Canadian Natural Resources (ticker: CNQ) said that at its upcoming 2017 year-end board meeting on February 28, 2018, company President Steve Laut will assume the role of executive vice chairman, and Tim McKay, currently COO, will be promoted to president.

Laut will remain on the management committee and will support the continued transition in its asset base, provide strategic input on the company’s overall corporate direction, as well as focus on oversight of major corporate projects, the company said in a press release.

Creating 2 COOs

Canadian Natural said starting Jan. 1, 2018 it will create two Chief Operating Officer positions, one for E&P, one for oil sands.

  • Darren Fichter, currently the EVP of Canadian Conventional will be promoted to COO, Exploration and Production
  • Scott Stauth, currently EVP North American Field Operations, will be promoted to Chief Operating Officer, Oil Sands

Canadian Natural’s Exploration and Production assets represent approximately 580,000 BOEPD and $2.0 billion in capital spending in 2018.

The Oil Sands assets represent approximately 537,000 BOEPD and $2.4 billion in capital spending in 2018, (all at mid-point of guidance). The Exploration and Production assets will include all the Canadian Conventional assets, including Pelican Lake and its International assets. The Oil Sands assets will include Horizon, Athabasca Oil Sands Project and all of its Thermal Operations. In addition to its Canadian operations, Canadian Natural operates in the U.K. North Sea and offshore Africa.


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