Obsidian Energy impressed investors after announcing higher than expected third-quarter earnings on November 10th. The third-quarter gains are likely attributable to Obsidian’s continued streamlining of production. Executives, including CEO David French, suggested that this had been Obsidian’s busiest drilling season since the company transformed itself and lost the old Penn West Petroleum name last year.
Under French, a relatively new addition to the former Penn West family, Obsidian has seen more than its name change. The company has instituted a “Community Matters” program that seeks to proactively counter the potentially negative consequences of oil production in rural Canadian communities.
The new initiative is designed to involve community voices in risk mitigation, and to integrate Obsidian’s own environmental protection policies with the desires and perspectives of their local constituents. Obsidian has tasked itself with becoming a good corporate citizen and neighbor, and seeks to be more than an employer in the areas in which it operates.
French and Obsidian Energy have also ushered in a renewed dedication to designing and implementing environmental policies that exceed national standards and expectations. Obsidian’s new emphasis on environmental sustainability is part of an overall plan to continue construction of the company as a model for other mid-sized Canadian oil producers.
These two new efforts are combined with a strong, pragmatic, methodical perspective on growth. While Canada continues to utilize its massive oil reserves (third largest in the world) to supply the United States and other nations with vital petroleum imports, Obsidian hopes to grow in this changing industry by remaining on the cutting edge of technology, and by ensuring the maintenance and expansion of its already exceptionally productive assets.
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Obsidian has benefited tremendously by this shift in its corporate culture, and it largely has Mr. French and his team to thank for what shareholders must be characterizing as a fortuitous turn of events.
See Also: https://www.bloomberg.com/quote/OBE:CN
Obsidian Energy is a name that was acquired mid this year by the former Penn West Petroleum. The change of name came in a timely manner as the company was trying to realign its future. Obsidian Energy intended to succeed in the oil and gas industry and they were determined to work towards this goal.
Obsidian Energy currently produces close to 30k boe daily while it has assets worth millions that are well balanced. The organization is organized in such a way that they are result oriented. Their strategies have been planned for adequately to ensure that the right platform is provided to overcome all odds and emerge as a successful oil and gas producing company. The people who work for and with Obsidian Energy are encouraged to have an entrepreneur mindset in order to grow and prosper in the ever-changing market. The company was even among the sixty most prominent firms in the Toronto stock Exchange and was also a Canadian Royalty Trust (CANROY).
Obsidian is value driven and works with discipline towards their set goals. The passion in what they do is what has kept them on the right track and this has driven accountability within teammates, shareholders and the partnerships they have built. They are open and respectful to the people in the communities they live in. They address any concerns the people may have regarding the work they do. They have gone a step higher in enhancing safety in the way they operate such as the following the right ways when it comes to abandoning the land they have used.
With the growing concern in the environment, Obsidian Energy has made sure that they are using environmentally friendly procedures in their operations. They are also very keen on safety. They have set policies in place to make sure that their employees are well covered in case of an emergency. They conduct regular training to make sure that all the people they work with know how to operate while keeping themselves and others safe. Read More Information Here.
Obsidian Energy is compliant, and their work abides by all regulations that have been set for the oil and gas industry. The company has resurfaced as a more capable oil and gas producer as it uses its strengths to work towards satisfying their clients.
Obsidian Energy is an oil and petroleum company who have been able to serve the industry over the years bearing hard economic times. But as they always say, the company found the need to keep up rather than quitting. The firm CEO Dave French supported the recent idea of adopting the name Obsidian Energy. Previously, the company was known as Penn West Petroleum, but recently the shareholders held a meeting and agreed to change the name by a significant margin of 92%. Obsidian Energy reveals that they have established a plan to improve its operations over the next several years as by laying out a spending budget that will be conducive to the challenges facing the oil and gas prices in the market.
Dave French said that they want to adopt the name to Obsidian Energy because they found it to be perfect and matches the work of the company as the name Obsidian means something unique like glass found in the natural volcanic that can be honed and sharpened to the owner’s needs. The management reveals that the last few years have been so tough economically for the company as they were surviving under high incurring debts that forced some investors to present lawsuits against them. Due to the efforts of a committed and dedicated management team, Obsidian Energy was able to steer up through the struggles and settled all the debts by the end of last year.
