Suncor Energy Inc. (Suncor) (TSX: SU) (NYSE: SU) and Petro-Canada
(Petro-Canada) (TSX: PCA) (NYSE: PCZ) today announced the executive
team that is expected to lead the combined company on closing of
the proposed merger.
"Strong strategic leadership with a breadth and depth of
experience will be key to our future success," said Rick George,
president and chief executive officer of Suncor, who will assume
the same role in the merged company. "Today, we announce the
individuals, who will be an integral part of that bright future. We
are fortunate to have incredible bench strength from leaders at
both companies -- not just at the executive team level, but
straight through the whole organization."
Continuing as chief operating officer (COO), Steve Williams'
primary role will be to oversee competitiveness, cost-efficiency
and process reliability in all of Suncor's operations, while
ensuring a commitment to safe and sustainable development continues
to be a Suncor hallmark.
A senior executive-level operating committee of business leaders
will report directly to Mr. Williams, including:
- Kirk Bailey will continue as executive vice president, Oil
Sands, a position he has held with Suncor since 2007. His primary
role is to lead improvements in safety, sustainability and
competitiveness at the company's oil sands operation.
- Neil Camarta will assume the role of executive vice president,
Natural Gas, responsible for the company's significant portfolio of
natural gas-focused exploration and production activities in North
America. Mr. Camarta currently serves as Petro-Canada's senior vice
president, Oil Sands.
- Boris Jackman will assume the role of executive vice
president, Refining and Marketing, continuing the downstream
executive leadership role he has held with Petro-Canada since 1998.
Mr. Jackman will have overall responsibility for operations at four
refineries, as well as industrial and retail marketing of refined
products and lubricants under the Petro-Canada brand.
- Mike MacSween will become senior vice president, In-Situ,
expanding his current role leading Suncor's in-situ operations, a
position he has held since April 2008. The combined assets of
Petro-Canada and Suncor form a significant growth platform for
growing in-situ oil sands recovery.
In addition to COO Steve Williams, Rick George's executive team
will also include the following individuals.
- Peter Kallos will continue to lead the merged company's
businesses in East Coast Canada, the North Sea, Northern Latin
America and North Africa as executive vice president, International
& Offshore, the same position Mr. Kallos currently holds with
Petro-Canada.
- Kevin Nabholz has led major project engineering, procurement
and construction (EPC) at Suncor since 2002 and will continue in
this role in the merged company as executive vice president, Major
Projects. In this position, he is responsible for leading EPC for
growth projects across the corporation in the upstream, downstream
and renewable energy portfolios.
- Jay Thornton will assume the role of executive vice president,
Supply, Energy Trading and Renewables, with responsibility for
marketing, logistics and energy trading. He will also maintain his
role as lead executive of the company's renewable energy strategies
and development. Mr. Thornton is currently executive vice
president, Refining and Marketing with Suncor.
- Sue Lee will continue to lead human resources, communications
and stakeholder relations as senior vice president, Human Resources
and Public Affairs, ensuring the strategies and programs to achieve
the new company's growth potential are in place. Ms. Lee currently
holds this role at Suncor. She will also remain as chair of the
Suncor Energy Foundation.
- As chief financial officer, Bart Demosky will direct financial
operations, including investor relations and treasury and play a
key role in ensuring Suncor has the financial strength necessary to
support the merged company's significant growth potential. Mr.
Demosky is currently senior vice president, Business Services with
Suncor.
- Andrew Stephens will assume the role of senior vice president,
Business Services responsible for enterprise-wide business services
and integration of technology and processes, including supply chain
management. Mr. Stephens currently serves as senior vice president,
Corporate Relations for Petro-Canada.
- Terry Hopwood will continue in the role of senior vice
president and general counsel, a position he has held at Suncor
since 2002. In this role, he is responsible for all legal matters
across the corporation.
- Mark Little, currently senior vice president, Strategic Growth
and Energy Trading for Suncor, will assume the role of senior vice
president, Strategy and Integration with responsibility for
co-leading the design and implementation strategies of merged
processes, management systems and standards.
- Mr. Little will be joined by Harry Roberts, who will become
senior vice president, Integration. He currently serves as
executive vice president and chief financial officer of
Petro-Canada.
"Our goal is clear: to create Canada's premier integrated energy
company with the assets and expertise to be a global competitor,"
said Mr. George. "We are looking to the experience and expertise of
this new executive team to lead our efforts."
"I remain grateful to Ron Brenneman, who will continue on as
executive vice chairman to help steward the integration of these
two great companies and our many talented employees into a new
Canadian energy leader that is more than the sum of its parts," Mr.
George continued.
The new executive team will assume their positions only when all
customary approvals are received and the merger closes. Until that
time, current executive team members of Suncor and Petro-Canada
will continue to provide leadership and guidance to their
respective organizations.
A joint information circular and proxy statement is expected to
be sent to all Suncor and Petro-Canada shareholders in early May.
