Obsidian Energy Ltd. is a company that is based in Canada to be specific in Calgary, Alberta. The company deals in the production of oil and natural gas. The company was founded in 1979, and it has David L. French as its Chief Executive Officer, and he also serves as the President of the company. Learn More Here.
Before the change of name to Obsidian, the company was known as Penn West Petroleum Ltd. The CEO notes that the company decided to change its name to Obsidian since the name Obsidian refers to a volcanic glass that occurs naturally. This type of glass is capable of being sharpened, or it can be honed. The change of name was formalized in June of 2017. This company falls under the category of a public company, and it is a medium sized company.
The crude oil production industry was highly affected when oil prices dropped in 2014. As a result, Obsidian Energy had to go through some necessary changes which forced the company to sell some of its assets in the following two years to reduce the debt level. That influenced the company to change its name so that it can be able to accommodate the changes that it has gone through over the years. With all the changes that have been put in place, the CEO of the company is excited and is looking forward to the journey that the company will take under its new name.
As a company, Obsidian Energy operates under the principle of discipline and accountability. The company’s accountability is stretched out from their shareholders to their partners and the whole community at large in which they operate in. They also display passion about the work that they do. A combination of all these plus a lot of dedication led the company to be named among the 60 biggest companies according to the Toronto Stock Exchange.
The company went ahead to earn a revenue of close to $9.5 billion in Jan. 2008. This revenue was the highest to be recorded. The oil and gas fields of the company are found in Alberta in the Western Canadian Sedimentary Basin. This region is known to host the largest oil reserves.