Encana Corp., one of Canada’s oldest and largest energy companies, is moving its corporate headquarters from Calgary to the United States.
The company, which is also changing its name to Ovintiv Inc., said Thursday that having a U.S. address will expose it to increasingly larger pools of investment in U.S. index funds and passively managed accounts, as well as better align it with its U.S. peers.
Update.
Thank you. And now I can’t help but wonder if there might have been something more fulsome and from a minister or the PM if a similar sized aeronautics company in Quebec announced it was moving its HQ to the US https://t.co/H8hkSCiMup
— Brad Wall (@BradWall306) October 31, 2019
Well, Buttshead said that we didn’t need an alternate route for a pipeline, but an “alternate economy”. I’ll bet he’s happy now. If he owned any shares in it, he’d likely be even happier as they could likely increase their dividends.
But driving out the oil industry, and destroying that which remains, is all about the environment, isn’t it, Buttsy?
You’re right on the money… You can bet that behind closed doors Turdhole/Butts/Telford are all high fiving each other and popping the champagne… things are unfolding exactly as they planned… they want to destroy Alberta/Sask, the energy industry and the west in general… Encana’s exit was inevitable and is seen as a success for Turdole Butts. #WEXIT.
‘Canada’ Is Becoming a Dirty Word in the Oil Patch
“Canada’s beleaguered energy sector suffered another morale blow as Encana Corp. — one of its marquee companies that was born out of the 19th-century railway boom — announced plans to move its headquarters to the U.S. and drop the link to Canada from its name.”
The Calgary-based company said Thursday that it will establish a corporate domicile in the U.S. early next year, pending various approvals,and rebrand under the name Ovintiv Inc. The shares fell as much as 9.3% in Toronto, the biggest intraday drop in a year.”
The move is likely to intensify the gloom already hanging over the Canadian energy industry, which has suffered from a lack of pipeline space that has choked off prospects for growth, prompting foreign companies to ditch more than $30 billion of assets in the past three years. Encana joins pipeline owner TransCanada Corp., which changed its name to TC Energy Corp. earlier this year.”
https://www.bloombergquint.com/business/encana-to-establish-u-s-domicile-as-permian-oil-output-surges
Canadians will actually have to starve and freeze before their tiny brains kick in. Those who don’t like that sentiment can indeed ban me . I have been banned by WAPO and many others.
“Canadians will actually have to starve and freeze before their tiny brains kick in.”
Exactly, owg.
The vast majority would simply die, wondering why their governments were not coming to their aid.
Amen OWG, Amen. A nation of bleating coward sheep. Come on Wexit, get to it. Tear this country apart, it doesn’t deserve to survive.
old white guy: I think that is where we are heading the young-ins don’t seem to get it! Trudeau can pile on the debt of 93 Billion (I have heard talked about) and the young-in pay through the nose higher personal TAXES that the gov’t will pile on them if they have a job…someone has to pay and it will be THEM and they don’t get it!!
1000% CORRECT owg.
EVen those 25-35 and working, still have for the most part – not connected the dots to rising Income taxation, CPP, EI off their Cheuqes with how they vote. Certainly in MORONtario, Kebec, the Lower Mainland, YVR Island and the Entire East coast.
1 Trillion and counting…Just the way the Rothschilds want/like it.
DEBT SLAVES for life.
yes OWG, and when I said religion is an emotion, that was not an opinion or debating point, it was the finding of a fMRI study. So thanks for demonstrating you tiny brain at that time. You arew part of the information problem, not part of the solution.
You are disconnected from reality.
To the idiots that purportedly represent the people of Canada in the parliament, this is just collateral damage.
It happened in the west, nothing to worry about.
We are OK Jack.
No this is all according to the eco-globalists’ pla. No accident nor stupidity. Just criminal folly.
I doubt this move is going to change the fact that the market hates the oil sector right now in both counties. Encana is 2/3 US in terms of production and there are all kinds of other US producers at bargain basement prices. I own shares in a US Permian producer with a current P/E of 1.45, a fraction of what I paid for it.
I am thinking that due to the rapid decline rates of shale plays and that the industry has been fracking their best plays first, that within a few years (5+/_), oil sands operations will be looking pretty good, assuming Alberta has separated or the Spawn / Butts regime hasn’t bull-dozed overburden over them and hired starving millennials to plant Aspen and Jack Pine on top.
Drones plant trees nowadays.
