Encana

Encana Corp., one of the largest North American natural gas producers, doesn’t have any skin in the Marcellus Shale, but it’s fine with that, as its extensive Montney formation in Alberta should be able to compete well against the Appalachian behemoth, executives said Tuesday.

Calgary’s top natural gas producer Encana Corp. has curtailed capital spending even more than it had anticipated for 2016 and is laying off 20% more of its workforce as it “relentlessly” pursues cost cutting to remain competitive, CEO Doug Suttles said Wednesday.

Calgary-based Encana Corp. said everything remains on track for the $900 million sale of its Denver-Julesburg (DJ) Basin assets, even though closing has been delayed by as much as six months.

Encana Corp. is being judicious with its capital spending in 2016, planning now to reduce the budget by 25% and tailor nearly all of it to the “core four” in the onshore — the Permian Basin, Eagle Ford Shale, Montney and Duvernay formations. Half of the budget is to target the Permian, CEO Doug Suttles said Monday.

Encana Corp.’s U.S. subsidiary on Thursday said it would sell its entire 51,000 net-acre portfolio in Colorado’s Denver-Julesburg (DJ) Basin for $900 million to improve its balance sheet.

Encana Corp., one of Colorado’s biggest oil and gas producers, and the town of Erie, which sits along the Front Range, have reached an agreement governing how drilling sites should be operated.

Encana Corp. is selling its once-heralded Haynesville Shale natural gas portfolio, where it today has about 300 wells across 112,000 net acres, for $850 million to strengthen its ailing balance sheet.

Encana Corp. was stung for the second quarter in a row by impairment charges of more than $1 billion, as liquids production grew, natural gas output sank and commodity prices tanked.

Aging natural gas wells that began producing in 1999 offshore Nova Scotia, part of the once heralded Sable Offshore Energy Project, may be plugged starting as soon as 2017, an ExxonMobil Canada Ltd. official said.