Before changing its name to Obsidian Energy Ltd, the company used to be referred using other names such as Penn West Energy Trust, Penn West Petroleum, and Penn West Exploration Ltd. The company is based in the Canadian city of Calgary in Alberta province. There was a time that the company was referred to as S&P/TSX 60 which is a title that means that it was among the top 60 firms in the Toronto Stock Exchange. Its peak came back in January 2008 when it was valued at $9.5 billion. However, like any oil and energy company, Obsidian Energy Limited fell into recession in 2014 when oil prices fluctuated significantly.
This is a period that saw the company experience some regime change that was also followed by significant restructuring. This was aimed at reducing the debt of the company. Most of its gas fields and oil fields are found in Western Canadian Sedimentary Basin that is found in Alberta. Experts say that the largest petroleum reserves are located in this basin. However, most of the oil and gas produced by the company is said to come from three areas in the region that include Alberta Viking, Peace River Oil sands as well as Pembina Cardium. Approximations by the company estimate that the company was producing close to 31,000 barrels in a day. The company changed to Obsidian Energy from Penn West Petroleum back on 26th June last year. Obsidian Energy is also an equal employer. Click Here for more information.
Notable people within the organization include David L. French who is the chief executive officer and the president. He has been with the company since October 2016, and he has been responsible for the success of Obsidian Energy for the last two years. The chief financial officer of the company is David Hendry. Mr. Hendry is an experienced executive as he has been in the field for over 25 years. He joined Obsidian energy back in April 2015 under a lesser position of vice president of finance. He only managed to acquire the current position 14 months ago. Other notable executives within the firm include Tony Berthelot who is in charge as the vice president. He is also responsible for development and operations.
Related Article: https://www.bloomberg.com/quote/OBE:CN
Changing their name from Penn West to Obsidian Energy was the best thing Penn West, now Obsidian energy, ever did. It was like icing to the cake. When it comes to business, perception is everything. What the company is thought of in the market is quite key. Obsidian Energy is a Canadian company that deals in natural gas production and oil.
After a few years facing a number of challenges, Penn west decided to make radical changes for the betterment of their company. The transition included a number of things starting from the investment policies to the management structure and production policies. However, they realized that keeping their previous name would lead people to think that they still were the same company when they are not. This led to the change of their name to Obsidian Energy and the changing of their stalk symbol to OBE.
Other changes they made include a change in the management- board of directors, a change in the restricted share unit and the reduction of shared capital for accounting purposes. By doing this, they were able to iron out the challenges they had faced before from the root cause. This allowed them to turn a new leaf. Obsidian Energy was even among the sixty most prominent firms in the Toronto stock Exchange and was also a Canadian Royalty Trust (CANROY). The company has several subsidiaries including Canetic Resources Trust, Endev Resources Partnership, and Sifton Energy Inc. Currently, the company has approximately 300 employees on staff.
Considering all the changes this company has gone through, it is set for a great year in 2018. Their new strategy of operations includes ensuring their activities of operation are within their means. Their balance sheet looks healthy and promising and their investment policies are promise a good chance of the company making profits even if the market prices are doing poorly. Find Additional Information Here.
Disciplined, relentless and accountable. These are the words that now define this company. Considering the results, they have had since their transformation, their future is bright. Their production has improved and now they are producing more than 700 barrels per day. This gives them confidence of their projections for this year considering that this was the results they got in winter. Though modest, the projections for this year are impressive.
The commodity prices this year and the moving dollar also add to their confidence in their performance this coming year.
Learn More: http://calgaryherald.com/business/energy/restructured-penn-west-proposes-name-change-to-obsidian-energy
Obsidian Energy, formerly known as Penn West Exploration, has been a leader in the fuel industry for many years. They have revolutionized the way that people are buying their fuel nowadays. Because Obsidian Energy is their own oil and gas producer, you can feel good knowing that you’re getting a quality product at an affordable price. This prevents you from spending a lot on fuel that you need, which can be a great way to power your home or office without the hefty price tag attached. Be sure to contact Obsidian Energy if you would like more information on what they are able to do for you and when they can deliver their product.
There are a few things that set Obsidian Energy apart from so many of the other fuel companies on the market right now. For one, they are providing a quality product that is sure to last. Unlike other fuels that you might burn through quickly and easily, the fuel that Obsidian Energy provides is far superior and is going to last. This ultimately saves you money because you’re not worried that you have to continually reorder when you are unable to do this without breaking the bank. The next thing that sets Obsidian Energy apart from so many other fuel companies is the price involved. Not only are you getting a quality product that is sure to last, but you’re also spending less money on it when compared to other providers. Read This Article for related information.
Obsidian was even among the sixty most prominent firms in the Toronto stock Exchange and was also a Canadian Royalty Trust (CANROY). With several subsidiaries including Canetic Resources Trust, Endev Resources Partnership, and Sifton Energy Inc. Currently, the company has approximately 300 employees on staff.
If you would like to learn more about Obsidian Energy and what they are offering to the public, you can contact them or visit their site. You can then find out about their products and the prices that go along with them so that you can more easily place your order. Obsidian has been a trusted fuel producer in Canada for well over 15 years. Despite the fact that they work with thousands of customers worldwide, you are still going to get a more personalized experience than if you were working with other companies that are able to deliver or provide fuel to you when you are in need of it.
Related Article: http://boereport.com/2017/06/26/penn-west-changes-name-to-obsidian-energy-ltd-and-announces-voting-results-from-the-2017-annual-and-special-meeting-of-shareholders/