Olduvaiblog: Musings on the coming collapse

Home » Posts tagged 'Encana'

Tag Archives: Encana

Encana laying off 20% of workers – Business – CBC News

Encana laying off 20% of workers – Business – CBC News. (source)

Canadian natural gas giant Encana says it will cut its workforce by 20 per cent and close its office in Plano, Texas.

The Calgary-based company also plans to narrow its production focus to five oil-related projects in North America from as many as 30.

“In order to align our organization with our strategy, we have had to make a number of exceptionally difficult decisions,” chief executive Doug Suttles said in a statement.

“The restructuring that is underway reflects our shift from funding about 30 different plays to focusing our resources on five key areas.

Encana said it plans to sell assets and improve its cash flow. It will also create a separate company to own its mineral rights and royalty interests across southern Alberta, the statement said.

An initial public offering will be done by mid-2014.

“Encana intends to retain a significant stake in the new company, which will manage leasing activities in the area currently known as Encana’s Clearwater play,” the statement said.

Suttles was upbeat about the company’s future after the restructuring and layoffs

“I’m excited about Encana’s future and encouraged by how our people have rallied as one team to get Encana back to winning,” he said in the statement.

“While we have a lot of challenging work ahead of us, I am more confident than ever that we will be successful.”

Encana shares closed Monday at $18.59 on the Toronto Stock Exchange. They have fallen 16.2 per cent in the past 12 months.

Alberta woman loses round in anti-fracking lawsuit – Calgary – CBC News

Alberta woman loses round in anti-fracking lawsuit – Calgary – CBC News. (FULL ARTICLE)

A southern Alberta woman has lost a round in her legal battle against the contentious process of hydraulic fracturing.

Jessica Ernst launched a $33-million lawsuit in 2011 against the Alberta government, the province’s energy regulator and energy company Encana.

She claims gas wells fracked around her property in Rosebud, Alta., unleashed hazardous amounts of methane and ethane gas and other chemicals into her water well.

Jessica Ernst, who worked as an oil patch consultant for more than five decades, alleges that Encana broke multiple provincial laws and regulations and contaminated a shallow aquifer with natural gas and toxic industry-related chemicals. (Jeff McIntosh/Canadian Press)

An Alberta Court of Queen’s Bench justice has ruled Ernst can’t sue the regulator because under provincial law it is immune from private legal claims.

Ernst says she plans to appeal the ruling, and says the lawsuit against Encana and the provincial government will proceed.

In its statement of defence, Encana denies all of Ernst’s allegations.

“It is worrying that citizens are unable to hold the energy regulator accountable for failing to protect citizens from the harmful impacts of fracking,” Cory Wanless, a lawyer for Ersnt said in a release Wednesday.

Hydraulic fracturing involves pumping water, nitrogen, sand and chemicals at high pressure to fracture rock and allow natural gas or oil to flow through wells to the surface…


%d bloggers like this: