In the Canadian oil and gas industry, Obsidian is considered somewhat of a veteran. Obsidian Energy used to be called Penn West Exploration up until July 2017, but after its rebranding, it is establishing its reputation and polishing its way of operating.
The corporation had ts start back in 1979, but back then it was called Penn West Energy Trust. The company has changed its name a few times over the years. As Penn West, the Obsidian Energy had an annual dividend rate of at least 15 percent as of 2008. In addition to that, Penn West paid ut on a monthly basis which equities on the New York Stock Exchange did somewhat rarely.
In 2005, Penn West became a CONROY company. That allowed the business to join the Toronto Stock Exchange. The business had a peak at the start of 2008 and reached a capitalization of almost 10 billion.
Later in its career, Obsidian Energy experienced a number of financial difficulties. The industry was shaken by the rapid drop of the price of crude oil that occurred in 2014. The company had to make several changes to stay afloat, much like other businesses in the industry. Obsidian Energy, or Penn West as it was called at the time, sold most of their assets. For the next couple of years, the company sold assets in order to reduce debt.
Obsidian Energy Ltd. is now located in Calgary, Alberta. Obsidian Energy is sourcing natural gas and oil from the Sedimentary Basin in the western part of Canada. That region is among the richest in oil and gas in the world. As a whole, the Obsidian Energy is using three locations to source oil and gas such as the Alberta Viking, the Pembina Cardium, as well as the oil sands of the Peace River.
More than 300 people stand behind the success of Obsidian Energy, Ltd. The leader of the corporation is David L. French who has been operating as the Chief Executive Officer and President of the business for a few years. He joined the firm in October 2016.
The businessman used to be at the forefront of the company Bankers Petroleum Ltd as their Chief Executive Officer and President. Over the years, he has worked at other businesses such as the Apache Corporation, McKinsey and Co, and so on. David French has occupied posts in leadership such as CEO, President, and Chairman of the Board. He got an MBA from the Harvard School of Business. Visit This Page to learn more.