In , Encana announced plans to move its corporate headquarters from Calgary , Alberta to Denver, Colorado and rebrand as Ovintiv Inc. Encana was formed in with the merger of the Alberta Energy Company Ltd. However, its origins can be traced to the late s. Part of the contract gave the CPR ownership of land through which the railway would be constructed, as well as some mineral rights.
By the mids, Canadian homeowners and businesses were increasingly attracted to natural gas as an energy source, mostly because it was cheaper than oil. In , it moved its corporate headquarters to Calgary. By the s, it was producing more than , barrels of oil a day. It purchased oil production capacity in many locations in Alberta and in the Panuke oil field off the coast of Nova Scotia see Petroleum Industries. In , the company changed its name to the PanCanadian Energy Corporation.
Its oil production continued to grow in Canada and internationally with a discovery in the United Kingdom. It was formed in to explore and expand oil and gas production within a , ha parcel of land in southeast Alberta. The company was originally owned equally by private shareholders and the Alberta government, but all government shares were sold in The deal was finalized in April and a new corporation, Encana, was created.
Encana sought to focus on its strengths and sold several of its underperforming assets. Meanwhile, it initiated new oil and gas developments in Alberta, California, Louisiana and Brazil. Encana remained a corporate entity focusing on the exploration, production and marketing of natural gas and Cenovus Energy was formed to concentrate on oil exploration , production and sales.
The name change is reminiscent of TransCanada Corp. Encana also plans a share consolidation that will see shareholders receive one share of Ovintiv for every five common shares of Encana.
It plans to continue to trade on both the Toronto and New York stock exchanges. Pseudonyms will no longer be permitted. By submitting a comment, you accept that CBC has the right to reproduce and publish that comment in whole or in part, in any manner CBC chooses. Please note that CBC does not endorse the opinions expressed in comments. Comments on this story are moderated according to our Submission Guidelines. Comments are welcome while open. Show more Show less.
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Suttles would spend years reversing Mr. The company continues to deploy its fracking expertise in shale plays.
Suttles, who is from Texas, moves to Denver. Encana says it is for personal reasons and its headquarters would not be following him. Encana Corp. Alberta Energy Minister Sonya Savage blames federal energy policies for the move, while Alberta's opposition NDP says the province's plan to rescue the economy by slashing corporate income taxes has failed.
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