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by Stockwatch Business Reporter
West Texas Intermediate crude for April delivery lost $1.78 to $55.48 on the New York Merc, while Brent for April lost $2.36 to $64.76 (all figures in this para U.S.). Western Canadian Select traded at a discount of $12.80 to WTI, unchanged. Natural gas for March added 12 cents to $2.84. The TSX energy index added a fraction to close at 157.18.
EnCana Corp. (ECA) added 22 cents to $9.29 on 21.6 million shares. About two weeks have passed since the company closed its $5.5-billion (U.S.) all-share takeover over Oklahoma-focused Newfield Exploration, giving itself a new foothold in the STACK/SCOOP shale play in the Anadarko basin. EnCana has spent these weeks making staff changes. According to CBC News, EnCana has been laying off an unspecified number of workers in Houston, Denver and Calgary. Houston was Newfield's headquarters; Denver and Calgary are where EnCana manages most of its U.S. assets (not counting Newfield's) and its Canadian assets, respectively. A spokesman for EnCana declined to give CBC News details about the layoffs, merely saying that EnCana is "quickly integrating the two companies to capture efficiencies and ensure our organization is appropriately staffed." According to the companies' most recent annual reports, EnCana had 2,107 employees as of Dec. 31, 2017 (1,157 in Canada and 950 in the United States), and Newfield had 1,010 employees as of Feb. 15, 2018 (all but 33 in the U.S.).
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