In the annual and special meeting held on 26th June 2017, over 92% of Penn West shareholders passed through ballot vote to change the Penn West Petroleum Ltd to Obsidian Energy Ltd. Through the extraordinary resolution, the name change took over immediately. The company changed the symbol to “OBE” on New York Stock Exchange and Toronto Stock Exchange.
The Chief Executive(CEO) and President of the Canadian of the oil and gas company, David French, outlined that the company has been undergoing significant transformations and restructuring to improve the performance. The fundamental changes included development strategies, financial reports, operational structures, and staff. Additionally, to mark the new chapter a new name and new policies will provide a platform to move Obsidian Energy to new heights of success. (See Related Information Here.)
After re-stating its financial reports in previous years, Penn West undertook economic restructuring. It sold various assets which allowed debt reduction from $3 billion in the year 2013 to $384 million at the end of March this year. In addition to financial reforms, Obsidian Energy carried out operational improvements to capitalize on profitability. It has reduced forecast production from 135,000 barrels of oil per day in 2013 to 28,000 barrels of oil per day in this calendar year. Also, Obsidian Energy has undergone strategic staff changes. At the start of this year, it had 407 employees as compared to 1,415 employees in the company three years ago.
Obsidian Energy is a Canadian crude oil company based in Calgary, Canada. It has crafted the right platform to deliver results. It is led by discipline, passion, and entrepreneurial spirit. It aims to uphold accountability to all shareholders, partners, and communities. Obsidian Energy is committed to protecting the environment. It holds the safety and health of the employees, the public, the company among others. The management of Obsidian Energy continually improves safety standards, training, and awareness of employee and contractors.
Obsidian Energy is guided by three principles to achieve high performance which includes disciplined technical and commercial decision making, innovation, and transparency. With right assets, prudent financial reports and investment strategy, Obsidian energy will thrive in the competitive environment.