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/