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Canada's Encana to buy Newfield Exploration in £3.2 billion deal

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Canada's Encana to buy Newfield Exploration in £3.2 billion deal

Canada's Encana to buy Newfield Exploration in £3.2 billion deal
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Jim Urquhart(Reuters)
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(Reuters) - Canadian oil and gas producer Encana Corp <ECA.TO> <ECA.N> said on Thursday it will buy Newfield Exploration Company <NFX.N> in an all-stock deal valued at about C$5.5 billion (3.26 billion pounds).

Encana said it intends to raise dividend by 25 percent and expand its share buyback program to C$1.5 billion.

Separately, the Calgary, Alberta-based company said total production rose 33 percent to 378,200 barrels of oil equivalent per day (BOE/d) in the third-quarter ended Sept. 30.

(Reporting by Nishara Karuvalli Pathikkal; Editing by Arun Koyyur)

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