Encana Corporation wholly owned subsidiary Newfield Exploration Mid-Continent Inc. has signed an agreement to sell its natural gas assets in Oklahoma's Arkoma Basin to an undisclosed buyer. Total cash consideration to Encana under the transaction is $165 million. The agreement is subject to ordinary closing conditions, regulatory approvals and other adjustments and is expected to close in the third quarter of 2019.
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Encana Corporation has provided an update on its share buyback program and disclosed its intention to execute a substantial issuer bid (SIB) to fulfill its previously announced 2019 share buyback. In addition, the Company signed an agreement to exit China, strengthened its production outlook for the second quarter of 2019 and reiterated its original capital investment plan.
Siemens was recently selected to provide one feed and sales gas train and one refrigeration compression train for Encana's Pipestone Processing Facility in Grand Prairie, Alberta, Canada. Designed to accommodate future capacity expansion, the Pipestone Processing Facility will provide Encana with 19,000 barrels per day of net raw condensate processing capacity plus 170 million cubic feet per day of net inlet natural gas processing capacity. Keyera will own the Pipestone Processing Facility and provide processing services to Encana. The Facility will have total processing capacity of 200 million cubic feet per day and is expected to start up in 2021.
Encana Corporation has reached an agreement with Keyera Partnership, a subsidiary of Keyera Corp., under which Keyera will acquire and fund the remaining development of Encana's Pipestone Liquids Hub and Encana's planned Pipestone Processing Facility. This agreement provides Encana with an additional 33,000 barrels per day (bbls/d) of net raw condensate processing capacity and 170 million cubic feet per day (MMcf/d) of net inlet natural gas processing capacity. Keyera will provide Encana with processing services under a competitive fee-for-service arrangement.
Encana delivered strong performance through the fourth quarter of 2017 to close another year successfully executing its strategy, delivering significant oil and condensate growth and driving additional efficiency gains, the company reported in a summary of the year. Supported by the strong finish to 2017, the company states it is firmly on track to meet or exceed the targets in the five-year plan shared at its Investor Day in October 2017.
Encana successfully started up the Tower processing plant ahead of schedule and under budget on September 20. The plant is the first of three Veresen Midstream facilities that support Encana's condensate-focused growth plan in the Montney.
Encana Corporation has announced that it has reached an agreement to sell its Gordondale assets in northwestern
While its fourth quarter was stronger than expected, Encana will be reducing both its capital expenditures and its workforce in 2016, the company announced as it presented fourth quarter results earlier this week.