Archive for the ‘Power’ Category

Turning over a new leaf for Obsidian Energy Ltd

Friday, March 23rd, 2018

Obsidian Energy company produces oil and gas and is located in Calgary, Alberta. The firm was previously known as Penn West Exploration Ltd, and after careful deliberation, the management decided to change the company’s name.

 

Every business venture has its share of challenges, and with the right structures and plans, it is always possible to pick up and become a great success. This was no different for the oil production company, the prices of oil fell around 2014, and this prompted a shakeup, this helped the firm overcome the hard-economic times and avoid massive debts as well as set up policies that would help them deal with future incidences.

 

The production of oil and gas comes from three primary places the Pembina Cardium, Alberta Viking, and Peace River oil sands in the Western Canadian Sedimentary Basin. In 2017, the company’s production per day was estimated to be 30,000 bbl.

 

Around 2008, Penn West Energy Trust funded a large disbursement, which produced a yearly rate of 15% and 16%, the firm also disbursed payments on a monthly basis for equities which had been listed on New York stock exchange. Read This Article to learn more.

 

The Turning Point

2017, was the turning point for Obsidian Energy, the company started off by changing the name, in the spirit of making changes the company also decided to reduce the number of employees from 1400 to around 300 this move would help maximize on the returns. The company also discovered the value of quality and not quantity this triggered the reduction of production barrels from 135, 000 to around 28 000 this would not only ensure the product is of high quality but also the company will be able to manage the production with more ease without stretching their financial capability.

 

The rename of the company to Obsidian sets to pursue development for the next three years, and their financial plan will be tied to oil and gas price, the CEO said the company settled on obsidian since its volcanic glass that can be “sharpened and honed.”

 

The new company name clearly describes their intention and their need to always learn new thing that will help progress their business.

 

 

View Source: https://en.wikipedia.org/wiki/Obsidian_Energy