Authorizing a consolidation and share exchange that would provide shareholders with one share of Ovintiv common stock for every five common shares of Encana. The shake-up also includes technically moving the company to be U.S.-based, … Mr. Suttles said with its “long and proud history in Canada” Encana will continue to manage its Canadian assets from its Calgary office.

It comes after the departure of foreign oil and gas companies from Canada, with Royal Dutch Shell, ConocoPhillips and Devon Energy Corp. selling their Canadian assets or scaling back investments as a crunch in pipeline space crimps prices. It has yet another hurdle to cross. To order S&P 500 Heads for Its Biggest Decline in a Month: Markets Wrap, Europe Steps Closer to Lockdown-Level Curbs in Italy and Spain, The 2021 Ferrari Roma Is the Most Perfect Ferrari on the Road Today, Time to Reset Expectations for World Economy With Virus Untamed, Lee Kun-hee, Korean Icon Who Transformed Samsung, Dies at 78, Focus will be on well costs and steps Ovintiv has taken to improve returns in the play, Sees the company providing more of its 2020 program details during 4Q earnings release in February, Well costs and results are areas of focus, Rates Ovintiv’s stock as a sector perform, Shares are in the “penalty box,” and performance can improve if Ovintiv can “demonstrate improving profitability in the Anadarko basin.”, Ovintiv has “materially lowered D&C costs; however, well productivity has lagged peers”, Ollenberger rates the stock as an outperform, Doesn’t expect a production and recovery comparison of Ovintiv-drilled and complete wells versus Newfield drilled & completed wells, Says this could have been a potential catalyst for investors, “While one-year cumes appear in line with the company’s type curve, we remain worried over the longer-term trend given what’s seen in the (albeit sometimes funky) OK State data”, Daoud Jr. recommends a market perform rating for Ovintiv’s stock. Encana’s move on Thursday compounded an already bitter political debate between Alberta and Ottawa. “However, our actions show that we will leave no stone unturned to capture the value we deeply believe exists within our equity.”, To contact the author, email mveazey@rigzone.com. This is a space where subscribers can engage with each other and Globe staff. Following the corporate redomicile and name change, the re-branded company would begin trading on both the New York and Toronto stock exchanges under the ticker symbol “OVV,” Encana stated.

It will update investors on its Oklahoma assets on Wednesday, Ovintiv moved its corporate domicile to Denver from Calgary. “The change in corporate domicile will not change how we run our day-to-day activities,” stated Suttles.

Off-topic, inappropriate or insulting comments will be removed. It split in 2001, producing five companies, including PanCanadian Petroleum Ltd. PanCanadian and the Alberta Energy Co. formed Encana in 2002, and named Mr. Morgan CEO. The vast majority of Encana Corp. shareholders are OK with the oil and gas company shifting headquarters south to Denver and changing the company’s name. rights reserved. Total production rose 4% on a proforma basis to 605,100 barrels of oil equivalent per day in the quarter, on higher output from Anadarko and Permian basins. Amundi Pioneer Asset Management Inc. lifted its holdings in shares of Encana Corp (NYSE:ECA) (TSE:ECA) by 318.4% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. Gwyn Morgan, who led the merger of two of Canada’s largest oil and gas firms to create Encana in 2002, called the move “heart-wrenching.”. All Encana was created in 2002 through the merger of Alberta Energy Company Ltd., founded in the 1970s by the provincial government, and PanCanadian Energy Corp., the roots of which can be traced back to the construction of the Canadian Pacific railroad.

But CEOs of other oil and gas companies lamented the decision.
Separately, the company said operating profit for the third quarter rose to 15 cents per share. Encana, under then-CEO Randy Eresman, zeroed in on natural gas.).

If the change gets the green light, shareholders will receive one share of common stock of the new company for every five shares of Encana.

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