Obsidian Energy Limited is an intermediate-sized Canadian Oil and natural gas producer. It is located in Calgary, Alberta. Today the company produces about 30,000 barrels daily, which is due to their high-quality assets, not to mention the company’s well-balanced portfolio.
Previously Obsidian Energy Limited was known as Penn West Petroleum Limited or rather Penn West Energy. The name was changed to Obsidian Energy Limited in 26th June 2017, after serious deliberations with the shareholders, who finally approved the change. This was to compliment the many important changes the company has been implementing since 2014, after the financial scandal that hit the company.
Since the founding of the company in 1979, the company has known an upward rise to a point that it was among the top largest companies in the stock exchange of Toronto. In 2008, Obsidian Energy has already gotten to a peak market capitalization, going for a net worth of $9.5 billion, approximately.
In 2013 and before, Penn West had over 2000 employees and a production of over 135,000 barrels in a single day.
The problem started when a fraud was discovered in the company in 2014. an accounting irregularity of $381 million in 2012 and 2013 was revealed by some preliminary findings. With the help of the US and Canadian regulators, investigations were carried, reviewing records of as far as 2007. this lead to a huge debt crisis of almost $3 billion, and a crash of commodity price.
Under the leadership of David French, the company’s CEO, since 2014, Obsidian has made remarkable progress, which has seen the company rose over the financial crisis to where it is today. Though the company had to cut down its employees to 400, and also stop paying dividends, it has almost gained its stability back. Obsidian has been able to settle its $3 billion debt, as it were at the end of 2013, remaining only with less than $384 million, which was achieved through the sale of the company’s assets. Click Here to learn more.
The now totally transformed oil producer has employed prudent hedging strategy, acquired the right assets, and a healthy balance sheet, all aimed to make the company achieve standard performance.
Natural resources can be very hard to come by in most cases. These resources must be extracted from deep inside of the earth’s crust. Without natural resources, the world would literally come to a complete stop. There are numerous companies that specialize in this field of work, and one of the best is located in Calgary, Alberta, Canada. Obsidian Energy has been around since 1979, and it has been delivering bottom-line results to the highest degree. This just so happens to be an intermediate-sized oil and gas production company. Though it may not be the absolute largest oil and gas company, it is very productive thanks to producing an estimated 31,000 bbl per day. Get Additional Information Here.
Obsidian Energy is actually headquartered in Calgary, Alberta, but its lush oil fields are located throughout the Western Canadian Sedimentary Basin. This sedimentary basin is also one of the biggest reserves of petroleum on earth. This company is very professional in its daily actions, and it retains its core values and principles. These principles just so happen to be:
It would be very hard trying to find another oil and gas company that is as structurally sound as Obsidian Energy. Trying to succeed in this demanding field can be very tough. Obsidian is very passionate in its craft as well as being very disciplined. This company does things by the books to achieve its main objectives. Some of the biggest news that’s coming out of this industry is that this company has underwent a change of name. On June 26, 2017, Penn West changed its name to Obsidian Energy. It’s like getting a fresh start to some degree, but the best in oil production is yet to come.
See Also: https://www.obsidianenergy.com/
The Obsidian Energy was previously known as Penn West Petroleum which is a mid-sized energy production company found in Canada. After the company changed its name, David French took the place of a CEO of the company who has worked for hand in hand with the shareholders to bring the best out of the Obsidian Energy Company. No developing business does not incur losses, the Obsidian Energy has taken various risks and attained some injuries, but one thing that David believes is that the moments of losses are the ones that help a company grow. It’s out of this slippery moment that the company has developed the muscles to be resilient and outdo many energy companies.
Before Obsidian Energy started a new page the shareholders together with the staff came along and came up with some values that were meant to keep the company on track. The first value was, making well-organized technical and financial choices. This principle will help to reduce overflowing of additional debts. The other value is to create and defend business values. The final policy was to pursue progress and creativity at the same time promoting transparency with their shareholders, clients and the community they are operating. Those are the three main principles that have enabled the Obsidian Energy to withstand any crisis that has come on its way. See This Article for learn more about Obsidian Energy.
Currently, the energy company has a well-balanced sheet and a sensible strategy that will make the company to set a high standard of performance including the environments that offers lower income. 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 name Obsidian got coined from a type of precious glass produced by volcanoes that is tough and can sharpen very quickly. This title was meant to be symbolic, in real sense Obsidian Energy company have stood firm even in its difficult moments and finally it has regained its balance and has had its way through the market. It has grown to be the most dependable energy company in Canada and the United States. The main aim of the Obsidian Energy is to diversify their market to make it less risky and more profitable and secure.
