Canada’s Peyto Exploration sees CEO transition
Darren Gee, CEO of Peyto Exploration & Production for nearly two decades and a leading voice of western Canadian natural gas producers, is retiring at the end of this year, the company said October 4. He will be replaced by president and COO Jean-Paul Lachance.
“I’m retiring after more than 21 years at Peyto and at a time when the company and its future looks extremely bright,” Gee said. “JP and the entire Peyto team are about to embark on the next chapter with an enormous depth of opportunities, a solid balance sheet and strong earnings growth potential.”
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Gee joined Peyto in 2001 as vice president, engineering in 2001 and succeeded Don Gray as president in 2006, before assuming the role of CEO on January 1, 2006. A “significant investor” in Peyto, he will remain on the company’s board of directors.
“Darren joined the Peyto team in 2001 and has been instrumental in growing our company from 2,000 boe/day to over 100,000 boe/day,” Gray, now Peyto’s chair, said. “Darren has ensured that Peyto’s culture of honest, transparent communications with shareholders is stronger today than ever.”
In 2001, Gee’s first year at Peyto, natural gas production averaged 20.5mn ft3/day. In Q2 2022, gas production – mainly from Alberta’s Deep Basin area – averaged more than 540mn ft3/day.
Lachance, a practicing engineer in the Alberta oil and gas industry since 1991, joined Peyto as vice president, engineering in 2011 and was promoted to president and COO in November 2021.