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96:
36:
536:
his compensation had risen from US$ 6.7 million in 2014 to US$ 12.6 million in 2019. Through his eight years as head of Encana, the company's shares decreased 58 per cent in value, while he was paid a total of US$ 104-million. David
Milstead said, "it may not be the most colossal mismatch between executive compensation and company performance in Canadian history, but it's a contender." The
445:
the
Trudeau government, what was once the largest Canadian-headquartered energy producer now sees both its CEO and the core of its asset base located in the U.S." In an editorial he wrote a two weeks later, he said that after stepping down as president in 2005, he "could never have imagined that, a dozen years later, the company would decide to export itself." Meanwhile
335:. When EnCana was created in 2002, Eresman was made president of its Onshore North America division, and in 2003 was made executive vice-president and chief operating officer. Morgan declared his trust in Eresman to lead the company, saying, "you don't put your life and your passion behind something unless you know that you have the right kind of person to carry it on."
528:
happened to Encana, frankly." Rather, he believed the company's difficulties, and its migration to the United States, were the product of the U.S. shale revolution that began around 2008. On the question of the
Cenovus split, he said both companies were hit by the revision in prices after 2008, and that "Cenovus has been terrible. Encana has been terrible."
404:
president and put in charge of the search for a replacement. Eresman's departure from the company was cloaked in secrecy. After the weekend, Woitas told the media that "Randy was getting fatigued." Asked if the board tried to persuade
Eresman to stay, Woitas responded that "it was time to move on with a fresh face representing Encana." In an article in the
535:
Encana's performance during his tenure as president. In
January 2021, Kimmeridge Energy Management, a private equity firm that owned 2.4 per cent of Ovintiv, released a report on the company's poor performance. During Suttles's tenure, Encana's shareholder returns had been negative 85 per cent, while
444:
of
Houston. Before the acquisition, around 60 percent of Encana's production was in Canada; after the acquisition its production became around 60 per cent American. Gwyn Morgan provided a written statement about the deal that read, "I'm deeply saddened that, as a result of the disastrous policies of
527:
federal government, which he believed had created a climate hostile to energy investment. He also stated that if Encana had not spun off its oil business into
Cenovus, the company "would still be in Canada." O'Brien, on the other hand, said "I don't think the government had anything to do with what
484:
solicited several reactions to the move. Tim
Pickering, an asset manager in Calgary, stated that the announcement "highlights what we’ve known all along, that outside foreign investment is losing interest in the Canadian energy sector." Meanwhile, Martin Pelletier, a portfolio manager in Calgary,
439:
On
Thursday, 15 March 2018, Suttles announced to the company's staff that he would be relocating to Denver. He stated the move was for personal reasons. When asked by journalists whether the president's move was an indication the company also would move to the United States, spokesman Simon Scott
330:
At a press conference on 25 October 2005, Morgan announced that he would retire from the presidency at the end of the year and that his replacement would be chief operating officer
Randall K. Eresman. After his retirement, he would remain on the board. Eresman, a native of Medicine Hat, had begun
449:
assessed the purchase, saying, "Encana's announcement that it was acquiring Texas-based Newfield Exploration may be good news for the Calgary-based company, but it is not good news for Canada. It is the most recent chapter in an unfolding story of capital flight from the Canadian energy sector."
403:
After the markets closed on Friday, 11 January 2013, Encana announced that Eresman had tendered his resignation that morning. Although he left the presidency, Eresman remained on the board until the end of February. Upon Eresman's resignation, company director Clayton H. Woitas was made interim
211:
through the merger of their companies. At the time of its creation Encana was the world's largest independent petroleum company by measure of its value, production, and reserves. Morgan ran the company from its inception through the end of 2005. During its early years, Encana established its
506:
questioned the claim that the company's troubles were caused solely by the federal government, and suggested that, rather, the company had been managed poorly since Suttles became president in 2013. During his tenure, Encana's share price had dropped 75 per cent, while share prices in
262:
as a vehicle to produce petroleum on the land grants it had received in the nineteenth century. Central-Del Rio was a small independent producer run by oilman Neil McQueen, and the CPOG had acquired gradually a majority holding in the company. After the creation of PanCanadian,
219:
At the beginning of 2006, Morgan ceded the presidency to Randall K. Eresman. During the new president's first year, the company's profits were CAD 6.4 billion, which was the largest corporate profit in Canadian history. In 2009 Encana spun off its oil producing operations as
462:, where its CEO lived, and change its name to Ovintiv. To complete the restructuring, a new Canadian corporation called Ovintiv (corporation number 1185826-2) was created on 22 January 2020, which acquired all issued shares of Encana in a one-for-one
522:
published a lengthy investigation entitled "Who killed Encana?" In the piece, the authors interviewed the company's founders, Morgan and O'Brien, who disagreed with one another on the causes of the company's demise. Morgan laid the blame on the
267:
remained the company's majority shareholder with approximately an 87 per cent stake. PanCanadian's freehold leases, which it inherited from the railway, gave it the largest reserves of any Canadian petroleum company.
