Monday , November 19 2018

Encana founder slams $5.5bn Newfield deal

Bloomberg

Encana Corp.’s founder and former Chief Executive Officer Gwyn Morgan said he’s disappoi- nted by the driller’s $5.5 billion purchase of New- field Exploration, which moves focus to US and dashes hopes that company would represent Canada on world stage.
Morgan, who named the oil and gas producer Encana to evoke “Energy Canada,” blames the move on PM Justin Trudeau’s environmental policies, which he has said are making the country irrelevant in global energy industry. The Newfield deal extends Encana’s reach into shale fields of Oklahoma. It also moves the company towards what current CEO Doug Suttles called a “headquarter-less model,” with op- erations controlled from offices near Houston, Suttles’ home city of De-nver and in company’s official base of Calgary.

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