Encana to redomicile to the U.S., change its name
Reaction poured in Thursday after Encana Corp. announced its plan to re-domicile in the United States and shed its Canadian roots with a new name.
BNN Bloomberg reached out to the company’s founder, Gwyn Morgan, for his perspective.
"The move of Encana's head office to the U.S. deeply saddens me,” he said via email. “I spent 30 years building Encana into what was the largest Canadian headquartered energy company. I was privileged to lead a highly dedicated team with a shared passion for our mission. Today, my first thoughts are with them.”
“Having said that, the destructive policies of the Trudeau Liberals have left the company with no choice but to shift its asset base and capital program south of the border. Now, its re-election strikes the final blow."
Doug Suttles, the current chief exeuctive of Encana, said “the answer is unequivocally no” when asked whether the decision was a result of the current political climate in Canada.
“This was all about trying to make sure the value of this firm is fully recognized in its share price and looking out for shareholders,” he told BNN Bloomberg in an interview Thursday. “But how we run the company, how we invest, our long history here in Canada, and our quality asset base are still as solid as they’ve ever been.”
“This is not a poltical move, this is quite simply accesing the captial trends in the marketplace.”