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by Stockwatch Business Reporter

West Texas Intermediate crude for January delivery lost $1.38 to $51.20 on the New York Merc, while Brent for February lost $1.17 to $60.28 (all figures in this para U.S.). Western Canadian Select traded at a discount of $17.52 to WTI, up from a discount of $17.54. Natural gas for January lost 30 cents to $3.83. The TSX energy index lost 4.55 points to close at 141.63.

EnCana Corp. (ECA) lost 51 cents to $7.78 on 9.6 million shares. It has filed a SEDAR notice scheduling a special meeting of its shareholders for Feb. 12 in Calgary. Although the circular containing the details of the meeting has yet to be filed, the meeting is undoubtedly about EnCana's planned $5.5-billion (U.S.) takeover of Oklahoma-focused Newfield Exploration, as announced on Nov. 1. EnCana plans to issue about 2.6719 shares for each Newfield share, assuming that it receives shareholder approval for this share issuance. The takeover will: (a) boost EnCana's share count to around 1.5 billion from 952 million; and (b) result in EnCana's current shareholders owning a little under two-thirds of the resulting company, with Newfield's shareholders owning the remaining third. EnCana will also assume Newfield's $2.2-billion (U.S.) debt. The deal is expected to close in the first quarter of 2019.

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