The Globe and Mail reports in its Friday, Nov. 1, edition that EnCana's decision to wipe away its Canadian identity is a gut punch to Alberta.
The Globe's Jeffrey Jones writes that EnCana's planned move to Denver from Calgary triggered recriminations and heated political debate over what is driving the energy industry away. Alberta Premier Jason Kenney's government shouted on Thursday that the relocation of EnCana was thanks to the re-election of an anti-Alberta Justin Trudeau government. The Globe says for EnCana, there has been a clear direction since Texan and former BP executive Doug Suttles became chief executive officer in 2013. Almost all of his major decisions have made EnCana more American; unfortunately for investors, none have made them wealthier.
In fact, since mid-2013, EnCana shares are down nearly 75 per cent, compared with a 10-per-cent gain by Canadian Natural Resources and 24-per-cent increase by Suncor Energy.
The most obvious signal a move was imminent was Mr. Suttles's relocation to Denver last year. EnCana said at the time it was solely for personal reasons and not the precursor to a corporate headquarters move.
The Globe says Canadians have every right to be upset at the Americanization.
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