Encana moving to the U.S., changing name amid Canadian pipeline crunch
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.
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“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’.
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Originally Posted by Yolobimmer
