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Tag Archives: Encana Corp

Encana cuts budget after 85 pct fall in operating profit

Encana Corp, Canada’s largest natural gas producer, slashed its capital budget by a quarter for the year due to a slump in global crude oil prices. The company had been for the past several quarters directing its funds to boost oil production to reduce exposure to natural gas volatility. Encana posted an 84.5 percent drop in fourth-quarter operating profit as ...

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Erie strikes down fracking ban

Oil and gas companies Anadarko Petroleum Corp. and Encana Corp. are now free to seek operation permits in the city of Erie, according to a Denver Business Journal report. The city’s board of trustees struck down an oil and gas moratorium on Tuesday. Mayor Trina Harris encouraged further negotiation between the city’s staff and the corporations regarding new Memorandums of ...

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Encana to sell some natural gas facilities in British Columbia

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Dec 22 – Canada’s Encana Corp will sell some natural gas gathering and compression facilities in British Columbia it owns jointly with a unit of Mitsubishi Corp to Veresen Midstream LP. Encana said it would receive about C$412 million ($354 million) from the sale and actual costs accrued in 2015. The facilities include a 500-kilometer pipeline and compression facilities of ...

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Comstock quits Tuscaloosa play on falling prices

MCCOMB, Miss. — A second oil company is stopping drilling in the Tuscaloosa Marine Shale because of falling oil prices. Comstock Resources, based in Frisco, Texas, said Thursday that it would stop drilling in the oil region, which straddles the state line between southwest Mississippi and Louisiana’s Florida Parishes. “Comstock has released its rig in the Tuscaloosa Marine shale and ...

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Encana’s operating profit nearly doubles on higher oil production

Nov 12 – Encana Corp, Canada’s largest natural-gas producer, said its quarterly operating profit jumped 87 percent due to higher production of oil and natural gas liquids. The company, under Chief Executive Doug Suttles, has been focusing on boosting production of oil and natural gas liquids (NGL) after years of weak profits caused by its reliance on natural gas production. ...

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Chesapeake Energy to face racketeering charges in Michigan trial


Joshua Schneyer | Reuters Natural gas and oil producer Chesapeake Energy Corp <CHK.N> must face trial on charges of felony racketeering and using false pretenses related to its land-leasing practices, a state judge has ruled. Cheboygan District Court Judge Maria Barton ruled on Monday that Oklahoma-based Chesapeake go to trial on one charge of racketeering and 20 counts of using ...

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Refracking brings ‘vintage’ oil and gas wells to life

Anna Driver and Ernest Scheyder | Reuters NORTH DAKOTA Aug 20 – A fracking boom isn’t enough for U.S. oil and gas producers – they’re now starting the re-fracking boom. Wells sunk as little as three years ago are being fracked again, the latest innovation in the technology-driven shale oil revolution. Hydraulic fracturing, which has upended global energy markets by ...

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Freeport to buy Apache’s Gulf of Mexico assets after shale sale


By Swetha Gopinath May 8 (Reuters) – Freeport-McMoRan Copper & Gold Inc said on Thursday it would buy Apache Corp’s deepwater oil and gas projects in the Gulf of Mexico for $1.4 billion, a day after announcing it would shed $3.1 billion in Eagle Ford shale assets in Texas. Mining giant Freeport said the Eagle Ford asset sale will fund the purchase of interests in two development projects ...

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