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MEG Energy promotes chief operating officer Darlene Gates to chief executive

The MEG Energy Corp. logo is seen in this undated handout photo. MEG Energy Corp. is promoting Darlene Gates to the role of chief executive.THE CANADIAN PRESS/HO, MEG Energy *MANDATORY CREDIT*

CALGARY — MEG Energy Corp. is promoting Darlene Gates to the role of chief executive.

The oilsands company says Gates, who is the company's chief operating officer, will take over the top job on May 1 when Derek Evans steps down from the role.

She will also be nominated for election to the MEG board of directors at its annual meeting set for May 7.

Gates has more than 30 years of experience in the oil and gas sector.

Before joining MEG in 2021 as the chief operating officer, Gates was the president, ExxonMobil Alaska.

MEG board chair Jim McFarland says Gates has the experience, skills and personal drive to deliver on the company's strategy and lead the organization into the future.

The move came as MEG reported a profit of $103 million or 37 cents per diluted share for the quarter ended Dec. 31, down from a profit of $159 million or 53 cents per diluted share for the last three months of 2022.

Revenue totalled $1.4 billion about the same as a year earlier.

Bitumen production in the quarter averaged 109,112 barrels per day, down from 110,805 in the fourth quarter of 2022.

This report by The Canadian Press was first published March 1, 2024.

Companies in this story: (TSX:MEG)

The Canadian Press

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