The Business Life For Over 80 Years
Obsidian Energy is a Canadian oil and gas producer that operates from Calgary. The company runs oil and gas wells with the bulk of them being in the western part of the country. The company is one of the top performers in the Canadian energy industry. It posted a peak market capitalization of close to ten billion US dollars at the height of its operations in 2008.
Obsidian Energy is a publicly traded company. It is listed on the Toronto Exchange and the NYSE. The firm was established in 1979, and it previously operated under the name Penn West. When the oil markets crashed in 2014, the company was forced to undergo a restructuring process to streamline its operations. Due to financial difficulties, a significant portion of its assets was used to reduce its debt. In 2017, the company formally became Obsidian Energy. The company has redefined the way it conducts business and adopted a new strategy to guide growth.
Obsidian is a leaner, stronger and more efficient outfit than its predecessor, Penn West. It is a relentlessly passionate player in the oil and gas industry. Obsidian Energy has a strong focus on transparency to shareholders. Similarly, it maintains a commitment to uplifting the living standards of the communities the company operates in. The firm’s shareholders approved the change in the company name and signed off on crucial resolutions to guide the revamped business into the future.The resolutions include auditor appointment, director’s election, advisory vote on executive pay, a change in the share unit plan, and a revision of the share capital accounting.
The CEO and President of the firm, David French, is driving the renewed push for growth. His management team includes David Hendry in the CFO position; Tony Berthelet as the VP of operations; and Andrew Sweerts as the VP in charge of production.
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