Obsidian Energy Minimizes To Maximize Potential

Established on one of the largest petroleum reserves in the world, Obsidian Energy is one of the leading oil and natural gas companies in Canada to date. Obsidian Energy was founded in 2005 in Calgary, Canada. The company has been one of the sixty largest companies on the Toronto Stock Exchange. More widely known for its Previous names Penn West Exploration Ltd, Penn West Petroleum, and Penn West Trust, Obsidian Energy has been flexible throughout the unforgiving, and unpredictable markets of Crude Oil and Natural Energy.


In 2014 Crude oil prices fell drastically, causing Obsidian Energy to suffer financial and operational difficulties. Even though the company was presented with many obstacles, it did not stop production and productivity. In response to the market crisis the company’s CEO David E. French and the companies’ shareholders came up with a plan to keep the Natural gas and Crude oil business successful. Their plan would prove to continue the company’s success even during unsuccessful times of the market. The company’s shareholders voted 92 percent in 2017 to change the name from Penn West, to Obsidian Energy.


The name Obsidian was chosen because the CEO of the company says that obsidian is a naturally occurring volcanic glass that can be sharpened and honed, just as their company has been. The company’s CEO showed further endurance during unpredictable changes with the company’s new name. Due to the many slight changes in the company and selling assets to decrease debt collected in the 2014 market depreciation; the company has been able to be triumphant and thrive through an ever-changing crude oil market.


Over the years, Obsidian Energy has decreased their debt drastically from a whopping $3-billion dollar at the end of 2013, to $384-million dollars as of March 2017. By decreasing production to 28,000 barrels of oil equivalent per day from 135,000 and reducing its employee count to 300, Obsidian Energy has minimized its expenses and maximized its productivity. View Related Info Here.


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

Obsidian Energy and Talented Leaders

Obsidian Energy Ltd. is a company that specializes in the production of both gasoline and oil. It’s of moderate size and comes from Canada in North America. Obsidian Energy is in charge of first-rate assets that create about 30,000 BOEs (Barrel of Oil Equivalent) each day. Its name in the past was Penn West Petroleum Ltd. The name adjustment took place in the summer of 2017. Obsidian Energy is a firm that benefits dramatically from a solid leadership crew. The managers who work for this business know precisely what they’re doing. David L. French is Obsidian Energy’s Chief Executive Officer. He’s also its thoughtful President. French has been a part of the company since the fall of 2016. He graduated from both Harvard Business School and Rice University. He concentrated on mechanical engineering while at Rice.


David Henry is Obsidian Energy’s Chief Financial Officer. This professional is a seasoned chartered accountant who has been in finance for more than a quarter of a century now. He’s been on the Obsidian Energy staff since the spring of 2015. He used to work for a big company that’s called PricewaterhouseCoopers. There are a number of other vital figures who are part of the Obsidian Energy leadership crew. They’re Commercial and Business Development Vice President Mark Hodgson, Technical Services and Production Vice President Andrew Sweerts and Operations and Development Vice President Tony Berthelet. Members of the firm’s knowledgeable Board of Directors are John Brydson, George H. Brookman, Raymond D. Crossley, William A. Friley, Edward H. Kernaghan, Maureen Cormier Jackson, Jay W. Thornton and Gordon M. Ritchie. French is on this board as well. Visit This Page for more information.


Obsidian Energy is a major business that feels a sense of duty toward the planet. It’s a company that genuinely cares about all subjects that involve the environment and its future. It’s a company that makes strong community a priority. It cares in great detail about all kinds of safety, wellness and health matters as well. Obsidian Energy consists of professionals who are always looking to move forward and do better. They’re a team of people who believe in strong results.


See: https://en.wikipedia.org/wiki/Obsidian_Energy

Obsidian Energy

Obsidian Energy is a mid-sized oil and gas producer. The company is very much a bottom line results oriented company. With Obsidian Energy high-quality assets, disciplined and passionate workforce, its no wonder why the company is producing nearly thirty thousand boa a day per year. With its entrepreneurial spirit and organizational capabilities, it’s no wonder that it has become so successful. Its resolve to make its self-accountable to both its shareholders and the community at large. That should make the shareholders confident in the company’s future. Although the company is only mid-sized, its crafted a well thought out strategy around its assets.


David French, who recently took control of the company as its CEO. He has already made his mark in the company that will reverberate for years to come. He has spearheaded a complete reorganization of the company from top to bottom. He has streamlined its operations to be more efficient. He has stabilized employment with the company to an average of about three to four hundred workers. See This Page for more information.



David French has also recently cut the companies debts from approximately three billion dollars to about three hundred ninety million. That is an amazing achievement that the company should be proud of. In a remarkable way he has changed the company forever. He wasn’t done though. He thought it was time to change the companies name as it was no longer the same old Penn West Petroleum. He was able to gather nearly ninety two percent of the shareholders support in the name change. So, from that point on the company became Obsidian Energy. Obsidian was named after the volcanic glass that can be sharpened and honed.


David French is no stranger to the oil and gas industry. He has been President and CEO of Bankers Petroleum Ltd., a Calgary-based publicly-traded oil and gas company. He has also served as management and consultant to other companies such as Apache Corporation and McKinsey and Company. He also holds a Bachelor’s Degree and a MBA. With David French at the helm with all his vast experience, I don’t think the company could do better than this winner.


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


Obsidian Moves Into The Future

Obsidian Energy, once known as Penn West Petroleum began its transition into a profitable oil and gas producer as of 2013 with the sale of many assets. With these and other sales, it reduced its debt load from $3 billion down to $384 million as of March 2017. Now Obsidian Energy is far smaller, but it is streamlining has led to more focused production.


Three years before, Obsidian Energy produced as much as 135,000 barrels of oil equivalent per day (BOEPD). After oil prices dropped in 2014, Obsidian was forced to restructure. It now produces somewhere around 28,000 to 31,000 BOEPD. Its workforce consisted of 1,415 employees and now has shrunk to a mere 407. Selling off its assets, one of its core properties, Slave Point, its resources have been streamlined to leave intact only its most productive oil fields and only the absolutely necessary elements needed for its effective function.


Obsidian’s oil and gas fields are in Alberta, Canada. Alberta is the home of the Western Canadian Sedimentary Basin. It is one of the world’s largest petroleum reserves. Obsidian joins other Canadian producers in making Canada the world’s third largest natural gas producer and second largest exporter. Still, Canada’s reserves only represent one percent of the world’s natural gas supply. Canada’s conventional oil reserves, both light and heavy oil reserves are declining. Light oil is declining by a rate of three to four percent each year. Read This Article for more information.


Despite these drops in reserves, Canada still has the largest reserve of oil sands or bituminous sands. It overwhelms both Russia and Venezuela, the other locations of oil sands. Canada is the location of 70% of the world’s supply of oil sands. There is some controversy about burning the product from oil sands, but Canada insists that emissions from oil sands only exceed conventional oil emissions by 12%. Obsidian produces from its Peace River property those controversial oil sands.


Obsidian is one of the top sixty stocks on the Toronto Stock Exchange. Obsidian’s CEO announced that the company had three principles it would use for action:


1) Disciplined decision making to advance and protect innovation and progress.

2) Be accountable to stakeholders, partners and the community at large.

3) Maintain the right assets, use a sensible hedging strategy, and keep a healthy balance sheet in preparation for lower price environments.


See: https://en.wikipedia.org/wiki/Obsidian_Energy