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Encana acquires Newfield Exploration for US$7.7 billion
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Report summary
Encana went shopping in the SCOOP/STACK in Q3. It bought Newfield Exploration for US$7.7 billion (US$5.5 billion stock, assuming US$2.2 billion debt of Newfield's net debt). The deal includes 360,000 net acres and 199,000 boe/d of Q3 2018 production (61% oil-weighted). The deal values Newfield at US$27.4/share, an approximately 35% premium to its closing share price the day prior. Encana's share price was down 16%, and Newfield's share price was up 12% in early trading.
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