Canada's Encana Files Paperwork to Shift Base to U.S.
(Reuters) - Canadian oil and gas company Encana Corp on Wednesday filed paperwork with the U.S. Securities and Exchange Commission and Canadian securities regulatory authorities as part of a plan to shift its base to the United States.
The Calgary-based company in October became the latest to decide to move away from Canada as the nation battles with pipeline capacity shortages.
Encana, once among Canada's largest oil companies, has been shifting its focus to the United States and earlier this year bought Texas-based Newfield Exploration Co for $5.5 billion.
Encana will change its name to Ovintiv Inc and continue to be traded both on the Toronto and New York stock exchanges under the ticker symbol 'OVV'.
The company has scheduled a special meeting of shareholders on Jan. 14 to vote on the proposal, which needs to be approved by two-thirds of the votes cast.
Last month, investment firm Letko, Brosseau & Associates Inc which owns a nearly 4% stake in Encana, said it will vote against the proposed exit.
Related News
Related News
- Enbridge Plans 86-Mile Pipeline Expansion, Bringing 850 Workers to Northern B.C.
- Intensity, Rainbow Energy to Build 344-Mile Gas Pipeline Across North Dakota
- U.S. Moves to Block Enterprise Products’ Exports to China Over Security Risk
- 208-Mile Mississippi-to-Alabama Gas Pipeline Moves Into FERC Review
- Court Ruling Allows MVP’s $500 Million Southgate Pipeline Extension to Proceed
- U.S. Pipeline Expansion to Add 99 Bcf/d, Mostly for LNG Export, Report Finds
- A Systematic Approach To Ensuring Pipeline Integrity
- 275-Mile Texas-to-Oklahoma Gas Pipeline Enters Open Season
- LNG Canada Start-Up Fails to Lift Gas Prices Amid Supply Glut
- Kinder Morgan Gas Volumes Climb as Power, LNG Demand Boost Pipeline Business
Comments