Encana Corporation
Company Summary
Description
Encana is a leading North American energy producer that is focused on growing its strong portfolio of diverse resource plays producing natural gas, oil and natural gas liquids. By partnering with employees, community organizations and other businesses, Encana contributes to the strength and sustainability of the communities where it operates.Website
https://www.encana.com/about/Operational Regions
- Montney Formation
- Duvernay Formation
- Piceance Basin
- San Juan Basin
- Permian Basin
- Eagle Ford
- Tuscaloosa Marine Shale
- Offshore Canada
- Horn River
Financial Data:
NYSE:ECA from Google FinanceTickers:
-
ECA - New York Stock Exchange
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ECA - Toronto Stock Exchange
Related Entities
Firm Transport Commitments
Project: Tower Sweet Gas Plant
Firm Commitment: 120 Mmcf/d
Firm Commitment: 7.5 M Bbls/d
Firm Commitment: 3.4 M Bbls/d
Project: Sunrise Sweet Gas Plant
Firm Commitment: 240 Mmcf/d
Firm Commitment: 2.5 M Bbls/d
Firm Commitment: 2.4 M Bbls/d
Project: Saturn Sweet Gas Plant
Firm Commitment: 120 Mmcf/d
Firm Commitment: 15 M Bbls/d
Firm Commitment: 6.4 M Bbls/d
Project: Canadian Mainline Tolling Option
Firm Commitment: 316 Mmcf/d
Recent news
- 1/27/2020 - Encana Closes on... (subscriber access)
- 1/21/2020 - Encana Approved to... (subscriber access)
- 1/14/2020 - Encana Secures... (subscriber access)
- 11/20/2019 - Encana Responds to Letko... (subscriber access)
- 11/19/2019 - Encana's Minority... (subscriber access)
Investor Presentations
- 3Q19 Investor Presentation
- 2Q19 Investor Presentation (subscriber access)
- 1Q19 Presentation (subscriber access)
- 4Q18/FY18 Results & 2019 Plan (subscriber access)
- Strategic Combination with Newfield (subscriber access)
- 2Q18 Investor Presentation (subscriber access)
- 1Q18 Investor Presentation (subscriber access)
- Fourth Quarter 2017 Earnings Presentation (subscriber access)
- 3Q17 Investor Presentation (subscriber access)
- October 2017 Corporate Presentation (subscriber access)
- 2Q17 Earnings Presentation (subscriber access)
- Permian Basin Investor Update - 2017 (subscriber access)
- 1Q17 Earnings Presentation (subscriber access)
- 2017 Montney Update (subscriber access)
- Q4 and Year End 2016 Results Conference Call (subscriber access)
- 3Q16 Conference Call Presentation (subscriber access)
- July 2016 Corporate Presentation (subscriber access)
- 1Q16 Investor Presenation (subscriber access)
- 1Q16 Supplemental Information (subscriber access)
- 1Q16 Earnings Presentation (subscriber access)
Company Transactions
Date: 8/28/2019
Type: Acquisition
NOTES:
Encana signed an agreement to sell its natural gas assets in Oklahoma's Arkoma Basin to an undisclosed buyer for $165 million.
Encana signed an agreement to sell its natural gas assets in Oklahoma's Arkoma Basin to an undisclosed buyer for $165 million.
REGIONS:
Arkoma Basin
Date: 3/31/2019
Type: Merger
BUYERS:
Encana Corporation
SELLERS:
Newfield Exploration Co.
DETAILS:
COST: 5.5 $B
VOLUMES: 199 MBOE/d
ACRES: 360000 Acres
NOTES:
Encana and Newfield announced that they have entered into an agreement by which Encana will acquire all shares of Newfield in an all-stock transaction valued at $5.5 billion. Encana will also assume $2.2 billion in Newfield net debt.
Encana and Newfield announced that they have entered into an agreement by which Encana will acquire all shares of Newfield in an all-stock transaction valued at $5.5 billion. Encana will also assume $2.2 billion in Newfield net debt.
REGIONS:
SCOOP
Oklahoma STACK Play
Williston Basin
Uinta Basin
Date: 12/31/2018
Type: Acquisition
BUYERS:
DJR Energy
SELLERS:
Encana Corporation
DETAILS:
COST: 480 $MM
VOLUMES: 5.4 MBOE/d
ACRES: 182000 Acres
NOTES:
Encana has sold its San Juan assets in New Mexico for $480 million to DJR Energy, LLC. The assets are composed of roughly 182 thousand net acres. In 2017, the assets produced roughly 5,400 BOE/d, including 3,900 Bbls/d of liquids. The transaction's closing date is expected to be in 4Q18 with an effective date of April 1, 2018.
Encana has sold its San Juan assets in New Mexico for $480 million to DJR Energy, LLC. The assets are composed of roughly 182 thousand net acres. In 2017, the assets produced roughly 5,400 BOE/d, including 3,900 Bbls/d of liquids. The transaction's closing date is expected to be in 4Q18 with an effective date of April 1, 2018.
REGIONS:
San Juan Basin
Date: 4/2/2018
Type: Acquisition
NOTES:
Encana reported that it has entered into an agreement with Keyera Partnership, a subsidiary of Keyera Corp, under which Keyera will acquire and fund the remaining capital costs of Encana's Pipestone Liquids Hub and and the planned Pipestone Processing Facility. Keyera will also pay Encana C$39 million and the companies will jointly own the facilities. As part of the arrangement, Keyera will fund the remaining C$105 million in capital on the Liquids Hub with start-up expected in the fourth quarter of 2018.
Encana reported that it has entered into an agreement with Keyera Partnership, a subsidiary of Keyera Corp, under which Keyera will acquire and fund the remaining capital costs of Encana's Pipestone Liquids Hub and and the planned Pipestone Processing Facility. Keyera will also pay Encana C$39 million and the companies will jointly own the facilities. As part of the arrangement, Keyera will fund the remaining C$105 million in capital on the Liquids Hub with start-up expected in the fourth quarter of 2018.
REGIONS:
Western Canadian Sedimentary Basin
Date: 12/31/2017
Type: Acquisition
REGIONS:
Western Canadian Sedimentary Basin
Date: 7/26/2017
Type: Acquisition
BUYERS:
Caerus Oil and Gas
SELLERS:
Encana Corporation
DETAILS:
COST: 735 $MM
VOLUMES: 253 Mmcfe/d
ACRES: 550000 Acres
NOTES:
Encana’s Piceance assets include approximately 550,000 net acres of leasehold and approximately 3,100 operated wells which produced an average 240 million cubic feet per day (MMcf/d) of natural gas and 2,178 barrels per day (bbls/d) of liquids through the first quarter of 2017. Estimated year-end 2016 proved reserves were 814 billion cubic feet equivalent (Bcfe).
Encana’s Piceance assets include approximately 550,000 net acres of leasehold and approximately 3,100 operated wells which produced an average 240 million cubic feet per day (MMcf/d) of natural gas and 2,178 barrels per day (bbls/d) of liquids through the first quarter of 2017. Estimated year-end 2016 proved reserves were 814 billion cubic feet equivalent (Bcfe).
REGIONS:
Piceance Basin
Date: 10/4/2016
Type: Acquisition
NOTES:
Nucor announced several changes to its natural gas agreements with Encana. The Company purchased a 49% leashold interest covering 54,000 Piceance Basin Acres owned by Encana. Nucor also eliminated two Carry & Earning drilling agreements and sold its 50% interest in Hunter Ridge Energy Services to Encana.
Nucor announced several changes to its natural gas agreements with Encana. The Company purchased a 49% leashold interest covering 54,000 Piceance Basin Acres owned by Encana. Nucor also eliminated two Carry & Earning drilling agreements and sold its 50% interest in Hunter Ridge Energy Services to Encana.
REGIONS:
Piceance Basin
Date: 7/28/2016
Type: Acquisition
BUYERS:
Birchcliff Energy Ltd.
SELLERS:
Encana Corporation
DETAILS:
COST: 625 $MM
VOLUMES: 25.2 MBOE/d
ACRES: 54200 Acres
REGIONS:
Montney Formation
Western Canadian Sedimentary Basin
Date: 6/30/2016
Type: Acquisition
BUYERS:
Crestone Peak Resources
SELLERS:
Encana Corporation
DETAILS:
COST: 900 $MM
ACRES: 510000 Acres
REGIONS:
DJ Basin
Niobrara Basin
News & Press Releases
Criterion News
- 1/27/2020 - Encana Closes on... (subscriber access)
- 1/21/2020 - Encana Approved to... (subscriber access)
- 1/14/2020 - Encana Secures... (subscriber access)
- 11/20/2019 - Encana Responds to Letko... (subscriber access)
- 11/19/2019 - Encana's Minority... (subscriber access)
- 10/31/2019 - Encana Shifting... (subscriber access)
- 10/31/2019 - Encana Reports 3Q19... (subscriber access)
- 10/31/2019 - Encana Brings Online... (subscriber access)
- 10/31/2019 - Encana Reports 3Q19... (subscriber access)
- 10/31/2019 - Encana Reports 3Q19... (subscriber access)
- 10/31/2019 - Encana Reports 3Q19... (subscriber access)
- 10/31/2019 - Encana Reports 3Q19... (subscriber access)
- 10/31/2019 - Encana Reports 3Q19... (subscriber access)
- 10/31/2019 - Encana Completes $1.25... (subscriber access)
- 9/4/2019 - Encana Reports Final... (subscriber access)
- 8/29/2019 - Encana Reports... (subscriber access)
- 8/28/2019 - Encana Closes Sale of... (subscriber access)
- 8/26/2019 - Plains All American... (subscriber access)
- 8/20/2019 - ConocoPhillips and... (subscriber access)
- 8/15/2019 - Encana Reports Amendment... (subscriber access)
- 7/31/2019 - Encana Brings Online 48... (subscriber access)
- 7/31/2019 - Encana Brings Online 38... (subscriber access)
- 7/31/2019 - Encana Brings Online 32... (subscriber access)
- 7/31/2019 - Encana Reports 2Q19... (subscriber access)
- 7/31/2019 - Encana Reports 2Q19... (subscriber access)
- 7/31/2019 - Encana Reports 2Q19... (subscriber access)
- 7/31/2019 - Encana Reports 2Q19... (subscriber access)
- 7/31/2019 - Encana Reduces Average... (subscriber access)
- 7/31/2019 - Encana Reports 2Q19... (subscriber access)
- 7/31/2019 - Encana Brings Online... (subscriber access)
Press Releases
- A detailed review of key operational accomplishments over the last year in the Anadarko Basin and how positive results are creating long-term value for the Company.
- A discussion on how Encana rapidly applied its proven practices to significantly decrease well costs, improve returns and make the Anadarko Basin competitive across all top North American basins.
- Broad participation from Encana's executive leadership team and Anadarko leadership team in the webcast and subsequent Q&A session.
- To establish the Company's corporate domicile in the U.S. The migration to the U.S. from Canada is expected to expose the Company to increasingly larger pools of investment in U.S. index funds and passively managed accounts. Today, the majority of Encana's assets, people and production are in the U.S. The migration to the U.S. from Canada will better align our business operations with the corporate domicile, as well as our U.S.-based peers. Additional details can be found in the definitive Proxy Statement/Prospectus.
- To rebrand under the name Ovintiv Inc. The new corporate name reflects the significant and recent transformation of the Company. Pending securityholder, stock exchange and court approvals, Ovintiv will begin trading on both the New York and Toronto stock exchanges under the ticker symbol "OVV."
- To complete a consolidation and share exchange for effectively one share of common stock of Ovintiv for every five common shares of Encana.
- The Company has created a high-quality, liquids-rich, multi-basin portfolio with nearly 1.3 million net acres in North America's premier resource plays – the Permian, Anadarko and Montney. In 2019, more than 80% of total capital investments are being allocated to development plays in the U.S.
- Oil and condensate production has grown seven-fold since 2013. Average net daily production in the most recent quarter was approximately 605 MBOE/d, including 237 MBOE/d of oil and condensate.
- In 2018 and 2019 (estimated through year-end), Encana has delivered competitive liquids growth, significant free cash flow and returned more than $1.5 billion to shareholders through its stock buyback initiative and quarterly dividends.
- Financial performance driven by strong liquids production and cost focus.
- Net earnings of $149 million, or $0.11/share, with non-GAAP operating earnings of $195 million, or $0.15/share.
- Cash from operating activities of $756 million with non-GAAP cash flow of $817 million.
- Non-GAAP free cash flow of $251 million.
- Raised 2019 production outlook while maintaining original capital guidance and reducing costs.
- Increased forecast for annualized G&A synergies to $200 million from original target of $125 million.
- Strong oil and condensate production of 237 thousand barrels per day (Mbbls/d), and total production of 605 thousand barrels of oil equivalent per day (MBOE/d).
- Anadarko Basin continued strong production; currently producing 162 MBOE/d, up 13 percent over one year ago proforma.
- STACK pacesetter well costs under $6.0 million and 90-day cycle times driven by increased completion efficiencies and operational performance.
- Permian Basin achieves record average quarterly production of 111 MBOE/d.
- Montney liquids production of 54 Mbbls/d, up 22 percent over one year ago.
- Total costs decreased to $11.95 per barrel of oil equivalent (BOE). Lowered full year guidance for costs.
- Non-GAAP cash flow margin of $14.67/BOE.
- Completed 2019 share buyback program of $1.25 billion, reducing share count by approximately 13 percent.
- Non-GAAP Cash Flow is a non-GAAP measure defined as cash from (used in) operating activities excluding net change in other assets and liabilities, net change in non-cash working capital and current tax on sale of assets. Non-GAAP Cash Flow Margin is a non-GAAP measure defined as Non-GAAP Cash Flow per BOE of production. Non-GAAP Free Cash Flow is a non-GAAP measure defined as Non-GAAP Cash Flow in excess of capital investment, excluding net acquisitions and divestitures.
- Non-GAAP Operating Earnings (Loss) is a non-GAAP measure defined as net earnings (loss) excluding non-recurring or non-cash items that management believes reduces the comparability of the company's financial performance between periods. These items may include, but are not limited to, unrealized gains/losses on risk management, impairments, restructuring charges, non-operating foreign exchange gains/losses, gains/losses on divestitures and gains on debt retirement. Income taxes may include valuation allowances and the provision related to the pre-tax items listed, as well as income taxes related to divestitures and U.S. tax reform, and adjustments to normalize the effect of income taxes calculated using the estimated annual effective income tax rate.
- Total Costs per BOE is a non-GAAP measure defined as the summation of production, mineral and other taxes, upstream transportation and processing expense, upstream operating expense and administrative expense, excluding the impact of long-term incentive and restructuring costs, per BOE of production. Management monitors Total Costs per BOE as a measure of operating performance.
- Financial performance driven by strong liquids production and cost focus.
- Net earnings of $336 million, or $0.24/share, with non-GAAP operating earnings of $290 million, or $0.21/share.
- Cash from operating activities of $906 million with non-GAAP cash flow of $877 million, or $0.64/share.
- Non-GAAP free cash flow of $127 million.
- Increased forecast for annualized G&A and operating cost synergies to $175 million from original $125 million target.
- Record oil and condensate production of 235 thousand barrels per day (Mbbls/d), and total production of 592 thousand barrels of oil equivalent per day (MBOE/d).
- Anadarko Basin production increased 18 MBOE/d proforma Q1 to Q2 to a record 163 MBOE/d.
- STACK well costs further reduced to $6.5 million, exceeding $1 million savings target by 40 percent.
- Permian Basin achieves record average quarterly production of 104 MBOE/d.
- Montney liquids production increased 55 percent year-to-date, Q2 liquids at 54 Mbbls/d.
- Total costs decreased to $12.78 per barrel of oil equivalent (BOE), increasing non-GAAP consolidated cash flow margin of $16.27/BOE.
- Original guidance ranges for production and capital investments reiterated, post recent disposition of assets.
- Executing previously announced plan for $1.25 billion share buyback in 2019.
- Non-GAAP Cash Flow is a non-GAAP measure defined as cash from (used in) operating activities excluding net change in other assets and liabilities, net change in non-cash working capital and current tax on sale of assets. Non-GAAP Cash Flow Margin is a non-GAAP measure defined as Non-GAAP Cash Flow per BOE of production. Non-GAAP Free Cash Flow is a non-GAAP measure defined as Non-GAAP Cash Flow in excess of capital investment, excluding net acquisitions and divestitures.
- Non-GAAP Operating Earnings (Loss) is a non-GAAP measure defined as net earnings (loss) excluding non-recurring or non-cash items that management believes reduces the comparability of the company's financial performance between periods. These items may include, but are not limited to, unrealized gains/losses on risk management, impairments, restructuring charges, non-operating foreign exchange gains/losses, gains/losses on divestitures and gains on debt retirement. Income taxes may include valuation allowances and the provision related to the pre-tax items listed, as well as income taxes related to divestitures and U.S. tax reform, and adjustments to normalize the effect of income taxes calculated using the estimated annual effective income tax rate.
- Total Costs per BOE is a non-GAAP measure defined as the summation of production, mineral and other taxes, upstream transportation and processing expense, upstream operating expense and administrative expense, excluding the impact of long-term incentive and restructuring costs, per BOE of production. Management monitors Total Costs per BOE as a measure of operating performance.
- Encana repurchased 10% of its outstanding shares year-to-date; Plans to commence additional buyback in July 2019
- Recent strong well performance in STACK strengthens the Company's second quarter 2019 production outlook
- Company reiterates annual capital investment plan
- Portfolio further refined through agreement to exit China
- 43 North American shale E&Ps
- 7 international E&Ps
- 10 other producers
- 1 large midstream oil and NGLs shipper
- 1 LNG export project
- 9 oilfield service providers
- 20 private E&Ps, midstream, oilfield tech and data providers, energy market experts and private equity firms
- $220+ billion in market value
- 3.2 million barrels of oil equivalent production per day (MMBOEPD)
- 5 million barrels of crude oil/NGLs handled daily via 19,000 miles of crude/liquids pipelines, 100 million barrels of storage capacity and 10,000 rail cars
- $275+ billion in enterprise value
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- peer group company valuations that are specific to the oil and gas industry;
- corporate annual reports, oil and gas company websites, custom stratigraphic and subsurface illustrations; company investor presentations; sustainability reports;
- complete digital marketing services and lead capture for oilfield services and technology companies;
- EnerCom's Monthly Oil & Gas Industry Data & Trends Report;
- Profile company listings and advertising opportunities in Oil & Gas 360® - one of the industry's most popular online daily news portals; and
- EnerCom 360 - the online magazine.
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- Midstates Petroleum (NYSE: MPO): E&P producing from Mississippi Lime in Oklahoma.
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Encana Completes Reorganization and Establishes Corporate Domicile in the U.S.
Source: PR Newswire
Company to begin trading on NYSE and TSX as Ovintiv on January 27, 2020
CALGARY, Jan. 24, 2020 /PRNewswire/ - Encana Corporation (NYSE, TSX: ECA) announced today they have completed a previously announced series of reorganization transactions (collectively, the "Reorganization"), resulting in the company: (i) establishing its corporate domicile in the U.S.; (ii) rebranding under the name Ovintiv Inc. ("Ovintiv"); and (iii) completing a consolidation and share exchange for effectively one share of common stock of Ovintiv for every five common shares of Encana. The Company received very strong securityholder support with more than 90% of votes cast in favor of the Reorganization.
Pursuant to the Reorganization, registered holders of Encana will be entitled to receive their shares of Ovintiv by submitting a properly completed Letter of Transmittal. The Letter of Transmittal was previously mailed to registered Encana shareholders and is also available on Encana's website at www.encana.com, on Encana's SEDAR profile at www.sedar.com and on the SEC website at www.sec.gov. Beneficial shareholders of Encana will receive their shares of common stock of Ovintiv through the broker, financial institution or other nominee through which their common shares of Encana are held.
