Obsidian Energy, Oil and Gas Producing Company

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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.

Learn More: http://calgaryherald.com/business/energy/restructured-penn-west-proposes-name-change-to-obsidian-energy