The entire world is driven by oil and gas companies and producers. They represent one of the largest parts of what it takes to maintain the quality of human lives. They can be considered as the switch that powers the world. Without them, every modern-day convenience would turn off and become obsolete, especially electricity. Obsidian Energy, formerly Penn West Petroleum, is a company operating with renewed strength and capabilities. They are a medium to large size company whose assets produces more than 30,000 boe on a daily basis. Because of the assets and the organization that they have built, they have great expectations of success in the oil and gas industry that continues to evolve. See More Information Here.
Obsidian Energy, Ltd, is under the leadership of David French, who is the President and Chief Executive Officer. It is a company whose principles are based on accountability, passion for their work, and discipline. They are dedicated providers of quality service to their shareholders, their partners, and to the communities in which they operate. The company is located in Calgary, Alberta, and has gas and oil fields along the Western Canadian Sedimentary Basin, which is a region that has one of the world’s largest petroleum reserves. After the name change from Penn West to Obsidian, Obsidian also changed their emblem on the stock exchange to OBE. This is on the Toronto Stock Exchange and the New York Stock Exchange. The company has very high expectations of success starting immediately.
Obsidian Energy has a growing portfolio, and has devised plans of becoming a major competitor in the gas and oil industry in the near future. With around three hundred employees, it proudly displays it’s Our Community Matters Program which is a reminder to all employees to communicate with community residents, while conducting themselves courteously, responsibly, and respectfully. They are totally committed to minimizing any impact that their operation may have on the environment. The aim of the Our Community Matters Program is to exceed all of the environmental regulations. Obsidian Energy, Ltd., has raised the bar for their operational and their financial success.
The oil and gas industry is one of the richest sectors we have in the market today. One company by the name, Penn West Petroleum Ltd is committed to ensuring that it gets back to its previous position in the market. In July 2014, the company made a disturbing revelation concerning it financial reports. According to the company, millions of dollars in expenses had been unaccounted thus leading to a financial review and audit of the firm’s book from 2012 through to the first quarter of 2014.
With the heads rolling, Penn West Petroleum Ltd faced the wrath of its investors. There is good news however. Despite the grueling times for the company, at least it has been able to successfully pull through with the current net debt standing at 384 million US dollars as at March 31 this year down from 3 billion US dollars in 2013. This process has not be simple though, the company has been forced to sell some of its assets in order to tow down on these costs. As if this is not enough, Obsidian has been forced to reduce its oil productions from 135,000 barrels of crude oil per day to 28,000 barrels per day. This resultantly has led to a reduction in employee count from 1,400 people to 300.
The last step of the long and stressing transformational journey came on the 26th of June 2017. On this date, the board of directors through a unanimous vote passed to change the company’s name from Penn West Petroleum Ltd to Obsidian Energy. In addition to name change, the shareholders also proposed that the symbol of the stock be replaced to “OBE” on both New York Stock Exchange and the Toronto Stock Exchange.
With the change of name, Obsidian Energy has reemerged learner, stronger and capable than ever before to meet the emerging needs of its market. The company is based is on three key pillars. First and most important a relentless passion for quality work and results, secondly discipline and last but not least a strong commitment for accountability to their shareholders, partners and the community at large. Get More Information Here.
Learn More: https://globalnews.ca/news/3481168/penn-west-proposes-name-change-to-obsidian-energy/