Transaction expected to close in first quarter of 2021
One month after Cenovus Energy’s announced purchase of Husky Energy in a $3.8-billion all-stock transaction, the two companies have unveiled the makeup of what the new executive leadership team will look like once the deal closes.
Out of the 11 positions listed, nine of the executives are currently employed with Cenovus. The only listed holdovers from Husky’s executive team are current chief financial officer Jeff Hart (who will maintain that role and also serve as an executive vice president) and executive vice-president, downstream and midstream Andrew Dahlin. Dahlin will become the executive VP of safety and operations technical services.
Alex Pourbaix, president and CEO for Cenovus, will remain in that position. Husky president and CEO Robert J. Peabody will retire upon completion of the deal, a company spokeswoman confirmed to The Telegram.
The transaction is expected to close in the first quarter of 2021, and once that happens, all operations will fall under the Cenovus brand.
Coinciding with last month’s announcement of the purchase agreement, Husky confirmed construction work on the West White Rose oil project in Newfoundland and Labrador would not resume in 2021. That activity came to a halt in mid-March due to COVID-19 pandemic safety precautions.
A downturn in the oil and gas economy has forced many companies to scale back operations and carefully consider what capital expenditures they can afford to undertake.
Cenovus is expected to conduct a new review of all assets once the deal closes.
Other members of the executive team announced Friday:
Jon McKenzie – executive VP and chief operating officer
Keith Chiasson – executive VP, downstream
Norrie Ramsay – executive VP, upstream (thermal, major projects and offshore)
Kam Sandhar – executive VP, strategy and corporate development
Sarah Walters – executive VP, corporate services
Drew Zieglgansberger – executive VP, upstream (conventional and integration)
Rhona DelFrari – chief sustainability officer and senior VP, stakeholder engagement
Gary Molnar – senior VP legal, general counsel and corporate secretary