Encana Appoints BP’s COO Doug Suttles as their New CEO

Encana, Canada’s largest drilling company and a big driller in the Marcellus Shale, has had a rough 12 months. It was almost one year ago in June 2012 that Encana was accused of colluding with Chesapeake Energy to keep the prices of oil and gas leases being auctioned by Michigan artificially low. Reuters, using pirated emails, said Encana and Chesapeake had some sort of deal not to bid against each other (see Did Reuters Break the Law with Latest Chesapeake Story?). Then in January, Encana CEO Randy Eresman suddenly and unexpectedly resigned and left the company, prompting speculation that the company may be on the market (see Encana Interim CEO Says Company is Not For Sale).

Apparently that speculation was wrong. Yesterday, Encana’s board of directors appointed a new CEO, Doug Suttles, formerly COO of BP. Suttles and the board are now in the honeymoon stage…

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