I don’t wanna know your name
‘Cause you don’t look the same
The way you did before …
Fox on the run
You scream and everybody comes a running
Take a run and hide yourself away
Foxy on the run
Fox on the run
And hide away …
Looks like a vagina to me!
Encana so desperate, they need subliminal advertising in name and logo to perk things up?
A few comments in:
Albertan: “that’s a digital vagina for sure.”
Manitoban: “Hey Jessica … They’re running away from you!”
Albertan: “can’t believe encana changed their name to ovarytit … the herald has like 10 articles about it. gwynny all whiny and cryee …”
Texan: “I despise them.”
Californian: “Good work! Fleeing industry creates hope for the end of the fossil fuel devastation. The U.S. is rallying for clean energy and a less is more mentality (at least started) so, no pushovers here…but for Trump and cronies.”
Albertan: “It really is terrible. I hate them even more. If that is possible. It’s actually funny watching them all scramble and blame …”
To CBC article below: “the new name sounds like a pharmaceutical for erectile dysfunction … too much!”
British Columbian in response to comment above: “Imagine … the drilling towers … collapsing.”
2008 11 01: Encana workers give press the finger in NEBC. Unwise to expect much from a company whose workers treat the public like this:
A bit of history:
EnCana (now Encana, without the capital C) was spawned by Alberta Energy Corp merger with Pan Canadian. Alberta Energy Corp, headed by none other than Gwyn Morgan, had a nasty habit of being incredibly cruel and abusive (complete with conspiring with the national police to blow up one of the company’s own gas wells) to those who spoke out about the company’s poisoning of families, livestock and communities. Read Andrew Nikiforuk’s Governor General Award Winning Saboteurs for fascinating details.
Saboteurs Wiebo Ludwig’s War Against Big Oil by Andrew Nikiforuk, October 1, 2002, Macfarlane, Walter & Ross
Winner of the 2002 Arthur Ellis Award for Best True Crime
Winner of the W.O. Mitchell City of Calgary Book Prize
Finalist for the 2002 Governor General’s Literary Award for Nonfiction
Finalist for the Wilfred Eggleston Award for Nonfiction
This is a taut, careful work of nonfiction that reads like a thriller and raises unsettling questions about individual rights, corporate power, police methods, and government accountability.
Citizen EnCana The double life of Calgary’s greatest corporation, Good Corporate Citizen or Evil Empire
The true nature of the beast: EnCana to cut $1-billion if royalties rise
Encana conference call (warning, executive profanity) 19 Seconds, February 15, 2013
If Encana didn’t already have enough to deal with, more was added to its woes on Thursday. One of the 20 executives gathered to participate in a conference call with reporters, investors and financial analysts discussing the company’s fourth-quarter financial results was heard to call one of the analysts a “f—ing a-hole” in response to a question. Phil Skolnick, an analyst with Canaccord Genuity, had asked whether the newly passed federal legislation governing foreign ownership would have any impact on the possibility of Encana being sold. It was a fair and benign question to which interim chief executive Clayton Woitas simply answered “no.” It certainly didn’t deserve the snide profanity uttered by an unidentified male voice of one of the 20 executives, given that rumours of a potential sale of Encana have been floating around for a while.
… It took no time for the 19-second clip to go viral around Calgary and beyond; one can only imagine the life it has had among Encana joint venture partners and shareholders over the last 36 hours.
It’s bad enough there is a cloud lingering over the company as a result of the U.S. Department of Justice investigation into whether the company had colluded with Chesapeake Energy when bidding for assets. Questions were also raised over the apparent lack of a succession plan when Eresman was shown the door; that lack of preparedness on the part of the board of directors arguably put the company in the penalty box even though an accomplished and respected oilpatch veteran was named interim CEO.
