Alberta Energy Company Ltd

The Alberta Energy Company Ltd (AEC) is one of Canada's largest private-sector independent oil and gas exploration and production companies. Common shares trade on the Toronto, Montreal and New York stock exchanges. With its corporate office in Calgary, Alta, AEC employs over 800 people throughout its 6 business units. These include 4 upstream (AEC East, AEC West, AEC Syncrude, AEC International) and 2 midstream (AEC Pipelines and Processing and AEC Storage and Hub Services). AEC's upstream business units are focused on exploration for and production of natural gas, oil and natural gas liquids across the Western Canada Sedimentary Basin and internationally in, for example, Argentina and Australia. AEC's midstream businesses include investments in pipelines, natural gas storage and natural gas processing facilities.

Incorporated in September 1973 by the Alberta government, AEC's resource development mandate included investments in oil and gas, pipelines, forestry, petrochemicals, coal and steel. AEC's first share offering in 1975 attracted 60 000 buyers, and those shares eventually split 3-for-1 in 1980. The Alberta government initially held a 50% interest and gradually reduced its holding before fully divesting its remaining 36% interest in 1993, making AEC a fully private company. In late 1995, AEC initiated a $1.1 billion merger with Conwest Exploration Company Ltd. AEC now produces more than 700 million cubic feet per day of natural gas and 60 000 barrels per day of oil and natural gas liquids. AEC has the capability to store in excess of 110 billion cubic feet of natural gas and, through its 70% interest in AEC Pipelines, LP, ships more than 300 000 barrels of crude oil daily.