=Newfield Expl (NFX) to be acquired by Encana (ECA) $5.5 billion

October 2019: The company announced plans to move its operations from Canada to Denver, where its CEO lived, and change its name to Ovintiv (OVV).

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Encana Corporation produces, transports and markets natural gas, oil and natural gas liquids. It was formed in 2002 and descends from the 19th century Canadian Pacific Railway and 'Canadian Pacific Oil and Gas' in the 20th century, respectively. 

• CEO: Doug Suttles (Jun 2013–)
• Headquarters: Calgary, Canada
• Number of employees: 3,500
• encana.com

Encana reports Q3 results

• Co reports Q3 non-GAAP operating income of $163 mln versus $24 mln last year
• Liquids production of 178,700 barrels per day (bbls/d), up 40 percent year-over-year and 15 percent from the previous quarter; liquids made up 47 percent of total third quarter production and 46 percent year-to-date, with high-value oil and condensate making up more than 75 percent of total liquids volumes

Newfield Expl beats by $0.15, beats on revs

• Reports Q3 (Sep) earnings of $1.01 per share, $0.15 better than the S&P Capital IQ Consensus of $0.86; revenues rose 62.0% year/year to $711 mln vs the $661.27 mln S&P Capital IQ Consensus.

Nov 1 (Reuters) - Canada's Encana Corp said on Thursday it would buy Newfield Exploration Co for $5.5 billion, for greater access to North America's biggest oil patches and making it one of the largest shale oil producers in the region.

As part of the all-stock deal, Encana will get greater access to the Anadarko basin as well as the Permian and Montney areas.

Encana is focusing on high-margin, liquids-rich production from the Montney and Duvernay oilfields in Canada and the Eagle Ford and Permian in the United States as part of a five-year plan to boost output.

"This strategic combination advances our strategy and is immediately accretive to our five-year plan," Chief Executive Officer Doug Suttles said in a statement.

EnCana said liquids production will contribute over half of the combined company's production and help expand margins. Under the terms of the deal, Newfield shareholders will receive 2.6719 Encana common shares for each share of Newfield common stock.

Separately, the Calgary, Alberta-based company said total production rose 33 percent to 378,200 barrels of oil equivalent per day (BOE/d) in the third-quarter ended Sept. 30.

Oil and oil equivalent production rose 40 percent to 178,700 barrels per day.