A 'shock' Encana is taking the Canada out of its name: Policy expert
Encana Corp., which is moving from Canada to the U.S., will locate its new headquarters in Denver, where Chief Executive Officer Doug Suttles lives.
The company, to be renamed Ovintiv, will be incorporated in Delaware and trade on the New York Stock Exchange and the Toronto Stock Exchange under the symbol “OVV,” according to a filing on Thursday.
The move to Denver was widely anticipated because Suttles, a Texan, relocated his residence there in March 2018, though the company also has a major office in Houston. Suttles said in November of last year that he envisioned the company moving toward a “headquarterless” model, with work being performed close to its operations.
Encana follows BP Plc in choosing Denver as its new base of operations. The London-based supermajor moved its Lower-48 headquarters to the Rocky Mountain city from Houston last year.
Encana’s U.S. move announced last week was a morale blow for the Canadian energy industry, which has been suffering from pipeline bottlenecks that have choked off prospects for growth. The company said the move will give it access to larger pools of investment, including U.S. index funds and passively managed accounts.
--With assistance from Michael Bellusci