Obsidian Energy is a Canadian intermediary oil and natural gas producer. The company is based in Calgary, Alberta and is headed by Mr. French who doubles up as the company’s CEO. The oil producer has a wealth of well-balanced selection of high-quality resources which enables it to produce around 30,000 be on a daily basis. Mr. French took the role of leading the company in 2016 and is deputized by Mr. Sweerts.
Their oil fields are located along the Western Canadian Sedimentary Basin in Alberta. This basin is recognized to be among the most prominent petroleum reserves around the world. Their wide range of resources gives them an advantage in delivering quality results. The company employees have a good working spirit which has significantly contributed to Obsidian Energy’s growth. They are well disciplined, passionate and accountability to shareholders, partners and the communities they serve have seen this oil producer gain a firm ground in the oil sector.
The oil and gas producer were previously known as Penn West Petroleum Ltd, a name they operated with until the end of June 2017. They among the oil and gas producers who had been excluded from paying federal taxes provided they shared their income to their shareholders. Many changes were implemented during that time, and they have significantly contributed to shaping the company to what is now.
Such changes include lowering their number of employees from 2,350 to less than 1,000 in 2013. The company also sold most of their assets in 2014 as a result of the drastic fall in the oil prices. The selling of the assets was part of restructuring they were undertaking to cope up with the operational and capital challenges they were undergoing. This enabled them to reduce the debts they had incurred.
The fall in oil prices hit Obsidian Energy hard again towards the end of 2015 where they had to reduce the number of employees. As a result, 400 full-time workers were affected. The drop had hit them hard because the affected employees were almost a half of their total workforce (35%). Even the senior staff felt the impact where payment of their board of directors was lowered and dividends withheld for the shareholders.
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