The shares of common stock of Ovintiv will begin trading on the New York Stock Exchange (the "NYSE") and the Toronto Stock Exchange (the "TSX") at the opening of trading January 27, 2020, and will trade under the symbol "OVV" on a post-consolidation basis. The common shares of Encana will be suspended from trading on the NYSE and the TSX prior to the opening of trading January 27, 2020.
Financial and Legal Advisors
Citi acted as financial advisors to Encana. Blake, Cassels & Graydon LLP acted as Canadian corporate counsel, Paul, Weiss, Rifkind, Wharton & Garrison LLP acted as U.S. corporate counsel, Felesky Flynn LLP acted as Canadian tax counsel and Osler, Hoskin & Harcourt LLP, acted as U.S. tax counsel to Encana.
ADVISORY REGARDING FORWARD-LOOKING STATEMENTS – This news release contains forward-looking statements or information (collectively, "FLS") within the meaning of applicable securities legislation, including Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. FLS include: the anticipated benefits of the Reorganization that includes, among other things, the U.S. domestication; and expectations with respect to de-listing of the Encana common shares from the NYSE and TSX. FLS involve assumptions, risks and uncertainties that may cause such statements not to occur or results to differ materially. Risks and uncertainties include: risks that the description of the transactions in external communications may not properly reflect the underlying legal and tax principles of the reorganization; and other risks and uncertainties as described in Encana's Annual Report on Form 10-K and Quarterly Report on Form 10-Q and as described from time to time in Encana's other periodic filings as filed on SEDAR and EDGAR. Although Encana believes such FLS are reasonable, there can be no assurance they will prove to be correct. The above assumptions, risks and uncertainties are not exhaustive. FLS are made as of the date hereof and, except as required by law, Encana undertakes no obligation to update or revise any FLS.
Further information on Encana Corporation is available on the company's website, www.encana.com, or by contacting:
Investor contact: (281) 210-5110 (403) 645-3550 | Media contact: (281) 210-5253 |
View original content to download multimedia:http://www.prnewswire.com/news-releases/encana-completes-reorganization-and-establishes-corporate-domicile-in-the-us-300992926.html
SOURCE Encana Corporation
Article Date
1/24/2020Encana Receives Court Approval of Proposed Plan of Arrangement
Source: PR Newswire
Reorganization expected to be completed on or about January 24, 2020
CALGARY, Jan. 17, 2020 /PRNewswire/ - Encana Corporation (NYSE, TSX: ECA) today announced that the Court of Queen's Bench of Alberta has granted a final order approving the previously announced plan of arrangement, which forms part of a series of proposed reorganization transactions (collectively, the "Reorganization"), in order for the company to: (i) establish its corporate domicile in the U.S.; (ii) rebrand under the name Ovintiv Inc. ("Ovintiv"); and (iii) complete a consolidation and share exchange for effectively one share of common stock of Ovintiv for every five common shares of Encana.
Further information regarding the Reorganization is provided in Encana's proxy statement/management information circular and prospectus dated December 11, 2019. The Reorganization is expected to close on or about January 24, 2020.
ADVISORY REGARDING FORWARD-LOOKING STATEMENTS – This news release contains forward-looking statements or information (collectively, "FLS") within the meaning of applicable securities legislation, including Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. FLS include the anticipated timing and completion of the Reorganization. FLS involve assumptions, risks and uncertainties that may cause such statements not to occur or results to differ materially. These assumptions include: the satisfaction of other conditions to closing of the Reorganization; receipt of stock exchange approvals in a timely manner and on satisfactory terms; and expectations and projections made in light of Encana's historical experience and its perception of historical trends. Risks and uncertainties include: receipt of stock exchange approvals and satisfaction of other conditions; risks that the description of the transactions in external communications may not properly reflect the underlying legal and tax principles of the reorganization; and other risks and uncertainties as described in Encana's Annual Report on Form 10-K and Quarterly Report on Form 10-Q and as described from time to time in Encana's other periodic filings as filed on SEDAR and EDGAR. Although Encana believes such FLS are reasonable, there can be no assurance they will prove to be correct. The above assumptions, risks and uncertainties are not exhaustive. FLS are made as of the date hereof and, except as required by law, Encana undertakes no obligation to update or revise any FLS.
Further information on Encana Corporation is available on the company's website, www.encana.com, or by contacting:
Investor contact: | Media contact: |
(281) 210-5110 | (281) 210-5253 |
(403) 645-3550 |
View original content to download multimedia:http://www.prnewswire.com/news-releases/encana-receives-court-approval-of-proposed-plan-of-arrangement-300989142.html
SOURCE Encana Corporation
Article Date
1/17/2020Encana Provides Details on its Upcoming Anadarko Basin Conference Call and Webcast
Source: PR Newswire
CALGARY, Jan. 15, 2020 /PRNewswire/ - Encana Corporation (NYSE, TSX: ECA) today provided participant details for its upcoming Anadarko Basin conference call and webcast:
TIME/DATE: | 2:30 p.m. MT, Wednesday, January 29, 2020 |
DIAL IN DETAILS: | (866) 211-4955 (toll-free in North America) or (647) 427-7450 (international) |
SLIDE DECK: | Slides available at www.encana.com under Investors/Presentations and Events |
What to expect:
Encana Corporation
Encana Corporation is a leading North American energy producer that is focused on developing its strong portfolio of resource plays, held directly and indirectly through its subsidiaries, producing oil, natural gas liquids (NGLs) and natural gas. By partnering with employees, community organizations and other businesses, Encana contributes to the strength and sustainability of the communities where it operates. Encana common shares trade on the Toronto and New York stock exchanges under the symbol ECA.
ADVISORY REGARDING FORWARD-LOOKING STATEMENTS - This news release contains forward-looking statements or information (collectively, "FLS") within the meaning of applicable securities legislation, including Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. FLS include: expectations and projections regarding operational accomplishments in the Anadarko Basin and the benefits therefrom. FLS involve assumptions, risks and uncertainties that may cause such statements not to occur or results to differ materially. Such assumptions, risks and uncertainties are described in Encana's most recent Annual Report on Form 10-K and Quarterly Report on Form 10-Q and in Encana's other periodic filings as filed on SEDAR and EDGAR. Although Encana believes such FLS are reasonable, there can be no assurance they will prove to be correct. The above-referenced assumptions, risks and uncertainties are not exhaustive. FLS are made as of the date hereof and, except as required by law, Encana undertakes no obligation to update or revise any FLS.
Further information on Encana Corporation is available on the company's website, www.encana.com, or by contacting:
Investor contact: (403) 645-3550 (281) 210-5110 | Media contact: (281) 210-5253
|
View original content to download multimedia:http://www.prnewswire.com/news-releases/encana-provides-details-on-its-upcoming-anadarko-basin-conference-call-and-webcast-300987184.html
SOURCE Encana Corporation
Article Date
1/15/2020Encana Receives Securityholder Approval for Reorganization
Source: PR Newswire
Company receives securityholder approval to be rebranded as Ovintiv and become domiciled in the United States
CALGARY, Jan. 14, 2020 /PRNewswire/ - Encana Corporation (NYSE, TSX: ECA) today announced that its securityholders voted in support of the reorganization resolution, in order to: (i) establish the company's corporate domicile in the U.S.; (ii) rebrand under the name Ovintiv Inc. ("Ovintiv"); and (iii) complete a consolidation and share exchange for effectively one share of common stock of Ovintiv for every five common shares of Encana. The approval was made at its Special Meeting of Securityholders (the "Meeting") held earlier today.
"We are extremely pleased with the vote of confidence from our shareholders today. With 90% of our securityholders voting "FOR" the resolution, there is clearly support for our efforts to expose Ovintiv to the deeper pools of capital in the U.S.—capturing the value we know exists within our equity," said CEO Doug Suttles. "We will continue to focus on innovation and efficiencies throughout our operations, delivering the financial and operational performance our shareholders expect."
Detailed voting results for the Meeting are available under Encana's profile on SEDAR at www.sedar.com and on the Securities and Exchange Commission ("SEC") website at www.sec.gov. Completion of the reorganization is still subject to other conditions to closing, including final approval of the plan of arrangement by the Court of Queen's Bench of Alberta. Further information regarding the reorganization is provided in Encana's proxy statement/management information circular and prospectus dated December 11, 2019 in respect of the Meeting.
ADVISORY REGARDING FORWARD-LOOKING STATEMENTS – This news release contains forward-looking statements or information (collectively, "FLS") within the meaning of applicable securities legislation, including Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. FLS include: anticipated completion of the reorganization and benefits of the transaction. FLS involve assumptions, risks and uncertainties that may cause such statements not to occur or results to differ materially. These assumptions include: the ability to receive, in a timely manner and on satisfactory terms, stock exchange and court approvals and expectations based on views of historical trends. Risks and uncertainties include: ability to achieve anticipated benefits of the reorganization; satisfaction of conditions; risks relating to the new company following the reorganization; impact of changes in credit rating and access to liquidity, risks that the description of the transactions in external communications may not properly reflect the underlying legal and tax principles of the reorganization; and other risks and uncertainties as described in Encana's December 11, 2019 information circular and prospectus, Annual Report on Form 10-K and Quarterly Report on Form 10-Q and as described from time to time in Encana's other periodic filings as filed on SEDAR and EDGAR. Although Encana believes such FLS are reasonable, there can be no assurance they will prove to be correct. The above assumptions, risks and uncertainties are not exhaustive. FLS are made as of the date hereof and, except as required by law, Encana undertakes no obligation to update or revise any FLS.
Further information on Encana Corporation is available on the company's website, www.encana.com, or by contacting:
Investor contact: (281) 210-5110 (403) 645-3550 | Media contact: |
View original content:http://www.prnewswire.com/news-releases/encana-receives-securityholder-approval-for-reorganization-300986672.html
SOURCE Encana Corporation
Article Date
1/14/202012/11/2019 - Encana Files Definitive Proxy Statement/Prospectus
Encana Files Definitive Proxy Statement/Prospectus
Source: PR Newswire
Schedules January 14, 2020 Special Meeting of Securityholders
CALGARY, Dec. 11, 2019 /PRNewswire/ - Encana Corporation (NYSE, TSX: ECA) today filed its definitive Proxy Statement/Prospectus with the U.S. Securities and Exchange Commission and Canadian securities regulatory authorities related to its intention to establish corporate domicile in the United States.
The Special Meeting of Securityholders is planned for January 14, 2020 at 8 a.m. MT. Encana shareholders and incentive award holders as of the close of business on December 9, 2019 will be entitled to notice of and vote at the meeting.
The single reorganization resolution, as further outlined in the definitive Proxy Statement/Prospectus, must be approved by at least two-thirds of votes cast. The resolution will accomplish three initiatives:
The Encana Board unanimously recommends that Encana securityholders vote FOR the reorganization resolution.
The strategic initiatives above are being implemented to further create shareholder value and to recognize the Company's significant transformation over the last five-plus years. Key highlights of this transformation include:
If Encana shareholders or incentive award holders have any questions or require assistance in voting their Encana common shares or incentive awards, please contact: (i) Kingsdale Advisors by telephone at 1-866-229-8166 (toll-free in North America) or at 1-416-867-2272 (collect outside North America); or (ii) Innisfree M&A Incorporated by telephone at 1-877-800-5192 (toll-free in North America) or at 1-212-750-5833 (collect outside of North America).
Important Information for Investors and Securityholders
This communication is not intended to and does not constitute an offer to sell, buy or exchange or the solicitation of an offer to sell, buy or exchange any securities or the solicitation of any vote or approval in any jurisdiction, nor shall there be any sale, purchase, or exchange of securities or solicitation of any vote or approval in any jurisdiction in contravention of applicable law. In connection with the proposed corporate reorganization that includes, among other things, the redomicile, Encana's subsidiary 1847432 Alberta ULC, a predecessor to Ovintiv Inc. ("Ovintiv"), has filed a registration statement on Form S-4, which includes Ovintiv's prospectus as well as Encana's proxy statement (the "Proxy Statement/Prospectus"), with the U.S. Securities and Exchange Commission (the "SEC") and Canadian securities regulatory authorities. The registration statement was declared effective by the SEC on December 11, 2019 and Encana plans to mail the definitive Proxy Statement/Prospectus to its shareholders and holders of its equity incentives on or about December 16, 2019 in connection with the proposed corporate reorganization. INVESTORS AND SECURITYHOLDERS OF ENCANA ARE URGED TO READ THE PROXY STATEMENT/PROSPECTUS AND OTHER RELEVANT DOCUMENTS FILED OR TO BE FILED WITH THE SEC AND CANADIAN SECURITIES REGULATORY AUTHORITIES CAREFULLY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT ENCANA, OVINTIV, THE CORPORATE REORGANIZATION AND RELATED MATTERS. Investors and securityholders may obtain free copies of the definitive Proxy Statement/Prospectus and other documents filed with the SEC by Encana or Ovintiv through the website maintained by the SEC at www.sec.gov. Investors and securityholders will also be able to obtain free copies of the definitive Proxy Statement/Prospectus and other documents filed with Canadian securities regulatory authorities by Encana, through the website maintained by the Canadian Securities Administrators at www.sedar.com. In addition, investors and securityholders will be able to obtain free copies of the documents filed with the SEC and Canadian securities regulatory authorities on Encana's website at www.encana.com or by contacting Encana's Corporate Secretary.
Participants in the Solicitation
Encana and certain of its directors, executive officers and employees may be considered participants in the solicitation of proxies in connection with the proposed corporate reorganization. Information regarding the persons who may, under the rules of the SEC, be deemed participants in the solicitation of the securityholders of Encana in connection with the corporate reorganization, including a description of their respective direct or indirect interests, by security holdings or otherwise, is included in the definitive Proxy Statement/Prospectus described above filed with the SEC and Canadian securities regulatory authorities. Additional information regarding Encana's directors and executive officers is also included in Encana's Notice of Annual Meeting of Shareholders and 2019 Proxy Statement, which was filed with the SEC and Canadian securities regulatory authorities on March 14, 2019. This document is available free of charge as described above.
ADVISORY REGARDING FORWARD-LOOKING STATEMENTS – This news release contains forward-looking statements or information (collectively, "FLS") within the meaning of applicable securities legislation, including Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. FLS include: completion of the corporate reorganization, including corporate domicile; timing of the special meeting of securityholders; benefits of the transaction including exposure to increasingly larger pools of investment, alignment with U.S. peers, inclusion in indicies and funds, and demand for our shares; highlights from our transformation, including strategic initiatives, production and capital program; asset composition; and sustainable business model and ability to generate free cash flow and return cash. FLS involve assumptions, risks and uncertainties that may cause such statements not to occur or results to differ materially. These assumptions include: the ability to receive, in a timely manner and on satisfactory terms, required securityholder, stock exchange and court approvals; assumptions contained in our corporate guidance; and expectations and projections made in light of Encana's historical experience and its perception of historical trends. Risks and uncertainties include: failure to achieve anticipated benefits of the corporate reorganization, including inclusion in certain indicies or funds; receipt of securityholder, stock exchange and court approvals and satisfaction of other conditions; risks relating to the new company following the reorganization; publicity resulting from the reorganization and impacts to the company's business and share price; risks that certain shareholders may be required to sell or are not permitted to hold our shares following completion of the reorganization; risks outlined in our corporate guidance; changes in or interpretation of laws or regulations; and other risks and uncertainties as described in Encana's Annual Report on Form 10-K and Quarterly Report on Form 10-Q, as described from time to time in Encana's other periodic filings as filed on SEDAR and EDGAR, and as described in the definitive Proxy Statement/Prospectus. Although Encana believes such FLS are reasonable, there can be no assurance they will prove to be correct. The above assumptions, risks and uncertainties are not exhaustive. FLS are made as of the date hereof and, except as required by law, Encana undertakes no obligation to update or revise any FLS. Further, descriptions in this communication are summary in nature and may not fully describe all underlying legal and tax principles of the corporate reorganization. Investors and securityholders are urged to read the Proxy Statement/Prospectus and other relevant documents filed or to be filed with the SEC and Canadian securities regulatory authorities when they become available for details on the corporate reorganization.
Further information on Encana Corporation is available on the company's website, www.encana.com, or by contacting:
Investor contact: (281) 210-5110 (403) 645-3550 | Media contact: (281) 210-5253 |
View original content to download multimedia:http://www.prnewswire.com/news-releases/encana-files-definitive-proxy-statementprospectus-300973572.html
SOURCE Encana Corporation
Article Date
12/11/201911/19/2019 - Encana Issues Response to Letko Brosseau's Release on Company's Establishment of Domicile in the United States
Encana Issues Response to Letko Brosseau's Release on Company's Establishment of Domicile in the United States
Source: PR Newswire
Company in strong disagreement with Letko's conclusions and reiterates its shareholder value rationale
CALGARY, Nov. 19, 2019 /PRNewswire/ - Encana Corporation (NYSE, TSX: ECA) today issued a statement in strong disagreement to Letko's news release earlier today titled: "Letko Brosseau Will Vote Against Encana's Proposed Exit from Canada."
"We were disappointed by Letko's release earlier today stating its opposition to our recent decision to establish Encana's corporate domicile in the United States," said Encana's CEO Doug Suttles. "We have had a long relationship with Letko and most certainly appreciate their investment in our Company.
"Our establishment of domicile in the U.S. was carefully considered by our leadership, Board of Directors and outside advisors. The rationale for the move is crystal clear—we want to expose our Company and all its stockholders to increasingly larger pools of investment in U.S. index funds and passively managed accounts. The change in corporate domicile will not change how we run our day-to-day business, nor diminish the important role our Canadian assets play in our portfolio today. We do not believe that our Canadian investors will be forced to sell beyond the Canadian indices, and we will remain listed on both the TSX and the NYSE. Furthermore, we know that most of our large investors in Canada also own many of our U.S.-domiciled peers today. We deeply believe this move ultimately will be positive for ALL shareholders as exposure to the significantly larger U.S. market and funds is estimated to create more than $1 billion of additional demand for our shares. As we said at the time of the original announcement in late October, 'our actions show that we will leave no stone unturned to capture the value we deeply believe exists within our equity'."
Encana has significantly transformed the Company over the last half-decade. Today's quality, liquids-rich portfolio supports a sustainable business model that generates free cash flow and a return of cash to shareholders. Our focus on innovation and efficiency is consistently delivering superior financial and operational performance. Our establishment of domicile in the U.S., as well as our subsequent name change to Ovintiv Inc., reflects our significant transformation and better aligns us with our U.S. peers. Today, more than 80% of Encana's capital investments, 75% of revenues and approximately 70% of proved reserves are located in the U.S.
A preliminary proxy statement/prospectus was recently filed with the U.S. Securities and Exchange Commission and Canadian securities regulatory authorities. We have also prepared a detailed slide packet outlining the significant under-representation of index funds and passive accounts in Encana's current ownership when compared to similar U.S. peer companies. The preliminary proxy statement/prospectus and the referenced slide packet can both be found on Encana's website at www.encana.com.
The change in corporate domicile, the rebrand to Ovintiv, and a previously announced 1 – for – 5 consolidation and share exchange require two-thirds of votes cast for shareholder approval. A special meeting of Encana shareholders will be held in early 2020. In addition to shareholder approval, stock exchange and Canadian court approvals are also required.
