• 3 minutes Nucelar Deal Is Dead? Iran Distances Itself Further From ND, Alarming Russia And France
  • 5 minutes Don Jr. Tweets name Ukraine Whistleblower, Eric Ciaramella. Worked for CIA during Obama Administration, Hold over to Trump National Security Counsel under Gen McCallister, more . . . .
  • 9 minutes Shale pioneer Chesepeak will file bankruptcy soon. FINALLY ! The consolidation begins
  • 12 minutes China's Blueprint For Global Power
  • 3 hours Science: Only correct if it fits the popular narrative
  • 3 hours Crazy Stories From Round The World
  • 6 hours What are the odds of 4 U.S. politicians all having children working for Ukraine Gas Companies?
  • 11 hours EU has already lost the Trump vs. EU Trade War
  • 1 day Pioneer's Sheffield in Doghouse. Oil upset his bragging about Shale hurt prices. Now on campaign to lower expectations, prop up price.
  • 4 hours China's Renewables Boom Hits the Wall
  • 1 day ''Err ... but Trump ...?'' *sniff
  • 6 hours Do The World's Energy Policies Make Sense?
  • 5 hours Forget out-of-date 'dirty oil' smear, Alberta moving to be world's cleanest oil industry
  • 5 hours Impeachment Nonsense
  • 1 day Tesla Launches Faster Third Generation Supercharger
  • 10 hours Water, Trump, and Israel’s National Security
  • 1 day Passerby doused with flammable liquid and set on fire by peaceful protesters

Breaking News:

Russia Plans To Boost Crude Oil Exports

Encana Moves HQ From Canada To Colorado

Pipelines

Encana Corporation, which has just said that it is moving out of Canada to redomicile in the United States, has picked Denver, Colorado, for its new head office, the company said in an SEC filing.

Last week, Encana said it intends to move its corporate domicile from Canada to the United States and rebrand under a new name, amid a growing investor and company exodus from the Canadian oil patch plagued by pipeline capacity shortages and general anti-oil sentiment.

The new company will rebrand under the name Ovintiv Inc. After completing its corporate base shift and adopting the new name, the new company will begin trading on both the New York and Toronto stock exchanges under the ticker symbol "OVV."

“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,” CEO Doug Suttles said.

The choice of Denver as the new headquarters is not unexpected, considering that Suttles relocated to Denver in March 2018, according to Bloomberg.

Back then, Encana was insisting that Suttles relocating from Calgary to Denver is not a sign that the company would move out of the Canada and that the CEO was moving for personal reasons and already spends a lot of time working at Encana’s Denver office because the company has large U.S. shale operations.

A year and a half later, Encana is now moving its corporate domicile to the United States in order to be closer to U.S. investors.

Canadian companies moving business to the United States is a reflection of the opportunities that exist south of the border, Richard Masson, VP of World Petroleum Council-Canada told Bloomberg, adding that people in Western Canada were “shocked” that any Canadian company would feel the need to relocate.

“It’s a real comment on the state of our affairs here in our country and really not something that helps confidence going forward at all,” Masson told Bloomberg.

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News
Download on the App Store Get it on Google Play