Obsidian Energy (TSE:OBE) has released an update.
Obsidian Energy has upped its 2024 production guidance to between 37,000 and 37,400 barrels of oil equivalent per day, thanks to better-than-expected drilling results. To address market volatility and optimize financial metrics, the company is shifting $15 million from capital expenditures toward share buybacks and debt reduction, which will marginally affect production. This strategic reallocation aims to enhance shareholder value and maintain progress toward their 2026 production goal despite soft commodity prices.
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