"Throughout our 30-year history, Newfield has worked to create a strong portfolio of assets managed by some of the best and brightest people in the business," Boothby said. Frequent CenterPoint outages happen rain or shine, customers say, OPEC+ faces growing pressure to change course as ministers meet, Tilman Fertitta’s Golden Nugget in Lake Charles reopens, Chron Exclusive: Pay only $35.99 for this Astros hoodie, These holiday kitchen items are 50% off at Hobby Lobby. Under the terms of the deal, Newfield shareholders will receive 2.6719 Encana common shares for each share of Newfield common stock. On Tuesday, Encana’s stock closed at $6.11 a share, while Newfield’s closed at $16.32. It is a priority for CBC to create a website that is accessible to all Canadians including people with visual, hearing, motor and cognitive challenges.
Jordan is a New Orleans native who graduated from Texas Christian University with a journalism degree before going back to work at daily newspapers in Louisiana. Encana Corp. took its world-class portfolio of assets and made it better Tuesday by adding some of Oklahoma’s best. Under the deal announced Thursday, Newfield shareholders will receive 2.6719 Encana shares for each share of Newfield common stock. Encana is buying Newfield Exploration in an all-stock deal worth 5.5 billion Canadian dollars.
A Division of NBCUniversal. Sign up for free newsletters and get more CNBC delivered to your inbox. Throughout our 30-year history, Newfield has worked to create a strong portfolio of assets managed by some of the best and brightest people in the business. Oil and oil equivalent production rose 40 percent to 178,700 barrels per day. “This transaction creates a leading North American unconventional company,” Douglas James Suttles, Encana’s CEO and president, told analysts after the proposed merger was announced. It also moves the company toward what current CEO Doug Suttles called a “headquarter-less model,” with operations controlled from offices near Houston, Suttles’ home city of Denver and in the company’s official base of Calgary.
He also said Encana believed Oklahoma’s STACK and SCOOP plays are world-class resources, that Newfield’s holdings within those plays were among the best and that Encana believed the merger set up significant opportunities for efficiencies and synergies that could save the combined firm $250 million annually in general and administrative and drilling and completion costs.
Encana also has agreed to pick up another $2.2 billion in debt held by Newfield. Production in the quarter totalled 378,200 barrels of oil equivalent per day, up from 284,000 in the third quarter of 2017. Under the terms of the deal, Newfield shareholders will receive 2.6719 Encana common shares for each share of Newfield common stock. Encana to buy Newfield Exploration in all-stock deal. "This strategic combination advances our strategy and is immediately accretive to our five-year plan," Encana chief executive Doug Suttles said in a statement.