They vote Liberal, socialist, Green, too. It’s what they have been programmed for.
Drones can plant or spread “seeds” which means that people will have to re-visit those sites in a few years to either fill-plant the gaps or space out the over-stocking.
drones, millennials.
what’s the difference?
No, he is going to bring in a million immigrants, and outvote you. Then the new Canaduhians will be tax slaves to the Liberal Party, and vote to maintain their own enslavement. Just have to chase whitey south, and the Communization of Canaduh is complete.
Encana – started as Alberta Energy Corporation. Every one of my grey haired old clients who are dying off own shares in this that they likely inherited. Started as a private/public corporation to encourage Albertans to invest in the oilpatch. It’s really kind of sad.
Have some of those clients m’self. Fun calculating the ACB of the shares when they’ve been held from the beginning and no election in 1992.
The funny thing is Encana is moving to Parachute, Colorado. They are literally bailing out of Canada.
And there will be a name change, probably something like Amera… or NoCanDu.
Ovintiv Inc. ? wtf? That wasn’t very inventive.
“Ovintiv”? First word that comes to mind when I think “energy sector”. Whatever they paid the brain trust that came up with that name, it was too much.
The current federal government in Canada, duly elected the people of Canada in a democratic process, has clearly expressed its disdain and palpable hatred of all resource companies. They should, therefore, be leaving this country that doesn’t want them, as quickly as possible.
Along with anybody that doesn’t want to freeze, while they are starving? Or, do they want to starve, while they are freezing? We need to become the 51st State, and pronto, or starve and die.
I’m reminded about a certain (apparently apocryphal) story about Michael Faraday. A certain British politician once asked him about what use electricity might have. In the account I heard, Faraday said that perhaps it might be taxed some day.
It seems that our Canadian political betters don’t have that same sense. Then again, the whole matter is not about the environment as we keep being told, but a means of conquering and crushing Alberta as an economic region. It’s an act of civil war, pure and simple.
There is only one explanation for trudope holding on to power and that is the fact that 60 % of canadians are brain dead . How else can anybody explain that during the sixties and seventies they voted for the spawn’s old man and saw their hopes and dreams kicked to the curb . Now this clown has been emboldened by a bunch of low information voters that have learned absolutely nothing from past elections .
I’ve been saying that for years. The U.S. used to be well behind, at only about 40%. Thanks to decades of public school and university education, however, they are catching up.
And as I keep saying, that country is the United States of Donald John Trump.
Unlike the former Encana, you won’t need to go to it. One fine day the president is going to ask why he has to put up with a Chinese puppet state on America’s northern border a day longer. Your new country will be delivered to doorsteps throughout Canada that weekend, courtesy of the US armed forces.
All I can say is “Faster Please”.
This fleeing corp is exactly to Butts(Trudeau) plan for shutting down oil industry – voluntary departure = “not my fault”.
They should go full Galt and set it all on fire on the way out.
It will be just as effective to slowly stop doing all business with Canada. In fact they HAVE to stop doing business with Canada. Simply moving the HQ to America isn’t going to impress investors. If they want to become more attractive to investors, they need to STOP doing ALL business with Canada ASAP. Let Canadians buy more Saudi oil. And pray the Sheiks at OPEC don’t fkcu you over.
Dr. Hayden said when there is no food on the table “The Revolution will Begin”! Start the Referendum!
As a prisoner of the Socialist state of Ontario, I would say that it’s too bad that Encana didn’t make this decision before the election and then the jerks in all the sophisticated cities of Ontario could have had a real idea of how bad it is in Alberchewan.
Not that Toronto would have cared as they are the centre of the Universe.
It’s a nice thought that perhaps there might be some sympathy for Alberta, but I doubt it ever existed.
I met the Tronna attitude in Lotusland 40 years ago. Those of us from the prairies who happened to move to Vancouver were viewed with disdain and derision because we weren’t blessed with having been born there and weren’t, therefore, legitimate Canadians. Anything that happened to Alberta, such as the NEP, was greeted with great joy.
I’m sure that attitude hasn’t subsided since I moved from there.
And another decides to leave…
Thanx NENSHI
Thanx Notley
Thanx DIPSHIT
Each one of you TRAITORS deserves an unmarked Grave upon which Every Westerner can PISS ON…Daily….and Jason, you’re in the running to join them.
