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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.
- Flash flood warning issued for Richmond, Columbia counties (chronicle.augusta.com)
- Alberta floods: Govt not up to challenge of flood disasters (beaconnews.ca)
- Flood Advisory in effect for Hamden Cty (wwlp.com)
- NWS flood watch issued for Erie, Crawford counties (goerie.com)
- In the wake of Alberta’s natural disaster, shockwaves on the Canadian economy (macleans.ca)
- Pt 1: Floods in Southern Alberta Caused by NEXRAD Stations and Chemtrails (chemtrailsplanet.net)
- Some Alberta First Nation communities in ‘total state of destruction’ (sunnewsnetwork.ca)
- Background Info on Calgary Floods (recoverydiva.com)
- Flooding timeline: A devastating, drenching June for Alberta (globalnews.ca)
- Alberta Flooding – Siksika Nation (gogreygirl.wordpress.com)
- Water, water, everywhere… (snowhydro1.wordpress.com)
- Alberta Flooding: You Can Help (talktomyshoes.wordpress.com)
- Alberta floods force thousands from homes (globalnews.ca)
- 3 die in Canadian floods (toledoblade.com)
- Floodwaters recede at Calgary, but threat moves on (worldnews.nbcnews.com)
- Rivers receding in Calgary, 3 dead in floods (timesleader.com)
- Calgary flood: Half a year’s rainfall in one day – at least 75,000 people evacuated – highways and whole neighbourhoods washed away (fromthetrenchesworldreport.com)
- Flooding cleanup begins; Hardest-hit areas of city still in ‘red zone’ (calgaryherald.com)
- Calgary flood: Alberta residents describe what they’re seeing – CBC.ca (americanbulwark.com)
- MAP: Alberta Flood Evacuation Zones, River Basin Advisories and Road/Bridge Closures (globalnews.ca)
- Watch: House shatters against bridge during Alberta flooding (globalnews.ca)
- Alberta flooding prompts state of emergency (disaster-report.com)
- Alberta’s flood worse than flood of 2005 (globalnews.ca)
- Alberta floods: Tsuu T’ina Nation declares state of emergency (beaconnews.ca)
- Climate Crisis: Alberta Flooding! (storiesbywilliams.com)