Obsidian Energy is natural gas and oil producing company. This mid-sized oil company is headquartered in Calgary, Alberta. Its major extraction points at the Peace River Oil Sands, the Pembina Cardium and the Alberta Viking. The company was previously called Penn West Petroleum but got the new name Obsidian Energy in June 2017.
The company makes a considerable profit from its several investments in the oil company and its abundant production of 30,000 barrels per day. The company has shareholders who understand how it operates and its financial position. In 2008 shareholders approved 15% to 16% dividend to be returned to the company for investment. When the company wanted to change its name, shareholders voted for the favor of the proposal by 92%. They also have set their target for the next three years; they plan to have a fixed price for gas and oil to maximize profit.
One of the expectations that Obsidian Energy has is $70 oil by 2019. This will be possible because the oil production is likely to go up to$55 plus. The book value and price to reserve value also looks good at the moment; the price is affected by oil price assumption. Obsidian Energy indicated in June 2017 that they expect an annual growth of between 6% and 7% from 2017 to 20121 if the oil and gas prices remain the same for that period.
The workers at Obsidian Energy are committed to producing the best and at the same time protecting the environment. They work under the instruction of the management who also aim at achieving the objectives of the company. The administration is accountable to both the surrounding community and the shareholders. Find More Information Here.
The company’s name means naturally occurring rocks which can be modified meaning that the company’s performance can also be improved. The company’s CEO Dave French said that the selling of some few assets to make the operations of the company better is a step ahead, and they hope to go even further in future. Obsidian Energy has between 200 and 500 employees. The operation of the company is based on relentless passion and discipline on their work.
Many Canadian citizens that specialized in engineering and production-engineering have worked at Obsidian Energy, one of the core producers of oil and natural gas in the country.
If you are old enough, you might know them by their previous names, as the company has already answered with different names throughout their history in the country.
Founded in 1979, the company and group were previously called Penn West Exploration Ltd., but then it changed to Penn West Petroleum and finally Penn West Energy Trust before settling for the name “Obsidian Energy.”
Obsidian Energy is a core producer and one of the most important oil & gas companies in the industry, having a big participation in the economy of Canada and part of the employment of the country, as Canada suffers from a population of aged people, and most of the young workers and students end up joining the big corporations because of their quality of employment and good working conditions.
There is a measure called the “S&P/TSX 60”, a ranking system that puts sixty companies from the Toronto Stock Exchange in degrees of extensiveness. The Obsidian Energy corporation group stayed among the sixty largest companies on the S&P/TSX 60 for a long time, especially during their best production time, a few years before the beginning of the 21st century.
The company is located in Calgary where they have their headquarters, but their wells and production factories are scattered throughout the whole territory of Canada, meaning there are plenty of opportunities for employment across the country.
Obsidian Energy hasn’t always been in a great financial situation, but Obsidian have overcome a few boundaries and are now considered one of the biggest providers of oil and natural gas in the country, competing with the standards of the best producers and providers internationally.
The President and CEO of Obsidian Energy is David L. French, and, without the entrepreneur, the company would’ve never succeeded the way it did.
The approval by its shareholders to change its name from Penn West Petroleum Limited led to the organization significantly achieving much regarding growth and development. The firm is mid-sized and situated in Canada. The oil and natural gas company was established in the year 1979 and have its headquarters based in Calgary, Alberta. The significant restructuring of Obsidian Energy, begun with the change in name, and later on, the transformation of the entire company. Guided by the formulation of the core principles that safeguard the growth and development of the firm, much success as then escalated. The organization’s chief executive officer is Mr. David French.
The presence of a dedicated and technical team as promoted the endeavor of the management in propelling the firm towards greater heights. The administration has continuously ensured the protection of the enterprise value in the attempt of fostering credible accounting and transparency. With this, the staff becomes focused in the urge to progress. Positioned with the required assets, Obsidian continues to a level of specialization of the extraction and distribution of natural gas and crude oil has been achieved. 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 expertise of its employees helps them in reducing the cost of production and hence maximizing profits. Their strategy assists them in maintaining a set of standard procedures in bettering the general achievements of the organization.
Due to the change that was initiated in the company some successive qualities have been manifesting itself in the various activities of the firm. The appointment of the auditor general creates a sense of accountability and the presentation of a free and fair view. The board of directors possess very high levels of expertise in handling any complicated mechanical and managerial situation. The organization continues to mainly increase its production due to their level of advanced technology in petroleum extraction. This increase in output as emanated from the presence of the Sedimentary Basin the home of one of the world’s largest petroleum reserves. It continues to significant capital investments that promote their level of income to the revenue they pay out. The competitive advantage is that Obsidian Energy increases its returns day in day out.