Cenovus and Husky announce leadership team for combined company
November 20 2020 - 9:00AM
Cenovus Energy Inc. (TSX: CVE) (NYSE: CVE) and Husky Energy Inc.
(TSX: HSE) are pleased to announce the executive leadership team
that is expected to lead the combined company created through the
strategic combination of Cenovus and Husky announced on October 25,
2020.
“We believe it is important to move forward and establish the
leadership team for the combined company to ensure we are
well-positioned to begin capturing the synergies of this deal
immediately after closing,” said Alex Pourbaix, Cenovus President
and Chief Executive Officer. “Having a strong and experienced
leadership team in place on day one is critical as we work to build
a more integrated and resilient company that is well-positioned to
succeed as a Canadian energy leader in the years ahead.”
The composition of the anticipated management team was
determined through discussions with leadership teams from both
companies.
Immediately following the close of the transaction, Cenovus’s
executive team is expected to consist of:
- Alex Pourbaix – President & Chief Executive Officer
- Jeff Hart – Executive Vice-President & Chief Financial
Officer
- Jon McKenzie – Executive Vice-President & Chief Operating
Officer
- Keith Chiasson – Executive Vice-President, Downstream
- Andrew Dahlin – Executive Vice-President, Safety &
Operations Technical Services
- Norrie Ramsay – Executive Vice-President, Upstream – Thermal,
Major Projects & Offshore
- Kam Sandhar – Executive Vice-President, Strategy &
Corporate Development
- Sarah Walters – Executive Vice-President, Corporate
Services
- Drew Zieglgansberger – Executive Vice-President, Upstream –
Conventional & Integration
- Rhona DelFrari – Chief Sustainability Officer & Senior
Vice-President, Stakeholder Engagement
- Gary Molnar – Senior Vice-President Legal, General Counsel
& Corporate Secretary
Husky and Cenovus agreed to combine their respective businesses
and entered into an arrangement agreement, dated October 24, 2020.
Closing of the transaction is expected to take place in the first
quarter of 2021, with the combined company continuing to operate as
Cenovus and remaining headquartered in Calgary, Alberta.
ADVISORYThis news release contains certain
forward-looking statements and forward-looking information
(collectively referred to as “forward-looking information”) within
the meaning of applicable securities legislation, including the
United States Private Securities Litigation Reform Act of 1995,
about our current expectations, estimates and projections about the
future, based on certain assumptions made by Cenovus and Husky in
light of their experience and perception of historical trends.
Although Cenovus and Husky believe that the expectations
represented by such forward-looking information are reasonable,
there can be no assurance that such expectations will prove to be
correct. Forward-looking information in this news release is
identified by words such as “aim”, “anticipate”, “believe”,
“ensure”, “establish”, “expect”, “facilitate”, “goal”, “position”,
“strategy”, “will” or similar expressions and includes suggestions
of future outcomes, including statements about: the composition of
the anticipated executive team; and the expected date of closing of
the transaction.
Readers are cautioned not to place undue reliance on
forward-looking information as Cenovus's actual results may differ
materially from those expressed or implied. Cenovus and Husky
undertake no obligation to update or revise any forward-looking
information except as required by law. Developing forward-looking
information involves reliance on a number of assumptions and
consideration of certain risks and uncertainties, some of which are
specific to Cenovus and/or Husky and others that apply to the
industry generally. Material factors or assumptions on which the
forward-looking information in this news release is based include:
successful closing of the transaction, including obtaining
necessary shareholder, court and regulatory approvals and
satisfaction of all other conditions to closing and within expected
timelines.
Additional information about assumptions, risk factors and
uncertainties on which the forward-looking information is based and
that could cause Cenovus's actual results to differ materially from
any estimates or projections of future performance or results
expressed or implied by such forward-looking statements are
described in Cenovus's 2020 guidance (dated April 1, 2020),
Cenovus’s Management’s Discussion and Analysis (MD&A) for the
year ended December 31, 2019 and its MD&A for the period ended
September 30, 2020 as well as its Annual Information Form (AIF) and
Form 40-F for the period ended December 31, 2019 (each available at
cenovus.com).
Husky’s Annual Information Form for the year ended December 31,
2019, Management’s Discussion and Analysis for the three and nine
months ended September 30, 2020 and other documents filed with
securities regulatory authorities (accessible through the SEDAR
website at sedar.com and the EDGAR website at sec.gov) describe
some of the risks, material assumptions and other factors that
could influence actual results in respect of Husky and are
incorporated herein by reference.
About CenovusCenovus Energy Inc. is a Canadian
integrated oil and natural gas company. It is committed to
maximizing value by sustainably developing its assets in a safe,
innovative and cost-efficient manner, integrating environmental,
social and governance considerations into its business plans.
Operations include oil sands projects in northern Alberta, which
use specialized methods to drill and pump the oil to the surface
using a technique called steam-assisted gravity drainage (SAGD).
The company also has conventional crude oil, natural gas and
natural gas liquids assets in Alberta and British Columbia as well
as 50% ownership in two U.S. refineries. Cenovus shares trade under
the symbol CVE and are listed on the Toronto and New York stock
exchanges. For more information, visit cenovus.com.
Find Cenovus
on Facebook, Twitter, LinkedIn, YouTube and Instagram.
About HuskyHusky Energy is a Canadian-based
integrated energy company. It is headquartered in Calgary, Alberta,
and its common shares are publicly traded on the Toronto Stock
Exchange under the symbol HSE. The Company operates in Canada, the
United States and the Asia Pacific region with two business
segments. The Integrated Corridor includes bitumen from thermal
projects in the Lloydminster area of Saskatchewan, along with the
Tucker Thermal Project and the Sunrise Energy Project in Alberta,
with production integrated into Husky’s downstream operations,
which includes upgrading, refining and marketing of refined
petroleum products. The Offshore business includes crude oil
production offshore Newfoundland and Labrador and natural gas and
liquids production offshore China and Indonesia. For more
information, visit huskyenergy.com.
Find Husky on Facebook, Twitter, LinkedIn and Instagram.
Cenovus
Contacts |
Investor Relations Sherry Wendt, Director, Investor Relations
403-766-7711 |
Media Relations Brett Harris, Manager,
Communications403-766-3420 |
Husky
Contacts |
Investor Relations Leo Villegas,
Director, Investor Relations 403-513-7817 |
Media RelationsKim Guttormson,
Manager, Communication Services 403-298-7088 |
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