Like many oil and gas producers, Paramount Resources, Clay Riddell’s original and largest company, came storming back in 2016 after a miserable 2015, which saw Riddell lose his billionaire status. His winning streak in the energy sector continued into 2017 with the $460 million purchase of assets from Houston-based Apache Corp in July. And Riddell officially merged Paramount with Trilogy Energy, which his family also owns.
If there was surprise at Clay Riddell’s induction into the Canadian Petroleum Hall of Fame in 2015, it was that the institution had waited this long. The 80-year-old has founded 10 oil and gas companies in his career and has been an early supporter of at least as many ventures by other people. Son Jim Riddell (Trilogy Energy) and daughter Sue Riddell Rose (Perpetual Energy) are each oil patch notables in their own right, not to mention son-in-law Mike Rose (Tourmaline Oil). Of course, as the past few years have shown, having so many eggs in the oil and gas basket can be a liability, but probably nobody in Canada has more experience riding the sector’s ups and downs than does Riddell. “It’s been a fun journey,” he told BNN in an interview following his induction to the Canadian Business Hall of Fame in May 2017. “And I sort of hope the journey is not quite over.”
Updated Thursday, November 9, 2017