OBE 6-K SEC Filing Analysis

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LONG call ✓ call won +33.99% · α vs SPY +26.26% · entry $9.62 → $12.89

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Currently $10.72 · +11.43% from $9.62 entry

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Apr 13, 12:39 PM ET
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Executive Summary

Obsidian Energy provided a positive operational update highlighting strong initial production results from its Belly River and Cardium developments in Willesden Green and Peace River, with high-quality oil results and waterflood progress. The company also expanded its oil hedges at higher prices and maintained 2026 guidance, signaling confidence in current operations and commodity prices.

Actionable Insight

Traders should monitor upcoming production from the Open Creek 06-04 Belly River pad in mid-April and waterflood injection start in late April for further validation of operational momentum. The improved FCF outlook at higher oil prices supports potential capital program expansion in H2 2026.

Key Facts

Robust Belly River and Cardium results in Willesden Green, with three additional wells expected on production in mid-April
Strong initial production rates: 299 boe/d (100% oil) IP22 at West Dawson Clearwater pad, 523 boe/d (79% liquids) average IP30 at Open Creek Cardium pad
Highest quality oil to date in Peace River (16.5 API gravity, 767cP viscosity)
Expansion of waterflood initiatives with injector wells commissioned at Nampa and West Dawson
Company increased oil hedging position into Q3 2026 at prices significantly above $60 WTI budget
2026 guidance unchanged: production 27,900–29,900 boe/d, capital expenditures $190–230 million

Financial Impact

At $70 WTI, FFO increases to $300 million (up from $225 million at $60 WTI guidance), FCF to $82 million (up from $7 million), and net debt/FFO improves to 0.8x from 1.2x

FFOFCFnet debtnet debt to FFOproductionhedging

Risk Factors

Initial production rates are preliminary and may not be sustained long-term
Forward-looking statements are subject to commodity price volatility and operational risks
Capital program expansion is contingent on market conditions

Market Snapshot

Exchange

NYSE

Sector

Crude Petroleum & Natural Gas

Documents Analyzed

This report is based on 5 SEC documents filed with EDGAR.

Document	Accession Number
6-K Filing (Primary)	0001193125-26-152400
Document: april_13_2026_pr_ops_upd.htm	0001193125-26-152400
Document: 0001193125-26-152400-index-headers.html	0001193125-26-152400
Document: 0001193125-26-152400-index.html	0001193125-26-152400
Document: 0001193125-26-152400.txt	0001193125-26-152400

US Market Status

Market Closed — Opens Thu (10h 55m)

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