The point is, Encana was already suffering from a measure of reputational damage – Thursday’s incident added to its woes, not to mention the impact on employee morale. One might even go so far as to suggest Encana is now reputa-tionally immuno-suppressed; it’s going to take some very strong medicine to change the situation. If you go to the Encana website, you’ll find a page that states “Integrity is the foundation of everything we do.”
2016: US EPA Releases Final Frac Report: Rosebud Alberta drinking water aquifers frac’d, water wells contaminated with gas. EPA’s late edits to 2015 draft frac report downplayed the risks, contradicted the evidence, called “bizarre” & “irresponsible.” Like Alberta regulator official, Steve Wallace, secretly editing “independent” drinking water contamination reports to protect illegal aquifer frac’er Encana?
“Of course if you inject fracking fluids directly into an aquifer, you are going to contaminate it. Someone who does this should go to jail.”
This in EPA’s Final 2016 Frac Report:
In one field in Alberta, Canada, there is evidence that fracturing in the same formation as a drinking water resource (in combination with mechanical integrity problems; see Section 22.214.171.124) led to gas migration into water wells (Tilley and Muehlenbachs, 2012). [The reference is on methane and ethane contaminated water wells at Rosebud, and includes other water wells contaminated with gas in Alberta]
… 9.5.5 Methane in Stray Gas
Chapter 6 discussed stray gas as a potential hazard in areas of hydraulic fracturing activity (Text Box 6-3). Stray gas refers to the phenomenon of natural gas (primarily methane, plus lesser amounts of ethane) migrating into shallow groundwater, into water wells, or to the surface (e.g., cellars, streams, or springs). … Potential pathways for migration of stray gas into aquifers include pathways along production wells with casing and/or cement issues, through naturally existing fractures, through induced fractures, or via a route that is some combination of these pathways.
Although ingestion of methane is not considered to be toxic, it has the potential to pose a physical hazard. Methane can accumulate to explosive levels when allowed to exsolve (degas) from groundwater in closed environments. High concentrations of methane may also displace oxygen and act as an asphyxiant (NIOSH, 2000), potentially causing suffocation, loss of consciousness, or symptoms such as headache and nausea. Methane is not a regulated drinking water contaminant. [How convenient for the oil and gas industry]
2016: Trudeau names Brian Ferguson, CEO of Cenovus (company along with Encana that’s been reduced to junk bond status) to Economic Advisory Council, possibly the most influencial people to be around PM and Finance Minister Bill Morneau
ANALYSIS: ENCANA DEPARTURE PUTS CANADA, ALBERTA AT CROSSROADS TO A CARBON-FREE FUTURE by Mitchell Beer, Nov 1, 2019, theenergymix
The other question, less evident in this week’s coverage of the Encana decision but more clear in wider industry trends, is how much longer fossil companies will be able to offer any economic benefit to anyone, whether they’re “domiciled” in Calgary, the United States, or anywhere else.
From ‘De-Manning’ to ‘Redomiciling’
Yesterday, the industry that introduced “de-manning” to the English language brought “redomiciling” into common usage, with Encana’s announcement of its impending head office move and rebrand—it’ll now be known as Ovintiv Inc. and trade on the New York and Toronto stock exchanges. Company management hopes the move will attract more U.S. investors to a business that is slowly shrinking, according to charts in the Globe and Mail, relies on fracked gas and natural gas liquids for a thin majority of its sales (though it’s been shifting back into oil), and is already based largely in the U.S.
“The price of Encana shares fell nearly 7% on the Toronto Stock Exchange on Thursday, and has fallen by 61% in the past year,” the Globe reports, hardly the profile of a thriving company on which anyone should want to build their future. If the reorganization is approved by shareholders, courts, and the stock exchange, some Canadian investment funds will have to drop the stock.
