Encana’s Canadian Operations Head Michael Graham Resigns
Encana Corp., Canada’s largest natural gas producer, said the head of its Canadian operations resigned.
Michael Graham, who was president of the company’s Canadian division since 2006, quit effective immediately, Alan Boras, a company spokesman, said in a telephone interview today.
Boras declined to say why Graham is leaving. Graham has worked at Encana or its predecessor since 1986, according to a company biography.
Mike McAllister, who is senior vice president of Encana’s Canadian operations, will replace Graham, Boras said.
Encana spun off its oil-sands business Cenovus Energy Inc. in December 2009 while natural gas was in the midst of a four- year decline. Oil has climbed about 25 percent since 2009, while the price of gas has dropped more than 50 percent as production in the U.S. surged.
Canada accounted for 36 percent of the company’s revenue in 2010.
Encana fell 1.8 percent to C$19.83 at the close in Toronto. The stock has declined 37 percent in the past 12 months, making it the fourth-worst performer on the MSCI Canada/Energy Index.
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