Formerly Penn West Petroleum Ltd; Obsidian Energy is an oil drilling company located in Canada. Over the past few years, the company has expanded in various ways. The people who work for Obsidian Energy are excited about the company’s plans for the future. Obsidian Energy focuses on making the oil drilling process more efficient. The leaders of the company want to reduce their impact on the environment. Oil drilling has traditionally hurt the local environment. With new technology options, the drilling process is now much more efficient.
Obsidian Energy’s oil fields are located in Alberta, along the Western Canadian Sedimentary Basin. This region is one of the world’s largest petroleum reserves
Solar power is a huge opportunity over the next few decades. Most oil companies are not making major investments in this industry. The leaders of Obsidian believe that solar energy will become a major part of the company’s plans.
Solar power is a great option for people who want to save money on the cost of electricity. One of the barriers to implementing solar energy in a home is the solar panels. Solar panels are expensive, and few people have the cash to purchase them.
Obsidian Energy is going to offer solar panels to customers in the coming years. With more companies investing in solar energy, customers hope that the overall cost decreases. Even though solar panels are expensive, the cost of electricity each month is reduced once they are installed.
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Growth Plans for Obsidian Energy
Obsidian Energy is a dynamic company with plans for the future. The oil industry is still expanding in Canada. Demand for oil has never been higher. More people around the world are starting to drive. A few years ago, Obsidian Energy acquired a smaller oil company in Canada. Purchasing a smaller company is a great way for large oil companies to grow. Working for Obsidian Energy is fun for most people. The company takes care of workers by offering high wages and numerous benefits.
See Also; https://en.wikipedia.org/wiki/Obsidian_Energy
For decades, Obsidian Energy has been a vital part of making individuals comfortable in Canada with its oil and natural gas products. Obsidian Energy is a Canadian oil and natural gas business in Calgary, Alberta. Over the years, Obsidian Energy has been taking strategic moves to ensure their stake in the oil and natural gas market. At one time, Obsidian Energy had assets in the billions with substantial BOE. Barrels of oil equivalent is used to measure the amount contained in a barrel of crude oil. Obsidian Energy stock has been traded on the Toronto Stock Exchange as well as the New York Stock Exchange. Formerly, Obsidian Energy was known as Penn West Petroleum with oil reserves in and around Canada.
David French, President, and Chief Financial Officer was appointed in 2017; French made some decisive moves which has propelled the company forward. French shifted focus to 3 targeted areas with proven success. The Cadmium segment of Obsidian has received increased focus due to its financial success. French is dedicated to Obsidian Energy being accountable and transparent as it relates to finances and regulations. Under French’s leadership, Obsidian Energy has diversified its portfolio in order to attract investors which is critical for growth. In 2017, Obsidian Energy shareholders approved a measure which appointment auditor from Ernst & Young LLP, an accounting firm. Obsidian Energy shareholders also approved guidelines pertaining to unit shares, executive compensation. The shareholders also approved the name change which was most significant in the rebranding process. The rebranding has had far-reaching effects within Obsidian Energy.
As Obsidian Energy moves ahead, French is confident their hard work and dedication will solidify their legacy of excellence. Obsidian Energy has made commitments to their employees, shareholders, and communities, and they are striving each day to fulfill those commitments. French is determined to lead Obsidian Energy into the future.
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This article will hopefully provide some valuable information about Obsidian Energy, which is from the country of Canada. Obsidian Energy is a gas an oil producer that’s intermediate sized. It has a well-balanced portfolio of high-quality assets which produce a rough amount of 30,000 boe every day. On the date of Monday, June 26th, 2017, this company went through a name change. Before it was changed it was originally Penn West. Significant changes had been undergone.
Obsidian Energy has its company that is based on many characteristics. Some examples are relentless passion for the work done, absolute accountability to shareholders, communities and partners operated, and discipline. When the company was called Penn West, important changes happened to the company. These were changes that affected every aspect of the business and had led to redefine how and where the company grows from its current state. The company has become leaner, stronger, and more capable than ever before. This is as a new exiting path is head down as Obsidian Energy.
This whole name was changed to Obsidian Energy after some problems have been survived. This was after a debt crisis, accounting scandal, and debt crisis, and commodity price cash over the last three years. David French the new CEO of the Calgary gas an oil company says Shareholders will be needed to approve the change. This is because the company doesn’t longer resemble the “old Penn West”.
Penn West in July 2014, gave the announcement that hundreds of millions of dollars in expenses became classified improperly. This forced the financial reports of the first quarter of 2014 and all of 2012 and 2013 to be restated. Click Here to learn more.
David L. French is the Chief Executive Officer and President of Obsidian Energy. French joined the team on October 2016. Before this job French and served as the CEO and President of Bankers Petroleum Ltd, a Calgary-based publicly-traded gas and oil company. it has operations in Southeastern Europe. He has held an MBA from Harvard Business School and a Bachelor’s degree in Mechanical engineering from Rice University.
More on: https://globalnews.ca/news/3481168/penn-west-proposes-name-change-to-obsidian-energy/