… “The answer is unequivocally no,” responded Encana CEO Doug Suttles, when BNN Bloomberg asked whether the decision was triggered by last week’s federal election, which delivered a minority government with no seats in Alberta and a declared commitment to faster climate action. “This is not a political move. This is quite simply accessing the capital trends in the marketplace.” [Which are trashing the world over into multibillion dollar losses for investment firms as the frac bubble spectacularly busts]
A wider view came from Globe and Mail reporter Jeffrey Jones, whose opinion piece Thursday casts the situation as “a gut punch to Alberta”, but a mess of Encana’s own making. He says the company will need better financial returns —not a change of address — to draw investors. [Seems more likely that Mr. Suttles is taking encana to America to hide it dying with a ridiculous name change]
“This isn’t just a broad-brush tale of political bumbling by Ottawa, nor, as Encana says, simply a desire to seek wider pools of capital in the United States,” Jones writes. Since former BP executive Suttles took over the company in mid-2013, “almost all of his major decisions have made the company more American,” not least his own decision to relocate to Denver. “Unfortunately for investors, none have made them wealthier.”
… All of which opens two questions that have not yet broken out in the media commentary on Encana’s announcement: Whether it’s in Canada’s or Alberta’s interest to fight the trend, and how well the country’s departing fossils will be able to sustain their operations in the U.S.
A ‘Western Agenda’ vs. Two-Thirds of Canadians
With a minority government still getting organized in Ottawa, the fossil lobby is already extending its reach to smaller parties in the House of Commons. “It’s easy to talk to people who agree with you,” Global Public Affairs Vice-President Ted Gruetzner told the Globe last week, but “you have to work with the people who are there.”
… And whether anyone needs to be blackmailed, in Ottawa or in Edmonton, when the alternative is to embrace a cluster of energy efficiency, renewable energy, and energy storage industries that are already undercutting the fossils on price, and certainly vastly outperforming them on carbon. Down that road lie more than 10 million jobs already being created in the carbon-free economy with many millions more to follow, including massive opportunities for Alberta in efficiency, solar, and wind.
A Fossil Sector in Decline
Which means that, as the situation develops, Alberta’s prospects without fossil fuels may be far better than the fossils’ prospects without Alberta. Five years into a sustained price crash, BP and Royal Dutch Shell—two of the world’s most colossal fossils, between them accounting for nearly 15% of the shareholder dividends on the Financial Times Stock Exchange—are warning that the continuing growth in those returns is at risk.
… It’s also a measure of the shaky business environment Encana and Citadel Drilling are jumping into. In the hydraulic fracturing fields that have driven much of the U.S. industry’s growth in recent years, oilfield service companies “are taking the unprecedented step of scrapping entire fleets of fracking gear,” Bloomberg reports this week, with low prices and investor skepticism threatening to idle nearly half of their equipment within weeks.
“We don’t learn from our mistakes in this industry, do we?” said analyst Joseph Triepke.
The fossil industry is big and complicated enough that countless factors can drive its rise or fall, and a collapse in one part of the sector can be offset by new growth elsewhere. So it’s hard to say in the moment whether Encana’s move or the shale fields’ decline is the beginning of the end.
What’s certain for Alberta and Saskatchewan is that a painful, repeat cycle of economic boom and bust is the very best the industry can offer. …
Too funny! Encana departure a blow to UCP prosperity promises by Don Braid, Oct 31, 2019, Calgary Herald
The myth of the United Conservative Party has taken a beating this week.
Many felt that once Jason Kenney routed the NDP and became premier, investors would dance in the streets, the unemployed would flock back to work [Insane to think that way, given how obvious the greed and callous is in oil and gas companies raping profits in Alberta, leaving the mess and pollution for ordinary families to live with, and pay for] and the valleys would be green again.
Exaggerated as this may be, the expectation of reborn prosperity was incredibly powerful. Born of deep economic desperation [or sheer, rather Scheer, greed and idiocy (too much brain damage from too much sour gas pollution from abusive polluters like Encana)], it was not exactly fostered by the UCP, but hardly denied either.
The government knew recovery would be tough. Premier Kenney said so. But hardly anybody expected it to be this tough.
