Obsidian Energy is a Canadian natural gas and oil production corporation located in Alberta. Since its establishment, the oil company has augmented sophisticated strategies to sustain it in the market. At some point, Obsidian Energy was ranked among the S&PTSX 60 enterprises in the Toronto Stock Exchange. In 2008, Obsidian Energy experienced success when it hit its peak market capitalization of almost $9.5 billion. The achievements of the company are attributed to its locality. Obsidian Energy’s niche, Alberta, is a renowned region recognized for its reservation of the globe’s hugest petroleum sites. Production of oil originates from three primary areas including the Peace River oil, Alberta Viking, and Pembina Cardium.
Previously, Obsidian Energy was known as Penn West Petroleum Ltd. According to David French, the change of name would mark new beginnings for the organization. However, before the incorporation of the new name, certain procedures have to be adhered to including the approval of shareholders. Fortunately, 92 percent of the shareholders voted in favor of the altering of the company’s name. In David French’s opinion, Obsidian is best suited for the organization’s title due to its meaning. He postulates that the name aligns with the activities of the company. The changes implemented in Obsidian Energy will over time yield positive results thus retaining the enterprise’s reputation in its segment. Additionally, Obsidian Energy is expected to settle its debts and maximize its production which currently stands at the production of approximately 28,000 barrels of oil daily. See This Page for more information about the company.
Being a famous company in the market, Obsidian Energy partnered with other relevant organizations including the Canadian Royalty Trust. CANROY provided security for Obsidian Energy in the payment of taxes. Additionally, Obsidian Energy collaborated with Penn West investments. due to the high payment of dividends, the organizations recorded high returns. At the moment, the company’s operations are directed towards yielding more returns than the previous years. Obsidian Energy’s executives have demonstrated the relevance of persistence in managing mid-sized organizations. Additionally, the change of strategy is necessary for the attaining of future achievements. Obsidian Energy’s exclusivity illustrates the managers’ intent to attend to the evolving needs of its clients in the industry.
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