Obsidian Energy which was previously called Penn West Energy Trust, Penn West Petroleum and Pen West Exploration Ltd. Obsidian Energy is a company that is founded on resolute responsibility to its stakeholders, passionate to the work it does and disciplined. It is a medium Canadian company that deals with natural gas and oil production.
Obsidian Energy is situated in Calgary in Alberta. It was founded in the year 1979.The Chief Executive officer of this company is called David L.French. He joined the company in October 2016.David Hendry is the Chief Financial Officer in Obsidian Energy. He joined this company in April 2015 as a vice president of Finance.
For some time, Obsidian was one of the S&P/TSX 60 biggest organizations on the Toronto Stock Exchange. From the year 2005 to the year 2011, Obsdian Energy was a Canadian Royalty Trust. It reached at the top market capitalization in the year 2008 with approximately 9.5 billion US dollars. Get More Info Here.
Obsidians gas and oil fields are situated In Alberta .Alberta is one of the areas with the world biggest petroleum reserves. Production is done in three major areas in Alberta which are Peace River oil sands, Alberta Viking and Pembina Cardium.
The company changed its name from Penn West Petroleum Ltd to Obsidian Energy on June 2017.Obsidian Energy has undergone vital changes that have affected every factor of its business. These alterations have made the company to restructure and know where it goes from there. The organization is determined to reduce the impacts of its operations on the surroundings. Its environmental forums focus to exceed and meet all environmental controls, resource conservation and reclamation practices.
Since June 2013 Obsidian started lowering its workforce from 2350 workers to 1000 workers. Due to decrease in oil prices in the year 2015, the company announced cuts of 400 fulltime workers and contractors from the organization Headquarters. In the year 2014, the company stated that hundreds of million dollars in costs had been classified improperly. This forced it to repeat its financial reports for the year 2012, 2013 and quarter of 2014.Obsidian Energy embarked on selling assets that permitted it to lower net debt from 3 billion dollars at the end of the year2013 to 384 million dollars as of March 2017.This company is now a smaller firm with less production of oil and few workers.