After a meeting with shareholders, it was announced that the Canadian oil and natural gas company once called Penn West Petroleum Ltd. (a.k.a. “The Company” or “Penn West”) would undergo a name change. And on the 26th of June 2017, Penn West Petroleum was reborn as Obsidian Energy.
New Name, Old Soul
Q: What does Obsidian mean?
A: Obsidian is volcanic glass developed from a magmatic rock. In the cooling process, the magma solidifies and forms a beautiful reflective surface.
Founded and headquartered in Calgary, Canada in 1979 Obsidian is currently refining their process to make them more efficient and better equipped. Obsidian’s wisdom comes from experience and they have over two decades of providing excellent products and services. They provide oil and gas to customers throughout western Canada and are looking to expand.
The 3 Factors Of Focus In Transformation
According to David French, the current President, and Chief Executive Officer of Obsidian Energy, aim should be on discipline and perseverance coupled with transparent accountability from the ground level up.
Results Don’t Lie
From 2005 to 2011 They ranked among the upper echelon of the biggest companies on the Toronto Stock Exchange. See This Page for more information.
In 2014 when crude oil prices were in heavy decline they felt the effects along with the entire industry. But they were wise enough to understand when hardship comes you don’t retreat or fold, you pivot.
Over the next two years, they underwent self-analyzation and refinement. They formulated a plan of action and have followed through with wild success and are currently producing roughly 30,000 bbl per day.
Another wise strategy facilitated to ensure survival was reducing the employees from 1,400 to 300 this also reduced the output from the normal 135,000 oil barrels down to 28,000 barrels.
Although the road may be long, Obsidian has the right tools and staff to ensure a successful journey.