Obsidian Energy is a mid-sized oil company with an extensive high-quality portfolio of assets. This company is very much a bottom line results company with the very essence of the entrepreneurial spirit to succeed. Obsidian has a firm belief in accountability, something few companies have today. This is an important feature for both shareholders, but also to the communities in which the company operates. While other companies ignore their responsibilities, Obsidian Energy prefers to lead by example to others in the industry. David French, the President and CEO, has truly shown his experience with the efficiency of the company. His former experience for companies such as Apache Corporation and Amoco Production Company (now known as BP) has helped this company thrive.
David French has refined the former Penn West (now known as Obsidian Energy) in June of twenty seventeen. David French suggested the name change because the company no longer resembles the old Penn West. He said that this year marks a new beginning and he wasn’t kidding. He completely reformed the company when he took over. From top to bottom he streamlined its operations. Cutting wasteful spending and reducing the company’s net debt, now show the companies efficiency and gets rid of many obstacles of the company. It truly has become a new company. This is why David French’s idea of renaming the company to Obsidian Energy was so well received by its shareholders. The company now has a forecast production of roughly thirty thousand bbl. per day and will only grow from there. See This Article to Learn More.
Obsidian Energy is expected to have growth over the next three years with prices tied closely with oil and gas. With its shareholders voting ninety two percent in favor of the name change David French has the full backing of the shareholders in his quest to make this company successful. Even the companies new name is part of David’s plan to shape and hone the company. He has no doubt that the company is on a path toward success and has even staked the companies name on this. The company has reduced its debts from three billion in twenty thirteen to a minor three hundred million today. With its massive reductions in debt and its forecasted growth, I can only see a good future for Obsidian Energy.