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Alberta

Cenovus CEO Pourbaix to step down, become executive chair; Jon McKenzie to be new CEO

Published

1 year ago

7 minute read

By Amanda Stephenson in Calgary

Cenovus Energy Inc. chief executive Alex Pourbaix will step down from his CEO role later this year to devote more time to his evolving role as an outspoken champion of Canada’s oilsands industry and its decarbonization ambitions.

The Calgary-based energy company said Thursday that Pourbaix, who has led Cenovus since November of 2017, will become executive chair, while chief operating officer Jon McKenzie will become CEO in a transition that will take place after the company’s annual meeting set for April 26.

On a conference call with analysts, Pourbaix said the change will allow him to focus his attention on external efforts, including working with all levels of government to advance the oil and gas industry’s decarbonization goals.

Cenovus is a member of the Pathways Alliance, a group of oilsands companies that together have pledged to spend $24.1 billion to reduce greenhouse gas emissions from oilsands production by 22 million tonnes by 2030.

Pourbaix has been one of the most outspoken advocates of the Pathways plan and has been heavily involved in the group’s efforts to secure federal and provincial support for a massive proposed carbon capture and storage transportation line that would capture carbon dioxide from oilsands facilities and transport it to a storage facility near Cold Lake, Alta.

“Next to safety, there is nothing more important to Cenovus and our industry than reaching a durable solution between government and industry to achieve our emission aspirations,” Pourbaix said.

“Once I move to the executive chair position, I intend to dedicate even more time to this pivotal external issue for both Cenovus and our industry.”

Pourbaix was one of the prominent industry voices who successfully lobbied the federal government for the creation of an investment tax credit for carbon capture and storage projects in Canada, which was announced in the federal budget last year.

However, he has also been vocal in his stance that more government support is needed before companies will pull the trigger on investing in carbon capture. Pourbaix and other oil and gas sector leaders have said Canada needs to do more to stay competitive with the U.S. and its Inflation Reduction Act, which they say offers more incentives for the technology.

Environmental groups have been critical of the industry’s lobbying for more support, given the record profits oil and gas companies earned in 2022 due to sky-high commodity prices.

Cenovus earned $6.45 billion in 2022 compared with $587 million in 2021.

Pourbaix said Thursday that he wants to see the industry, the federal government, and the Alberta government come to some type of “durable” agreement as to what this country’s emissions reduction ambitions are. He added that a structure needs to be put in place to make sure the oil and gas sector can achieve those goals while still remaining economically viable.

“I think it’s just incredibly important for Canadians that we find a way for this industry to be able to continue to thrive, and the way we’re going to do that is by constantly improving our environmental leadership,” Pourbaix said.

Alberta Premier Danielle Smith released the contents of a letter to Prime Minister Justin Trudeau Thursday in which she calls for the creation of a minister-led working group aimed at coming up with a coordinated CCUS federal-provincial incentive program.

Smith said Alberta is willing to coordinate a federal CCUS income tax credit with an expansion of the province’s current Alberta Petrochemicals Incentive Program (APIP) to include carbon capture projects.

But she said Alberta will not cooperate if Ottawa continues to push ahead with introduction of its proposed Just Transition legislation, or with a pledged federal cap on emissions from the oil and gas sector.

The announcement of the change at Cenovus’ executive level came as the company reported a fourth-quarter profit of $784 million or 39 cents per diluted share for the quarter ended Dec. 31 compared with a loss of $408 million or 21 cents per diluted share a year earlier.

Revenue in the quarter was $14.1 billion, up from $13.7 billion in the last three months of 2021.

Cenovus reported total upstream production amounted to 806,900 barrels of oil equivalent per day for its most recent quarter, down from 825,300 a year earlier.

Total downstream throughput was 473,500 barrels per day, up from 469,900 in the fourth quarter or 2021.

On the call with analysts, McKenzie — who joined Cenovus in 2018 from Husky Energy as chief financial officer, and was instrumental in Cenovus’s merger with that company — said he expects a smooth transition to the CEO role, with little change in corporate focus.

“Both Alex and I have our fingerprints all over the corporate strategy, and we developed this in a partnership together with the rest of our leadership team,” McKenzie said.

Pathways Alliance president Kendall Dilling said in an emailed statement Thursday that he is grateful Pourbaix will continue to devote his energy to the group’s ambitions.

“Alex’s contributions to not only the creation of Pathways Alliance, but to our continued efforts to decarbonize our industry’s production, have been monumental,” Dilling said.

This report by The Canadian Press was first published Feb. 16, 2023.

Companies in this story: (TSX:CVE)

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Alberta

Red Deer Doctor critical of Alberta’s COVID response to submit report to Danielle Smith this May

Published on April 28, 2024

By

From LifeSiteNews

By Anthony Murdoch

Leading the task force is Dr. Gary Davidson, who was skeptical of mandates at the time.

Alberta Premier Danielle Smith will soon be receiving a little-known report she commissioned which tasked an Alberta doctor who was critical of the previous administration’s handling of COVID to look into how accurate the province’s COVID data collection was, as well as the previous administration’s decision-making process and effectiveness. 

As noted in a recent Globe and Mail report, records it obtained show that just less than one month after becoming Premier of Alberta in November of 2022, Smith tasked then-health minister Jason Copping to create the COVID data task force. 

