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.
Obsidian Energy Ltd. was formerly known as Penn West Petroleum. But what are the company’s principles? What do they do? What major things have they done in the past and what are they working toward for the future? Refer to This Article.
Obsidian Energy was founded in 1979.
Just like when they were founded, Obsidian Energy is based out of Calgary, Alberta. They specialize in oil and natural gas. The company formerly went by the name of Penn West Petroleum and changed their name to Obsidian Energy on June 26, 2017. The name change came along with several other significant changes to the company to not only how they operate but how they do business as a whole. Obsidian Energy is committed to a bright future ahead and to being more capable than ever before.
The company has been extremely successful on the stock exchange.
For a while, Obsidian Energy Ltd. was one of the six most successful companies on the Toronto Stock Exchange. This peak of success lasted for several years and was around the same time they were also a Canadian Royalty Trust. This was between the years of 2005 to 2011. This success is a large part of what has made Obsidian Energy a trusted name for years and years to come.
Their oil and gas fields are locally sourced in Alberta, Canada.
They are primarily located in the Western Canadian Sedimentary Basin. Obsidian employees several hundred workers across Western Canada. David L. French is the current president and CEO. On average, Obsidian produces around 28,000 barrels of oil per day each year. This makes them a well-producing, efficient company. Obsidian also focuses on modest growth and keeping everything in manageable numbers.
The name “Obsidian” was chosen because the word itself refers to a type of naturally occurring volcanic material that is durable and can be easily molded.
Obsidian Energy, formerly Penn West Petroleum Ltd, is a limited company that produces natural oil and gas for the Canadian people. The company is considered to be among the most significant firms in the production of petroleum and gas. The company moreover generates its products from three fields; including Alberta Viking, Pembina Cardium and Peace River Oil Sand. Obsidian Energy Company had significantly boosted the economic status of Canada and improved the lives of the Canadian people. For instance, it has offered employment opportunities and much more. The company is headed by an excellent management team which has significantly led to the massive growth of the business and the International recognition. The company moreover partners with several other organizations and many stalk holders. This has also positively contributed to the smooth operations of the company and the general growth.
Obsidian Energy ensures that the environment is free from pollutions and safer for the residents. The company aims at reducing the operations that have an impact on the environment and much more. It also ensures that there’s resource reservations, proper site abandonment and reclamation processes and more. These practices help the Canadian people and the government to benefit from the company. Moreover, the company has also created an open platform where they address resident concerns and complaints, educate the residents on the impact of the gas and oil operations and much more. This is to ensure Obsidian works swiftly and efficiently. Following the gas and oil operations, the obsidian energy company has however set the rules and principals for the safety of their employees.
These measures are to ensure that the safety of their employees is highly valued. They have also set up an emergency response plan to which quick actions are taken in case of an emergency that may respond occur during operations of the company. As a result of the high team under Obsidian Energy Company, it has attracted global investors from different parts of the world who have significantly improved the status of the company and also ensure that only quality products and services are offered. The company has also received several recognitions at the international level which has helped boost its operations and much more. See This Article for related information.