This document will include the proposed Board of Directors. A
special meeting of Suncor and Petro-Canada shareholders will then
be held on June 4, 2009 at the Wildrose Ballroom at the Sheraton
Eau Claire in Calgary. The Petro-Canada meeting will be held at 9
a.m. and the Suncor meeting will be held at 1 p.m.
Completion of the proposed merger is conditional on approval of
Suncor and Petro-Canada shareholders, compliance with the
Competition Act and satisfaction of other customary approvals
including regulatory, stock exchange and Court of Queen's Bench of
Alberta approvals. It is expected that the merger will be completed
in the third quarter of 2009.
For more information, visit
(http://www.suncorpetro-canada.com/).
Advisory Regarding Forward-Looking Information and
Statements
This press release contains forward-looking statements and
forward-looking information within the meaning of applicable
securities laws. The use of any of the words "proposed",
"platform", "goal", "expected" and similar expressions are intended
to identify forward-looking statements or information. More
particularly and without limitation, this press release contains
forward looking statements and information concerning: the merged
company's assets, the name and leadership of the merged company;
the timing of the shareholder meetings and publication of related
shareholder materials to consider the proposed merger and the
expected completion date of the proposed merger; the anticipated
tax treatment of the proposed merger.
The forward-looking statements and information in this press
release are based on certain key expectations and assumptions made
by Suncor and Petro-Canada, including the receipt, in a timely
manner, of regulatory, security holder and third party approvals in
respect of the proposed merger. Although Suncor and Petro-Canada
believe that the expectations and assumptions on which such
forward-looking statements and information are based are
reasonable, undue reliance should not be placed on the
forward-looking statements and information because Suncor and
Petro-Canada can give no assurance that they will prove to be
correct.
This press release also contains forward-looking statements and
information concerning the anticipated completion of the proposed
transaction and the anticipated timing for completion of the
transaction. Suncor and Petro-Canada have provided these
anticipated times in reliance on certain assumptions that they
believe are reasonable at this time, including assumptions as to
the time required to prepare and mail the shareholder meeting
materials; the timing of receipt of the necessary regulatory, court
and other third party approvals; and the time necessary to satisfy
the conditions to the closing of the transaction. These dates may
change for a number of reasons, including unforeseen delays in
preparing meeting materials, inability to secure necessary
regulatory, court or other third party approvals in the time
assumed or the need for additional time to satisfy the conditions
to the completion of the transaction. As a result of the foregoing,
readers should not place undue reliance on the forward-looking
statements and information contained in this press release
concerning these times.
Readers are cautioned that the foregoing list of factors is not
exhaustive. Additional information on these and other factors that
could affect the operations or financial results of Suncor,
Petro-Canada or the merged company are included in reports on file
with applicable securities regulatory authorities and may be
accessed through the SEDAR website (http://www.sedar.com/), the
SEC's website (http://www.sec.gov/) or, in the case of Suncor, at
Suncor's website (http://www.suncor.com/), and in the case of
Petro-Canada, at Petro-Canada's website
(http://www.petro-canada.ca/).
The forward-looking statements and information contained in this
press release are made as of the date hereof and Suncor and
Petro-Canada undertake no obligation to update publicly or revise
any forward-looking statements or information, whether as a result
of new information, future events or otherwise, unless so required
by applicable securities laws.
ABOUT SUNCOR
Suncor Energy Inc. is an integrated energy company headquartered
in Calgary, Alberta. Suncor's oil sands business, located near Fort
McMurray, Alberta, extracts and upgrades oil sands and markets
refinery feedstock and diesel fuel, while operations throughout
western Canada produce natural gas. Suncor operates a refining and
marketing business in Ontario with retail distribution under the
Sunoco brand. U.S.A. downstream assets include pipeline and
refining operations in Colorado and Wyoming and retail sales in the
Denver area under the Phillips 66� brand. Suncor's common shares
(symbol: SU) are listed on the Toronto and New York stock
exchanges.
Suncor Energy (U.S.A.) Inc. is an authorized licensee of the
Phillips 66� brand and marks in the state of Colorado. Sunoco in
Canada is separate and unrelated to Sunoco in the United States,
which is owned by Sunoco, Inc. of Philadelphia.
ABOUT PETRO-CANADA
Petro-Canada is one of Canada's largest oil and gas companies,
operating in both the upstream and the downstream sectors of the
industry in Canada and internationally. The Company creates value
by responsibly developing energy resources and providing world
class petroleum products and services. Petro-Canada is proud to be
a National Partner to the Vancouver 2010 Olympic and Paralympic
Winter Games. Petro-Canada's common shares trade on the Toronto
Stock Exchange under the symbol PCA and on the New York Stock
Exchange under the symbol PCZ.
Contacts: Investor inquiries: John Rogers, Suncor (403) 269-8670
Media inquiries: Shawn Davis, Suncor (403) 920-8379 Website:
www.suncor.com Investor inquiries: Ken Hall, Petro-Canada (403)
296-7859 Media inquiries: Victoria Barrington, Petro-Canada (403)
296-8589 Website: www.petro-canada.ca
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