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Encana buys Newfield Exploration for $7.7bn
Canada’s Encana is to acquire US company Newfield Exploration in a deal valued at $7.7bn that will create North America’s second largest producer of unconventional resources with pro-forma 3Q2018 production of 577,000 boe/d, including liquids production of around 300,000 b/d. Subject to receipt of regulatory and shareholder approvals by both companies, the transaction is expected to close in 1Q2019.
The merged company will have large, premium positions in three of North America’s highest-quality, oil and liquids weighted plays – the Permian, STACK/SCOOP and Montney. It is planned to raise the company dividend by 25% and expand the share buyback programme to $1.5bn following closing of the transaction
News Item details
Journal title: Petroleum Review
Countries: Canada - North America -
Subjects: Economics, business and commerce, Exploration and production, Unconventional oil and gas
