Encana Corp. says its new head office will be in Denver following a reorganization that will include changing its name to Ovintiv.
The Calgary-based company didn’t tell Canadian Press which city would be its home base when it announced last week it would establish a “corporate domicile” in the United States to replace its longstanding home in Calgary.
The Denver decision, revealed in a corporate filing on Thursday, was expected because CEO Doug Suttles, a Texan, lives in Denver and it is the headquarters for the company’s U.S. operations.
Suttles has said the change in corporate home is meant to help the company tap into a deeper pools of U.S. passive investor capital.
But one of Encana’s founders, Gwyn Morgan, has said the move south and name change are signs Canada’s energy industry has gone from being viewed as “positive to pariah.”
The new name, the new corporate headquarters and a plan to consolidate Encana’s shares are to go to a shareholder vote early next year.
(Canadian Press)
