening of operational capabilities, likely resulting from strategic drilling and development programs. The company's report of funds flow from operations (FFO) at
The execution of a share buyback program with the re-purchase and cancellation of 1.05 million shares indicates confidence by management in the intrinsic value of the stock, which can often be perceived as a bullish sign by investors. However, the net increase in debt to
Noteworthy in Obsidian Energy's announcement is the harmonization of increased production and reduced net operating costs, which dropped to
The company's oil pricing strategy, highlighted by the hedging update, suggests a risk-averse approach, especially in natural gas, where Obsidian secured a significant portion of its anticipated production at a favorable swap price. However, the report of a decrease in net income to
• Increased average production to 34,238 boe/d, up 11 percent per share over the first quarter of 2023; an additional 17 (17.0 net) operated wells came on production in April
• Generated funds flow from operations of
• Began active first half development program with 25 (24.4 net) operated wells rig released and 11 (11.0 net) operated wells brought on production during the quarter
• Initial Peace River 8-28 Pad Bluesky results are above type curve with an average pad 25-day IP rate of 533 boe/d (100 percent oil) per well
• Accelerated Clearwater development at Peace River Dawson field with the addition of four (4.0 net) wells to the first half program
Calgary, Alberta--(Newsfile Corp. - May 2, 2024) - OBSIDIAN ENERGY LTD. (TSX: OBE) (NYSE American: OBE) ("Obsidian Energy", the "Company", "we", "us" or "our") is pleased to report strong operating and financial results for the first quarter of 2024.
| Three months ended March 31 | ||||||
| 2024 | 2023 | |||||
| FINANCIAL1 | ||||||
| (millions, except per share amounts) | ||||||
| Cash flow from operating activities | 58.7 | 72.6 | ||||
| Basic per share ($/share)2 | 0.76 | 0.89 | ||||
| Diluted per share ($/share)2 | 0.73 | 0.87 | ||||
| Funds flow from operations3 | 84.4 | 94.3 | ||||
| Basic per share ($/share)4 | 1.09 | 1.15 | ||||
| Diluted per share ($/share)4 | 1.05 | 1.12 | ||||
| Net income | 11.9 | 30.5 | ||||
| Basic per share ($/share) | 0.15 | 0.37 | ||||
| Diluted per share ($/share) | 0.15 | 0.36 | ||||
| Capital expenditures | 114.3 | 107.1 | ||||
| Decommissioning expenditures | 10.1 | 8.7 | ||||
| Long-term debt | 277.6 | 259.3 | ||||
| Net debt3 | 386.3 | 351.4 | ||||
| OPERATIONS | ||||||
| Daily Production | ||||||
| Light oil (bbl/d) | 13,079 | 12,809 | ||||
| Heavy oil (bbl/d) | 6,748 | 6,241 | ||||
| NGL (bbl/d) | 2,783 | 2,678 | ||||
| Natural gas (mmcf/d) | 70 | 69 | ||||
| Total production5 (boe/d) | 34,238 | 33,153 | ||||
| Average sales price2,6 | ||||||
| Light oil ($/bbl) | 94.82 | 101.51 | ||||
| Heavy oil ($/bbl) | 60.39 | 44.98 | ||||
| NGL ($/bbl) | 50.43 | 59.37 | ||||
| Natural gas ($/mcf) | 2.38 | 4.06 | ||||
| Netback ($/boe) | |||||||||||
| Sales price | 57.07 | 60.89 | |||||||||
| Risk management gain | 1.24 | 0.88 | |||||||||
| Net sales price | 58.31 | 61.77 | |||||||||
| Royalties | (7.05 | ) | (8.40 | ) | |||||||
| Net operating costs4 | (13.91 | ) | (14.57 | ) | |||||||
| Transportation | (3.95 | ) | (3.25 | ) | |||||||
| Netback4 ($/boe) | 33.40 | 35.55 | |||||||||
(1) We adhere to generally accepted accounting principles ("GAAP"); however, we also employ certain non-GAAP measures to analyze financial performance, financial position, and cash flow, including funds flow from operations ("FFO"), net debt, netback and net operating costs. Additionally, other financial measures are also used to analyze performance. These non-GAAP and other financial measures do not have any standardized meaning prescribed by International Financial Reporting Standards ("IFRS") and therefore may not be comparable to similar measures provided by other issuers. Readers should not consider non-GAAP and other financial measures to be more meaningful than GAAP measures, which are determined in accordance with IFRS, such as net income and cash flow from operating activities, as indicators of our performance.