Important Information for Investors and Securityholders
This communication is not intended to and does not constitute an offer to sell, buy or exchange or the solicitation of an offer to sell, buy or exchange any securities or the solicitation of any vote or approval in any jurisdiction, nor shall there be any sale, purchase, or exchange of securities or solicitation of any vote or approval in any jurisdiction in contravention of applicable law. In connection with the proposed corporate reorganization that includes, among other things, the redomicile, Encana's subsidiary 1847432 Alberta ULC, a predecessor to Ovintiv Inc. ("Ovintiv"), has filed a registration statement on Form S-4, which includes Ovintiv's preliminary prospectus as well as Encana's preliminary proxy statement (the "Proxy Statement/Prospectus"), with the U.S. Securities and Exchange Commission (the "SEC") and Canadian securities regulatory authorities. Encana plans to mail the definitive Proxy Statement/Prospectus to its shareholders and holders of its equity incentives in connection with the proposed corporate reorganization. INVESTORS AND SECURITYHOLDERS OF ENCANA ARE URGED TO READ THE PROXY STATEMENT/PROSPECTUS AND OTHER RELEVANT DOCUMENTS FILED OR TO BE FILED WITH THE SEC AND CANADIAN SECURITIES REGULATORY AUTHORITIES CAREFULLY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT ENCANA, OVINTIV, THE CORPORATE REORGANIZATION AND RELATED MATTERS. Investors and securityholders will be able to obtain free copies of the definitive Proxy Statement/Prospectus (when available) and other documents filed with the SEC by Encana or Ovintiv through the website maintained by the SEC at www.sec.gov. Investors and securityholders will also be able to obtain free copies of the definitive Proxy Statement/Prospectus (when available) and other documents filed with Canadian securities regulatory authorities by Encana, through the website maintained by the Canadian Securities Administrators at www.sedar.com. In addition, investors and securityholders will be able to obtain free copies of the documents filed with the SEC and Canadian securities regulatory authorities on Encana's website at www.encana.com or by contacting Encana's Corporate Secretary.
Participants in the Solicitation
Encana and certain of its directors, executive officers and employees may be considered participants in the solicitation of proxies in connection with the proposed corporate reorganization. Information regarding the persons who may, under the rules of the SEC, be deemed participants in the solicitation of the securityholders of Encana in connection with the corporate reorganization, including a description of their respective direct or indirect interests, by security holdings or otherwise, will be included in the definitive Proxy Statement/Prospectus described above when it is filed with the SEC and Canadian securities regulatory authorities. Additional information regarding Encana's directors and executive officers is also included in Encana's Notice of Annual Meeting of Shareholders and 2019 Proxy Statement, which was filed with the SEC and Canadian securities regulatory authorities on March 14, 2019. This document is available free of charge as described above.
ADVISORY REGARDING FORWARD-LOOKING STATEMENTS – This news release contains forward-looking statements or information (collectively, "FLS") within the meaning of applicable securities legislation, including Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. FLS include: completion of the corporate reorganization, including corporate domicile, and the timing thereof; benefits of the transaction including exposure to larger pools of investment, alignment with U.S. peers and demand for our shares; impact to our shareholders and their ability to invest; asset composition; and sustainable business model and ability to generate free cash flow and return cash. FLS involve assumptions, risks and uncertainties that may cause such statements not to occur or results to differ materially. These assumptions include: the ability to receive, in a timely manner and on satisfactory terms, required securityholder, stock exchange and court approvals; assumptions contained in our corporate guidance; and expectations and projections made in light of Encana's historical experience and its perception of historical trends. Risks and uncertainties include: ability to achieve anticipated benefits of the corporate reorganization; receipt of securityholder, stock exchange and court approvals and satisfaction of other conditions; risks relating to the new company following the reorganization; publicity resulting from the reorganization and impacts to the company's business and share price; risks outlined in our corporate guidance; changes in or interpretation of laws or regulations; and other risks and uncertainties as described in Encana's Annual Report on Form 10-K and Quarterly Report on Form 10-Q and as described from time to time in Encana's other periodic filings as filed on SEDAR and EDGAR. Although Encana believes such FLS are reasonable, there can be no assurance they will prove to be correct. The above assumptions, risks and uncertainties are not exhaustive. FLS are made as of the date hereof and, except as required by law, Encana undertakes no obligation to update or revise any FLS. Further, descriptions in this communication are summary in nature and may not fully describe all underlying legal and tax principles of the corporate reorganization. Investors and securityholders are urged to read the proxy statement/prospectus and other relevant documents filed or to be filed with the SEC and Canadian securities regulatory authorities when they become available for details on the corporate reorganization.
Further information on Encana Corporation is available on the company's website, www.encana.com, or by contacting:
Investor contact: | Media contact: |
(281) 210-5110 | (281) 210-5253 |
(403) 645-3550 |
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SOURCE Encana Corporation
Article Date
11/19/201910/31/2019 - Encana to Establish Corporate Domicile in the U.S.
Encana to Establish Corporate Domicile in the U.S.
Source: PR Newswire
Company to rebrand and change name
CALGARY, Oct. 31, 2019 /PRNewswire/ - Encana Corporation (NYSE, TSX: ECA) today announced its intention to establish corporate domicile in the United States. The move, which requires shareholder, stock exchange and court approval, is expected to occur in early 2020. As part of this process, the new company will rebrand under the name Ovintiv Inc. Additional information will be available on the Company's third quarter 2019 financial and operating results conference call, scheduled for today at 7 a.m. MT (9 a.m. ET). Please see dial-in details within this release.
"We are excited about our strategic transformation. Our Company is positioned to compete in the broader markets and lead the E&P industry on the road ahead," said CEO Doug Suttles. "Over the last five-plus years, we have transformed our portfolio and our culture. We've created a high quality, liquids focused multi-basin portfolio. Our focus on innovation and efficiency is consistently delivering superior financial and operational performance. 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. The change in corporate domicile will not change how we run our day-to-day activities. However, our actions show that we will leave no stone unturned to capture the value we deeply believe exists within our equity."
Ovintiv will be uniquely positioned to be a leader in the E&P industry, which is at the cusp of transformation today. The Company is generating significant free cash flow, returning cash to its shareholders and generating industry-competitive liquids growth from its multi-basin portfolio of assets. It is this unique combination that the Company believes will ultimately be differentiated by the market.
In coordination with the change in corporate domicile, a consolidation and share exchange will be completed for effectively one share of common stock of Ovintiv for every five common shares of Encana. A special meeting of Encana shareholders will be held in early 2020 to approve the name change, the share consolidation and the U.S. domicile. Approval by two-thirds of votes cast will be required to approve the changes, as well as stock exchange and Canadian court approvals. A preliminary proxy statement/prospectus is expected to be filed with the U.S. Securities and Exchange Commission and Canadian securities regulatory authorities in early November. Following completion of the corporate redomicile and the adoption of its new name, the new company will begin trading on both the New York and Toronto stock exchanges under the ticker symbol "OVV."
Conference Call Information
A conference call and webcast to discuss this release and 2019 third quarter financial and operating results will be held today at 7 a.m. MT (9 a.m. ET). To participate, please dial 888-231-8191 (toll-free in North America) or 647-427-7450 (international) approximately 10 minutes prior to the conference call. The live audio webcast of the conference call, including slides, will also be available on Encana's website, www.encana.com, under Investors/Presentations & Events. The webcast will be archived for approximately 90 days.
Important Information for Investors and Securityholders
This communication is not intended to and does not constitute an offer to sell, buy or exchange or the solicitation of an offer to sell, buy or exchange any securities or the solicitation of any vote or approval in any jurisdiction, nor shall there be any sale, purchase, or exchange of securities or solicitation of any vote or approval in any jurisdiction in contravention of applicable law. In connection with the proposed corporate reorganization that includes, among other things, the redomicile, Encana will cause its subsidiary 1847432 Alberta ULC, a predecessor to Ovintiv Inc. ("Ovintiv"), to file a registration statement on Form S-4, which will include Ovintiv's prospectus as well as Encana's proxy statement (the "Proxy Statement/Prospectus"), with the U.S. Securities and Exchange Commission (the "SEC") and Canadian securities regulatory authorities. Encana plans to mail the definitive Proxy Statement/Prospectus to its shareholders and holders of its equity incentives in connection with the proposed corporate reorganization. INVESTORS AND SECURITYHOLDERS OF ENCANA ARE URGED TO READ THE PROXY STATEMENT/PROSPECTUS AND OTHER RELEVANT DOCUMENTS FILED OR TO BE FILED WITH THE SEC AND CANADIAN SECURITIES REGULATORY AUTHORITIES CAREFULLY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT ENCANA, OVINTIV, THE CORPORATE REORGANIZATION AND RELATED MATTERS. Investors and securityholders will be able to obtain free copies of the Proxy Statement/Prospectus (when available) and other documents filed with the SEC by Encana or Ovintiv through the website maintained by the SEC at www.sec.gov. Investors and securityholders will also be able to obtain free copies of the Proxy Statement/Prospectus (when available) and other documents filed with Canadian securities regulatory authorities by Encana, through the website maintained by the Canadian Securities Administrators at www.sedar.com. In addition, investors and securityholders will be able to obtain free copies of the documents filed with the SEC and Canadian securities regulatory authorities on Encana's website at www.encana.com or by contacting Encana's Corporate Secretary.
Participants in the Solicitation
Encana and certain of its directors, executive officers and employees may be considered participants in the solicitation of proxies in connection with the proposed corporate reorganization. Information regarding the persons who may, under the rules of the SEC, be deemed participants in the solicitation of the securityholders of Encana in connection with the corporate reorganization, including a description of their respective direct or indirect interests, by security holdings or otherwise, will be included in the Proxy Statement/Prospectus described above when it is filed with the SEC and Canadian securities regulatory authorities. Additional information regarding Encana's directors and executive officers is also included in Encana's Notice of Annual Meeting of Shareholders and 2019 Proxy Statement, which was filed with the SEC and Canadian securities regulatory authorities on March 14, 2019. This document is available free of charge as described above.
ADVISORY REGARDING FORWARD-LOOKING STATEMENTS – This news release contains forward-looking statements or information (collectively, "FLS") within the meaning of applicable securities legislation, including Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. FLS include: completion of the corporate reorganization that includes, among other things, the establishment of a new company domiciled in the U.S. and the timing thereof; exposure to larger pools of investment; better alignment with U.S. peers; ability to compete in the broader market and lead the E&P industry; and anticipated free cash flow, returning cash to shareholders and generating liquids growth. FLS involve assumptions, risks and uncertainties that may cause such statements not to occur or results to differ materially. These assumptions include: the ability to receive, in a timely manner and on satisfactory terms, required securityholder, stock exchange and court approvals; future commodity prices and differentials; assumptions in corporate guidance; data contained in key modeling statistics; availability of attractive hedges and enforceability of risk management program; access to transportation and processing facilities; and expectations and projections made in light of Encana's historical experience and its perception of historical trends. Risks and uncertainties include: ability to achieve anticipated benefits of the corporate reorganization; receipt of securityholder, stock exchange and court approvals and satisfaction of other conditions; risks relating to the new company following the reorganization, including triggering provisions in certain agreements; publicity resulting from the reorganization and impacts to the company's business and share price; ability to generate sufficient cash flow to meet obligations; commodity price volatility; ability to secure adequate transportation and potential pipeline curtailments; timing and costs of well, facilities and pipeline construction; business interruption, property and casualty losses or unexpected technical difficulties; counterparty and credit risk; impact of changes in credit rating and access to liquidity, including ability to issue commercial paper; currency and interest rates; risks inherent in Encana's corporate guidance; risks that the description of the transactions in external communications may not properly reflect the underlying legal and tax principles of the corporate reorganization; changes in or interpretation of laws or regulations; risks associated with existing or potential lawsuits and regulatory actions; impact of disputes arising with partners, including suspension of certain obligations and inability to dispose of assets or interests in certain arrangements; and other risks and uncertainties as described in Encana's Annual Report on Form 10-K and Quarterly Report on Form 10-Q and as described from time to time in Encana's other periodic filings as filed on SEDAR and EDGAR.
Although Encana believes such FLS are reasonable, there can be no assurance they will prove to be correct. The above assumptions, risks and uncertainties are not exhaustive. FLS are made as of the date hereof and, except as required by law, Encana undertakes no obligation to update or revise any FLS.
Further information on Encana Corporation is available on the company's website, www.encana.com, or by contacting:
Investor contact: (281) 210-5110 (403) 645-3550 | Media contact: |
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SOURCE Encana Corporation
Article Date
10/31/2019Encana Reports 2019 Third Quarter Financial and Operating Results
Source: PR Newswire
Company continues to generate significant free cash flow through capital discipline and strong operational performance
Third quarter 2019 highlights:
CALGARY, Oct. 31, 2019 /PRNewswire/ - Encana Corporation (NYSE, TSX: ECA) today announced its third quarter 2019 financial and operating results and plans to hold a conference call with analysts and investors today at 7 a.m. MT (9 a.m. ET). Please see dial-in details within this release. Additional details can be found on the Company's website at www.encana.com.
"Encana continues to deliver consistently strong financial performance," said Encana CEO Doug Suttles. "Our business is delivering free cash flow today. We have been very disciplined with our capital allocation and today increased our outlook for 2019 volumes while maintaining our capital investment guidance. We have a unique combination of profitable liquids growth, the generation of free cash and a track record of returning cash to our shareholders. We are confident that our business model is sustainable and that it will ultimately be differentiated by the market."
Third Quarter Summary
For the third quarter of 2019, Encana posted net earnings of $149 million, or $0.11/share. Non-GAAP operating earnings for the third quarter were $195 million, or $0.15/share.
Cash from operating activities in the third quarter was $756 million. Non-GAAP cash flow increased 39 percent over the comparable period in 2018 to $817 million.
The Company has completed the repurchase of 196.7 million Encana common shares at an average price of $6.35/share. Investment in the program totaled $1,250 million.
At the end of the third quarter, Encana had nearly $3.4 billion of total liquidity including approximately $138 million in cash and cash equivalents.
Encana's third quarter capital investments totaled $566 million. In the quarter, the company also completed the sale of the Arkoma assets and the exit of operations in China. The Company expects proforma 2019 capital investments to total approximately $2.8 billion, unchanged from the midpoint of its previous guidance range.
Suttles added, "Our ability to drive efficiency improvements ensures that we can continue to deliver competitive returns despite volatility in commodity prices. Our business is resilient, sustainable and competitive both within and outside of our industry. Our free cash flow in 2019 continues to grow and will be used to strengthen our balance sheet."
Third Quarter Production and Operating Highlights
Total production in the quarter was 605,100 barrels of oil equivalent per day (BOE/d), up four percent year-over-year on a proforma basis. Production in the quarter exceeded the second half guidance. Total production excluding the volumes from Arkoma and China was over 596,000 BOE/d, exceeding the top end of the second half guided range of 565,000 to 585,000 BOE/d. Liquids production also exceeded the second half run-rate of 310,000 – 320,000 barrels per day (bbls/d), coming in over 328,000 bbls/d excluding Arkoma and China volumes. Third quarter total liquids production increased eight percent year-over-year proforma, to 329,200 bbls/d. Oil and condensate production during the period was 237,300 bbls/d.
Capital Investment and Production
Reportable (1) | Proforma (2) | |||
(for the period ended September 30) | Q3 2019 | Q3 2018 | Q3 2019 | Q3 2018 |
Upstream Capital Expenditures ($ millions) | 563 | 519 | 563 | 890 |
Oil (Mbbls/d) | 178.8 | 95.5 | 178.8 | 172.7 |
NGLs – Plant Condensate (Mbbls/d) | 58.5 | 41.0 | 58.5 | 47.5 |
NGLs – Other (Mbbls/d) | 91.9 | 42.2 | 91.9 | 83.6 |
Oil and NGLs Total (Mbbls/d) | 329.2 | 178.7 | 329.2 | 303.8 |
Natural gas (MMcf/d) | 1,655 | 1,197 | 1,655 | 1,659 |
Total production (MBOE/d) | 605.1 | 378.2 | 605.1 | 580.3 |
(1) | Reportable includes Encana and Newfield Upstream capital and combined production volumes for Q3 2019. Q3 2018 includes Encana's capital and production as previously reported. |
(2) | Proforma includes Encana and Newfield Upstream capital and combined production volumes for both Q3 2019 and Q3 2018. |
Permian
Third quarter production in the Permian Basin averaged a record 111 MBOE/d (83 percent liquids). Encana continues to demonstrate efficiency gains with its four-rig program focused on cube development. Recent wells in Howard County are contributing to the Permian's strong Q3 production, with wells out-performing their type curve. Encana's third quarter cubes employed 100 percent recycled water leading to lower water costs, and continued drilling efficiencies are being realized, resulting in an 11 percent reduction in cost per lateral foot versus the prior quarter.
Anadarko
Third quarter Anadarko Basin production averaged 162 MBOE/d (62 percent liquids). Oil and condensate volumes averaged 57 Mbbls/d in the third quarter. Production results are further enhanced with continued completion efficiency gains, with pace-setter wells under $6 million and cycle times reduced to 90 days as a result of deploying our cube development model across the asset. Longer dated production data from 2019 wells continues to track type curve.
Montney
Third quarter Montney production averaged 210 MBOE/d (26 percent liquids). Liquids production during the quarter averaged 54 Mbbls/d. The continued outperformance of the Montney condensate type curve paired with sub 80-day cycle times is accelerating well payouts and further enhancing returns.
Outlook
Encana expects to continue generating significant free cash flow in the fourth quarter of 2019. Strong production results year to date have more than offset the impact of disposition volumes and Encana has increased annual production guidance, lowered cost guidance, and maintained mid-point of original capital guidance. Cost performance has been strong and Encana is now guiding to the bottom end of the previous $12.75 – $13.25 per BOE range.
For more detailed information on the Company's assets and third quarter results, please refer to the Corporate Presentation at http://investor.encana.com/presentations-events.
Risk Management Program
As of September 30, 2019, Encana has hedged approximately 175.5 Mbbls/d of expected oil and condensate production at an average price of $57.37 per barrel for the balance of 2019. The Company also has about 864 million cubic feet per day (MMcf/d) of its expected remaining 2019 natural gas production hedged at an average price of $2.75 per thousand cubic feet (Mcf). Encana has also hedged approximately 119 Mbbls/d of expected oil and condensate production at an average price of $54.83 per barrel for 2020. The Company also has about 1,038 MMcf/d of its expected 2020 natural gas production hedged at an average price of $2.65 per Mcf.
Dividend Declared
On October 30, 2019, the Board declared a dividend of $0.01875 per common share payable on December 31, 2019, to common shareholders of record as of December 13, 2019.
Conference Call Information
A conference call and webcast to discuss the 2019 third quarter financial and operating results will be held today at 7 a.m. MT (9 a.m. ET). To participate, please dial 888-231-8191 (toll-free in North America) or 647-427-7450 (international) approximately 10 minutes prior to the conference call. The live audio webcast of the conference call, including slides, will also be available on Encana's website, www.encana.com, under Investors/Presentations & Events. The webcast will be archived for approximately 90 days.
Third Quarter Summary
(for the period ended September 30) ($ millions, except as indicated) | Q3 2019 | Q3 2018 |
Cash from (used in) operating activities | 756 | 885 |
Deduct (add back): | ||
Net change in other assets and liabilities | (29) | (17) |
Net change in non-cash working capital | (32) | 313 |
Non-GAAP cash flow1 | 817 | 589 |
Non-GAAP cash flow margin1 ($/BOE) | 14.67 | 16.93 |
Non-GAAP cash flow1 | 817 | 589 |
Less: capital expenditures | 566 | 523 |
Non-GAAP free cash flow1 | 251 | 66 |
Net earnings (loss) | 149 | 39 |
Before-tax (addition) deduction: | ||
Unrealized gain (loss) on risk management | (41) | (164) |
Restructuring charges | (4) | - |
Non-operating foreign exchange gain (loss) | (41) | 24 |
Gain (loss) on divestitures | 5 | - |
(81) | (140) | |
Income tax | 35 | 16 |
After-tax (addition) deduction | (46) | (124) |
Non-GAAP operating earnings1 | 195 | 163 |
(1) | Non-GAAP cash flow, non-GAAP cash flow margin, non-GAAP free cash flow and non-GAAP operating earnings are defined in Note 1. |
Realized Pricing Summary (1)
Q3 2019 | Q3 2018 | |
Liquids ($/bbl) | ||
WTI | 56.45 | 69.50 |
Encana realized liquids prices1 | 42.24 | 49.05 |
Oil | 55.92 | 57.05 |
NGLs – Plant Condensate | 50.55 | 52.89 |
NGLs – Other | 10.37 | 27.23 |
Natural gas | ||
NYMEX ($/MMBtu) | 2.23 | 2.90 |
Encana realized natural gas price1 ($/Mcf) | 2.07 | 2.50 |
(1) | Realized prices include the impact of realized gain (loss) on risk management. |
Total Costs Summary
(for the period ended September 30) ($ per BOE) | Q3 2019 | Q3 2018 |
Production, Mineral and Other Taxes | 1.18 | 1.31 |
Upstream Transportation and Processing | 6.05 | 7.05 |
Upstream Operating1 | 3.34 | 3.07 |
Administrative1 | 1.38 | 1.17 |
Total Costs(2) ($/BOE) | 11.95 | 12.60 |
(1) | Excluding long-term incentive costs and restructuring costs. |
(2) | Total costs are a non-GAAP measure as defined in note 1. |
NOTE 1: Non-GAAP measures
Certain measures in this news release do not have any standardized meaning as prescribed by U.S. GAAP and, therefore, are considered non-GAAP measures. These measures may not be comparable to similar measures presented by other companies and should not be viewed as a substitute for measures reported under U.S. GAAP. These measures are commonly used in the oil and gas industry and/or by Encana to provide shareholders and potential investors with additional information regarding the Company's liquidity and its ability to generate funds to finance its operations. For additional information regarding non-GAAP measures, see the Company's website. This news release contains references to non-GAAP measures as follows:
ADVISORY REGARDING OIL AND GAS INFORMATION - The conversion of natural gas volumes to barrels of oil equivalent (BOE) is on the basis of six thousand cubic feet to one barrel. BOE is based on a generic energy equivalency conversion method primarily applicable at the burner tip and does not represent economic value equivalency at the wellhead. Readers are cautioned that BOE may be misleading, particularly if used in isolation.
