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Obsidian Energy Ltd T.OBE

Alternate Symbol(s):  OBE

Obsidian Energy Ltd. is a Canada-based exploration and production company. The Company operates in one segment, to explore for, develop and hold interests in oil and natural gas properties and related production infrastructure in the Western Canada Sedimentary Basin directly and through investments in securities of subsidiaries holding such interests. It has a portfolio of assets producing around 35,700 barrels of oil equivalent (boe) per day. Its operating areas include Cardium, Peace River and Viking areas of Alberta. Its Cardium asset is a fully delineated and de-risked asset. It is focused on manufacturing repeatable low-decline and high-netback light-oil wells across its Cardium land base. The Viking is a light oil, horizontal development play located in central Alberta. Its operations are focused on the Esther area. Peace River is a stable, cold-flow, base production asset. It operates on a contiguous and an acreage within the heart of the Peace River Oilsands region.


TSX:OBE - Post by User

Post by Franman184on Jul 24, 2023 7:31am
321 Views
Post# 35553851

RBC

RBCJuly 23, 2023 Obsidian Energy Ltd. Company description Obsidian Energy is an intermediate Canadian oil & gas producer with a balanced portfolio featuring legacy assets held across the Cardium, Peace River, and Viking plays. The company has undergone significant changes over the last decade, right-sizing the portfolio to roughly 33,000 boe/d of production, and is now headed by President and CEO Stephen Loukas. Investment summary We rate Obsidian shares Outperform with a $12/share price target. • Seasoned management team focused on optimizing the business. Led by CEO Stephen Loukas, Obsidian has showcased a commitment to cost optimization, debt reduction, and broad asset delineation, which we expect to lead to improved operating performance. • Diversified portfolio with potential Clearwater upside. Obsidian is focused on free cash harvesting on its legacy Cardium portfolio to finance growth in key heavy oil plays at Peace River. The company currently holds ~500 net sections in Peace River with Bluesky/ Clearwater rights, which represent material upside with delineation success. • Rebuilt with resilience in mind. Obsidian has restructured the business with a focus on long-term sustainability and refinanced its balance sheet to provide financial flexibility; we estimate that it will exit 2023E/24E with $259/$170 million in net debt, mapping to a 0.6x/0.4x D/CF multiple.

Outperform TSX: OBE; CAD 8.53; NYSE: OBE Price Target CAD 12.00
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