How Obsidian Energy Embarked On A New Era

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.

Source: https://globalnews.ca/news/3481168/penn-west-proposes-name-change-to-obsidian-energy/