In June 2017, Penn West Petroleum Ltd changed its name to Obsidian Energy Ltd after lengthy negotiations with its stakeholders. Their stock symbol was also changed to OBE in both the Toronto and New York Stock Exchanges. In line with the name change, the company vowed to proceed with their operations based on three main principles. The first principle would be a disciplined commercial and technical decision-making process aimed at building, growing and protecting their enterprise value. The second one would be the consistent, persistent and relentless pursuit of innovation, growth and progress and the establishment of an accountable and transparent coordination of shared efforts with their stakeholders. The final principle that will guide the growth of Obsidian is creating a close relationship with their partners, stakeholders, and the communities within which they operate.
Obsidian Energy Ltd, banking on the growth which Penn West Petroleum Ltd, has positioned itself strategically to take advantage of the current market conditions and emerge consistently ahead of the competition. Some of their strengths include a healthy balance sheet, a prudent hedging strategy and the control of right placed assets which will ensure that they can take proper advantage of the current market conditions.
Based in Calgary, Alberta, Obsidian Energy Ltd is a mid-sized oil and natural gas production company. Over the years, the company has experienced exponential growth which has seen it become one of the major players in the volatile energy and natural gas industry. It has remained among the 60 most valuable companies on the Toronto Stock Exchange and was a Canadian Royalty Trust (CANROY) company between 2005 and 2011. It reached its peak market capitalization in 2008 January when it was valued at an estimated 9.5 billion American dollars.
Over the years, Obsidian Energy has been undergoing major structural changes which have been aimed at making it optimally functional. Based in the West Canadian Sedimentary Basin, the company realizes that this is one of the largest oil reserves in the world and hopes to take advantage of this fact. It is these changes which have culminated in the company changing its name from Penn West Petroleum Ltd to Obsidian Energy Ltd.
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