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.