420:, and plans to sell assets and to found a separate company for its mineral rights and royalty interests across southern Alberta. It planned to invest 75% of its 2014 capital budget into 5 projects: Projects in the
540:
reported that, despite the decline in shareholder equity from US$ 5.29 billion to $ 3.84 billion during his presidency, "Suttles was consistently among the highest paid executives in the Canadian oil patch."
302:
assumed the presidency and led the company for the duration of its existence. As a fully public company, the AEC grew substantially in the 1990s and became Canada's largest producer of natural gas.
315:
In April 2002, Pan Canadian Petroleum Ltd was spun out of Canadian Pacific Limited. It subsequently merged with Alberta Energy Corporation to form EnCana. Gwyn Morgan was named president and CEO.
228:. The new president streamlined the company's operations and shifted its focus to the United States. Suttles also oversaw the company's return to crude oil production via shale plays in the US.
1119:
381:'s December 7, 2012 prohibition of purchases by state-owned enterprises seeking to invest in Canadian oil. By the end of 2012, Encana's staff had increased to 4,169 employees.
1114:
499:
deal, 60 per cent of Encana’s production is in the U.S. and two of its key growth drivers are in the U.S. Plus CEO Suttles doesn’t live in Canada; he lives in Denver."
515:
24 per cent. He wrote of Suttles, "almost all of his major decisions have made the company more American; unfortunately for investors, none have made them wealthier."
706:
726:
258:
PanCanadian Petroleum was founded in 1971 through the merger of Canadian Pacific Oil and Gas and Central-Del Rio Oils. CPOG had been founded in 1958 by the
691:
485:
said that "risk is a critical factor when making capital-allocation decisions, and currently Canada is viewed as a high-risk region." In another article,
1089:
654:
212:
reputation as Canada's flagship energy company and an icon of Western Canadian business. In September 2005 it became Canada's largest corporation by
1104:
1094:
634:
1084:
790:
941:
331:
working for the Alberta Energy Company as a summer student in 1978 and had joined it as an employee in 1980 while studying engineering at the
1099:
298:. The government began in 1983 to reduce its equity in the company, and in April 1993 it sold off its remaining 36 per cent stake. In 1994,
924:
195:
was a Canadian independent petroleum company that existed from 2002 to 2020. The company, stylised as EnCana until 2010, was created by
1079:
1074:
351:, which held its oil business, representing one-third of its total production and reserves, and EnCana Corporation retaining the
290:
project. Initially, the company was half owned by the government and half owned by the public. The AEC also produced gas in the
769:
239:. On 14 January 2020 shareholders voted 90 per cent in favor of the move, and on 24 January the restructuring was completed.
224:, thus becoming exclusively a natural gas producer. Eresman resigned abruptly in early 2013 and was replaced by the American
389:
355:
business. Investors favoured the split as it gave them the flexibility to choose between investing in oil, gas, or both.
231:
In October 2019, Suttles, who had moved from Calgary to Denver in 2018, announced the company would undergo a corporate
1054:
Geoffrey Morgan, "High-flying Encana got makeover under retiring CEO Doug Suttles; New name, new focus, new location,"
838:
377:
acreage in Alberta. This was in line with the rules that "favor minority stakes over takeovers" since Prime Minister
75:
416:
In November 2013, the company cut its dividend, announced layoffs of 20% of its employees, closure of its office in
467:
440:
said "the answer to that is, absolutely not." In November 2018, Encana completed a US$ 5.5 billion deal to acquire
46:
751:
665:
1109:
358:
1015:
Tim Kiladze and Jeffrey Jones, "Who killed Encana? Inside the mess that crushed Canada's energy icon,"
508:
492:
369:
In December 2012, Encana announced a US$ 2.1 billion joint venture with state-owned, Beijing-based
327:
to become Canada's largest corporation by market capitalisation, with a value of $ 51.841 billion.
