The Rebranding And Restructuring Of Obsidian Energy

Obsidian Energy is an oil and gas producing company that is based in Calgary, Alberta in Canada. The company was founded in 1978 and has been operational since then. The company has grown over time, and it has proven to be one of the most improving companies in Canada. It has continued growing. The current workforce is more than 300 personnel. The Chief Executive Officer of Obsidian Energy is David E. French. He assumed the office on 19th June 2003 and has been in office since then. David French, the CEO has brought about several critical achievements in the company. He is the one who has kept the company on feet and is responsible for the several key advancements.

 

The company initially was known as the Penn West Petroleum Ltd. The company’s Chief Executive Officer David French came up with the idea of changing the name of the company. Later, it was approved by the shareholders of the company on 26th June 2017. According to the CEO of the group, the need to change the name of the company was catalyzed by the company’s need to restructure its services. The company also wanted to rebrand to command a high market share, and it was typically one of its marketing strategies. Despite the severe instability in the oil prices in early 2014, the company has withstood all the challenges and has continued making huge strides. Get Related Information Here.

 

The company recently released its 2017 Financial Audit and operational results. According to the report the company was doing exceptionally well, and it realized a 10% increase from the 2016 Financial year. Obsidian Energy consistently in the market in making a profit is therefore remarkable. The report was released by the CEO of the company, and it promised its clients and shareholders that this year 2018 would produce better results. The expenditure of the company was also within the range that they had planned use. Obsidian Energy company hopes at increasing their market share in the coming years by expanding its products all over Europe. With its unique production of Pembina Cardium, the company hopes at controlling the Canadian Oil market in the coming years.

Related: https://finance.google.com/finance?q=NYSE:OBE