Obsidian Energy is a highly ranked Canadian based company that produces natural gas and oil. Being located along western Canadian sedimentary basin one of the world’s largest petroleum reserves, the high end equipped company produces an average of 30000 BOE per day. Before it rebranded to obsidian energy on 26 June 2017, the company was initially known as Penn West Petroleum Company.
The Company was stricken by crude oil prices fall in 2014, which significantly led to re-establishment and selling of majority of its assets for the following years to reduce its debts. These changes led to a restructuring of the company, based on some new pillars that were meant to make sure it is back to its best. It majored on a constant pursuit of progress, liability, and transparency to the shareholders’ efforts and any other parties they were in business. The company also focused on safeguarding its enterprise value by discipline and decision-making.
In 2017, the new CEO David French suggested a new name for the company that would no longer sound like the old one and which would relate to a naturally occurring volcanic glass and hence they suggested the word Obsidian.
Currently, the company operates in three places around Canada; Alberta Viking, Cardium and Peace River, where its vital development assets are situated.
Obsidian Energy has some responsibilities, which include health and safety community and environment and corporate governance. These responsibilities help the company to mitigate that impacts resulting from the production of oil and gas.it ensures the community around its operation and its employees are far from far-reaching effects like accidents.
Some of the programs that help Obsidian Energyto reduce the risk of funds is hedging. Hedging concentrates in crude oil and natural gas, which the company regularly updates the prices on their website as they fluctuate. Learn More Here.
In summary, Obsidian Energy has found to maintain a positive result after restructuring to a small-scale intermediate size company of oil and natural gas production. Their principles have held them well towards achieving their goals in the evolving world maintaining them top at top 100 companies in the Canadian energy industry.