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.