Canadian oil and gas company Encana Corp on Wednesday filed paperwork with the U.S. Securities and Exchange Commission and Canadian securities regulatory authorities as part of a plan to shift its base to the United States.
The Calgary-based company in October became the latest to decide to move away from Canada as the nation battles with pipeline capacity shortages.
Encana, once among Canada’s largest oil companies, has been shifting its focus to the United States and earlier this year bought Texas-based Newfield Exploration Co for $5.5 billion.
Encana will change its name to Ovintiv Inc and continue to be traded both on the Toronto and New York stock exchanges under the ticker symbol ‘OVV’.
The company has scheduled a special meeting of shareholders on Jan. 14 to vote on the proposal, which needs to be approved by two-thirds of the votes cast.
Last month, investment firm Letko, Brosseau & Associates Inc which owns a nearly 4% stake in Encana, said it will vote against the proposed exit.
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