Penn West Petroleum Re-brands To Obsidian Energy

Obsidian Energy is an intermediate-sized Canadian oil and natural gas drilling contractor. It traded on the Toronto Stock Exchange as the sixty largest companies. In January 2008, Obsidian Energy reached a peak market capitalization of approximately $9.5 million. It traded on Canadian royalty trust between 2005 and 2011. Shortly after a significant fall in crude oil prices in 2014, Obsidian Energy underwent restructuring with most of its assets sold to reduce debt. Its headquarters is located in Alberta, a region which is one of the world’s largest oil reserves. Obsidian Energy obtains crude oil from three areas in Alberta namely; Alberta Viking, Peace River oil sands, and Pembina Cardium.

 

Obsidian Energy’s total production in 2017 is expected to be around 31,000 bbl. It was previously known as Penn West Petroleum before changing its name to Obsidian Energy in 2017. Obsidian Energy was one of the oil and gas producers who didn’t pay federal income tax after distributing their income to shareholders. The company started to reduce its workforce in 2013 in response to the decline in oil prices. On September 2015, Obsidian Energy announced that it would downsize its full-time contractors who worked at the company’s headquarters in Calgary. That represented 35% of its total workforce. The firm also reduced compensation for its shareholders and suspended dividends after its next payment in October 2015. Click Here For Related Article.

 

Obsidian reemerged stronger and more capable than before after changing its name on June 26, 2017. It has since undergone a significant transformation in its processes. The changes have affected every aspect of its operations and have redefined how it moves forward. Obsidian Energy’s assets provide the right platform to meet its customers’ expectations. Obsidian Energy rides on an entrepreneurial spirit that allows it to excel in the oil and natural gas industry. Obsidian Energy attributes its success to discipline and relentless passion for its work. The firm also has resolute accountability to its shareholders and the surrounding communities. David L. French holds the position of the President and Chief Executive Officer at Obsidian Energy. Under his leadership, Obsidian Energy has opened several reservoirs throughout Canada.

 

See Also: https://www.obsidianenergy.com/

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