Penn West Petroleum decided to restructure their company, reshuffling the management and the executive department to strengthen the leadership within. Penn West Petroleum also changed their name to Obsidian Energy, and David L. French is chosen by the board of directors to lead the newly reformed company. He is the current chief executive officer, who is responsible for monitoring the company’s operations and performance. David L. French is positive that Obsidian Energy’s return will usher a new era in the oil and petroleum industry, and the company will bounce back to become one of the most successful oil and petroleum company in Canada.
Before the company decided to undergo restructure and to rebrand, Obsidian Energy is known as a top performer in the oil and petroleum industry. Back when their brand name was still known as Penn West Petroleum, Obsidian continually makes it to the top performing firms on the Toronto Stock Exchange. They are part of the envious top 60 companies, and they are raking in billions of dollars annually from oil and petroleum revenues. However, everything changed in 2014. Iran and Russia oversupplied the world with surplus oil and petroleum, causing the prices of the resource to crash. The low price of oil and petroleum were praised by the majority of the population, not knowing what the consequences of such events would be. Penn West Petroleum had to remove thousands of their employees to cut their ballooning debt, and they also have to think about a new business plan that would keep them going.
According to David L. French, the decision to restructure the company was a recommendation of the senior officers who would like to counter the decreasing oil and petroleum prices. They stated that if they will not be able to cope with the changes, the company would eventually go bankrupt. After the restructuring and the rebranding of Penn West Petroleum to Obsidian Energy, David L. French focused on the remaining oil wells that the company built. They are now extracting the remaining resources from the oil well, and they provide Canada with 30,000 barrels of high-quality crude daily, suitable for export. Obsidian Energy is hoping that the remaining oil and petroleum that they can extract from their wells will be sufficient to gain more profit.