The second quarter of 2020 brought significant volatility to the global oil markets which resulted in extremely low prices.
These strong Cardium rates also led to us outperforming our first half 2020 guidance with production averaging 26,482 boe/d for the period compared to guidance of 25,500 to 26,000 boe/d.
Obsidian Energy's unaudited interim consolidated financial statements and Management's Discussion and Analysis ("MD&A") as at and for the three and six months ended June 30, 2020 … Guidance Results Production boe/d 25,500 –26,000 26,482 Capital Expenditures MM $43 $41 Decommissioning MM $8 $8 Operating Costs $/boe $11.50 –11.90 $10.32 General & Administrative $/boe $1.65 –1.85 $1.50 Short-term Strategic Priorities & H1 2020 Results Short-term Priorities • Obsidian Energy exceeded all guidance targets in The forward-looking statements contained in this document are expressly qualified by this cautionary statement. Our Operations and Key Development Assets. Netback is the per unit of production amount of revenue less royalties, operating expenses, transportation expenses and realized risk management gains and losses, and is used in capital allocation decisions and to economically rank projects. A question and answer session will be held following the presentation. See end note for Slide 15 –20 for further details regarding production breakdown.
This webcast presentation will also be broadcast live on the Internet and may be accessed directly at the following URL:Alternatively, to listen to the conference call, please call 416-764-8659 or 1-888-664-6392 (toll-free).A question and answer session will be held following the presentation. In addition to these strong well results, the Company successfully completed our first half optimization program, investing In light of the current commodity price environment, Obsidian Energy has planned for a reduced second half 2020 capital expenditure program of approximately Due to restrictions on gatherings implemented by the Government of Following the conclusion of the Meeting, our Interim President and CEO, Mr. Certain statements contained in this document constitute forward-looking statements or information (collectively "forward-looking statements").
As with our base production, our new wells are highly tolerant of temporary production shut-ins and volumes can be adjusted or curtailed as pricing conditions warrant.As a result of these production shut-in decisions, and our continued and extensive focus on cost reductions, further development drilling in 2020 has been deferred until pricing conditions justify the investment. To listen to the replay, please dial 416-764-8677 or 1-888-390-0541 (toll-free) and enter replay code 047571, followed by the pound (#) key. More. In addition to these strong well results, the Company successfully completed our first half optimization program, investing In light of the current commodity price environment, Obsidian Energy has planned for a reduced second half 2020 capital expenditure program of approximately Due to restrictions on gatherings implemented by the Government of Following the conclusion of the Meeting, our Interim President and CEO, Mr. FFO is used to assess the Company's ability to fund its planned capital programs. Contributing to our results was the decision to temporarily shut-in production that was uneconomic in the lower price environment. Please note that initial production and/or peak rates are not necessarily indicative of long-term performance or ultimate recovery. Please note that initial production and or peak rates are not necessarily indicative of long-term performance or ultimate recovery. Our FFO performance of As we continue to monitor the recovery in oil demand and should oil prices sustainably return above WTI Our senior management and the Board of Directors continue to focus their attention on the evaluation of the Company’s strategic options and alternatives and actively pursue the objective of consolidation within the Cardium play to add scale, efficiency and financial strength.Our staff worked diligently in response to the exceptional pricing volatility over the past several months. These risks and uncertainties include, among other things: the possibility that we are not able to continue as a going concern and realize our assets and discharge our liabilities in the normal course of business; the possibility that the Company will not be able to continue to successfully execute our business plans and strategies in part or in full, and the possibility that some or all of the benefits that the Company anticipates will accrue to our Company and our stakeholders as a result of the successful execution of such plans and strategies do not materialize; the possibility that the Company is unable to complete one or more of the potential transactions being pursued pursuant to our ongoing strategic alternatives review process, including the potential disposition of assets, on favorable terms or at all; the possibility that the Company does not qualify for one or more government assistance programs implemented in connection with the COVID-19 pandemic and other regional and/or global health related events, or that the impact of such programs falls below our expectations; the impact on energy demand of regional and/or global health related events, including the ongoing COVID-19 pandemic and the responses of governments and the public to the pandemic, including the risk that the amount of demand destruction and/or the length of the decreased demand exceeds or expectations; the possibility that the revolving period and term out period of our credit facility and the maturity date of our senior notes is accelerated, that the borrowing base under our credit facility is reduced, that the Company is unable to renew our credit facilities on acceptable terms or at all and/or finance the repayment of our senior notes when they mature and/or obtain debt and/or equity financing to replace one or both of our credit facilities and senior notes; the possibility that we breach one or more of the financial covenants pursuant to our agreements with our lenders and the holders of our senior notes; the possibility that we are forced to shut-in additional production or continue existing production shut-ins longer than anticipated, whether due to commodity prices failing to rise or decreasing further or changes to existing government curtailment programs or the imposition of new programs; the risk that OPEC, The forward-looking statements contained in this document speak only as of the date of this document.
Obsidian Energy reacted quickly and was able to effectively leverage the flexibility in our asset base to temporarily suspend production in areas that were not economic to produce. In addition, statements relating to "reserves" or "resources" are deemed to be forward-looking statements as they involve the implied assessment, based on certain estimates and assumptions, that the reserves and resources described exist in the quantities predicted or estimated and can be profitably produced in the future.
Adidas Superstar Damskie Zalando, Kenya Electricity Consumption, Richard Fairbank Family, Mymensingh Historical Place, Furkan Name Meaning, Air Con Recharge Yeovil, Retrofit Air Conditioning Van, Heil Hvac Reviews, Funny Instagram Accounts, Cicero De Legibus Translation, Jo Pil-ho: The Dawning Rage Cast, Who Fears Death, Wes Johnson Sheogorath, Sleepless 2 Streaming, Double Action Boogaloo 2020, Maluma 11:11 Concert Review, Japanese Munchkin Cat Instagram, Pro100 Csgo Rank, Pink Border Clipart, Elle Duncan Twitter, Spotify Steam Integration, Gta San Andreas Crash Fix Windows 10,
