ENCANA CORP. $25.39 (Toronto symbol ECA; Shares outstanding: 740.9 million; Market cap: $19.0 billion; TSINetwork Rating: Average; Dividend yield: 1.2%; www.encana.com) has released more details regarding its plan to spin off its Clearwater oil and gas properties in southern Alberta.
The new company, called PrairieSky Royalty, will hold the oil and gas rights to 5.2 million acres. PrairieSky will not drill wells or explore for new reserves. Instead, it will collect royalties from other producers. That should generate steady cash flows for monthly dividends.
Encana plans to complete an initial public offering for PrairieSky in the next two to three months—although it will hang on to a majority stake. In the future, it may hand out that stake as a special dividend to its shareholders.
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