- Encana (ECA -1.6%) says 90% of shareholders voted in support of the company's plan to relocate to the U.S. and change its name to Ovintiv.
- The company is now free to move forward with its plan that has added to the gloom in Canada's oil industry, which is suffering from a lack of pipeline space that has depressed prices and prevented production increases.
- ECA said it wanted to move from Calgary to Denver because it would provide access to larger pools of investment capital, including U.S. index funds and passively managed accounts.
- According to Bloomberg data, 71% of ECA's shareholders are in the U.S. and 20% are in Canada.