(2) Supplementary financial measure. See "Non-GAAP and Other Financial Measures".
(3) Non-GAAP financial measure. See "Non-GAAP and Other Financial Measures".
(4) Non-GAAP financial ratio. See "Non-GAAP and Other Financial Measures".
(5) Please refer to the "Oil and Gas Information Advisory" section below for information regarding the term "boe".
(6) Before realized risk management gains/(losses).
Detailed information can be found in Obsidian Energy's interim consolidated financial statements and management's discussion and analysis ("MD&A") as at and for the three-month period ended March 31, 2024 on our website at www.obsidianenergy.com, which will also be filed on SEDAR+ and EDGAR in due course.
FIRST QUARTER 2024 OVERVIEW
Obsidian Energy completed the majority of our first half 2024 drilling program during the first quarter with five rigs in operation across our Peace River and Willesden Green/Pembina (Cardium) assets. In total, 25 (24.4 net) operated wells were rig released and 11 (11.0 net) operated wells were brought on production in the quarter. Initial results from our development and exploration/appraisal activities are encouraging, with strong production additions from an additional 17 (17.0 net) operated and four (1.3 net) non-operated wells that came on production subsequent to quarter end.
First quarter 2024 production increased by three percent (11 percent on a per share basis) to 34,238 boe/d from 33,153 boe/d in the first quarter of 2023. During the first quarter of 2024, FFO was
"We are extremely pleased with the progress of our first half 2024 capital program across both our heavy and light oil operations," commented Stephen Loukas, Obsidian Energy's President and CEO. "Our first half development program is yielding strong initial results at or above our expectations. Within our Peace River program, our recent strong results at Harmon Valley South ("HVS") unlocks incremental future Bluesky inventory within the area. Additionally, we are continuing development at our Walrus field with the drilling of a six-well pad, while also fast-tracking our first Clearwater formation development field at Dawson."
Mr. Loukas continued, "Lastly, our Willesden Green/Pembina (Cardium) program has delivered strong results, allowing us to sustain stable volumes and cash flow within our light oil segment to continue to fund growth within our heavy oil segment as well as additional share buybacks. In summary, we remain confident in our ability to deliver our 2024 - 2026 three-year corporate growth plan (the "Growth Plan") which we believe will create significant value for our stakeholders."
2024 FIRST QUARTER CORPORATE HIGHLIGHTS
Solid Funds Flow - The Company generated FFO of
$84.4 million ($1.09 per share basic) compared to$94.3 million ($1.15 per share basic) in the first quarter of 2023.Capital Development Growth - We began the execution of the first-year capital program under our Growth Plan, laying the foundation for future value realization. With five drilling rigs operating, our higher activity level focused on development in Peace River and Willesden Green/Pembina (Cardium) as well as further testing of our Peace River asset through exploration/appraisal and oilsands exploration ("OSE") wells. First quarter capital expenditures totalled
$114.3 million in 2024 (2023 -$107.1 million ), while decommissioning expenditures totaled$10.1 million (2023 -$8.7 million ).Short-term Increase to Net Debt - Net debt levels increased to
$386.3 million at March 31, 2024, compared to$351.4 million at March 31, 2023, largely due to higher drawings under our syndicated credit facility for our development program. During the second quarter of 2024, our net debt level is expected to decrease as the combination of new wells coming on production and lower capital spending levels result in free cash flow generation.Increased Credit Facility Borrowing Base - We completed our semi-annual borrowing base redetermination of our credit facility in April, increasing the aggregate amount available under the syndicated credit facility by
$20.0 million to$260.0 million . In association with the redetermination, the revolving period and maturity dates were extended to May 31, 2025, and May 31, 2026, respectively.Active and Renewed Share Buyback Program - In the first quarter of 2024, a total of 1.05 million shares were repurchased and cancelled under the Company's NCIB for
$10.5 million ($9.94 per share).The Company renewed our NCIB with the Toronto Stock Exchange during the first quarter of 2024, allowing the purchase of up to 7,564,767 common shares over a period of 12 months from February 29, 2024, to February 28, 2025.
