encana history

1982: PanCanadian moves its headquarters to Calgary. Encana also stated that the company was developing new technologies to ensure improvements in emergency shut-off valves. The company is also engaged in marketing of natural gas, oil and NGLs. [31], In November 2014, the company acquired Athlon Energy for $7.1 billion. [48] Youssef Youssef, a commerce professor at Humber College in Toronto, also takes this perspective, citing the difficulty in changing a brand as recognizable as this one "(Encana) was a solid brand and it had resonance within the Canadian oil industry, and everybody knows the company, so to change the brand, it takes a lot of steps.”[49], On January 24, 2020, after receiving shareholder approval, the company completed the transfer of its corporate domicile from Canada to the United States. [56] In 2013, a private landowner filed suit against the company and Chesapeake for bid rigging. In the last two months, the insiders tried everything to life outsiders in and trap them. The company may be added to the S&P MidCap 400 Index in the U.S., generating demand for 90 million or more of the company’s shares, Randy Ollenberger, an analyst at Bank of Montreal, said in a note last week. Prices shown are actual historical values and are not adjusted for either splits or dividends.

It purchased oil production capacity no Canadian jobs would be lost in the move, and that it would not change the way it does business. [15], In spring 2008, residents from Pavillion, Wyoming, approached the United States Environmental Protection Agency (EPA) about changes in water quality from their domestic wells. Welcome to The Globe and Mail’s comment community. This decision doesn’t change that in any way.”. British Columbia. These rights were later spun off to the company's predecessors. A subsequent investigation by the British Columbia Oil and Gas Commission found that the pipeline had not been properly cleaned before it was activated. [42], In December 2018, the company sold its assets in the San Juan Basin for $480 million.

Encana was also forced to react to changes in the world’s energy markets. At the bottom of the table you'll find the data summary for the selected range of dates. [27][30], In June 2014, the company sold its Bighorn assets in Alberta to Jupiter Resources for US$1.8 billion. [37][38], In June 2017, the company sold its assets in the Piceance Basin for $735 million. However, its origins can be traced to the late 1800s. [45][46], In October 2019, the company announced plans to move its operations from Canada to Denver, where its CEO lived, and change its name to Ovintiv. Randy Eresman, seen here in April, 2009, took over as Encana's chief executive in 2005. [59] In May 2014, the supervisor of wells found with Encana, that the petitioners did "not have standing", because they did not own land within the drilling unit and dismissed the case. We ask you to keep your comments relevant and respectful. The company secretly plans to transform into an income trust, a structure that allowed companies to bypass some taxes and pass more cash on to shareholders. In January 2002, it was announced that the PanCanadian Energy Corporation and the Alberta Energy Company were merging. [27], Encana and Cenovus' headquarters, The Bow in Calgary, was completed in 2013, becoming the tallest building in Canada outside of Toronto. Do you want to know if the splits helped the stock to grow in value? 365 Bloor Street East, Toronto, Ontario, M4W 3L4. In-depth reporting on the innovation economy from The Logic, brought to you in partnership with the Financial Post. For example, a 1000 share position pre-split, became a … [16], In 2009, Encana completed the corporate spin-off of Cenovus Energy, which held its oil business, representing one-third of total production and reserves, and EnCana Corporation retaining its natural gas business. [2], The company has a land position in Canada of 1.680 million net acres, of which about 1.112 million net acres are undeveloped.

over $1.4 billion. It had reduced its workforce in 2014 and in February 2016 announced it would cut 1,600 jobs over three It's benn a bad company for many years. 1988: AEC opens a natural gas storage facility, known as AECO C. This hub gives natural gas in Canada a benchmark price, and therefore shapes much of Encana’s future. As part of the deal, the new company received 25 million acres of land, some of which came with surface and mineral rights.

Encana shares have been in a downward spiral for more than a decade. Over 125 years in the making. [28] The project, owned by H&R REIT, was announced as Encana's headquarters in 2006, prior to the Cenovus split. Encana announced last year that it will move its head office from Calgary to Denver to allow access to larger pools of investment capital, including U.S. index funds and passively managed accounts.

You'll find the closing price, open, high, low, change and %change of the Ovintiv Inc Stock for the selected range of dates. 1994: Gwyn Morgan becomes AEC’s chief executive. [21], In February 2012, Mitsubishi paid approximately C$2.9 billion for a 40% interest in the Cutbank Ridge Partnership with Encana, which involves 409,000 net acres of Montney Formation natural gas lands in northeast British Columbia. While dealing with the British Columbia leak and activist groups accusing the company of damaging the environment, It first offers shares to Albertans, selling $75-million worth of stock at $10 a pop. In 1999, AEC went international with its purchase of Pacalta Encana sought to focus on its strengths and sold several of its underperforming assets. In 1982, it moved its corporate headquarters to Calgary. Encana. [58], In 2013, two property owners adjacent to a drilling unit filed suit against the Michigan Department of Environmental Quality (DEQ) and Encana for potential harm due to proximity.

Mr. Eresman remains head of Encana; Mr. Ferguson becomes Cenovus’s first CEO. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind: Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion. Encana traces its history to the 1880s, when the Canadian Pacific Railway Ltd. accidentally discovered natural gas while drilling a water well for workers. The deal was finalized in April and a new corporation, Encana, was created. While the case was dropped by the DOJ, Michigan's Attorney General followed up on the accusations, and Encana ended up with a fine of $5 million, and Chesapeake paid $25 million into a victim-compensation fund.

The next issue of Top Stories Newsletter will soon be in your inbox. AEC’s plant provides electricity to Syncrude by the end of the year. Encana’s bottom line improved, but at the end of 2016 it posted a loss of $944 million.

[35], In December 2015, the company significantly cut its dividend and capital expenditures budget after a fall in energy prices. Eighteen people experienced stinging eyes and many fled the area. We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. Audio for this article is not available at this time. Doug Suttles, CEO of Encana at the time of the move, said that politics played no role in the decision. Please log in to listen to this story.

Other agreements were made with a subsidiary of the PetroChina Company, a subsidiary of Toyota Tsusho Corporation and another with Mitsubishi. [32], In May 2014, Jonah Energy LLC acquired the company's Jonah Field operations in Sublette County, Wyoming. Major Encana investor to vote against oil producer’s plan to flee Canada for U.S. [13][14], In May 2007, the company sold its assets in the delta of the Mackenzie River. Past Encana CEO Gwyn Morgan blamed Justin Trudeau’s Liberals for turning investors away from Canada with “government policy that actually debilitated the industry.” Alberta premier Jason Kenney echoed this view.

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