ENCANA CORP. $23.88 (Toronto symbol ECA; Shares outstanding: 741.0 million; Market cap: $17.8 billion; TSINetwork Rating: Average; Dividend yield: 1.3%; www.encana.com) has agreed to buy Athlon Energy (New York symbol ATHL) for $7.1 billion U.S.
Athlon produces 30,000 barrels of oil equivalent (80% oil and 20% natural gas) a day from 1,138 wells in Texas’s Midland Basin. To put that in context, Encana produces 491,700 barrels (86% gas, 14% oil) a day.
Encana recently completed the sale of its remaining 54% stake in PrairieSky Royalty (Toronto symbol PSK) for $2.6 billion. The cash from this sale will help it pay for Athlon.
This acquisition continues Encana’s shift toward long-lasting properties that mainly produce oil and natural gas liquids, such as butane and
propane. That cuts the company’s exposure to weak gas prices. Thanks to Athlon, Encana now expects oil to supply 75% of its cash flow in 2015, two years earlier than its original target.
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