Obsidian Energy Reports Q4 Loss Despite Higher Production

(RTTNews) - Obsidian Energy Ltd. (OBE), Tuesday reported the results for the fourth quarter of fiscal 2024, showing a net loss of $284.8 million for the quarter compared to a net income of $34.3 million in the prior-year period. Earnings per share fell to a loss of $3.83 from $0.42 a year earlier.

Total production for the quarter averaged 40,119 barrels of oil equivalent per day, up from 31,974 barrels of oil equivalent per day in the same period last year. Funds from operations increased to $107.7 million, compared to $97 million a year earlier.

Despite higher production, the average sales price per barrel declined to $57.94 from $59.08 in the prior-year quarter.

OBE closed Tuesday's trading at $5.21 down 10.48 percent or $0.61 on the New York Stock Exchange.