Excerpted from Financial Post:
A geologist by schooling, Michael Rose joined Shell Canada Ltd. in 1979 even though some told him that fossil fuels were a sunset industry. Fast-forward 45 years, and the now-66-year-old founder and chief executive of Tourmaline Oil Corp. is well aware that people still think fossil fuels are a sunset industry despite oil, natural gas, coal and even wood being used more than ever.
“The world needs lots more of all forms of energy, including the kind we produce, so I don’t see our industry going away any time soon,” he said. “The cool thing over the past four-and-a-half decades is just how much better we are at it now than we were back when I started in all aspects of the business, including environmental performance. It’s unbelievable how efficient we are now on spending capital and returns to shareholders. The business has changed a lot, and it’ll continue to change.“
Managing both today’s demand and tomorrow’s shift is a big part of Rose’s mandate at Tourmaline, which he founded in 2008. Despite having “oil” in its name, it became Canada’s largest natural gas producer in 2021 through a combination of its own exploration, development and production capabilities, as well as acquisitions, including the $1.45-billion purchase of Bonavista Energy Corp. in November.
“(Natural gas) is going to be the largest portion of the energy stack for 10 or 20 years,” he said. “All parts of the stack are growing, and so we fully acknowledge that, and that’s why it’s not fossil fuels versus renewables. It’s an ‘and’ story, not an ‘or’ story — we need more of everything. If you start analyzing all the different energy sources, they all have an Achilles heel somewhere. There’s no perfect energy source as it currently stands.”
That kind of nuanced thinking, as opposed to the black or white arguments many make, in navigating volatile markets, political pressures and shareholder demands for both cash and growth is just one reason why Rose has been named Canada’s Outstanding CEO of the Year for 2023, as presented by Bennett Jones LLP, Caldwell and the National Post.
“Mike Rose is a giant in the oil and gas sector. There are very few CEOs you can point to who have realized the kind of enterprise growth that he built in not just one, but three tremendously successful Canadian companies,” John Wallace, chief executive of Caldwell, said. “He is an outstanding leader, a model of insight, aspiration, hard work and personal grounding. He cares deeply about his colleagues, his shareholders and his community. He and his wife Susan Riddell Rose are active volunteers and supporters in a wide range of social enterprises.”
Click here to read the full article and interview with Mike Rose.
