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Stock Market & Financial Investment News

News Breaks
January 11, 2013
17:51 EDTECAEncana CEO Randall K. Eresman announces retirement, effective January 11
Encana announced that Randall K. Eresman, President & CEO, has informed the Board of Directors that, effective January 11, he is retiring from Encana after serving the company for approximately 35 years. Eresman will also be retiring from the Board of Directors but he has agreed to stay on as an advisor until February 28 to assist with the transition. Clayton H. Woitas, a director of Encana and President and CEO of Range Royalty Management Ltd., has been appointed Interim President & CEO. Woitas will serve in this role while the Board of Directors conducts a search for a new President & CEO.
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August 25, 2015
06:03 EDTECAEncana agrees to sell Haynesville assets for $850M
Encana announced that its wholly-owned subsidiary, Encana Oil & Gas, has reached an agreement to sell its Haynesville natural gas assets, located in northern Louisiana, to GEP Haynesville, a joint venture formed by GeoSouthern Haynesville, LP and funds managed by GSO Capital Partners LP. Total cash consideration to Encana under the transaction is $850M. In addition, through the transfer of current and future obligations, Encana will reduce its gathering and midstream commitments, which will be substantially complete through 2020, by approximately $480M on an undiscounted basis. Further, Encana will transport and market GeoSouthern's Haynesville production on a fee for service basis for the next five years. Encana will use the total cash consideration to reduce its net debt, further strengthening its balance sheet. Consistent with its strategy, Encana remains focused on growing high margin production. Over 80% of 2015 capital will be invested in the company's four most strategic assets in the Permian, Eagle Ford, Duvernay and Montney. During the first half of 2015, Encana's Haynesville assets produced an average 217 mmcf/d, contributed approximately 9% to companywide production and less than 2.5% to Encana's first half operating cash flow, excluding hedges. The sale of Encana's Haynesville assets is subject to satisfaction of normal closing conditions, as well as regulatory approvals and post-closing adjustments, and is expected to close in Q4 with an effective date of January 1.

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