One of the major players in the production of natural gas as well as oil in the country is Obsidian Energy. Formerly Penn West Petroleum Ltd., the company has developed massive interest in exploring, developing and exploiting petroleum and natural gas fields. Obsidian Energy continues to be one of the most relied producers of petroleum in the country by raising its production from 30,500 to 31,500 boe/d. The ability of the company to conduct research on their fields of exploration and methods of production enabled it to raise its production significantly.
Recently, Obsidian Energy was able to reduce its capital spending by $20 million in response to the prevailing condition in the market. However, despite the fact that it reduced its capital spending, the company has been able to maintain its high level of production. Obsidian Energy has been relying on the high rate of production experienced last winter resulting from the drilling programs. Moreover, its strong outlook in the second phase of the drilling program, which has enabled it to maintain its productivity at a high level, is also a key player in its high productivity. Visit This Page to read more about the company.
The company has undergone numerous transformations throughout its operations. It was first named as Penn West Petroleum before changing its name to Obsidian Energy. The rebranding was part of the transformation that was meant at boosting the reputation of the firm in the market and in capital markets. Today, the company holds a very reasonable proportion of portfolio with industry positions in Alberta Vikings area, Peace River and Cardium.
Over the years, the Obsidian Energy has managed to improve its debt conditions by reducing it significantly. Its current position is the best it has ever been. Branding of its product has enabled the firm to compete favorably in the market. The level of competition in this industry is very high, and for a firm to be able to venture and operate, it must be producing quality products. This justifies why Obsidian Energy has been able to establish itself as one of the leading producers of natural gas as well as petroleum products in the country. The company has continued to record great results.
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