“One of Encana’s competitive advantages is our team’s ability to develop large, complex resource plays where we can implement our full resource play hub process that is proven to drive down costs and create higher returns,” says Doug Suttles, President and CEO. “The five high quality liquids-rich plays we’ve chosen to focus on offer the scale and running room we need to realize that advantage.”
That’s a shift from funding 30 different plays.
As it struggles with persistently low prices, the company is also closing an office in Texas, along with creating a new public company that will focus on southern Alberta and cutting its quarterly dividend from twenty cents to seven.
Encana expects its capital program to be approximately $2.5 billion for 2014.