Many large oil companies are expanding in Canada. The oil industry is booming, and business leaders are investing for the future. Obsidian Energy, formerly Penn West Exploration, is one of the leading companies in the industry. Over the past few years, the company has acquired smaller companies to improve sales and profits. The leaders of Obsidian Energy understand that alternative energy is a significant opportunity for the future. The company is investing time and money into new products for the alternative energy industry. Obsidian Energy also pays employees more than the industry average. The CEO of Obsidian Energy firmly believes in paying quality employees high wages.
Obsidian Energy started as a small company primarily focused on drilling for oil. The company slowly expanded by offering quality oil at an affordable price.
In the last economic recession, many oil companies went out of business. The leaders of Obsidian Energy viewed this as an excellent opportunity for growth. The company has a strong balance sheet. When Obsidian Energy acquired smaller companies, sales significantly increased.
The field of alternative energy is an excellent opportunity for future sales growth. Obsidian Energy offers solar power to clients in Canada who are willing to pay more money for clean energy. Solar energy is better for the environment than traditional energy. In Canada, people are more willing to pay additional money for solar power.
Obsidian Energy offers solar panels at an affordable cost. In the past few years, the company has enhanced various solar energy services.
Obsidian has several subsidiaries including Canetic Resources Trust, Endev Resources Partnership, and Sifton Energy Inc. Currently, the company has approximately 300 employees on staff.
Next Stages of Growth
The leaders of Obsidian Energy want to continue expanding the company. There are various opportunities for the company to grow in the future. Not only can Obsidian Energy offer additional products and services, but acquiring other companies is always an option.