Repurchased Senior Unsecured Notes - During the first quarter of 2024, the Company repurchased and cancelled
$1.2 million of our outstanding 11.95 percent Senior Unsecured Notes (the "Notes") on the open market at an average price of$1,016 per$1,000 principal amount. We also completed our semi-annual free cash flow offer, which resulted in the repurchase and cancellation of$2.0 million principal of Notes at an average price of$1,030 per$1,000 principal amount and$114.2 million of Notes outstanding.Decreased Net Operating Costs - Net operating costs were lower at
$13.91 per boe in the first quarter of 2024 compared to$14.57 per boe in 2023 due to lower power and trucking costs.G&A Costs - General and administrative ("G&A") costs increased to
$1.77 per boe in the first quarter of 2024 compared to$1.60 per boe in 2023. The Company increased staffing levels to align with our higher activity level and expanded capital program under our Growth Plan. G&A costs per boe are expected to decrease going forward as production levels further increase.Net Income - Net income for the first quarter of 2024 was
$11.9 million ($0.15 per share basic) as a result of the Company's increased production levels and positive operating netback. First quarter 2024 net income was partially offset by higher depletion costs, SBC charges and the impact of lower commodity prices and wider light oil differentials when compared to the first quarter of 2023.
FIRST QUARTER 2024 CAPITAL PROGRAM & HIGHLIGHTS
The Company had a strong start to our 2024 program with the first quarter pace of development and capital expenditures as anticipated, providing encouraging initial results at or above expectations. We completed the majority of our first half drilling program during the quarter with five rigs operating in our Peace River (Bluesky and Clearwater formations) and Willesden Green/Pembina (Cardium formation) areas. We are currently in the process of completion activities for the wells and have one rig drilling additional development wells at our new Peace River Dawson Clearwater field through spring break-up. The breakdown of operated wells that were rig released and on production during the first quarter of 2024 are as follows:
| Q1 Gross (Net) Wells | ||||||
| Rig Released | On Production | |||||
| DEVELOPMENT WELLS | ||||||
| Heavy Oil Assets | ||||||
| Peace River (Bluesky) | 7 (7.0 | ) | 1 (1.0 | ) | ||
| Peace River (Clearwater) | 1 (1.0 | ) | - | |||
| Light Oil Assets | ||||||
| Willesden Green (Cardium/Mannville) | 6 (5.7 | ) | 4 (4.0 | ) | ||
| Pembina (Cardium) | 4 (3.7 | ) | 4 (4.0 | ) | ||
| 18 (17.4 | ) | 9 (9.0)1 | ||||
| EXPLORATION/APPRAISAL WELLS | ||||||
| Peace River (Bluesky) | - | - | ||||
| Peace River (Clearwater) | 2 (2.0 | ) | 2 (2.0 | ) | ||
| Peace River (OSE) | 5 (5.0 | ) | n/a | |||
| 7 (7.0 | ) | 2 (2.0 | ) | |||
| | ||||||
| TOTAL OPERATED WELLS2 | 25 (24.4 | ) | 11 (11.0)1 | |||
(1) Seven (7.0 net) wells rig released in 2023 came on production in the first quarter of 2024; they are included in the total.
(2) Excluding injection or disposal wells.
Obsidian Energy also participated in 11 non-operated (5.8 net) wells during the first quarter, one (0.4 net) of which was a water injector well. In April, we brought an additional 17 (17.0 net) operated and four (1.3 net) non-operated wells onstream; most of our wells from our first half 2024 program are expected to be on production by the end of June.
Capital program highlights for the first quarter 2024 were as follows:
Achieved Encouraging Initial Well Results - While most of the wells are expected onstream in the second quarter of 2024, we are realizing encouraging results with solid initial production ("IP") rates from wells on production, including:
Peace River (Bluesky): The HVS 8-28 Pad (2 wells) produced above our internal expectations with an average pad 25-day IP rate of 533 boe/d (100 percent oil) per well.
Pembina:
A fourth (1.0 net) well was drilled on the 7-36 Pad in addition to the three (3.0 net) wells from 2023. Initial production rates are encouraging with average 30-day IP rates of 371 boe/d (83 percent light oil) for the four wells.
All three 6-08 Pad wells at the Pembina Cardium Unit #9 came onstream in mid-April with a gross average 10-day IP rate of 366 (330 net) boe/d (83 percent light oil).
Willesden Green:
Following up the highly economic well drilled at the Open Creek 9-17 Pad in 2023, we rig released another well (0.7 net) at the pad in March. The well came onstream in mid-April with a gross 10-day IP rate of 373 (243 net) boe/d (89 percent light oil).
All three wells at the 2-13 Pad came onstream in mid-April with a gross average 10-day IP rate of 321 boe/d (60 percent oil).
A third (1.0 net) well on the three-well 4-18 Pad was spud in January 2024; all three wells came onstream in February and had average 30-day IP rates of 151 boe/d (78 percent light oil) for the three wells.