The departure of Encana from our midst, although not unexpected, is symbolically devastating. It shows that headquartering in Alberta has become a disadvantage because of pipeline constraints, weak investment and infuriating federal leadership. [If one lifts the veils of denial, none of those whining, pity me “reasons” are valid, and Braid knows it, we all do. Alberta has become a disadvantage because of its own greed, sloth, willful ignorance and selfishness, and total uncaring for the consequences of the greed and ravaging unmitigated oil patch pollution across the province]
Kenney blames Liberal policy and general hostility to the industry. He’s certainly [IN]correct.
But he also promised that his corporate tax cut would attract and retain companies. That does not appear to be working.
This departure really hurts because Encana is the offspring of an enterprise that virtually created investment in the oilpatch.
The Alberta Energy Company was founded in 1973 by Peter Lougheed’s PC government to encourage exploration and investment. The government kept control, but shares went on sale to Albertans.
As a journalist, I self-righteously refused to buy any. Then I found out that cabinet ministers were snapping up shares.
Nobody cared about conflict of interest. In fact, regular people approved — they knew their investment was in loving hands.
The government sold its interest in 1993 [for much less than it was worth, nice big fat gift to Gwyn Morgan]. Eventually, Encana was created after a series of mergers and acquisitions.
Although the formal public connection is long gone, there is no company more intertwined with Alberta oilpatch history and legend, and with Calgary’s pride in the industry.
And just like that, it’s leaving. [No surprise. Encana is a mean spirited, law-violating scoundrel of an entity. The oil and gas industry in general is cold-blooded, merciless, selfish and cruel. It has always been so, and becomes more so by every billion made in profits by not paying royalties, taxes, bills and clean up or restitution to the endless harmed and poisoned families in its profit-raping wake. Alberta knows it, intimately]
For the UCP, this departure and other corporate actions — recent Husky layoffs and spending cuts, for instance — pose two political problems.
First, they show that the UCP’s corporate tax cut and friendly attitude [Industry knows it’s not friendliness Kenney et al are exuding, it’s pure stupidity. One does not get a successful business operating the way Steve Harper, Brad Wall, or Christie Clark did, or Andrew Scheer planed too. Kenney’s a copy cat. Companies are smart to take what they destroyed and robbed from Albertans and flee with their raped treasures before the deer-in-headlights masses catch on] are not enough to persuade an Encana to stay. Even the prospect of the lowest corporate taxes in Canada was not convincing.
This is pure gold for the NDP, which has said all along that the UCP will throw away billions via tax cuts [Yup, shitty, super shitty, super stupid business practices Kenney et al are flinging around] without creating much economic activity.
That could still prove to be wrong. Over time, tax cuts might well stimulate investment. And the UCP is aggressively encouraging big companies to move here.
But the Encana move is very awkward, especially when the UCP budget blends corporate tax cuts with major spending reductions and cost increases for many institutions and individuals.
Funny thing about that budget — after it was released, it just kept getting tougher.
The budget itself expresses a strong desire to get public sector pay under control.
It calls for 7.7 per cent shrinkage in public sector employment. It warns that “further savings may be necessary,” while noting that MLAs have voluntarily taken a five per cent pay cut, and the premier 10 per cent.
Despite the hints, the budget does not say the government will demand a public service pay cut.
But now, it does. A week after the budget dropped, the UCP said it will seek pay reductions of two to five per cent.
At this point, many people who deal with the government wonder if they’ve seen the real budget. They don’t know what comes next.
But everybody does know that despite a major tax break for companies, energy firms are still shrinking and leaving, while the economy in general seems to be weakening rather than improving.
The federal Liberal government bears heavy responsibility, but Jason Kenney is the man with the myth. It’s his job to make it come true. [Pffft! Any one believing that will happen needs a head change. Kenney is pure and simple, a spinning ridiculous con job. A bigoted con job. One need only look to his past work as an MP for proof of that.]
