Category Archives: Gas

A Vibrant Oil And Gas Producer, Obsidian Energy

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Obsidian Energy is a leading medium-sized oil and gas producing company. The company currently produces about 30,000 barrels of oil and gas per day. The company derives its reputation from the high-quality assets and first class producing. Obsidian Energy’s assets are a platform for the company to produce solid net income results.

 

The company relies on the innovative spirit of its employees to deliver in the highly developing industry. The driving forces of Obsidian include discipline, persistent spirit and accountability to the partners of the company.

 

Obsidian Energy was previously referred to as Penn West Petroleum. 92% of the company’s shareholders voted in favor of changing the company’s name to Obsidian Energy. The name change came with a set of strategies that were put in place to ensure growth in the coming years. The Company’s CEO stated that Obsidian was chosen as the company name as it is a naturally occurring volcanic glass which can be honed and refined.

 

Obsidian Energy’s production is aided by its Peace Rivers Maneuvers by 90%. The aid is expected to end in 2017. The end is expected to downgrade production by 6%. The company has promising book and stock values. However, the values might be affected by the oil prices used for reserve valuation and impairment tests. Averagely, Obsidian Energy is priced for $40. However, it can approximately have a double upside with $55 longstanding oil.

 

In its Analyst Day presentation, Obsidian energy indicated that it could ensure a 6% growth in production in the period between 2017 and 2021. As Dave French states, Obsidian Energy has a solid placement and high-quality assets. With a well-balanced portfolio and a practical strategy, the company can set an incredible performance standard even in low oil and gas prices. Click Here For More Information

 

Obsidian Energy works with gas and oil fields that are located in Alberta which is located the Sedimentary basin in Western Canada. Western Canadian sedimentary basin is known for the petroleum resources that have been named as the world’s best, the Company’s total production in 2017 is expected to be 30 000 barrels per day.

 

Related: https://globalnews.ca/news/3481168/penn-west-proposes-name-change-to-obsidian-energy/

Penn West Downsizes and Changes Name to Obsidian Energy

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In June 2017, Penn West Petroleum changed its name to Obsidian Energy. Obsidian Energy now aims at being accountable to its stakeholders including the shareholders, partners and the public based in the areas they operate in. The oil and gas production company commit to attaining growth in the coming years by being keen interest in their budgeting needs especially concerning the cost of oil and gas.

 

The change of name comes as no surprise following the scandal that rocked Penn West in 2014. At the time, David Dyck, the company’s newly appointed chief financial officer, discovered irregularities at the institution and reported them. The error had $300 million in expenses miss-classified, which forced the company to restate its 2012, 2013 and part of 2014 financial reports. This resulted in lawsuits based on accounting irregularities in Canada and class-action lawsuits in the United States.

 

Other than surviving this scandal, the company also survived a commodity price crash and four years of high debts, which saw it go through both financial and operational difficulties. To sail through the turbulent times, Penn West made asset sales. The disposal of its assets helped to bring down the net debt to just $384 million down from three $3 billion.

 

The company also reduced its workforce starting in 2012. This undertaking saw the number of employees decline from 1,415 to around 400 by the end of 2016. There was a halt in the payment of dividends, and members of the board of directors went without compensation. Click Here for more information.

 

The 26th June change of name came into effect after 92 percent of the shareholders voted for a change of name. With Obsidian undergoing these massive changes, it was imminent for the company to distance itself from the four years strain and mishaps to give it a facelift.

 

Obsidian Energy is now an oil and natural gas production company based in Calgary, Alberta. Its gas and oil fields are found in one of the world’s largest petroleum reserves in Alberta. In a day, it has an estimated production of 30, 000 barrels of oil.

 

See: http://calgaryherald.com/business/energy/restructured-penn-west-proposes-name-change-to-obsidian-energy

Achievements Of Obsidian Energy Company

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Obsidian Energy Company; formerly Penn West Petroleum Ltd, has set an exemplary standard for other energy companies. Despite it being a private firm, it has dramatically improved the economic status and other life aspects of life in Canada. The exportation of renewable energy resources has increased the states’ revenue to a great extent. The highest consumption of energy resources has dramatically realized.

 

Obsidian Energy Company has the most significant number of employees. The open up of more energy sub-station by the company has enabled easy access to energy services. The living standards of the society have improved due to the accessibility of affordable, sustainable energy resources.

 

The company always seeks to ensure efficient energy supply as well as the safe and clean environment. The production of natural renewable energy has enabled the state to attain a green economy. It has reduced the carbon emissions and harmful element to the environment.

Obsidian has also managed to supply energy resources and services to nearly all cities in the United States. The company has kept on setting up more energy sub-station every year for their services to reach all parts of the nation. The Obsidian Energy Company creates awareness about their energy services, products, and their location through advertisement in Social Medias. Additionally, the company organizes empowerment programs where the societies get to learn more about the Obsidian Energy Company.

 

Obsidian Energy Company allows their customer to purchase their products such as energy devices and appliances on installments basis. The company in attaining its mission of reaching all part of the nation will enable customers to buy its products and services at agreed payments. The low-income customers can access the energy resources on installments.

 

The company has a research department where the executive team in the Obsidian Energy firm keeps on researching advancing technology. The company also allows other investors and researchers to carry out their researches within the research. The finding from the conducted research has benefitted the company through the advanced use of technology, innovations, and attainment of a green economy.  Read This Page to learn more.

 

In conclusion, Obsidian Energy Company has greatly contributed to the well-being of all life aspects of the Unites States. The company is one of the backbones of the current flourishing economic growth.

Impacts of Obsidian Energy Company to The Economy

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Introduction

Obsidian Energy, formerly Penn West Petroleum Ltd, is one of the leading companies in the production of oil and natural gas. The growth of Obsidian energy has dramatically impacted to the economy of the United States as well as to the Canada community. The sustainable energy production in Obsidian Energy Company has positively affected all aspects of life in the country.

 

Economic Growth

Then Obsidian Energy Company produces environmentally friendly natural gas and oil. These types of energy are sustainable, affordable and accessible. Therefore, reducing the general cost of living. When the cost of living is low the economy of a nation goes high enabling the country to venture into other investment projects that generate more revenue. The state also receives foreign exchange through exportation of the energy products from Obsidian Energy Company thus increasing the economic growth in return.

 

Poverty Eradication

Obsidian Energy Company has also contributed to poverty eradication in the nation. The availability of affordable energy resources gives all an equal opportunity to meet their basic needs. The energy resources help facilitates the provision of necessities in the house. For example, energy helps in cooking, lighting, communication among other things. Obsidian Energy Company has created job opportunities to a good percentage of the unemployed. The ability to access energy resources and creation of job opportunities has led to improved living standards and reduced crime rates.

See This Page for more information.

 

Industrialization

The production of long-term energy resources in the Obsidian Energy has led to the growth of more industries. Investors and entrepreneur can access energy resources to help in facilitating the manufacturing and processing activities in their firm. Obsidian Energy Company also supplies industries with modern devices to connect with the energy sources. The uses of modern technology, therefore, grow rapidly. Consequently, the industries import items from developing countries, process them using their advanced technology and export them back at a higher charging rate. The continuous consumption energy has also ensured the stability of Obsidian Energy Company as well as that of the industries.

 

In conclusion, Obsidian Energy Company is the backbone of the well-being of all life aspects in the United States, both economically and socially.