Obsidian Energy is a conventional gas and oil producing company situated in Alberta, Canada. It recently changed its name from Penn West Petroleum following a continuing resolution in the company’s structure. In June 2017, a vote for the name change was conducted during the shareholders AGM with 92% of the votes favoring the resolution. David French the company’s CEO stated that they plan to oversee a moderate growth in the next few years with budgets tightly tied to the prices of gas and oil. The name change would cover the company’s high levels of debt, a crash on commodity price and an accounting scandal in 2017 that made investors act on lawsuits that had been settled in the previous year.
In mid-2014, Penn West Petroleum announced that they were experiencing improper classification of expenses that had led to the loss of so much money in millions. The situation forced them to restate their reports of finance from 2012 to March 2014. The scandals forced the company to reduce the employees count from 1,400 to about 400 and their product from 135,000 to 28,000 oil barrels in a day. Obsidian Energy then used their asset sales to reduce their net debt from about $3 billion in 2013 to $384 million in March 2017. In November 2017, they announced that they had settled a lawsuit filed by the US SEC in June 2017 concerning the 2014 restatement of particular financial results with $8.5 million. The settlement terms required the company to pay the stated amount without denying or admitting the allegations. This move would restore the company’s long-term Legacy.
Obsidian runs under three principles; innovation and relentless progress pursuit, disciplined commercial and technical decision making to protect and build enterprise value, and transparent and accountable efforts with their partners, shareholders, and operational communities. Obsidian Energy is now well-positioned with a balance sheet that’s healthy, a hedging strategy that is prudent and right assets that would allow it to set performance standards even in environments with lower prices. Its operations would now be different from those of Penn West Petroleum since it is now a smaller company whose maintenance will be easy to handle.
Get More Information Here.
While there is no guarantee that a business will work, one prized skill that certainly raises the chances is the ability to see change before it occurs and maneuver your business to be at the head of the change before any other business. This skill is what has helped Gregory James Aziz lead National Steel Car Ltd into its 100-year birthday in business.
Greg James Aziz has served as Chief Executive Officer for National Steel Car Ltd as well as their Chairman of the Board for National Industries Inc, because he can set this business in the pathway of change. Decades ago, he did this by seeing that steel would no longer be the lucrative product it once was and moved National Steel Car Ltd to become mostly a transport company. This resulted in several key contracts, many of which were over $750 million apiece. This skill has served him well and will continue doing so. ISO have recognized the growth of the company awarding it the ISO 9001:2008 certification, and was consistently a recipient of the TTX SECO award for quality, for over a decade.
After the 100 years celebration, Greg Aziz returned to his office and began thinking about the future. What would it take to keep National Steel Car Ltd in business for the next 100 years? What changes were on the horizon that he had to prepare for? As he thought about it, the reality hit him. The world was becoming more loyal to green energy and consumers viewed any non-green company with disdain. Legislatures in both Canada and United States were against the rail industry and would do what they could to shut it down. Before now, he had spent money on lobbyists to advocate for him. However, he knew it was only a matter of time before stricter laws were set in place. Greg Aziz knew what he had to do. He had to prepare for that change. View More Information Here.
Greg Aziz called the executives the next day and laid out his plan. They would create a railcar for the future, one that would travel faster, carry more weight, and use fewer emissions. Research and Development were put at the head of the project, and in just three short years National Steel Car Ltd had a railcar that would use 90% fewer emissions and carry 50% more weight. Just a few months later, Canada passed stricter regulations that they thought ended the rail industry. It was then that Greg Aziz revealed his new rail car, and being the only company that could compete under these regulations, dominated the industry.
Related Article: http://www.lacartes.com/business/Greg-Aziz-National-Steel-Car/191944
In April of 1949, Gregory James Aziz came into the world with ten fingers and ten toes. The little Greg Aziz, James Aziz to some, was perfect in his parents’ eyes. They watched him grow in their then hometown of London, Ontario. When Gregory Aziz was 19, the Aziz family founded the Affiliated Foods company. Affiliated Foods was set to be a major grocery supplier for a multitude of clients. This venture would be a long, hard journey for the entire Aziz family as they grew the new company. After a while, Aziz started his formal education at Ridley College and then transferred to the University of Western Ontario. While there he earned his degree in Economics. This would be his first steps into the business world.
After graduating, Aziz was immediately whisked into the family business. The company had already started to grow through the short time that Aziz was enrolled in his university studies. With Aziz as part of the team, the company took a major risk in their business plan, but they knew that they had to do something to define themselves. They noticed that there was a big need for fresh food and they started to import it. Eventually, the company started to import from Central America, South America, and even Europe. This big step was a first in the industry and solidified their role among their peers.
In 1987, Greg Aziz had moved as far as he wanted to go with Affiliated Foods. He amicably severed his professional relationship with the company and started working as an investment banker. In 1994, he proceeded with the purchase of National Steel Car. National Steel Car was a thriving freight car engineering and production company at one time. They had become famous for their quality rolling stock and had been the biggest suppliers in Canada and the United States. Aziz wanted to respect that history, but he had his eye on a global market. Visit This Page for related information.
National Steel Car, today, is one of the leading companies in its field. It turned out that Aziz had a recipe for success. In addition to production changes, Aziz made sure to emphasize quality and a culture that cared. National Steel Car is helpful to its community while it works on making a global impact through its quality products. With Gregory Aziz at the helm, it is an easy assumption that National Steel Car will continue to do wonderful and amazing things.