Based in Calgary, Alberta, Obsidian Energy specializes in the production of natural gas and oil. This company holds some of the most valuable assets in Western Canada. It’s a mid-sized company for its industry and is traded on the Toronto Stock Exchange and the NYSE. Recently, Obsidian has undergone a number of changes, including the appointment of a new CEO.
Founded in 1979, Obsidian Energy was originally known as Penn West. This company was long known for paying high dividends of up to 15%. In the wake of the Great Recession of 2008, and the Albertan economy’s downturn, these dividend payments had to be suspended for a period. The company focused on improving and finding ways to emerge fresh.
This was part of the motivation for the name change to Obsidian Energy. These days, however, things are looking up for this company. Under the leadership of CEO David L. French, Obsidian Energy has emerged as a lean and disciplined company. In 2017, they produced 30,000 boe on average each day.
French is a graduate of Rice University and holds an MBA from Harvard University. During his career, he has worked in Canada, the US and Europe. Before joining Obsidian, he was CEO of Bankers Petroleum Ltd., another energy company headquartered in Calgary. This insight into not only the industry, but also the local geography and political environment, has proved invaluable. Get More Information Here.
Under this new leadership, the company has been careful about projections for growth. By being realistic, they have charted a course for responsible growth. Managing their valuable assets responsibly is job number one for Obsidian Energy. By nurturing and caring for what they have, Obsidian knows they will be able to deliver for shareholders and employees. Analysts are saying that growth in 2018 will be even better than projected.