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/

Obsidian Energy

Obsidian Energy, previously known as Penn West Petroleum, is an intermediate-sized oil and gas producer with a well-balanced portfolio of high-quality assets producing roughly 30,000 BOE per day. Obsidian Energy is located in the heart of Calgary, Alberta Canada. An interesting fact about Obsidian Energy is that it was one of the companies on the S&P/TSX 60 Canadian Stock Exchange. For 6 years, between the years 2005-2011, Obsidian Energy was a Canadian Royalty Trust and reached a peak market capitalization of $9.5 billion USD in 2008. On January 1, 2011, Obsidian Energy converted from a Canadian Royalty Trust to a conventional corporation. Although the company has had great financial success, the company went through some financial difficulties during the crude oil price drop in 2014. Obsidian Energy has most of its oil and gas fields spread across Alberta including production areas of Pembina Cardium, Peace River Oil Sands, and Alberta Viking. As a matter of fact, it was not until recently this summer on June 26, 2017, where Penn West Petroleum changed its name to Obsidian Energy. As of 2017, Obsidian Energy employs a steady amount of around 407 employees and produces 28,000 barrels of oil yearly.

 

 

Let’s discuss the head of it all, David L. French, the President and CEO of Obsidian Energy. Mr. French is a global vitality official with twenty-five years of involvement in the advancement and generation of oil and gas fields in North America and abroad. Mr. French has been the President and Chief Executive Officer of Penn West since October 2016. Earlier thereto, President and Chief Executive Officer of Bankers Petroleum. From the dates of April 2013 to October 2016 and earlier, French was the Vice-President, Business Development of Apache Corporation in Houston, from the dates of January 2010 to April 2013. From the dates of July 2007 to December 2009, Mr. French was Region Production Manager for Apache Canada in Calgary. From the years of 2001 to 2006, Mr. French worked for McKinsey and Company in Houston. McKinsey and Company is an administration counseling firm centered around vitality firm development, portfolio administration, and capital productivity.

 

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Related: https://www.obsidianenergy.com/