Don Gray – President and CEO, Peyto Energy Trust
Assailed as arrogant and brash by members of Calgary’s energy establishment, even Don Gray’s bitterest critics will concede the 39-year-old president and CEO of Peyto Energy Trust has proven enormously successful in taking his company from a penny stock to one of the most profitable energy trusts in the country.
Shortly after Peyto converted to a trust in 2003, Gray took a groundbreaking tack of maintaining a payout ratio of 50% and investing the rest in exploring new reserves, at a time when most rival trusts were paying out between 85% and 90%. Peyto’s novel approach paid off, thanks in no small part to Gray’s unerring ability to sniff out new fields, rocketing the value of Peyto units by more than 60% since the 2003 conversion. Unpopular with some oilmen in Calgary, these results have made Gray very popular with Bay Street analysts – not to mention a rich man. His net worth has been pegged at between $60 million and $80 million by various observers. – WG
Have the public plaudits from analysts and criticism from your competitors made your job easier or more difficult?
Your question reminds me of a quote I heard while in school when I was in Texas. “I am too busy working the plough to worry about the gnats around my ass!” The critics just make the challenge more fun and allow me an opportunity to clearly differentiate what it is we are doing.
Who do you think is the greatest Albertan ever?
Rocky Mountain prospector Wild Bill Peyto, because he represents the spirit of the West and it is that spirit that makes Alberta a special place. He moved to the frontier to create something new. He fought in two wars for principles he believed in. He focused on substance over form and today we should celebrate his spirit.
In 100 years, will you warrant your own chapter in the history books, a footnote to great events or a single Google hit?
None of the above. I doubt my name will ever be mentioned.
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