Cathedral Energy Services CEO announces plan to retire in April

Cathedral Energy Services Ltd. says veteran CEO Scott MacFarlane plans to retire from the Calgary-based directional and horizontal drilling company in April.

MacFarlane was chief financial officer from 2001 to 2013, when he was promoted to chief executive. He played a central role in the company’s transition to an income trust in 2002 and return to a corporation in 2009, along with expanding its presence in Western Canada and the United States.

In a news release, Cathedral said its annual revenue grew from $23.4 million in 2001 to a high of $275 million in 2014.

An energy industry downturn that began in 2015 reversed that trend and the company posted $120 million of revenue in 2019. The near collapse of drilling earlier this year resulted in its revenue in the first half of 2020 falling to $28 million from $70 million in the first six months of last year.

READ MORE: Pandemic cuts growth forecast as oil demand set to hit 2030 plateau: IEA report 

Get weekly money news

Get expert insights, Q&A on markets, housing, inflation, and personal finance information delivered to you every Saturday.

Sign up for weekly money newsletter Sign Up

By providing your email address, you have read and agree to Global News' Terms and Conditions and Privacy Policy.

In April, Cathedral announced measures to deal with the slump that included cutting its office and shop staff by 22 per cent, while the remaining Canadian non-field staff moved to a four-day work week with a corresponding 20 per cent reduction in salary.

The company also cut its director fees and CEO and executive vice-president salaries by 25 per cent.

READ MORE: Shell plan to cut up to 9,000 jobs could result in hundreds of fewer jobs in Canada 

“Scott has proven himself as a respected executive leader and played a key role in the company reaching a number of milestones,” said Cathedral chairman Rod Maxwell, listing the company’s growth, adoption of new technologies and “adept navigation” during challenging economic conditions in 2016 and 2020.

Watch below: Some Global News videos about Canada’s oil sector.

2:12 Oil demand expected to decline in the next decade

• Oil demand expected to decline in the next decade
• Alaska to Alberta rail line could help get Canadian oil to market
• Shell to cut up to 40% from oil and gas production to prepare for energy transition
• Oil demand not expected to return to pre-pandemic levels
• Looking to build on Alberta’s oil and gas industry
• Alberta premier says BP report not concerning, saying report confirms oil demand in the future

Previous Video

Next Video