Encana Corporation (TSE:ECA) Files An 8-K Results of Operations and Financial ConditionItem 2.02
On February15, 2018, Encana Corporation (the “Corporation”) issued a news release announcing its financial results for its fourth quarter and full year ended December31, 2017. A copy of the news release is attached as Exhibit 99.1 to this Current Report on Form 8-K.
The information under Item 2.02 of this Current Report on Form 8-K, including Exhibit 99.1 attached hereto, shall not be deemed “filed” for purposes of Section18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Exchange Act or Securities Act of 1933, as amended, except as expressly set forth by specific reference in such a filing.
Quarterly Dividend
In its February15, 2018 news release, the Corporation also announced that its Board of Directors had declared a quarterly dividend of $0.015 per share on the Corporation’s outstanding common shares. The dividend is payable on March29, 2018 to holders of record at the close of business on March15, 2018. A copy of the news release is attached as Exhibit 99.1 to this Current Report on Form 8-K.
Share Repurchase Program
In its February15, 2018 news release, the Corporation announced plans to repurchase up to $400million of the Corporation’s common shares over the next 12 months through a normal course issuer bid (“NCIB”), subject to and following Toronto Stock Exchange (“TSX”) approval. The Corporation will be submitting a notice to the TSX of its intention to commence the NCIB through which the Corporation may purchase for cancellation up to 35,000,000 common shares, which is equal to approximately 3.6percent of the Corporation’s 973,123,364 common shares issued and outstanding as of January31, 2018. Purchases will be made on the open market through the facilities of the TSX, New York Stock Exchange and/or alternative trading systems at the market price at the time of acquisition, as well as by other means as may be permitted by stock exchange rules and securities laws. A copy of the news release is attached as Exhibit 99.1 to this Current Report on Form 8-K.
| Item 2.02 | Financial Statements and Exhibits. |
(d) Exhibits
ENCANA CORP ExhibitEX-99.1 2 d518650dex991.htm EX-99.1 EX-99.1 Exhibit 99.1 Encana delivers strong fourth quarter and 2017 results; company announces $400 million share repurchase program Calgary,…To view the full exhibit click here
About Encana Corporation (TSE:ECA)
Encana Corp is a Canada-based energy producer, which is engaged in the business of exploration, development, production and marketing of natural gas, oil and natural gas liquids (NGLs). The Company’s operations also include the marketing of natural gas, oil and NGLs. All of its reserves and production are located in North America. The Company operates through three segments: Canadian Operations, USA Operations and Market optimization. The Company’s Canadian Operations segment includes the exploration for, development of, and production of natural gas oil and NGLs and other related activities within Canada. USA Operations include the exploration for, development of, and production of natural gas, oil and NGLs, and other related activities within the United States. Market Optimization segment is responsible for the sale of the Company’s production and managing the associated netback price. Market Optimization sells the Company’s upstream production to third-party customers.