CALGARY - The president of Encana Corp.'s Canadian division, Mike Graham, has resigned his position at the Calgary natural gas producer, a company spokesman said Tuesday.
Graham will be replaced on an interim basis by his deputy, Mike McAllister, who currently serves as senior vice-president of the Canadian division, the spokesman said.
No reason was given for Graham's departure from Encana, North America's second-largest natural gas producer. But the company has been under a cloud recently due to the continued oversupply and low price of natural gas. Ratings agency Standard & Poor's cut its rating on Encana's debt last week by one level to BBB due to the continued weakness in the natural gas markets.
Graham is "moving on," Executive Vice-President Eric Marsh said Tuesday when he was asked about Graham by an audience member at an energy conference in Vail, Colo., hosted by the investment bank Credit Suisse. "It's business as usual at Encana," Marsh said. "We've got a lot of depth of leadership, so we'll be fine."
Encana shares have lost more than a third of their value over the last year, and declined 1.8% to $19.93 on the New York Stock Exchange Tuesday.
Copyright (c) 2012 Dow Jones & Company, Inc.
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