Encana, in business in one form or another since the late 1800s, is moving its corporate headquarters to the United States and renaming itself Ovintiv Inc, completely erasing the Canadian roots of the company.
This is the second oil and gas company in 24 hours to pull the parachute on their Canadian operations.
Citadel Drilling is relocating its entire drilling fleet to the Permian Basin in Texas and New Mexico.
But who could blame them?
These two companies join the growing list of oil and gas companies evacuating their capital to friendlier jurisdictions, places with no carbon taxes, easier and quicker regulatory regimes and no gender based analysis of energy projects. Husky laid off hundreds of people the day after Justin Trudeau was re-elected. TransCanada Pipeline Corporation, born in the Western Canadian oil patch, changed their name to TC Energy earlier his year. The Financial Post is reporting that, as of August 2019, some 30 billion dollars in foreign investment has left Canada's oil patch.
Will the last oil and gas company to leave Canada turn the lights out on the way out the door?