Encana Opens Higher; CEO Eresman Steps Down
TORONTO - Encana Corp. opened up 2.1% Monday after its long-time president and chief executive, Randall Eresman, said Friday that he was retiring.
The stock has since slipped and was recently up 1.1% to C$19.72 in Toronto Stock Exchange trading.
The executive's departure comes after a rough patch for Encana, one of Canada's biggest energy players and a major North American natural-gas producers. The company focused on natural-gas exploration and production just as an explosion of drilling across the continent sent prices of the commodity lower. More recently, it has undertaken a major asset-sale program and turned toward exploring and developing more oil plays and developments heavy in natural-gas liquids.
Eresman said in a statement Friday that "now is the right time" for him to retire, noting the company is "well positioned to execute on its plans to rapidly transition to a more balanced commodity portfolio."
Encana director Clayton Woitas will act as interim president and chief executive.
WHAT DO YOU THINK?
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.
- Encana Calls End to Permian Race as Focus Turns to Output (Oct 18)
- Canada's Encana Smashes Profit Estimates, Shares Rise (Jul 21)
- Encana To Sell Natgas Assets To Caerus Oil For $735MM (Jun 09)