Encana announced earlier in the day that it will establish its corporate domicile (legal home for its operations) in the U.S. early next year, pending various approvals. The company will also rebrand under the name Ovintiv Inc.
But while Thursday’s move may not have come as a surprise, it was a significant blow to morale in Alberta, which has been suffering through a lack of pipeline space that has choked off prospects for growth and prompted foreign companies to ditch more than US$30 billion of assets in the past three years.
The province’s UCP government laid the blame for Encana’s decision squarely at the feet of the federal Liberals, saying Encana is being pushed out of Canada as a direct result of federal government policies.
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