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Natural gas

Alberta Natural Gas Co. Ltd. Announces Executive Changes and Expansion Plans

Strategic Insights

— 1 min read

At its annual meeting, Calgary-based Alberta Natural Gas Co. Ltd. named Wayne Lunt to succeed John Beddome as president and chief executive. The company also appointed Gerald Maier as its new chairman, where he currently serves as chairman of TransCanada PipeLines Ltd. John Beddome announced his retirement from the company, with no immediate plans for his next business venture. As president and CEO, Lunt outlined the company's plans to expand its U.S.-based specialty chemicals business, aiming to increase its market penetration in Europe, Latin America, and the Far East. Alberta Natural Gas is in talks with natural gas shippers, which may lead to a 300 million cubic feet per day throughput increase as early as 1997.

Key Takeaways:

  • Wayne Lunt has been appointed as the new president and chief executive of Alberta Natural Gas Co. Ltd., succeeding John Beddome.
  • Gerald Maier has been named as the new chairman of Alberta Natural Gas Co. Ltd., having previously served as chairman of TransCanada PipeLines Ltd.
  • The company plans to expand its U.S.-based specialty chemicals business, aiming to increase market penetration in Europe, Latin America, and the Far East.
  • Alberta Natural Gas is in talks with natural gas shippers and anticipates a potential 300 million cubic feet per day throughput increase by 1997.
  • The expansion of the U.S.-based specialty chemicals business is expected to cost around $50-million.
  • The company aims to achieve higher earnings in 1995, following a first-quarter earnings increase of 54% compared to the previous year.
  • Alberta Natural Gas will pursue its pipeline expansion plans in conjunction with Pacific Gas Transmission Co., a San Francisco-based company.

Statistics:

  • $31.5-million: the company's profit in 1994
  • $1.23: the company's profit per share in 1994
  • 54%: the increase in first-quarter earnings compared to the previous year
  • $50-million: the estimated cost of expanding the U.S.-based specialty chemicals business
  • 300 million cubic feet per day: the potential throughput increase by 1997
  • 1995: the year in which the company aims to achieve higher earnings than in 1994

Sources:

  • "Alberta Natural Gas Co. Ltd. has no further information available." (Source unavailable without access to the original document)
  • Citing "Dow Jones Service, Calgary AB, 1995"

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