Flag day: for EnCana
EnCana names oil sands spin-off
EnCana is set to name its oil sands and refining division - due to be spun off from the company early next year - Cenovus Energy, it said today.
EnCana earlier this year said it would split its business into a natural-gas producer, which will keep the EnCana name, and the newly dubbed Cenovus.
Cenovus will control the company's northern Alberta oil sands production and refining joint venture with ConocoPhillips, which includes refineries in Illinois and Texas. Those operations account for about a third of EnCana's business.
Until this morning, the spin-off had been known as IOCo and now the company is putting a lot of weight on the newly minted name.
"Cenovus is the newest name in the North American energy business," Brian Ferguson, EnCana's chief financial officer and the designated chief executive of Cenovus, said in a statement.
"The name Cenovus successfully captures the essence of what we want our North American integrated oil company to be - a strong enterprise with a sustainable, innovative and bright future."
The company said it is still working on a logo and brand for Cenovus, which is a mash up of "century" and the Latin word for new, "novus"..
EnCana's split is expected to be wrapped up early next year following a shareholder vote, likely in December.