How Obsidian Energy Rose From Difficulties In The Oil Industry

Obsidian Energy is a Canadian firm that used to go by Penn West Petroleum. They had some difficulties over the past few years, especially due to the lower value of a barrel of oil. They unfortunately had to lay a number of people off, like many companies in the industry did, but the result was a company that is now the right size to do business in the future.

 

As Obsidian Energy is a publicly held mid-sized company they had to get the approval of shareholders to change their name. 92% of shareholders voted for the name change and so in June 2017 the new name was put into effect. The chief executive officer of this company, Dave French, said that the reason why his team chose this name was that Obsidian is a type of glass that can be both honed and sharpened which is what he wants to achieve with the company.

 

Before the change in name Dave French had to get the company to the right size beyond doing layoffs. He achieved this by greatly decreasing the number of production areas his company was active in. They had been in 30 different areas but some of them had marginal amounts of oil that didn’t really make them very productive. The company now has four productive areas where they obtain oil and natural gas.

 

Today, Obsidian Energy produces around 28,000 barrels of oil each workday. They are based in Calgary; Alberta and it is in that Canadian province that they work oil fields. They have claims in the Western Canadian Sedimentary Basin. This basin has been proven to be one of the globe’s biggest petroleum reserves which is why Obsidian concentrates on it. In addition to drilling for oil, they also process oil sands to extract the oil from it. Find More Information Here.

 

The front page of Obsidian Energy’s website says that the company has started a new chapter. The company has been transformed and they are entering a new era where the company will be stronger and more efficient. They expect to achieve measured growth in the future by following their new business strategies.

 

 

See: http://www.ogj.com/articles/2017/05/penn-west-petroleum-moves-toward-changing-name-to-obsidian-energy.html

Stream Energy: A Clean Transition to a Clean Future

Though long heralding success and prosperity and embodying the essence of American progressivism, coal production is officially on the decline across the nation. While it has been the industry of choice for middle America over the course of the 20th century, the new millennium brings with it promises of cleaner air and a reduced carbon footprint.

 

In 2012, coal accounted for nearly 40% of the U.S.’s power production, giving it the top spot that it still held even as recently as 2015. Since then, technologies involving renewable energy, such as natural gas, wind, and solar power, have begun to improve, making companies like Dallas-based Stream Energy more competitive. Even today, solar panels that are built in China and arriving on U.S. shores are already five times cheaper than they were just a few short years ago.

 

It’s not just the advancement of cleaner-air technologies that have begun to bury coal power; questionable extraction practices and increased awareness about air pollution have begun to drift into the mainstream, alerting others of the dangers. Cancer and climate change are the big concerns, and the U.S. government has taken steps to alleviate these concerns through regulation.

 

During the Obama administration, the government choked up on their emission standards, forcing coal companies to either shape up or ship out. Many companies could not remain competitive, paving the way for businesses like Stream to take the lead in energy. The Clean Power Plan (CPP) has since been tabled by President Trump, but the coal industry has still yet to recover.

 

What does the future hold? Many industry experts believe that Stream Energy and those like it will continue to increase their industry dominance while coal companies will continue to fizzle out. Many of them are tapping into their massive financial war chests in an effort to modernize their technology, but fossil fuels have long been scrutinized for being a finite source of energy. View Related Info Here.

 

Simply put, coal companies will have to address concerns over fracking as well as tighten up emission standards, or else they will continue to lose ground. Stream Energy is an industry leader in alternative energy sources and will continue to thrive in this economy which puts environment above profits.

 

Stream also likes to give back to the community. Stream also provide hope to those in need by supporting our communities and local charities through Stream Cares and the Stream Cares Foundation.

 

See: https://www.inc.com/profile/stream-energy