By OGJ editors
HOUSTON, Sept. 30-- EnCana Corp. selected Cenovus Energy Inc. as the name for the new, integrated oil company it is creating as part of its split into two independent energy companies —an integrated oil company and a pure-play natural gas company. The companies will focus on unconventional resources.
Under the proposed split, announced last May, Cenovus will be a fully integrated North American oil company with in-situ oil sands properties, refineries, and an underlying foundation of oil and gas resource plays (OGJ, May 19, 2008, p. 33). The natural gas company will continue as EnCana Corp.
"Cenovus is the newest name in the North American energy business. The name Cenovus successfully captures the essence of what we want our North American integrated oil company to be—a strong enterprise with a sustainable, innovative, and bright future," said Brian Ferguson, EnCana's chief financial officer, who is the designated president & chief executive of Cenovus. Other officers were announced this summer (OGJ, July 14, 2008, p. 44)
The Cenovus web domain name will be www.cenovus.com. Work is underway on a logo and brand. The proposed corporate reorganization, expected to close in early 2009, will be implemented through a 'plan of arrangement' and is subject to shareholder and court approval. An information circular setting out details of the plan of arrangement will be mailed to EnCana shareholders in mid-November, followed by a shareholders' meeting planned for mid-December.
