EnCana details growth for oil sands, gas spinoff
CALGARY, Alberta (Reuters) - EnCana Corp (ECA.TO: Quote, Profile, Research, Stock Buzz) said on Sunday that it expects its independent natural gas business to grow at a 7 to 9 percent annual clip while its oil sands operations will have annual growth in a 4 to 6 percent range after the two are spun into new firms.
EnCana chief executive Randy Eresman told reporters that he expects the natural gas business to be worth two-thirds of the company's market capitalization, now around $65 billion, once the split is complete next year, with the oil sands spin off accounting for the remainder.
The oil sands business also expects to divest about $100 million in assets a year.
(Reporting by Scott Haggett; editing by Renato Andrade)
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