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(Adds details, background) Oct 8 (Reuters) - Encana Corp said it would sell its Denver Julesburg basin assets in Colorado for $900 million, the latest divestitures by the Canadian oil and gas producer as it focuses on its high-value gas liquids and oil properties. The company will sell all of its Denver Julesburg acreage comprising 51,000 net acres to a joint venture owned by Canada Pension Plan Investment Board (CPPIB) and real estate manager Broe Group, Encana said on Thursday. The assets produced an average of 52 million cubic feet per day of natural gas and 14,800 barrels per day of crude oil and natural gas liquids, Encana said. Under Chief Executive Doug Suttles, Encana is transforming into a major oil producer by concentrating spending on regions rich in gas liquids and oil and selling off natural gas assets. The company in August sold its Haynesville natural gas assets in northern Louisiana for $850 million to GEP Haynesville LLC. Including the Denver Julesburg sale, cash proceeds from divestitures in 2015 will be about $2.7 billion, the company said. Encana said it expects to have reduced its net debt by $3 billion by end of the year. The Denver Julesburg deal is expected to close in the fourth quarter, the company said. (Reporting by Anannya Pramanick in Bengaluru; Editing by Sriraj Kalluvila)
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Encana Corporation
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EXPLORATION STAGE |
CODE : ECA.TO |
ISIN : CA2925051047 |
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ProfileMarket IndicatorsVALUE : Projects & res.Press releasesAnnual reportRISK : Asset profileContact Cpy |
Encana is a oil and natural gas producing company based in Canada. Encana holds various exploration projects in Canada. Its main exploration property is BUFFALO HILLS in Canada. Encana is listed in Canada and in Germany. Its market capitalisation is CA$ 4.8 billions as of today (US$ 3.7 billions, € 3.3 billions). Its stock quote reached its highest recent level on November 23, 2018 at CA$ 9.99, and its lowest recent point on January 24, 2020 at CA$ 4.96. Encana has 973 120 000 shares outstanding. |