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.