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New Name, Same Company

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New Name, Same Company

Encana changes won’t affect county, spokesperson says

By
Christine Reid

A recently announced relocation and possible name change for Encana, current owner and operator of former Newfi eld Energy holdings, won’t impact the company’s activities in and around Kingfi sher County, a spokesperson said.

Once Canada’s largest oil and gas company, Encana is changing its corporate domicile to the U.S. and relocated its headquarters to Denver, Colo., from Calgary, Alberta, Canada.

“Changing our head office to Denver, Colo., will not change how or where we have assets and operate,” Cindy Hassler, Encana’s communication director, told the Times & Free Press. “No changes are planned to our capital budget, we are not closing any existing offices and none of our core functions or staff are moving.

“We will continue our day-to-day operations as we currently do – and this includes in Oklahoma.”

Subject to a January shareholder vote and approval by the stock exchange and courts, the company’s name also will change to Ovintiv, Hassler said.

“Our brand embodies the ideas of ‘continuous inventiveness’ as continuous innovation and advances have and will continue to drive success for our company,” Hassler said.

The letter “O” was selected as a “timeless symbol of something that’s continuous and cyclical” and was combined with “vintiv” to evoke “the idea of being inventive or innovative,” she said.

Encana acquired Texas-based Newfield in a $7.7 billion stock transaction that closed last February, marking a shift in focus from primarily natural gas to liquids-based assets for the Canadian company.

Among other assets acquired were Newfield’s extensive holdings in the SCOOP and STACK plays in Oklahoma.

“We believe the announcement about plans to move our domicile to the U.S. and rebranding is good news,” Hassler said.

“We are moving our registered domicile to the U.S., but we do not expect the U.S. domestication to detract from our commitment to our business, employees, landowners, suppliers, lenders, partners and federal, county or local governments in the areas and states where we operate.”

In addition to drilling sites and equipment, Encana’s multimillion-dollar infrastructure investment in and around Kingfi sher County includes a local headquarters near Okarche, a produced water recycling facility and a network of pipelines.