Chevron buys Encana's stake in BC project
Chevron will buy Encana and EOG's stakes in British Columbia natural gas project
NEW YORK (AP) -- Canadian natural gas producer Encana Corp. said Monday it will sell its stake in a British Columbia project to Chevron Corp.
Chevron Canada will buy Encana's 30-percent stake in the Pacific Trail Pipelines project, and 32,500 acres of land in northeastern British Columbia. The Chevron unit will also take over Encana's processing commitments. The companies did not disclose terms.
Chevron said it is also buying EOG Resources Canada's interest in the project. After the deals are complete, Chevron Canada and Apache Corp. will own a 50 percent stake in the project and in the pipeline.
Shares of Encana lost 11 cents to $20.14 in morning trading, and Chevron stock lost $1.14 to $108.57.
