Encana to acquire Newfield for $7.7 bln

USA

CALGARY, November 1, 2018 – Encana Corporation has agreed to acquire Newfield Exploration Company for USD 5.5 billion and to assume an additional USD 2.2 billion in debt, the companies announced on Thursday.

The deal will add significant acreage in the Permian, STACK/SCOOP and Montney plays to Encana’s portfolio, the press release added.

“I am very excited to lead the combined company and want to congratulate the team at Newfield on doing a tremendous job building premium positions in the core-of-the-core in each of their assets, particularly in the world-class, oil-rich, STACK/SCOOP,” Encana president and CEO Doug Suttles said.

“When combined with our cube development model, expected synergies and relentless focus on efficiency, we are positioned to deliver highly efficient growth and quality returns.”