Why Obsidian Energy Changed Its Name

Obsidian Energy Ltd. is a business within the oil and energy industry. They are based in Calgary, Alberta in Canada. They are an intermediate-sized firm that can produce around 30,000 barrels of oil a day. In their mission statement they say that they offer resolute accountability to all of their stakeholders which includes shareholders, partners, employees, and the people in the communities in which they conduct business activities.

 

This company was named Penn West Petroleum up through June 26, 2017. It was on that date that the name changed to Obsidian Energy. There were a number of reasons for the name change. Among these is that they were bleeding money when the value of a barrel of oil hit its nadir at around $25 a barrel. They right-sized the number of staff and shut down some of their production facilities. The changes were drastic enough that 92% of shareholders the name should be changed to reflect a new business rising from the ashes of the old one. Visit This Page for related information.

 

While Obsidian Energy uses to have over 30 production areas they now focus on four. These had been their most profitable production areas and have the most proven oil reserves. The areas in which they work have some of the largest oil reserves on the planet. These four production areas are Cardium, Deep Basin, Alberta Viking, and Peace River.

 

Along with the name change, Obsidian Energy also changed some of its executive team. David L. French is now the president and chief executive officer of this company. The chief financial officer is David Hendry. There are three vice presidents at Obsidian Energy who are Tony Berthelet, Andrew Sweerts, and Mark Hodgson.

 

A key focus of Obsidian is on health and safety for its employees, subcontractors, partners, community members, and the environment. Serious accidents can potentially have far-reaching consequences which they are very mindful of. The safety procedures, programs, and policies of Obsidian Energy meet or even exceed the industry requirements as laid out by the Canadian legislature. The executives of this company conduct regular audits of its operations to ensure compliance at all times.

 

More On: https://globalnews.ca/news/3481168/penn-west-proposes-name-change-to-obsidian-energy/

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