THE FUTURE OF OIL AND GAS PRODUCTION AT OBSIDIAN ENERGY

Obsidian Energy is a medium sized gas and oil producer located in Calgary, Alberta, Canada. It was formerly known as Penn West Petroleum Limited but changed its name to Obsidian Energy on26 June 2017. It has a well-balanced portfolio of great quality asset producing a capacity of 30,000 barrel per day. This company is has its foundation based on endless passion for their work, discipline and unwavering accountability to their partners, shareholders and the societies in which they operate around.

 

Obsidian oil and gas fields

Obsidian oil and gas fields are located in Alberta along Sedimentary Western Canadian Basin. This region is among the largest petroleum reserves in the world. Production sources are on three key areas around Alberta namely, the Peace River Oils Sands, The Pembina Cardium and the Alberta Vikings. Cardium forms the foundation of their portfolio is built on with high-netback light oil production and low decline. The use of water floods has been successful at increasing production and recovery rates at the Cardium.

 

Alberta Viking area, that Obsidian Energy has a leading position and ownership of infrastructure over the whole Esther area. It offers a mix of gas and light-oil with high-netback shorter cycle complementing the longer activities cycle at the Cardium. The Peace River is a company jointly operated by Obsidian Energy and China Investment Corporation holding a majority position amenable to conventional cold flow production in a crude oil resource.

 

Name change to Obsidian Energy

On 26 June2017, Penn West shareholders approved its name change to Obsidian Energy effective immediately and the stock symbol changed to “OBE” on both New York Stock Exchange and the Toronto Stock Exchange. The shareholders voted to 92 percent in favor of the name change.

 

According to the CEO of the company, Dave French the company chose the name obsidian as it is a naturally occurring volcanic glass that can be honed and sharpened. Obsidian focuses on pursuing modest growth for the next three years with the spending budget determined by the prices of oil and gas. Its current employee count is 300 with a production of 30,000 barrels of oil equivalent.

 

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The Obsidian Energy

Obsidian Oil Company is medium sized oil and Gas Producer Company operating in Alberta, Canada founded in 1979. It was formerly known as Penn west Petroleum Company and branded to Obsidian Oil company on June 26, 2017, after a consultative meeting with investors, partners and shareholders. It is a leading company in exploring and producing natural gas and oil products. It achieved through developing, exploring, acquiring and holding petroleum companies and natural gas. The company values are discipline, passion and relentless for doing excellent work. It is estimated to produce 31000 bbl. Per day. It extracts oil from Western Canada Sedimentary Basin which is one of the largest oil reserves in the world. In Alberta, they have three oil extraction point which includes; Alberta Viking, Pembina Cadmium, and Peace River Oil Sands.

 

The Obsidian Energy is managed by ten members of the board and dedicated staff. The chief executive Officer is called David L. French, and he oversees a team of 2300 full-time employees. The company board meets annually for general meeting every may discuss progress and new opportunities within the oil and gas industry to tap as they maximize profit and deliver excellent products and delivery services to their customers.

 

It has been top six companies in Toronto and New York City stock exchange markets. The company went restoring to expand and improve its services. It involved the change of management, disposal of assets and reduction of accumulated debt. The success was a significant milestone for the oil and gas company. Refer to This Site.

 

Obsidian paid 15-16% dividend to its shareholders in 2008.This value has been increasing with 2% each other hence converting more customers to company shareholders. The company dividends are not taxed since they are trustee’s assets are regarded as depletable resources.

 

Despite the decreasing and fluctuating oil prices across the globe Obsidian Energy is steadfast to continue exploring oil and ensuring they meet customer needs. They have put measure and strategies in place to ensure they also meet their sales targets and expected annual profit. The approach is executed through shared values of teamwork, innovation, and cooperation between staff and partners.

The Successful Professional Career of Louis R. Chenevert

Louis R. Chenevert is a French-Canadian-born business mogul. He holds a bachelor’s degree in production management from the University of Montreal. Mr. Chenevert has spent a well decorated professional career full of financial success particularly during his time at the helm as the CEO and President of United Technologies Corporation (UTC). Prior to this, he spent 14 years as the production general manager at General Motors. Mr. Chenevert joined Pratt & Whitney in Canada; a business unit of the larger UTC, and after working for six years he was elected the president in 1999. He served there for seven years before being promoted to a CEO and President position of the entire UTC.

