Penn-West was a medium sized oil and natural gas producer headquartered in Calgary Canada which was formed in 1979. Due to a reorganizational change, Penn-West not only changed its name, but the company changed the way it operates. Obsidian Energy Ltd., is the new name of what is now a global energy company which is growing exponentially in other acquisitions, petroleum and gas explorations, and varied fuel developments.
With the restructuring of Penn-West to Obsidian Energy, the oil rich territorial coverage extends from the eastern and western Canadian areas into the United States, covering much of the state of Montana. Naturally there were many other evolutions like a different New York Stock Exchange and Toronto Stock Exchange logo and decisions to make in how and in what direction Obsidian is to grow. The company also changed how they will conduct business so that its industry symbol will be one of safety, strength, and a better run organization.
Other shareholder approved changes included a new executive compensation package, the reduction of Penn West shareholder capital revenues, and various amendments. David French is the President and Chief Executive Officer of Obsidian Energy. He spoke very positive about the company’s future which he says will be based on the principles of discipline, value-entrenched technical and commercial value, and the progression of innovation. Mr. French further said that the new reorganization will produce transparency with partners, shareholders, and the communities in which the company is operating in. Go To This Page for more information.
Mr. French stated that Obsidian Energy Ltd., is already designed with a healthy actuarial strategy that brings stability and better prices in this financially and energy driven environment. David says that the company carried a debt level during the restructuring. However, based on the recent daily barrel extraction numbers, there is vast improvement. The name Obsidian has meaning for the new company. Obsidian is a natural volcanic glass that is easy to be sharpened with a keen edge. Like the new company, everyone has survived many obstacles to become a sharp focus in the industry. Obsidian management believes that its oil and gas exploration production will continue to grow by five percent for year 2018.
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Obsidian Energy Ltd. is a Canadian company based in Calgary, Alberta. They are led by their Chief Executive Officer David L. French and employee about 400 people. They have oil and natural gas fields that they work which are located in the Western Sedimentary Basin. This area is acknowledged as containing one of the planets biggest petroleum reserves.
Like many companies in their industry, low prices for a barrel of oil proved very challenging for Obsidian Energy and its employees. The company used to be called Penn West Petroleum Ltd. In order to survive this period Penn West had to lay off a large number of employs and divest itself of some assets. When David French arrived as the new CEO he put in place plans to turn the company around. It got to the point where the company no longer resembled the Penn West of old. Due to this, French asked shareholders to vote on changing the name of the company so that they could make a clean break with the past as they pursued a new strategy. The shareholder voted and approved this plan and so the company name was changed to Obsidian Energy in the middle of 2017. Click Here for Related Information.
Today, Obsidian Energy obtains about 28,000 barrels of oil each day from their oil wells in Alberta. Now that the price per barrel is back up to around $57 a barrel, versus the $25 it had dropped to, the company is doing much better financially. CEO French has said that the company he leads is now much stronger and leaner than it had been before the crisis.
The leadership at Obsidian Energy takes their responsibilities to the environment and the communities they work in very seriously. They have a program in place called Community Matters, for example, that keeps their operations respectable towards their contractors and employees as well as the broader community that makes up Alberta. They also strive to minimize the impact that their business has on the environment. This includes such areas as resource conservation and the proper handling of sites they have closed.
Obsidian energy limited is a Canadian company that deals with natural gas and oil production. It has its base in Calgary, Alberta. It was formerly known as Penn West Investments which had three companies; Penn West Exploration, Penn West Petroleum, and Penn West energy trust. It changed its name from to obsidian energy on 26 June 2017. It is a public company headed by David L French as the CEO.
During the difficulties that rocked the oil industry in 2014, the company had to make some tough choices. It had to metamorphose into a leaner, more agile and functional organization. It had to restructure among is investments and how it conducted business to remain profitable. The move bore fruits for three years down the line; it was able to clear off debt and carry on with its operations as usual.
Being one of the biggest companies to list in the Toronto stock exchange it features in the top sixty enterprises in Canada. The company boasts of a capital base of about 9.5 billion dollars in assets and other investments around the world. It also is listed on the New York stock exchange. It has about three hundred employees. Visit This Page for more info on the company.
Obsidian Energy prides itself on service delivery and the entrepreneurial drive that has helped them wade through this constant evolving swamp of the oil industry. It had managed to keep the business running since 1979 when it was formed and started its operations throughout Western Canada.
Obsidian has oil and gas fields in the Alberta, located along the Western Canadian sedimentary basin, one of the regions known to have some of the most significant deposits of petroleum. Its main production areas are the Pembina Cardium, peace river oil and the Alberta Viking. It has its production totaling to about 31,000 billion barrels in a day.
Obsidian Energy has also involved in charitable events and donations that help in furthering the humanity and even in the environmental course. It has also been fulfilling its pledge to the community through its community service within its localities such as providing facilities like schools and hospitals.
