Encana confirms layoffs following combination with Newfield

CBC News reports that Encana Corporation has confirmed it is laying off staff in Calgary, Denver and Houston.

“Following the close of our combination with Newfield, we are quickly integrating the two companies to capture efficiencies and ensure our organization is appropriately sized," a spokesperson told CBC in a prepared statement.

The spokesperson would not provide any further details on the numbers of layoffs expected.

Encana announced last week that it had completed its acquisition of Newfield Exploration Company in an all-stock transaction.

The company previous confirmed it expects to capture $250 million in annual synergies through the combination — half from general and administrative savings and half from drilling more efficient wells, the spokesman told CBC.

With the acquisition, the company now has large-scale positions in the core of the Permian, Anadarko and Montney, said Doug Suttles, Encana president and CEO.

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