Azimuth Capital buys CDPQ shares of oil and gas producer Corex

• The exit is consistent with CDPQ’s climate strategy, including its objective to exit oil production entirely by the end of 2022
• “Our aim is to avoid contributing to the growth in the global oil supply,” CDPQ said previously. “We will dispose of our assets in this sector.”

Azimuth Capital Management has purchased all of the common shares of Corex Resources, a Calgary-based oil and natural gas company, held by pension system Caisse de dépôt et placement du Québec (CDPQ).

Azimuth is a Canadian private equity firm investing in energy transition, infrastructure, E&P and technology with 20 years of experience. It has offices in San Francisco and Calgary, as well as operating partners in Houston and Denver.

CDPQ invests to generate sustainable returns over the long-term on behalf of Quebec public pension and insurance plans. It implemented its first climate strategy in 2017. CDPQ said it has surpassed its targets and is now looking to build on this experience to intensify efforts in achieving a net-zero portfolio by 2050. In 2021, CDPQ announced a number of commitments including but not limited to:

Holding $54 billion in green assets by 2025, achieving a 60% reduction in the carbon intensity of the total portfolio by 2030 and completing its exit from oil production by the end of 2022.

As a result of the Corex deal, the two CDPQ nominees on the board of directors, Christian Grimm and Francis Doyon, have resigned.