Ovintiv CEO Doug Suttles Announces Retirement

Ovintiv Inc. CEO Doug Suttles, who spearheaded the transformation of the Denver-based E&P company formerly known as Encana, said he will retire by August.

As part of a comprehensive succession planning process, the Ovintiv board has named Brendan McCracken as president and CEO, effective Aug. 1, said Board Chair Peter Dea.

“His appointment reflects his strong leadership skills, broad background and track record for delivering strong results,” Dea said in a statement on June 8 commenting on McCracken’s appointment.

McCracken began his career with the company nearly 25 years ago as a summer intern. Most recently, he served Ovintiv as president following a promotion announced last November. He has led a broad range of functions across the business, including strategy, external affairs and operations.

Formerly headquartered in Calgary, Alberta, Ovintiv is a North American oil and gas producer with roots dating back to the late 1800s. Beginning in 2013, when Suttles joined Encana from BP Plc, the company began retooling its portfolio with a weighting toward liquids, which eventually led to a corporate redomicile to the U.S. and the adoption of a new name.

Today, Ovintiv has a multibasin portfolio with core growth assets in the Anadarko Basin, Permian Basin and Montney plays. The company also recently exited its Eagle Ford Shale and Duvernay positions through asset sales set to help accelerate its goal of cutting debt by around 35% to $4.5 billion.

“Our priorities today remain unchanged as we continue to focus on reducing debt, generating free cash flow and delivering quality returns,” McCracken said in a statement on June 8.

Suttles has served as CEO of Ovintiv since June 2013. He had previously held several senior leadership positions at BP, including COO of BP Exploration & Production and president of BP Alaska. Prior to joining BP, he completed various production engineering assignments with Exxon Mobil Corp.

In a statement Suttles commented, “It has truly been an honor and privilege to lead Ovintiv over the past eight years. I want to thank the board and the entire Ovintiv team for their support. I know Brendan well and I wholeheartedly support his appointment as CEO. He will do an exceptional job leading the company.”