Eresman named to vacant job at EnCana

Seen as likely successor to Morgan; pledges to meet company’s goal of 10 percent annual growth; praised for ‘disciplined, strategic approach’

Gary Park

PNA Canadian Correspondent

Canadian oil and gas giant EnCana Corp. has laid the groundwork for an eventual change at the helm by naming Randy Eresman as senior executive vice-president and chief operating officer.

The appointment gives Eresman, 44, leadership of EnCana’s worldwide E&P activities and positioned him to take the top job when high-profile chief executive officer Gwyn Morgan retires.

Since the merger of Alberta Energy Co. Ltd. and PanCanadian Energy Corp. to create EnCana, Eresman has been executive vice-president of the onshore North America division, the company’s largest business unit.

In filling a post that has remained vacant, Eresman is now seen as the heir apparent when Morgan, 57, steps down, although there has been no hint of an early departure by Morgan, who built a reputation at AEC for his tireless work habits and lofty ambitions.

Operating by his motto “set no small goals,” Morgan bought companies at rock-bottom prices and doubled AEC production in only five years.

Driven by his goal of creating a global “super-independent,” Morgan once confessed that he had not taken a two-week holiday in 20 years.

Eresman, following his appointment Dec. 18, echoed the Morgan philosophy by committing himself to accomplishing EnCana’s goal of growing production and reserves by 10 percent a year.

He told the Financial Post that he believes the company already has the resource base to achieve 10 percent growth over the next five years.

A graduate in petroleum engineering, he joined AEC in 1980, working his way to the top of divisions that were credited with rapid expansion of the company’s E&P activities.

His reputation among analysts was reinforced in a statement by Morgan, who said Eresman “has a disciplined, strategic approach to selecting and executing both internal growth projects and opportunistic asset acquisitions.

“I believe his track record of shareholder value creation is one of the most outstanding in the North American oil and gas industry.”