https://business.financialpost.com/c...-changing-name
Encana Corp. will shift base to the United States and become Ovintiv Inc., the Canadian oil and gas producer said on Thursday, as Canada faces pipeline capacity shortages that have led many companies to move from the country’s energy sector.
Rivals Royal Dutch Shell, ConocoPhillips and Suncor Energy have either been selling their Canadian assets or have scaled back investments as pipeline space crunch impacts prices.
Encana meanwhile has been adding assets in the United States and had earlier this year bought Texas-based Newfield Exploration Co. for US$5.5 billion.
Retraining oil and gas workers sounds like an easy solution, but the reality is incredibly complex
Encana moves back to profit as production ramps up in shale oil basins
Encana cuts 15% of workforce and 35% of executives after buying Newfield Exploration
“A domicile in the United States will expose our company to increasingly larger pools of investment in U.S. index funds and passively managed accounts, as well as better align us with our U.S. peers,” Chief Executive Officer Doug Suttles said in a statement.
Encana said the rebranded company will continue to be dually traded on the Toronto and New York stock exchanges under the ticker symbol ‘OVV’.