During his time at UTC, Louis Chenevert helped lay down the foundations that has made the company a dominating force in the market it is to date. With his knowledge and experience, Mr. Chenevert was committed towards nurturing the development of the UTC’s employees. Under his stewardship, the company started investing not only on production but also in people. He helped the company come up with the Employee Scholar program which covers the tuition fees for employees who enrolled for further studies in their respective fields. The program has helped over 40,000 employees attain their degrees.
On picking out projects, Mr. Chenevert had an admirable forward-thinking ability that helped the company only invest in projects with highest potential. This was his goal upon reaching the company’s vision and mission. Mr. Chenevert spearheaded the acquisition of Goodrich which had been a stagnant negotiation with UTC for years. With Goodrich at his disposal, UTC was able to fight against Rolls Royce and became the sole supplier of F-35 engines to the USA government.
Mr. Chenevert has been pivotal for the growth in the market share of the company. Even when the US economy was landscaping, he single-handedly maneuvered the company through the economic crisis and delivered to its objective.
In 2014, Mr. Chenevert resigned as the CEO and President of the company and was replaced by Edward Kangas. He was later appointed at Merchant Banking Division of Goldman Sachs as the Executive Advisor.

How Greg Aziz Turned Around The Fortunes Of National Steel Car

Gregory James Aziz is a Canadian businessman who grew up in London, Ontario. He holds a degree in economics which he earned while attending the University of Western Ontario. After graduating he joined his family’s food distribution business. During his time with this business he was instrumental in greatly increasing the size of the company. It became a company that imported food from international sources and then distributed to customers across both Canada and the United States. See This Article.

 

After a number of years, Greg Aziz moved to New York City and joined the banking industry. He was very successful in these positions and garnered quite a bit of wealth. It was in 1994 that he learned about National Steel, Car, a company that designs and builds railroad freight cars. At the time that company was in dire straits after previously had been one of the most successful such companies in North America. Gregory J Aziz saw a great opportunity and bought the company, becoming its Chief Executive Officer and the Chairman of the Board of Directors.

 

Within six years, Greg James Aziz was able to radically change the fortunes of National Steel Car. He refocused the company on designing high-quality cars by hiring a team of highly qualified engineers. He also boosted the amount of rail cars they were able to deliver to their customers each year. When he entered the company it only built 3,500 cars a year. Six years later it was producing 12,500 cars.

 

The rebirth of National Steel Car had under the leadership of Greg Aziz was a boon to the Hamilton, Ontario community. He was responsible for bringing in a lot of high paying, good jobs at both his company and suppliers in the area. National Steel Car is once again one of the premier companies in its industry in the world due to his careful yet bold management of the firm.

 

Gregory James Aziz helps the community in other ways as well. He supports a number of Hamilton nonprofits including the Theatre Aquarius as well as the Hamilton Opera. He also supports national charities like the Salvation Army and the United Way. He and his wife, Irene, also donate money to support the Royal Agricultural Winter Fair each year. This annual event features a royal horse show, agriculture, entertainment, and a large variety of foods presented at the fairgrounds in Toronto, Canada.

Gregory Aziz Purchases Canadian National Steel Car

If it is a matter of excellence, then no other company in Canada can outdo the performance of the National Steel Car. This is a corporation that has been operating in the country for over one hundred years now. National Steel Car was formed in 1912 by Sir Morison and Basil Magor, two great investors at the time. Over the years it has managed to stay in the manufacturing industry without ever collapsing. It is an achievement for a corporation in the manufacturing sector to hold together for over a century. Many corporations in the sector get overtaken by events in term of technology or economic depressions that hit the industry once in a while.

 

The operations of the corporation have never been always smooth. After starting operations in 1912, the company took off at high speed, with clients from all over North America making orders for car boxes. Some of the clients included Canadian Northern Railways and the Canadian Pacific Railways. The operations of the corporation went on well on as the market at the time was favorable to such corporations. There was a huge demand for railroad freight cars as the railways’ sector was at the time growing rapidly as a means of transportation in the region.

 

One of the major setbacks for the corporation would come in the 1930s. The business was performing poorly, and the orders for the corporation had gone too low for it to remain functional. What the management of the company at the time did to avoid a collapse of the company was to revert to some other manufacturing activities such as bus bodies building. The company lacked diversification at the time, and now that the railroad freight cars were not selling, then it was faced with a monumental challenge. The breakthrough would come later in the 1940s when the Second World War triggered growth in the industry once again. See More Info Here.

 

Gregory James Aziz is the CEO and the chairman of the national steel car. He has held this position since 1994 when he purchased the company. Greg Aziz is an economist and such he is well versed in the matter of reviving businesses that have been through economic challenges.

 

When he took over the corporation, it did not take many years for him to realize the output he needed. National Steel Car started producing over 12000 thousand cars every year. It also got recognition through the TTX SECO award for best quality products.

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