Syncrude announces retirement of Chairman and CEO Eric Newell

(Fort McMurray, Alberta) – Syncrude Canada Ltd. (“Syncrude”) today announced the upcoming retirement of E.P. (Eric) Newell, Chairman and CEO, effective December 15, 2003.

E.P. (Eric) Newell has been Chairman of the Syncrude Board of Directors since 1994, Chief Executive Officer of Syncrude Canada Ltd. since 1989, and served as President from 1989 to 1997. In 1995, as President of the Alberta Chamber of Resources, he spearheaded the creation of the National Oil Sands Task Force, which developed a comprehensive energy strategy for Canada that now is being realized with over $50 billion in oil sands projects planned or currently under development in northern Alberta. He is an Officer of the Order of Canada and was most recently named the 2003 Energy Person of the Year by the Energy Council of Canada.

Canadian Oil Sands President and CEO

“He set a direction that has allowed Syncrude to surpass the billion barrel production mark in a challenging yet profitable and very promising business.”

Said Newell, “Certainly, I have enjoyed my 17 years at Syncrude including the last 14 years as CEO. Leading Syncrude is like the running of a long relay race, and it’s now time for me to hand over the baton. We truly have a championship management team as well as committed and talented employees with a can-do attitude. Syncrude’s full potential is just starting to be realized and it has a long and bright future ahead of it.”

The Syncrude Project is a joint venture operated by Syncrude Canada Ltd. and owned by Canadian Oil Sands Limited, Canadian Oil Sands Limited Partnership, ConocoPhillips Oilsands Partnership II, Imperial Oil Resources, Mocal Energy Limited, Murphy Oil Company Ltd., Nexen Inc., and Petro-Canada Oil and Gas.

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