Mr. George, Suncor/Petro Canada & Pen West

August 2, 2014

While looking for the latest mayor ford news ( all I could get on CP24 today was Carabana) but I got an August 1, Online Globe and Mail article about the former Suncor CEO out of Colorado and Sun Oil, now officer of the order of Canada; the Suncor CEO who acted tirelessly to buy Petro Canada at the right price during the 2009 global oil glut. You can read about Mr. George’s Petro Canada take over efforts in his 2012 book called Sunrise. The Globe and Mail article is refreshing because I wondered what had happened to Mr. George after publishing Sunrise and leaving Suncor and Sun Oil. I didn’t know that he was now being blamed for Pen West’s low stock price and accounting problems.

…Mr. George, born in small-town Colorado, is a long-standing member of the Canadian establishment. He spent two decades running Suncor Energy Inc., is an officer of the Order of Canada, and wrote a book chronicling his years leading Suncor. He is an engineer, has a law degree, and was at the helm when Suncor took over Petro-Canada. Before his rise in Canada, Mr. George cut his teeth at some of the world’s largest oil majors, including Texaco and Sun Oil Co.

A senior Calgary financial-industry executive who knows the pair said their personalities could not clash more. On Mr. George: “He’s got a long-standing star status as a CEO.” On Mr. Budd: “Tom – he enjoys combativeness and enjoys the heat of the battle.”

Now, Mr. Budd is using Penn West’s slumping stock price, exacerbated by the accounting scandal to a float a trial balloon to test his chances of knocking out Mr. George and his team. Mr. George and Penn West have not commented since the accounting problems were disclosed…

Advertisements