The oil and gas market is booming in various parts of Canada. Many people do not realize how much oil Canada produces each year. With new technology options for oil drilling companies, the oil fields below sea level are much more accessible.
Obsidian Energy is one of the leading oil companies in Canada. Over the past few years, the company has increased both sales and profits. The leaders of Obsidian Energy want to focus on technological development. Unlike other oil companies, Obsidian Energy focuses on developing new alternative energy options for customers. There is a significant need for new energy sources in Canada. Obsidian has several subsidiaries including Canetic Resources Trust, Endev Resources Partnership, and Sifton Energy Inc. Currently, the company has approximately 300 employees on staff.
Obsidian Energy almost went out of business many years ago. The company was deeply in debt, and oil prices were dropping rapidly. The leaders of the company decided to sell various assets to pay down debt. Although this was a tough decision, it was the only option that made financial sense.
The process of extracting oil is terrible for the environment. The government of Canada has challenged oil companies to invest both time and money to improve the local environment. Obsidian Energy spends a considerable percentage of profits on new energy technology. Many people in Canada want to invest in solar energy. As the price of solar panels continues to decrease, this is an excellent opportunity for people to save money on monthly electricity costs. See This Article to learn more.
Future Growth Plans
In the coming years, Obsidian Energy is expected to expand. Not only does the company have a strong balance sheet, but there are numerous new oil fields to explore. Some people believe that Obsidian Energy could become the largest oil drilling company in Canada.
With all of the opportunities in the oil industry, now is an excellent time for Obsidian Energy to increase sales and profits.
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