Obsidian Energy enjoys a lot of resilience as a business. The firm has survived and thrived despite facing numerous challenges such as insurmountable debt and accounting irregularities.
The new company also targets to focus on four critical production areas instead of the original thirty. In the same fashion, it has also reduced its workforce by more than a third of its original staff. The firm also revised its production estimates downwards by four-fold.The firm promises to deliver through three guiding pillars. They are better decision-making to protect value; investment in innovation; and stronger relationships with business partners and associates such as shareholders and local communities.
The company has extensive operations in the western belt. This includes activities on the Peace River, Cardium, and Alberta Viking. The facilities specialize in cold flow production and waterflood platforms. The firm maintains extensive infrastructure in the Alberta Viking region.The leadership at the company oversees several subsidiaries including Canetic Resources, Cordova Gas, Sifton Energy and Endev Resources among numerous others.
Through asset sales, the company has cut down its debt obligations by almost eight times. The mid-sized producer operates both short and long-term cycle wells. It employs a mature community policy.It encourages open communication between employees and local area residents. This strategy provides an opportunity to address arising concerns proactively. It serves to build an essential rapport with the local community. Read This Article for more information.
The company is committed to reducing the harmful effects associated with mining and oil production. Furthermore, Obsidian Energy has a robust environmental policy. It ensures compliance with environmental regulation. It also provides an inclusive framework to address stakeholders’ concerns, conservation and site management practices.
Obsidian values people. It has prioritized the health and safety of workers, associates, and their families and friends. No one should have to suffer from the devastating effects of accidents in the industry.