Encana Sells Colorado Oil and Gas Assets to DJR Energy

January 3, 2019

Image: Encana Corporation
Image: Encana Corporation

Encana Corporation (Encana) announced that its wholly-owned subsidiary, Encana Oil & Gas (USA) Inc., has completed the previously announced sale of its San Juan asset in New Mexico to Denver-based DJR Energy.

“This transaction continues our track record of unlocking value from non-core assets,” said Doug Suttles, Encana President & CEO. “The proceeds from this sale add to our financial strength and strongly support our commitment to our $1.25 billion share buyback and 25 percent increase to the dividend in 2019.”

Following the expected close of its announced strategic combination with Newfield Exploration Company (Newfield), Encana is committed to completing a $1.25 billion share buyback in 2019. Encana’s planned share buyback and previously announced 25 percent increase to its dividend following closing of the transaction with Newfield, highlight the quality of its business and commitment to return capital to shareholders.

The sale of Encana’s non-core San Juan asset includes approximately 182,000 net acres and represents the company’s total land position in the play. In 2017, the asset delivered average production of approximately 5,400 barrels of oil equivalent per day including 3,900 barrels per day of liquids. The transaction has an effective date of April 1, 2018.

Encana’s planned share buyback is subject to receipt of regulatory approvals, stock exchange rules and securities laws and may be made through purchases in the open market or other permitted means.



Current News

Sinopec Weighs Output Cuts Due to Freight Rate Surge

Sinopec Weighs Output Cuts Due to Freight Rate Surge

Small Scale FSRU: Think Smarter Not Bigger

Small Scale FSRU: Think Smarter Not Bigger

TechnipFMC Wins EPC Contract from PetroVietnam

TechnipFMC Wins EPC Contract from PetroVietnam

BP to Shut West Chirag Platform for Maintenance

BP to Shut West Chirag Platform for Maintenance

Exxon Appoints Bank to Sell Malaysia Assets

Exxon Appoints Bank to Sell Malaysia Assets

Oxy Books Supertanker for a Record $13.25 Mln

Oxy Books Supertanker for a Record $13.25 Mln

Sinopec Resumes Production at Sichuan Gas Processing Unit

Subscribe for AOG Digital E‑News

AOG Digital E-News is the subsea industry's largest circulation and most authoritative ENews Service, delivered to your Email three times per week