Encana Corp will shift base to the United States and become Ovintiv Inc, the Can...
) have either been selling their Canadian assets or have scaled back investments as pipeline space crunch impacts prices.
“A domicile in the United States will expose our company to increasingly larger pools of investment in U.S. index funds and passively managed accounts, as well as better align us with our U.S. peers,” Chief Executive Officer Doug Suttles said in a statement. Separately, the company said net income for the third quarter rose to $149 million, or 11 cents per share, from $39 million, or 4 cents, a year earlier. Operating profit rose to $195 million from $163 million.
The company now expects higher annual production and lower costs than its earlier estimates, and kept its annual capital investment forecast unchanged at the mid-point of $2.8 billion.
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