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US upstream week in brief: Encana parts ways with the Piceance as it continues to pivot towards liquids plays
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Report summary
Encana announced the sale of its Piceance Basin assets for US$735 million to Caerus Oil and Gas. Since announcing its "back to winning" strategy in 2013, Encana has divested over $10 billion of non-core assets and acquired $10.2 billion of tight oil assets. We expect Caerus to create value through cost-efficient operations, along with modest new well development. The lion's share of our valuation—underpinned by a 6% terminal decline and 1-rig drilling program beginning 2018—is attributed to flowing production. Other stories include: Federal regulation softens in response to decrease in deepwater investment, Evolution buys Rowdy Gathering System in Powder River Basin, Brent prices fall: the latest on Wood Mackenzie's supply views, and Ohio releases production results confirming Utica growth
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