Cenovus new moniker for oil sands venture
Cenovus Energy Inc. is the name that EnCana Corp. is giving the oil sands and refining division it plans to spin off early next year, a moniker that mashes together "century" and the Latin word for "new."
EnCana, Canada’s biggest oil and gas producer, earlier this year said it would split its business into a natural gas producer, which will keep the EnCana name, and the newly dubbed Cenovus.
Cenovus will control the company’s northern Alberta oil sands production and refining joint venture with ConocoPhillips, which includes refineries in Illinois and Texas bad credit payday loans. Those operations account for about a third of EnCana’s business.
Until Tuesday, the spinoff had been known as IOCo and now the company is putting a lot of weight on the newly minted name.
EnCana’s split is expected to be wrapped up early next year following a shareholder vote, likely in December.
Filed under: legal by Pascal