Penn West Petroleum has been struggling to achieve the set goals in a financial year for the past few years now. For Obsidian Energy to turn around its fortunes, it has adopted a three-year strategic plan that will see it re-establish itself in the and take its rightful place in the gas and oil industry in Canada. The conglomerate has also decided to change its name to Obsidian Energy. The new look Obsidian Energy’s administration has reduced the spending budget to an amount that will reflect the prevailing prices of oil and gas in the market.
During a shareholder meeting to discuss the changes in tactics, almost all shareholders voted unanimously for the name change and agreed with Obsidian Energy. Obsidian is a volcanic glass rock with unique chemical characteristics that allow it to be sharpened and honed into different shapes. Due to the reduced spending budget, the corporation has minimized its workforce from 1,400 to 300 because they also had to cut down their product portfolio; Obsidian Energy is now involved in four areas of production down from thirty. These four production areas are Pembina Cardium, Deep Basin, Alberta Viking, and Peace River.
The company’s top executives and shareholders are optimistic that the firm’s fortunes will change for the better if the new strategies are followed to the letter. Go Here for related Information.
Currently, Obsidian Energy is as a middle-level producer of oil and gas. The corporation produces over 30,000 barrels of oil each day. The new asset base and organization pillar is designed to see Obsidian Energy achieve profits and take its rightful place in the Canadian Energy sector. The company has a workforce that is hungry for success, and that will help accomplish all missions and goals. David French who is the corporation’s president and the chief executive officer believes that when the plans are put into action, Obsidian will emerge stronger and more competitive.
Obsidian Energy new strategy also involves cooperating with the local communities to ensure operations are carried out by the law and to prevent the dangers associated with gas and oil exploration. It has provided an email address and a toll-free telephone number to be used in case of an emergency.