CALGARY, Alberta, Feb. 13, 2019 (GLOBE NEWSWIRE) — Encana Corporation (Encana) (TSX, NYSE: ECA) announced today that it has completed its acquisition of Newfield Exploration Company (Newfield) (NYSE: NFX) in an all-stock transaction.
“This acquisition creates North America’s premier resource company with large-scale positions in the core of the Permian, Anadarko and Montney,” said Doug Suttles, Encana President & CEO. “Our multi-basin portfolio provides tremendous investment optionality to deliver liquids growth and free cash flow to support the continued return of capital to shareholders. We welcome the team from Newfield to Encana.”
Demonstrating the quality of its business and its commitment to return capital to shareholders, Encana will proceed with its previously announced $1.25 billion share buyback in 2019, following receipt of regulatory approvals, and increase its dividend by 25 percent. In connection with the closing of the acquisition, Encana intends to implement cross guarantees whereby Encana will guarantee Newfield’s outstanding notes and Newfield will guarantee Encana’s outstanding notes.
With the close of this transaction, Encana welcomes the appointment of Steven W. Nance and Thomas G. Ricks to its Board of Directors, both of whom previously served as directors on the Newfield Board. Biographies of the new members of Encana’s Board are available on Encana’s website.
2018 Fourth Quarter and Year-End Results and 2019 Capital Guidance
Encana will release its 2018 fourth quarter and year-end results and 2019 capital guidance on Thursday, February 28, 2019. Financial statements will be available on the company’s website that morning. The company will host a conference call for the investment community the same day at 7 a.m. MT (9 a.m. ET) to discuss these items. Conference call and webcast details will be released one week prior to the announcement.
Encana is a leading North American energy producer that is focused on developing its strong portfolio of resource plays, held directly and indirectly through its subsidiaries, producing oil, natural gas liquids (NGLs) and natural gas. By partnering with employees, community organizations and other businesses, Encana contributes to the strength and sustainability of the communities where it operates. Encana common shares trade on the Toronto and New York stock exchanges under the symbol ECA.