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Obsidian Energy Set To Refine Its Business Dealings And Outlook

Penn West Petroleum recently changed its name to Obsidian Energy, with the approval of the shareholders. The company’s name change marked a new path for growth in sales, following a less glamourous record of returns in the previous years. The chief executive officer of the company, Dave French, stated that the new name was an inspiration of the naturally occurring volcanic glass that is refined to become sparkly and of a higher value. Obsidian Energy is set to minimize its spending budget by limiting it to oil and gas while focusing increased efforts in production and debt reduction. One of the options that Obsidian Energy undertook to cut the budget was to cut down the employee capacity from 1400 to 300 and the production of 135,000 oil barrels per day to 28,000. Get More Information Here.

 

Obsidian Energy’s new label, OBE, was effective on the New York Stock Exchange and the Toronto Stock Exchange. David French revealed that shareholders approved the firm’s 2017 annual plans as indicated in the 2017 Special and Annual Meeting and Management Circular, penned on April 30th, 2017. He explained that Obsidian Energy has formulated a leaner execution plan that includes all the necessary assets required for growth, an improved balance sheet and a fail proof plan that will steer the company successfully in low financial seasons.

 

In addition to the revised economic scheme of the firm, David French is certain that the newly designed governing principles will guide every employee towards manifesting the stipulated vision. The first principle requires employees to apply a detailed economic and technical analysis in projects. Secondly, commitment is necessary to progressively achieve the outlined goals and meet deadlines. Lastly, Obsidian’s motto states that everyone is required to maintain transparency in all business dealings to uphold integrity, hence retain and attract customers. Since the revelation of the new guiding principles by David French, Obsidian has published a report detailing the shareholders special meeting, which led to the agreement of the name change.

 

Obsidian Energy is a middle-sized oil and gas production company. Reports collected in 2017 indicate that Obsidian Energy has an evenly balanced portfolio. Currently the accumulated assets allow the production of approximately 30,000 gallons gaily. The firm has an unwavering dedication to satisfy their customers and rise among other oil and gas firms.

 

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

Obsidian Energy Fresh Start in the Oil Industry

Obsidian Energy Limited is a Canadian oil and natural gas production company. The company has its headquarters in Calgary, Alberta. During a shareholders meeting held in July 2017, the shareholders mutually agreed to change the company’s name to Obsidian Energy Limited after a series of consultations. The new name was coined from a naturally occurring volcanic glass called Obsidian.

 

The company changed its name because of the restructuring it had gone through. The restructures gave the oil and natural gas production a fresh look and changing its name was equally important. The Penn West company had accrued various debts and accounting scandals that hindered proper functioning. Strategic measures were therefore taken to reduce the debts and make the business productive again. As a result, Obsidian Energy Limited was born. The company currently operates only four production sites and has significantly reduced the debts the mother company has accrued.

 

Obsidian Energy is currently headed by Dave French, who is the company’s Chief Executive Officer. The company owns gas and oil fields in Alberta. It also has numerous oil and petroleum wells in the Western Canada region. The region has one of the largest petroleum reserves globally. Obsidian conducts its production mainly from the Peace River oil sands, the Alberta Viking and the Pembina Cardium areas in Alberta. The company currently produces approximately 31,000 barrels on a daily basis.

 

The new chapter has made Obsidian Energy stronger in the market. The company is focused on realizing its goals and succeeding in the oil and petroleum industry. According to the CEO, the company has a brighter future in store. See This Page for more information about the company.

 

In an effort to succeed more in the industry, Obsidian Energy Limited has partnered with major players in the industry. The company recently invested in Cold Flow Manufacturing in the Peace River region. It has ventured into the manufacturing with China Investment Corporation. The partnership was given the name “Peace River Operated Partnership” (PROP). Together, they are using crude oil to manufacture cold flow. Obsidian is also building a Waterflood platform. The platform will be used to increase the production rates in Cardium.

