Really Big Oil

“Suncor will become not just Canada’s biggest energy company but Canada’s biggest company.”

There are few things more perilous in publishing than putting a big number like $50 billion on the cover. Stuff happens, things change by the time readers get the issue in their hands. (You don’t even need numbers for that. I recall National Post Business running the image of John Roth on its cover as CEO of the Year in November 2000, the very month Nortel Networks began its long descent from a three-figure share price down to the bankrupt penny stock it is today.)

Nonetheless, we wanted to convey, in just a few words, the sheer magnitude of the new Suncor Energy that longtime CEO Rick George has assembled through the still-in-progress merger with Petro-Canada, making him a natural to head up our annual list of Alberta’s 50 Most Influential People. Combining the two companies’ revenues from 2008 produces the colossal sum of $57.6 billion, $20 billion better than Canada’s existing revenue leader, Power Corp. Even assuming the new Suncor divests its non-core assets and oil prices stick to US$60 a barrel, it’s safe to assume Suncor will become not just Canada’s biggest energy company but Canada’s biggest company, a first for a firm headquartered west of Toronto.

Even looking at market capitalization, at the time of writing the two companies consolidated were worth $45 billion and trending upward along with oil prices. So the nicely round, alliterative and eye-catchingly huge number of $50 billion is not so far-fetched and, who knows, could be on the low side by the time you read this.

The whole exercise of naming 50 Alberta residents who have the greatest impact both within the province and outside it is a daunting one to begin with, inevitably inviting the dissent (sometimes outrage) of readers who feel one honouree is unworthy or another individual, overlooked. We had a record number of nominations from the public this year, all duly considered though not necessarily assented to by our five-person editorial panel. The rest came from pointed queries to respected third parties, as well as stories within our own pages and those in the broader media universe over the past 12 months. As usual, we made a point of fielding representation not just from the ranks of business people and politicians but also scholars, writers, artists, athletes, philanthropists, volunteers and community activists. Finally, we double-checked that the achievements of each nominee lived up to their early billing.

In the business community especially, the economic turmoil of the past year has caused many to look for leadership in new – and very often old – places. Feel free to disagree with our choices. Indeed, we encourage it, either by posting a message following the 50 Most Influential coverage at albertaventure.com or by email.

Michael McCullough
Editor

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