Initiated and Accelerated Development of Clearwater Dawson Field - We began the active development of our first Clearwater field at Dawson in Peace River with the drilling of two (2.0 net) wells. Based on initial indications from the two wells and favourable spring conditions in the area allowing the Company to extend the drilling season, we accelerated development of the field by adding four (4.0 net) wells to the first half program.
Peace River Potential - All five (5.0 net) vertical OSE wells planned in our 2024 capital program were completed. Initial indications from the well cores are encouraging, helping to further delineate our extensive land position and identify new locations and development areas.
Active Decommissioning Program - We successfully abandoned a combined net total of 24 wells, two facilities and 88 kilometres of pipeline as part of activities from our decommissioning spend of
$10.1 million .
HEDGING UPDATE
Our hedging strategy focused on our natural gas position given our concerns regarding natural gas storage levels, leading to a realized gain of
Oil Contracts
| Type | Remaining Term | Volume (bbl/d) | Swap Price ($/bbl) | |
| WCS Differential | April - June 2024 | 750 | ( | |
| WTI Swap | April 2024 | 5,709 | ||
| WTI Swap | May 2024 | 1,000 | ||
| WTI Collar | April 2024 | 2,625 | ||
| WTI Collar | May 2024 | 750 |
AECO Natural Gas Contracts
| Type | Remaining Term | Volume (mcf/d) | Percentage Hedged1 | Swap Price ($/mcf) |
| AECO Swap | April - October 2024 | 43,365 | ||
| AECO Swap | November 2024 - March 2025 | 14,929 | ||
| AECO Collars | November 2024 - March 2025 | 4,976 |
(1) Based on 2024E natural gas production of 70.8 mmcf/d.
Electricity Contracts
| Type | Remaining Term | Volume (MWh/d) | Swap Price ($/MWh) | |||
| Power Swaps | April - December 2024 | 144 MWh/d | ||||
ANNUAL AND SPECIAL MEETING
The Company's Annual and Special Meeting (the "Meeting") is scheduled for Thursday, May 2, 2024, at 9:00 am (MT) at the offices of Obsidian Energy, Suite 200, 207 - 9 Avenue SW, Calgary, Alberta. Access to the Meeting will, subject to Company's by-laws, be limited to essential personnel, registered shareholders and proxyholders entitled to attend and vote at the Meeting as well as invited guests.
In association with the Meeting, our President and CEO, Stephen Loukas and other members of management will host a webcast presentation after the formal portion of the Meeting at 10:00 am MT (12:00 pm ET) (the "Presentation").
The Presentation will be broadcast live on the Internet and may be accessed either through our website or directly at the webcast portal. Those who wish to listen to the Presentation should connect at least five minutes prior to the scheduled start time through the following numbers:
- Canada / USA: 1-800-319-4610 (toll-free)
- Toronto: 1-416-915-3239
- Calgary: 1-403-351-0324
A question-and-answer session will be held following the Presentation. If you wish to submit a question to the Company, participants can do so ahead of time after registering on the webcast portal on the Intranet or by emailing questions to investor.relations@obsidianenergy.com. The updated corporate presentation and the Presentation will be available for replay on our website, www.obsidianenergy.com
Additional information about the Meeting can be found on our website.
ADDITIONAL READER ADVISORIES
OIL AND GAS INFORMATION ADVISORY
Barrels of oil equivalent ("boe") may be misleading, particularly if used in isolation. A boe conversion ratio of six thousand cubic feet of natural gas to one barrel of crude oil is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. Given that the value ratio based on the current price of crude oil as compared to natural gas is significantly different from the energy equivalency conversion ratio of 6:1, utilizing a conversion on a 6:1 basis is misleading as an indication of value.
TEST RESULTS AND INITIAL PRODUCTION RATES
Test results and initial production rates disclosed herein, particularly those short in duration, may not necessarily be indicative of long-term performance or of ultimate recovery. Readers are cautioned that short-term rates should not be relied upon as indicators of future performance of these wells and therefore should not be relied upon for investment or other purposes. A pressure transient analysis or well-test interpretation has not been carried out and thus certain of the test results provided herein should be considered preliminary until such analysis or interpretation has been completed.
NON-GAAP AND OTHER FINANCIAL MEASURES
Throughout this news release and in other materials disclosed by the Company, we employ certain measures to analyze financial performance, financial position, and cash flow. These non-GAAP and other financial measures do not have any standardized meaning prescribed by IFRS and therefore may not be comparable to similar measures provided by other issuers. The non-GAAP and other financial measures should not be considered to be more meaningful than GAAP measures which are determined in accordance with IFRS, such as net income and cash flow from operating activities as indicators of our performance. The Company's interim consolidated financial statements and MD&A as at and for three months ended March 31, 2024, will be available in due course on the Company's website at www.obsidianenergy.com and under our SEDAR+ profile at www.sedarplus.ca and EDGAR profile at www.sec.gov. The disclosure under the section "Non-GAAP and Other Financial Measures" in the MD&A is incorporated by reference into this news release.
