Obsidian Energy has emerged from the turbulent last few years in the oil and gas industry as a more streamlined and efficient company, uniquely positioned to resume its place as a key figure in the energy fields of the western Canadian provinces.
Formerly known as Penn West Petroleum LTD., the company recently changed their name to Obsidian Energy and began the task of becoming a trim, more nimble business entity. Over the past few years Obsidian Energy transitioned to a leaner workforce and through the sale of a number of non-essential assets, they have trimmed over $2 billion in debt.
In 2017 production averaged just over 31,000 barrels a day, meeting company expectations despite the added difficulty of a particularly cold end to the year. In 2018 Obsidian looks to continue with the strong production numbers.
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).
While oil and gas are the resource Obsidian targets, the western Canadian ecosystem is a treasure in itself, and the company looks to play a major part in preserving that environment. They hope to meet or surpass all established regulations pertaining to the environment and have set goals of protecting the surrounding resources to assist in returning the area to its natural state after the site is no longer in production.
A commitment to communicating with area residents is a critical part of the company’s goal of being a valued member of the community. Obsidian’s Company Matters program aims to keep lines of communication open with local residents in an effort to address any concerns arising from area activities. Go Here for additional information.
Obsidian Energy has gone through many changes and come through a more focused and committed company, more able to react and adapt in the modern energy industry. With stronger financials and a slew of productive wells, Obsidian is well positioned for the future.