Recent from talks
Encana
Knowledge base stats:
Talk channels stats:
Members stats:
Encana
Encana Corporation was a Canadian independent petroleum company that existed from 2002 to 2020. The company, stylised as EnCana until 2010, was created by David P. O'Brien of PanCanadian Petroleum and Gwyn Morgan of the Alberta Energy Company through the merger of their companies. At the time of its creation Encana was the world's largest independent petroleum company by measure of its value, production, and reserves. Morgan ran the company from its inception through the end of 2005. During its early years, Encana established its reputation as Canada's flagship energy company and an icon of Western Canadian business. In September 2005 it became Canada's largest corporation by market capitalisation for a brief time.
At the beginning of 2006, Morgan ceded the presidency to Randall K. Eresman. During the new president's first year, the company's profits were CAD 6.4 billion, which was the largest corporate profit in Canadian history. In 2009 Encana spun off its oil producing operations as Cenovus, thus becoming exclusively a natural gas producer. Eresman resigned abruptly in early 2013 and was replaced by the American Douglas J. Suttles. The new president streamlined the company's operations and shifted its focus to the United States. Suttles also oversaw the company's return to crude oil production via shale plays in the US.
In October 2019, Suttles, who had moved from Calgary to Denver in 2018, announced the company would undergo a corporate restructuring that would see its residency moved to the United States and its name changed to Ovintiv. On 14 January 2020 shareholders voted 90 per cent in favor of the move, and on 24 January the restructuring was completed.
PanCanadian Petroleum was founded in 1971 through the merger of Canadian Pacific Oil and Gas and Central-Del Rio Oils. CPOG had been founded in 1958 by the Canadian Pacific Railway as a vehicle to produce petroleum on the land grants it had received in the nineteenth century. Central-Del Rio was a small independent producer run by oilman Neil McQueen, and the CPOG had acquired gradually a majority holding in the company. After the creation of PanCanadian, Canadian Pacific Limited remained the company's majority shareholder with approximately an 87 per cent stake. PanCanadian's freehold leases, which it inherited from the railway, gave it the largest reserves of any Canadian petroleum company.
The Alberta Energy Company was created in 1973 by the provincial government under premier Peter Lougheed as a mechanism for Albertans to invest in the Syncrude project. Initially, the company was half owned by the government and half owned by the public. The AEC also produced gas in the Suffield Block and in Primrose Lake. The government began in 1983 to reduce its equity in the company, and in April 1993 it sold off its remaining 36 per cent stake. In 1994, Gwyn Morgan assumed the presidency and led the company for the duration of its existence. As a fully public company, the AEC grew substantially in the 1990s and became Canada's largest producer of natural gas.
In April 2002, Pan Canadian Petroleum Ltd was spun out of Canadian Pacific Limited. It subsequently merged with Alberta Energy Corporation to form EnCana. Gwyn Morgan was named president and CEO.
On Wednesday, 14 September 2005, EnCana surpassed the Royal Bank of Canada to become Canada's largest corporation by market capitalisation, with a value of $51.841 billion.
At a press conference on 25 October 2005, Morgan announced that he would retire from the presidency at the end of the year and that his replacement would be chief operating officer Randall K. Eresman. After his retirement, he would remain on the board. Eresman, a native of Medicine Hat, had begun working for the Alberta Energy Company as a summer student in 1978 and had joined it as an employee in 1980 while studying engineering at the University of Wyoming. When EnCana was created in 2002, Eresman was made president of its Onshore North America division, and in 2003 was made executive vice-president and chief operating officer. Morgan declared his trust in Eresman to lead the company, saying, "you don't put your life and your passion behind something unless you know that you have the right kind of person to carry it on."
Hub AI
Encana AI simulator
(@Encana_simulator)
Encana
Encana Corporation was a Canadian independent petroleum company that existed from 2002 to 2020. The company, stylised as EnCana until 2010, was created by David P. O'Brien of PanCanadian Petroleum and Gwyn Morgan of the Alberta Energy Company through the merger of their companies. At the time of its creation Encana was the world's largest independent petroleum company by measure of its value, production, and reserves. Morgan ran the company from its inception through the end of 2005. During its early years, Encana established its reputation as Canada's flagship energy company and an icon of Western Canadian business. In September 2005 it became Canada's largest corporation by market capitalisation for a brief time.
At the beginning of 2006, Morgan ceded the presidency to Randall K. Eresman. During the new president's first year, the company's profits were CAD 6.4 billion, which was the largest corporate profit in Canadian history. In 2009 Encana spun off its oil producing operations as Cenovus, thus becoming exclusively a natural gas producer. Eresman resigned abruptly in early 2013 and was replaced by the American Douglas J. Suttles. The new president streamlined the company's operations and shifted its focus to the United States. Suttles also oversaw the company's return to crude oil production via shale plays in the US.
In October 2019, Suttles, who had moved from Calgary to Denver in 2018, announced the company would undergo a corporate restructuring that would see its residency moved to the United States and its name changed to Ovintiv. On 14 January 2020 shareholders voted 90 per cent in favor of the move, and on 24 January the restructuring was completed.
PanCanadian Petroleum was founded in 1971 through the merger of Canadian Pacific Oil and Gas and Central-Del Rio Oils. CPOG had been founded in 1958 by the Canadian Pacific Railway as a vehicle to produce petroleum on the land grants it had received in the nineteenth century. Central-Del Rio was a small independent producer run by oilman Neil McQueen, and the CPOG had acquired gradually a majority holding in the company. After the creation of PanCanadian, Canadian Pacific Limited remained the company's majority shareholder with approximately an 87 per cent stake. PanCanadian's freehold leases, which it inherited from the railway, gave it the largest reserves of any Canadian petroleum company.
The Alberta Energy Company was created in 1973 by the provincial government under premier Peter Lougheed as a mechanism for Albertans to invest in the Syncrude project. Initially, the company was half owned by the government and half owned by the public. The AEC also produced gas in the Suffield Block and in Primrose Lake. The government began in 1983 to reduce its equity in the company, and in April 1993 it sold off its remaining 36 per cent stake. In 1994, Gwyn Morgan assumed the presidency and led the company for the duration of its existence. As a fully public company, the AEC grew substantially in the 1990s and became Canada's largest producer of natural gas.
In April 2002, Pan Canadian Petroleum Ltd was spun out of Canadian Pacific Limited. It subsequently merged with Alberta Energy Corporation to form EnCana. Gwyn Morgan was named president and CEO.
On Wednesday, 14 September 2005, EnCana surpassed the Royal Bank of Canada to become Canada's largest corporation by market capitalisation, with a value of $51.841 billion.
At a press conference on 25 October 2005, Morgan announced that he would retire from the presidency at the end of the year and that his replacement would be chief operating officer Randall K. Eresman. After his retirement, he would remain on the board. Eresman, a native of Medicine Hat, had begun working for the Alberta Energy Company as a summer student in 1978 and had joined it as an employee in 1980 while studying engineering at the University of Wyoming. When EnCana was created in 2002, Eresman was made president of its Onshore North America division, and in 2003 was made executive vice-president and chief operating officer. Morgan declared his trust in Eresman to lead the company, saying, "you don't put your life and your passion behind something unless you know that you have the right kind of person to carry it on."
Recent media