Obsidian Energy’s Achievement Journey

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.

 

View Source: https://www.obsidianenergy.com/

Responsible Oil and Gas Firm –Obsidian Energy

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