Deals
Encana Doubles Oil Output With $3.1 Billion Freeport Deal
This article is for subscribers only.
Encana Corp., the Canadian energy producer seeking to boost investor returns by shifting toward crude, is doubling its oil output with a $3.1 billion purchase of shale lands from Freeport-McMoRan Copper & Gold Inc.
The agreement to buy 45,500 net acres (18,413 hectares) in Texas’s oil-rich Eagle Ford basin from Freeport’s energy unit gives Encana “the opportunity to accelerate the rebalancing of our portfolio” to higher-priced crude, Encana Chief Executive Officer Doug Suttles said today on a conference call.