Skip to content

Energy

Obsidian Energy On Their Way To A Brighter Future

Penn West Petroleum is the former name of the Candian company currently known as Obsidian Energy Ltd. The business had a restructuring which concluded with a change in the name in the summer of 2017.

 

The Obsidian Energy had a somewhat rough past few tears starting with the rapid drop od the price of crude oil in Canada. Many companies in the oil and natural gas industry had no choice but to reorganize their focus as quickly as possible. A number of businesses also started selling assets. The Penn West Petroleum did the same and spent the next couple of years selling over half of their assets to reduce their net debt. Obsidian managed to bring it down from 3 billion in 2013 to 384 million at the end of March of 2017.

 

The production sources of the corporation had to tighten as well as the Penn West Petroleum focused on 4 of their 30 key areas of production. The production was reduced to approximately 28 000 barrel a day instead of the previous 135 000 barrels of oil equivalent a day. The workforce went from 1 400 employees down to 300.

 

After the restructuring and the downsizing, the Penn West Petroleum Ltd has been working toward regaining its proportions again. The company became Obsidian Energy Ltd and is on its way to growth. Now, the company has a few primary areas of production which some of are also the richest in reserves. On top of that list is the Sedimentary Basin in Canada which is the richest in the world. Other sources include the Alberta Viking, several oil sand sources, and so on.

 

Based in Calgary, Alberta, the Canadian producer of oil and natural gas was established back in 1979. The corporation is led by President and Chief Executive Officer Mr. David L French who has had decades of experience in his line of work. He previously worked for another business in the industry at the same positions. Go Here for more information.

 

Mr. David L. French had his bachelor’s from the Rice University and his MB from the Harvard University- School of Business. He has worked for companies such as Apache, Bankers Petroleum, and more.

 

 

See: https://www.bloomberg.com/quote/OBE:CN

 

Obsidian Energy Changes Name, Out To Have A Fresh Start

Obsidian Energy is a company that specializes in the production of natural gas and oil. The company if located in Canada and has its headquarters in Calgary. Obsidian was founded in 1979 and since then has grown to be one of the leading oil and natural gas producers in the entire country. The company was first known as Penn West Energy but changed its name in 2017 upon the suggestion and vote of the shareholders in the company. The name of the company was changed as part of an image overhaul that the company was going through at the time.

 

 

The name changed was pushed even further because the shareholders and officers in the company felt like they no longer represented the old Penn West that it used to be. Since the company was first founded, they have constantly improved their workings and the operations that they carry out. This development has changed the face of the entire company, which is why this name change was one of the best ways to introduce the new and improved oil and petroleum provider that they currently are. See This Article to learn more.

 

 

The change of name is also the last step that the company had to take towards a total transformation that they wanted to make. The company wanted to be able to establish themselves on new principles that would work to improve the way they function and the transparency that they have to their shareholders. The company wants to also take on a new stance when it comes to the kind of work that they do. The company wants to be able to foster a healthy work environment that was different from what they had before, which is also one of the reasons why they wanted to change the name of the company from Penn West Energy to Obsidian Energy.

 

 

The name change has also led to the change in stock name, which will now be determined as OBE in the Toronto Stock Exchange, as well as the NY Stock Exchange. The change was implemented immediately, as soon as the announcement was made to the shareholders of the company.

 

More on: https://globalnews.ca/news/3481168/penn-west-proposes-name-change-to-obsidian-energy/

Obsidian Energy Rebrands for a Better Future

The energy market has always been welcoming to investors from all over the world. The department has numerous benefits to the people who have invested wisely. Obsidian remained one of the most competitive in the international community. There are thousands of companies in the oil and gas industry. These organizations specialize in the drilling and distribution of energy products to people in the world. The work performed by these companies is not easy. There are numerous organizations that were established several years ago with the main aim of making an impact in the energy department, but they have failed terribly in their plans. Others are still working hard to become the respected leaders in the tight arena.

 

The past years have not been good for the investors in the energy market. The markets have changed so many times, and company investors have been discouraged by the little incomes they have been receiving from their investments. Some companies have even been reporting great losses in the recent times, proving that things are not looking too bright. Companies have started to see some light in the tunnel, and some of them have decided to rebrand so that they can have the success they have been dreaming about. Very many organizations have given up this battle, and they are dealing with huge debts and losses. Go Here for additional information.

 

Penn West is an energy company that understands the challenges that have been taking place in the modern times because it has had to deal with them. The organization president has even announced that his company will be rebranding in an attempt to forget the recent times that have been challenging. Penn West had some serious scandals in the recent years, and they mostly affected the finance department. The serious allegations in the company discouraged many investors. Penn West has also been dealing with huge debts in the recent times.

 

After handling some of the problems the organization was facing, the top management, with the help of investors has decided to change the company name to Obsidian Energy. The company new name will be an ideal plan to make people forget about the challenging past that the company had dealt with in the past.

 

The company was at the apex of its success and was even among the sixty most prominent firms in the Toronto stock Exchange and was also a Canadian Royalty Trust (CANROY).

 

Source: https://en.wikipedia.org/wiki/Obsidian_Energy