They sat down on the board of the Obsidian Energy and discussed on working measures that would help them get back to a full-scale profit-making company. One of the measures they took is to sell some assets and were able to minimize their debt standings to $384-million. This was a major achievement when you look back at the year 2013 when their debt had accumulated to $3-billion. As of now, Obsidian Energy says that they are going to start a new chapter as things are now getting positive. Obsidian will concentrate on three major areas in which they will implement and make a roadmap to follow. They are concentrating on building highly disciplined commercial and technical decision-making platform which will help in reclaiming their value again. The second principle is to pursue innovation relentlessly with the use current technology and establish a transparent interaction between the shareholders, partners and the surrounding community as a whole.
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See Also: http://www.marketwatch.com/investing/stock/obe
Formerly known as Penn West Petroleum Ltd., Obsidian Energy is an oil and gas mid-sized company based in Canada. Thanks to company’s evenly-balanced portfolio of good-quality assets, the company boasts a daily output of 30000 Barrel of Oil Equivalents (BOE). The values that drive the business are burning passion, an entrepreneurial spirit, high accountability to stakeholders and discipline. Working from this stand the company has also built a stable organizational structure that has facilitated a steady output of high volumes of BOE.
Explaining the change of name, the management posts on their website that the corporation went through substantial alterations in every aspect of its structure that affected all parts of its business. Obsidian thus culminated in the change of its identity and also leading the leadership to define where it would move from there. The company claims to have come out stronger and more versatile than before and promises even higher efficiency and performance in its new identity as Obsidian Energy.
The Company, which is based in Calgary, Alberta, where most of its oil and gas fields are, was among the S&P/TSX 60, the most substantial top 60 companies on the Toronto Stock Exchange. Between 2005-2011 the company attained a pinnacle market capitalization of $9.5 billion.
Located in the region that ranks top among the world’s deposits of oil, the Western Canadian Sedimentary Basin, the company’s location allows future expansion and growth.
In a notice to the shareholders, David French, the Obsidian Energy’s President, and its CEO said that the firm was at a good point given its right assets, a promising balance sheet and a hedging strategy that was prudent and unique.
Obsidian has sustained its listing at New York Stock Exchange and at Toronto Stock Exchange remarkably surviving the slump of oil prices that hit the petroleum market in the years preceding 2010. In a demonstration of the promise for brighter days ahead, the company has steadily grown and expanded its assets since the new CEO took over. The President says the Obsidian Energy would be sustaining a prudent decision-making to build and sustain its share value and market share. Visit This Site for more info.
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Obsidian Energy is a company that operates from Calgary, Alberta in Canada. The company deals in the line of natural resources but majors in producing oil and natural gas. It formerly functioned as Penn West Petroleum Limited and acquired the current name in 2017.
The headquarters of the company borders areas that are rich in petroleum oil. The company is built on the Western Canadian Sedimentary Basin. This proximity has contributed largely to the success of this company. The contractors have been able to save on costs involved in transporting tools and workmen who assist in drilling.
While functioning as Penn West Petroleum Limited, the company made huge profit turnovers that earned them a position in the New York Stock Exchange Market. This was possible because of how the managers of different departments organized their employees who maximized productivity. Right now the company still operates on its high standards and have managed to be the leading in the stock exchange markets.
David French, who is the company’s current chief executive officer, has reported that the company is now receiving more investors and shareholders compared to their previous records. Similarly, Obsidian Energy has also increased in the selling of its assets. The sales have raised the profits earned by the company by far much higher percentages. Canada as an economy has equally benefited since the country gets a fair share of these profits through taxes and other deductions.
Changing the name of the company was only for the good. Evidently, The Company has managed to pull a larger teamwork of employees. The numbers have increased by a percentage of more than fifty. Having employees who are well coordinated and experienced is what every company needs for it to thrive in its activities. Employees have worked persistently to ensure that the company meets its target within the time frames that they set at the beginning of each financial year. The transition has also helped in marketing the company due to the improvements that David French has put forward. Read More On This Page.
It is good to embrace change for the new opportunities provide chances for one to do better. It is gospel truth that Obsidian is now making ginormous advances since the change.