Business
Obsidian Energy Announces Strong First Quarter 2023 Results
Strong performance and production increases from all development areas resulted in 33,153 boe/d a...
About this update from Obsidian Energy Ltd
[{"type":"text","content":"Obsidian Energy Announces Strong First Quarter 2023 ResultsStrong performance and production increases from all development areas resulted in 33,153 boe/d average production for the quarterFunds flow from operations was $94.3 million in the quarter (20 percent increase from the first quarter of 2022)Peace River development and exploration program extends Walrus Bluesky play and further delineates acreage for both Bluesky and Clearwater formationsSettled $9.8 million of equity award plans in cash as opposed to issuing more shares, given the significant discount of our share price to our intrinsic value Calgary, Alberta--(Newsfile Corp. - May 4, 2023) - OBSIDIAN ENERGY LTD. (TSX: OBE) (NYSE American: OBE) (\"Obsidian Energy\", the \"Company\", \"we\", \"us\" or \"our\") is pleased to report strong operating and financial results for the first quarter of 2023. Three months endedMarch 3120232022 FINANCIAL1      (millions, except per share amounts)Cash flow from operating activities72.683.9Basic per share ($/share)20.891.03Diluted per share ($/share)20.871.00Funds flow from operations394.378.6Basic per share ($/share)41.150.97Diluted per share ($/share)41.120.94Net income 30.523.8Basic per share ($/share)0.370.29Diluted per share ($/share)0.360.28Capital expenditures 107.1103.4Decommissioning expenditures8.78.5Long-term debt259.3368.4Net debt3351.4448.8  OPERATIONS  Daily Production  Light oil (bbl/d)12,80911,114Heavy oil (bbl/d)6,2415,789NGL (bbl/d)2,6782,432Natural gas (mmcf/d)6960 Total production5 (boe/d) 33,15329,407        Average sales price2,6  Light oil ($/bbl)101.51117.91Heavy oil ($/bbl) 44.9884.77NGL ($/bbl) 59.3768.09Natural gas ($/mcf) 4.064.96       Netback ($/boe) Sales price60.8977.07Risk management gain (loss) 0.88(6.58)Net sales price61.7770.49Royalties (8.40)(11.35)Net operating costs4 (14.57)(13.93)Transportation (3.25)(2.76)Netback4 ($/boe)35.5542.45  (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 fina...