“As we advance our strategy we continue to focus our portfolio and capital on our four most strategic assets, the Permian, Eagle Ford, Duvernay, and Montney,” said Doug Suttles, Encana president and chief executive officer.
Encana last year invested more than $10 billion to acquire assets in the Permian and Eagle Ford, with its purchase of Ft. Worth-based Athlon Energy Inc. (OGJ Online, Sept. 29, 2014); and assets from an affiliate of Freeport-McMoRan Oil & Gas LCC (OGJ Online, Oct. 8, 2014).
The company this year sold its Haynesville gas assets to GEP Haynesville LLC, a joint venture formed by GeoSouthern Haynesville LP and funds managed by Blackstone Group LP’s GSO Capital Partners LP (OGJ Online, Aug. 25, 2015); and, along with Cutbank Ridge Partnership, certain natural gas gathering and compression assets supporting Montney development to Veresen Midstream LP (OGJ Online, Apr. 1, 2015).
Combining the sale of its DJ assets with net proceeds from the previously reported sales, cash proceeds from divestitures in 2015 will total $2.7 billion. The company expects to have reduced its net debt in 2015 by $3 billion by yearend.