Obsidian Energy company which was earlier on called Pen West Energy trust, Pen West Exploration company and Pen West Petroleum is a medium organization. It is located in Calgary, Alberta. It manufactures oil and natural gas. Obsidian energy is one of the sixty companies in the stock market index known as S&P/TSX 60. The Company was a Canadian Royalty Trust from the year 2005 to 2011.It made it to the peak in the year 2008 with approximate 9.5 billion dollars.
Obsidian energy encountered financial and operational challenges in the year 2004 when the oil prices went down. Due to this the organization went through a vital modification whereby many assets were sold for the two years that followed. This was done so that they could reduce the debt.
The company gas and oil zones are situated at Alberta which is along western Canadian Sedimentary basin. This place is one of the nationwide biggest petroleum resources. Alberta Viking, Peace River oil and Pembina Cardium are one of the important areas where production is done.
The company was named as Obsidian Energy in the year 2007.Ealier on it was being called Penn West Petroleum. It schedules to enable modern expansion in the next three years by putting in budgets which are fixedly tied to the cost of gas and oil. The chief executive officer of the company is called Dave French. He stated that the organization choose the Obsidian Energy because Obsidian is a naturally transpiring volcanic glass that can be modified.
Over the four previous years, the company has been having very high debts. An accounting incidence happened, and it led to class-action litigations by stakeholders. The debt was finally settled. The debts were settled by the company by allowing asset sales to minimize the net debt to 384 million dollars. This took place on March this year compared the year 2013 where the debt was almost 3 billion dollars. See This Page to Learn More.
The organization has cut down its workers count to three hundred from one thousand four hundred workers. It has also reduced manufacturing to about 28000 cylinders of oil per day from 135000 cylinders.
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Formerly known as the Penn West Exploration Ltd, Obsidian Energy is a medium-sized company that specializes in the production of natural oil and gas, and is located in Calgary, Alberta, Canada. For some time, Obsidian Energy managed to emerge as one of the top sixty largest natural oil and gas producers between 2005 and 2011. In 2008, Obsidian Energy managed to reach the peak of its production by accumulating a total of US$9.5 Billion as its gross profit.
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Due to the significant drop in the prices of oil that took place back in 2014, Obsidian Energy faced manacles of financial crisis that actually had a great impact on its performance over a short period of time. The major drop in the oil prices compelled the management to sell some of the company’s assets and even do some restructuring so that it could be able to cover the debts. The above-mentioned process took place within two years following the financial instability that the company underwent.
The Obsidian Energy plants are situated in Alberta around the basin known as the Western Sedimentary Basin. This region is also known to be the world’s best and biggest oil reserve as compared to the ones in the Middle East. Alberta receives production from three major areas before being supplied to the market; the three regions include the Pembina Cardium, Alberta Viking, and River Oil Sands. According to reliable sources, the gross 2017 production is eluded to be 31,000 bbl on a daily basis.
Though the company faced a number of challenges that came as a result of a significant drop in the prices of oil in the world, Obsidian still managed to survive. It is, therefore, safe to conclude that the management that was regulating the duties undertaken by the company at that point did an amazing job. By carefully allocating the scarce resources that were available at that moment, the company managed to spring back to life and make some more profits that enabled it to expand its operation within the nation.
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