Encana Sells Colorado Oil and Gas Assets to DJR Energy
Encana Corporation (Encana) announced that its wholly-owned subsidiary, Encana Oil & Gas (USA) Inc., has completed the previously announced sale of its San Juan asset in New Mexico to Denver-based DJR Energy.“This transaction continues our track record of unlocking value from non-core assets,” said Doug Suttles, Encana President & CEO. “The proceeds from this sale add to our financial strength and strongly support our commitment to our $1.25 billion share buyback and 25 percent increase to the dividend in 2019.”Following the expected close of its announced strategic combination with Newfield Exploration Company (Newfield)…
Encana Acquires US Shale Producer Newfield Exploration for USD 4.1 billion
Canadian oil and gas producer Encana has signed a deal to acquire all of the outstanding shares of common stock of Newfield Exploration Company in a USD 4.1 billion deal that will provide the former with significant positions in some of North America’s biggest oilfields.In addition, Encana will assume CAD 2.2 billion of Newfield net debt. The strategic combination will create a leading multi-basin company and has been unanimously approved by the Boards of Directors of both companies.Subject to receipt of regulatory and shareholder approvals by both companies…
Encana Widens N. America Reach with $5.5 bln Newfield Deal
Canada's Encana Corp will buy Newfield Exploration Co for $5.5 billion, giving the natural gas producer greater access to North America's biggest oilfields.Thursday's all-stock deal will give Encana more acreage in United States' Anadarko and Permian basins as well as Canada's Montney regions. This fits into its five-year plan to boost output by focusing on high-margin, liquids-rich production.U.S. listed shares of Encana fell 15 percent, while Newfield rose 13 percent."This (deal) gives Encana a third growth area in the STACK/SCOOP. It also makes it more weighted obviously to the U.S. and U.S.
Why Canada is the Next Frontier for Shale Oil
The revolution in U.S. shale oil has battered Canada's energy industry in recent years, ending two decades of rapid expansion and job creation in the nation's vast oil sands. Now Canada is looking to its own shale fields to repair the economic damage. Canadian producers and global oil majors are increasingly exploring the Duvernay and Montney formations, which they say could rival the most prolific U.S. shale fields. Canada is the first country outside the United States to see large-scale development of shale resources, which already account for 8 percent of total Canadian oil output.
Encana's Q3 Profit Down 7%
Canadian oil and gas producer Encana Corp on Wednesday posted a third-quarter profit above analysts' estimates but 7.3 percent below the same period last year as a result of lower production. Encana also joined other producers in the country in hedging more of its future production, taking advantage of an eight-month high in crude prices and a weak Canadian dollar to lock in production for 2018 and beyond. The company has hedged about 88,000 barrels per day of oil and condensate production next year at an average price of about $53 per barrel, Chief Financial Officer Sherri Brillon said on a conference call.
Encana Posts Better-than-expected Operating Profit
Encana Corp, Canada's No. 2 oil and natural gas producer, reported a better-than-expected quarterly operating profit on Thursday, helped by a cash tax recovery. The Calgary-based company also updated 2017 guidance, forecasting capital expenditures between $1.6 billion and $1.8 billion and production between 320,000 and 330,000 barrels of oil equivalent per day. The capital spending estimate is roughly in line with earlier 2017 forecasts given by Encana but is well above 2016 spending, the latest sign of confidence among Canadian producers as crude prices recover from a two-year slump.
Encana CEO: Ready if Right Asset Sale Opportunities Arise
Canada's largest natural gas producer Encana Corp is prepared to respond if the right opportunities to sell assets come along, Chief Executive Doug Suttles told a fourth quarter earnings call on Wednesday. In response to a question on whether there may be further opportunities to sell assets this year, Suttles said Encana had a bias towards a very focused portfolio. "So we'll look to see if there are opportunities to do that," he said. "I can tell you we're prepared to respond if the right opportunities come along." Reporting by Nia Williams; Editing by Chizu Nomiyama
Encana Shugs off Prices, Ups 2015 CapEx
Canada's Encana Corp said it would boost capital spending in 2015 to focus on its more-profitable shale oil fields, bucking an industry-wide move to cut spending as oil prices tumble. The company said it would spend between $2.7 billion and $2.9 billion in 2015, up from the $2.5 billion and $2.6 billion it had estimated for this year. Encana, which is boosting oil and natural gas liquids production under Chief Executive Doug Suttles, said it would spend 80 percent of its budget on four shale fields - Montney in British Columbia, Duvernay in Alberta and Eagle Ford and Permian in Texas.
Encana to Sell Some Natural Gas Assets in Alberta for C$605 mln
Encana Corp said it would sell some of its natural gas assets in southern and central Alberta for about C$605 million ($541 million) as it focuses on more lucrative oil and natural gas liquids. The sale of a majority of the Clearwater assets to Ember Resources Inc includes about 1.2 million net acres of land and over 6,800 wells with average natural gas production of about 180 million cubic feet equivalent per day in the second quarter. Encana, Canada's largest natural gas producer, said it would retain about 1.1 million net acres in Clearwater, including around 480,000 net acres along the eastern edge of the Horseshoe Canyon Fairway.
Encana Buying Athlon Energy for $5.93 bln
Canada's largest natural gas producer Encana Corp said on Monday it has agreed to buy Athlon Energy for $5.93 billion in cash, as it accelerates its plan to focus on more lucrative oil and natural-gas liquids (NGLs). The deal, which gives Calgary-based Encana control of about 140,000 net acres in the oil-rich Permian Basin in Texas, adds another core region to the six shale fields where Encana is concentrating its spending. The takeover will lead to a huge payday for Apollo Global Management. Athlon was formed in 2010 with the backing of the U.S.
Encana to Double Oil Output with $3.1b US Deal
Canada's largest natural gas company Encana Corp said on Wednesday it is buying producing assets in the Eagle Ford shale field in Texas from Freeport-McMoRan Copper & Gold for $3.1 billion, nearly doubling its oil output. Encana has been concentrating on five shale fields that are rich in oil and natural-gas liquids to lessen its dependence on lower-value gas. This transaction will add a sixth focus area and is aligned with Encana's growth strategy, the company said. "Gaining a position in a world class, oil-rich resource…
Encana unit to sell US assets to Stabilis Energy
Liquid natural gas supplier Stabilis Energy said on Monday it would buy most of the U.S. assets of Encana Natural Gas Inc, a unit of Canada's Encana Corp, for an undisclosed price. Encana, Canada's largest natural gas producer, has been shedding assets under Chief Executive Doug Suttles, who wants the company to cut its dependence on natural gas, prices of which have slumped after a shale boom in the United States. Encana is focusing on shale fields that are rich in oil and natural-gas liquids such as Montney in British Columbia and Duvernay in Alberta.