ADVISORY REGARDING FORWARD-LOOKING STATEMENTS – This news release contains forward-looking statements or information (collectively, "FLS") within the meaning of applicable securities legislation, including Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. FLS include: meeting Encana's annual guidance, including capital outlook, returns, free cash flow, production targets and liquids growth, and repeatable performance in future years; quality of asset portfolio and commitment to delivering shareholder value; estimated G&A and operating cost synergies and additional savings in well costs; ability to generate free cash flow and amount and use thereof; ability to lower costs and improve efficiencies to deliver competitive returns; benefits of cube development; and outcomes of risk management program. FLS involve assumptions, risks and uncertainties that may cause such statements not to occur or results to differ materially. These assumptions include: future commodity prices and differentials; assumptions in corporate guidance; data contained in key modeling statistics; availability of attractive hedges and enforceability of risk management program; access to transportation and processing facilities; and expectations and projections made in light of Encana's historical experience and its perception of historical trends. Risks and uncertainties include: integration of Newfield's business and ability to achieve anticipated benefits; ability to generate sufficient cash flow to meet obligations; commodity price volatility; ability to secure adequate transportation and potential pipeline curtailments; variability and discretion to declare and pay dividends, if any; timing and costs of well, facilities and pipeline construction; business interruption, property and casualty losses or unexpected technical difficulties; counterparty and credit risk; impact of changes in credit rating and access to liquidity, including ability to issue commercial paper; currency and interest rates; risks inherent in Encana's corporate guidance; failure to achieve cost and efficiency initiatives; risks in marketing operations; risks associated with technology; changes in or interpretation of laws or regulations; risks associated with existing or potential lawsuits and regulatory actions; impact of disputes arising with partners, including suspension of certain obligations and inability to dispose of assets or interests in certain arrangements; ability to acquire or find additional reserves; imprecision of reserves estimates and estimates of recoverable quantities; and other risks and uncertainties as described in Encana's Annual Report on Form 10-K and Quarterly Report on Form 10-Q and as described from time to time in Encana's other periodic filings as filed on SEDAR and EDGAR.
Although Encana believes such FLS are reasonable, there can be no assurance they will prove to be correct. The above assumptions, risks and uncertainties are not exhaustive. FLS are made as of the date hereof and, except as required by law, Encana undertakes no obligation to update or revise any FLS.
Further information on Encana Corporation is available on the company's website, www.encana.com, or by contacting:
Investor contact: (281) 210-5110 (403) 645-3550 | Media contact: (281) 210-5253 |
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SOURCE Encana Corporation
Article Date
10/31/2019Encana Names Michael McAllister President; Brendan McCracken and Greg Givens Promoted to Executive Leadership Team
Source: PR Newswire
CALGARY, Sept. 10, 2019 /PRNewswire/ - Encana Corporation (NYSE, TSX: ECA) today announced changes to its Executive Leadership Team, including the promotion of Michael McAllister to president, Brendan McCracken to executive vice president – corporate development and external relations and Greg Givens to chief operating officer. These changes are effective immediately.
"Today's news recognizes the important contributions that these leaders have had on the success of Encana, but more importantly, it represents the quality of our leadership and our preparedness for the future," said Doug Suttles, Encana's chief executive officer. We are fortunate to have a 'deep bench' at Encana and have worked to create a unique culture focused on constant innovation and operational excellence. I am excited about their new roles and am confident that they will create value for our owners on the road ahead."
McAllister, with more than 30 years of industry experience, joined Encana nearly 20 years ago and previously served as Encana's executive vice president and chief operating officer. In his new role as president, McAllister will continue to report to Suttles and will assume leadership responsibilities for the Company's operations, exploration and land, marketing and midstream and corporate services. Through his tenure at Encana, McAllister has held positions of increasing responsibility and has been instrumental in leading the Company's transformation to a top-tier, liquids-focused North American producer. He holds a Mechanical Engineering degree from Concordia University.
Brendan McCracken is promoted to executive vice president – corporate development and external affairs and will report to Suttles. In his new capacity, he will be responsible for leading business development and corporate strategy, investor relations, corporate communications and government affairs. He most recently served as vice president and general manager of Canadian operations. McCracken's career with Encana has spanned 21 years after initially starting as a summer engineering student. He has held positions of increasing leadership responsibilities within Encana in both technical and commercial roles, as well as strategic planning and implementation. Under McCracken's leadership, Encana's Montney development has shown significant capital efficiency gains through the application of "best-in-class" operating practices. Brendan is a member of the Association of Professional Engineers & Geoscientists of Alberta. McCracken is active within, and outside of the oil and gas industry, most recently on the Board of Directors for the Calgary Philharmonic Orchestra. He graduated from Queen's University with a Bachelor of Science degree in Mechanical Engineering and holds an MBA from the University of Oxford.
Greg Givens is promoted to chief operating officer and will report to McAllister. Givens joined Encana in 2018 and previously served as vice president and general manager of Texas Operations. In this role, he has managed the efficient development of Encana's Eagle Ford and Permian Basin assets. Prior to Encana, Givens was a founding member and vice president – Eagle Ford for EP Energy. He started his career more than 23 years ago with Sonat Exploration Company and its predecessor El Paso Production Company. Givens is an active member of the Society of Petroleum Engineers, currently serves on the Board of the Permian Basin Petroleum Association and recently served on Texas Oil and Gas Association board. He holds a degree in Petroleum Engineering from Texas A&M University and has an MBA from Rice University.
Encana is a leading North American energy producer that is focused on developing its strong portfolio of resource plays, held directly and indirectly through its subsidiaries, producing oil, natural gas liquids and natural gas. By partnering with employees, community organizations and other businesses, Encana contributes to the strength and sustainability of the communities where it operates. Encana common shares trade on the Toronto and New York stock exchanges under the symbol ECA.
Further information on Encana Corporation is available on the company's website, www.encana.com, or by contacting:
Investor contact: | Media contact: |
(281) 210-5110 | (281) 210-5253 |
(403) 645-3550 |
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SOURCE Encana Corporation
Article Date
9/10/2019Encana Announces Final Results of Substantial Issuer Bid
Source: PR Newswire
CALGARY, Sept. 4, 2019 /PRNewswire/ - Encana Corporation (NYSE, TSX: ECA) today announced the final results of its substantial issuer bid (the "Offer") under which it has accepted to purchase for cancellation 47,333,333 of its common shares ("Shares") at a purchase price of US$4.50 per Share, for an aggregate purchase price of approximately US$213 million. Shares purchased under the Offer represent approximately 3.5% of the issued and outstanding Shares at the time that the Offer was commenced.
Based on the final count by AST Trust Company (Canada), the depositary for the Offer, a total of 127,957,593 Shares were properly tendered and not properly withdrawn. As the Offer was oversubscribed, shareholders who made auction tenders at a price of US$4.50 or less per Share and purchase price tenders will have approximately 70.69% of their successfully tendered Shares purchased by Encana (other than "odd lot" holders, whose Shares will be purchased on a priority basis). Shareholders who made auction tenders at a price in excess of US$4.50 per Share will have their Shares returned by the depositary for the Offer. Payment for the Shares accepted for purchase under the Offer will occur in accordance with the terms of the Offer and applicable law.
To assist shareholders in determining the tax consequences of the Offer, Encana estimates that for the purposes of the Income Tax Act (Canada), the paid-up capital per Share is approximately C$8.39 (or US$6.31, based on the Bank of Canada daily average foreign exchange rate as at the expiry of the Offer). Given that the estimated paid-up capital per Share amount exceeds the purchase price of US$4.50 per Share, shareholders who have sold Shares to Encana pursuant to the Offer will not be deemed to have received a taxable dividend as a result of such sale.
The "specified amount" for purposes of subsection 191(4) of the Income Tax Act (Canada) is US$4.45 (or C$5.92, based on the Bank of Canada daily average foreign exchange rate as at the expiry of the Offer).
This news release is for informational purposes only and is not intended to and does not constitute an offer to purchase or the solicitation of an offer to sell Shares.
ADVISORY REGARDING FORWARD-LOOKING STATEMENTS - This news release contains forward-looking statements or information (collectively, "FLS") within the meaning of applicable securities legislation, including Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. FLS include: timing for payment for the Shares accepted for purchase under the Offer, timing for Shares returned by the depositary and estimated paid-up capital per Share. FLS involve assumptions, risks and uncertainties that may cause such statements not to occur or results to differ materially. These assumptions include: number of Shares properly tendered and not properly withdrawn prior to expiration of the Offer. Risks and uncertainties include: changes in or interpretation of laws or regulations; and other risks and uncertainties as described in Encana's most recent Annual Report on Form 10-K and Quarterly Report on Form 10-Q and as described from time to time in Encana's other periodic filings as filed on SEDAR and EDGAR.
Although Encana believes such FLS are reasonable, there can be no assurance they will prove to be correct. The above assumptions, risks and uncertainties are not exhaustive. FLS are made as of the date hereof and, except as required by law, Encana undertakes no obligation to update or revise any FLS.
Further information on Encana Corporation is available by contacting:
Investor contacts: | Media contact: | |
(281) 210-5110 | (281) 210-5253 | |
(403) 645-3550 |
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SOURCE Encana Corporation
Article Date
9/4/2019Encana Announces Preliminary Results of Substantial Issuer Bid
Source: PR Newswire
CALGARY, Aug. 29, 2019 /PRNewswire/ - Encana Corporation (NYSE, TSX: ECA) today announced the preliminary results of its substantial issuer bid (the "Offer"), which expired at 5:00 p.m. (Eastern time) on August 28, 2019.
Based on the preliminary count by AST Trust Company (Canada), the depositary for the Offer, a total of 127,043,382 common shares of Encana Corporation ("Shares") were properly tendered and not properly withdrawn, including 1,573,848 Shares that were tendered through notice of guaranteed delivery. In accordance with the terms of the Offer, Encana has informed the depositary that it is taking up Shares properly tendered to the Offer at the time of expiry, subject to proration (as described below). Based on the preliminary count by the depositary for the Offer, Encana expects to take up and purchase for cancellation 47,333,333 Shares at a purchase price of US$4.50 per Share for an aggregate purchase price of approximately US$213 million. The Shares expected to be purchased under the Offer represent approximately 3.5% of the issued and outstanding Shares at the time that the Offer was commenced.
As the Offer was oversubscribed, shareholders who made auction tenders at a price of US$4.50 or less per Share and purchase price tenders are expected to have approximately 70.95% of their successfully tendered Shares purchased by Encana (other than "odd lot" holders, whose Shares will be purchased on a priority basis). Shareholders who made auction tenders at a price in excess of US$4.50 per Share should not expect to have any of their Shares purchased by Encana.
The number of Shares properly tendered and not properly withdrawn, the number of Shares expected to be purchased, the purchase price and the proration factor are all preliminary and subject to verification by the depositary as well as the proper delivery of all Shares tendered (including Shares tendered pursuant to guaranteed delivery procedures). The final number of Shares to be purchased, the final purchase price, and the estimated paid-up capital per Share and "specified amount" (each for purposes of the Income Tax Act (Canada)) will be announced following completion by the depositary of the verification process and the guaranteed delivery period. Promptly after such announcement, payment for the Shares accepted for purchase will be made in accordance with the terms of the Offer, and the depositary will return all other Shares tendered and not purchased.
BMO Nesbitt Burns Inc. and BMO Capital Markets Corp. acted as financial advisors and dealer managers for the Offer and AST Trust Company (Canada) acted as depositary. Any questions regarding the Offer may be directed to the dealer managers or the depositary.
This news release is for informational purposes only and is not intended to and does not constitute an offer to purchase or the solicitation of an offer to sell Shares.
ADVISORY REGARDING FORWARD-LOOKING STATEMENTS - This news release contains forward-looking statements or information (collectively, "FLS") within the meaning of applicable securities legislation, including Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. FLS include: number of Shares properly tendered and not properly withdrawn; number of Shares tendered through notice of guaranteed delivery; expected purchase price per Share and aggregate purchase price; number of Shares to be taken up and cancelled; pro ration factor; and timing for completion of the Offer. FLS involve assumptions, risks and uncertainties that may cause such statements not to occur or results to differ materially. These assumptions include: number of Shares properly tendered and not properly withdrawn prior to expiration of the Offer; and that Shares tendered through notice of guaranteed delivery will be delivered within the prescribed two trading day settlement period. Risks and uncertainties include: satisfaction of conditions associated with the Offer; changes in or interpretation of laws or regulations; and other risks and uncertainties as described in Encana's most recent Annual Report on Form 10-K and Quarterly Report on Form 10-Q and as described from time to time in Encana's other periodic filings as filed on SEDAR and EDGAR.
Although Encana believes such FLS are reasonable, there can be no assurance they will prove to be correct. The above assumptions, risks and uncertainties are not exhaustive. FLS are made as of the date hereof and, except as required by law, Encana undertakes no obligation to update or revise any FLS.
Further information on Encana Corporation is available by contacting:
Investor contacts: (281) 210-5110 (403) 645-3550
| Media contact: (281) 210-5253
|
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SOURCE Encana Corporation
Article Date
8/29/2019Encana Closes on Sale of Arkoma Basin Natural Gas Assets
Source: PR Newswire
CALGARY, Aug. 27, 2019 /PRNewswire/ - Encana Corporation's (NYSE, TSX: ECA) wholly owned subsidiary, Newfield Exploration Mid-Continent Inc., today closed on its previously announced sale of its natural gas assets in Oklahoma's Arkoma Basin. Proceeds from the sale will be used to reduce the Company's debt.
Encana's Arkoma assets included approximately 140,000 net acres of leasehold and production of approximately 77 million cubic feet equivalent per day (98% natural gas). The Company's full-year proforma production guidance range of 560 – 600 thousand barrels of oil equivalent per day remains unchanged.
CIBC Griffis & Small provided advisory services to Encana for the transaction. Davis, Graham & Stubbs LLP served as Encana's external legal counsel.
Further information on Encana Corporation is available on the Company's website, www.encana.com, or by contacting:
Investor contacts: (281) 210-5110 | Media contact: (281) 210-5253 |
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SOURCE Encana Corporation
Article Date
8/27/2019Encana announces amendment to its substantial issuer bid
Source: PR Newswire
CALGARY, Aug. 14, 2019 /PRNewswire/ - Encana Corporation (NYSE, TSX: ECA) announced today that it has amended its previously announced substantial issuer bid (the "Offer") to purchase for cancellation up to US$213 million of its common shares ("Shares") in order to vary the price range at which Shares may be tendered to the Offer.
Due to the decrease in the market price of the Shares since the date of the original Offer, which resulted in a condition to the Offer not being met, Encana has amended the price range of the Offer and has also amended the related condition pertaining to the market price of the Shares, as described in more detail below. The Offer is being made by way of a "modified Dutch Auction", to allow shareholders who choose to participate in the Offer to individually select the price at which they will tender their Shares to the Offer, within a price range of not less than US$4.15 and not more than US$4.75 per Share (in increments of US$0.05 per Share) (the "Amended Price Range"). The Amended Price Range varies the original price range of not less than US$4.70 and not more than US$5.40 per Share. Upon expiry of the Offer, Encana will determine the lowest purchase price (which will not be more than US$4.75 per Share and not less than US$4.15 per Share) that will allow it to purchase the maximum number of Shares properly tendered to the Offer, and not properly withdrawn, for an aggregate purchase price not exceeding US$213 million.
In connection with the implementation of the Amended Price Range, Encana has also amended a condition of the Offer such that Encana may withdraw, vary or extend the Offer or may postpone the acceptance for payment of or the payment for Shares tendered pursuant to the Offer if, prior to take-up, there shall have occurred a decrease in excess of 10% of the market price of the Shares on the Toronto Stock Exchange or the New York Stock Exchange since the close of business on August 14, 2019. This is consistent with the condition contained in the original Offer, updated to align the reference market price to the date of the amended Offer.
As a result of the amendments to the Offer, the Offer will now expire at 5:00 p.m. (Eastern time) on August 28, 2019 (the "Amended Expiry Date"), unless further extended or withdrawn.
The Offer remains otherwise subject to the terms and conditions set forth in the tender offer statement on Schedule TO (the "Schedule TO"), offer to purchase and issuer bid circular, each dated July 8, 2019, as amended by a notice of variation and extension dated as of today's date (the "Notice of Variation and Extension"). Encana will be mailing the Notice of Variation and Extension to all registered holders of the Shares together with an amended letter of transmittal (the "Amended Letter of Transmittal") and an amended notice of guaranteed delivery (the "Amended Notice of Guaranteed Delivery") each of which reflects the Amended Price Range. The Notice of Variation and Extension and the Amended Letter of Transmittal and Amended Notice of Guaranteed Delivery will also be available on Encana's profile on SEDAR and EDGAR (at www.sedar.com and www.sec.gov). Shareholders are urged to review these documents carefully as they contain important details with respect to the amended Offer and the procedures that shareholders must follow in order to properly tender their Shares.
As a result of the amendment to the Offer, if a shareholder has previously tendered Shares, such tender is no longer valid, and the shareholder WILL BE REQUIRED TO PROPERLY RETENDER THEIR SHARES to accept the Offer. For greater certainty, any and all Shares previously tendered will be deemed to be withdrawn, and the shareholder must take additional steps if they wish to participate in the amended Offer.
Registered shareholders who had previously submitted a letter of transmittal (in its previous form) with their share certificate in respect of a tender of Shares at a price in the previous range and who wish to tender their Shares at a price in the Amended Price Range, are required to submit an Amended Letter of Transmittal to the depositary, which for the purpose of the amended Offer, will be deemed to be submitted with the share certificate currently held by the depositary. If a registered shareholder who had previously tendered Shares at a price in the previous range, does not submit an Amended Letter of Transmittal, the previously tendered Shares, in the absence of an Amended Letter of Transmittal, are no longer validly tendered and will not be accepted for take-up and payment, in which case the depositary will return such previously tendered Shares promptly following the Amended Expiration Date. Previously submitted share certificates will not be returned to shareholders prior to the Amended Expiration Date, unless requested in writing by such registered shareholder.
Encana has engaged BMO Nesbitt Burns Inc. and BMO Capital Markets Corp. to act as financial advisors and dealer managers for the Offer and AST Trust Company (Canada) to act as depositary. Any questions or requests for information regarding the Offer may also be directed to the dealer managers or the depositary.
