Get 40% Off
🚀 AI-picked stocks soar in May. PRFT is +55%—in just 16 days! Don’t miss June’s top picks.Unlock full list

UPDATE 1-Encana to sell Denver Julesburg basin assets for $900 mln

Published 2015-10-08, 07:31 a/m
© Reuters.  UPDATE 1-Encana to sell Denver Julesburg basin assets for $900 mln
CL
-
NG
-
OVV
-

(Adds details, background)
Oct 8 (Reuters) - Encana Corp ECA.TO ECA.N said it would
sell its Denver Julesburg basin assets in Colorado for $900
million, the latest divestitures by the Canadian oil and gas
producer as it focuses on its high-value gas liquids and oil
properties.
The company will sell all of its Denver Julesburg acreage
comprising 51,000 net acres to a joint venture owned by Canada
Pension Plan Investment Board (CPPIB) and real estate manager
Broe Group, Encana said on Thursday. urn:newsml:reuters.com:*:nMKW5Xm3ca
The assets produced an average of 52 million cubic feet per
day of natural gas and 14,800 barrels per day of crude oil and
natural gas liquids, Encana said.
Under Chief Executive Doug Suttles, Encana is transforming
into a major oil producer by concentrating spending on regions
rich in gas liquids and oil and selling off natural gas assets.
The company in August sold its Haynesville natural gas
assets in northern Louisiana for $850 million to GEP Haynesville
LLC. urn:newsml:reuters.com:*:nL4N1103RQ
Including the Denver Julesburg sale, cash proceeds from
divestitures in 2015 will be about $2.7 billion, the company
said.
Encana said it expects to have reduced its net debt by $3
billion by end of the year.
The Denver Julesburg deal is expected to close in the fourth
quarter, the company said.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.