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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It is an organization that has changed names several times. Obsidian Energy was previously known as Penn West Petroleum, Penn West Energy Trust, and Penn West Exploration Ltd. The oil and gas firm is a middle-sized company based in Calgary, Alberta, Canada. Toronto Stock Exchange had listed Obsidian which then was known as Penn West Trust as the six largest company in their stock exchange market between 2005 and 2008. In 2014 the company was not doing well in the gas and energy industries, and it underwent a financial crisis which forced the management to sell their asset in order to settle some of the debts the oil and gas group had.
Penn West Petroleum Ltd changed its name to Obsidian Energy in June 2017. Obsidian Energy is allocated in an area with high-quality gas and oil that has been producing about 30,000 bores per day. The firm is situated in a region which is considered to be one of the largest and the richest in oil and gas in Canada; along the West Canadian sedimentary basin. The oil, as well as the gas, is extracted from three major basins which include; Alberta Viking, Peace River Oil sands, and Pembina Cardium. The change of name comes with new responsibility for the management team for they trust that the asset available for the organization will of great help for the group and the asset help them expand their company and survive in the ever-changing industry.
Obsidian Energy does not only extract oil and gas, but it is also responsible for the communities around them. The oil and gas company has been carrying out their operations with a lot of respect for the people and the respect has been extended to their contractors, and staff who also know that they are supposed to openly communicate with the society before undertaking any new operation. Obsidian is responsible for communicating to the people about negative and even positive impact of their operation to the community as well as the environment. Obsidian Energy is founded on respect, responsibility, discipline, love for their work, and are accountable to their shareholders, community, as well as their partners.
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Read More: http://calgaryherald.com/business/energy/restructured-penn-west-proposes-name-change-to-obsidian-energy
Since the formation and development of the National Steel Car over a hundred years ago, the company has remained at its tracks. Under the leadership of Gregory J Aziz, it has been able to withstand several challenges and changes in the market and remained the best. James Aziz bought the company in 1994. At the time it was a Canadian based company. Greg Aziz was able to transform it over a short period.
One would notice that there was much difference compared to the earlier company. Having just two years under the leadership of Gregory James Aziz, the National Steel company had boosted its car production by over a hundred percent. It was much improvement considering they were only producing three thousand five hundred cars annually, before. Due to the growing demand, the company expanded, employing over three thousand employees in just three years.
The success of the current leader can be attributed to the primary he has in economics. He was born and also raised in Ontario, where he also studied Economics at the University of Western Ontario. He started working at his family’s company at an early age. It gave him the necessary skills and knowledge that he would later use to steer the National Steel Car.
The family company which he was a part of grew over the years. Having started as a local food distributor, it later became an international company dealing with fresh foods. It Imported food from America and Europe, then distributed it across retail and wholesale stores in Europe. Even though Affiliated foods was triumphant, Gregory J Aziz wanted something that was his, and he went ahead to get it.
He was an employee of several companies. Many of the firms were in the Banking industry. Here, he gained experience and also the capital to buy National Steel Car from Dofasco in 1994. The company then had robust engineering capabilities which he utilized to get the best out of it. Integrating his business and managerial skills, he was able to transform the company.
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The engineering and manufacturing company has been able to get several awards. Among them is the honor of being the only railroad freight car company in North America to win the ISO Certification. The company has been receiving the award for the past eighteen years. It has created a high recognition within the community. This attention is essential for any business, as a constant association with an enterprise would generate assurance to their clients.
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National Steel Car is a Canadian manufacturer of quality railroad freight cars. The enterprise has experienced tremendous growth for the past 23 years that it has been under the leadership of the Gregory James Aziz. Mr. Aziz acts as the president and CEO of the manufacturing giant and is also its owner. Based in Hamilton, Ontario, the firm is acknowledged for the top-notch freight cars that it offers to the North American market. National Steel has a century’s experience in the industry and has greatly assisted in shaping the transport business. The company was established in the 1900s and has always been a leader in the sector.
Gregory Aziz acquired National Steel Car as a subsidiary of National Industries Inc., which is a company that he owns. He immediately committed himself to transforming the firm into North America’s best manufacturer of railroad freight cars. National Steel Car only sold its products to the Canadian market when Aziz joined it, but its client’ base has currently expanded to cover the entire North America. The company is currently devoted to expanding its business territory to other parts of the globe. Greg has been an excellent administrator at the firm. Between 1994 and 2000, he managed to increase its production for 3,500 to 12,500 railroad cars per annum, and its workforce also grew from 500 to 3000 employees. Most railway operators in North America currently depend on the company’s products. Visit This Page for related information.
Before acquiring National Steel Car, James Aziz worked at Affiliate Foods. The firm has focused on importing fresh foods and distributing them in Eastern Canada and the United States. Affiliate Food’s primary market was in Canada before Aziz took over its management. His tenure lasted for 16 years, and he helped in developing it into a global importer of food products. The businessman quit his role at the food wholesaler in the late 1980s to work in investment banking industry in New York. Greg was born in 1949 and got his Economics degree from the University of Western Ontario.
National Steel Car has had a positive impact on the lives of the residents oh Hamilton. The company has created several jobs that support them economically, and it has also been involved in community development projects. Greg Aziz has worked with his employees in organizing food drives that boost local food banks. He also invites everyone who has ever worked for his firm to Christmas parties that are held every year. National Steel Car is also a benefactor to a couple of community-based groups.