Canada's Encana to buy Newfield Exploration in $5.5 billion deal 6:43am EDT [Reuters]
ENCANA (ECA)
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Source: Reuters
Canada's Encana to buy Newfield Exploration in $5.5 billion deal | Reuters 1 Min Read (Reuters) - Canadian oil and gas producer Encana Corp said on Thursday it would buy Newfield Exploration Co for $5.5 billion, making it one of the biggest shale oil producers in North America. As part of the all-stock deal, Encana will get greater access to three of North America’s biggest oil patches, including the Permian Basin. Encana will also assume $2.2 billion of Newfield’s debt. EnCana said liquids production will contribute over half of the combined company’s production and help expand margins. Under the terms of the deal, Newfield shareholders will receive 2.6719 Encana common shares for each share of Newfield common stock. Encana said it intends to raise dividend by 25 percent and expand its share buyback program to C$1.5 billion. Separately, the Calgary, Alberta-based company said total production rose 33 percent to 378,200 barrels of oil equivalent per day (BOE/d) in the third-quarter en
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