Encana
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| Type | Public |
|---|---|
| Traded as | TSX: ECA NYSE: ECA S&P/TSX 60 Component |
| Industry | Oil and gas |
| Founded | 2002 |
| Headquarters | Calgary, Alberta, Canada |
| Key people | Clayton Woitas (Interim President and CEO) David P. O'Brien (Chairman of the Board) Randy Eresman (1 January 2006 - 11 January 2013)[1] |
| Products | Natural gas Oil Natural gas liquids |
| Revenue |  US$8.467 billion (2011)[2] |
| Total assets | US$14.5 billion market capitalization (2013-01)[3] |
| Website | www.encana.com |
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This article appears to be written like an advertisement. (March 2013) |
Encana Corporation is a North American energy producer that is focused on growing its portfolio of diverse resource plays producing natural gas, oil and natural gas liquids (NGLs). Encana’s other operations include the transportation and marketing of natural gas, oil and NGLs. All of Encana’s reserves and production are located in North America.[4]
The company’s average production at year end 2011 was 3.3 billion cubic feet per day (Bcf/day) of natural gas and 24,000 barrels per day (bbls/day) of oil and natural gas liquids.[2]
The corporate headquarters are in Calgary, Alberta. In Canada, Encana has onshore operations in Alberta, northeast British Columbia and an offshore development off the coast of Nova Scotia. In the United States, Encana's subsidiary operates in Colorado, Wyoming, Texas, and Louisiana.
Between 2009 and 2011 Encana invested approximately US$42 million[5] in its Environmental Innovation Fund,[6] which “makes investments in projects that economically improve the environmental performance of the natural gas sector through developing and implementing innovative technology.”[7] To date, projects supported by Encana’s Environmental Innovation Fund have avoided the cumulative emission of 630,000 tonnes of carbon dioxide equivalent and conserved 5.2 billion cubic feet of natural gas.[5]
A new 58-story headquarters for Encana's Calgary staff, called The BOW, has recently opened. It is the tallest office tower in Canada outside of Toronto and was completed in late 2012.[8] The building is occupied by Encana and Cenovus Energy Inc. Azure (design magazine) named THE BOW one of the world’s top architectural projects for 2012.[9]
On November 30, 2009, Encana split into two independent companies focused on distinct businesses. The unconventional natural gas company retained the name Encana and the integrated oil company is called Cenovus Energy.[10]
On February 1, 2012, Encana was voted one of Alberta's Top-55 Employers and recognized for being a both a leader in its industry and for offering an exceptional place to work.[11]
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Canadian operations [edit]
Encana is Canada’s largest gas producer (Penty 2012-12 China Institute) [12] with a large land position in western Canada of approximately 9.1 million net acres, of which 4.9 million net acres are undeveloped. Key natural gas resource plays include: Bighorn, Coalbed Methane (CBM), Cutbank Ridge and Greater Sierra.[citation needed]
The Deep Panuke project involves the installation of facilities required to produce and process natural gas from approximately 250 kilometers southeast of Halifax, Nova Scotia. First gas is expected from Deep Panuke in 2012.[citation needed]
USA operations [edit]
Encana’s resource plays in the United States are long-life formations where the resource play hub strategy is applied to maximize production and generate previously unrecognized value. Encana has interest in approximately 2.6 million net acres of land in the United States, of which 2.1 million net acres is currently undeveloped. Key resource plays include: Texas, the Haynesville Shale, Jonah Field (Wyoming), Wattenberg Gas Field (Colorado),[13] and the Piceance Basin.[citation needed]
In December 2011, Encana Oil & Gas (USA) Inc., a subsidiary of Encana Corporation, closed the sale of the majority of its divestiture of North Texas natural gas producing properties.[citation needed]
