Obsidian Energy Ltd. is a Canadian company that produces natural gas and oil. The company is headquartered in Calgary, Alberta and was founded in 1979 as Penn West Production Ltd. It only recently changed its name to Obsidian Energy Ltd. after it was restructured following the 2014 drop in crude oil prices which greatly affected it. Many aspects of the company were changed during the restructuring and the company is now back on its feet.
At the helm of Obsidian Energy Ltd. is David French, who serves as the CEO and president of the company. Obsidian Energy’s main operations are in Alberta Viking, the Peace River oil sands and Pembina Cardium. Its portfolio of assets is well diversified and is expected to produce 31,000 bbl. per day. Obsidian Energy is listed on the New York Stock Exchange and the Toronto Stock Exchange.
Obsidian Energy is known for its high standards of operation, which is what sets the company apart from the rest. They have a program known as Community Matters through which they strive to ensure they coexist peacefully with the people in the areas in which they operate. They address their concerns and carry out their operations with the community in mind. Thus, they do not do anything that will have a negative impact on the community.
Obsidian also cares about the environment. Many companies in the oil and gas industry are known to be reckless with the way they handle their products and waste, yet petroleum is a serious environmental pollutant, but not so with Obsidian. The company strives to minimize its carbon footprint through careful disposal of waste and handling of petroleum products. It abides by all environmental laws and even go beyond the bare minimum. See This Page to Learn More about the company.
Obsidian Energy is clearly committed to the highest standards of excellence. It is very transparent in the way it does business as is evident from the numerous financial reports available on its website. It is also committed to the highest safety standards to ensure the safety of its employees as well as the public. Obsidian Energy is expected to perform even better than ever before.
The international oil and gas prices have caused significant challenges to many international companies operating on a significantly large scale. The oil price challenges were coupled up by serious macroeconomic issues that have afflicted the developed world for the better part of the time since the financial crisis of 2008 ensuring slow economic recovery. While many companies have opted to move out of business, Obsidian Energy has decided to soldier on banking on improved operational efficiency and the recently completed corporate restructuring that has since seasoned the financial outlook of the company.
Obsidian Energy has since shed off much debt that did not look good in light of the prevailing international prices. The management praised the restructuring as one that saw the company have an opportunity to refocus on itself top down as it sought to rebuild and strategically position itself in the market.
The Toronto Stock Exchange listed company has set its focus on modest growth and investments informed by the oil price trends. Its concentration is in oil exploration in Alberta, Saskatchewan and British Columbia regions of Canada. Obsidian has several subsidiaries including Canetic Resources Trust, Endev Resources Partnership, and Sifton Energy Inc. Currently, the company has approximately 300 employees on staff. In 2015, Obsidian Energy made a significant announcement regarding its proven reserves worth two hundred million barrels of oil equivalents.
The significant challenges that hit the industry hard did not spare Obsidian Energy and after the restructuring the CEO Dave French proposed a name change from Penn West Petroleum to the current. Worth noting is that the name Obsidian is a volcanic glass that occurs naturally and has properties that allows it to be sharpened and honed while maintaining its strength and durability. On the occasion, Dave French was upbeat that the company is well positioned with the right mix of human resources, organizational capability and strategic assets needed to sustain growth even as the oil market prices do not look that good.
Obsidian Energy will in the meantime concentrate on developing most of its fields in Alberta. On the strategic front, Obsidian Energy aims to move forward with a high level operational discipline, enhanced accountability to all stakeholder more so shareholders and lots of passion for the work the company does.
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See Also: http://www.marketwatch.com/investing/stock/obe