One of the most well-known energy companies in Canada is an oil and gas producer called Obsidian Energy. Obsidian Energy is an energy company that is rather medium sized. 30,000 boe is the average amount that it produces on a daily basis. In addition to having some impressive, high-quality assets inside its portfolio, Obsidian Energy’s portfolio is also one of the most well-balanced ones in its industry. 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.
This company, however, wasn’t always called Obsidian Energy. In the past, it used to operate under its first name, which was Penn West Petroleum Ltd. There were a few primary reasons for the changing of Penn West Petroleum’s name. The most obvious reason, however, is the fact that there were many changes within the organization, and most of these were of a structural nature. Since these changes influenced every part of the business’s operations, finding a new name for the brand was proposed.
After the organization’s shareholders voted for changing the company’s name by a massive 92 percent margin, Penn West Petroleum Ltd. became the company we now know as Obsidian Energy on June 26th, 2017.
According to the CEO of Obsidian Energy, David L. French, this specific name was chosen for its unique meaning. Obsidian is, in nature, a form of volcanic rock that has the capacity to become “sharpened and honed.” Sharping and honing the organization is exactly what David L. French hopes to to with his leadership. Click Here to learn more.
His goal for the Canadian energy company is to see it grow by a modest amount over the next handful of years. During this period, Obsidian Energy’s spending budgets will also be determined by the ever-fluctuating prices of both oil and natural gas.
Obsidian is now at a unique point in its history. With a new name, a new goal, and the strongest, leanest organization it has ever had, many onlookers will be excited to watch the company’s moves throughout the coming years.
View Source: https://en.wikipedia.org/wiki/Obsidian_Energy