Canadian oil and natural gas company, Obsidian Energy, is becoming more known for their resilience in an industry that’s constantly changing. Previously known as Penn West Exploration Ltd., the Calgary, Alberta based company has shown resolve in the midst of adversity, where alternative energy resources have made an impact in the oil and natural gas industry.
Proving that they have what it takes to continue offering high quality energy resources, Obsidian Energy is setting the mold for rebranding. Once known for being one of the top 60 largest companies on the Toronto Stock Exchange in 2011, Obsidian Energy understood that for the future, they would need a more diversified portfolio, and had the foresight to recognize that “less is more”. This would require a new strategy that would see Obsidian Energy adopt a more fluid approach to offering oil and natural gas, where they would change their name and focus on the primary areas of Alberta at the Western Canadian Sedimentary Basin, along with the Pembina Cardium, the Peace Oil Sands and the Alberta Viking. Now that Obsidian’s portfolio is more balanced, the company’s high quality of assets is producing over 30,000 barrels of oil per day.
Obsidian has dedicated their efforts to delivering bottom-line results, deeply rooted in discipline, efficiency and accountability to their shareholders, partners and communities in which they serve.
President and CEO of Obsidian Energy, David French spoke on the company’s retooling strategy, in which he stated that Obsidian “will be guided on three principles: disciplined technical and commercial decision-making to build and protect enterprise value, relentless pursuit of progress and innovation, and accountable and transparent efforts with our shareholders, our partners and the communities in which we operate.” Go To This Page for more information.
Ensuring that these core principles are properly set in place, Obsidian Energy will continue to redefine what it means to sustain success, all the while continuing its growth. Although one can never truly predict an industry’s ebb and flows, Obsidian has outlasted their pitfalls and has re-emerged as a stronger and leaner energy company, excited for new challenges and readier to meet them head on.