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EnCana Corporation

 
Hoover's Profile: EnCana Corporation
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(NYSE:ECA) (Toronto:ECA)
Company Financials
Income Statement
Balance Sheet
Cash Flow Statement

Contact Information
EnCana Corporation
855 - 2nd St. SW, Ste. 1800
Calgary, Alberta T2P 2S5, Canada
Tel. 403-645-2000
Fax 403-645-2091

Type: Public
On the web: http://www.encana.com
 Employees: 6,048
Employee growth: 14.4%

Energy and Canada go together for EnCana (its name is derived from Energy, Canada). The integrated oil and gas company has proved reserves of 13.7 trillion cu. ft. of natural gas and 1 billion barrels of oil in Canada and the US. EnCana operates in five major segments: Integrated Oil (primarily heavy oil from oil sands), Canadian Foothills, Canadian Plains, USA, and Market Optimization (product marketing and sales). EnCana operates much of its integrated oil business in a 50/50 partnership with ConocoPhillips. The largest natural gas producer in North America, EnCana produced 1.4 trillion cubic feet of natural gas in 2008.

Key numbers for fiscal year ending December, 2008:
Sales: $30,064.0M
One year growth: 40.2%
Net income: $5,944.0M
Income growth: 50.1%

Officers:
Chairman: David P. O'Brien
President, CEO, and Director: Randall K. (Randy) Eresman
EVP and CFO: Brian C. Ferguson

Competitors:
Canadian Natural
Royal Dutch Shell
Suncor

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Wikipedia: EnCana Corporation
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EnCana Corporation
Type (TSX: ECA, NYSE: ECA)
Founded 2002
Headquarters Flag of Canada Calgary, Alberta, Canada
Key people Randy Eresman (President & CEO)
David P. O'Brien (Chairman of the Board)
Industry Oil and Gas
Products Gas, Oil
Revenue ▲$30.064 billion USD (2008) [1]
Employees 8,000 (2009)[2]
Website www.encana.com

EnCana Corporation is North America's largest natural gas producer, with more than 80 percent of its production being natural gas. The company produced 1.4 trillion cubic feet of natural gas in 2008 - enough to heat nearly 11 million homes for one year. EnCana is also a technical and cost leader in the recovery of oil through steam-assisted gravity drainage (SAGD).

EnCana was formed in 2002 with the merger of PanCanadian Energy and Alberta Energy Company. The corporate headquarters are in Calgary, Alberta. In Canada, EnCana has operations in Alberta, northeast British Columbia and southeast Saskatchewan as well as an off-shore operation called Deep Panuke in development off Nova Scotia. In the United States, EnCana operates in Colorado, Wyoming, Texas and Louisiana. EnCana also jointly owns two refineries with ConocoPhillips in Texas and Louisiana.

EnCana has received numerous awards for its environmental initiatives and is recognized on the Dow Jones Sustainability Index. In 2008 alone, EnCana set aside $50 million CDN to be spent on new technologies that will increase energy efficiency. Another program, EnCana's Environmental Innovation Fund, “supports technologies that reduce air emissions, increase energy efficiency, improve water conservation, enhance waste management, and develop new renewable energy.” [3]

EnCana's community investment program supports projects in the areas where the company operates. The company also invests in environmental initiatives, education, family and community wellness, sport and recreation, as well as science, trades and technology. EnCana matches donations given by its employees to recognized charities. In 2008, the company donated $36 million.

A new 58-story headquarters for EnCana's Calgary staff, called the Bow Building, is now under construction. It will be the tallest office tower in Canada outside of Toronto and is expected to be complete in 2011.[4]

In May of 2008, EnCana announced a plan to split the company into two independent companies focused on distinct businesses. The unconventional natural gas company would retain the name EnCana and the integrated oil company would be called Cenovus Energy. The uncertainty in global financial markets has caused EnCana to delay those plans until clear signs of stability return to the markets.[5]

Criticism

EnCana has been criticised by landowners and environmentalists, particularly over a protected area south of Calgary where the company proposed to drill several hundred natural gas wells. In northern British Columbia where EnCana pipelines have experienced six explosions, media reports indicate the pipeline may have been bombed by disgruntled community members.[6][7]

Issues have also been raised for a proposed project offshore of Nova Scotia, for which EnCana has proposed a streamlined regulatory process.[8]

References

  1. ^ 2006 Consolidated Financial Statements
  2. ^ "Company Profile for EnCana Corp (ECA)". http://zenobank.com/index.php?symbol=ECA&page=quotesearch. Retrieved on 2008-10-08. 
  3. ^ Corporate Responsibility - Environmental Innovation Fund
  4. ^ CBC Article (October 2006). "EnCana unveils plans for downtown Calgary office tower". http://www.cbc.ca/money/story/2006/10/12/encana-office.html. Retrieved on 2006-01-06. 
  5. ^ TheStar.com | Business | EnCana announces dividing into two companies
  6. ^ CBC, 29 Aug. 2006, EnCana unveils smaller Deep Panuke project
  7. ^ CBC, 2 July 2009, Latest EnCana pipeline explosion was deliberate: RCMP
  8. ^ CBC, 29 Aug. 2006, EnCana unveils smaller Deep Panuke project

External links

Companies portal
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S&P/TSX 60 companies of Canada (February 11, 2009)

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