Canadian energy giant announced splitting into oil and natural gas divisions.
Even as cement trucks poured the foundations of EnCana's new headquarters in downtown Calgary, a block away CEO Randy Eresman was laying the groundwork for the split, which will take effect in 2009.
The split will see the country's largest energy concern split into two of Canada's 20-largest corporations, ranking among the six largest firms in the oil patch.
Eresman said the as yet unnamed gas company would be North America's second largest natural gas producer while the integrated oil company will benefit from interests in refineries in Illinois and Texas.
Eresman will head the gas producer while present EnCana finance chief Brian Ferguson will become CEO of the integrated oil producer, which is currently being dubbed 'IOCco.'