#WEXIT
I think the WEXIT fellows are going to need McMahon stadium to hold their rally in Calgary. If you invite Trump, you would probably have to move it to Commonwealth Stadium. Hold the referendum the next day (pull a Greta on them).
“We will continue taking the necessary steps to ensure Alberta and Canada remain cometitive”?
That’s what they say; what they do is “continue to take the necessary steps to kill the oil industry in Alberta”
Does anyone, including Liberal lickspittles at the CBC, really believe what they say?
I, for one, am heartened by Vanessa Adam’s statement and feel better knowing they are working to keep us competitive and working in the oil patch!
Everything PM JT and his team have done to deal with the Alberta-caused pollution crisis had to be done to end our vile war on the Climate. Without action, the Pacific would be cresting the Rockies and flooding the plains in a few short years! How would you feel then? Aren’t some jobs better than no jobs? Of course!
PM JT had the fortitude, strength, and yes, steel-spine courage to make the tough love call and though it has wiped out a few thousand families here and there, it was done primarily with those family’s children’s future in mind.
How we Albertans can’t see the depth of their caring shows how deeply addicted we’ve become to Capitalism’s greedy poisons and the death they deliver to the entire world! We should be thanking our leaders in Ottawa, not threatening to separate because we feel entitled to cause the world to burn. WTF? Where is our gratitude for those doing their best to make sure we have a clean future?
If you think we would the West would be better off alone, keeping and spending our filthy lucre as we collectively decide, well, you are in dire need of solid, unbiased, scientific media information to cure your ignorance! Quick, go watch the CBC, CTV, Global or read the Star or Globe. Reliable information for reliable thinking! They will clearly explain why we should listen to Greta, who is a world renowned expert on the calamities that Climate Change will wreak upon us. And she walks the walk – didn’t you hear about her carbon free trip across the Atlantic? As impressive as Columbus’s copy-cat carbon free trip back in the day.
As a bonus, they will not allow haters like Dr. Tim Ball to cloud your mind with spurious facts on sunspot cycles or Polar Bears or Sea Levels or data manipulation or anything! Our media know how to treat Climate Deniers with the appropriate level of respect and, more importantly, provide you with the information you need to know to understand Greta’s genius.
Hurry, before your inaction dooms us all!
Markon …you are the epitome of the crazed loony left . No wonder Canada is doomed when people such as you spout off your nut job bile .
It’s called sarcasm.
“We’re leaving your silly country and while we’re going, we’re going to get rid of that silly name Ecanca”
“Oh, so what is your new, dignified name going to be?”
“Ovintiv”
One thing that isn’t speculation is that today’s news will cause a behind-closed-doors celebration in Ottawa. The Spawn will likely put on his Blackface and Ram-a-van socks while Climate Barbie gets drunk and does a golden shower on a flag of Alberta while the Drinks will be paid for by WWF and the Suzuki foundation with Gerry Butts hosting the sponsors. Well, the last sentence may include speculation.
I know you’re exaggerating a bit, but no. They won’t be happy about this. I doubt even Justin is that stupid. Certainly Butts and Morneau aren’t that stupid.
Prairie oil is the only thing keeping his father’s empire solvent. If Canada’s oil industry goes, Ottawa and Bay Street go with it.
Not to mention Beijing won’t wait forever for a pipeline able to fill oil tankers bound for China—and won’t lend Ottawa money forever.
Butts is a crazed green-theocratic zealot who has nothing but contempt for humanity and an economy that sustains humanity. He is intelligent and evil. The Spawn and C-Barbie are respectively male and female bimbos enthralled with his brilliance while Morneau is a career spin doctor and party toadie. Together they parrot what Butts has scripted for them. When they say they want the pipeline built, if you think they mean it, I have a bridge for sale.
Yup! Butts is a Malthusian Ecofreak Fascist POS. He wants poor people dead yesterday. By the millions. He and his will inherit a depopulated planet. He’s the head of the snake.
I don’t think that’s right, because the same government that cares so much about the environment that they want us all to freeze in the dark also wants the population to increase to a hundred million. Puzzle that one out.
I doubt even Justin is that stupid. Certainly Butts and Morneau aren’t that stupid.
Boy, are you optimistic! They’re probably in mourning that there still are Albertans who have jobs outside of the government.
On the other hand, it wouldn’t surprise me that Andy people-will-vote-for-me-because-I’m-cute Sheer thinks the same way. He certainly didn’t stand up for the west, did he?