This news release is for informational purposes only and is not intended to and does not constitute an offer to purchase or the solicitation of an offer to sell Shares. The solicitation and the Offer will only be made pursuant to the Offer documents filed with securities regulatory authorities, including the Schedule TO, offer to purchase, issuer bid circular, letter of transmittal and related documents, each as amended by the Notice of Variation and Extension. The Offer will not be made to, nor will tenders be accepted from or on behalf of, holders of Shares in any jurisdiction in which the making or acceptance of offers to sell Shares would not be in compliance with the laws of that jurisdiction. None of Encana, its Board of Directors, the dealer managers or the depositary makes any recommendation to shareholders as to whether to tender or refrain from tendering any or all of their Shares pursuant to the Offer, whether shareholders should elect an auction tender or a purchase price tender or the purchase price or prices at which shareholders may choose to tender Shares. SHAREHOLDERS ARE STRONGLY URGED TO CAREFULLY READ THE SCHEDULE TO, OFFER TO PURCHASE, ISSUER BID CIRCULAR, THE LETTER OF TRANSMITTAL AND RELATED DOCUMENTS, EACH AS AMENDED BY THE NOTICE OF VARIATION AND EXTENSION, FILED WITH SECURITIES REGULATORY AUTHORITIES, AS THEY MAY BE AMENDED FROM TIME TO TIME, BECAUSE THEY CONTAIN IMPORTANT INFORMATION. Shareholders may obtain free copies of the Schedule TO, offer to purchase, issuer bid circular, the letter of transmittal, the Notice of Variation and Extension and related documents filed with the SEC at the website maintained by the SEC at www.sec.gov or with Canadian securities regulatory authorities at the website maintained by the Canadian Securities Administrators at www.sedar.com (in each case, when available). Shareholders may also obtain those materials from AST Trust Company (Canada), the depositary for the Offer. Shareholders are urged to read those materials carefully and consult with their financial, tax and legal advisors prior to making a decision to tender into the Offer.
ADVISORY REGARDING FORWARD-LOOKING STATEMENTS - This news release contains forward-looking statements or information (collectively, "FLS") within the meaning of applicable securities legislation, including Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. FLS include: terms of the Offer, including price range and number of the Shares Encana may purchase under the Offer, and timing for completion of the Offer. FLS involve assumptions, risks and uncertainties that may cause such statements not to occur or results to differ materially. These assumptions include: future commodity prices and differentials; Share prices prior to completion of the Offer; and expectations and projections made in light of Encana's historical experience and its perception of historical trends. Risks and uncertainties include: receipt of regulatory approvals for the Offer documents; satisfaction of conditions associated with the Offer, including the impact of Share price volatility on completing the Offer; commodity price volatility; impact of changes in credit rating and access to liquidity; changes in or interpretation of laws or regulations; and other risks and uncertainties as described in Encana's Annual Report on Form 10-K and Quarterly Report on Form 10-Q and as described from time to time in Encana's other periodic filings as filed on SEDAR and EDGAR.
Although Encana believes such FLS are reasonable, there can be no assurance they will prove to be correct. The above assumptions, risks and uncertainties are not exhaustive. FLS are made as of the date hereof and, except as required by law, Encana undertakes no obligation to update or revise any FLS.
Further information on Encana Corporation is available by contacting:
Investor contacts: (281) 210-5110 (403) 645-3550 | Media contact: (281) 210-5253
|
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SOURCE Encana Corporation
Article Date
8/14/2019Encana Reports 2019 Second Quarter Financial and Operating Results
Source: PR Newswire
Company generates free cash flow and growing margins through cost management and strong production
Second quarter 2019 highlights:
CALGARY, July 31, 2019 /PRNewswire/ - Encana Corporation (NYSE, TSX: ECA) today announced its second quarter 2019 financial and operating results and plans to hold a conference call with analysts and investors today at 7 a.m. MT (9 a.m. ET). Please see dial-in details within this release. Additional details can be found on the Company's website at www.encana.com.
"Encana is performing exceptionally well," said Encana President & CEO Doug Suttles. "The combination of our high-quality portfolio and relentless focus on efficiency is delivering strong returns, growth and free cash flow."
Second Quarter Summary
For the second quarter of 2019, Encana posted net earnings of $336 million, or $0.24/share. Non-GAAP operating earnings for the second quarter were $290 million, or $0.21/share.
Cash from operating activities in the second quarter was $906 million. Non-GAAP cash flow increased 50 percent over the comparable period in 2018 to $877 million, or $0.64/share. Non-GAAP cash flow in the second quarter was impacted by $19 million of restructuring and acquisition costs.
Through the end of the second quarter, the Company had repurchased 149.4 million Encana common shares at an average price of $6.94 per share. Investment in the program to date totals $1,037 million.
At the end of the second quarter, Encana had more than $3.4 billion of total liquidity including approximately $167 million in cash and cash equivalents.
Encana's second quarter capital investment totaled $750 million, in line with beginning of the year expectations for a front-end loaded 2019 investment profile.
Suttles added, "Our business is growing and generating free cash flow and we are firmly on track to deliver on our capital investment outlook for this year. Our free cash flow is significant and will be used to fund the share buyback and strengthen our balance sheet."
Second Quarter Production and Operating Highlights
Total production in the quarter was 591,800 barrels of oil equivalent per day (BOE/d), up 11 percent year-over-year on a proforma basis. Second quarter liquids production increased 16 percent year-over-year proforma, to about 324,000 barrels per day (bbls/d). Oil and condensate production during the period was 234,600 bbls/d.
Capital Investment and Production
Reportable (1) | Proforma (2) | |||
(for the period ended June 30) | Q2 2019 | Q2 2018 | Q2 2019 | Q2 2018 |
Upstream Capital Expenditures ($ millions) | 749 | 593 | 749 | 964 |
Oil (Mbbls/d) | 179.3 | 84.6 | 179.3 | 166.8 |
NGLs – Plant Condensate (Mbbls/d) | 55.3 | 33.7 | 55.3 | 39.3 |
NGLs – Other (Mbbls/d) | 89.4 | 37.0 | 89.4 | 74.2 |
Oil and NGLs Total (Mbbls/d) | 324.0 | 155.3 | 324.0 | 280.3 |
Natural gas (MMcf/d) | 1,607 | 1,095 | 1,607 | 1,518 |
Total production (MBOE/d) | 591.8 | 337.9 | 591.8 | 533.2 |
(1) | Reportable includes Encana and Newfield Upstream capital and combined production volumes for Q2 2019. Q2 2018 includes Encana's capital and production as previously reported. |
(2) | Proforma includes Encana and Newfield Upstream capital and combined production volumes for both Q2 2019 and Q2 2018. |
Permian
Second quarter production in the Permian Basin averaged a record 104 MBOE/d (84 percent liquids). Encana continues to demonstrate efficiency gains with its four-rig program focused on cube development. A recent 14-well pad in Martin County, Texas, commenced production and is averaging 14,900 bbls/d after 90 days.
Anadarko
Second quarter Anadarko Basin production achieved a record 163 MBOE/d. Recent significant growth is largely attributable to the 31 percent quarter-over-quarter increase in STACK oil production. Oil and condensate now accounts for about 37 percent of Anadarko Basin production volumes and averaged 60 Mbbls/d in the second quarter.
Importantly, Encana continued to enhance returns in STACK through additional reductions in completed well costs. Since closing the acquisition of Newfield in mid-February, well costs have been reduced by $1.4 million to $6.5 million (pre-Encana 2018 average was $7.9 million). Eighty-nine gross STACK wells in the Meramec completed year to date are tracking type curve including 18 gross cube-style wells that are showing strong oil productivity.
Montney
Second quarter Montney production averaged 203 MBOE/d (27 percent liquids). Liquids production during the quarter averaged 54 Mbbls/d. Third-party outages and planned maintenance negatively impacted quarterly average production by about 6.8 MBOE/d. Cycle times were reduced by more than 10 percent quarter over quarter, averaging less than 70 days. Wells on production in the year are outperforming the oil and condensate type curve by approximately 25 percent.
Outlook
At current commodity prices, Encana expects to generate significant free cash flow in the second half of 2019. Capital investment in the second half of 2019 is expected to be $500–$600 million per quarter with overall production of 565–585 MBOE/d, excluding volumes from Arkoma and China.
For more detailed information on the Company's assets and second quarter results, please refer to the Corporate Presentation at https://www.encana.com/investors/.
Risk Management Program
As of June 30, 2019, Encana has hedged approximately 154 Mbbls/d of expected oil and condensate production at an average price of $59.48 per barrel for the balance of 2019. The Company also has about 936 million cubic feet per day (MMcf/d) of its expected remaining 2019 natural gas production hedged at an average price of $2.73 per thousand cubic feet (Mcf). Encana has also hedged approximately 80 Mbbls/d of expected oil and condensate production at an average price of $57.05 per barrel for 2020. The Company also has about 490 MMcf/d of its expected 2020 natural gas production hedged at an average price of $2.71 per Mcf.
Dividend Declared
On July 30, 2019, the Board declared a dividend of $0.01875 per common share payable on September 30, 2019, to common shareholders of record as of September 13, 2019.
Conference Call Information
A conference call and webcast to discuss the 2019 second quarter financial and operating results will be held today at 7 a.m. MT (9 a.m. ET). To participate, please dial 888-231-8191 (toll-free in North America) or 647-427-7450 (international) approximately 10 minutes prior to the conference call. The live audio webcast of the conference call, including slides, will also be available on Encana's website, www.encana.com, under Investors/Presentations & Events. The webcast will be archived for approximately 90 days.
Second Quarter Summary
(for the period ended June 30) ($ millions, except as indicated) | Q2 2019 | Q2 2018 |
Cash from (used in) operating activities Deduct (add back): Net change in other assets and liabilities Net change in non-cash working capital | 906
(15) 44 | 475
(5) (106) |
Non-GAAP cash flow1 | 877 | 586 |
Non-GAAP cash flow margin1 ($/BOE) | 16.27 | 19.09 |
Non-GAAP cash flow1 | 877 | 586 |
Less: capital expenditures | 750 | 595 |
Non-GAAP free cash flow1 | 127 | (9) |
Net earnings (loss) Before-tax (addition) deduction: Unrealized gain (loss) on risk management Restructuring charges Non-operating foreign exchange gain (loss) Gain (loss) on divestitures | 336
83 (17) 46 - | (151)
(326) - (32) 1 |
Income tax | 112 (66) | (357) 8 |
After-tax (addition) deduction | 46 | (349) |
Non-GAAP operating earnings1 | 290 | 198 |
(1) | Non-GAAP cash flow, non-GAAP cash flow margin, non-GAAP free cash flow and non-GAAP operating earnings are defined in Note 1. |
Realized Pricing Summary
Q2 2019 | Q2 2018 | |
Liquids ($/bbl) | ||
WTI | 59.82 | 67.88 |
Encana realized liquids prices1 | ||
Oil | 60.14 | 58.00 |
NGLs – Plant Condensate | 53.57 | 54.48 |
NGLs – Other | 14.75 | 23.77 |
Natural gas | ||
NYMEX ($/MMBtu) | 2.64 | 2.80 |
Encana realized natural gas price1 ($/Mcf) | 2.22 | 3.03 |
(1) | Prices include the impact of realized gain (loss) on risk management. |
Total Costs Summary
(for the period ended June 30) ($ per BOE) | Q2 2019 | Q2 2018 |
Production, Mineral and Other Taxes | 1.36 | 1.13 |
Upstream Transportation and Processing | 6.54 | 7.73 |
Upstream Operating1 | 3.40 | 3.40 |
Administrative1 | 1.48 | 1.36 |
Total Costs(2) ($/BOE) | 12.78 | 13.62 |
(1) | Excluding long-term incentive costs and restructuring costs. |
(2) | Total costs are a non-GAAP measure as defined in note 1. |
NOTE 1: Non-GAAP measures
Certain measures in this news release do not have any standardized meaning as prescribed by U.S. GAAP and, therefore, are considered non-GAAP measures. These measures may not be comparable to similar measures presented by other companies and should not be viewed as a substitute for measures reported under U.S. GAAP. These measures are commonly used in the oil and gas industry and/or by Encana to provide shareholders and potential investors with additional information regarding the Company's liquidity and its ability to generate funds to finance its operations. For additional information regarding non-GAAP measures, see the Company's website. This news release contains references to non-GAAP measures as follows:
ADVISORY REGARDING OIL AND GAS INFORMATION - The conversion of natural gas volumes to barrels of oil equivalent (BOE) is on the basis of six thousand cubic feet to one barrel. BOE is based on a generic energy equivalency conversion method primarily applicable at the burner tip and does not represent economic value equivalency at the wellhead. Readers are cautioned that BOE may be misleading, particularly if used in isolation.
ADVISORY REGARDING FORWARD-LOOKING STATEMENTS – This news release contains forward-looking statements or information (collectively, "FLS") within the meaning of applicable securities legislation, including Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. FLS include: meeting Encana's annual guidance, including capital outlook, returns, free cash flow, production targets and liquids growth, and repeatable performance in future years; quality of asset portfolio and commitment to delivering shareholder value; estimated G&A synergies and additional savings in well costs; ability to generate free cash flow and amount and use thereof; amount and timing of share buyback; benefits of cube development; portfolio refinement and timing of closing thereof; and outcomes of risk management program. FLS involve assumptions, risks and uncertainties that may cause such statements not to occur or results to differ materially. These assumptions include: future commodity prices and differentials; assumptions in corporate guidance; data contained in key modeling statistics; availability of attractive hedges and enforceability of risk management program; access to transportation and processing facilities; and expectations and projections made in light of Encana's historical experience and its perception of historical trends. Risks and uncertainties include: integration of Newfield's business and ability to achieve anticipated benefits; ability to generate sufficient cash flow to meet obligations; commodity price volatility; ability to secure adequate transportation and potential pipeline curtailments; variability and discretion to declare and pay dividends, if any; amount and timing of share repurchases; timing and costs of well, facilities and pipeline construction; business interruption, property and casualty losses or unexpected technical difficulties; counterparty and credit risk; impact of changes in credit rating and access to liquidity, including ability to issue commercial paper; currency and interest rates; risks inherent in Encana's corporate guidance; failure to achieve cost and efficiency initiatives; risks in marketing operations; risks associated with technology; changes in or interpretation of laws or regulations; risks associated with existing or potential lawsuits and regulatory actions; impact of disputes arising with partners, including suspension of certain obligations and inability to dispose of assets or interests in certain arrangements; ability to acquire or find additional reserves; imprecision of reserves estimates and estimates of recoverable quantities; and other risks and uncertainties as described in Encana's Annual Report on Form 10-K and Quarterly Report on Form 10-Q and as described from time to time in Encana's other periodic filings as filed on SEDAR and EDGAR.
Although Encana believes such FLS are reasonable, there can be no assurance they will prove to be correct. The above assumptions, risks and uncertainties are not exhaustive. FLS are made as of the date hereof and, except as required by law, Encana undertakes no obligation to update or revise any FLS.
Further information on Encana Corporation is available on the company's website, www.encana.com, or by contacting:
Investor contact: (281) 210-5110 (403) 645-3550 | Media contact: (281) 210-5253 |
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SOURCE Encana Corporation
Article Date
7/31/20197/16/2019 - Encana to Hold Conference Call and Webcast for 2019 Second Quarter Results on Wednesday, July 31, 2019
Encana to Hold Conference Call and Webcast for 2019 Second Quarter Results on Wednesday, July 31, 2019
Source: PR Newswire
CALGARY, July 16, 2019 /PRNewswire/ - Encana Corporation (NYSE, TSX: ECA) plans to release its 2019 second quarter financial and operating results prior to market open on Wednesday, July 31, 2019. In addition, accompanying slides and financial statements will be available on the Company's website at www.encana.com under Investors/Presentations & Events.
A conference call and webcast to discuss the 2019 second quarter results will be held the same day at 7 a.m. MT (9 a.m. ET). To participate, please dial 888-231-8191 (toll-free in North America) or 647-427-7450 (international) approximately 10 minutes prior to the conference call. The webcast will be archived for approximately 90 days.
Encana Corporation
Encana Corporation is a leading North American energy producer that is focused on developing its strong portfolio of resource plays, held directly and indirectly through its subsidiaries, producing oil, natural gas liquids and natural gas. By partnering with employees, community organizations and other businesses, Encana contributes to the strength and sustainability of the communities where it operates. Encana common shares trade on the Toronto and New York stock exchanges under the symbol ECA.
Further information on Encana Corporation is available on the company's website, www.encana.com, or by contacting:
Investor contact: (281) 210-5110 (403) 645-3550
| Media contact: (281) 210-5253
|
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SOURCE Encana Corporation
Article Date
7/16/2019Encana Announces Commencement of US$213 Million Substantial Issuer Bid
Source: PR Newswire
CALGARY, July 8, 2019 /PRNewswire/ - Encana Corporation (NYSE, TSX: ECA) today is commencing its previously announced substantial issuer bid ("the Offer") to purchase for cancellation up to US$213 million of its common shares ("Shares"). The Offer will expire at 5:00 p.m. (Eastern time) on August 14, 2019, unless extended or withdrawn.
The Offer by Encana is being made by way of a "modified Dutch Auction," allowing shareholders who choose to participate in the Offer to individually select the price, within a price range of not less than US$4.70 and not more than US$5.40 per Share (in increments of US$0.05 per Share), at which they will tender their Shares to the Offer. Upon expiry of the Offer, Encana will determine the lowest purchase price (which will not be more than US$5.40 per Share and not less than US$4.70 per Share) that will allow it to purchase the maximum number of Shares properly tendered to the Offer, and not properly withdrawn, having an aggregate purchase price not exceeding US$213 million.
Shareholders who wish to participate in the Offer will be able to do so through: (i) an auction tender, in which they will specify the number of Shares being tendered at a specific price per Share; or (ii) a purchase price tender, in which they will agree to have a specified number of Shares purchased at the purchase price to be determined pursuant to the auction and have their Shares considered as having been tendered at the minimum price of US$4.70 for the purposes of determining the purchase price. Shareholders who validly deposit Shares without specifying the method in which they are tendering their Shares will be deemed to have made a purchase price tender, understanding that those Shares will be considered to have been tendered at the minimum price of US$4.70 per Share. All Shares tendered at or below the finally determined purchase price will be purchased, subject to proration and "odd lot" priority, at the same purchase price determined pursuant to the terms of the Offer. Shares that are not purchased, including Shares tendered pursuant to auction tenders at prices above the purchase price, will be returned to shareholders.
The Offer is not conditional on receipt of financing or on any minimum number of Shares being tendered to the Offer, but is subject to other conditions, which are described in the offer to purchase. Encana intends to fund any purchases of Shares pursuant to the Offer from cash on hand, drawing on existing credit facilities or through the issuance of commercial paper.
On July 8, 2019, a tender offer statement on Schedule TO, including an offer to purchase, a letter of transmittal for registered shareholders and related documents, will be filed by Encana with the United States Securities and Exchange Commission (the "SEC"), and a separate issuer bid circular, letter of transmittal for registered shareholders and related documents will be filed by Encana with Canadian securities regulatory authorities.
Encana has engaged BMO Nesbitt Burns Inc. and BMO Capital Markets Corp. to act as financial advisors and dealer managers for the Offer and AST Trust Company (Canada) to act as depositary. Any questions or requests for information regarding the Offer may also be directed to the dealer managers or the depositary.
