Encana Corp., Toronto symbol ECA, has agreed to sell its midstream operations in Colorado’s Piceance basin. These operations mainly consist of pipelines that collect natural gas from nearby wells and transport it to storage and processing facilities. Encana will hang to its gas wells in this region.
The company will receive $590 million when the deal closes later this year (all amounts in U.S. dollars). To put this figure in context, this natural gas stock’s cash flow was $2.0 billion, or $2.77 a share, in the first half of 2011.
This sale will help Encana reach its goal of selling $1 billion to $2 billion worth of non-core assets by the end of 2011. That will let the company focus on its main gas-producing properties in Alberta, B.C., Wyoming, Colorado and Louisiana. The cash from these sales will also let Encana keep paying quarterly dividends of $0.20 U.S. a share, for an annualized yield of 3.5%.
Natural gas stocks: Encana seeks growth in Asian markets
At the same time, the company is taking steps to spur its growth by selling its gas to customers outside North America. It has agreed to pay an undisclosed sum for a 30% stake in a proposed liquefied natural gas (LNG) terminal in Kitimat, B.C.
Pipelines will pump natural gas from western Canada to the Kitimat terminal, which will then convert the gas into a liquid form. From there, tankers will ship the LNG to markets in Asia. Regulators must still approve the project, but construction could begin in 2012, with exports starting in 2015.
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