The energy industry has experienced so many changes in the recent times. Companies in the sector have reported so much loss in the recent times because of these changes. Although this department can be very profitable, it can be very risky when there is a sudden market change. The sector attracts some of the wealthiest people in the society because of the amount of capital involved.
Penn West is one of the energy companies in the market. The organization has had a considerable share of challenges in the recent times, and it has proposed a change of its name. The top management in this company believes that changing the company name will be the only way to make future investors forget about the painful past. However, experts say that the institution will have to do so much more than just changing the letterhead of the energy giant. Go To This Page to learn more.
Penn West Limited announced to the world that it would be known as Obsidian Energy in a meeting that was attended by the company president, David French, and all the investors. French announced that the new name means a naturally occurring glass that has a sheen that looks like crude oil. This volcanic glass has proven to have a lot of dependability, strength, and longevity. These are some of the characters Obsidian Energy is looking forward to living up to. Despite the challenges in the market, the company has shown significant steps in its recovery journey.
After the prolonged low prices of oil in the entire globe, most energy companies have been experiencing a lot of pressure, and some have even thought of closing down so that they can avoid losses. Penn West has endured these problems with a lot of courage, and it is looking forward to a better future in the market.
Before the change in oil prices, the company had a troubled accounting past that made the situation even worse. According to sources that are close to the organization, the accounting scandal almost led the country into bankruptcy. French and his team have already put everything into place. First of all, they ensured that all of the company debts had been cleared before the change of the name.