264:
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53:
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17:
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Olivia Pulsinelli and Greg Avery, "Encana to buy Texas company in multibillion-dollar deal,"
332:
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116:
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In the years after the company's restructuring, Suttles's compensation came under scrutiny
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441:
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436:, and the Denver-Julesburg Basin (DJ Basin) in northeast Colorado, Wyoming, and Nebraska.
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The Alberta Energy Company was created in 1973 by the provincial government under premier
8:
583:
196:
655:"EnCana proceeds with plan to split into two distinct and independent energy companies"
425:
374:
344:
106:
487:
421:
458:
In October 2019, the company announced plans to move its operations from Canada to
183:
408:, two anonymous analysts thought it likely that Eresman had been asked to resign.
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Scott Deveau, "Ovintiv, formerly Encana, faces Kimmeridge's proxy fight threat,"
910:
Ted Morton, "Another Canadian oil company flees Trudeau and Notley for the U.S."
480:
235:
that would see its residency moved to the United States and its name changed to
52:
The references used may be made clearer with a different or consistent style of
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Carrie Tait, "Interim Encana CEO says Randy Eresman was tired, so he retired,"
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661:
429:
378:
348:
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283:
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57:
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Jeffrey Jones, "Encana CEO decamps for Denver, Calgary headquarters remains,"
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for Ovintiv shares. On 24 January, Ovintiv was imported to Delaware under the
400:, was announced as Encana's headquarters in 2006, prior to the Cenovus split.
1068:
512:
295:
232:
567:
417:
365:, Encana's former headquarters in Calgary, opened officially on 4 June 2013
225:
942:"Encana reveals Denver will be its new headquarters after leaving Calgary"
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727:"Encana, PetroChina form joint venture to develop natural gas in Alberta"
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397:
352:
299:
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989:"Encana moving HQ from Calgary to the U.S., changing name to Ovintiv,"
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370:
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711:
639:
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Jason Kirby, "Canadian oil producer Encana decamps for the US,"
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Clayton Harvey Woitas (interim), 11 January 2013 – 11 June 2013
459:
573:
Michael Gerard McAllister, 10 September 2019 – 24 January 2020
95:
707:"Encana, PetroChina take $ 2.2 billion stab at joint venture"
495:, who said "I am not surprised at all by the move. Post the
373:
through which PetroChina received a 49.9% stake in Encana's
1041:
David Milstead, "The tale of Encana's $ 100-million man,"
478:
When the restructuring was announced in October 2019, the
1120:
Non-renewable resource companies disestablished in 2020
561:
Randall Kerry Eresman, 1 January 2006 – 11 January 2013
323:
On Wednesday, 14 September 2005, EnCana surpassed the
1002:
Jeffrey Jones, "Encana's mess is of its own making,"
897:
Gwyn Morgan, "The tragic Americanization of Encana,"
518:
In April 2021, a year after Encana restructured, the
502:
A month after the announcement, Jeffrey Jones of the
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Non-renewable resource companies established in 2002
925:"Encana to Establish Corporate Domicile in the U.S."
836:
Dawson, Chester; McKinnon, Judy (November 5, 2013).
589:
Clayton Harvey Woitas, 24 July 2013– 24 January 2020
791:"H&R REIT to develop EnCana's new headquarters"
837:
473:
1066:
839:"Encana to Cut Dividend, Jobs in Reorganization"
388:in Calgary, was completed in 2013, becoming the
884:Kevin Orland, "Encana founder blames Trudeau,"
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286:as a mechanism for Albertans to invest in the
635:"EnCana wraps up spinoff of its oil business"
770:"The Bow tower officially opens in Calgary"
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692:"Cenovus spinoff gives investors a choice"
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1090:Canadian companies disestablished in 2020
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491:quoted Jennifer Rowland, an analyst with
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76:Learn how and when to remove this message
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1105:Energy companies disestablished in 2020
1095:Defunct oil and gas companies of Canada
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1085:Canadian companies established in 2002
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27:Canadian independent petroleum company
822:Dan Healing, "Eresman exits Encana,"
789:Parkinson, David (February 9, 2007).
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744:
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690:Parkinson, David (December 9, 2009).
683:
1100:Energy companies established in 2002
782:
705:Jones, Jeffrey (December 13, 2012).
