Insightful Facts About Obsidian Energy

Obsidian Energy is a Canadian oil and gas producing company. The company previously known as Penn West Exploration Ltd is based in Calgary, Alberta. This region is along the Western Canadian Sedimentary Basin. It’s among the most significant petroleum reserve in the world. Production is done in three areas in Alberta which include Peace River Oil Sands, Pembina Cardium, and Alberta Viking. It has been the sixtieth largest company on the Toronto Stock Exchange for a while.

 

The company has a significant number of employees. It has set-up several sub-stations that have eased the access to energy services. It has also improved the living standards of the society due to the accessibility of sustainable and affordable energy resources. The company also offers their products like energy appliances and devices in installments. By expanding their services widely, it has helped the low-income buyers to access their products in installments.

 

Obsidian Energy has a competent research team that researches on advancing technology. The company also allows other researchers and investors to do their own research and their findings have guided the company in creating innovations, efficient use of technology and attaining a green economy.

 

Health and Safety

 

Obsidian Energy is keen on environmental conservation by creating an environment for its residents that is free and safe from pollution. The company has helped Canada to achieve a green economy as it produces natural and renewable energy. It has also reduced the number of carbon emissions and other harmful elements to the atmosphere. It also carries out resource reservation, land reclamation and proper site abandonment intending to conserve the environment.

 

Obsidian also values the safety of its employees and their families as well. They have an emergency response plan that is swift in responding to emergency situations occurring during the company’s operations.

 

Conclusion

 

The Obsidian Energy Company has established excellent standards for other oil and gas companies. It has generated significant revenue for Canada as well as improving the lives of people. The company has attracted investors globally who have further enhanced the value of the company. It has also received significant awards due to its exemplary achievements.

 

View Source: https://en.wikipedia.org/wiki/Obsidian_Energy

 

Penn West Rebrands To Obsidian Energy

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.

 

Source: https://beta.theglobeandmail.com/report-on-business/industry-news/energy-and-resources/penn-west-shareholders-approve-name-change-to-obsidian-energy/article35463586/?ref=http://www.theglobeandmail.com&

 

Useful Facts About Obsidian Energy

Formerly known as Penn West Exploration Ltd., Obsidian Energy is a mid-sized oil and gas producer. The company is based in Calgary, Alberta, and its location along the Western Canadian Sedimentary Basin which is among the world’s biggest petroleum reserves is strategic.

Obsidian Energy has three production areas: The Peace River Oil Sands, the Alberta Viking and the Pembina Cardium. It is among the top sixty large companies on the Toronto Stock Exchange. Between 2005 and 2011, Obsidian Energy Company was a Canadian Royalty Trust and it attained its peak market capitalization of approximately $9.5 billion in January 2008.

 

The renaming of Penn West Petroleum to the current Obsidian was built under the shareholders motive to pursue modest growth. To ensure this was successful, 92% voted in favor of the change. According to the CEO, Dave French, the name Obsidian Energy was appropriate because Obsidian is a natural gas that occurs in volcanic glass and can be sharpened and honed.

On 26th June 2017, Obsidian Energy officially changed its name from Penn West Petroleum to Obsidian Energy. The change of name affected the business aspects including the stock symbol which changed to OBE on its Toronto and New York Stock Exchange markets. In addition, the shareholders approved the listed resolutions in the 2017 annual and special meeting and the 30th April 2017 Management Proxy Circular.

 

Refer to This Page for related information about Obsidian Energy.

 

Obsidian Energy exists on the foundations of discipline, constant passion and accountability to its customers, partners and shareholders. Besides having strong corporate governance that puts everything clear to its stakeholders, the company takes care of community and environmental interests. In addition, health and safety measures and programs are upheld at the workplace to ensure employees are free from accidents. Currently, Obsidian Energy has a stable portfolio comprising of high-quality assets that yield about 30000 oil barrels daily.

 

 

Visit: http://calgaryherald.com/business/energy/restructured-penn-west-proposes-name-change-to-obsidian-energy

Obsidian Energy To Have A Fresh Start With Name Change

Obsidian Energy is a company based in Canada offering a range of energy-based solutions. The company was previously known as Penn West Petroleum but changed its name in the early months of 2017 as part of an image overhaul. The company has undergone numerous shift as a result of this, which has resulted in Obsidian Energy becoming a company that is stronger than it ever was before. The name change was carried out after a vote was conducted with all the shareholders of the company, after which the name Obsidian Energy was chosen for it. The name change has also affected the stock market situation of the company, and will now be operating under the acronym of OBE for stock trading purposes.

 

The name change came to the company after some unfortunate events hit the industry. With the image overhaul, the company is working towards a fresh start, so that they can once again cement their position as one of the more prominent oil and petroleum manufacturers in the country.

 

Obsidian Energy was first founded in 1979 and is currently operating out of its headquarters in Alberta, in Canada. Obsidian Energy is mainly involved with the production and distribution of oil and natural gas derivatives in the country. Most of the extraction operations that the company undertakes are done within the country of Canada itself. The company has several oil rigs in locations across the nation, especially in Alberta in the Western Canadian Sedimentary Basin. Being operational for such a long time, the company has played a major part in the oil and petroleum industry in Canada which is why they are considered to be a prominent name in the field. The company today continues to do what it does best, and provide natural gas and petroleum to various sources within the country. Check Out This Article.

 

Having spent as much time as they have in the industry, Obsidian has always had to innovate and continuously change the technology that they use to stay ahead of the competition. The company has always tried to improve themselves to be better than they were before and had always worked towards achieving an upward slope of progress.

 

Source: https://finance.google.com/finance?q=NYSE:OBE