The Second Quarter Operations Of Obsidian Energy Shows Great Improvement

Penn has changed its name to Obsidian Energy after 92% of the shareholders voted in favor of the name change. Although there is a fixed price of gas and oil, Penn West Petroleum hopes to pursue a steady growth in the next three years. The company chose to go with Obsidian because it’s natural gas that can be honed and sharpened.

 

Going forward Obsidian Energy will also be positioned with the right assets including a prudent hedging strategy and a healthy balance sheet that will make it easy for Obsidian Energy to come up with standards for performance that can be implemented on the lower price environment. That aside, Obsidian has started the first quarter of the year on a solid start regardless of the limited activity within the season breakup condition.

 

According to the company CEO, they are looking to restructure their operation to gain more in the second quarter. To achieve this, they have reduced and reallocated some of their budgets to fit the current price environment. This is important since it will be easier for them to have a stable financial and at the same time keep the debt low. Obsidian has several subsidiaries including Canetic Resources Trust, Endev Resources Partnership, and Sifton Energy Inc. Currently, the company has approximately 300 employees on staff.

 

In the subsequent months, Obsidian will be focusing more on development programs. At the moment they can efficiently manage the current commodity environment, and they look forward to making updates through the newly established accountable, relentless and disciplined firm.

 

During the second quarter of operation, the Obsidian Energy cooperates production averaged at thirty thousand boe a day. The production in the development areas remained significant even after successful workover projects and favorable optimization decline during the breakup period. The operating costs at the same time were valued at fourteen dollars per boe. Read More Information on this page.

 

What’s more, the annual turn around and maintenance with additional expenses were on a high in the second quarter. With such a trend the company is hoping to trend down the second half to target the operating cost by 13 to 13.5 per bow. The funds that were used in the operation of the second quarter was estimated at 43 million dollars which reflects the high sale price.

Source: https://www.obsidianenergy.com/

Obsidian Energy; An Oil And Natural Gas Production Company From Alberta

Oils and natural gas businesses experience challenges due to global price fluctuations. Many of these companies do well in business while others don’t. Obsidian Energy LTD. is one of the natural gas and oil production companies that is working hard to remain on top of the industry. This oil production company is based in Calgary, and it has been performing well in production as well as in the stock market.

 

It was previously known as Penn West Petroleum Ltd. until June 2017. The change of name has come with new set of approaches and strategies that will make the company more productive. The company aims to produce more oil and natural gas by employing new technologies and strategies. This requires capital investment which they are ready to spend for a more productive Obsidian Energy LTD. The company has reemerged stronger and more capable of dealing with many challenges that come in the competitive industry.

 

 

The oil company has been one of the largest companies on Toronto Stock Exchange. In January 2008, Obsidian reached $9.5 billion which was a peak market capitalization, and since then it has been doing well in the stock exchange market. In 2014, the oil and gas production company were affected by low oil prices, but they managed to overcome the financial difficulties. Obsidian Energy has always remained on toes since then enabling it to grow while making more profits.

 

 

Obsidian Energy has huge oil field across Alberta. Along the Western Canadian Sedimentary Basin is where the company owns oil and gas fields as it is one of the largest petroleum reserves. Obsidian Energy produces an average of 30000 bbl equivalent per day and is targeting to increase the production with time. The company has been performing this good as it is managed well by experts who own the company’s vision and goals.

 

 

Obsidian energy is led by David l. French who is the president as well as the CEO. To manage finances, Obsidian Energy has David Hendry as the chief financial officer who has a financial experience of over 25 years. On top of that, Obsidian Energy has a reputable board of directors who always want to see the company perform better in oil and natural gas production.

 

See This Page to learn more about the company.