Well now you’re taking Canada right out of it. “We’re proud of our heritage, we’re proud of our presence here, and we have every intent on continuing to invest in this country.”, “This is actually no negative reflection – it’s just the next step in our journey.”. “But how we run the company, how we invest, our long history here in Canada, and our quality asset base are still as solid as they’ve ever been.”. Encana moving to US with new name: Ovintiv Encana Corp., once a Calgary oil and gas industry anchor that late last year adopted a “headquarters-less model,” is formally moving south. While Suttles said Encana’s commitment to Canada is strong, and that its business has been successful here, he did acknowledge the industry’s ongoing struggles and offered a few pieces of advice on how to maintain a vibrant energy sector in this country. “I think number one: [the industry is] competitive, and efficiency really does matter. After receiving all necessary approvals, Ovintiv will trade on the New York Stock Exchange and Toronto Stock Exchange under the ticker symbol “OVV.”, Canadian cannabis sector still growing despite supply glut two years after legalization, Aphria shares tumble after disappointing Q1 results, Aphria expected to report strong recreational cannabis sales growth in Q1, Amanda Lang: Encana shedding its national identity demands our attention, 'Very unfortunate': Business leaders react to Encana's new name and U.S. domicile, 'Canada' is becoming a dirty word in the oil patch, Encana founder Gwyn Morgan ‘deeply saddened’ by company’s move, Oil and gas drilling activity expected to fall by 10% in 2020: PSAC, Encana names Michael McAllister as new president. Ovintiv Inc. (former name: Encana Corporation) is a hydrocarbon exploration and production company organized in Delaware and headquartered in Denver, United States.Initially, it was founded and headquartered in Calgary, Canada.. “The change in domicile itself … that’s more of a legal thing. “We did want to make sure that people don’t see this as some negative reflection on Canada,” he told BNN Bloomberg. SIA Wealth Management Chief Market Strategist Colin Cieszynski said the name change is a clear signal about where the company sees itself heading. The company is ranked 1923rd on the Forbes Global 2000 and has been included on the Dow Jones Sustainability Index. So that to me is a pretty big statement about where they think they’re going.”. “Encana, when it came out about 20 years ago, was a shortened term for energy in Canada. In an email to BNN Bloomberg, Gwyn Morgan, who founded the Calgary-based company, expressed his disappointment with the decision, adding he believes “destructive policies” of the federal Liberal government left the company with no choice but to shift its asset base and capital program to the U.S. 'Very unfortunate': Business leaders react to Encana's new name and U.S. domicile 'Canada' is becoming a dirty word in the oil patch. But Suttles told BNN Bloomberg “the answer is unequivocally no” when asked whether the decision was a result of the country’s current political climate. The changes – which require shareholder, stock exchange, and court approval – are expected to take effect early next year. Encana shareholders have voted overwhelmingly in favour of the oil and gas company moving its headquarters to Denver from Calgary and changing its name to Ovintiv Inc. The oil and gas producer formerly known as Encana Corp. has completed its corporate overhaul with a new domicile and a new name. The shake-up also includes technically … “This was all about trying to make sure the value of this firm is fully recognized in its share price and looking out for shareholders,” he said in the broadcast interview. Oil and gas drilling activity expected to fall by 10% in 2020: PSAC. The company said a preliminary prospectus is expected to be filed with Canadian and U.S. securities regulatory authorities in early November, and a special shareholder meeting will be held in early 2020 to vote on the changes, which will require two-thirds approval. (RTTNews) - Canadian oil and gas producer Encana Corp (ECA, ECA.TO) said Thursday that it plans to establish a corporate domicile in the United States, and change its name to Ovintiv Inc. This has been our focus with the governement for some time now – let’s make sure we maintain the incredibly high standards that exist here, but also, let’s make sure we do it in a way which ensures that it’s competitive for capital. To me, the bigger issue is the name change. Encana CEO Doug Suttles said the move will expose the company to “increasingly larger pools of investment in U.S. index funds and passively managed accounts” and better align the company with its U.S. peers. Encana founder Gwyn Morgan ‘deeply saddened’ by company’s move. The information you requested is not available at this time, please check back again soon. Encana, when it came out about 20 years ago, was a shortened term for energy in Canada. BNN Bloomberg's Amanda Lang discusses Encana's decision to change its name and moving its domicile to the U.S. “This is not a political move, this is quite simply accessing the captial trends in the marketplace.”. Suttles said he did pause when deciding whether to change the name. To me, the bigger issue is the name change,” he said. ", “And then, second: you obviously have to have the infrastructure in place to get products to the consumers.”. CALGARY - Encana Corp. says it has completed its corporate reorganization under the new name Ovintiv Inc. Encana Corp. plans to establish its corporate domicile in the United States and change its name to Ovintiv Inc. in the process, the company said Thursday, a move that takes the oil and gas company further away from its Canadian roots. “The change in domicile itself … that’s more of a legal thing. Suttles added the move would not result in job losses in Canada, nor would it change the way in which the company runs its day-to-day activities. It has yet another hurdle to cross.
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