Ovintiv Inc. (NYSE:OVV) was founded on April 4, 2002, formerly known as Encana Corporation (Encana Energy) Encana Corporation (formerly NYSE:ECA, TSX:ECA), and changed to its current name in January 2020 The new stock code is used, and the former name is Pan Canadian Petroleum Limited. The headquarters will also be moved from Calgary, Canada to Denver, Colorado in 2020. There are 2,726 full-time employees and its affiliates in Canada. It is engaged in the development, exploration, production and sales of natural gas, petroleum and liquid natural gas with the United States.
Ovintiv Inc. (OVV):
Encana Corporation is one of Canada’s largest natural gas producers. Together with its subsidiaries, it is engaged in the development, exploration, production and sales of oil, natural gas and liquefied natural gas in Canada and the United States. The company was divided into two companies on November 30, 2009. The company responsible for natural gas production still maintained the name of Encana Corporation, and the company responsible for oil was renamed Cenovus Energy .
Ovintiv Inc.’s interests include:
- Located in northern British Columbia and northwestern Alberta;
- The Duvernay project in the Central and Western District of Alberta;
- The Clearwater project in central and southern Alberta;
- The Deep Panuke (Deep Panuke) project offshore Nova Scotia;
- The Cadomin/Doig project in northeast British Columbia;
- Horn River project in northeast British Columbia;
- Granite Wash/Doig project in northwestern Alberta;
- The Eagle Ford project in southern Texas;
- The Permian project in western Texas;
- DJ Basin project in northern Colorado;
- The San Juan project in northwestern New Mexico;
- The Piceance project in northwestern Colorado;
- The Haynesville project in northwestern Louisiana;
- The Tuscaloosa Marine Shale project in eastern Louisiana and western Mississippi.
Enkana’s business involves the exploration, development, production and sales of crude oil, natural gas and natural gas liquids. Its business activities are mainly concentrated in Western Canada. The company also has business activities in the Netherlands, Russia, Kazakhstan, and Libya, and has business operations in Indonesia. Equity, has an interest in natural gas liquid sales facilities in Canada and the United States.
Ovintiv Inc. (OVV) History:
- In 1958, Canadian Pacific Railway founded Canadian Pacific Oil and Gas Company to manage its oil and gas assets and mineral resources;
- In 1971, Canadian Pacific Oil and Gas merged with Central-Del Rio Oils to form Pan Canadian Petroleum Limited (Pan Canadian Petroleum);
- In 2002, PanCanadian Petroleum Ltd divested Canadian Pacific Limited. Later, PanCanadian Petroleum merged with Alberta Energy Corporation to form EnCana Corporation;
- In November 2009, Encana was split into two companies. The company responsible for natural gas production still maintained its current name (EnCana Corporation), and the company responsible for oil was renamed Cenovus Energy (NYSE: CVE);
- In February 2012, The Mitsubishi Group paid 2.9 billion Canadian dollars for a 40% stake in Cutbank Ridge Partnership, a joint venture with EnCana, which has 409,000 net acres of development land in the Montney Formation natural gas field in British Columbia;
- In December 2012, Encana announced the establishment of a joint venture with China National Petroleum Corporation. The latter paid US$2.1 billion to occupy 49.9% of the total area of EnCana Alberta’s Duvernay Formation;
- In May 2014, Jonah Energy LLC acquired Encana (USA)’s assets in Jonah field in Sublette County, Wyoming;
- In June 2014, the company sold its assets in Bighorn, Alberta, to Jupiter Resources for US$1.8 billion;
- In June 2014, the company acquired the assets of Eagle Ford Group from Freeport-McMoRan for US$3.1 billion ;
- In September 2014, Encana announced that it would acquire Athlon Energy Inc. (formerly NYSE: ATHL) for US$7.1 billion;
- In November 2014, Encana acquired Athlon Energy for US$7.1 billion;
- In August 2015, the company sold its Haynesville shale assets to affiliated companies of GSO Capital Partners and GeoSouthern Energy for US$850 million;
- In December 2015, the dividend and capital expenditure budget was significantly reduced;
- In July 2016, the company sold its assets in the Denver Basin for US$900 million;
- In June 2017, the company sold its assets in the Piceance Basin for $735 million;
- In May 2018, the company permanently ceased production at Deep Panuke. The Deep Panuke project produces and processes natural gas 250 kilometers southeast of Halifax, Nova Scotia;
- In December 2018, the company sold its assets in the San Juan Basin for US$480 million;
- In February 2019, the company acquired Newfield Exploration;
- In October 2019, Encana Corporation announced its intention to transfer its business from Canada to the United States and change its name to Ovintiv. Its new headquarters will be in Denver, Colorado, where its CEO already lives;
- On January 14, 2020, the company announced that more than 90% of its shareholders have approved the company’s previously announced re-registration from Calgary, Alberta, Canada to Denver, Colorado, and its name was changed from Encana Corporation to Ovintiv Inc. . Ten days later, on January 24, 2020, the company announced that it had completed the re-registration and name change, and further delisted its existing stock symbol ECA from both the New York Stock Exchange and Toronto. The Stock Exchange will start trading on Monday, January 27, 2020, and it will start trading at the same price as OVV on the same day.