Obsidian Energy is a mid-size gas and oil production company based in Calgary, Alberta, Canada. Previously known as Penn West Exploration Ltd, Penn West Petroleum and Penn West Energy Trust until mid-2017, the company has retooled its operations to become more efficient and effective while pursuing their goals. Originally established in 1979, the company operates with an entrepreneurial spirit and is committed to delivering results. Obsidian operates on the premise of discipline and accountability to the shareholders.
Obsidian Energy is also committed to taking the community into account with everything they do. In 2014, the company demonstrated its flexibility when it was able to adapt when crude oil prices fell by restructuring and in order to reduce debt, the company sold some of their assets.
The name changes to Obsidian Energy, Ltd was the final step in the transformation of the company. The stock exchange symbol was replaced with OBE on both the Toronto Stock Exchange and the New York Stock Exchange. The new and improved of the structure of the company operates on several basic principles. The company will work to build value based on disciplined decision making and the pursuit of progress based on innovation. With a healthy cash reserve and prudent operation, the company will pursue lower price environments. The company will also operate with a higher level of accountability and transparency.
The name of the company was changed to Obsidian Energy because obsidian is a naturally occurring volcanic glass that can be honed and sharpened. The philosophy of the company is too also hone and sharpen the operation to be more effective and efficient in its operation and to be successful and profitable for investors. Read This Article for additional information about the company.
The fields utilized by Obsidian are located in one of the world’s largest reserves for petroleum. Production comes from three main areas and produced an average of 31,000 barrels (bbl) per day. The company actually reduced its production from 135,000 barrels per day to its present 31,000. This was done to reduce key focus areas from more than 30 to 4. These measures allowed the company to sharpen and hone their focus for greater success.
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