 

Visit: https://www.bloomberg.com/quote/OBE:CN

Obsidian Energy Streamlined For A Stronger And Bullish Future

Based in Calgary, Alberta in Canada, Obsidian Energy is a publicly traded medium-sized oil and gas production company with a well-balanced portfolio of high-quality assets with the capability to produce more than 30,000 barrels of oil per day. Obsidian aim to deliver the best possible results by ensuring that they provide the right policy on asset management to maximize returns. The love for what they do gives them the extra push that is absolutely necessary to be the best at what they do in their very competitive industry. Their discipline and unyielding accountability to their shareholders, partners and the communities in which they operate in has seen them forge an unwavering trajectory to newer heights.

 

After undertaking fundamental changes throughout the organizational structure, and every other aspect of the business, the company formally changed its name to Obsidian Energy Limited on June 26, 2017. As a result, they’ve come out stronger, leaner and more capable than ever before as they head down their new path as Obsidian Energy. David L. French, a Harvard Business School Masters of Business Administration graduate and also a Bachelor’s degree holder in Mechanical Engineering from Rice University is the current President and Chief Executive Officer at Obsidian Energy has a wealth of experience having served as the President and Chief Executive Officers of Bankers Petroleum Limited, another Calgary-based publicly traded oil and gas company where he successfully led the operational and commercial growth over his tenure. Mr. French has a number of times expressed his unreserved optimism about the success of the company in the near future.

Obsidian Energy is devoted to leaving a positive impact in the communities and societies in which they operate and live. The Community Matters program is one such initiative that shows their commitment to conduct operations respectfully and responsibly and serves as a reminder to their staff and contractors to communicate openly with area residents, address concerns proactively by allaying any negative outcomes that can be associated with oil and gas operations. Read More On This Page.

 

Their environmental programs aim to meet or even exceed all environmental regulations, encompass stakeholder communication, resource conservation, and proper site abandonment and reclamation practices.

 

 

Source: https://www.obsidianenergy.com/

The Ethics And Quality Service Of Obsidian Energy

Obsidian Energy is classified as a gas producer of intermediate size. Their portfolio is well balanced, and consists of high quality assets capable of a high rate of production. The company is built on an exceptional platform, an entrepreneurial spirit, and excellent results. Obsidian Energy believes in accountability, discipline, their communities, partners, shareholders, and having a passion for their work.

 

Prior to June 26th, 2017, Obsidian Energy was called Penn West Petroleum Ltd. The changes the company went through affected the entire business, and led to the name change to redefine the company. Obsidian is more capable, leaner, and much stronger as they embrace the future. Their gas, and oil fields run along the Western Canadian Sedimentary Basin in Alberta. This area has one of the biggest petroleum reserves in the world. The production comes from the Alberta Viking, the Peace River oil sands, and the Pembina Cardium.

 

Obsidian Energy has made a commitment to positively impact the communities in which they live, and serve. This is enforced with the Community Matters program to conduct operations with responsibility, and respect. This program additionally serves as a reminder for contractors, and employees to achieve open communication with the residents of the area, be proactive in addressing concerns, and mitigate any impacts associated with the operations of gas, and oil.

 

Obsidian believes all operations impacting the environment must be minimized. Their environmental programs either meet, or exceed all regulations regarding the environment, resource conservation, the proper practices for reclamation, and abandonment, and encompass communication with stakeholders.

 

Safety is integral in the activities of Obsidian Energy. Their programs protect their employees, the company, the environment, the public, fellow workers, families, and friends from serious accidents. Obsidian Energy consistently improves safety programs, standards, awareness, training, and the safety of contractor’s employees, and their employees is incredibly important. All legislative requirements regarding safety programs, procedures, and polices are met, or exceeded by Obsidian Energy. Any serious incident, or injury is reported, and investigated. Every contractor, and employee takes responsibility for safety policies, and compliance as mandated by the company. All jurisdictional regulations are enforced. Go To This Page for more information.