Encana Corp (ECA) Key Developments | Reuters.com
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Encana Corp (ECA)

ECA on New York Consolidated

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27 Jun 2016
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Latest Key Developments (Source: Significant Developments)

Navitas Midstream announces agreement with Encana Oil & Gas
Monday, 16 May 2016 08:18am EDT 

Encana Corp : Will purchase encana's gas from its substantial acreage position in Howard county , Texas - . Navitas Midstream says plans to construct new cryogenic processing capacity near its existing spraberry processing complex . New processing facilities will increase combined processing capacity in midland basin to about 155 mmcf per day . Navitas Midstream says entire project is expected to be completed early q2 of 2017 . New processing facilities will have carbon dioxide treating and nitrogen rejection capabilities .Announces Long-Term agreement with encana oil & gas.  Full Article

Encana Corporation cuts 2016 capex, to lay off 20 pct of workforce - Reuters
Wednesday, 24 Feb 2016 07:01pm EST 

Encana Corporation:Encana Corp cut its 2016 capital spending forecast to less than half its 2015 expenditure and said it would lay off 20 percent of its workforce this year.The oil and gas producer cut its capital budget for 2016 to $900 million-$1 billion from $1.5 billion-$1.7 billion it forecast earlier as a steep drop in oil prices forces the company to focus on core assets and lower costs.Encana's U.S.-listed shares rose about 3 percent in premarket trading on Wednesday.  Full Article

Encana Corp gives FY 2016 production guidance
Wednesday, 24 Feb 2016 06:00am EST 

Encana Corp:Expects FY 2016 production to range between 340,000 BOE/d and 360,000 BOE/d.  Full Article

EnCana Corp - Canada's Encana slashes dividend, cuts capex - Reuters
Monday, 14 Dec 2015 12:53pm EST 

EnCana Corp:Canadian oil and natural gas producer Encana Corp ECA.TO ECA.N, responding to a sharp drop in oil prices, has slashed its dividend by about 79 percent and its 2016 capital budget by more than a quarter. - RTRS.The company's shares fell as much as 10 percent on the Toronto and New York Stock Exchanges on Monday. - RTRS."The initial guidance that they put up for 2016 was little worse than what most people were expecting on the production side. - RTRS.And there is a risk the numbers could come down further because the guidance was based on WTI of $50," said Cormark Securities Inc analyst Amir Arif. - RTRS.U.S. West Texas Intermediate CLc1 was trading at about $35.56 per barrel at 1625 GMT. - RTRS.Encana said it expected to produce an average 340,000-370,000 barrels of oil equivalent per day (boepd) next year, down from the 395,000-430,000 boepd it expects to produce in 2015. - RTRS.The company expects to end 2015 with around 600 fewer staff, down to 2,900 from around 3,500. - RTRS.Around half of this decrease is attributable to natural attrition and divestitures, in which staff transitioned to the purchasing company. The remaining half is attributable to layoffs, Encana spokesman Doug McIntyre said. - RTRS.  Full Article

Encana Corp reaches agreement to sell its DJ Basin Assets for $900 mln
Thursday, 8 Oct 2015 06:39am EDT 

Encana Corp:Reaches agreement to sell its dj basin assets for US$900 million.Company expects to have reduced its net debt in 2015 by approximately $3 billion by year-end.Says transaction includes all of encana's dj basin acreage comprising 51,000 net acres.Transaction includes all of encana's dj basin acreage comprising 51,000 net acres.Will use the cash proceeds to further strengthen its balance sheet and create greater flexibility in this market environment.To sell Denver julesburg assets in Colorado to new entity 95% owned by Canada pension plan investment board and 5% by broe group.Says unit, Encana Oil & gas (USA) inc., reached agreement to sell its Denver julesburg (dj) basin assets in Colorado.During first half of 2015, encana's dj basin assets produced an average of 52 million cubic feet per day (mmcf/d) of natural gas.  Full Article

Encana reaches agreement to sell Haynesville Natural Gas Assets
Tuesday, 25 Aug 2015 06:00am EDT 

Encana Corporation:Announces that its wholly-owned subsidiary, Encana Oil & Gas (USA) Inc., has reached an agreement to sell its Haynesville natural gas assets, to GEP Haynesville, LLC, a joint venture formed by GeoSouthern Haynesville, LP and funds managed by GSO Capital Partners LP.Says total cash consideration to Encana under the transaction is $850 million.  Full Article

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 sells Gordondale oil and gas assets to Birchcliff for C$625 million

CALGARY Encana Corp said on Tuesday it reached an agreement to sell its Gordondale oil and gas assets in northwestern Alberta to Birchcliff Energy Ltd for C$625 million ($487.98 million).