A few of the comments:
Kenney…full of BS as usual…
Neil Robert Reply to @Sal Toma:
Please. Kenney has been a total disaster since day one. Cancelling the oil by rail deal was a major mistake.
Elect a dumpster fire of a provincial government and we are surprised when the place burns down? I’m not. Kenney is the worst Premier since Allison Redford, and possibly exceeds her in short-sighted policy and unqualified ministers.
The UCP are just as responsible as anyone else for this disaster.
I find it apalling that postmedia is not being honest about why oil companies are leaving.
Kenney sold us a bill of goods. He has no idea if his tax giveaway will work and it’s looking like it’s not at this point. And his outrage over the NDP buying rail cars to move oil until the TMX gets built looks pretty darn phony now that he’s decided to go ahead with the NDP’s plan after all!
Don’t blame me! I did not support nor vote for these UCP bumpkins.
Encana moving HQ from Calgary to the U.S., changing name to Ovintiv; CEO promises move won’t affect Canadian staff, result in any layoffs by The Canadian Press with files from CBC News, Oct 31, 2019
Encana Corp., one of Canada’s oldest and largest energy companies, is moving its corporate headquarters from Calgary to the United States.
The company, which is also changing its name to Ovintiv Inc., said Thursday that having a U.S. address will expose it to increasingly larger pools of investment in U.S. index funds and passively managed accounts, as well as better align it with its U.S. peers.
On a morning conference call, CEO Doug Suttles insisted [ooooo! that’ll make me believe the liar!] the name and “corporate domicile” changes will not affect any Canadian staff, result in any layoffs, or divert investment strategies in oil and gas formations in Alberta and B.C.
“Make no mistake, we have a long and proud history in Canada, and our assets here are world class,” he said.
[Like this? Comment to a Nikiforuk article in The Tyee.]
“Our returns in Canada continue to be every bit as strong as the rest of our portfolio. We will continue to make profitable investments in the Montney and the Duvernay, and manage these assets out of the Calgary office. We do not expect any impact on our Canadian workforce, either in the office or the field.”
Suttles said the base change won’t alter how the company runs its day-to-day activities.
“There’ll be no movement of roles or responsibilities, no reduction in staff and actually no change to how we’re allocating capital,” he said during the conference call.
The company said it’s hoped the plan, which still requires shareholder, stock exchange and court approval, would be in place early next year.
Thursday’s announcement came after Encana announced a third-quarter profit of $149 million or 11 cents per share, up from a profit of $39 million or four cents per share a year ago.
Analysts react to Encana plans
Reaction to the news of the change of headquarters was mixed.
“This is a sad day for Canada’s energy sector,” said Deborah Yedlin, business commentator for CBC’s Calgary Eyeopener.
“I was shocked like everybody else to see this, although some will say this was telegraphed as Encana has moved to make some significant acquisitions in the U.S.”
[Oh please! “Shocked?” This has been in the works for years, starting with Encana hiring an American (liar ex BP executive) for its CEO position.]
She said Encana had already substantially changed its asset mix to include more U.S. elements, including shale plays.
“But I think this just adds to the overall uncertainty, weariness and anxiety because we are seeing companies looking elsewhere to invest their capital, and increasingly we’re not seeing that capital invested in Canada.”
Analysts said the move is not surprising given Encana’s increased focus on oil and natural gas liquids plays in the United States over the past decade, culminating in its $5.5 billion US all-shares acquisition of U.S. rival Newfield Exploration Co. announced a year ago.
“I am not surprised at all by the move,” said Jennifer Rowland, a U.S.-based analyst with Edward Jones.
“Post the Newfield deal, 60 per cent of Encana’s production is in the U.S. and two of its key growth drivers are in the U.S. … Plus CEO Suttles doesn’t live in Canada; he lives in Denver.”