This news release is for informational purposes only and is not intended to and does not constitute an offer to purchase or the solicitation of an offer to sell Shares. The solicitation and the Offer will only be made pursuant to the Offer documents filed with securities regulatory authorities, including the offer to purchase, issuer bid circular, letter of transmittal and related documents. The Offer will not be made to, nor will tenders be accepted from or on behalf of, holders of Shares in any jurisdiction in which the making or acceptance of offers to sell Shares would not be in compliance with the laws of that jurisdiction. None of Encana, its Board of Directors, the dealer managers or the depositary makes any recommendation to shareholders as to whether to tender or refrain from tendering any or all of their Shares pursuant to the Offer, whether shareholders should elect an auction tender or a purchase price tender or the purchase price or prices at which shareholders may choose to tender Shares. SHAREHOLDERS ARE STRONGLY URGED TO CAREFULLY READ THE OFFER TO PURCHASE, ISSUER BID CIRCULAR, THE LETTER OF TRANSMITTAL AND RELATED DOCUMENTS FILED WITH SECURITIES REGULATORY AUTHORITIES, AS THEY MAY BE AMENDED FROM TIME TO TIME, BECAUSE THEY CONTAIN IMPORTANT INFORMATION. Shareholders may obtain free copies of the offer to purchase, issuer bid circular, the letter of transmittal and related documents filed with the SEC at the website maintained by the SEC at www.sec.gov or with Canadian securities regulatory authorities at the website maintained by the Canadian Securities Administrators at www.sedar.com (in each case, when available). Shareholders may also obtain those materials from AST Trust Company (Canada), the depositary for the Offer. Shareholders are urged to read those materials carefully and consult with their financial, tax and legal advisors prior to making a decision to tender into the Offer.
ADVISORY REGARDING FORWARD-LOOKING STATEMENTS - This news release contains forward-looking statements or information (collectively, "FLS") within the meaning of applicable securities legislation, including Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. FLS include: terms of the Offer, including price range and number of the Shares Encana may purchase under the Offer; timing for launch and completion of the Offer; and sources and availability of funding for the Offer. FLS involve assumptions, risks and uncertainties that may cause such statements not to occur or results to differ materially. These assumptions include: future commodity prices and differentials; Share prices prior to completion of the Offer; and expectations and projections made in light of Encana's historical experience and its perception of historical trends. Risks and uncertainties include: receipt of regulatory approvals for the Offer documents; satisfaction of conditions associated with the Offer, including the impact of Share price volatility on completing the Offer; commodity price volatility; impact of changes in credit rating and access to liquidity; changes in or interpretation of laws or regulations; and other risks and uncertainties as described in Encana's Annual Report on Form 10-K and Quarterly Report on Form 10-Q and as described from time to time in Encana's other periodic filings as filed on SEDAR and EDGAR.
Although Encana believes such FLS are reasonable, there can be no assurance they will prove to be correct. The above assumptions, risks and uncertainties are not exhaustive. FLS are made as of the date hereof and, except as required by law, Encana undertakes no obligation to update or revise any FLS.
Further information on Encana Corporation is available by contacting:
Investor contacts:
(281) 210-5110
(403) 645-3550
Media contact:
(281) 210-5253
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SOURCE Encana Corporation
Article Date
7/8/2019Encana Signs Agreement to Sell its Arkoma Basin Natural Gas Assets
Source: PR Newswire
CALGARY, July 8, 2019 /PRNewswire/ - Encana Corporation (NYSE, TSX: ECA) today announced that its wholly owned subsidiary, Newfield Exploration Mid-Continent Inc., signed an agreement to sell its natural gas assets in Oklahoma's Arkoma Basin to an undisclosed buyer. Total cash consideration to Encana under the transaction is $165 million. The agreement is subject to ordinary closing conditions, regulatory approvals and other adjustments and is expected to close in the third quarter of 2019.
"Along with our recently announced agreement to exit China, this transaction shows our commitment to realize value from non-core assets. Proceeds from this sale will be directed to our balance sheet," said Doug Suttles, Encana President & CEO.
Encana's Arkoma assets include approximately 140,000 net acres of leasehold and current production of approximately 77 million cubic feet equivalent per day (98% natural gas).
CIBC Griffis & Small provided advisory services to Encana for the transaction. Davis, Graham & Stubbs LLP served as Encana's external legal counsel.
ADVISORY REGARDING FORWARD-LOOKING STATEMENTS - This news release contains forward-looking statements or information (collectively, "FLS") within the meaning of applicable securities legislation, including Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. FLS include: expected consideration, including anticipated adjustments and use of proceeds therefrom; expectation that closing conditions and regulatory approvals will be satisfied and timing of closing; and commitment to realizing value from non-core assets. FLS involve assumptions, risks and uncertainties that may cause such statements not to occur or results to differ materially. These assumptions include: future commodity prices and differentials; assumptions in corporate guidance; and expectations and projections made in light of Encana's historical experience and its perception of historical trends. Risks and uncertainties include: risks inherent to closing the transaction including whether it will close on a timely basis or at all; adjustments to expected proceeds; commodity price volatility; counterparty and credit risk; and other risks and uncertainties impacting Encana's business, as described in its most recent Annual Report on Form 10-K and as described from time to time in Encana's other periodic filings as filed on SEDAR and EDGAR. Although Encana believes such FLS are reasonable, there can be no assurance they will prove to be correct. The above assumptions, risks and uncertainties are not exhaustive. FLS are made as of the date hereof and, except as required by law, Encana undertakes no obligation to update or revise any FLS.
Further information on Encana Corporation is available on the company's website, www.encana.com, or by contacting:
Investor contacts: (281) 210-5110 (403) 645-3550 | Media contact: (281) 210-5253 |
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SOURCE Encana Corporation
Article Date
7/8/2019Encana provides interim update on strength of operations
Source: PR Newswire
CALGARY, June 10, 2019 /PRNewswire/ - Encana Corporation (NYSE, TSX: ECA) today provided an update on its share buyback program and disclosed its intention to execute a substantial issuer bid (SIB) to fulfill its previously announced 2019 share buyback. In addition, the Company signed an agreement to exit China, strengthened its production outlook for the second quarter of 2019 and reiterated its original capital investment plan.
Encana repurchases 10% of outstanding shares year-to-date; intends to commence additional buyback for up to $213 million to complete its previously announced $1.25 billion share buyback program
Since commencing its buyback program in March 2019, Encana has invested $1.037 billion to purchase approximately 149.4 million common shares, the maximum allowed by the Toronto Stock Exchange under the normal course issuer bid program, at an average price of $6.94 per share (all amounts stated in US dollars). Repurchases to date represent 10% of the Company's outstanding public float. Encana intends to fulfill its initial pledge to repurchase $1.25 billion in 2019 through a Substantial Issuer Bid ("SIB") to purchase for cancellation up to $213 million of additional common shares. The SIB is expected to commence in July 2019, subject to customary approvals. The repurchase price or price range will be determined at that time.
Doug Suttles, Encana President and CEO, said, "We see compelling value in Encana shares today and we intend to fulfill our commitment to return cash to shareholders through the SIB program. This is part of our sustainable business model which profitably grows liquids, generates free cash and returns significant cash to shareholders through dividends and opportunistic buybacks."
In addition, the Company recently retired its $500 million 6.50% Senior Notes due May 2019 through the issuance of commercial paper at more attractive rates.
Encana continues to refine asset portfolio and reaches agreement to exit its China operations
Encana recently reached an agreement with its partner, the Chinese National Offshore Oil Corporation (CNOOC), to terminate its production sharing contract (PSC) with CNOOC, which covers offshore operations in China. The termination is subject to the satisfaction of certain conditions and Encana expects to terminate the PSC and handover operation to CNOOC on July 31, 2019.
Second quarter production benefitting from strong new well performance
Total Company liquids production second quarter-to-date has averaged approximately 320 Mbbls/d, or about 10% higher than first quarter 2019 average proforma levels. Increased liquids volumes are being driven by strong oil and condensate volumes from Encana's core growth assets in the Anadarko, Permian and Montney, which are expected to be up 13 – 15% over the first quarter of 2019. Despite severe weather incidents in each of these regions during the second quarter, production impact has been minimal.
Performance from recent wells in the Anadarko Basin has been strong and production is benefitting from Encana's focus on the oil window in the core of its large, contiguous acreage position in STACK. Anadarko Basin production in the second quarter to date has averaged a record level of more than 160 MBOE/d, representing a double-digit increase over the first quarter of 2019. Importantly, oil and condensate production quarter-to-date has averaged about 60 Mbbls/d, an increase of nearly 20% from its first quarter proforma 2019 average. STACK proforma oil production quarter-to-date has averaged about 48 Mbbls/d, up more than 30% when compared to the first quarter of 2019.
"Since closing our Newfield acquisition in mid-February, we have driven a significant reduction in well costs and delivered strong performance from new wells in the STACK. We have pumped our high-intensity completion design on more than two dozen wells with development spacing of six to eight wells per section. Results from these wells have been very strong," said Suttles. "When our industry-leading well costs are combined with our favorable royalty structure (<20%) and agreements to access preferred oil and gas markets, we can deliver strong and competitive returns in the STACK. We look forward to sharing our progress with shareholders with our second quarter results."
When combining the record production levels in the Anadarko with strong quarter-over-quarter growth in the Permian and Montney, Encana expects that its second quarter 2019 proforma production will be 585 – 595 MBOE/d. Liquids production is expected to comprise about 54% of total production.
Full-year production and capital investment outlook reiterated
Encana today reiterated both its 2019 proforma capital investment and production outlooks. Capital investments are expected to be $2.7 – $2.9 billion. Full-year 2019 proforma production is expected to be within the Company's original range of 560 – 600 MBOE/d, including the impact of the Company's planned exit from China in the second half of 2019.
Suttles added, "We are delivering on our key objectives and expect to generate significant free cash this year even if recent oil prices are sustained through year-end. Our results are driven by profitable liquids growth, strong performance from new wells across the portfolio and our never-ending focus on costs and efficiencies. In addition, our risk management program is reducing the impact from recent oil price volatility."
As of May 31, 2019, Encana has hedged approximately 128 Mbbls/d of expected oil and condensate production at an average price of $58.39 per barrel for the balance of 2019. The Company also has 951 MMcf/d of its expected remaining 2019 natural gas production hedged at an average price of $2.74 per thousand cubic feet (Mcf).
Important Information for Shareholders - This news release is for informational purposes only and is not intended to and does not constitute an offer to purchase nor a solicitation of an offer to sell the Company's common shares. The SIB referred to in this news release has not yet commenced. On the commencement date of the SIB, a tender offer statement on Schedule TO, including an offer to purchase, a letter of transmittal and related documents, will be filed by Encana with the United States Securities and Exchange Commission (the "SEC"), and a separate issuer bid circular and related documents will be filed by Encana with Canadian securities regulatory authorities. The solicitation and the offer to purchase the common shares will only be made pursuant to the offer to purchase, the letter of transmittal and related documents filed with securities regulatory authorities. SHAREHOLDERS ARE URGED TO READ THE TENDER OFFER STATEMENT REGARDING THE OFFER, AS IT MAY BE AMENDED FROM TIME TO TIME, WHEN IT BECOMES AVAILABLE BECAUSE IT WILL CONTAIN IMPORTANT INFORMATION. Shareholders may obtain a free copy of the tender offer statement and related documents filed with the SEC (in each case, when available) at the website maintained by the SEC at www.sec.gov or with Canadian securities regulatory authorities at the website maintained by the Canadian Securities Administrators at www.sedar.com. Shareholders may also obtain those materials from the depositary for the SIB, which will be named in the tender offer statement. Shareholders are urged to read those materials carefully prior to making any decisions with respect to the tender offer.
ADVISORY REGARDING OIL AND GAS INFORMATION - The conversion of natural gas volumes to barrels of oil equivalent (BOE) is on the basis of six thousand cubic feet to one barrel. BOE is based on a generic energy equivalency conversion method primarily applicable at the burner tip and does not represent economic value equivalency at the wellhead. Readers are cautioned that BOE may be misleading, particularly if used in isolation.
ADVISORY REGARDING FORWARD-LOOKING STATEMENTS - This news release contains forward-looking statements or information (collectively, "FLS") within the meaning of applicable securities legislation, including Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. FLS include: intent to commence a SIB, potential terms, timing and price thereof, and the benefits of the share buyback; expectation to terminate production sharing contract and exit from certain operations; and meeting Encana's annual guidance, including capital outlook, production targets, liquids growth and estimated costs. FLS involve assumptions, risks and uncertainties that may cause such statements not to occur or results to differ materially. These assumptions include: future commodity prices and differentials; assumptions in corporate guidance; data contained in key modeling statistics; availability of attractive hedges and enforceability of risk management program; access to transportation and processing facilities; and expectations and projections made in light of Encana's historical experience and its perception of historical trends. Risks and uncertainties include: receipt of applicable board and regulatory approvals for the SIB; satisfaction of certain conditions associated with the termination of certain contracts and exit from certain operations; integration of acquired assets and ability to achieve anticipated benefits; ability to generate sufficient cash flow to meet obligations; commodity price volatility; ability to secure adequate transportation and potential pipeline curtailments; timing and costs of well, facilities and pipeline construction; business interruption, property and casualty losses or unexpected technical difficulties; counterparty and credit risk; impact of changes in credit rating and access to liquidity; currency and interest rates; risks inherent in Encana's corporate guidance; failure to achieve cost and efficiency initiatives; risks in marketing operations; risks associated with technology; changes in or interpretation of laws or regulations; risks associated with existing or potential lawsuits and regulatory actions; impact of disputes arising with partners, including suspension of certain obligations and inability to dispose of assets or interests in certain arrangements; and other risks and uncertainties as described in Encana's Annual Report on Form 10-K and Quarterly Report on Form 10-Q and as described from time to time in Encana's other periodic filings as filed on SEDAR and EDGAR.
Although Encana believes such FLS are reasonable, there can be no assurance they will prove to be correct. The above assumptions, risks and uncertainties are not exhaustive. FLS are made as of the date hereof and, except as required by law, Encana undertakes no obligation to update or revise any FLS.
Further information on Encana Corporation is available on the company's website, www.encana.com, or by contacting:
Investor contact:
(281) 210-5110
(403) 645-3550
Media contact:
(281) 210-5253
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SOURCE Encana Corporation
Article Date
6/10/201990 Public and Private Oil and Gas Company Leaders and Experts to Speak at the 23rd Annual EnerCom - The Oil & Gas Conference®
Source: PR Newswire
DENVER, Aug. 1, 2018 /PRNewswire/ -- Regardless of whether your area of interest in the U.S. energy sector is the shale plays and companies drilling the U.S. basins, offshore drilling in the Gulf of Mexico, oil pipelines, LNG exports, Texas-sourced frac sand, oilfield services or new oilfield technologies, the 23rd annual EnerCom conference will deliver the best of the industry to the Denver Downtown Westin Hotel Denver Aug. 19-22, 2018.
The combined market value of the presenting public companies is more than $220 billion and the publicly-traded energy companies represent a combined enterprise value of more than $275 billion—55% higher than last year.
Several privately held E&Ps and related energy service companies will be at the conference in force as well this year, participating in a variety of panels at the conference. Conference attendees have a rare opportunity to hear from several large private operators who—unlike their publicly traded counterparts—often say nothing in public about their operations.
Among the private oil companies participating in the conference is Anschutz Exploration, a large operator with assets in the Powder River and Washakie Basins of Wyoming, the Piceance and DJ Basins of Colorado and the Unita Basin of Utah. Other private drillers include Permian producer Felix Energy, DJ Basin producer Great Western Oil & Gas, conventional Piceance gas producer Caerus Oil and Gas, and Powder River and Green River Basin operator Samson Resources II.
Who Attends the Conference: More than 2,000 institutional, private equity and hedge fund investors, energy research analysts, retail brokers, trust officers, high net worth investors, investment bankers and energy industry professionals gather in Denver for the conference.
One-on-One Meetings: EnerCom works in advance with presenting company management teams to arrange one-on-one meetings with the attending institutional investors and research analysts at the conference venue. In 2017, EnerCom managed more than 2,100 one-on-one meeting requests. Buyside investors may request meetings on the conference website or contact EnerCom for more information at 303-296-8834.
How to Register: Investment professionals and oil and gas companies can register for the event through the conference website.
2018 Presenting Companies: The Oil & Gas Conference® 2018 presenting companies consist of the following:
Looking at basin and sector, the 2018 EnerCom conference presenting companies and companies participating in panels break out as follows (list is subject to change prior to the conference– please refer to The Oil & Gas Conference website for an updated schedule of presenting companies):
Exploration & Production and Other Energy Companies by Focus Area and Sector
Bakken/Three Forks
Eagle Ford
Permian Basin
Woodford & Other Mid-Continent – SCOOP/STACK
Marcellus/Utica
Niobrara
Gulf of Mexico/Offshore
Haynesville
Pinedale – Jonah Field – Uinta Basin
Enhanced Oil Recovery
Canadian E&Ps
International E&Ps
LNG Export Projects
Oilfield Service Companies
Midstream
Mineral, Royalty, Infrastructure Holders, Acquisition Companies
Private Companies – E&Ps, Midstream, Energy Data and Technology, Energy Capital, Government Energy Agencies
A work-in-progress schedule of the 2018 presenting companies is posted on the conference website and is regularly updated.
Sponsors of The Oil & Gas Conference®
EnerCom History and Sponsors: EnerCom, Inc. founded The Oil & Gas Conference® in 1996. It is the oldest and largest independent energy investment conference in Denver.
Global sponsors of EnerCom's conferences are Netherland, Sewell & Associates; RS Energy Group; Moss Adams; and Preng & Associates.
Sponsors of The Oil & Gas Conference® 23 are Bank of America Merrill Lynch; AssuredPartners; DNB Bank ASA; Fifth Third Bank; CIBC; Haynes and Boone; Credit Agricole CIB; Natixis; PJ SOLOMON; PNC Financial Services Group; Wells Fargo; MUFG; SMBC; Opportune LLP; Petrie Partners; EnergyNet; McGriff, Seibels & Williams, Inc.; Energy Intelligence; and TGS.
About EnerCom, Inc.
Since 1994 EnerCom, Inc. has developed into a nationally recognized oil and gas-focused investor relations consultancy advising oil and gas industry clients on corporate strategy, asset valuations, investor communications, media relations and providing visual communications design.
EnerCom offers services and produces and publishes numerous data products and external communications tools for public and private energy companies including:
EnerCom's professionals have more than 170 years of industry and business experience and a proven track record of success.
Headquartered in Denver, with senior consultants in Dallas and Houston, EnerCom uses the team approach for delivering its wide range of services to public and private companies, large and small, operating in the global exploration and production, OilService, capital markets, and associated advanced-technology industries.
EnerCom's upcoming oil and gas investment conferences include:
EnerCom Denver (The Oil & Gas Conference®) – August 19-22, 2018
EnerCom Dallas – Feb. 27-28, 2019
For more information about EnerCom and its services, please visit http://www.enercominc.com/ or call +1 303-296-8834 to speak with the management team or one of our consultants.
About Netherland, Sewell & Associates, Inc.
Netherland, Sewell & Associates, Inc. (NSAI) was founded in 1961 to provide the highest quality engineering and geological consulting to the petroleum industry. Today they are recognized as the worldwide leader of petroleum property analysis to industry and financial organizations and government agencies. With offices in Dallas and Houston, NSAI provides a complete range of geological, geophysical, petrophysical, and engineering services and has the technical experience and ability to perform these services in any of the onshore and offshore oil and gas producing areas of the world. They provide reserves reports and audits, acquisition and divestiture evaluations, simulation studies, exploration resources assessments, equity determinations, and management and advisory services. For a complete list of services or to learn more about Netherland, Sewell & Associates, Inc. please visit www.netherlandsewell.com.
For more information about NSAI, call C.H. (Scott) Rees, Chief Executive Officer, at 214-969-5401 or send an email to info@nsai-petro.com.
About RS Energy Group
RS Energy Group (RSEG) provides data-driven intelligence: evaluate assets, weigh valuable M&A opportunities and benchmark your business for more precise decision-making.
RSEG officially released its data solution in April 2017. RS Data™ provides clients with corrected, multi-sourced permit, completion and production data of unparalleled completeness and quality.
Today, RSEG's intelligence covers more than 150 companies operating in every key North American and many international energy plays with a powerful combination of practical insights at the asset level and a long-standing participation in capital markets. RSEG's independent, unbiased and accurate analysis forms a foundation of trust with its clients. Its collaborative approach, both internally and as an extension of its clients' research efforts, promotes innovation and fosters intimate, long term partnerships.
