Darlene Gates
to become President & CEO with departure of Derek Evans
CALGARY,
AB, Feb. 29, 2024 /CNW/ - MEG Energy Corp.
(TSX: MEG) ("MEG" or the "Corporation") today announced that
Derek Evans will be stepping down
from his role as President and Chief Executive Officer and from its
Board of Directors effective May 1,
2024. Concurrent with this announcement, the Board of
Directors is pleased to announce the appointment of Darlene Gates, the Corporation's current Chief
Operating Officer, to succeed Mr. Evans as President and Chief
Executive Officer. Ms. Gates will be nominated for election to the
Board of Directors at the Corporation's annual general meeting
scheduled for May 7, 2024.
"Derek has completed the work he and the Board set out to
accomplish on his recruitment to MEG as President and CEO in 2018.
He has led MEG's transformation, strengthening the balance sheet,
focusing on disciplined capital allocation, improving efficiencies,
delivering value to our shareholders and reshaping the
Corporation's long-term strategy. Derek's relentless focus on
health and safety, operational excellence, emissions reduction and
talent development provide an enduring foundation for MEG's future
success. On behalf of the Board, I would like to thank Derek for
the exceptional leadership, integrity and passion he has brought to
his CEO role at MEG over the past five years, and to recognize his
outstanding contributions to the Canadian energy industry." said
Jim McFarland, Chair of the
Board.
"Ensuring MEG had a strong succession plan for the CEO position
has been a priority for the Board and we have worked closely with
Derek and Darlene to guide Darlene's development as a potential CEO
succession candidate since she joined MEG in 2021. Darlene has the
experience, skills and personal drive to deliver on our strategy
and lead the organization into the future. Her passion for MEG's
people, our communities and our business performance have driven
significant improvements in our safety culture and the record
operating results we delivered in 2023," McFarland added. "We have
full confidence in Darlene's ability to lead and focus the talents
of the entire MEG team to build on MEG's strong foundation and
continue to deliver value to all of our stakeholders."
"I have been honoured to lead the exceptionally talented team we
have built at MEG and I am extraordinarily proud of what we have
accomplished together," said Evans. "Darlene has been an
outstanding partner to me. She has entrenched our operating
priorities, driven an intense focus on health and safety and been
instrumental in delivering our operating and financial results.
With her knowledge of our business, commitment to our people,
operational and commercial acumen, and strategic vision for our
company, she is the ideal candidate to lead MEG forward."
Ms. Gates is an accomplished energy executive with over 30 years
of experience in the oil and gas sector, including global
leadership roles with Imperial Oil and ExxonMobil. Prior to joining
MEG in 2021 as the Chief Operating Officer, she served as the
President, ExxonMobil Alaska. Darlene has progressed through many
technical, managerial, financial and operating positions in
Canada, US, Germany, and Qatar, leading to running Imperial Oil's
Cold Lake asset, one of the
largest thermal in-situ operations in the world. A native Albertan,
she holds a mechanical engineering degree from the University of Victoria and is a member of the RCAF
Command Advisory Council and 4 Wing's Honorary Colonel. She has
also been on numerous charitable and industry boards.
"Derek's disciplined leadership, integrity, and intense focus on
delivering value to shareholders and other stakeholders has
repositioned MEG as a premier oilsands company. It has been
my pleasure and honour to work with and learn from him. I am
excited to lead our talented and innovative team as we continue to
develop our world-class, Canadian-based asset in its mission to
supply the world with affordable, secure, environmentally and
socially responsible energy. I look forward to the
opportunity of working with all our stakeholders to realize the
true long-term potential of MEG," said Gates.
About MEG
MEG is an energy company focused on sustainable in situ thermal
oil production in the southern Athabasca oil region of Alberta, Canada. MEG is actively developing
innovative enhanced oil recovery projects that utilize
steam-assisted gravity drainage extraction methods to improve the
responsible economic recovery of oil as well as lower carbon
emissions. MEG transports and sells thermal oil (AWB) to customers
throughout North America and
internationally. MEG is a member of the Pathways Alliance, a group
of Canada's largest oil sands
producers working together to address climate change and achieve
the goal of net zero emissions1 by 2050. MEG's common
shares are listed on the Toronto Stock Exchange under the symbol
"MEG" (TSX: MEG).
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1 Scope 1
and Scope 2 emissions
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For further information, please contact:
Investor Relations
T 403.767.0515
E invest@megenergy.com
Media Relations
T 403.775.1131
E media@megenergy.com
SOURCE MEG Energy Corp.