Key Developments: Encana Corporation (ECA.TO)

ECA.TO on Toronto Stock Exchange

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Latest Key Developments (Source: Significant Developments)

Encana Corp completes sale of Montney Midstream Assets
Wednesday, 1 Apr 2015 08:00am EDT 

Encana Corp:Says the company and the Cutbank Ridge Partnership (CRP), a partnership between Encana and a subsidiary of Mitsubishi Corporation have;.Completed sale of certain natural gas gathering and compression assets supporting development in the Montney area of northeastern British Columbia to Veresen Midstream L P, a 50/50 limited partnership of Veresen Inc. and affiliates of Kohlberg Kravis Roberts & Co. L.P.Total cash consideration to Encana is about C$461 mln.Under the terms of the agreement, Veresen Midstream will provide gathering and compression services to each of Encana and the CRP under separate fee-for-service arrangements in a dedicated area of mutual interest within the Montney resource play.  Full Article

Encana Corp completes C$1.25 bln bought deal offering
Monday, 16 Mar 2015 07:50am EDT 

Encana Corp:Announced the completion of its offering of 85,616,500 common shares of Encana at a price of C$14.60 per Share, for aggregate gross proceeds of about C$1.25 bln.Also granted the underwriters an over-allotment option to purchase up to an additional 12,842,475 Shares at the Offering Price, exercisable for a period of 30 days after closing of the Offering.Offering was made on a bought deal basis through a syndicate of underwriters led by RBC Capital Markets, Credit Suisse and Scotiabank.Says it will use the net proceeds of the Offering to redeem its $700 mln of long-term debt maturing in 2017 and C$750 mln of long-term debt maturing in 2018 on April 6, 2015.  Full Article

Encana Corporation announces C$1.25 billion bought deal offering
Wednesday, 4 Mar 2015 04:17pm EST 

Encana Corporation:Enters into an agreement with a syndicate of underwriters led by RBC Capital Markets, Credit Suisse and Scotiabank.Pursuant to which the underwriters have agreed to purchase, on a bought deal basis, 85,616,500 common shares of Encana at a price of C$14.60 per Share for gross proceeds of about C$1.25 bln.Encana has granted the underwriters an over-allotment option to purchase up to an additional 12,842,475 mln Shares at the Offering Price, exercisable for a period of 30 days after closing of the Offering.If the Over-allotment Option is exercised in full, the aggregate gross proceeds from the Offering will be about C$1.44 bln.Net proceeds are expected to strengthen Encana's balance sheet and provide Encana with additional financial flexibility by reducing Encana's long-term debt and interest expense.Intends to use net proceeds from the Offering, along with cash on hand and, if required, other sources of funds including under its credit facilities, to redeem all of its $700 mln aggregate principal amount of 5.90 pct Notes due 2017.Also redeems all of its C$750 mln aggregate principal amount of 5.80 pct Medium Term Notes (Series 4) due 2018, pursuant to the terms of their respective indentures.Says offering is expected to close on or about March 16.Therefore, investors in the Offering will not be eligible to receive the dividend payable on March 31 to shareholders of record on March 13.  Full Article

Encana Corporation declares dividend
Wednesday, 25 Feb 2015 06:00am EST 

Encana Corporation:Declares dividend of $0.07 per share payable on March 31, to common shareholders of record as of March 13.  Full Article

Encana Corp completes sale of Clearwater assets for C$605 mln
Thursday, 15 Jan 2015 04:31pm EST 

Encana Corp:Completed previously announced sale of certain Clearwater assets in Alberta to Ember Resources Inc. for purchase price of about C$605 mln.Sale includes about 1.2 million net acres of land, over 6,800 producing wells and about 180 million cubic feet equivalent per day (mmcfe/d) of natural gas production.  Full Article

Encana Corp 's indirect subsidiary to complete transformative acquisition of Athlon Energy
Thursday, 13 Nov 2014 08:00am EST 

Encana Corp:Says the cash tender offer made by Alenco Acquisition Company Inc., Encana's indirect, subsidiary to acquire all of the issued and outstanding shares of common stock of Athlon Energy Inc. expired on Nov. 12.Says all shares that were validly tendered into the offer and not validly withdrawn have been accepted for payment.Says promptly following consummation of the offer, Alenco Acquisition will be merged with and into Athlon, and Athlon will become an indirect, subsidiary of Encana.Encana expects to complete the offer and the merger on Nov. 13.Says the completion of the previously announced $7.1 bln acquisition of Texas-based Athlon gives the company a 140,000 net acre position in the oil-rich Permian Basin.  Full Article

Encana Corp declares dividend of $0.07 per share
Wednesday, 12 Nov 2014 06:00am EST 

Encana Corp:Declares dividend of $0.07 per share.Payable on Dec. 31.Says to common shareholders of record as of Dec. 15.  Full Article

Encana announces extension of tender offer to acquire Athlon Energy
Monday, 3 Nov 2014 06:30pm EST 

Encana Corp:Says its indirect, wholly owned subsidiary to acquire all of the issued and outstanding shares of common stock of Athlon Energy for US$58.50 per share, net to the seller in cash, without interest, less any applicable withholding taxes, has been extended until 12:00 midnight on Nov. 12.  Full Article

Encana reaches agreement to sell Clearwater assets to Ember Resources
Wednesday, 8 Oct 2014 08:00am EDT 

Encana Corp:Reaches an agreement with Ember Resources Inc. (Ember) to sell majority of its Clearwater assets, located in southern and central Alberta.Says for about C$605 mln.The sale includes about 1.2 mln net acres of land and over 6,800 producing wells with second quarter average production of about 180 mln cubic feet equivalent per day (mmcfe/d) of natural gas.  Full Article

Encana completes sale of bighorn assets in Alberta for $1.8 bln
Tuesday, 30 Sep 2014 06:00pm EDT 

Encana Corp:Announces the sale of its Bighorn assets in Alberta to Jupiter Resources for a purchase price of about $1.8 billion.Sale includes about 360,000 net acres of land along with all of Encana's working interests in pipelines, facilities and service arrangements related to the Bighorn properties.  Full Article

UPDATE 2-Canadian energy companies TransCanada and Encana cut jobs

CALGARY, Alberta, June 23 - Pipeline company TransCanada Corp and oil and gas producer Encana Corp both said on Tuesday they were cutting jobs, joining other Canadian energy firms that have laid off staff since global oil prices slumped.

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