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BP Plc | NYSE:BP | NYSE | Depository Receipt |
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-0.55 | -1.46% | 37.03 | 52,160 | 13:17:18 |
By Chester Dawson
CALGARY--Canadian natural-gas producer Encana Corp. said Monday it has taken the first step toward an initial public offering of its oil and gas royalty business in Western Canada, which it previously pledged to spin off by mid-2014 as part of a broader restructuring.
Encana said it has filed a preliminary prospectus for the stand-alone entity and expects the share offering to close by early June. It will retain a majority stake in the unit, known as PrairieSky Royalty Ltd.
The Calgary company had announced plans for the spin-off in November as part of an effort to cut costs and boost profitability under newly appointed Chief Executive Doug Suttles, a former executive at BP PLC. Encana has struggled to cope with a sharp decline in recent years in natural-gas prices, which makes up the bulk of its revenue.
The IPO, which will be handled by the securities units of Toronto-Dominion Bank and Canadian Imperial Bank of Commerce, will create a company overseeing the rights to mineral fee titles and royalties including 5.2 million net acres of land in Southern Alberta.
PrairieSky won't conduct any operations on its own, Encana said, but will instead seek to farm out exploration, development and production of oil and natural gas to royalty-paying third parties.
Earlier Monday, Stabilis Energy LLC, Beaumont, Texas, said it had agreed to purchase Encana's liquefied natural-gas business in the U.S. Terms of the deal weren't disclosed.
Write to Chester Dawson at chester.dawson@wsj.com
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