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Stock Market & Financial Investment News

News Breaks
June 27, 2014
07:02 EDTECAEncana sells Bighorn assets to Jupiter Resources for $1.8B
Encana has reached an agreement with Jupiter Resources to sell its Bighorn assets for approximately $1.8B. The sale includes approximately 360K net acres of land along with Encana's working interests in all pipelines, facilities and service arrangements. Total net proved reserves at the end of 2013 were approximately 1,100 billion cubic feet equivalent, with about three quarters of those reserves being natural gas. The transaction is subject to satisfaction of normal closing conditions, as well as regulatory approvals, and is expected to close by the end of the Q3 with an effective date of May 1. Encana plans to update its FY14 guidance, which will consider the impact of all completed transactions to date, in conjunction with the announcement of its Q2 earnings on July 24.
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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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