“The Floggings Will Continue Until Morale Improves”. Capt. Bligh
More will be leaving, Wee Jason just slapped on a $30/Tonne Carbon Tax Today to engage in Jan. 2020. Make sure if you can to get to the WEXIT RALLY AT THE LEGISLATURE NOV 2
This won’t be the last. A Sr VP at a large Canadian midstream company told me 1.5 years ago that a large midstream company would take Canada out of their name and may move their HQ to the US, and, that Encana would move their HQ stateside. So far he’s 2 for 3.
This morning i heard this on the gleeful CBC:
‘It’s the smart thing to do’: Canadian oil driller moves all its rigs to the U.S.
https://www.cbc.ca/news/business/citadel-drilling-caodc-oilpatch-1.5339892
BTW, the CBC article stated that “Those rights were later inherited by Encana’s predecessors.” I’ve never heard of anyone’s predecessors inheriting anything. Usually it’s their successors… I’m going to will everything to my grandparents…
True North’s commentary on this today…
https://tnc.news/2019/10/31/lawton-encanas-move-to-us-unavoidable-in-trudeaus-canada/
Gwyn Morgan, the founding and former CEO of Encana warned of this a year ago:
https://business.financialpost.com/opinion/gwyn-morgan-a-great-national-energy-champion-is-leaving-canada-thanks-to-trudeau?
If this happened in quebekkie the libranos would be apoplectic. A national emergency. They’d recall parliament and immediately announce a billion dollar bailout. Bastards.
The exit of investment Capital will continue until Canada drops it’s Communist agenda of Climate change.. It is that simple
The ROC hates Alberta right now and the ROC is supporting the LIBERALS and Trudeau who is really the one who is dismantling Canada. HA HA HA. Keep voting Trudeau and the Liberals Canada. Alberta is winning.
Quote of thecentury,
” We will continue taking the necessary steps to ensure that Canada and Alberta remain competitive, and that our energy sector remains a source of good, middle class jobs.”
The clowns that have just been elected wouldn’t know what a good middle class job was if it reared up and bit them on their ass. And pray tell how do we stay competitive when we have a carbon tax that will escalate far quicker than the GDP can keep up. The public sector unions will continue to strike for higher and higher wages to keep up with the increasing carbon tax while the private sector unions will make the unemployment lines longer and longer as the capital leaves the country. Screwed doesn’t come anywhere close to describing our future.
https://www.snclavalin.com/en/media/press-releases/2016/21-12-2016
“SNC-Lavalin (TSX: SNC) is pleased to announce that its subsidiary, Kentz Canada Ltd., through a joint venture with ClearStream was awarded a five-year agreement with a prominent integrated oil company to provide engineering and procurement services for maintenance and sustainment projects in the Athabasca Oil Sands region located in Alberta, Canada.”
I think it would be wise for Albertans concerned about corruption and fiscal outflows from this province to bring this and other foreign contracts to the attention of your MP and MLA and any friends we have in the oil and gas industry that make these hiring and contract decisions. No reason why foreign companies should be taking even more money out of our province. Let’s try and make sure we keep as many Albertans/Saskatchewanians employed and working while we are under attack from Ottawa.
A big thanks to all the energy companies in this province that are trying to keep things going and people/families employed through these tough times. They don’t get the appreciation they deserve. I’ve talked to more than a few and yes they’re trying to stay profitable, but an awful lot of them are also trying to keep their employees working. (and yes…the two go hand in hand)
But yet the media morons of Canada tell any fool who still listens to them and hasn’t bought a XM satellite that everyone hates Trump, go figure, where are all our best and smartest who can move, moving? The US is booming under Donald Trump, Canaduh has a retarded Toronto hero running us into the poorer than Venezuela status. This is being done on purpose, the moron is only finishing the job the walk in the snow cut short. We could pay off the national debt by installing a pay urnial over the grave of the so called daddy of this dullard.
Brad Wall for next federal conservative leader!
Brad Wall for first President of the state of The New Free Republic of Buffalo.
Adopt the U.S. dollar for your currency. Watch the investment dollars roll in.
Build a border wall on the Ont.-Manitoba border. Charge the remainder of Canaduh wold price for oil.
With no Conservatives in Kaybek or Moronto, Juthtin can be your Prime Minithter for life. Life expectancy in the Old Canaduh will sink to 19th century levels, and food insecurity will be the order of the day.