Phil Skolnick, an analyst with Eight Capital Research, said the headquarters move is bound to lead to speculation about a sale of Canadian operations.
“It will beg the question of whether or not ECA will eventually sell or spin out its Canadian assets. We believe in this current market, this is not in the works,” he said in a report.
Deep Canadian roots
Encana can trace its roots to the Canadian Pacific Railway, which was granted subsurface mineral rights by the government of Sir John A. Macdonald, Canada’s first prime minister, as compensation for assuming the risk of developing the railroad. These rights were later inherited by Encana’s predecessors.
Previous iterations of the company included Pan Canadian Petroleum Ltd., formed in 1971, which merged with Alberta Energy Corp. to form EnCana in 2002. EnCana was split into natural gas-weighted Encana and oil company Cenovus Energy Corp. in 2009.
Encana was the largest gas producer in Canada for several years — Suttles said the name change is in part designed to cast off the association with natural gas, a commodity with overproduction in North America [driven by corporate and investor greed] that has led to depressed prices for years.
The name change is reminiscent of TransCanada Corp.’s move to officially drop the “Canada” from its name last May, renaming itself TC Energy Corp., a name it said better speaks to the breadth of its pipeline, power generation and energy storage businesses and its operations in Canada, the U.S. and Mexico.
Encana also plans a share consolidation that will see shareholders receive one share of Ovintiv for every five common shares of Encana. [Sounds like a super bad deal! Typical Encana] It plans to continue to trade on both the Toronto and New York stock exchanges.
Encana’s founding CEO laments company’s ‘disturbing’ southward shift by Chris Varcoe, Oct 31, 2019, Calgary Herald
It should not come as a shock that Encana Corp. is uprooting its corporate flag and moving its headquarters to the United States.
It certainly didn’t catch Gwyn Morgan off guard.
The founding CEO of the major Calgary-based petroleum producer, who retired in 2005, noted Encana’s “centre of gravity” has been shifting for years.
When the company placed more focus on U.S. growth, or when current CEO Doug Suttles began working out of the company’s offices in Denver, or Encana said it was adopting a “headquarter-less model,” or made a US$7.7-billion purchase of Texas-based Newfield Exploration a year ago, the signs all pointed in the same direction.
“This is a tragedy for Canada,” [Embellish much? It’s no tragedy. It’s CAPP threat fodder.] said Alex Pourbaix, CEO of Cenovus Energy, the Calgary-based oilsands producer that was spun out of Encana in 2009.
… Encana was created following the blockbuster announcement in January 2002 that Alberta Energy Co. and PanCanadian Energy Corp. would merge in a $27-billion union. The company’s name even fused the words “energy” with Canada to promote its brand.
By the time Morgan retired last decade, Encana was the largest company in Canada by market capitalization, ahead of the country’s big banks.
“It was a fulfilment of what I called my lifelong ambition to create a great Canadian-headquartered company that wouldn’t go, that would never be taken over, and move to somewhere else,” he added.
“But I never expected that the company would end up, if I can put it this way, exporting itself to the U.S.” …
However, Morgan isn’t convinced the changes are minor, noting a head office means more than just a place to call home. It means having corporate positions centralized in the city, spending money in the local economy, remaining active in local sponsorships and charitable work [See! The threats are flying already!], and having a sharper focus on its home turf.
“There’s just a big difference overall when the decisions are being made somewhere else about the business sector in your country,” he said.
You also don’t have to look very far to see the constant challenges the Canadian oilpatch faces.
On the same day as Encana unveiled its new name and is moving its base to the U.S., the Alberta government announced it’s modifying its oil curtailment program, allowing companies with extra crude-by-rail capacity to produce more than their provincial quotas. …
Encana moving to the U.S., changing name as Canada becomes a dirty word in the oilpatch, The oil and gas producer is dropping the link to Canada from its name and will be known as Ovintiv by Kevin Orland, October 31, 2019, Financial Post
Canada’s beleaguered energy sector suffered another morale blow as Encana Corp. — one of its marquee companies that was born out of the 19th-century railway boom — announced plans to move its headquarters to the U.S. and drop the link to Canada from its name. [Is Kenney’s witch hunter, Steve Allen, going to force the running for the hills corporation to testify at his War Room Inquiry? Or is his inquiry why Encana is on the run, changing its name?]