RS Energy Group (RSEG) is headquartered in Calgary, Alberta, with strategic locations in Houston, New York City, Philadelphia, San Francisco and Los Angeles. Contact RS Energy Group by phone at (403) 294-9111, or email info@rseg.com.
About Moss Adams LLP
For more than 30 years, Hein & Associates has been recognized throughout the industry as a leading oil and gas accounting and advisory firm. In late 2017, Hein combined with Moss Adams LLP, one of the largest accounting, consulting and wealth management firms in the nation, creating a $600 million middle-market accounting/tax/audit leader in the western U.S. with a strong oil & gas practice group.
With more than 2,900 professionals and staff across more than 25 locations in the West and beyond, Moss Adams works with many of the world's most innovative companies and leaders. Our strength in the middle market enables us to advise clients at all intervals of development—from start-up, to rapid growth and expansion, to transition. Today, we help over 2,300 companies doing business in more than 100 countries and territories.
For more information, please contact Joe Blice, Partner, National Practice Leader, Oil & Gas, CPA joe.blice@mossadams.com, (972) 687-7818.
Moss Adams LLP provides details at https://www.mossadams.com/home .
About Preng & Associates
Preng & Associates, founded in 1980, is the only retainer-based, international executive search firm specializing solely in the energy industry. Its number one priority is to assist clients with their executive selection, organization development, and human resource needs by providing the highest quality service. Preng's record of accomplishment is directly attributable to their experienced staff, worldwide network of industry contacts, proven search methodology, and high standards of professionalism. Preng has conducted over 3000 searches for board, executive, management, and professional positions in its 35-year history and has the highest success and repeat client track record.
Preng's practice is based on the premise that the search process is most effective when conducted by professionals with significant search industry experience. The company has earned a reputation for combining professional search disciplines with an in-depth industry and market understanding and has succeeded in some of the industry's most challenging and high-profile searches. Preng's international reach allows it to effectively conduct global engagements; and as a member of the Association of Executive Search Consultants, Preng practices and promotes its high standards of conduct and professionalism.
For more information about Preng & Associates, contact Charles Carpenter, Partner at 713-243-2610 or ccarpenter@preng.com.
About Bank of America Merrill Lynch
Bank of America Merrill Lynch Oil and Gas Group
The Bank of America Merrill Lynch (BofAML) Oil and Gas practice is comprised of a global team of bankers dedicated to covering the energy industry, dating back to the 1920s when Texas predecessor banks pioneered reserve-based lending. The practice includes an experienced in-house Petroleum Engineering team with over 150 years of combined experience. With one of the only full-service financial energy platforms in the industry, the BofAML oil and gas team manages significant capital commitments in the energy sector with dedicated bankers based in Calgary, Denver, Dallas, Houston, London and New York.
The BofA Merrill Lynch Global Research platform offers clients access to information and actionable ideas on stocks, bonds, economics and investment strategies. With approximately 700 analysts in more than 20 countries, we offer our clients knowledge about economic and business developments that are having an impact on the markets, so that they can work with their financial advisors to make the most of opportunities. BofA Merrill Lynch Global Research was ranked No. 1 for the fourth consecutive year on the 2014 list of Top Global Research Firms, Institutional Investor.
About AssuredPartners
AssuredPartners Colorado (AP CO) combines 30+ years of experience with leading-edge products to provide exceptional service and value to our customers. We provide a full range of brokerage services including employee benefits, property and casualty, and retirement. Headquartered in Colorado, we think globally but act locally, with personal services designed specifically for each individual client. AP CO utilizes resources with national networks of brokers to ensure we can meet your every need and find answers to your questions quickly and efficiently.
Our goal is to achieve a long-term relationship focused on bringing value to your employee benefits management and insurance programs. We are committed to utilizing our collective talent to support your insurance goals. We work to identify activities that drive claim frequency, and implement an action plan to control health care costs and promote a healthy work environment for your employees.
Securing the best insurance package for your business begins with planning. Analyzing all your risks is critical to successful implementation of your insurance plan. AP CO will partner with you by providing ongoing assistance, consultation and service that will help you control your insurance expenses, choose the best plan to fit your company's needs and promote health care consumerism.
For more information on Assured Partners, please visit the website, call (800) 322-9773 or email info@assuredptrco.com.
About DNB ASA
DNB is Norway's largest financial services provider, with total assets approaching $400 billion. The bank has for years been a major provider of capital to the oil & gas industry, growing up literally side by side with the highly prolific fields developed in the Norwegian Sector of the North Sea. The Oslo Energy Office maintains a global financing strategy, and serves this market through multiple offices around the world including Houston, London and Singapore.
Energy Americas, based in Houston, comprises approximately 20 seasoned energy finance professionals. Aside from facilitating the bank's global business strategies, the office concentrates primarily on serving middle market and larger customers in the four principal oil & gas sectors — upstream, midstream, downstream and service — as well as in Power and Renewables. The bank offers a variety of financial products, from traditional oil & gas reserve financing, to longer-term capital markets transactions and merger/acquisition advisory services through its broker-dealer arm, DNB Markets, Inc. Ancillary service capabilities include cash management/depository services, as well as commodity and interest rate hedging.
For information on DNB's energy services, please visit the DNB energy website.
About Fifth Third Bancorp
Fifth Third Bank is a diversified financial services company with over $120 billion in assets. The Bank's energy group is comprised of experienced and knowledgeable individuals that can assist in providing and structuring financial solutions to meet their clients' needs across the upstream, midstream, downstream and services sectors. Solutions and capabilities include commodity hedging, interest rate management, foreign exchange, debt capital markets, treasury management, and depository/investment products.
For more information, please contact Richard Butler at 713-401-6101 or richard.butler@53.com.
About CIBC
CIBC is a leading North American bank headquartered in Canada and with offices around the world. CIBC was originally founded nearly 150 years ago, and has supported and financed the energy industry for many decades. CIBC was recently ranked as the strongest publicly traded bank in North America by Bloomberg, and is rated A+/Aa3 by S&P and Moody's, respectively.
Our energy specialists draw on the breadth of CIBC's capabilities to provide market insights and creative solutions for our clients. Services include corporate banking, commodity and interest rate hedging and strategy, A&D advisory, and capital markets.
CIBC is publicly traded on the NYSE and Toronto Stock Exchange under the symbol "CM" and has a market cap of $36 billion and nearly $400 billion in total assets. For more information, please visit the CIBC energy website.
About Haynes and Boone
Haynes and Boone, LLP is an energy-focused corporate law firm, providing a full spectrum of legal services to our clients across the oil and gas industry, including the upstream, midstream, and downstream sectors. We serve energy clients from our offices in Texas, Colorado, New York, California, Washington, D.C., London, Mexico City and Shanghai. We work as a team representing U.S. and foreign public and private companies engaged in the dynamic day-to-day work of finding and extracting oil and gas, and the banks, investment funds and other investors that support them.
Our team of more than 100 energy lawyers and landmen understands the U.S. and international physical and financial energy markets, and the firm has been helping operators and lenders complete some of the largest financings and M&A transactions in recent years. With more than 600 attorneys, Haynes and Boone is ranked among the largest law firms in the nation by The National Law Journal, and our energy lawyers have been ranked by publications such as Best Lawyers in America, Chambers and Partners and Who's Who in Energy.
For more info, please visit www.haynesboone.com.
About Crédit Agricole Corporate and Investment Bank
Crédit Agricole Corporate and Investment Bank is the corporate and investment banking arm of the Crédit Agricole Group, the world's eighth largest bank by total assets (The Banker, July 2014). Crédit Agricole CIB offers its clients a comprehensive range of products and services in capital markets, brokerage, investment banking, structured finance, corporate banking, and international private banking.
The Bank provides support to clients in large international markets through its network, with a presence in major countries in Europe, the Americas, Asia and the Middle East.
With headquarters in New York City, and U.S. offices in Houston and Chicago, Credit Agricole CIB Americas offers its corporate and institutional clients financial products and services and made-to-order structuring, origination and distribution, through both its banking unit Credit Agricole CIB, and the full-service broker-dealer Credit Agricole Securities (USA) Inc., which is a member of the NYSE and NASD. Credit Agricole CIB is also present in Montreal, Canada, and in Latin America with offices in Argentina, Brazil, and Mexico.
The Energy Industry represents the single largest concentration of industry exposure at Credit Agricole Corporate and Investment Bank, whose specialty focus dates back over 100 years. Our Energy practice for North America, located in Houston, focuses on all segments of the business and covers it on a truly global basis.
For more information, visit www.ca-cib.com.
About Natixis
Natixis is the international corporate and investment banking, asset management, insurance and financial services arm of Groupe BPCE, the second-largest banking group in France.
Natixis Corporate & Investment Banking advises and assists corporations, financial institutions, institutional investors, financial sponsors, public-sector organizations and the networks of Groupe BPCE.
We furnish a diversified array of financing solutions, provide access to capital markets and transaction banking services.
Areas of expertise include Advisory: M&A, primary equity, capital & rating advisory; Financing: vanilla and structured; Capital Markets: equities, fixed income, credit, forex and commodities; Global Transaction Banking: trade finance, cash management, liquidity management and correspondent banking; Research: economic, credit, equity and quantitative.
The Bank leverages the expertise and highly technical skills of its teams, and provides industry-recognized research to build innovative and mix-and-matchable solutions. Corporate and Investment Banking is present on the main financial markets via three international platforms: Americas, Asia-Pacific, and EMEA (Europe, Middle East, Africa).
About PJ SOLOMON
PJ SOLOMON is an investment banking advisory firm that provides strategic advisory services to chief executive officers and senior management, owners of public and private companies, boards of directors, and special committees.
Our full suite of advisory services includes Mergers and Acquisitions, Restructuring and Capital Markets across a range of industry verticals.
The PJ SOLOMON Energy Advisory Group provides strategic investment banking advisory services to public and private clients across the energy chain. Drawing upon our extensive sector relationships and deep strategic and operational expertise, we can offer a unique and valued advisory platform for the upstream, upstream A&D, midstream and the utility sectors.
Based in our Houston office, the PJ SOLOMON Energy team holds more than 100 years of experience on a broad range of domestic and cross-border transactions including mergers and acquisitions, A&D, restructurings, bankruptcies, and public and private capital raisings.
Industry sectors/sub-sectors include: Upstream, Upstream A&D, Midstream, Energy related and Utilities.
About PNC Financial Services Group
PNC is one of the largest, best-regarded and best-capitalized financial services companies in the country, with approximately $325 billion in assets and offices in 33 states, Canada and the United Kingdom.
PNC's Energy Group, headed by Tom Byargeon, is a significant capital and service provider to energy companies, with approximately $6.5 billion in commitments to the industry. The Energy office in Houston houses a team with extensive experience and deep relationships across the entire energy supply chain. This group also offers strategic corporate finance advice and delivers PNC's comprehensive set of solutions and capabilities, including commodity and interest rate hedging, debt capital markets, loan syndications, treasury management, asset securitization, equipment finance and institutional investments.
For more information, please contact Tom Byargeon at 713-353-8782 or tom.byargeon@pnc.com. You can also visit www.pnc.com.
About MUFG
Mitsubishi UFJ Financial Group (MUFG) has been a leading provider of banking services to the oil and gas industry in the Americas for more than 30 years, consistently ranking in the Top 10 Lead Arrangers and Top 10 Bond Arrangers in the Thomson Reuters Oil and Gas League Tables.
We support clients across the industry—from regional exploration and production to global diversified services companies—that benefit from our focused approach, strong execution, and customized services. Whether you are looking to expand existing reserves, make an acquisition, or streamline operations, we can support your growth with services, including: underwriting and syndications; U.S./Canadian cross-border funding; securities underwriting and placements; leasing and tax equity financing; and commodities, interest rate, and foreign exchange risk management.
For more information, visit: www.mufgamericas.com/oil-gas.
About Wells Fargo & Company
Wells Fargo & Company is a nationwide, diversified, community-based financial services company providing banking, insurance, investments, mortgage, and consumer and commercial finance through more than 8,700 locations, 12,500 ATMs, and the internet (wellsfargo.com) and mobile banking, and has offices in 36 countries to support customers who conduct business in the global economy.
The Energy Banking Group, headed by Bart Schouest, provides corporate banking products and services to the energy sector, including upstream, midstream, oilfield services, and diversified industries. With offices in Houston, Dallas, Denver, Calgary, and Aberdeen the group's success is driven by in-depth industry expertise and longstanding relationships with key industry participants. The group has over $45 billion of credit commitments to public and private companies across the upstream, midstream, downstream, services, and power and utilities sectors.
The Energy & Power Investment Banking Group, headed by James Kipp, provides strategic advisory and corporate finance expertise to energy and power clients, including upstream, midstream, oilfield services, downstream, coal and the power & utilities sectors. Areas of focus include equity, equity-linked and debt underwritings, private placements, syndications, and mergers and acquisitions. The Energy & Power Investment Banking Group has offices in Houston and Charlotte.
These teams work together to offer clients industry and product expertise, in addition to sharing their understanding of internal and external forces that drive both industry trends and financial markets. For additional information, contact us at 713-319-1350 or Energy@wellsfargo.com.
To learn more about Wells Fargo & Company, please visit the company's web site at www.wellsfargo.com.
About SMBC
Sumitomo Mitsui Banking Corporation (SMBC) is a core member of Sumitomo Mitsui Financial Group (SMFG), a Tokyo-based bank holding company that is ranked among the largest 25 banks globally by assets under management.
SMBC Americas Division, with more than 2,500 employees, oversees operations in the U.S., Canada, Mexico, and South America. We work across SMFG to offer corporate and institutional clients sophisticated and comprehensive financial services around the globe.
SMBC's roots in Japan trace back more than 400 years to 1590. The Americas Division of SMBC has more than a century of experience in the United States, beginning when the San Francisco branch of Sumitomo Bank was established in 1919. Sumitomo Mitsui Financial Group (NYSE: SMFG) was listed on the New York Stock Exchange in 2010.
For more information please visit the corporate website: www.smbcgroup.com/americas/group-companies/
About Opportune LLP
Founded in 2005, Opportune is a leading global energy consulting firm specializing in adding value to clients across the energy industry, including upstream, midstream, downstream, power and gas, commodities trading and oilfield services.
Since we are not an audit firm, we are advocates of our clients and are not subject to the restrictions placed on other firms by regulatory bodies. Using our extensive knowledge of all sectors of the energy industry, we work with clients to provide comprehensive solutions to their operational and financial challenges.
Our practice areas include complex financial reporting, dispute resolution, enterprise risk, outsourcing, process and technology, reserve engineering and geosciences, restructuring, strategy and organization, tax, transactional due diligence and valuation. Opportune LLP is not a CPA firm.
Opportune's corporate headquarters are in Houston, Texas. The firm also has offices in Dallas, Denver, New York City, Tulsa, and the UK. For more information please call Ashley Hunt, Marketing Coordinator,
713.490.5050 and visit the web site https://opportune.com/.
About Petrie Partners, LLC
Petrie Partners, LLC is a boutique investment banking firm offering financial advisory services to the oil and gas industry. We provide specialized advice on mergers, divestitures and acquisitions and private placements.
The firm was formed in 2011 (as Strategic Energy Advisors) by senior bankers formerly with Bank of America Merrill Lynch and Petrie Parkman & Co., an investment bank that built a reputation as a most trusted advisor to energy clients during the nearly two decades leading up to its merger into Merrill Lynch in 2006.
Through tenure with Petrie Parkman, Merrill Lynch and Bank of America Merrill Lynch, the senior members of the Petrie team bring to bear an average of more than 25 years of energy investment banking experience, including over 300 energy M&A and capital raising transactions representing over $350 billion of aggregate consideration.
For information about the firm, please visit www.petrie.com or call the firm's Denver office (303.953.6768) or the Houston office (713.659.0760).
About EnergyNet
EnergyNet is the only continuous oil and gas auction and sealed bid transaction service that facilitates the sale of producing working interests (operated and non-operated), overrides, royalties, mineral interests, and non-producing leasehold. EnergyNet is a continuous oil and gas property marketplace with due diligence and bidding available 24/7/365, where auctions and sealed bid packages close weekly. Most of the properties EnergyNet sells are located in the lower 48 United States and typically range in value from $1,000 to $100,000,000.
Details about how to buy and sell oil and gas properties using the EnergyNet online auction service are available on the website at https://www.energynet.com/.
About McGriff, Seibels & Williams, Inc.
McGriff, Seibels & Williams is one of the most progressive insurance brokerage firms in the United States, leading the way with innovative programs to protect clients' financial interests. Services include construction risk, energy and marine, surety, employee benefits and financial services. McGriff's Energy & Marine Division offers specialty services for clients with worldwide operations and potentially catastrophic exposures. Our expertise in this niche industry has made us one of the largest independent energy brokers in the U.S. and one of the top five energy brokers worldwide.
Our client base includes more than 50 electric/gas utility and merchant energy companies, several coal mining companies, and more than 70 E&P companies. It also includes the Strategic Petroleum Reserve and numerous oilfield service companies, including vessel operators, offshore drilling companies, and international marine construction companies.
We will structure and implement a domestic or foreign program for virtually any type of energy-related risk. We have more than 125 professionals in our energy division. Using alternative risk transfer and traditional insurance solutions, we determine the appropriate combination of coverage and risk assumption.
Please contact the company through the website or by calling 800 476 - 2211.
About Energy Intelligence
Energy Intelligence has been a leading independent provider of objective insight, unbiased analysis and reliable data for over 60 years. With offices in New York, London, Houston, Dubai, Moscow, Washington, Singapore and Brussels, we provide decision-makers with critically important information on issues and events affecting the global energy complex.
Our benchmark Information Services, Petroleum Intelligence Weekly, Oil Daily, Natural Gas Week, World Gas Intelligence and Energy Compass, are produced by highly experienced journalists, and our research reports and advisory services are provided by highly regarded analysts and economists.
Information on Energy Intelligence is available at the company website: https://www.energyintel.com/pages/non-subscriber.aspx
About TGS
TGS was founded in Houston in 1981 and over time built the dominant 2D multi-client data library in the Gulf of Mexico. The company expanded further into North America and West Africa and added a substantial 3D portfolio in the Gulf of Mexico.
Also in 1981, NOPEC was founded in Oslo and began building an industry-leading multi-client 2D database in the North Sea, with additional operations in Australia and the Far East. In 1997, NOPEC went public on the Oslo Stock Exchange. In 1998, the companies merged to form TGS-NOPEC Geophysical Company (TGS), creating a winning combination for investors, customers and employees. Since then, TGS has set the standard for geoscientific data around the world.
Additional information is available at the company website: http://www.tgs.com/about-tgs/company-history/ .
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SOURCE EnerCom, Inc.
Article Date
8/1/20187/12/2018 - $251 Billion in Public Oil & Gas Companies Will Be in Denver for the 23rd Annual EnerCom Conference
$251 Billion in Public Oil & Gas Companies Will Be in Denver for the 23rd Annual EnerCom Conference
Source: PR Newswire
The Oil & Gas Conference® 2018 presenting companies:
- 40 North American shale E&Ps
- 7 international E&Ps
- 10 other producers
- 9 oilfield service providers
- 9 private E&Ps, midstream and data providers
- $202 billion in market value
- 3.2 million barrels of oil equivalent production per day
- $251 billion in enterprise value
DENVER, July 12, 2018 /PRNewswire/ -- An impressive roster of publicly traded oil and gas company senior leadership teams will be telling their companies' stories and presenting operational and financial updates to investors at the 2018 edition of EnerCom's The Oil & Gas Conference®.
CEOs across the upstream and oilfield service spectrum will be at the Denver Downtown Westin Hotel Aug. 20-23, 2018 to make financial presentations and meet with buyside investors and analysts for the 2018 EnerCom conference.
Market Cap: The presenting North American shale E&Ps, other explorers and producers, international E&Ps, and global oilfield service companies represent a combined market value of $202 billion, 71% higher than last year.
