The leadership transition will take place April 26, the company said.
Pourbaix himself 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.”
The announcement of the change in the executive suites 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.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.
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