Obsidian Energy is a Canadian based moderate-sized oil and gas producer founded in the year 1979. In earlier years the company has evolved from one name to another as a result of necessary changes within all departments in the organization, changes that have affected every aspect of the business. Previous titles are Penn West Exploration Ltd., Penn West Petroleum, and Penn West Energy Trust. The obsidian industry headquarters in Calgary, Alberta, Canada.
Obsidian Energy is a corporation established on key attributes such as discipline, the constant intensity of the work done, and secure liability to organization shareholders, our partners and the communities in which we operate. The company has an approximate of two hundred workforces. The workforce maintains its well-balanced responsibility of high-quality assets generating approximately 30,000 BOE daily.
David L French currently heads the company as the president and chief executive officer. Mr. David kick-started his work in the Obsidian Corporation early 2016. Before joining the company, Mr. French served as President and Chief Executive Officer of Bankers Petroleum Ltd. A gas company based in Calgary, the organization traded oil publicly. The company also led operations in Southeastern Europe.
In addition to its management team, David Hendry serves as the Chief Financial Officer. Tony Berthelet heads the development and operation departments as the Vice President. Andrew Sweerts serve as the Vice President of the Production and Technical Services. Additionally, Mark Hodgson serves as the Vice President of the Business Development and Commercial. The earlier mentioned personnel are the root of obsidian energy success. Go To This Page for additional information about the company.
Obsidian Energy is committed to making a positive impact in the communities. The industry minimizes the effects of its operations on the environment by meeting complete environmental control, incorporate stakeholder interaction, resource protection, and proper site abandonment and restoration of mined land to a natural.
Obsidian Energy corporate administration makes it a preference to secure all independent parties have a clear understanding of the partnership strategies to business processes and the expected value of compliance. The Obsidian team works purposefully to develop and sustain.
The Oil Industry of Canada
The oil industry of Canada is one of world’s largest. It produces oil not only for Canada, but for people across the world. Oil is important for the development of any economy no matter what, but there are clearly some companies that play a much bigger role than others. This is why Obsidian Energy; formerly Penn West Petroleum Ltd. is respected across the world. They provide an important service and they provide it without any shortcomings. For this reason, Canadians rely on them for their services.
Building An Empire
Obsidian Energy has succeeded largely because the company focuses on giving its clients everything they need. This has allowed the company to pursue a level of success it would not have seen in another context without even half of the issues that are typically seen when corporations try to enter the energy market. Their stock prices have gone up over years as well due to the obvious quality of their extraction and their ability to generate profits. Nobody is currently messing with the market to the same extent that Obsidian is, and nobody has done as much for Canada’s oil industry. Go Here To Learn More.
A Leading Contender
The fact is simply put nobody has managed to have the same amount of influence of their industry as that of Obsidian Energy has managed to produce. They have maintained their lead and they continue to dominate the competition in just about every area of note. Obsidian has several subsidiaries including Canetic Resources Trust, Endev Resources Partnership, and Sifton Energy Inc. Currently, the company has approximately 300 employees on staff. The dominance isn’t simply a coincidence either. It is the result of careful attempts to do just about everything to make sure that their investors receive exactly what they wanted. This isn’t the end of the story however. Obsidian Energy is preparing for the future now.
Keeping It Up
Obsidian has succeeded because it manages to keep track of what Canada needs and it isn’t afraid to deliver when necessary. There’s simply no way to look forward without thinking of ways to give back to the people of Canada. This company understands the oil industry and knows how to dominate it in the end.
Its transition emanated from the shareholder’s interest to change Penn West Petroleum Ltd to Obsidian Energy Ltd. It is a mid-sized company specializing in the extraction of the Canadian Natural gas and crude oil. Its headquarters are located in Calgary where the firm owns vast deposits of oil reserves. It was established in the year 1979 and since then Obsidian continues to thrive as a successive business. Its management has ensured that the newly restructured company fulfills its mission and vision statements. Guided by the formulation of its core principles that preserve the growth and expansion of the firm, much success as then escalated. The organization’s chief executive officer is Mr. David French who has promoted much success.
Due to the presence of an engaged workforce, the operations of the firm have been geared towards the attainment of the set goals and objectives. Being one of the companies to field its stock in the Toronto Stock Exchange, Obsidian had a royalty trust that picked the entire market capitalization in the year 2008. This had a significant influence in the percentage at which investors invested in them. Having equipped itself with the right amount of assets, their value keeps on escalating. They ensure that automation of the entire process complements good deeds in its day to day activities. Obsidian Energy is socially responsible to the community and the general public at large as it carefully recycles its waste products.
Organizing the organization’s departmental units has helped in building a more significant and effective industry. Extraction of the raw material that is crude oil has led to the assurance of greater partnership with some of the major brands involved with the petroleum business. As Obsidian Energy utilizes the services of the auditor general, much accountability and transparency emerged. It is the sole responsibility of the top-level management to promoting the welfare of the employees as well as consumer satisfaction. This increase in amount produced as emanated from the existence of the Sedimentary Basin the home of one of the world’s most significant petroleum reserves. Working as a team has been emphasized promoting cohesion of the entire staff.
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