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    market news

    Chevron Buys Out Encana and EOG, Takes Lead in Kitimat Project

    Charlotte McLeod
    Dec. 27, 2012 09:46AM PST
    Oil and Gas Investing

    The Globe and Mail reported that Chevron Corp. (NYSE:CVX) has agreed to take 50-percent ownership of Kitimat LNG by buying the minority positions held by Encana Corp. (TSX:ECA,NYSE:ECA) and EOG Resources Inc. (NYSE:EOG). The move places Chevron at the helm of the project and brings it closer to becoming a reality.

    The Globe and Mail reported that Chevron Corp. (NYSE:CVX) has agreed to take 50-percent ownership of Kitimat LNG by buying the minority positions held by Encana Corp. (TSX:ECA,NYSE:ECA) and EOG Resources Inc. (NYSE:EOG). The move places Chevron at the helm of the project and brings it closer to becoming a reality.

    As quoted in the market news:

    Chevron … is a major global LNG player with an interest in a half-dozen global projects, including two that it leads. In the LNG industry, which typically operates on lengthy contracts, buyers are often more comfortable with large industrial players with a proven record of delivering energy on time. Chevron’s heft is a sufficient boost to Kitimat LNG that Apache now says construction is all but a foregone conclusion.

    “With Chevron in the project, the Kitimat project is really more of a when proposition rather than an if,” Bob Dye, Apache’s senior vice-president of global communications, said Monday.

    Click here to read the full report from The Globe and Mail.

    market newstsx:ecaencana corp.nyse:ecanyse:cvxnyse:eog
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