The prominent Canada based gas and oil producer, Penn West Petroleum, quite recently became Obsidian Energy. Last summer, a poll was taken of the company’s shareholders regarding the decision of renaming the company. This was the result of a number of new changes that were beginning to take place within the organization, which affected all areas of Penn West Petroleum’s business operations.
After these shareholders made the choice clear by voting 92 percent in favor of the company receiving a new name, Penn West Petroleum Ltd. officially began operating under the name of Obsidian Energy Ltd. on June 26th, 2017.
On average, Obsidian Energy churns out around 30,000 boe each and every day. Additionally, Obsidian Energy also controls one of the most impressive portfolios in the industry. Not only does this portfolio feature many top-quality assets, but it is also surprisingly well-balanced.
At the core of the Obsidian’s belief system are the values of accountability and discipline. Many companies only hold themselves accountable to their business partners and to their shareholders. Obsidian Energy, however, is also committed to serving the outside communities in which it does business.
After making several structural changes and receiving the new name, Obsidian Energy is a far stronger, leaner and more efficient organization than anyone would have expected in prior years. It will certainly not be easy to navigate through an industry that never ceases to evolve at a breakneck pace, the management team at Obsidian Energy is confident that a fierce entrepreneurial spirit and an undying passion fort the company’s work will propel the organization towards a bigger and brighter future. Find Related Information Here.
Modest growth has been announced as Obsidian Energy’s number one goals for the following three years. Under the strong leadership of former Calgary Oil and Gas Company CEO; David L. French, this goal is one that is very likely to be achieved.
We won’t be able to read all the ominous information about Obsidian Energy. In fact, we might be losing all the available time we have for research and we still won’t get the information we need about Obsidian. In this article, we will try to address that by sharing to you only the most important information about Obsidian. So, shall we start?
The Operational Background
One important thing you may need to know about Obsidian Energy is the fact that it is right now one of the leading mid-sized oil production and drilling companies today that are based in Calgary, Alberta. It may also interest you to know that the company has been the S&P/TSX 60 today, which is a list of a series of companies listed under Toronto Stock Exchange. In between 2005 and 2011, Obsidian had also been able to maintain its name as a Canadian Royalty Trust, which is a reputable award in itself. It is also during this time that Obsidian reached a total market peak capitalization of around US $9.5 Billion. This makes the company one of the leading and fast-growing companies today.
Another interesting event that happened in the growth of Obsidian Energy was the time when it experienced a series of financial and operational difficulties at the time when the price of crude oil fell in great levels back in 2014. It is during this time that the company was able to force itself a significant overhaul of its operations to make sure to address the variety of its assets being sold out just to offset the losses.
It’s also public knowledge for everyone that Obsidian’s oil fields come from areas in Alberta, especially the one near the Western Canadian Sedimentary Basin. This is the region with the world’s largest reserves for raw petroleum, and has been the center of growth for the company. That said, it is safe to say that one big contributing factor to the success of Obsidian is the fact that it is located in an area abounding with riches in oil. That said, without its location, it would be hard to expect the success of Obsidian to reach the level it is right now. Click the Following Link for more information on Obsidian Energy.