11-05-08 Calgary-based EnCana, one of the largest oil and gas companies in the world, is splitting into two corporate entities.
The company said its board of directors unanimously approved a proposal to create an integrated oilsands firm and a natural gas-focused exploration and production company.

The first company, called Integrated OilCo, will focus on the development of EnCana's Canadian oilsands assets and refinery interests in the United States.
The other firm has the working name of GasCo, but is expected to retain the name EnCana Corporation. It will represent about two-thirds of EnCana's current production and proved reserves.

EnCana said it's dividing its holdings to enhance long-term value for shareholders. For each share of EnCana stock, shareholders will receive one share in each of the new companies.
EnCana expects to complete the deal early in 2009. The company's current holdings are valued at approximately $ 75 bn.