GOOD MORNING! OBE IS THE DAILY TRADE
With oil and gas jumping through the roof ,consider obe today and mjog with buy and hold ( next week will be very interesting for mjog )
OBE TODAY!
Obsidian Energy Announces Strong Third Quarter Results and 2018 Budget.
The Q3 program is beating forecast and reaffirms production guidance
Second half projects in the Cardium, Alberta Viking, and Peace River are delivering strong rates and reinforcing the value of our disciplined project funding and execution. As a result of production management and new well delivery, we are forecasting full year 2017 production at the high end of our 30,500 – 31,500 boe per day guidance range.
Underperformance despite turnaround success
By most measures, Obsidian's turnaround effort has been a success. The company has reduced operating areas by 90%, field offices by 73%, head-office space by 90%, and realized a 33% reduction in per barrel operating costs. Net debt has fallen from $4 billion in 2012 to $400 million today. The company has announced a realistic and achievable five-year plan that involves spending within cash flow at $50 oil, and has well respected leadership in David French, Obsidian's new CEO.