Michigan Collingwood-Utica Shale Gas Play [edit]
From 2008 through 2010 Encana accumulated a "large land position" (250,000 net acres) at an "average $150/acre" in the Collingwood/Utica Shale gas play in Michigan's Middle Ordovician Collingwood formation. Natural gas is produced from the Collingwood shale and the overlying Utica shale.[14]
The Michigan public land auction took place in early May 2010 in one of "America's most promising oil and gas plays".[15]
Joint ventures [edit]
On December 13, 2012, Encana announced a $US2.1 billion joint venture with state-owned, Beijing-based PetroChina[12] through which PetroChina will get a 49.9 percent stake in Encana’s Duvernay Shale acreage in Alberta. This is the first foreign deal undertaken by a Canadian oil company since December 7, 2012 when Prime Minister Stephen Harper prohibited purchases by state-owned enterprises seeking to invest in Canadian oil sands. PetroChina’s 49.9 percent stake in Encana’s Duvernay Shale acreage in Alberta is in line with the new rules that "favor minority stakes over takeovers."[12]
History [edit]
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This article is in a list format that may be better presented using prose. (August 2012) |
- 1883 - the Canadian Pacific Railway was drilling for water near Medicine Hat, AB when natural gas was accidentally discovered
- 1958 - the Canadian Pacific Railway created Canadian Pacific Oil and Gas to manage its oil and gas properties and its mineral rights
- 1971 - PanCanadian Petroleum Limited was formed when Canadian Pacific Oil and Gas merged with Central-Del Rio Oils
- 2002 - PanCanadian was spun out of Canadian Pacific Railway and then subsequently merged with Alberta Energy Corporation to form Encana
- 2009 - Encana split into two independent companies: a company that focuses on North American natural gas production that retained the name Encana and an integrated oil company, Cenovus Energy
Criticism [edit]
In northern British Columbia where Encana pipelines have experienced six explosions, media reports indicate the pipeline may have been bombed by disgruntled community members.[16][17] Encana's hydraulic fracturing operations in the United States are visible in the 2010 documentary, Gasland, which alleges that hydraulic fracturing causes pollution of ground and surface water, as well as air and soil pollution.
Issues have also been raised for a proposed project offshore of Nova Scotia, for which Encana has proposed a streamlined regulatory process.[18]
References [edit]
- ^ "Encana Leadership". Encana. January 2013.
- ^ a b 2011 Annual Report
- ^ "Encana shares edge lower after CEO suddenly resigns". Calgary, AB: TD Waterhouse. January 14, 2013. Retrieved February 1, 2013.
- ^ 2011 Annual Information Form
- ^ a b 2011 Corporate Responsibility Performance Metrics
- ^ Encana Environmental Innovation Fund
- ^ Encana Environmental Innovation Fund
- ^ Calgary Herald (October 22, 2012). "Encana set to start moving into Bow skyscraper with video". Retrieved 2013-01-25.
- ^ Azure Magazine (December 20, 2012). "2012 in Review: Top 10 Projects". Retrieved 2013-01-25.
- ^ "EnCana announces dividing into two companies". The Star (Toronto). 2008-05-11. Retrieved 2010-05-02.
- ^ Alberta Top-55 February 1, 2012
- ^ a b c Rebecca Penty (December 17, 2012). "Encanas PetroChina Partnership May Be First of Many". Edmonton, AB: China Institute, University of Alberta. Retrieved February 1, 2013.
- ^ Encana, DJ Basin, accessed 12 May 2013.
- ^ Alan Petzet, ed. (May 7, 2010). "Explorations: Michigan Collingwood-Utica gas play emerging". Oil and Gas Journal (Houston, Texas).
- ^ Brian Grow; Joshua Schneyer; Janet Roberts (June 25, 2012). "Special Report: Chesapeake and rival plotted to suppress land prices". Gaylord, Michigan: Reuters.
- ^ CBC, Aug 29. 2006, EnCana unveils smaller Deep Panuke project
- ^ CBC, July 2, 2009, Latest EnCana pipeline explosion was deliberate: RCMP
- ^ CBC, Aug 29. 2006, EnCana unveils smaller Deep Panuke project
