Obsidian Energy Resumes Operations With Its New Name

Previously known as Penn West Petroleum, a mid-sized Canadian oil production manufacture, starts a new chapter in the history of their company by re-naming the firm as Obsidian Energy. The change of the name was in light of recent events such as the substantial financial loss that the company had seen. This change in name was a needed step to transform the business from the old values to stronger and improved work ethics. The company’s decision to change the name to Obsidian Energy was influenced by the vote of 92 percent shareholders who voted in favor of this change.

 

Obsidian Energy’s oil fields are located in Alberta, along the Western Canadian Sedimentary Basin. This region is one of the world’s largest petroleum reserves. Obsidian’s oil production comes from three key areas in Alberta: the Alberta Viking, the Pembina Cardium and the Peace River Oil Sands.

 

 

Dedicated to ensuring the best products in the industry and improving the standing of the firm in the oil production industry, Obsidian Energy has resumed operations while implementing some changes and new company values. The new name was an apt one, as the word Obsidian originates from a volcanic glass that occurs in nature which can be perfected and shaped, sharpened as well. The board members and shareholders chose to re-name the establishment due to evolving values that did not resemble those of Penn West Petroleum in many ways.

 

 

As part of the new and improved work ethics, Obsidian has chosen to retain only 300 of the existing employees from the previous total of 1,400. The retainment was based on selecting employees that believed in the evolving values of the firm as well as stood by and abide by the new guidelines.

 

 

The production of oil barrels by the company has reduced from a total of 135,000 per day to 28,000 as well. The reduction in output was made with one of the aims of concentrating on four particular sectors so that the existing and new clientele of the company within these chosen sectors could benefit the most with exceptional benefits and high-quality services. Previously, the establishment was focusing on 30 sectors, however with the name change, Obsidian Energy hopes to transform the company starting from the basic levels right until the day when the firm shines once again with the help of its existing and new clientele and dedicated staff members.

 

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The Revival of National Steel Car: Gregory Aziz and His New Strategies

When it comes to innovation and a renewed strategy at old companies, nobody has done it better than Gregory J. Aziz. For anyone in the railroad industry, Greg Aziz has become a name to remember. This is the individual that took a once-failing railcar manufacturer and turned it into an extremely successful powerhouse in the industry. In fact, National Steel Car continues to be one of the only railcar manufacturers left in North America, and the company owes all its success to the innovations and strategy renewals of its CEO and Chairman Greg Aziz.

 

National Steel Car has been in the industry since its founding in 1912. Starting out creating tank cars and coal hoppers, National Steel Car quickly rose to the top of its competitors as it drew into the great depression. However, pressure on railcar manufacturers, as well as the reduction of business in the depression, hit the company hard. In the 1970s and 1980s, when the trucking industry started to rule the logistics game, companies like National Steel Car had nowhere to go. What’s worse is that over the years NSC had been purchased and sold so many times that there were no longer any long-term goals that the company was striving towards. That is when Greg Aziz came around.

 

Greg Aziz purchased National Steel Car in 1994. He quickly named himself CEO and went to work to renew the focus of the company. He started by stating publicly that NSC was no longer out to create low-cost railcars, but high-quality, reliable, and cost-effective cars that will create efficiencies for the customer. He also put a highlight on the company’s ability to stay current with new regulations and safety laws, creating cost reductions for customers down the road. He put a strong focus on National Steel Cars design and engineering departments, charging them with the task of making his dreams a reality. See This Article for additional information

 

After shifting the strategy of the company, Aziz went to work increasing production. He created new capital projects that increased capacity at the plant from only 3,500 cars per year to over 12,000. In order to make this increase in capacity a success, his increased the labor force from just 600 workers to over 3,000. All of these strategies came together, and eventually, National Steel Car was back on top.

 

Now NSC is one of the only railcar and rolling stock manufacturers in North America, and with $200 million in revenue coming in each year, it is clear that Greg Aziz s new strategies and innovations have paid off once again.

 

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GREGORY AZIZ – ACCOMPLISHED LEADER, BUSINESSMAN AND ENTREPRENEUR

Gregory James Aziz was born in London, Ontario, Canada on April 30, 1949 and attended Ridley College then University of Western Ontario, majoring in Economics. He worked at a successful family food business, then in the investment banking industry, primarily in North and South America.

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In 1994, he had a dream of his own and purchased National Steel Car, a manufacturer of railroad freight cars, located in Hamilton, Ontario, where he is currently Chairman, Chief Executive Officer, President and CEO. He knew at the time the company was at a standstill, and since the world was becoming more advanced and hi-tech and regulations stiffer, measures needed to be taken to become more efficient and environmentally friendly. He and his team researched and built some cars to be ready when the new regulations passed, so years later they were ready to go, when no one else was.

 

The following are some great things that have made Greg James Aziz’s one of the leading railroad train car companies in the world:

  1. Went from manufacturing 3500 cars per year to 12,000 cars in five years.
  2. Employed 600 people at the beginning and grew to 3,000 in the same five years.
  3. Currently builds thousands of railroad freight cars every year.

 

Gregory James Aziz attributes this great success to everyone within the company working together, the skillful engineering in the hi-tech design process and high standards that have been set to achieve excellence in building the industry. His is the only railcar company that is certified ISO 2001:2008, meeting the requirements of putting the customer first. He also was awarded the TTX SECO, which means building strong customer loyalty and trustworthiness year after year.

 

Even though Gregory J. Aziz is prosperous man, he finds time to give back to his community by sponsoring groups and organizations such as the Salvation Army, United Way, various food drives and many other charities. As if all of this isn’t enough, he also shows he cares about his employees and families by inviting them to the company’s Christmas party every year and asking them to participate in a huge company food drive for food banks in Hamilton. Visit This Page to learn more.

 

Greg Aziz’s hard work, efficient work habits, highly qualified workers and dedication are what have made him a true businessman, leader and entrepreneur who has accomplished much and appears he will keep on accomplishing much!

Related: https://www.bloomberg.com/research/stocks/private/person.asp?personId=39124620&privcapId=35787198