Encana to Shed Workforce by 20%; Cuts Dividend

The Vancouver Sun reports that Encana Corp (NYSE:ECA, TSX:ECA) will cut its workforce by 20 per cent, slash its dividend, close its office in Plano, Texas, and spin off a large portion of its Alberta assets into a new public company.

As quoted in the market news:

Encana (TSX:ECA) didn’t say how many jobs will be cut during the reorganization but said it would consolidate its office locations in Calgary and Denver.

As of late 2012 it had about 650 corporate staff out of a total workforce of nearly 4,200 in Canada and the United States.

Click here for the full story in Vancouver Sun