OBSIDIAN ENERGY; AN OIL COMPANY RE-EMERGES STRONGER

Obsidian energy, formerly Penn West Petroleum Ltd is an intermediate Canadian company dealing in the production of oil and natural gas based in Calgary, Alberta. The location of the company is well known for large petroleum deposits. The shareholders of the company overwhelmingly approved a change of its name in June 2017, adopting the name Obsidian Energy. The firm found the name appropriate, primarily because it is a naturally occurring volcanic glass.

The change of name got accompanied by other significant changes which have redefined several aspects of the business of the company. The move has redefined the company, and it is now ready to take an exciting new path.

 

Obsidian Energy not only cares for its profits but also for the community and the environment. The company is committed to caring for its environment and takes into account the impact of its operations on the environment. The company is committed to the observance of the set regulations on environmental conservation. They undertake various measures to achieve this, including efficient stakeholder communication and reclamation practices.

 

The company is also committed to safety and health which it takes to be integral in its activities. Enough health and safety measures are targeting both the employees, families and the entire company. It is also committed to continuous improvement of its safety standards and programs.

Obsidian Energy recognizes the need for having an emergency response plan. There are comprehensive emergency response plans for all the operations of the company which have been developed in consultation with major stakeholders such as the communities in which the company operates. Check Out This Article.

 

Corporate governance is a crucial aspect of any progressive company. Obsidian Energy appreciates the impact of good corporate governance practices and works diligently to ensure the interests of all stakeholders got promoted. There are enough mechanisms to ensure that the company maintains good corporate governance.

 

Obsidian Energy Ltd is now producing roughly 30,000 BOE per day. Obsidian has returned to profitability in 2017 with a generous cash flow to back up those profits. Not only did Obsidian post a profit in the first quarter, but funds flow from operations was C$.11/share. Annualized, that would mean the fund’s flow is C$.44/share.

 

Source: http://calgaryherald.com/business/energy/restructured-penn-west-proposes-name-change-to-obsidian-energy

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