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Obsidian Energy: Formerly Penn West Petroleum

Obsidian Energy: Formerly Penn West Petroleum

 

Obsidian Energy is an intermediary oil and gas company with a well-coordinated portfolio of high-quality assets. The company produces approximately 30,000 barrels per day. The assets and the organization created provide the right environment to deliver excellent results and bring out an entrepreneurial energy that drives the evolvement of the company. The company is founded on self-control, persistent passion, and firm responsibility to its stakeholders, affiliates, and the communities it operates. Obsidian Energy is based in Calgary, Alberta and was formerly recognized as Penn West Petroleum, Penn West Exploration Ltd, and Penn West Energy Trust. On June 26, 2017, the company acquired the new name. Before the company changed its name, it experienced weighty changes that affected every aspect of the business that led to its redefinition.

 

Obsidian Energy gas and oilfields are situated in Alberta laterally the Western Canadian Sedimentary Basin. The area is one of the world’s major petroleum reserves. These strategically sited assets create a platform for progress to achieve bottom-line results enabling the Obsidian to prosper in the developing industry.

 

Early in 2008, Penn West Energy Trust paid an extraordinary bonus, resulting in an annual rate of 15%-16%. Additionally, the company paid once a month, a comparative infrequency for equalities listed on the NYSE. The assets are thought of to be depletable resources; hence, the bonuses are not taxed at the ordinary bonus percentage, but a profit of capital as an alternative of return on venture. This is an added benefit in the United States, and it relates to all royal trusts. See This Article for related information.

 

Since the company changed its name, the President and CEO, David French, advised the stakeholders to approve the changes since the company had gone through a transition. Obsidian Energy got on a progress of assets sales that enabled it to lessen the debt. Penn West has since reduced the number of its staff and the production of oil.

 

Check out their page on: https://www.obsidianenergy.com/