Non-GAAP Financial Measures
The following measures are non-GAAP financial measures: FFO; net debt; net operating costs; netback; and FCF. These non-GAAP financial measures are not standardized financial measures under IFRS and might not be comparable to similar financial measures disclosed by other issuers. See the disclosure under the section "Non-GAAP and Other Financial Measures" in our MD&A for the three-month period ended March 31, 2024, for an explanation of the composition of these measures, how these measures provide useful information to an investor, and the additional purposes, if any, for which management uses these measures.
For a reconciliation of FFO to cash flow from operating activities, being our nearest measure prescribed by IFRS, see "Non-GAAP Measures Reconciliations" below.
For a reconciliation of net debt to long-term debt, being our nearest measure prescribed by IFRS, see "Non-GAAP Measures Reconciliations" below.
For a reconciliation of net operating costs to operating costs, being our nearest measure prescribed by IFRS, see "Non-GAAP Measures Reconciliations" below.
For a reconciliation of netback to sales price, being our nearest measure prescribed by IFRS, see "Non-GAAP Measures Reconciliations" below.
For a reconciliation of FCF to cash flow from operating activities, being our nearest measure prescribed by IFRS, see "Non-GAAP Measures Reconciliations" below.
Non-GAAP Financial Ratios
The following measures are non-GAAP ratios: FFO (basic per share ($/share) and diluted per share ($/share)), which use FFO as a component; net operating costs ($/boe), which uses net operating costs as a component; netback ($/boe), which uses netback as a component; and net debt to FFO, which uses net debt and FFO as components. These non-GAAP ratios are not standardized financial measures under IFRS and might not be comparable to similar financial measures disclosed by other issuers. See the disclosure under the section "Non-GAAP and Other Financial Measures" in our MD&A for three months ended March 31, 2024, for an explanation of the composition of these non-GAAP ratios, how these non-GAAP ratios provide useful information to an investor, and the additional purposes, if any, for which management uses these non-GAAP ratios.
Supplementary Financial Measures
The following measures are supplementary financial measures: average sales price; cash flow from operating activities (basic per share and diluted per share); and G&A costs ($/boe). See the disclosure under the section "Non-GAAP and Other Financial Measures" in our MD&A for the three months ended March 31, 2024, for an explanation of the composition of these measures.
Non-GAAP Measures Reconciliations
Cash Flow from Operating Activities, FFO and FCF
| Three months ended March 31 | | ||||||
| (millions) | 2024 | 2023 | | ||||
| Cash flow from operating activities | $ | 58.7 | $ | 72.6 | |||
| Change in non-cash working capital | 13.4 | 6.6 | |||||
| Decommissioning expenditures | 10.1 | 8.7 | |||||
| Onerous office lease settlements | 2.3 | 2.3 | |||||
| Settlement of restricted share units | - | 4.6 | |||||
| Deferred financing costs | (0.6 | ) | (0.5 | ) | |||
| Other expenses1 | | 0.5 | | | - | ||
| Funds flow from operations | 84.4 | 94.3 | |||||
| Capital expenditures | (114.3 | ) | (107.1 | ) | |||
| Decommissioning expenditures | | (10.1 | ) | | (8.7 | ) | |
| Free cash flow | $ | (40.0 |
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FAQ
What was Obsidian Energy's funds flow from operations in Q1 2024?
Obsidian Energy's funds flow from operations in Q1 2024 was $84.4 million.
How much did Obsidian Energy's average production increase by in Q1 2024?
Obsidian Energy's average production increased to 34,238 boe/d in Q1 2024, up 11% per share over Q1 2023.
Did Obsidian Energy renew its share buyback program in Q1 2024?
Yes, Obsidian Energy renewed its share buyback program in Q1 2024 and repurchased 1.05 million shares for $10.5 million.
What was the impact of higher share-based compensation on Obsidian Energy's financial results in Q1 2024?
Higher share-based compensation, due to the appreciation of the share price, impacted Obsidian Energy's funds flow from operations in Q1 2024.
How did Obsidian Energy's net debt levels change in Q1 2024?
Obsidian Energy's net debt levels increased to $386.3 million at March 31, 2024.
Obsidian Energy Ltd.
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