The Calgary-based company said Thursday that it will establish a corporate domicile in the U.S. early next year, pending various approvals, and rebrand under the name Ovintiv Inc.
The shares fell as much as 9.2 per cent in Toronto.
Retraining oil and gas workers sounds like an easy solution, but the reality is incredibly complex
The move is likely to intensify the gloom already hanging over the Canadian energy industry, which has suffered from a lack of pipeline space that has choked off prospects for growth, prompting foreign companies to ditch more than US$30 billion of assets in the past three years. Encana joins pipeline owner TransCanada Corp., which changed its name to TC Energy Corp. earlier this year.
For Encana, the move is a logical shift since Doug Suttles, a Texan, took over as chief executive officer in 2013. Suttles soon set about selling Canadian assets and building a major position in the U.S. through the purchase of Permian driller Athlon Energy and the acquisition of Freeport-McMoRan Inc.’s Eagle Ford shale assets. The company moved into the Scoop and Stack shale fields in Oklahoma, the Bakken region of North Dakota and the Uinta play in Utah with its purchase of Newfield Exploration, which closed in February.
In March of last year, Suttles moved to Denver and said in November that he envisioned Encana as a “headquarterless” company. Last quarter, he lamented on the company’s earnings conference call that Encana shares hadn’t yet achieved the valuation worthy of a “premium” exploration and development company.
“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,” Suttles said in a statement Thursday.
As part of the corporate shift, shareholders will get one common share of Ovintiv for every five shares of Encana. The move needs the support of two-thirds of votes cast at a shareholders meeting early next year.
Encana traces its Canadian roots back to the late 1800s, when the Canadian Pacific Railway accidentally discovered natural gas while drilling a water well for workers. The company was eventually spun out from Canadian Pacific and took the name EnCana in 2002. Encana then spun off its oilsands business into Cenovus Energy Inc. in 2009.
Both stocks have underperformed since then, with Encana down 78 per cent including dividends, while Cenovus has dropped 48 per cent. Canada’s benchmark stock gauge has doubled in the same period.
Separately, Encana reported third-quarter adjusted operating earnings that were in line with estimates. The company raised its 2019 production outlook while maintaining its capital spending guidance, and said Permian output rose to a quarterly record while Anadarko production climbed 13 per cent from a year earlier.
Two of the comments:
Encana has been the worst managed and worst performing major Canadian energy company since it divided from Cenovus in 2009, with much of the blame attributable to founder and former Chief Executive Officer Gwyn Morgan. Now it is heading down to the States where it will no doubt be broken up completely and sold for spare parts.
… Encana has been badly manage since it’s creation. …
Refer also to:
No wonder Encana needs to change its name, again.
The Ministry of Environment has charged EnCana following a sour gas leak in November 2009. The Ministry has filed two charges against the company. The company is charged with introducing business-related waste into the environment and failing to report a spill of a polluting substance. … The leak was caused after sand had eroded a piece of pipeline infrastructure, called a ‘Tee’.
Moving-On-To-Greener-Frac-Pastures: After paying 5 times maximum fine to escape criminal charges and finding it “could not develop the necessary techniques to drill and complete Collingwood wells…to obtain a favorable rate of return,” Encana leaving Michigan
Encana CEO Randy Eresman retires suddenly, News release confirms top executive stepping down after 35 years
In fact, an early offer by Encana to test Gary’s well—on their dime—before the fracking operation was construed as conformation that water contamination was a possibility. They never did perform the test, however, and flat out refused to do so once they labeled Gary an “extreme environmental terrorist” for asking questions and taking photos at the Beaver Creek well site. Gary didn’t stop inquiring or questioning, though.
