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Encana Corp. announced it is changing its name to Ovintiv Inc. and moving its headquarters from Canada to the U.S.
The company will continue to trade on the New York Stock Exchange (NYSE) and the TSX Exhanges.
CFO Corey Code commented: "Let me say upfront, this move does not represent a shift in strategy. It is simply about gaining access to deeper pools of investment capital.
"We believe the opportunity to enhance long-term value for shareholders will be greater as a U.S. domiciled company, despite significantly and strategically repositioning our multi-basin portfolio in North America’s top basins, while constantly innovating to improve our returns and corporate financial performance.
"We believe our valuation continues to be disconnected from our U.S. peers. This is due in part to the inability to access certain pools of capital in the United States that are limited investing in securities of foreign companies.
"As a U.S. company, we may be able to attract deeper and growing pools of passive investment in capital in the United States, particularly if our shares are included in U.S. indices and other investment vehicles that only includes securities of U.S. domiciled companies."
CEO Doug Suttles added: "Make no mistake, we have a long and proud history in Canada, and our assets here are world-class. And as Mike described, with our cost and productivity, our returns in Canada continue to be every bit as strong as the rest of our portfolio. We will continue to make profitable investments in the Montney and the Duvernay and manage these assets out of our Calgary office. We do not expect any impact on our Canadian workforce, either in the office or the field."
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