The Obsidian Energy, formerly known as the Penn West Petroleum is a Canadian oil and gas firm boasting of assets of high quality. Obsidian Energy Ltd has its headquarters in Calgary Alberta and is currently under the leadership of its experienced CEO David Roberts Junior. The company operates oil-related portfolios Peace River, Viking, and Cardium regions in Alberta. The Peace River concentrates on the crude oil resources, Cardium area deals with the low-decline and light-oil production. The Viking area focuses on the mixture of short cycle wells and light oil. The organizational structure and the abundant assets enable the company delivery excellent results such as the production of approximately 30,000 barrels each day.
The entrepreneurial spirit within Obsidian Energy has led to the success of the company in the ever-changing industry. The company owes its tremendous success to its relentless passion and discipline for what they do and utmost accountability to the investors and other business partners. The company’s top management initiated a series of changes that led to the company changing its name from Penn West to match the redefining efforts in the company and to give it a new face. The company attaches great significance to the contributions of its shareholders as witnessed during the name change. The company only announced the name change after the approval of the name by the shareholders. According to an article that covered the name change event on the Boereport, the company also changed its stock symbol with “OBE”. Visit This Page for more information.
The Obsidian aimed to achieve more than it did before, it was built on the principle of accountability and transparency, innovation and progress, and commercial and technical decision-making. Since the name change, the company has maintained a strategic position, having the appropriate assets in place and a heavy balance sheet to get things done. The judicious hedging strategy in the company has enabled the company to make steady annual growth, control its debts, and attain good leverage. Although the company registers poor performance as compared to its peers, a factor hugely contributed by its low production growth, it still attracts positive valuation and has a good chance of performing better in the coming years.
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Obsidian Energy is a mid-sized oil and gas producer. It has a series of high quality assets and have crafted the organization around them. The company in a real bottom line results type of company which has allowed it to bring in nearly thirty thousand boe of oil per day. The company has the entrepreneurial spirit and passion to bring such results. Obsidian Energy has created an atmosphere of accountability to its shareholder, which should make every shareholder happy to hear. The discipline that the company instills will undoubtedly pay off dividends in the future. Obsidian has several subsidiaries including Canetic Resources Trust, Endev Resources Partnership, and Sifton Energy Inc. Currently, the company has approximately 300 employees on staff.
Recently Obsidian Energy has undergone a few changes along the way. Most recently David French who took over not long ago as CEO has made his footprint in the company. Starting with the paying down of company debt. David French has reduced the company’s debt from almost three billion dollars to just under three hundred and ninety million dollars. That is a very promising achievement for anyone. He also stabilized and restructured employment at the company to around three to four hundred people. In addition, he set out to change the companies name. He said that the company no longer resembles the old Penn West Petroleum company. He was able to get around ninety two percent of shareholder support for the name change. He names the company Obsidian Energy after the volcanic glass that can be sharpened and honed to perfection. The changes that have been make have affected every aspect of the company and how it will grow.
David French the new CEO of Obsidian Energy is no stranger to the oil and gas industry. He was formally the CEO of Banker Petroleum and worked in management and consultant positions for companies like Apache Corporation and McKinsey and Company. His education includes a Bachelor’s Degree and a MBA. Obsidian Energy also boast a well-qualified and knowledgeable Board Of Directors. George H. Brookman, John Brydson, Raymond D. Crossley, David L. French, William A. Friley, Maureen Cormier Jackson, Gordon M. Ritchie, and Jay W. Thornton all bring with them a high degree of competency and support to help the company grow.
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