A misty cloud of chemical-laced water spray hung overhead and the noise was unlike anything Gary had ever experienced. “For four weeks it was ten times worse than any assembly line shop noise I’ve ever heard,” Gary says. “It was endless. It was a 24/7 operation.”…
“July 2013 consisted of Encana, flares, pipelines, removal of magnificent red pines, destruction of my personal trees, public road destruction and road blockage, and almost having a major heart attack after seeing what Encana, the logging company and major pipeline has done to my once beautiful up north property,” he says. Gary has found selling the home all but impossible—in fact even an attempt to give it away fell flat. “Five people were interested in purchasing it but they all walked away after the environmental disclosure which is required by law,”
With all the crafty calculation of an O.J. Simpson defense lawyer, EnCana’s “geology consultant” found all kinds of other explanations for the degradation of the groundwater the Meeks and Locker families used to rely on. On contract to the developer, Anthony Gorody pointed his finger at the families’ neighbors––and the families themselves.
Liars! Encana nastily never provided safe water to Ronalie and Shawn Campbell, Graffs, Signers, Kenneys (yes you read that name correctly), Rosebud hamlet, Ricards, Ernst, etc etc etc and brutally took the Lauridsens’ (with three children) water deliveries away.
Rosebud included? Brookfield Capital Partner’s Ember Resources buys most of Encana’s “fee-lands” (royalty-free) in Alberta’s Horseshoe Canyon play; Ember will be one of Prairie Sky’s biggest payees, paying 5 percent overriding royalty
What’s Encana up to this time? Faruqi & Faruqi, LLP Announces Investigation of Athlon Energy Inc. Over Proposed Sale of Company to Encana Corporation
As unconventional ponzi scheme implodes, Are Encana’s greedy law violations taking the company down?
Does it get any more terrifying than this? Encana dumping frac water wars on Canadian pensioners? Encana sells troubled Colorado assets for nearly $1 Billion US to entity 95% owned by Canada Pension Plan Investment Board
Battered Encana taps former BP exec Doug Suttles, who reportedly covered-up the extent of the Deepwater Horizon disaster, as new CEO
Investors sue BP’s ex-CEO Tony Hayward and Doug Suttles, now Encana CEO; Encana chops executives, five senior managers gone including USA President Jeff Wojahn, who headed the unit when it was accused of collusion
New Encana head Doug Suttles [past senior BP executive who reportedly lied about the Gulf of Mexico Deepwater Horizon disaster] plays cards close to chest
Encana CEO Doug Suttles said Notley had called on her own initiative to discuss energy issues: “Let’s make sure we talk as you consider alternatives”
Encana vows to fight Colorado offset vote, anti-humanity CEO Suttles says move to separate homes and wells is ‘detrimental’
Encana well blowout after fracking leaves oily mess of spewing natural gas, propane, butane, benzene and toluene, forces 2 dozen families from their homes in Karnes County, Evacuees anxious to see the damage to their homes
Interactive: Calgary’s top-paid executives include more than a few millionaires [including near $14 million for Doug Suttles and $8 million for Randy Eresman] by Calgary Herald, June 12, 2014
Calgary Executive Million Dollar Bonuses Increased 40.6% in 2016, Comparatively Nothing Paid to Clean Up Liabilities/Abandoned Wells/Facilities
Cenovus (split from Encana after Ernst lawsuit papers served on the company) continues hoarding with $3.7B cash
In Texas, energy companies cut nearly 6,000 jobs over past four months. In western Canada, Husky cutting hundreds of jobs, most cuts in Calgary. Kenney’s $4.5 billion in corporate tax cuts obviously not enough to feed the greed
Ovintiv = Cross between Ovaltine in a vintage container and a vagina
“You cannot pick up a turd by the clean end.”