Canada energy firm Encana said it will cut 274 jobs in The Woodlands after acquiring Newfield Exploration for $5.5 billion in an all-stock deal.
Encana Corp. agreed to buy U.S. shale producer Newfield Exploration Co. in its largest-ever acquisition, inflaming investors’ ire by reversing course on a strategy of slimming down its oil and gas portfolio.
Encana Corp. Chief Executive Officer Doug Suttles says drillers in Texas’s prolific Permian Basin can no longer impress investors with how much acreage they’re snapping up or how quickly they’re boosting production.
Encana’s chief executive said the firm was ready to embark on a five-year growth plan, despite the company recording an full-year net loss of $944million.
Canadian natural gas firm Encana has said it is on course to deliver “one of the best value creation stories in the industry” over the next few years.
Canadian oil and gas producer Encana revealed yesterday it had delivered cost savings of $50million in 2016, sending its shares up 3% on the Toronto exchange.
Encana Corp., the Canadian oil and natural gas producer, is selling about $1 billion of shares to fund drilling in Texas next year and repay debt.
Canadian oil and gas producer Encana Corp reported an unexpected quarterly operating profit, helped by a cost-cutting drive, and said it would raise its 2016 capital expenditure program.
Canada's Encana reported a net loss of $612million - its fourth straight quarterly loss - as it said it would cut jobs by 20%, reduce its annual spending forecast and lowered shareholders' dividend as it absorbed the impact of plummeting oil and gas prices.
Canadian oil and natural gas producer Encana has reported a quarterly loss but reported an increase in oil production and said it is speeding up spending in the Permian basin in Texas.
Encana Oil and Gas is to sell its Haynesville natural gas assets in northern Louisiana, to GEP Haynesville in a $850million deal.
Encana Corp ECA.TO ECA.N, Canada's largest natural gas producer, posted a second-quarter loss, compared with a year-ago profit, hurt by an impairment charge of about $1.3 billion.
Encana Corp has extended a deadline to buy outstanding shares of common stock of Athlon Energy at $58.50 a share until next week. The deadline, set to US east coast time, will see the chance to purchase shares stop at 12am, Wednesday, November 12. The offer had previously been scheduled to expire at midnight at the end of this week but the company said based on information provided by the depository for the offer 35,302,143 shares of common stock of Athlon had been validly tendered, but not validly withdrawn from the offer.