EnCana Corporation
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| EnCana Corporation | |
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| Type | (TSX: ECA, NYSE: ECA) |
| Founded | 2002 |
| Headquarters | Calgary, Alberta |
| Key people | Randy Eresman, President & CEO |
| Industry | Oil and Gas |
| Products | Gas, Oil |
| Revenue | ▲$21.446 billion USD (2007) [1] |
| Employees | 6,500 |
| Website | www.encana.com |
EnCana Corporation is one of the largest oil and gas companies in the world. Its name is a portmanteau of the words "Energy", "Canada" and "Alberta". The company was formed in 2002 with the merger of PanCanadian Energy and Alberta Energy Company[2], and is headquartered in Calgary, Alberta.
EnCana is involved in operations in Alberta, northeast British Columbia, southeast Saskatchewan, the U.S. Rocky Mountains, Texas and Nova Scotia. There have also been explorations in Brazil, Oman, Qatar, France and Greenland.[3]
On October 12, 2006, EnCana unveiled plans to build a new 158,000 square meter (1.7-million-sq.-ft.) 58-story office headquarters building in downtown Calgary, the Bow Building. Currently under construction, the building will be the tallest office tower in Canada outside of Toronto.[4]
EnCana supports many community projects, including the donation of $500,000 to the Edgeworth Centre[5] located in Camrose, Alberta, Canada. The facility officially opened in September 2007. The EnCana Arena seats 2,200+ and is the home arena of the AJHL's Camrose Kodiaks.
On May 11, 2008, it was reported that the company was dividing its natural gas and oil operations into two distinct firms. The gas company, likely to retain the EnCana name, comprises about two-thirds of the former company's output and established reserves, and the remaining operations will, at least initially, be called Integrated Oil and will concentrate on development of the oilsands deposits in Alberta and Saskatchewan.[6]
EnCana Oil & Gas (USA) Inc., a subsidiary company operating in the US, is based in Denver, CO.[7]
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[edit] Environmental Record
EnCana has received numerous awards for its environmental initiatives and is recognized on the Dow Jones Sustainability Index. In 2008 alone, EnCana has set aside $50 million CDN to be spent on new technologies that will increase energy efficiency. Another program, EnCana's Environmental Innovation Fund, “supports technologies that reduce air emissions, increase energy efficiency, improve water conservation, enhance waste management, and develop new renewable energy.” $23 million from this fund has already been dedicated to 15 Canadian companies. [8]
EnCana has applied to drill 1275 shallow gas wells in the CFB Suffield National Wildlife Area. The application is before a joint federal-provincial review panel as is required under the Canadian Environmental Assessment Act (CEAA). An environmental coalition has participated in the process including the filing of evidence alleging that EnCana has not provided sufficient information on the impacts of the Project. As part of this process, there will be a public hearing in October 2008 to allow all parties to express their views before the joint review panel. The joint review panel will determine whether the Project will cause significant adverse environmental effects. Additional information is available on the CEAA Registry at: http://www.ceaa-acee.gc.ca/050/viewer_e.cfm?cear_id=15620 <http://www.ceaa-acee.gc.ca/050/viewer_e.cfm?cear_id=15620> .
Another EnCana project, the Deep Panuke project, recently underwent an environmental assessment and was approved. The Nova Scotia project is predicted to produce 300 million cubic feet of gas per day. Many agencies and departments regulate this project including the Canada-Nova Scotia Offshore Petroleum Board, the National Energy Board, Fisheries and Oceans Canada. <http://en.wikipedia.org/wiki/Fisheries_and_Oceans_Canada> , Industry Canada <http://en.wikipedia.org/wiki/Industry_Canada> and Transport Canada <http://en.wikipedia.org/wiki/Transport_Canada> .
[edit] Corporate governance
Current members of the board of directors of the company are: Ralph S. Cunningham, Michael A. Grandin, Valerie A.A. Nielsen, Claire S. Farley, Patrick D. Daniel, Barry W. Harrison, David P. O'Brien (Chair), James M. Stanford, Ian W. Delaney, Dale A. Lucas, Jane L. Peverett, Wayne G. Thomson, Randall K. Eresman, Ken F. McCready, Allan P. Sawin, Clayton H. Woitas
[edit] References
- ^ 2006 Consolidated Financial Statements
- ^ Energy Giant merger - 2002
- ^ Encana - New Ventures
- ^ CBC Article (October 2006). EnCana unveils plans for downtown Calgary office tower. Retrieved on 2006-01-06.
- ^ Edgeworth Centre
- ^ http://www.thestar.com/Business/article/424300
- ^ Company Search Results - Hoover's
- ^ http://www.encana.com/responsibility/eif/index.htm
