Obsidian Energy
Obsidian Energy is an intermediate-sized oil and gas producer with a diverse portfolio, producing around 32,000 boe per day, and primarily operating in the Peace River, Cardium, and Viking areas.
Company Overview
Obsidian Energy is an intermediate-sized oil and gas producer with a well-balanced portfolio of high-quality assets. It produces around 32,000 barrels of oil equivalent (boe) per day. The company's primary operations are located in the Peace River, Cardium, and Viking areas. Its principal business activities include the exploration, development, and production of petroleum resources.
History and Name Change
Obsidian Energy was formerly known as Penn West Petroleum Ltd. On June 26, 2017, the company rebranded itself as Obsidian Energy Ltd. This change marked a new phase in its corporate journey, aiming to reflect its refreshed corporate ethos and operational focus.
Core Operating Areas
Obsidian Energy operates in several key areas, including Peace River, Cardium, and Viking. In the Peace River area, the company produced 6,510 boe/day in Q1 2024 and focuses on developments in the Walrus field (Bluesky formation) and Dawson field (Clearwater formation). The Cardium area, including the Willesden Green / Pembina operations, produced 24,058 boe/day in Q1 2024 and boasts a substantial reserve-based inventory with approximately 25 years of drilling opportunities. The Viking area produced 2,505 boe/day in Q1 2024 and offers significant drilling inventory with low-risk, high-impact development programs.
Environmental Initiatives
Obsidian Energy has made significant strides in reducing its environmental impact. Since 2018, the company has reduced its flared emissions by 88% and lowered its fugitive emissions by 80%. These reductions reflect Obsidian Energy's commitment to sustainable and responsible resource development.
Awards and Recognition
Obsidian Energy was selected as a winner for Canada’s Top 100 Employers: Small and Medium Employers for 2024. Additionally, the company ranked second on the 2022 TSX30 3-year dividend-adjusted share price appreciation index with a return of +537%. These accolades underscore the company's operational excellence and strong market performance.