'Sense of resignation': Calgary reacts to Encana's move
Encana Corp. said Thursday it plans to establish its corporate domicile in the United States and change its name, marking a shift away from its Canadian roots.
The move comes at a time when Canada’s competitiveness, particularly when it comes to the energy sector, is under intense scrutiny.
Below, business leaders weigh in on the oil and gas company’s decision.
“Obviously it’s very unfortunate news. Any time that you lose a Canadian company to another country, we have to ask ourselves, ‘Why is that happening?’ Unfortunately, that’s been a message you’ve been hearing from business for the last decade or so.”
Goldy Hyder, CEO, Business Council of Canada
“The change in domicile itself … that’s more of a legal thing. To me, the bigger issue is the name change. Encana, when it came out about 20 years ago, was a shortened term for energy in Canada. Well now you’re taking Canada right out of it. So that to me is a pretty big statement about where they think they’re going.”
Colin Cieszynski, chief market strategist, SIA Wealth Management
“Encana is ‘Energy Canada.’ A great Canadian success story. Really, a big contributor to all the shale gas drilling and all the technology — and now it’s all going to the U.S.”
Bill Harris, partner and portfolio manager, Avenue Investment Management
"The move of Encana's head office to the U.S. deeply saddens me. 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.”
Gwyn Morgan, founder and former CEO, Encana