Obsidian Energy Limited is a Canadian public company that deals with the production of oil and natural gas. Based in Calgary, Alberta, the company has gas and oil wells in Western Canada Sedimentary Basin. The company was previously known as Penn West Petroleum LTD.
Due to crude oil prices fluctuation, financial and operational difficulties, Penn West Petroleum Ltd shareholder decide to undergo restructuring. The changes were not only to the name, but also to the entire organization, its redefinition, and the growth process moving forward. The company began disposing its assets from 2013 to reduce the net debts. The debt reduced from $3 billion in 2013 to $384 million in March 2017. Also, the company decreased its oil production from 135,000 barrels per day in 2013 to 28,000 this year. Furthermore, the number of employees was trimmed from 1,415 to 407 within three years.
The restructuring culminated to changing its name to Obsidian Energy Limited on June 26th, 2017.
With a well-balanced portfolio of high quality producing assets, Obsidian Energy Ltd allows for the delivery of bottom-line outcomes, creativity, and innovations. Under the leadership of its CEO, David French, the company has established values that would enable for directors and employees’ transparency, discipline, and commitment to their work.
Obsidian is community and environment sensitive, and hence they have put measures in place that call impacts connected to oil, and gas to be of concern and mitigated where possible. The objective of the company is its environmental programs. They have ensured that they meet all the regulations and encourage stakeholder input. Consequently, they have secured resource preservation and proper site desertion.
The company lost the Chairman of the Board of Director, Rick George. David French termed him as a man who helped in the reshaping of the organization from top to bottom, a man with good leadership skill and dedication to the industry as a whole. Find Related Information Here.
In 2017, during Obsidians’ second quarter financial results, it was announced that they are off to a good and stable start. That was excellent news despite the constraints of seasonal breakup conditions. Obsidian Energy Ltd. is currently trading on the Toronto Stock Exchange and New York Stock Exchange.