How Obsidian Energy Became A Right-Sized Company In The Gas And Oil Industry

Obsidian Energy is a mid-sized Canadian oil and gas producer. Their headquarters is in Calgary, Alberta, and they have work oil and gas field in the region that is called the Western Canadian Sedimentary Basin. The three key areas that they focus on in this region are the Peace River oil sands, Alberta Viking, and Pembina Cardium. As of 2017 the produced about 31,000 barrels of oil each day.

 

Obsidian Energy used to be known as Penn West Petroleum Ltd. This renaming of the company was announced on 6-26-17. Shareholders of the company had approved the name change to Obsidian Energy as the company had really changed over the few previous years. As the value of a barrel of oil plummeted worldwide Penn West, along with most other mid-sized oil and gas companies, struggled to survive. They did so by cutting some employees and drilling sites in order to right-size the company.

As part of the process of getting back on track they had also brought in a new chief executive officer in the past year, David L. French, who is also the Obsidian Energy’s president. He made the tough choices of how to address the company’s troubles and it has now emerged with a new name and a new energy behind the brand. French says that Obsidian Energy is now stronger and leaner than it had been in the past. He thinks the company is now the right size and he is looking forward to measured growth going forward.

 

At Obsidian have a corporate responsibility plan towards health, safety, the environment, the communities in which they operate, and corporate governance. They strive to be a positive force where their employees live and work. This includes addressing community concerns in regard to their drilling activities in a proactive manner. They also strive to mitigate the impacts that drilling for oil and gas can have on the communities in the area. Additionally, the fulfill their duties to the environment by engaging in resource conservation and making sure abandoned sites are handled responsibly through industry reclamation practices. Find Related Information Here.

 

Read More: https://en.wikipedia.org/wiki/Obsidian_Energy