Encana: Difference between revisions

In 2009, EnCana completed the [[corporate spin-off]] of [[Cenovus Energy]], which held its oil business, representing one-third of its total production and reserves, and EnCana Corporation retaining the [[natural gas]] business.<ref name="spinoff">{{cite news |last=Haggett |first=Scott |date=November 30, 2009 |title=EnCana wraps up spinoff of its oil business |work=[[Reuters]] |url=https://www.reuters.com/article/encana-cenovus/encana-wraps-up-spinoff-of-its-oil-business-idUSN3025130420091130}}</ref><ref name="proceeds">{{Cite press release |title=EnCana proceeds with plan to split into two distinct and independent energy companies |url=https://www.cenovus.com/news/news-releases/2009/0910-split-proceeds.pdf |publisher=[[Cenovus Energy]] |date=September 10, 2009 |access-date=July 5, 2023 |archive-date=January 19, 2022 |archive-url=https://web.archive.org/web/20220119153237/https://www.cenovus.com/news/news-releases/2009/0910-split-proceeds.pdf |url-status=dead }}</ref> Investors favoured the split as it gave them the flexibility to choose between investing in oil, gas, or both.<ref name="choice">{{Cite news |last=Parkinson |first=David |date=December 9, 2009 |title=Cenovus spinoff gives investors a choice |url=https://www.theglobeandmail.com/globe-investor/investment-ideas/cenovus-spinoff-gives-investors-a-choice/article4311405/}}</ref>[[File:Bow Tower and its surroundings, Calgary, Canada; 2012.jpg|thumb|[[The Bow (skyscraper)|The Bow]], Encana's former headquarters in Calgary, opened officially on 4 June 2013]]

On Thursday, 15 March 2018, Suttles announced to the company's staff that he would be relocating to Denver. He stated the move was due tofor personal reasons. When asked by journalists whether the president's move was an indication the company also would move to the United States, spokesman Simon Scott said "the answer to that is, absolutely not."<ref>Jeffrey Jones, "Encana CEO decamps for Denver, Calgary headquarters remains," ''Globe and Mail'' (17 March 2018), B2.</ref> In November 2018, Encana completed a US$5.5 billion deal to acquire [[Newfield Exploration]] of Houston. Before the acquisition, around 60 percent of Encana's production was in Canada; after the acquisition its production became around 60 per cent American.<ref>Olivia Pulsinelli and Greg Avery, "Encana to buy Texas company in multibillion-dollar deal," ''Denver Business Journal'' (7 November 2018).</ref> Gwyn Morgan provided a written statement about the deal that read, "I'm deeply saddened that, as a result of the disastrous policies of the Trudeau government, what was once the largest Canadian-headquartered energy producer now sees both its CEO and the core of its asset base located in the U.S."<ref>Kevin Orland, "Encana founder blames Trudeau," ''Toronto Star'' (6 November 2018), B3.</ref> In an editorial he wrote a two weeks later, he said that after stepping down as president in 2005, he "could never have imagined that, a dozen years later, the company would decide to export itself."<ref>Gwyn Morgan, "The tragic Americanization of Encana," ''Financial Post'' (21 November 2018), FP9.</ref> Meanwhile [[Ted Morton]] assessed the purchase, saying, "Encana's announcement that it was acquiring Texas-based Newfield Exploration may be good news for the Calgary-based company, but it is not good news for Canada. It is the most recent chapter in an unfolding story of capital flight from the Canadian energy sector."<ref>Ted Morton, "Another Canadian oil company flees Trudeau and Notley for the U.S." ''Whitecourt Star'' (28 November 2018), A12.</ref>

Randall# K.Clayton EresmanHarvey Woitas (interim), 111 January 20062013 – 11 JanuaryJune 2013<br>

Clayton# H.[[Doug WoitasSuttles|Douglas (interim)James Suttles]], 11 JanuaryJune 2013 – 1110 JuneSeptember 2013<br>2019