Business
Obsidian Energy Announces Fourth Quarter and Full Year 2022 Results
Board Appoints Stephen Loukas President and Chief Executive Officer Fourth quarter average pro...
About this update from Obsidian Energy Ltd
[{"type":"text","content":"Obsidian Energy Announces Fourth Quarter and Full Year 2022 ResultsBoard Appoints Stephen Loukas President and Chief Executive OfficerFourth quarter average production increased to 31,742 boe/d (20 percent increase from 2021)Funds flow from operations was $450.7 million in 2022 (107 percent increase from 2021)Net debt decreased to $316.8 million at December 31, 2022 (23 percent decrease from 2021)Normal Course Issuer Bid Approved by TSXCalgary, Alberta--(Newsfile Corp. - February 23, 2023) - OBSIDIAN ENERGY LTD. (TSX: OBE) (NYSE American: OBE) (\"Obsidian Energy\", the \"Company\", \"we\", \"us\" or \"our\") is pleased to report strong operating and financial results for the fourth quarter and full year 2022. The Company is also pleased to announce the appointment of Stephen Loukas as President and Chief Executive Officer of the Company, effective immediately. \"Steve has served as Interim President and Chief Executive Officer since December 2019,\" said Gordon Ritchie, Chair of Obsidian Energy's Board of Directors. \"Steve's performance in an interim role has been exemplary in terms of leadership, operational performance, financial stewardship and value creation - all in an extremely challenging period for Obsidian Energy. The Board looks forward to working with Steve for many more years; we are highly confident in his ability to create significant shareholder value as he guides the future strategic direction of Obsidian Energy.\"Three Months Ended December 31Year Ended December 312022202120222021FINANCIAL1            (millions, except per share amounts)Cash flow from operating activities126.562.6456.8198.7     Basic per share ($/share)21.540.815.572.65     Diluted per share ($/share)21.500.785.412.56Funds flow from operations3110.580.0450.7217.9     Basic per share ($/share)41.341.045.502.90     Diluted per share ($/share)41.311.005.342.81Adjusted Funds flow from operations3108.683.4474.1235.0     Basic per share ($/share)41.321.085.783.13     Diluted per share ($/share)41.281.045.623.03Net income (loss)631.721.7810.1414.0     Basic per share ($/share)7.690.289.885.52     Diluted per share ($/share)7.470.279.605.34Capita...