664:. September 10, 2009. Archived from
633:Haggett, Scott (November 30, 2009).
305:
29:
24:
752:"Encana laying off 20% of workers"
739:
619:Dave Ebner, "EnCana CEO resigns,"
570:, 11 June 2013 – 10 September 2019
384:Encana and Cenovus' headquarters,
25:
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1080:2020 disestablishments in Alberta
558:, 5 April 2002 – 31 December 2005
511:had increased 10 percent and in
468:Delaware General Corporation Law
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474:Assessments of Encana's demise
343:In 2009, EnCana completed the
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1:
606:"EnCana is No. 1 in Canada,"
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586:, 5 April 2002 – 24 July 2013
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470:, thus concluding the move.
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432:in New Mexico, Louisiana's
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509:Canadian Natural Resources
390:tallest building in Canada
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145:24 January 2020
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914:(28 November 2018), A12.
901:(21 November 2018), FP9.
610:(15 September 2005), D1.
454:Restructuring as Ovintiv
396:. The project, owned by
265:Canadian Pacific Limited
260:Canadian Pacific Railway
873:Denver Business Journal
845:The Wall Street Journal
434:Tuscaloosa Marine Shale
311:Creation of the company
1032:(15 January 2021), B3.
1006:(1 November 2019), B1.
888:(6 November 2018), B3.
826:(12 January 2013), C1.
412:Suttles era, 2013–2020
366:
339:Eresman era, 2006–2013
278:Alberta Energy Company
272:Alberta Energy Company
209:Alberta Energy Company
130:5 April 2002
121:Alberta Energy Company
578:Chairman of the Board
568:Douglas James Suttles
361:
333:University of Wyoming
319:Morgan era, 2002–2005
254:PanCanadian Petroleum
248:PanCanadian Petroleum
243:Predecessor companies
214:market capitalisation
201:PanCanadian Petroleum
117:PanCanadian Petroleum
1058:(17 June 2021), FP6.
1045:(6 April 2022), B10.
993:, (31 October 2019).
862:(17 March 2018), B2.
735:. December 13, 2012.
442:Newfield Exploration
325:Royal Bank of Canada
977:, (31 October 2019)
950:. November 7, 2019.
930:. October 31, 2019.
758:. November 5, 2013.
671:on January 19, 2022
584:David Peter O'Brien
90:
1110:History of Alberta
962:2019 Annual Report
875:(7 November 2018).
813:(15 January 2013).
623:(25 October 2005).
426:Duvernay Formation
375:Duvernay Formation
367:
345:corporate spin-off
226:Douglas J. Suttles
216:for a brief time.
193:Encana Corporation
89:Encana Corporation
88:
991:Canadian Business
660:(Press release).
488:Canadian Business
422:Montney Formation
306:History of Encana
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16:(Redirected from
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1019:(23 April 2021).
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349:Cenovus Energy
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66:December 2023
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673:. Retrieved
666:the original
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493:Edward Jones
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418:Plano, Texas
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398:H&R REIT
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175:Headquarters
160:Restructured
72:
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928:PR Newswire
556:Gwyn Morgan
392:outside of
353:natural gas
300:Gwyn Morgan
205:Gwyn Morgan
113:Predecessor
1069:Categories
594:References
545:Leadership
464:stock swap
447:Ted Morton
371:PetroChina
149:2020-01-24
134:2002-04-05
58:footnoting
960:Ovintiv,
550:President
533:vis-à-vis
165:Successor
107:Petroleum
947:CBC News
775:CBC News
756:CBC News
497:Newfield
424:and the
288:Syncrude
103:Industry
54:citation
712:Reuters
675:July 5,
640:Reuters
525:Liberal
394:Toronto
386:The Bow
363:The Bow
294:and in
237:Ovintiv
222:Cenovus
207:of the
179:The Bow
169:Ovintiv
147: (
142:Defunct
132: (
127:Founded
513:Suncor
460:Denver
18:EnCana
669:(PDF)
658:(PDF)
964:, 8.
677:2023
203:and
157:Fate
56:and
347:of
199:of
1071::
944:.
842:.
793:.
772:.
754:.
741:^
729:.
709:.
637:.
181:,
979:.
848:.
799:.
715:.
694:.
679:.
643:.
151:)
136:)
79:)
73:(
68:)
64:(
60:.
50:.
20:)
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