Enterprise Value: The 2018 presenting companies represent a combined enterprise value of $251 billion—53% higher than last year.
Production: EnerCom conference E&Ps are producing more than 3.2 million barrels of oil per day, slightly more than last year.
As to basin and sector, the 2018 EnerCom conference presenting companies break out as follows (list is subject to change prior to conference– please refer to The Oil & Gas Conference website for an updated schedule of presenting companies):
Exploration & Production Companies by Focus Area
Bakken/Three Forks
Eagle Ford
Permian Basin
Woodford & Other Mid-Continent – SCOOP/STACK
Marcellus/Utica
Niobrara
Gulf of Mexico/Offshore
Haynesville
Pinedale – Jonah Field – Uinta Basin
Enhanced Oil Recovery
Canadian E&Ps
International E&Ps
Oilfield Service Companies
Mineral, Royalty, Infrastructure Holders
Private Companies – E&Ps, Midstream, Energy Data and Technology Providers
Public and Private Company Presenters: The 2018 edition of EnerCom's The Oil & Gas Conference® will feature public and private oil and gas companies with operations spanning 40 countries and six continents, including all U.S. shale basins, the Gulf of Mexico, Canada, Latin America, Europe, and Australasia.
A work-in-progress schedule of the 2018 presenting companies is posted on the conference website and will be regularly updated.
Who Attends the Conference: More than 2,000 institutional, private equity and hedge fund investors, energy research analysts, retail brokers, trust officers, high net worth investors, investment bankers and energy industry professionals gather in Denver for the conference.
One-on-One Meetings: EnerCom works in advance with presenting company management teams to arrange one-on-one meetings with the attending institutional investors and research analysts at the conference venue. In 2017, EnerCom managed more than 2,100 one-on-one meeting requests. Buyside investors may request meetings on the conference website or contact EnerCom for more information at 303-296-8834.
How to Register: Investment professionals and oil and gas companies can register for the event through the conference website.
EnerCom History and Sponsors: EnerCom, Inc. founded The Oil & Gas Conference® in 1996. It is the oldest and largest energy investment conference in Denver.
Global sponsors of EnerCom's conferences are Netherland, Sewell & Associates; RS Energy Group; Moss Adams; and Preng & Associates. Sponsors of The Oil & Gas Conference® 23 are Bank of America Merrill Lynch; AssuredPartners; DNB Bank ASA; Fifth Third Bank; CIBC; Haynes and Boone; Credit Agricole CIB; Natixis; PJ SOLOMON; PNC Financial Services Group; Wells Fargo; MUFG; SMBC; and Opportune LLP.
About EnerCom, Inc.
Since 1994 EnerCom, Inc. has developed into a nationally recognized oil and gas-focused investor relations consultancy advising oil and gas industry clients on corporate strategy, asset valuations, investor communications, media relations and providing visual communications design.
EnerCom offers services and produces and publishes numerous data products and external communications tools for public and private energy companies including:
EnerCom's professionals have more than 170 years of industry and business experience and a proven track record of success.
Headquartered in Denver, with senior consultants in Dallas and Houston, EnerCom uses the team approach for delivering its wide range of services to public and private companies, large and small, operating in the global exploration and production, OilService, capital markets, and associated advanced-technology industries.
EnerCom's upcoming oil and gas investment conferences include:
EnerCom Denver (The Oil & Gas Conference®) – August 19-22, 2018
EnerCom Dallas – Feb. 27-28, 2019
For more information about EnerCom and its services, please visit http://www.enercominc.com/ or call +1 303-296-8834 to speak with the management team or one of our consultants.
About Netherland, Sewell & Associates, Inc.
Netherland, Sewell & Associates, Inc. (NSAI) was founded in 1961 to provide the highest quality engineering and geological consulting to the petroleum industry. Today they are recognized as the worldwide leader of petroleum property analysis to industry and financial organizations and government agencies. With offices in Dallas and Houston, NSAI provides a complete range of geological, geophysical, petrophysical, and engineering services and has the technical experience and ability to perform these services in any of the onshore and offshore oil and gas producing areas of the world. They provide reserves reports and audits, acquisition and divestiture evaluations, simulation studies, exploration resources assessments, equity determinations, and management and advisory services. For a complete list of services or to learn more about Netherland, Sewell & Associates, Inc. please visit www.netherlandsewell.com.
For more information about NSAI, call C.H. (Scott) Rees, Chief Executive Officer, at 214-969-5401 or send an email to info@nsai-petro.com.
About RS Energy Group
RS Energy Group (RSEG) provides data-driven intelligence: evaluate assets, weigh valuable M&A opportunities and benchmark your business for more precise decision-making.
RSEG officially released its data solution in April 2017. RS Data™ provides clients with corrected, multi-sourced permit, completion and production data of unparalleled completeness and quality.
Today, RSEG's intelligence covers more than 150 companies operating in every key North American and many international energy plays with a powerful combination of practical insights at the asset level and a long-standing participation in capital markets. RSEG's independent, unbiased and accurate analysis forms a foundation of trust with its clients. Its collaborative approach, both internally and as an extension of its clients' research efforts, promotes innovation and fosters intimate, long term partnerships.
RS Energy Group (RSEG) is headquartered in Calgary, Alberta, with strategic locations in Houston, New York City, Philadelphia, San Francisco and Los Angeles. Contact RS Energy Group by phone at (403) 294-9111, or email info@rseg.com.
About Moss Adams LLP
For more than 30 years, Hein & Associates has been recognized throughout the industry as a leading oil and gas accounting and advisory firm. In late 2017, Hein combined with Moss Adams LLP, one of the largest accounting, consulting and wealth management firms in the nation, creating a $600 million middle-market accounting/tax/audit leader in the western U.S. with a strong oil & gas practice group.
With more than 2,900 professionals and staff across more than 25 locations in the West and beyond, Moss Adams works with many of the world's most innovative companies and leaders. Our strength in the middle market enables us to advise clients at all intervals of development—from start-up, to rapid growth and expansion, to transition. Today, we help over 2,300 companies doing business in more than 100 countries and territories.
For more information, please contact Joe Blice, Partner, National Practice Leader, Oil & Gas, CPA joe.blice@mossadams.com, (972) 687-7818.
Moss Adams LLP provides details at https://www.mossadams.com/home .
About Preng & Associates
Preng & Associates, founded in 1980, is the only retainer-based, international executive search firm specializing solely in the energy industry. Its number one priority is to assist clients with their executive selection, organization development, and human resource needs by providing the highest quality service. Preng's record of accomplishment is directly attributable to their experienced staff, worldwide network of industry contacts, proven search methodology, and high standards of professionalism. Preng has conducted over 3000 searches for board, executive, management, and professional positions in its 35-year history and has the highest success and repeat client track record.
Preng's practice is based on the premise that the search process is most effective when conducted by professionals with significant search industry experience. The company has earned a reputation for combining professional search disciplines with an in-depth industry and market understanding and has succeeded in some of the industry's most challenging and high-profile searches. Preng's international reach allows it to effectively conduct global engagements; and as a member of the Association of Executive Search Consultants, Preng practices and promotes its high standards of conduct and professionalism.
For more information about Preng & Associates, contact Charles Carpenter, Partner at 713-243-2610 or ccarpenter@preng.com.
About Bank of America Merrill Lynch
Bank of America Merrill Lynch Oil and Gas Group
The Bank of America Merrill Lynch (BofAML) Oil and Gas practice is comprised of a global team of bankers dedicated to covering the energy industry, dating back to the 1920s when Texas predecessor banks pioneered reserve-based lending. The practice includes an experienced in-house Petroleum Engineering team with over 150 years of combined experience. With one of the only full-service financial energy platforms in the industry, the BofAML oil and gas team manages significant capital commitments in the energy sector with dedicated bankers based in Calgary, Denver, Dallas, Houston, London and New York.
The BofA Merrill Lynch Global Research platform offers clients access to information and actionable ideas on stocks, bonds, economics and investment strategies. With approximately 700 analysts in more than 20 countries, we offer our clients knowledge about economic and business developments that are having an impact on the markets, so that they can work with their financial advisors to make the most of opportunities. BofA Merrill Lynch Global Research was ranked No. 1 for the fourth consecutive year on the 2014 list of Top Global Research Firms, Institutional Investor.
About AssuredPartners
AssuredPartners Colorado (AP CO) combines 30+ years of experience with leading-edge products to provide exceptional service and value to our customers. We provide a full range of brokerage services including employee benefits, property and casualty, and retirement. Headquartered in Colorado, we think globally but act locally, with personal services designed specifically for each individual client. AP CO utilizes resources with national networks of brokers to ensure we can meet your every need and find answers to your questions quickly and efficiently.
Our goal is to achieve a long-term relationship focused on bringing value to your employee benefits management and insurance programs. We are committed to utilizing our collective talent to support your insurance goals. We work to identify activities that drive claim frequency, and implement an action plan to control health care costs and promote a healthy work environment for your employees.
Securing the best insurance package for your business begins with planning. Analyzing all your risks is critical to successful implementation of your insurance plan. AP CO will partner with you by providing ongoing assistance, consultation and service that will help you control your insurance expenses, choose the best plan to fit your company's needs and promote health care consumerism.
For more information on Assured Partners, please visit the website, call (800) 322-9773 or email info@assuredptrco.com.
About DNB ASA
DNB is Norway's largest financial services provider, with total assets approaching $400 billion. The bank has for years been a major provider of capital to the oil & gas industry, growing up literally side by side with the highly prolific fields developed in the Norwegian Sector of the North Sea. The Oslo Energy Office maintains a global financing strategy, and serves this market through multiple offices around the world including Houston, London and Singapore.
Energy Americas, based in Houston, comprises approximately 20 seasoned energy finance professionals. Aside from facilitating the bank's global business strategies, the office concentrates primarily on serving middle market and larger customers in the four principal oil & gas sectors — upstream, midstream, downstream and service — as well as in Power and Renewables. The bank offers a variety of financial products, from traditional oil & gas reserve financing, to longer-term capital markets transactions and merger/acquisition advisory services through its broker-dealer arm, DNB Markets, Inc. Ancillary service capabilities include cash management/depository services, as well as commodity and interest rate hedging.
For information on DNB's energy services, please visit the DNB energy website.
About Fifth Third Bancorp
Fifth Third Bank is a diversified financial services company with over $120 billion in assets. The Bank's energy group is comprised of experienced and knowledgeable individuals that can assist in providing and structuring financial solutions to meet their clients' needs across the upstream, midstream, downstream and services sectors. Solutions and capabilities include commodity hedging, interest rate management, foreign exchange, debt capital markets, treasury management, and depository/investment products.
For more information, please contact Richard Butler at 713-401-6101 or richard.butler@53.com.
About CIBC
CIBC is a leading North American bank headquartered in Canada and with offices around the world. CIBC was originally founded nearly 150 years ago, and has supported and financed the energy industry for many decades. CIBC was recently ranked as the strongest publicly traded bank in North America by Bloomberg, and is rated A+/Aa3 by S&P and Moody's, respectively.
Our energy specialists draw on the breadth of CIBC's capabilities to provide market insights and creative solutions for our clients. Services include corporate banking, commodity and interest rate hedging and strategy, A&D advisory, and capital markets.
CIBC is publicly traded on the NYSE and Toronto Stock Exchange under the symbol "CM" and has a market cap of $36 billion and nearly $400 billion in total assets. For more information, please visit the CIBC energy website.
About Haynes and Boone
Haynes and Boone, LLP is an energy-focused corporate law firm, providing a full spectrum of legal services to our clients across the oil and gas industry, including the upstream, midstream, and downstream sectors. We serve energy clients from our offices in Texas, Colorado, New York, California, Washington, D.C., London, Mexico City and Shanghai. We work as a team representing U.S. and foreign public and private companies engaged in the dynamic day-to-day work of finding and extracting oil and gas, and the banks, investment funds and other investors that support them.
Our team of more than 100 energy lawyers and landmen understands the U.S. and international physical and financial energy markets, and the firm has been helping operators and lenders complete some of the largest financings and M&A transactions in recent years. With more than 600 attorneys, Haynes and Boone is ranked among the largest law firms in the nation by The National Law Journal, and our energy lawyers have been ranked by publications such as Best Lawyers in America, Chambers and Partners and Who's Who in Energy.
For more info, please visit www.haynesboone.com.
About Crédit Agricole Corporate and Investment Bank
Crédit Agricole Corporate and Investment Bank is the corporate and investment banking arm of the Crédit Agricole Group, the world's eighth largest bank by total assets (The Banker, July 2014). Crédit Agricole CIB offers its clients a comprehensive range of products and services in capital markets, brokerage, investment banking, structured finance, corporate banking, and international private banking.
The Bank provides support to clients in large international markets through its network, with a presence in major countries in Europe, the Americas, Asia and the Middle East.
With headquarters in New York City, and U.S. offices in Houston and Chicago, Credit Agricole CIB Americas offers its corporate and institutional clients financial products and services and made-to-order structuring, origination and distribution, through both its banking unit Credit Agricole CIB, and the full-service broker-dealer Credit Agricole Securities (USA) Inc., which is a member of the NYSE and NASD. Credit Agricole CIB is also present in Montreal, Canada, and in Latin America with offices in Argentina, Brazil, and Mexico.
The Energy Industry represents the single largest concentration of industry exposure at Credit Agricole Corporate and Investment Bank, whose specialty focus dates back over 100 years. Our Energy practice for North America, located in Houston, focuses on all segments of the business and covers it on a truly global basis.
For more information, visit www.ca-cib.com.
About Natixis
Natixis is the international corporate and investment banking, asset management, insurance and financial services arm of Groupe BPCE, the second-largest banking group in France.
Natixis Corporate & Investment Banking advises and assists corporations, financial institutions, institutional investors, financial sponsors, public-sector organizations and the networks of Groupe BPCE.
We furnish a diversified array of financing solutions, provide access to capital markets and transaction banking services.
Areas of expertise include Advisory: M&A, primary equity, capital & rating advisory; Financing: vanilla and structured; Capital Markets: equities, fixed income, credit, forex and commodities; Global Transaction Banking: trade finance, cash management, liquidity management and correspondent banking; Research: economic, credit, equity and quantitative.
The Bank leverages the expertise and highly technical skills of its teams, and provides industry-recognized research to build innovative and mix-and-matchable solutions. Corporate and Investment Banking is present on the main financial markets via three international platforms: Americas, Asia-Pacific, and EMEA (Europe, Middle East, Africa).
About PJ SOLOMON
PJ SOLOMON is an investment banking advisory firm that provides strategic advisory services to chief executive officers and senior management, owners of public and private companies, boards of directors, and special committees.
Our full suite of advisory services includes Mergers and Acquisitions, Restructuring and Capital Markets across a range of industry verticals.
The PJ SOLOMON Energy Advisory Group provides strategic investment banking advisory services to public and private clients across the energy chain. Drawing upon our extensive sector relationships and deep strategic and operational expertise, we can offer a unique and valued advisory platform for the upstream, upstream A&D, midstream and the utility sectors.
Based in our Houston office, the PJ SOLOMON Energy team holds more than 100 years of experience on a broad range of domestic and cross-border transactions including mergers and acquisitions, A&D, restructurings, bankruptcies, and public and private capital raisings.
Industry sectors/sub-sectors include: Upstream, Upstream A&D, Midstream, Energy related and Utilities.
About PNC Financial Services Group
PNC is one of the largest, best-regarded and best-capitalized financial services companies in the country, with approximately $325 billion in assets and offices in 33 states, Canada and the United Kingdom.
PNC's Energy Group, headed by Tom Byargeon, is a significant capital and service provider to energy companies, with approximately $6.5 billion in commitments to the industry. The Energy office in Houston houses a team with extensive experience and deep relationships across the entire energy supply chain. This group also offers strategic corporate finance advice and delivers PNC's comprehensive set of solutions and capabilities, including commodity and interest rate hedging, debt capital markets, loan syndications, treasury management, asset securitization, equipment finance and institutional investments.
For more information, please contact Tom Byargeon at 713-353-8782 or tom.byargeon@pnc.com. You can also visit www.pnc.com.
About MUFG
Mitsubishi UFJ Financial Group (MUFG) has been a leading provider of banking services to the oil and gas industry in the Americas for more than 30 years, consistently ranking in the Top 10 Lead Arrangers and Top 10 Bond Arrangers in the Thomson Reuters Oil and Gas League Tables.
We support clients across the industry—from regional exploration and production to global diversified services companies—that benefit from our focused approach, strong execution, and customized services. Whether you are looking to expand existing reserves, make an acquisition, or streamline operations, we can support your growth with services, including: underwriting and syndications; U.S./Canadian cross-border funding; securities underwriting and placements; leasing and tax equity financing; and commodities, interest rate, and foreign exchange risk management.
For more information, visit: www.mufgamericas.com/oil-gas.
About Wells Fargo & Company
Wells Fargo & Company is a nationwide, diversified, community-based financial services company providing banking, insurance, investments, mortgage, and consumer and commercial finance through more than 8,700 locations, 12,500 ATMs, and the internet (wellsfargo.com) and mobile banking, and has offices in 36 countries to support customers who conduct business in the global economy.
The Energy Banking Group, headed by Bart Schouest, provides corporate banking products and services to the energy sector, including upstream, midstream, oilfield services, and diversified industries. With offices in Houston, Dallas, Denver, Calgary, and Aberdeen the group's success is driven by in-depth industry expertise and longstanding relationships with key industry participants. The group has over $45 billion of credit commitments to public and private companies across the upstream, midstream, downstream, services, and power and utilities sectors.
The Energy & Power Investment Banking Group, headed by James Kipp, provides strategic advisory and corporate finance expertise to energy and power clients, including upstream, midstream, oilfield services, downstream, coal and the power & utilities sectors. Areas of focus include equity, equity-linked and debt underwritings, private placements, syndications, and mergers and acquisitions. The Energy & Power Investment Banking Group has offices in Houston and Charlotte.
These teams work together to offer clients industry and product expertise, in addition to sharing their understanding of internal and external forces that drive both industry trends and financial markets. For additional information, contact us at 713-319-1350 or Energy@wellsfargo.com.
To learn more about Wells Fargo & Company, please visit the company's web site at www.wellsfargo.com.
About SMBC
Sumitomo Mitsui Banking Corporation (SMBC) is a core member of Sumitomo Mitsui Financial Group (SMFG), a Tokyo-based bank holding company that is ranked among the largest 25 banks globally by assets under management.
SMBC Americas Division, with more than 2,500 employees, oversees operations in the U.S., Canada, Mexico, and South America. We work across SMFG to offer corporate and institutional clients sophisticated and comprehensive financial services around the globe.
SMBC's roots in Japan trace back more than 400 years to 1590. The Americas Division of SMBC has more than a century of experience in the United States, beginning when the San Francisco branch of Sumitomo Bank was established in 1919. Sumitomo Mitsui Financial Group (NYSE: SMFG) was listed on the New York Stock Exchange in 2010.
For more information please visit the corporate website: www.smbcgroup.com/americas/group-companies/
About Opportune LLP
Founded in 2005, Opportune is a leading global energy consulting firm specializing in adding value to clients across the energy industry, including upstream, midstream, downstream, power and gas, commodities trading and oilfield services.
Since we are not an audit firm, we are advocates of our clients and are not subject to the restrictions placed on other firms by regulatory bodies. Using our extensive knowledge of all sectors of the energy industry, we work with clients to provide comprehensive solutions to their operational and financial challenges.
Our practice areas include complex financial reporting, dispute resolution, enterprise risk, outsourcing, process and technology, reserve engineering and geosciences, restructuring, strategy and organization, tax, transactional due diligence and valuation. Opportune LLP is not a CPA firm.
Opportune's corporate headquarters are in Houston, Texas. The firm also has offices in Dallas, Denver, New York City, Tulsa, and the UK. For more information please call Ashley Hunt, Marketing Coordinator, 713.490.5050, and visit the web site https://opportune.com/.
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SOURCE EnerCom, Inc.
Article Date
7/12/2018Projects & Assets
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