Sad for today, bullish about the future
Posted Nov 5, 2013 11:45 am.
This article is more than 5 years old.
That is how the Doug Suttles President and CEO of an Encana summed up his feelings as he rolled out the energy giant’s new strategic plan.
Several Hundred people are expected to lose their jobs across North America as Encana chops its workforce by 20 per cent.
Employees at the company’s corporate headquarters in downtown Calgary tell 660News, while word of the layoffs is a bit shocking they were informed a few weeks ago changes were coming.
Encana is going to consolidate its operations in Calgary and Denver, it’s also going to par down its main energy plays down from 30 to 5 key areas, they include the Montney , Duvernay, DJ Basin, San Juan Basin and Tuscaloosa Marine Shale.
Suttles say they are going to focus the bulk of their capital investment, $2.5 Billion dollars in all for 2014 on oil and liquid rich resource plays.
Encana will also continue to look to lower its operating costs.
Before the middle of next year, Encana also plays to roll out a new company when it bundles up 5 million acres of Alberta land along with its associated royalty interests , currently known as Encana’s Clearwater play.
