Obsidian Energy: A Phoenix From The Ashes

Obsidian Energy is a Canadian-based company that produces oil and natural gas. Formerly known as Penn West Exploration Limited, the company was founded in 1979 in Calgary, Canada.

 

Being one of the biggest companies in the Toronto Stock Exchange, the company restructured itself to emerge stronger than before. The company gives credit to what it has achieved currently to the assets and organizations around these assets as they have impacted them significantly to building their vision.

 

In late June 2017, the company changed its name from Penn West Exploration Limited to Obsidian Energy. This was marked as the last part to complete its transformation as a company. In addition, the company also changed its initials in both the Toronto and New York Stock Exchange to ‘OBE’. With discipline, passion, accountability and transparency as its guiding principles, Obsidian Energy sets to achieve greater goals. The company has hopes that by turning over a new leaf it will approach situations differently, impacting the natural gas industry.

 

David French, CEO of the company, says the name was inspired by a naturally occurring glass named obsidian that could be molded to be sharper. The name change, was unanimously agreed upon by shareholders of the company, as well as other resolutions that would later evolve the company into a what it is today. Despite the high debt and an accounting scandal, Obsidian Energy overcame those obstacles and learnt from them to become better and more capable than before.

After suffering budget cuts and even slashing the workforce from 2350 to 900, Penn West also went through the drop of its commodities. This motivated the company to redefine its structure and budgets, which led to the birth of the Obsidian Energy image. Obsidian energy has oil and gas fields located in one of the world largest reserves. This fields produce well over 30,000 barrels per day, proving to be valuable assets to the company.

 

View Source: https://www.obsidianenergy.com/

Obsidian Energy Continues To Be An Authority In The Oil and Natural Gas Industry

Obsidian Energy, which was formerly known as Penn West Exploration Ltd, is a mid-sized Canadian oil and natural gas production company based in Calgary, Alberta. For several years, Obsidian Energy was among the sixty largest firms on the Toronto Stock Exchange. From 2005 to 2011, the company served as Canadian royalty trust. In January 2008, the corporation reached a peak market capitalization of US $9.5 billion.

Obsidian Energy has a well-balanced portfolio of remarkable assets given that it produces about 30,000 barrels per day. The company has instituted a strong management around its assets, thus offering the correct platform to deliver bottom-line results. Their entrepreneurial spirit will enable them to succeed in the competitive industry. The company is founded on the premise of discipline, and resolute accountability to their shareholders, communities in which they operate in and their partners. In addition, the company’s success is anchored on its employees unwavering passion for the work that they do. See More Info Here.

In June 2017, the company officially changed its name from Penn West Petroleum Ltd to Obsidian Energy. The company’s re-engineer process involved changing every aspect of their business. The management of the corporation redefined the purpose, direction and growth strategy. After the transformation, the oil and natural gas firm has reemerged as an authority in the competitive industry.

Obsidian Energy operates in Alberta across the Western Canadian Sedimentary Basin. This region is considered to have some of the world’s largest petroleum reserves. In Alberta, production is conducted in three major areas, including Pembina Cardium, the Alberta Viking and the Peace Oil Sands. In 2017, the total production of oil and natural gas is projected to average nearly 31,000 barrels per day.

After assuming a new name, the corporation changed its stock symbol to OBE on both the New York Stock Exchange and Toronto stock exchange. Moreover, shareholders approved the entire resolutions, which were outlined in the notice of this year’s Annual and Special Meeting and Management Proxy Circular that was dated April 30, 2017. The chief executive officer and president of the corporation, David French, stated that Obsidian Energy was well positioned to conquer the market. This is because they have a healthy balance sheet, the right assets and a shrewd hedging strategy. These strategies will enable the corporation to set a high standard for performance.

 

View Source: https://www.obsidianenergy.com/