Obsidian Energy was founded in the year of 1979 in Alberta, Canada. Serving only in parts of Canada. It really took off in January of 2008, this was the time that the company really blossomed and started churning profit until. The scandals took place. Before it was known as Obsidian Energy, it was named Penn West Petroleum. In 2014 the price for energy went down and things looked bleak for the company, they faced a lot of difficulties but in the end pulled through. David L. French is the CEO of around 300 employees.
Obsidian Energy is a medium sized company that is in charge of pumping out about 30,000 BOE a day; of gas and oil. Claims have been made that after the change from Penn West the company came back stronger and more efficient both inside the company and outside to the customers.
Surviving debt crisis, scandal and a few other things was what triggered the name change. After the name change Obsidian hopes to expand and grow over the next three years. They’re going to use the tactic of keeping a sharp eye on the oil and gas prices. Unfortunately, another part of the name change was downsizing from over 1,400 employees to around 400, however if things pick up they will need to expand more once again.
Currently, the company was at the apex of its success and was even among the sixty most prominent firms in the Toronto stock Exchange and was also a Canadian Royalty Trust (CANROY).
This goes to show that even if you’re going through hard times you can still come and fight back. Things may be rough for a while for Obsidian Energy but they’re not going to stop fighting and caring for their customers. Reports are steady claiming that this company is being smarter and more efficient than before. Here’s to hopes to the company’s wellbeing and striving into 2018. New name, new strategies and a new attitude seem to be what’s working so far. Go To This Page for additional information.