Encana has lightened it’s company properties and fattened it’s cash assets. The Calgary based company has sold off Bighorn natural gas properties. Jupiter Resources shelled out $1.8-billion for the company.
CEO and president Doug Suttles says “this transaction advances our strategy by unlocking value from our portfolio as we focus on developing our core growth plays and extracting additional value from our base assets.”
This is the second big deal Encana has pulled off in a month. In May it was Encana that shelled out the money, to the tune of $3.1 billion for a piece of the Eagle Ford shale play in Texas.
(Source: Energy Now)