Documents show that the Alberta government under Smith gave the new task force, led by Dr. Gary Davidson – who used to work as an emergency doctor in Red Deer, Alberta – a sweeping mandate to look at whether the “right data” was obtained during COVID as well as to assess the “integrity, validity, reliability and quality of the data/information used to inform pandemic decisions” by members of Alberta Health Services (AHS).  

As reported by LifeSiteNews in 2021, Davidson said during the height of COVID that the hospital capacity crisis in his province was “created,” was not a new phenomenon, and had nothing to do with COVID.

“We have a crisis, and we have a crisis because we have no staff, because our staff quit, because they’re burned out, they’re not burnt out from COVID,” Davidson said at the time. 

Davidson also claimed that the previous United Conservative Party government under former Premier Jason Kenney had been manipulating COVID statistics.  

In comments sent to the media, Smith said that in her view it was a good idea to have a “contrarian perspective” with Davidson looking at “everything that happened with some fresh eyes.” 

“I needed somebody who was going to look at everything that happened with some fresh eyes and maybe with a little bit of a contrarian perspective because we’ve only ever been given one perspective,” she told reporters Tuesday. 

“I left it to [Davidson] to assemble the panel with the guidance that I would like to have a broad range of perspectives.” 

After assuming her role as premier, Smith promptly fired the province’s top doctor, Deena Hinshaw, and the entire AHS board of directors, all of whom oversaw the implementation of COVID mandates. 

Under Kenney, thousands of nurses, doctors, and other healthcare and government workers lost their jobs for choosing to not get the jabs, leading Smith to say – only minutes after being sworn in – that over the past year the “unvaccinated” were the “most discriminated against” group of people in her lifetime. 

As for AHS, it still is promoting the COVID shots, for babies as young as six months old, as recently reported by LifeSiteNews.  

Task force made up of doctors both for and against COVID mandates  

In addition to COVID skeptic Dr. Gary Davidson, the rather secretive COVID task force includes other health professionals who were critical of COVID mandates and health restrictions, including vaccine mandates.  

The task force was given about $2 million to conduct its review, according to The Globe and Mail, and is completely separate from another task force headed by former Canadian MP Preston Manning, who led the Reform Party for years before it merged with another party to form the modern-day Conservative Party of Canada. 

Manning’s task force, known as the Public Health Emergencies Governance Review Panel (PHEGRP), released its findings last year. It recommend that many pro-freedom policies be implemented, such as strengthening personal medical freedoms via legislation so that one does not lose their job for refusing a vaccine, as well as concluding that Albertans’ rights were indeed infringed upon. 

The Smith government task force is run through the Health Quality Council of Alberta (HQCA) which is a provincial agency involved in healthcare research.  

Last March, Davidson was given a project description and terms of reference and was told to have a final report delivered to Alberta’s Health Minister by December of 2023. 

As of now, the task force’s final report won’t be available until May, as per Andrea Smith, press secretary to Health Minister Adriana LaGrange, who noted that the goal of the task force is to look at Alberta’s COVID response compared to other provinces.  

According to the Globe and Mail report, another person working on the task force is anesthetist Blaine Achen, who was part of a group of doctors that legally challenged AHS’s now-rescinded mandatory COVID jab policy for workers. 

Some doctors on the task force, whom the Globe and Mail noted held “more conventional views regarding the pandemic,” left it only after a few meetings. 

In a seeming attempt to prevent another draconian crackdown on civil liberties, the UCP government under Smith has already taken concrete action.

The Smith government late last year passed a new law, Bill 6, or the Public Health Amendment Act, that holds politicians accountable in times of a health crisis by putting sole decision-making on them for health matters instead of unelected medical officers. 

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Alberta

Former senior financial advisor charged with embezzling millions from Red Deer area residents

Published on April 26, 2024

By

News release from Alberta RCMP

Former senior financial advisor charged for misappropriating nearly $5 million from clients

On April 4, 2024, the RCMP’s Provincial Financial Crime Team charged a Calgary resident for fraud-related offences after embezzling millions of dollars from his clients while serving as a senior financial advisor.

Following a thorough investigation, the accused is alleged to have fraudulently withdrawn funds from client accounts and deposited them into bank accounts he personally controlled. A total of sixteen victims were identified in the Red Deer area and suffered a combined loss of nearly $5 million.

Marc St. Pierre, 52, a resident of Calgary, was arrested and charged with:

  • Fraud over $5,000 contrary to section 380(1)(a) of the Criminal Code; and,
  • Theft over $5,000 contrary to section 344(a) of the Criminal Code.

St. Pierre is scheduled to appear in Red Deer Provincial Court on May 14, 2024.

“The ability for financial advisors to leverage their position to conduct frauds and investment scams represents a significant risk to the integrity of Alberta’s financial institutions. The investigation serves as an important reminder for all banking clients to regularly check their accounts for any suspicious activity and to report it to their bank’s fraud prevention team.”

  • Sgt. John Lamming, Provincial Financial Crime Team

The Provincial Financial Crime Team is a specialized unit that conducts investigations relating to multi-jurisdictional serious fraud, investments scams and corruption.

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